/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/200331.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, March 31, 2020, Vol. 24, No. 90 Headlines 121 LANGDON STREET: Gets Approval to Hire Opitz Realty as Broker 4321 MORGANFORD RD: Hires Carmody MacDonald as Counsel ABSOLUT FACILITIES: Committee Files Plan After Sale, Landlord Deals ACADIA HEALTHCARE: S&P Places 'B' ICR on CreditWatch Negative ACADIAN CYPRESS: Taps Beau Box Commercial as Real Estate Broker ACE MOTOR: Unsecured Creditors to Recover 100% in Plan ADMI CORP: Moody's Alters Outlook on B2 CFR to Negative AERKOMM INC: Hires New Chief Executive Officer AERO-MARINE: Court Conditionally Approves Disclosure Statement AGROFRESH INC: S&P Cuts ICR to B-; Ratings on CreditWatch Negative ALLIANCE HEALTHCARE: S&P Places 'B-' ICR on CreditWatch Negative ALPHA GUARDIAN: Seeks to Hire Garman Turner as Legal Counsel ALTA MESA: PGIM Appointed as New Committee Member AMERICORE HOLDINGS: Trustee Taps Baker & Hostetler as Legal Counsel APPLE COMMUTER: Taps Morrison Tenenbaum as Legal Counsel APPROACH RESOURCES: Seeks More Time to File Liquidation Plan ARAMARK: S&P Cuts ICR to 'BB'; Ratings on CreditWatch Negative ARIA ENERGY: Moody's Alters Outlook on B1 CFR to Stable ART VAN FURNITURE: U.S. Trustee Appoints Creditors' Committee ASBURY GRAIN: Hires Pittman & Pittman as Attorney ASPEN VILLAGE: US Trustee Appoints McNeil as PCO BASS PRO: Moody's Alters Outlook on Ba3 CFR to Negative BIONIK LABORATORIES: Borrows $2 Million from Celeste Management BK TECHNOLOGIES: Taps Sheehan & Associates as Legal Counsel BOB MOORE: Exclusivity Period to File Plan Extended Until April 16 BOB MOORE: Wants Until April 16 to File Plan & Disclosures BOMBARDIER INC: S&P Downgrades ICR to 'CCC+' on Weaker Economy BROADVISION INC: Case Summary & 15 Unsecured Creditors BULL SHIRTS: Seeks to Hire Hoffman & Saweris as Legal Counsel BWX TECHNOLOGIES: S&P Cuts $400MM Unsecured Note Rating to 'BB-' CACHET FINANCIAL: U.S. Trustee Appoints Creditors' Committee CARESTREAM HEALTH: S&P Rates Proposed First-Lien Debt 'B-' CAROLINA INTEGRATIVE: Hires Cooper Law Firm as Attorney CARVANA CO: Ally Doubles Loan Purchase Program to $2.0 Billion CARVANA CO: Moody's Affirms B3 CFR & Caa2 Senior Unsec. Rating CAST & CREW: Moody's Puts B3 CFR on Review for Downgrade CEL-SCI CORP: Increases Bought Deal Offering to $7.7 Million CELLA III: Unsecured Creditors to Have 100% Payout in Plan CHRIST THE CORNERSTONE: Taps Engel & Volkers as Real Estate Broker CMK INVESTMENT: Seeks to Hire Wallace Jordan as Counsel CONTINENTAL CAST: Seeks More Time to File Bankruptcy Plan COOK & BOARDMAN: S&P Alters Outlook to Negative, Affirms 'B' ICR COTY INC: S&P Lowers ICR to B; On CreditWatch Negative COVENANT SURGICAL: S&P Places 'B-' ICR on CreditWatch Negative CREATIVE REALITIES: Cuts Salaries of Top Executives in 2020 DEL MAR ENTERPRISES: Court Confirms Chapter 11 Plan DFW PROJECTS: Seeks to Employ Joyce W. Lindauer as Counsel DWS CLOTHING: April 2 Hearing on Amended Disclosure Statement ELK PETROLEUM: Exclusivity Period Extended to May 16 FANNIE MAE: Brian Brooks Quits from Board of Directors FIZZ & BUBBLE: Hires Confluence Capital as Investment Banker FORESIGHT ENERGY: Hires Prime Clerk as Claims Agent FORESIGHT ENERGY: Seeks to Hire Paul Weiss as Bankruptcy Counsel FORESIGHT ENERGY: U.S. Trustee Appoints Creditors' Committee FOURTEENTH AVENUE: Unsecurds Owed $1.26M to Get $837K in Plan FRANKLIN CAMBRIDGE: Gets Court Approval to Hire SLIB II as Broker FS ENERGY: S&P Downgrades ICR to 'B+' on Expected Portfolio Stress GEMSTONE SOLUTIONS: April 21 Plan Confirmation Hearing Set GEORGE'S BAY: Chapter 15 Case Summary GI DYNAMICS: Incurs $17.3 Million Net Loss in 2019 GLENVIEW HEALTH: UST Has Limited Objection to Amended Disclosures GVM INC: Dromos USA Objects to Disclosure Statement HALL-BAY PROPERTIES: Community Bank Objects to DS and Plan HARDEN FARMS: Unsecureds to Get $10K Dividend in Plan HAWAII MOTORSPORTS: Hires Performance Brokerage as Broker HAWAII STATE: S&P Cuts 2002A Revenue Bond Rating to 'B-' HAWAIIAN HOLDINGS: S&P Cuts ICR to 'B' on Government Restrictions HELIUS MEDICAL: Gets Health Canada's OK to Market PoNS Device HELIUS MEDICAL: Receives Noncompliance Notice from Nasdaq HIDDENBLAKES LLC: Case Summary & Unsecured Creditor HIGHLAND CAPITAL: Gets Court Approval to Employ Deloitte Tax HOFFMASTER GROUP: S&P Lowers ICR to 'CCC+'; Outlook Negative HOTEL PAYROLL: Seeks to Hire Morrison Tenenbaum as Counsel HOWARD AVENUE: Hires W. Bart Meacham as Special Counsel HUDBAY MINERALS: S&P Alters Outlook to Negative, Affirms 'B' ICR HVI CAT CANYON: Taps TenOaks Energy as Marketing Agent IFRESH INC: Signs $2.5M Securities Purchase Deal with Investors INSPIRED CONCEPTS: Hires Wernette Heilman as Counsel JASON INC: Moody's Lowers CFR to Ca, Outlook Negative JAY'S WISE GUY: Taps Gleichenhaus Marchese as Legal Counsel JONATHAN R. SORELLE: Taps Hutchings & Truitt as Healthcare Counsel JONATHAN R. SORELLE: Taps Ideal Business as Finance Counsel JONATHAN R. SORELLE: Taps Schwartz Law as Bankruptcy Counsel JUMBO DESIGN: Case Summary & 8 Unsecured Creditors KIDS FIRST GYNMASTICS: Seeks to Hire an Attorney LADAN INC: Seeks to Hire Goodrich & Associates as Counsel LAPLACE VETERINARY: Seeks to Hire Patrick J. Gros as Accountant LEXMARK INTERNATIONAL: S&P Discontinues 'CCC+' Long-Term ICR M.G. TRANSPORT: Seeks to Hire Bernstein Shur Sawyer as Attorney MANOMAY LLC: Seeks to Hire Michael J. Hudock as Special Counsel MARKETING GURUSS: To Seek Plan Confirmation May 6 MATREIYA TRANS: Seeks to Hire Deanna J. Jones, CPA as Accountant MEDCOAST MEDSERVICE: PCO Files 2nd Report MLK ALBERTA: Seek to Hire Vanden Bos as Counsel MODELL'S SPORTING: Hires A&G Realty as Real Estate Advisor MOUNTAIN VIEW: Seeks to Hire Alban & Company CPAs as Accountant MW HORTICULTURE: Hires Collins Fire Protection as Consultant MW HORTICULTURE: Hires CycleLogic Environmental as Consultant NA RAIL: Moody's Places B2 CFR on Review for Downgrade NAI CAPITAL: Seeks to Hire Leitner Zander as Accountant NATIONAL QUARRY: Seeks to Hire North State Business as Accountant NAVITAS MIDSTREAM: S&P Lowers ICR to B-; Outlook Negative NEP/NCP HOLDCO: Moody's Cuts CFR to Caa2 & Alters Outlook to Neg. NEUROPROTEXEON INC: Hires Tronconi Segarra as Accountant NORTHERN DYNASTY: Alaska's Pebble Project Continues to Advance NULIFE MULHOLLAND: Judge Denies Bid to Extend Exclusivity Period NXT ENERGY: Gets US$466K Progress Payment from Nigerian SFD Survey OWENS & MINOR: CEO Pesicka Appears on Jim Cramer's Mad Money P8H INC: Seeks to Hire Kirby Aisner as Legal Counsel PEARL RESOURCES: Seeks to Hire Hawash Cicack as Attorney PENNRIVER COMMUNITY: Hires UHY Advisors as Accountant POET TECHNOLOGIES: To Webcast at VirtualInvestorConferences.com PRECIPIO INC: Incurs $13.2 Million Net Loss in 2019 PREMIER DENTAL: Moody's Places B3 CFR on Review for Downgrade PRINCE ORGANIZATION: Unsecureds Get $2,000 Per Month for 60 Months PROFESSIONAL DIVERSITY: Inks $1.5M Stock Purchase Deal with Malven PROMETRIC HOLDINGS: S&P Cuts ICR to B-; Outlook Negative PROVIDENT FUNDING: S&P Downgrades ICR to CCC+; Outlook Negative PULMATRIX INC: Incurs $20.6 Million Net Loss in 2019 QUALITY ONE: Unsecured Creditors Will Recover 100% in Plan QUORUM HEALTH: Falls Short of NYSE Minimum Bid Price Requirement R3D HOLDINGS: Hires J.W. Hughes Company as Accountant REGIONAL HEALTH: Provides Update on Impact of COVID-19 REMARK HOLDINGS: Delays Form 10-K Filing Due to COVID-19 Pandemic RENAISSANCE HEALTH: Seeks to Extend Exclusivity Period to June 15 RIOT BLOCKCHAIN: Incurs $20.3 Million Net Loss in 2019 ROSEGOLD HOTELS: Seeks to Hire Joyce W. Lindauer as Legal Counsel RSF PROPERTIES: Taps Sullivan Hill as Bankruptcy Counsel S & H HARDWARE: Seeks to Hire Kurtzman Steady as Legal Counsel S.A. SPECIALTIES: Exclusivity Period Extended Until March 31 SENECA APARTMENTS: Seeks Approval to Hire Bankruptcy Attorney SETEC ASTRONOMY: Hires James Andrew Carter as Bankruptcy Counsel SETTLERS JERKY: Wants to Maintain Plan Exclusivity Until June 30 SK HOLDCO: S&P Lowers ICR to 'CCC+' on Elevated Refinancing Risk SM-T.E.H. REALTY: Hires Silver Lake Group as Counsel SOMERVILLE BREWING: Hires Edelstine & Company as Accountant SOS TOWING: Seeks to Hire Joyce W. Lindauer as Legal Counsel SPECIALTY FOODS OF AL: Wants to Move Exclusivity Period to May 21 STURBRIDGE YANKEE: U.S. Trustee Appoints Creditors' Committee SUNPOWER CORP: Takes Actions to Address Market Disruption SVENHARD'S SWEDISH: Committee Hires Rimon PC as counsel TAMARA HOME CARE: U.S. Trustee Objects to Plan & Disclosures TASEKO MINES: S&P Downgrades ICR to 'CCC+' on Liquidity Concerns TEGNA INC: S&P Lowers ICR to 'BB-'; Outlook Negative THE MERCHANT: Taps Lawrence & Jurkiewicz as Legal Counsel THRUSH AIRCRAFT: Taps Pellicano & Blankenship as Accountant TIDWELL BROS: Seeks to Hire Furr Cohen as Attorney TIVITY HEALTH: Moody's Cuts CFR to B3, Outlook Negative TONKA INTERNATIONAL: Seeks to Hire Eric A. Liepins as Counsel TRC FARMS: Taps Mossy Oak Properties as Real Estate Broker TRUDY'S TEXAS: Seeks to Hire a Restaurant Operations Advisor TRUDY'S TEXAS: Seeks to Hire CLD Ventures as Real Estate Agent UNITED PF: S&P Downgrades ICR to 'CCC+' on Club Closures US FOODS: S&P Cuts ICR to BB; Ratings Remain on Watch Negative VARNSEN INDUSTRIES: S&P Alters Outlook to Neg., Affirms 'B' ICR VENUS CONCEPT: Inks Second Amended Loan Agreement with CNB VIRTUAL CITADEL: Seeks to Hire Glass Ratner as Financial Advisor VIRTUAL CITADEL: Seeks to Hire Polsinelli PC as Counsel W. KENT GANSKE: U.S. Trustee Appoints Creditors' Committee WATCO COMPANIES: Moody's Cuts CFR to B2, On Review for Downgrade WATERTECH HOLDINGS: U.S. Trustee Unable to Appoint Committee WC HIRSHFELD: Taps Lain Faulkner as Accountant WC HIRSHFELD: Taps Loewinsohn Flegle as Co-Counsel WELBILT INC: S&P Lowers ICR to B-; Ratings on CreditWatch Negative WERNER FINCO: S&P Downgrades ICR to 'B-' on COVID-19 Issues WESTERN HOST: May 27 Hearing on Disclosure Statement Set WESTJET AIRLINES: S&P Cuts ICR to B; Ratings on Watch Negative WESTWIND MANOR: Flaherty Objects to Disclosure Statement WILLIAMSON MEMORIAL: Hires Bass Berry as Lead Counsel WILLIAMSON MEMORIAL: Hires Supple Law Office as Co-Counsel WINE VALLEY: Unsecureds to Get 20% Dividend Under Plan WINNEBAGO INDUSTRIES: Moody's Cuts CFR to B2, Outlook Negative WITT RENTAL: Seeks to Hire Diller and Rice as Counsel WORLD SYSTEMS: Seeks Until April 1 to File Plan & Disclosures ZANDER REALTY: Seeks to Hire Wallace Jordan as Counsel ZHENGTONG AUTO: Moody's Alters Outlook on B2 CFR to Negative [^] Large Companies with Insolvent Balance Sheet ********* 121 LANGDON STREET: Gets Approval to Hire Opitz Realty as Broker ---------------------------------------------------------------- 121 Langdon Street Group, LLP received approval from the U.S. Bankruptcy Court for the Western District of Wisconsin to employ Opitz Realty Inc. as broker. Opitz Realty will assist in the sale of the Debtor's real estate located at 121 Langdon St., Madison, Wis. The firm, at the maximum, will be paid a 4 percent commission. Konrad Opitz, the firm's real estate broker who will be providing the services, disclosed in court filings that he does not represent interests adverse to the Debtor's bankruptcy estate. The firm may be reached through: Konrad C. Opitz Opitz Realty, Inc. 502 N. Eau Claire Avenue Madison, WI 53705 hone: (608) 257-0111 Email: info@opitzrealty.com About 121 Langdon Street 121 Langdon Street Group, LLP is a privately held company whose principal assets are located at 121 Langdon St., Madison, Wis. 121 Langdon Street Group filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wis. Case No. 20-10125) on Jan. 17, 2020. In the petition signed by Harold Langhammer, partner, the Debtor estimated $1 million to $10 million in both assets and liabilities. Judge Catherine J. Furay oversees the case. Timothy J. Peyton, Esq. represents the Debtor as legal counsel. 4321 MORGANFORD RD: Hires Carmody MacDonald as Counsel ------------------------------------------------------ 4321 Morganford Rd, LLC, seeks authority from the US Bankruptcy Code for the Eastern District of Missouri to employ the law firm of Carmody MacDonald P.C. as its counsel . 4321 Morganford Rd requires Carmody MacDonald to: a. advise the Debtor with respect to its rights, power and duties in the bankruptcy case; b. assist and advise the Debtor in its consultations with any appointed committee relative to the administration of the case; c. assist the Debtor in analyzing the claims of creditors and negotiating with such creditors; d. assist the Debtor with investigation of the assets, liabilities and financial condition of Debtor and reorganizing Debtor's business in order to maximize the value of the Debtor's assets for the benefit of all creditors; e. advise the Debtor in connection with the sale of assets or business; f. assist the Debtor in its analysis of and negotiation with any appointed committee or any third party concerning matters related to, among other things, the terms of a plan of reorganization; g. assist and advise the Debtor with respect to any communications with the general creditor body regarding significant matters in this case; h. commence and prosecute necessary and appropriate actions and proceedings on behalf of the Debtor; i. review, analyze or prepare, on behalf of the Debtor, all necessary applications, motions, answers, orders, reports, schedules, pleadings and other documents; j. represent the Debtor at all hearings and other proceedings; k. confer with other professional advisors retained by the Debtor in providing advice to Debtor; l. perform all other necessary legal services in this case as may be requested by the Debtor in this Chapter 11 proceeding; and m. assist and advise the Debtor regarding pending arbitration and litigation matters in which the Debtor may be involved, including continued prosecution or defense of actions and negotiations on the Debtor's behalf. Carmody MacDonald will be paid at these hourly rates: Partners $305 to $410 Associates $200 to $275 Paralegals $150 to $175 Carmody MacDonald has been paid the sum of $1,647 for services performed prior to the petition sate. The Firm is currently holding the sum of $5,353 as a retainer. Carmody MacDonald will also be reimbursed for reasonable out-of-pocket expenses incurred. Thomas H. Riske, Esq., a partner at Carmody MacDonald, 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. Carmody MacDonald can be reached at: Thomas H. Riske, Esq. CARMODY MACDONALD P.C. 120 S. Central Avenue, Suite 1800 St. Louis, MO 63105 Tel: (314) 854-8600 Fax: (314) 854-8660 E-mail: thr@carmodymacdonald.com About 4321 Morganford Rd 4321 Morganford Rd, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mo. Case No. 20-41431) on March 12, 2020, listing under $1 million in both assets and liabilities. Thomas H. Riske, Esq. at CARMODY MACDONALD P.C. represents the Debtor as counsel. ABSOLUT FACILITIES: Committee Files Plan After Sale, Landlord Deals ------------------------------------------------------------------- The Official Committee of Unsecured Creditors appointed in the chapter 11 cases of Absolut Facilities Management, LLC, et al., filed a Joint Chapter 11 Plan and a Disclosure Statement for the Debtors on March 16, 2020. The Debtors operated six skilled nursing facilities and one assisted living facility in New York State. On Feb. 10, 2020, the Court entered a Sale Order approving the sale to RCA Healthcare Management, LLC and certain affiliates ("Purchaser") of substantially all of the Selling Debtors' assets, excluding principally their Healthcare Receivables and cash and Causes of Action. Implementation of the sale is being phased. The actual sale terms are set forth in an Asset Purchase Agreement, dated as of Jan. 30, 2020, among the Selling Debtors and Purchaser. However, because the transactions contemplated by that agreement cannot be implemented until among other things the New York State Department of Health ("DOH") has granted the Purchaser's applications for Certificates of Need ("CON") for the subject facilities, the parties agreed that prior to the closing of the Purchase Agreement ("Sale Effective Date"), the Purchaser would in practical terms take over operations of the subject facilities on terms set forth in an Administrative Services and Consulting Agreement, dated as of Jan. 30, 2020, among the Debtors and Purchaser ("ASA"), which interim agreement became effective March 1, 2020 ("ASA Effective Date"). Pursuant to the Plan, upon the Plan Effective Date the Debtors will remain in existence and shall conduct the business of ensuring that the Sale is consummated, including performing its operational and other obligations under the ASA. Ronald Winters of Gibbins Advisors, LLC will be appointed Plan Administrator, and will be charged with among other things liquidating the Debtors' non-cash assets (including overseeing the collection of the Debtors' Healthcare Receivables and prosecuting Causes of Action), reconciling all Claims against the Debtors (other than Tort Claims, as discussed below), making Distributions to creditors in accordance with the priority scheme prescribed by the Plan and the Bankruptcy Code, and winding down the Debtors following the Sale Effective Date. The Plan further provides for the termination of the Debtors' members, managers, officers, and other persons exercising control over the Debtors' affairs except for Israel Sherman the owner of 99% of the membership interests in and the holder of the operating certificate for said facilities, William Lenhart who functioned as independent advisor in the Chapter 11 Cases and will remain Responsible Officer of the Debtors (together, the "Officers"), and those persons retained by the Purchaser. The Plan allocates powers and duties as between the Plan Administrator on the one hand and the Officers on the other, and further contemplates dissolution of the Debtors following among other things the Sale Effective Date. On Jan. 6, 2020, the Debtors, Committee, and Landlord Group met in-person with the goal of concluding the Chapter 11 cases without further litigation or gamesmanship and in a manner that would permit Distribution of cash proceeds of the Healthcare Receivables to creditors of the Debtors pursuant to a chapter 11 plan. The discussions resulted in compromises by all parties memorialized in the Plan Term Sheet, including among other things: (a) the Debtors' agreement to seek consummation of the Sale; (b) the Committee's agreement not to object to the Sale, and also to seek confirmation of a plan the general contours of which were set forth in the Plan Term Sheet; (c) the Landlord Group's agreement, subject to the terms and conditions of the Plan Term Sheet including confirmation of the Plan, Allowance of the Landlord Cure Claim against the Debtors in the amount of $2.385 million, a materially lower amount than that asserted in its Proofs of Claim, as well as certain additional concessions described in more detail below; and (d) the limited consolidation of the Estates. The Plan Term Sheet also established professional fee caps and provided that the Plan would provide for the appointment of the Landlord Group's financial advisor as Plan Administrator and reserved specified responsibilities (e.g., resolving Tort Claims) to specified Officers remaining with the Debtors through the Sale Effective Date (William K. Lenhart and Israel Sherman).18The parties' compromises embodied in the Plan Term Sheet were reached in order to facilitate the Sale and the Plan, each of which the Debtors, Committee, and Landlord Group believe to be in the best interests of the Estates. Specifically, the Landlord Group agreed to the following treatment of its claims, which represent significant concessions by the Landlord Group: * Absent confirmation of the Plan and subject to the terms and conditions of the Plan Term Sheet, the Landlord Group's Allowed Claims would consist of: (i) $1 million of the cure amount due the Landlord Group as an Administrative Expense Claim that will be paid after Debtors' payroll taxes have been paid in full but before payment of all other Priority Tax Claims, and (ii) the balance of the amounts asserted in the Landlord Group's Proofs of Claim as General Unsecured Claims; and * Upon the Plan Effective Date, in lieu of the foregoing: The Landlord Group's claims against the Seller Debtors will be voluntarily reduced and Allowed in the amount of $2,385,000, and subordinated in right to payment under the Plan to Administrative Expense and Priority Tax Claims, on terms set forth in the Plan; and the Landlord Group's claims against the Orchard Park Debtor including the Claim for missing property at the facility will be Allowed as a General Unsecured Claim; provided, however, that in the event the personal property that is missing from the facility is returned to the Landlord Group's reasonable satisfaction then the Landlord Group has agreed to waive the Claims filed against the Orchard Park Debtor. The compromise with the Landlord Group removed significant hurdles to the Sale and formulation of a confirmable Plan. In addition to conceding Administrative Expense Claim priority for its cure claims, the Landlord Group is abstaining from asserting secured claims pursuant to the security interests granted under its Operating Leases. The Plan provides that: * Class 4 Landlord Cure Claim with a total claim of $2,385,000 will receive 85% of net available cash after payment of the unimpaired claims. * Class 5 General Unsecured Claims will receive 15% of net available cash after payment of the unimpaired claims other than the Landlord Cure Claim, and 100% thereafter. * Class 7 Equity Interests will retain such interests. A full-text copy of the Disclosure Statement dated March 16, 2020, is available at https://tinyurl.com/rjyu6cv from PacerMonitor.com at no charge. Attorneys for the Official Committee of Unsecured Creditors: Avery Samet Jeffrey Chubak AMINI LLC 131 West 35th Street, 12th Floor New York, New York 10001 Tel: (212) 490-4100 E-mail: asamet@aminillc.com jchubak@aminillc.com About Absolut Facilities Management Absolut Facilities Management, LLC, through its subsidiaries, owns six skilled nursing facilities and one assisted living facility in the state of New York, have sought Chapter 11 protection. On Sept. 10, 2019, Absolut Facilities Management, LLC and seven related entities each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 19-76260). Loeb & Loeb LLP is the Debtors' counsel. Prime Clerk LLC is the claims and noticing agent. The Office of the U.S. Trustee on Oct. 3, 2019, appointed five creditors to serve on the official committee of unsecured creditors in the Chapter 11 cases. ACADIA HEALTHCARE: S&P Places 'B' ICR on CreditWatch Negative ------------------------------------------------------------- S&P Global Ratings placed its ratings, including its 'B' issuer credit rating and senior secured and senior unsecured issue-level ratings, on Acadia Healthcare Co. Inc. on CreditWatch, with negative implications, reflecting the increased risk of a covenant breach and the potential need to refinance its 6.125% senior notes due March 2021 should the U.K. sale not be completed soon, amid a tight credit market. Weak global macroeconomic conditions sparked by the COVID-19 pandemic could freeze credit markets just as the company's covenant steps down and it needs to refinance its unsecured debt. "Given the upcoming stepdown in covenants, one in March and the second in December, we believe the risk of a covenant breach has heightened. The company's credit facilities are subject to a total leverage ratio covenant. The company's agreement including maintenance of a net leverage ratio not to exceed 6x, stepping down to 5.75x in March 2020 and to 5.5x in December 2020. Additionally, the company's 6.125% senior notes are due March 2021 and we expect the company to look to refinance this debt if it has yet to sell the U.K. business, using the proceeds to reduce leverage," S&P said. ACADIAN CYPRESS: Taps Beau Box Commercial as Real Estate Broker --------------------------------------------------------------- Acadian Cypress & Hardwoods, Inc. seeks permission from the U.S. Bankruptcy Court for the Eastern District of Louisiana to employ Beau Box Commercial Real Estate, LLC as real estate broker. The firm will assist in the sale or lease of the Debtor's 3.584-acre property located in the City of Ponchatoula, Parish of Tangipahoa, La. Beau Box will get a commission of 6 percent of the gross sales price or lease price. All members, brokers, associates and counsel at Beau Box do not represent nor hold any interest adverse to the Debtor's estate, according to court filings. About Acadian Cypress Acadian Cypress & Hardwoods, Inc. -- http://www.acadianhardwoods.net/-- manufactures lumber, plywood, siding, shingles, flooring, fencing and molding profiles. Acadian Cypress sought Chapter 11 protection (Bankr. E.D. La. Case No. 19-12205) on April 15, 2019. In the petition signed by Frank Vallot, president, the Debtor was estimated to have assets and liabilities ranging from $1 million to $10 million. Judge Jerry A. Brown oversees the case. The Debtor tapped Heller, Draper, Patrick, Horn & Manthey, LLC as its legal counsel, and Raizner Slania LLP as its special counsel. ACE MOTOR: Unsecured Creditors to Recover 100% in Plan ------------------------------------------------------ Secured creditors The Russell Edward Algood Revocable Trust Dated May 15, 2013, the Janet G. Algood Living Trust, the John G. Algood Living Trust, and the Malvin L. Algood Living Trust submitted an Approved Disclosure Statement explaining their Second Amended Plan of Liquidation for debtor Ace Motor Acceptance Corporation on March 16, 2020. The Debtor has not filed a Chapter 11 plan. Accordingly, the Secured Creditors have negotiated and submitted their Second Amended Plan of Liquidation with the consent of the Debtor, the Official Committee of Unsecured Creditors, and the Class Representatives of the certified Sprye Class, to which the Approved Disclosure Statement relates. The Plan sets forth the proposed liquidation of the Debtor's chapter 11 estate and the proposed distributions to creditors of the Estate. The Debtor, the Plan Proponents, the Committee, the Sprye Class and the Debtor's largest secured creditor have resolved a number of disputes over the various Claims asserted against the Estate. Their negotiations and settlements are embodied in the terms of the Plan, which provides for satisfaction of all such Claims and the final dissolution of the corporate Debtor. Any objections to confirmation of the Plan must be filed and served no later than April 14, 2020. A hearing on confirmation of the Plan is scheduled before the Honorable J. Craig Whitley, United States Bankruptcy Judge, in the United States Bankruptcy Court, Charles Jonas Federal Building, 401 West Trade Street, Courtroom 1-4, Charlotte, North Carolina on April 21, 2020 at 9:30 a.m. Class 3 Allowed Secured Claims of the Malvin Algood Trust and Janet Algood Trust totaling $3,332,983 will recover 62%. These claims will be Allowed Claims and shall be treated as secured obligations of the Debtor in the amounts set forth in the Creditors' filed proofs of claim. Upon satisfaction of the Allowed Secured Claims in Classes 1-2 and the Initial Secured Distributions to the holders of Allowed Secured Claims in Class 4, the holders of the Allowed Class 3 Claims will receive distributions equal to their Pro Rata Shares (irrespective of their relative lien priority) of the remaining Net Confirmation Cash within 90 days of the Confirmation Date. Class 4 Allowed Secured Claims of the Junior Lien Claimants totaling $3,668,847 will recover 19%. The Debtor will pay 15 percent of the face amount of each Junior Lien Claimant’s timely filed proof of claim from the Net Confirmation Cash within 90 days following the Confirmation Date. In addition, the holders of the Allowed Class 4 Claims shall receive distributions equal to their Pro Rata Shares (irrespective of their relative lien priority) of 17.5% of the Post-Confirmation Operating Funds upon the Distribution Date up to the full amounts of their Allowed Claims. Class 6 Allowed General Unsecured Claims totaling $91,209 will recover 100%. After payment of all Allowed Priority Claims, holders of Allowed General Unsecured Claims shall be paid their pro rata shares of the remaining Unsecured Claim Reserve up to the amounts of their respective Allowed General Unsecured Claims as of the Petition Date. Distributions to the holders of Allowed General Unsecured Claims will be made within 90 days following the Confirmation Date. Class 7 Sprye Class Claims totaling $36,000,000 will receive distributions on account of their Claims solely from the Class Claim Reserve as determined by the Maryland District Court in the Sprye Lawsuit. The holders of Class 8 Equity Interests in the Debtor will not receive or retain any property under the Plan on account of their Equity Interests unless all senior Classes are paid in full. The Debtor is confident that there will be sufficient funds on hand to satisfy the minimum distributions required under Section 1129(a)(9) of the Bankruptcy Code. A full-text copy of the Approved Disclosure Statement dated March 16, 2020, is available at https://tinyurl.com/ua2zzgx from PacerMonitor.com at no charge. Counsel for the Plan Proponents: Moon Wright & Houston, PLLC Richard S. Wright (Bar No. 24622) 121 West Trade Street, Suite 1950 Charlotte, North Carolina 28202 Telephone: (704) 944-6560 About Ace Motor Acceptance Corp Ace Motor Acceptance Corporation, founded in 1998 -- https://www.acemotoracceptance.com/ -- is a North Carolina corporation that provides automobile loans. Formerly known as Ace Financial Services Inc., AMAC focused on a point of sale special finance program. In 2010 the Company added a program offering financing to Buy Here Pay Here (BHPH) dealers. In 2011, the Company developed and trademarked its BHPH in a Box program. BHPH in a Box provides a wide array of benefits to BHPH dealers including capital to fund receivables and floorplan lines to fund inventory. Additional benefits include training, insurance tracking and a reports package to assist dealers in many aspects of running a BHPH dealership. Ace Motor Acceptance, based in Matthews, NC, filed a Chapter 11 petition (Bankr. W.D.N.C. Case No. 18-30426) on March 15, 2018. In the petition signed by CEO Russell E. Algood, the Debtor was estimated to have $10 million to $50 million in both assets and liabilities. The Hon. Laura T. Beyer oversees the case. James H. Henderson, Esq., at The Henderson Law Firm PLLC, serves as bankruptcy counsel. An official committee of unsecured creditors was appointed in the Debtor's case on May 10, 2018. The Committee tapped Grier Furr & Crisp, PA, as its legal counsel. ADMI CORP: Moody's Alters Outlook on B2 CFR to Negative ------------------------------------------------------- Moody's Investors Service changed ADMI Corp.'s outlook to negative from stable and affirmed its B2 corporate family rating, the B2-PD Probability of Default Rating, and the B2 first lien senior secured debt rating. The change of outlook reflects the combined credit effects of the rapid and widening spread of the coronavirus outbreak, deteriorating global economic outlook, falling oil prices, and asset price declines. These developments are having unprecedented effects and are creating a severe and extensive credit shock across many sectors, regions and markets. Further, based on the guidance from the American Dental Association and the Centers for Medicare & Medicaid Services to limit non-essential medical and surgical procedures, Moody's believes that dental service organizations like Aspen Dental will experience a significant drop in volumes over the coming weeks, and the timing for recovery is uncertain. The affirmation of the B2 CFR reflects Moody's view that Aspen Dental has good liquidity and can reduce variable costs and growth capital expenditures to manage through the public health emergency. While Moody's expects that there will be significant erosion of operating performance in the second quarter, and perhaps beyond, depending on the duration of the coronavirus crisis, Aspen currently has sufficient cushion at the B2 level. Moody's took the following rating actions: ADMI Corp. Corporate Family Rating affirmed at B2 Probability of Default Rating affirmed at B2-PD Senior Secured Bank Credit Facilities affirmed at B2 (LGD 3) Outlook action: Outlook, changed to negative from stable RATINGS RATIONALE Aspen Dental's B2 Corporate Family rating reflects its high financial leverage and aggressive growth strategy with 70 to 80 new office openings per year. Moody's expects that these factors will constrain profitability margins and free cash flow over the intermediate term. The rating is also constrained by the high proportion of self-pay revenues, as patients typically are responsible for a large portion of their bill and rely on third party financing arrangements. Further, the rating is also constrained by the recent governmental warnings on dental procedures amidst the coronavirus pandemic and that patients should delay/forego any non-urgent treatment during the coronavirus global pandemic. Despite these challenges, the rating reflects the company's strong market position as the second largest dental service organization behind Heartland Dental, LLC. Furthermore, Moody's expects Aspen Dental will meaningfully curtail growth related investments while the current operating environment remains difficult. As a result, Moody's expects Aspen Dental will maintain a good liquidity profile with about $150 million of cash including its recent revolving credit facility draw, expiring in 2023. Moody's expects that the company will conserve liquidity by reducing new office openings and growth capital expenditures. Moody's considers coronavirus to be a social risk given the risk to human health and safety. Aside from coronavirus, Aspen Dental faces other social risks such as the rising concerns around the access and affordability of healthcare services. However, Moody's does not consider the DSOs to face the same level of social risk as many other healthcare providers. From a governance perspective, Moody's expects Aspen Dental's financial policies to remain aggressive due to its private equity ownership. The ratings could be downgraded if the company's liquidity profile weakens or if debt/EBITDA is sustained above 6 times. A material reduction in free cash flow or additional debt funded transactions could also result in a ratings downgrade. Although not likely in the near-term, an upgrade is possible if Aspen Dental adopts more conservative financial policies and decreases debt to EBITDA below 4.5 times. Additionally, the company would have to materially improve its size, profitability and cash flow. Aspen Dental provides business support services to its 815 affiliated dental offices across 41 states. Revenues are around $1.5 billion. The company is privately-held and majority-owned by Ares Management, LP and Leonard Green & Partners, L.P., with the remaining 20% owned by American Securities, management and dentists. The principal methodology used in these ratings was Business and Consumer Service Industry published in October 2016. AERKOMM INC: Hires New Chief Executive Officer ---------------------------------------------- The board of directors of Aerkomm Inc. held a special meeting and took certain actions to position the Company for future growth. Louis Giordimaina, previously the chief operating officer-Aviation of Aerkomm Pacific Limited, an indirect wholly owned subsidiary located in Malta, was appointed the Company's chief executive officer. Jeffrey Wun, the Company's chief executive officer prior to March 22, 2020, resigned from that position and confirmed that his resignation from that position was not the result of any disagreement with the Company or the Board regarding the Company's financial or accounting policies or operations. Mr. Wun was appointed the Company's chief technology officer and will remain as president of the Company and as a director, as well as the chief technology officer of Aircom Pacific, Inc., the Company's primary operating subsidiary. Georges Caldironi, a former consultant to Aircom, was appointed as the Company's chief operating officer. Additionally, James Busuttil, a current director, was appointed chairman of the Board. The Company believes that these managerial and Board changes will better position the Company to move forward into its next phase of operations. Mr. Giordimaina, 63 years of age, served as chief operating officer-Aviation of Aircom from May 25, 2018 until Nov. 1, 2019, and of Aerkomm Malta until March 22, 2020, the date of his being appointed as the Company's chief executive officer by the Board. Mr. Giordimaina joined Aircom as a consultant in June 2017. Mr. Giordimaina is an experienced aviation executive with more than 40 years of experience in airline executive management, operations, Maintenance and Repair Organizations (MROs), aircraft purchasing from aircraft manufacturers, sales and leasing with major aircraft lessors. Prior to joining the Company, Mr. Giordimaina served as chief executive officer of Air Malta in 2014, the national airline of Malta, as well as CEO of Lufthansa Technik Malta from 2002 to 2011. He joined Air Malta's engineering department in 1975 as an aircraft engineer where he occupied various positions in Air Malta's engineering department with additional active roles in Air Malta relating to airline strategic planning, aircraft purchasing and deliveries from Airbus Industrie, Boeing and British Aerospace, aircraft leasing from various international aircraft lessors and aircraft contract negotiations. In 1994, he was appointed as the first Maltese chief engineer of Air Malta. Mr. Giordimaina was instrumental in setting up Lufthansa Technik Malta, a Joint Venture between Lufthansa Technik and Air Malta, of which he was appointed Chief Executive Officer and Director in 2002. In 2006, he spearheaded Lufthansa Technik Malta's expansion to become one of the major worldwide MRO players, based in the center of the Mediterranean. He occupied the position of CEO until September 2011, after which he remained as member of the board of directors of that company until September 2013. He currently serves as a director of the SUM Aviation Group, which provides aircraft line maintenance to various airlines. He also served as the general manager, the accountable manager and a director of Hyperion Aviation, where he worked from May 2016 to September 2017, managing a fleet of private jet aircraft; he served in similar capacities at EuroJet Ltd., from January 2015 to April 2016; and he served for a number of years as a director of Tailwind Leasing Company and Peregrine Aviation Leasing Company based in Shannon, Ireland. An aircraft engineer by profession, Mr. Giordimaina also obtained a degree in Engineering Business Management from Warwick University, UK in 1997. He is a Fellow of the Royal Aeronautical Society. Mr. Caldironi, 63 years of age, served as a project director for Aircom, on an independent contractor basis, from Jan. 1, 2019 to March 22, 2020, the date of his being appointed as the Company's chief operating officer by the Board. Mr. Caldironi is an aviation professional with 40 years of experience in aircraft modification, avionics communication and in-flight entertainment systems. Prior to joining Aircom, Mr. Caldironi was employed by Airbus for 25 years, most recently as Technical & Support Director in Airbus' Business and Government Division. During his career at Airbus, Mr. Caldironi managed and supervised various complex projects including, but not limited to, aircraft upgrades. He is a specialist in system and cabin innovation (connectivity & IFE), having carried out numerous feasibility studies and associated design projects for numerous airlines and leasing companies. During his career, Mr. Caldironi has prioritized ensuring cost efficiency and on time delivery in the successful completion of aviation projects. Mr. Caldironi received a diplome d'etudes superieures techniques (DEST) in engineering from Conservatoire national des arts et metiers (CNAM) of Bordeaux in 1986. On May 25, 2018, Aircom entered into an employment agreement with Mr. Giordimaina, effective Jan. 1, 2018, pursuant to which Mr. Giordimaina was hired to serve as Aircom's European representative. In accordance with the terms of this agreement, as of Nov. 1, 2019, the date of organization of Aerkomm Malta, Mr. Giordimaina officially became an employee of Aerkomm Malta. Until such time as the Company enters into a separate, executive employment agreement relating to Mr. Giordimaina's position with us as the Company's chief executive officer, the operative provisions of Mr. Giordimaina's agreement with Aircom/Aerkomm Malta relating to compensation and benefits shall apply. Pursuant to the terms of his employment agreement, the Company agreed to pay Mr. Giordimaina an annual salary of EUR 398,000, or $425,064. A bonus will be considered, comparable to those that may be offered to other executives once a satisfactory revenue stream is established at Aircom as a result of Mr. Giordimaina's efforts. Mr. Giordimaina was granted an option to purchase 150,000 shares of the Company's common stock, vesting annually in three equal installments on each anniversary of his employment start date equally provided that he is still employed by the Company on the date of vesting. The Company will cover and pay any premium up to a maximum of EUR 2,000, or $2,136, per annum for any international private health insurance which Mr. Giordimaina may have in place from time to time covering Mr. Giordimaina and his wife; the Company will recommend board approval for life insurance coverage for Mr. Giordimaina comparable with other executives of Aircom, commencing in 2018; the Company will pay Mr. Giordimaina the sum of EUR6,000, or $6,408, per year to any private pension fund schemes designated by Mr. Giordimaina, the Company will pay Mr. Giordimaina EUR 18,000, or $19,224, per annum as an allowance for a leased car and fuel expenses, to be paid in equal monthly instalments, the Company will provide Mr. Giordimaina with a mobile telephone for his business use, as well as a lap top computer and an Ipad, and the Company will reimburse Mr. Giordimaina for all actual, necessary and reasonable expenses incurred by him in the course of his performance of services for the Company. The employment agreement contains customary confidentiality provisions and covenants prohibiting Mr. Giordimaina from competing with the Company during his employment, and from soliciting any of the Company's employees or consultants for a period of one year after his employment end. If Mr. Giordimaina's employment is terminated by the Company without cause, he will be entitled to one-half of his full salary for the remainder of the initial three-year term of his agreement. There are no arrangements or understandings between Mr. Giordimaina or Mr. Caldironi and any other persons pursuant to which these persons were appointed as officers of the Company. There is no family relationship that exists between either of these persons and any directors or executive officers of the Company. In addition, there has been no transaction, nor is there any currently proposed transaction between Mr. Giordimaina or Mr. Caldironi and the Company, that would require disclosure under Item 404(a) of Regulation S-K, except as indicated below: On Jan. 1, 2019, Aircom entered into an independent contractor agreement with AA TWIN ASSOCIATES LTD, a consulting company owned by Mr. Caldironi, pursuant to which AATA agreed to provide services to Aircom relating to establishing a strategy for promoting Aircom's products to various airlines. Aircom agreed to pay AATI the sum of EUR15,120, or $16,148, per month for a period of 36 months and granted AATI an option to purchase 2,000 shares of Aerkomm common stock per year during the term of the agreement, subject to Board approval. On Feb. 19, 2020, the Board approved the initial 2,000 share option grant at an exercise price of $14.20 per share. Aerkomm expects to terminate the agreement with AATI and to enter into an agreement directly with Mr. Caldironi in the near future. About Aerkomm Headquartered in Nevada, USA, Aerkomm Inc. -- http://www.aerkomm.com/-- is a full-service development stage provider of in-flight entertainment & connectivity (IFEC) solutions, intended to provide airline passengers with a broadband in-flight experience that encompasses a wide range of service options. Those options include Wi-Fi, cellular, movies, gaming, live TV, and music. The Company plans to offer these core services, which it is currently still developing, through both built-in in-flight entertainment systems, such as a seat-back display, as well as on passengers' own personal devices. Chen & Fan Accountancy Corporation, in San Jose, California, the Company's auditor since 2017, issued a "going concern" qualification in its report dated March 22, 2019, on the Company's consolidated financial statements for the year ended Dec. 31, 2018, citing that the Company has suffered recurring loss from operations that raises substantial doubt about its ability to continue as a going concern. As of Sept. 30, 2019, the Company had $51.28 million in total assets, $3.92 million in total liabilities, and $47.35 million in total stockholders' equity. AERO-MARINE: Court Conditionally Approves Disclosure Statement -------------------------------------------------------------- Judge Caryl E. Delano has ordered that the Disclosure Statement filed by debtor Aero−Marine Technologies, Inc., is conditionally approved. Any written objections to the Disclosure Statement will be filed and served no later than seven days prior to the date of the hearing on confirmation. The Court will conduct a hearing on confirmation of the Plan, including timely filed objections to confirmation, objections to the Disclosure Statement, motions for cram-down, applications for compensation, and motions for allowance of administrative claims on April 20, 2020 at 1:30 p.m. in Tampa, FL − Courtroom 9A, Sam M. Gibbons United States Courthouse, 801 N. Florida Avenue. Parties-in-interest will submit to the Clerk's office their written ballot accepting or rejecting the Plan no later than eight days before the date of the Confirmation Hearing. Objections to confirmation will be filed and served no later than seven days before the date of the Confirmation Hearing. The Plan Proponent will file a ballot tabulation no later than 96 hours prior to the time set for the Confirmation Hearing. About Aero-Marine Technologies Aero-Marine Technologies, Inc. -- https://www.aero-marinetechnologies.com/ -- provides total support for waste and water system components found on Boeing, Airbus and Embraer aircraft. Aero-Marine Technologies is a full-service Maintenance, repair and overhaul (MRO) with a worldwide customer base. Aero-Marine Technologies sought bankruptcy protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-07547) on Aug. 9, 2019. The Debtor's case is jointly administered with that of Joseph N. Vaughn and Theresa L. Vaughn. In the petition signed by Joseph N. Vaughn, president, Aero-Marine's assets are estimated at $500,000 to $1 million, and its liabilities at $1 million to $10 million. Judge Caryl E. Delano oversees the case. The Debtor tapped Stitchler, Riedel, Blain & Postler, P.A. as its legal counsel, and Skoda Minotti & Co. as its accountant. AGROFRESH INC: S&P Cuts ICR to B-; Ratings on CreditWatch Negative ------------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on U.S.-based AgroFresh Inc. to 'B-' from 'B'. At the same time, S&P lowered its issue-level rating on the company's senior secured credit facility to 'B' from 'B+'. The '2' recovery rating remains unchanged, indicating S&P's expectation for significant (70%-90%; rounded estimate: 70%) recovery in the event of a payment default. "Due to its upcoming debt maturities, we are placing all of our ratings on AgroFresh, including our 'B-' issuer credit rating and 'B' issue-level rating, on CreditWatch with negative implications. We plan to resolve the CreditWatch as soon as the company refinances its capital structure or near when its term loan becomes current in July," S&P said. The downgrade follows AgroFresh's weaker-than-expected performance in 2019 and reflects S&P's expectation that its EBITDA and credit metrics will remain relatively flat in 2020. The company's revenue and EBITDA declined by approximately 5% and 2.5% year-over-year, respectively, in 2019. The decline in AgroFresh's revenue was primarily due to unfavorable weather in the northern hemisphere that delayed the harvest season in the U.S. and Europe. The company was able to mitigate some of these losses through cost-saving initiatives, which improved its EBITDA margins. However, AgroFresh's EBITDA has gradually decreased over the past few years because the patents for its SmartFresh product have expired, which has led to an increase in competition, specifically in the Pacific Northwest. The company's addition of lower-margin products, such as Harvista and Tecnidex, have also contributed to a decline in its overall profitability. Given the uncertainties around the global harvest season and the coronavirus' effects on the global economy, S&P is lowering its 2020 expectations for AgroFresh, including an S&P Global-adjusted average debt-to-EBITDA metric of between 7x and 8x (previously expected between 5.5x and 6.0x). "The CreditWatch negative placement indicates that there is a one-in-two likelihood we will lower our rating on AgroFresh in the next 90 days," S&P said. "We intend to resolve the CreditWatch as soon as AgroFresh refinances its capital structure or near when the company's term loan becomes current in July. We would likely lower our rating on the company if it is unable to refinance its capital structure before its term loan becomes current, which would constrain its liquidity and heighten its refinancing risk. Alternatively, we could remove our ratings on AgroFresh from CreditWatch if the company refinances its capital structure while maintaining credit metrics that view as appropriate for the current rating," the rating agency said. ALLIANCE HEALTHCARE: S&P Places 'B-' ICR on CreditWatch Negative ---------------------------------------------------------------- S&P Global Ratings placed all of its ratings on Alliance HealthCare Services, including its 'B-' issuer credit rating and its issue-level ratings, on CreditWatch with negative implications. The CreditWatch placement reflects S&P's view that the coronavirus pandemic could result in Alliance HealthCare Services losing a sizeable amount of revenue, EBITDA, and cash flow in 2020 compared to its prior base-case estimates, due to the rapid decline in demand for diagnostic imaging as patients forgo discretionary scans such as mammograms and certain orthopedic scans. Requests from several federal and state regulatory agencies for health care facilities to postpone nonessential procedures to conserve much-needed supplies and safety equipment will also hurt Alliance HealthCare's financial results. An increase in coronavirus-related respiratory scans could partially offset these declines, but that impact would likely be minimal. ALPHA GUARDIAN: Seeks to Hire Garman Turner as Legal Counsel ------------------------------------------------------------ Alpha Guardian and its affiliates seek permission from the U.S. Bankruptcy Court for the District of Nevada to employ Garman Turner Gordon LLP as their legal counsel. Garman Turner will render these professional services: a. prepare legal papers in connection with the administration of the Debtors' bankruptcy estates; b. take all necessary actions in connection with a plan of reorganization and related disclosure statement; c. take all necessary actions to protect and preserve the estates of Debtors, including the prosecution of actions on Debtors' behalves, the defense of any actions commenced against Debtors, the negotiation of disputes in which the Debtors are involved, and the preparation of objections to claims filed against the Debtors' estates; and d. perform all other necessary legal services in connection with the prosecution of the Debtors' Chapter 11 cases. Garman Turner will be paid at these rates: Partners $435 to $785 per hour Other attorneys $200 to $400 per hour Paraprofessionals $130 to $190 per hour The firm will also seek reimbursement for work-related expenses. Garman Turner represents that its attorneys are disinterested persons within the meaning of Sections 101(14) and 327 of the Bankruptcy Code. The firm may be reached through: Gregory E. Garman, Esq. Gabrielle A. Hamm, Esq. Teresa M. Pilatowicz, Esq. 7251 Amigo Street, Suite 210 Las Vegas, Nevada 89119 Tel: (725) 777-3000 Email: ggarman@gtg.legal Email: ghamm@gtg.legal Email: tpilatowicz@gtg.legal About Alpha Guardian Established in July 2017, Alpha Guardian -- https://www.alphaguardian.com -- provides consumers with secure storage solutions. Its products are sold to major retailers across the United States under the Cannon Safe, Stack-On and GunVault brands, all of which are designed to fill unique consumer needs. The company operates manufacturing and distribution facilities in the U.S. and Mexico and has employees in multiple countries. Cannon Safe -- https://www.cannonsafe.com -- is a manufacturer of large-scale gun safes and secure home storage solutions. Since 1965, its focus has been on manufacturing safes to protect prized possessions. GunVault -- https://www.gunvault.com -- offers a wide range of gun safes including biometric safes, pistol safes, and portable safes. Stack-On -- https://www.stack-on.com -- manufactures and distributes gun security products. Alpha Guardian and its affiliates filed Chapter 11 petitions (Bankr. D. Nev. Lead Case No. 20-11016) on Feb. 24, 2020. At the time of the filing, the Debtors had estimated assets of between $10 million and $50 million and liabilities of between $100 million and $500 million in liabilities. Judge Bruce T. Beesley presides over the cases. The Debtor tapped Garman Turner Gordon LLP as bankruptcy counsel; Force Ten Partners, LLC as chief restructuring officer; and Stretto as claims noticing and solicitation agent. ALTA MESA: PGIM Appointed as New Committee Member ------------------------------------------------- The Office of the U.S. Trustee announced the appointment of PGIM, Inc. as new member of the official committee of unsecured creditors in the Chapter 11 cases of Alta Mesa Resources, Inc. and affiliates. The bankruptcy watchdog also announced the resignation of Wilks Bros., LLC from the committee. About Alta Mesa Resources Alta Mesa Resources, Inc. is an independent energy company focused on the development and acquisition of unconventional oil and natural gas reserves in the Anadarko Basin in Oklahoma, and through Kingfisher Midstream, LLC, provides best-in-class midstream energy services, including crude oil and gas gathering, processing and marketing and produced water disposal to producers in the STACK play. Alta Mesa reported $1.4 billion in assets and $864 million in liabilities as of Dec. 31, 2018. Alta Mesa and six affiliates sought Chapter 11 protection (Bankr. S.D. Tex. Case No. 19-35133) on Sept. 11, 2019. The Hon. Marvin Isgur is the case judge. The Debtors tapped Porter Hedges LLP and Latham & Watkins LLP as attorneys; and Perella Weinberg Partners LP and its affiliate Tudor Pickering Holt & Co Advisors LP as investment banker. Prime Clerk LLC is the claims agent. The Office of the U.S. Trustee appointed a committee of unsecured creditors on Sept. 27, 2019. The committee tapped Snow Spence Green, LLP and Brown Rudnick, LLP as its legal counsel; and Conway MacKenzie as its financial advisor. AMERICORE HOLDINGS: Trustee Taps Baker & Hostetler as Legal Counsel ------------------------------------------------------------------- Carol Fox, Chapter 11 trustee for Americore Holdings, LLC and affiliates, received approval from the U.S. Bankruptcy Court for the Eastern District of Kentucky to employ Baker & Hostetler LLP as her bankruptcy counsel. The firm will provide these services to the trustee: (a) advising the trustee of the powers and duties of the Debtors in the continued management and operation of their business and properties; (b) advising and consulting on the conduct of these chapter 11 cases, including all of the legal and administrative requirements of operating in Chapter 11; (c) attending meetings and negotiating with representatives of creditors and other parties in interest; (d) taking necessary actions to protect and preserve the Debtors' estates, including prosecuting actions on the Debtors' behalf, defending actions commenced against the Debtors and representing the Debtors' interests in negotiations concerning litigation in which the Debtors are involved; (e) preparing the Debtors' Chapter 11 plan and other legal papers; (f) advising the trustee in connection with obtaining post-petition financing; (g) advising the trustee in connection with any sale of the Debtors' assets; (h) consulting with the trustee regarding employment, tax and pension matters; (i) advising the trustee regarding healthcare matters; (j) appearing before the bankruptcy court and any appellate courts; and (k) representing the trustee in courts of appeal and in administrative tribunals. Baker & Hostetler will be paid on an hourly basis pursuant to its standard hourly rates as follows: Partners $430 – $550 per hour Associates $340 - $490 per hour Paraprofessionals $200 - $300 per hour Travel Time 50% of the hourly rates The firm will also receive reimbursement for work-related expenses. The trustee disclosed in court filings that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. About Americore Holdings Americore Holdings, LLC and its affiliates, including Americore Health LLC, own and operate the Ellwood City Medical Center in Pennsylvania, Southeastern Kentucky Medical Center (formerly Pineville Community Hospital), Izard County Medical Center in Arkansas; and St. Alexius Hospital in St. Louis. Americore Holdings and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Ky. Case No. 19-61608) on Dec. 31, 2019. At the time of the filing, the Debtor had estimated assets of less than $50,000 and liabilities of less than $50,000. Judge Gregory R. Schaaf oversees the case. Bingham Greenebaum Doll, LLP is the Debtor's legal counsel. Carol A. Fox was appointed as the Debtors' Chapter 11 trustee. The trustee is represented by Baker & Hostetler LLP. APPLE COMMUTER: Taps Morrison Tenenbaum as Legal Counsel -------------------------------------------------------- Apple Commuter Inc. seeks permission from the U.S. Bankruptcy Court for the Eastern District of New York to hire Morrison Tenenbaum, PLLC as its legal counsel. Morrison Tenenbaum will render these services to the Debtor: a. advising the Debtor with respect to its powers and duties in the management of its estate; b. assisting in any amendments of schedules and other financial disclosures and in the preparation, review or amendment of a disclosure statement and plan of reorganization; c. negotiating with the Debtor's creditors and taking the necessary legal steps to confirm and consummate a plan of reorganization; d. preparing legal papers; e. appearing before the bankruptcy court; and f. performing all other legal services for the Debtor that may be necessary and proper for an effective reorganization. Morrison Tenenbaum will be compensated based on the hourly rates of its professionals: Lawrence F. Morrison $525 per hour Brian J. Hufnagel $425 per hour Associates $380 per hour Paraprofessionals $200 per hour The firm will also receive reimbursement for work-related disbursements. Before the petition date, Morrison Tenenbaum received from the Debtor the sum of $10,000 as retainer fee. Lawrence Morrison, Esq., at Morrison Tenenbaum, disclosed in court filings that his firm is a disinterested person within the meaning of Sections 101(14) and 327 of the Bankruptcy Code. The firm may be reached through: Lawrence F. Morrison, Esq. Morrison Tenenbaum PLLC 87 Walker Street, Floor 2 New York, New York 10013 Email: lmorrison@m-t-law.com About Apple Commuter Inc. Apple Commuter Inc. operates an airport transit and transportation service for hotel clients. Apple Commuter filed a Chapter 11 petition (Bankr. E.D.N.Y. Case No. 20-40349) on Jan. 18, 2020. At the time of the filing, the Debtor had estimated assets of less than $50,000 and liabilities of less than $50,000. Judge Elizabeth S. Stong oversees the case. Morrison Tenenbaum, PLLC represents the Debtor as legal counsel. APPROACH RESOURCES: Seeks More Time to File Liquidation Plan ------------------------------------------------------------ Approach Resources Inc. and its affiliates asked the U.S. Bankruptcy Court for the Southern District of Texas to extend the periods during which they have the exclusive right to file a Chapter 11 plan and to solicit acceptances for the plan to May 1 and June 30, respectively. The companies' efforts to identify the path in their Chapter 11 cases have culminated in the court entering an order approving the sale of substantially all of their assets to Alpine Energy Acquisitions, LLC and its affiliates. It is presently contemplated that the sale to Alpine will close on or before April 2. As a result, the companies are working to consummate the sale to Alpine and to finalize the terms and provisions of their plan of liquidation and accompanying disclosure statement, which will determine the distribution of the remaining proceeds of that sale. The companies, however, require an extension of their period of exclusivity in order to finalize their liquidation plan. About Approach Resources Forth Worth, Texas-based Approach Resources Inc. -- https://www.approachresources.com/ -- is a publicly owned Delaware corporation. The company and its subsidiaries comprise an independent energy company focused on the exploration, development, production and acquisition of unconventional oil and gas reserves. Their principal operations are conducted in the Midland Basin of the greater Permian Basin in West Texas. Approach Resources Inc. and its affiliates filed for Chapter 11 bankruptcy protection (Bankr. S.D. Tex. Lead Case No. 19-36444) on Nov. 18, 2019, listing $100 million to $500 million in assets and liabilities. The petitions were signed by Sergei Krylov, chief executive officer. The Hon. Marvin Isgur is the presiding judge. The Debtors tapped Thompson & Knight LLP as legal counsel; Perella Weinberg Partners LP as investment banker; Alvarez & Marsal North America, LLC as financial advisor; KPMG US LLP as tax advisor; and Epiq Corporate Restructuring LLC as claims, noticing and solicitation agent. ARAMARK: S&P Cuts ICR to 'BB'; Ratings on CreditWatch Negative -------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on U.S.-based food concession and uniform services provider Aramark to 'BB' from 'BB+' and its rating on the company's senior unsecured notes to 'BB-' from 'BB'. Its 'BBB-' rating on the senior secured bank credit facility is unchanged. All of S&P's ratings on the company have been placed on CreditWatch with negative implications. Sales and profits will decline materially over at least the next few quarters. It is likely that many schools, businesses, entertainment venues, and other institutions that provide food concessions or require uniforms for employees will remain closed--at least over the near term--and that additional closures could be announced. An emphasis on social distancing could also result in weaker traffic at facilities serving food concessions away from home, even if the closures are short-lived. Moreover, there will be a substantial rise in joblessness over the near term. While S&P's economists' base case scenario points to a rebound in the second half of calendar year 2020, it is possible the economy will take longer to recover, depressing demand from the company's more economically sensitive customers for its services. The CreditWatch reflects the potential for a downgrade over the next few months. However, given the uncertainty around the duration of the outbreak, including the potential for it to reoccur after the summer, the ratings could remain on CreditWatch for a longer-than-normal period. S&P expects to resolve the CreditWatch placement after it assesses the severity and duration of the economic impact of COVID-19 on Aramark's credit metrics and long-term liquidity outlook. ARIA ENERGY: Moody's Alters Outlook on B1 CFR to Stable ------------------------------------------------------- Moody's Investors Service revised Aria Energy Operating LLC's outlook to stable from positive and affirmed all of its ratings, including its B1 Corporate Family Rating and B1 senior secured rating. Aria's Speculative Grade Liquidity rating is unchanged at SGL-2. Affirmations: Issuer: Aria Energy Operating LLC Corporate Family Rating, Affirmed B1 Probability of Default Rating, Affirmed B1-PD Senior Secured Bank Credit Facility, Affirmed B1 (LGD4) Outlook Actions: Issuer: Aria Energy Operating LLC Outlook, Changed To Stable From Positive RATINGS RATIONALE "We stabilized Aria's outlook because with renewable natural gas production (RNG) now a larger driver of the company's business, Aria's risk profile has heightened as a result of increased exposure to commodity price risk associated with the RIN (renewable identification number) market," said Edna Marinelarena, Analyst. "Although Aria has benefitted from the overall growth of RNG, the outlook change also reflects the RIN market's recent uncertainty and the company's inconsistent financial performance over the last few years," added Marinelarena. Aria's fundamental credit profile reflects the volatility exhibited in RIN pricing that was experienced in 2019 for the first time. As a result of an oversupply, caused by an increase in the number of small refinery exemptions approved by the US Environmental Protection Agency than in prior years, RIN prices sharply declined in the third quarter of 2019, leading to a weaker financial performance than Moody's had anticipated. Aria's CFO pre-W/C to debt was 7.4% at LTM September 30, 2019 and Moody's expects it to be approximately 13% at year-end 2019. RINs are serial numbers assigned to each gallon of biofuel produced and sold to oil refiners and importers, referred to as obligated parties. The serial number helps to track the production, use and trading of RINs. Obligated parties are required to blend renewable fuel into transportation fuel or purchase RINs to meet their Renewable Volume Obligation (RVO) under the Renewable Fuel Standards (RFS) established as part of the Energy Policy Act of 2005. Aria's RNG production qualifies for D-3 categorization (cellulosic biofuel) which is one of the most attractive to the biofuel industry and typically clears at a higher price than other categories. Over the past few years, the company's business mix has shifted to largely renewable natural gas and away from electric generation. As of 2019, gas and electric EBITDA were approximately 70% and 30% of the total, respectively, compared to 40% and 60% in 2016. This shift in business mix has reduced Aria's exposure to low power prices that led to low revenue growth when electric generation was a larger driver of the company's business. Aria is a relatively small organization with total assets of approximately $322 million as of year-end 2019, although it benefits from diversification in its market exposure and customer base, with landfill gas (LFG) projects across 17 states. The company also generates revenues from long-term power sales and operations and management (O&M) service contracts (about 17% of revenues in 2019). Aria's portfolio of assets consists of renewable natural gas plants that are compliant with current environmental regulations. The assets do not require any significant environmental capital expenditures compared to other base load generating assets such as coal-fired plants Aria will benefit from the retirement of older coal-fired base load power plants and from other factors in the power market that could potentially reduce power supply. Also, Aria will benefit from growing demand for RNG. In those states with a renewable portfolio standard (RPS), landfill gas (LFG) is considered to be a renewable source and there has been strong and consistent policy support for it, a credit positive. The production tax credit program and Renewable Fuels Standards are examples of this policy support. Moody's expects such policy support to continue and for Aria to benefit. The rapid and widening spread of the coronavirus (COVID-19), deteriorating global economic outlook, falling oil prices, and asset price declines has created challenges for many sectors, including the unregulated power sector. The combined credit effects of these developments are unprecedented. Moody's regards the coronavirus outbreak as a social risk under its ESG framework, given the substantial credit implications of public health and safety. Among these challenges is the potential for power plant operations to be disrupted or that power prices or demand for power could fall. Aria has thus far not experienced any operational issues at its plants or changes in its business related to the coronavirus or because of the recent volatility in the energy markets. To the extent these developments negatively affects either RIN pricing or power prices, Aria could be adversely impacted. Aria's Speculative Grade Liquidity rating is unchanged at SGL-2 and Moody's expects the company will maintain a good liquidity profile over the next twelve months. The SGL reflects strong internal cash flow generation, an external revolving credit facility that is for the most part available, and adequate compliance with its financial covenant. Over the last twelve months ended September 30, 2019, Aria generated cash from operations of approximately $33 million, which it distributed to its owners and funded its capex. Aria has a $40.2 million revolving credit facility that expires on 24 November 2021. Management recently extended it from May 2020 and reduced the amount from $50 million. The company has had three years of positive free cash flow ending with $15 million in 2018. As of December 31, 2019, Aria's total debt to consolidated EBITDA is expected to be 4.57x, which is in compliance with the covenant to maintain the ratio below 6.0x. The stable rating outlook reflects its expectation that Aria's operational and financial performance will remain solid over the next 12 to 18 months. Aria's financial position is anticipated to benefit as RIN prices stabilize. The outlook further reflects the expectation of a consistent operating performance of its fleet, which has experienced minor disruptions in recent years including during the third quarter of 2019. A rating upgrade could be considered if Aria's operational and financial position develops a trend of consistent performance including CFO pre-W/C to debt above 20% on a sustained basis. An upgrade would also be predicated on Aria maintaining prudent financial policies including shareholder distributions that do not compromise the financial stability of the company or the execution of its growth strategy. A rating downgrade is possible if Aria's financial health deteriorates as a result of continued RIN pricing volatility, is negatively impacted by poor execution of its renewable natural gas expansion plan, or there are disruptions in its plant operations. Also, if CFO pre-WC to debt remains below 15%, on a sustained basis, or if Aria's financial position is weakened by aggressive shareholder distributions, a rating downgrade could be considered. The rating could also be downgraded if there is an effect to Aria associated with its non-recourse LESPH subsidiary, which is in default. Headquartered in Novi, Michigan, Aria is one of the largest landfill gas (LFG) companies in the US. Aria owns and operates 41 LFG projects across 17 states. The company captures landfill gas to either generate electricity or produce renewable natural gas and sells the output and associated renewable attributes. Aria has approximately 175.9 MW of net capacity for power generation, 20,760 MMBtu/day for renewable natural gas production and 41 MW in operations and maintenance (O&M) projects. Operations in New York, Ohio, Oklahoma and Kansas represent about 75% of EBITDA. Aria is a subsidiary of Aria Energy LLC, which is owned by certain private equity funds managed by Ares EIF Management, LLC. The principal methodology used in these ratings was Unregulated Utilities and Unregulated Power Companies published in May 2017. ART VAN FURNITURE: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed a committee to represent unsecured creditors in the Chapter 11 cases of Art Van Furniture, LLC and its affiliates. The committee members are: 1. La-Z-Boy, Inc. Attn: Natalie Dickinson One La-Z-Boy Drive 2B Monroe, MI 48162 Phone: (734) 384-6461 2. Tempur Sealy Attn: Mo Vakil 1000 Tempur Way Lexington, KY 40511 Phone: (859) 455-2502 3. Flexsteel Industries, Inc. Attn: Jeff Ciochetto 385 Bell Street Dubuque, Iowa 52001 Phone: (563) 585-8313 4. Serta Restokraft Mattress Co. Attn: Larry Kraft 38024 Jay Kay Dr. Romulus, MI 48174 Phone: (248) 763-7800 5. Kingsdown Inc. Attn: Mark Cummings 126 W. Holt St. Mebane, NC 27302 Phone: (416) 919-3399 6. STORE Capital Corp. Attn: Lyena Hale 8377 E. Hartford Drive, Suite 100 Scottsdale, Arizona 85255 Phone: (480) 256-1199 7. LCN AVF Warren (MI) LLC Attn: Joshua Leventhal 888 Seventh Ave., 4th Floor New York, NY 10019 Phone: (212) 201-4073 Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Art Van Furniture Art Van is a brick-and-mortar furniture and mattress retailer headquartered in Warren, Michigan. The Company operates 169 locations, including 92 furniture and mattress showrooms and 77 freestanding mattress and specialty locations. The Company does business under brand names, including Art Van Furniture, Pure Sleep, Scott Shuptrine Interiors, Levin Furniture, Levin Mattress, and Wolf Furniture. The Company was founded in 1959 and was owned by its founder, Art Van Elslander, until it was sold to funds affiliated with Thomas H. Lee Partners, L.P. in March 2017. As part of this transaction, THL acquired the operating assets of the Company and certain real estate investment trusts, who closed the transaction alongside THL, acquired the owned real estate portfolio of the Company, and entered into long-term leases with Art Van. The proceeds from the sale-leaseback transaction were used to fund the purchase price paid to the selling shareholders. Art Van Furniture, LLC, and 12 affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10553) on March 8, 2020. Art Van was estimated to have $100 million to $500 million in assets and liabilities as of the bankruptcy filing. The Hon. Laurie Selber Silverstein is the case judge. The Debtors tapped Benesch, Friedlander, Coplan & Aronoff LLP as counsel. Kurtzman Carson Consultants LLC is the claims agent. ASBURY GRAIN: Hires Pittman & Pittman as Attorney ------------------------------------------------- Asbury Grain Services, LLC, seeks authority from the U.S. Bankruptcy Court for the Western District of Wisconsin to employ Pittman & Pittman Law Offices, LLC, a attorney to the Debtor. Asbury Grain requires Pittman & Pittman to: a. represent the Debtor in actions by creditors; b. assist in the preparation of the liquidation analysis; c. prepare the Chapter 11 plan; d. prepare cash flow analysis, adequate protection agreements; and e. represent in all residual matters relating to the Chapter 11 case. Pittman & Pittman will be paid at these hourly rates: Galen W. Pittman $350 Greg P. Pittman $275 Wade M. Pittman $275 Paralegals $100 A retainer in the amount of $10,000 was paid to Pittman & Pittman by Stuart Nelson, member of the Pittman & Pittman will also be reimbursed for reasonable out-of-pocket expenses incurred. Galen W. Pittman, partner of Pittman & Pittman Law Offices, 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. Pittman & Pittman can be reached at: Galen W. Pittman, Esq. PITTMAN & PITTMAN LAW OFFICES, LLC 712 Main Street La Crosee, WI 54601 Tel: (608) 784-0841 E-mail: Info@PittmanandPittman.com About Asbury Grain Services Asbury Grain Service, LLC, based in Viroqua, WI, filed a Chapter 11 petition (Bankr. W.D. Wis. Case No. 20-10564) on February 26, 2020. The Hon. Catherine J. Furay presides over the case. Galen W. Pittman, Esq., at Pittman & Pittman Law Offices, LLC, serves as bankruptcy counsel. In the petition signed by Stuart Nelson, authorized representative, the Debtor was estimated to have $1 million to $10 million in both assets and liabilities. ASPEN VILLAGE: US Trustee Appoints McNeil as PCO ------------------------------------------------ Nancy J. Gargula, the United States Trustee for Region 21, appoints as patient care ombudsman for Aspen Village at Lost Mountain Assisted Living, LLC: Melanie S. McNeil, Esq. State Long-Term Care Ombudsman 2 Peachtree Street, N.W., 33rd Floor Atlanta, GA 30303 Tel: 404-657-5327 404-416-0211 Fax: 404-463-8384 E-mail: Melanie.McNeil@dhs.ga.gov Barbara Ellis-Monro, the U.S. Bankruptcy Judge in the Northern District of Georgia, had granted the motion of the U.S. Trustee for appointment of a patient care ombudsman for Aspen Village at Lost Mountain Assisted Living pursuant to 11 U.S.C. Section 333(a)(1). In accordance with Bankruptcy Code section 333(b), the PCO will: (1) monitor the quality of patient care provided to patients of the debtor, to the extent necessary under the circumstances, including interviewing patients and physicians; (2) not later than 60 days after the date of this appointment, and not less frequently than at 60 day intervals thereafter, report to the Court after notice to the parties in interest, at a hearing or in writing, regarding the quality of patient care provided to patients of the debtor; and (3) if such ombudsman determines that the quality of patient care provided to patients of the debtor is declining significantly or is otherwise being materially compromised, file with the Court a motion or a written report, with notice to the parties in interest immediately upon making such determination. As provided by Bankruptcy Code section 333(c)(1), the Patient Care Ombudsman shall maintain any information she obtains by virtue of her appointment in this case that relates to patients (including information relating to patient records) as confidential information. The Patient Care Ombudsman may resign from such position for any reason upon 21 days' written notice to the United States Trustee. About Aspen Village at Lost Mountain Aspen Village at Lost Mountain Assisted Living, LLC and Aspen Village at Lost Mountain Memory Care, LLC operate assisted living facilities in Georgia. The two entities filed voluntary Chapter 11 petitions (Bankr. N.D. Ga. Case Nos. 19-40262 and 19-40263, respectively) on Feb. 5, 2019. At the time of filing, both Debtors had estimated assets of less than $50,000 and liabilities of $1 million to $10 million. The cases have been assigned to Judge Barbara Ellis-Monro. The Debtors tapped Leslie M. Pineyro, Esq., at Jones & Walden, LLC, as their legal counsel. BASS PRO: Moody's Alters Outlook on Ba3 CFR to Negative ------------------------------------------------------- Moody's Investors Service changed Bass Pro Group, L.L.C's ratings outlook to negative from stable. Concurrently, Moody's affirmed the company's Ba3 corporate family rating, Ba3-PD probability of default rating, and B1 term loan rating. The change in outlook to negative from stable reflects the risk that Bass Pro's credit metrics may weaken on a sustained basis as a result of recessionary conditions and declines in discretionary consumer spending. The outlook also reflects the risk of weakened liquidity if the company closes its stores for an extended period. Bass Pro has not announced chainwide store closures due to the coronavirus outbreak. The ratings affirmation reflects Bass Pro's good liquidity and established market position in the sports and outdoors category. The rapid and widening spread of the coronavirus outbreak, deteriorating global economic outlook, falling oil prices, and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets. The combined credit effects of these developments are unprecedented. The retail sector has been one of the sectors most significantly affected by the shock given its sensitivity to consumer demand and sentiment. More specifically, the weaknesses in Bass Pro Group's credit profile, including its exposure to US discretionary consumer spending have left it vulnerable to shifts in market sentiment in these unprecedented operating conditions and Bass Pro Group remains vulnerable to the outbreak continuing to spread. Moody's regards the coronavirus outbreak as a social risk under its ESG framework, given the substantial implications for public health and safety. Its action reflects the impact on Bass Pro Group of the breadth and severity of the shock, and the broad deterioration in credit quality it has triggered. Moody's took the following rating actions for Bass Pro Group, L.L.C: Corporate family rating, affirmed Ba3 Probability of default rating, affirmed Ba3-PD $4.22 billion ($4.15 billion outstanding) senior secured term loan B, affirmed B1 (LGD4) Outlook, revised to negative from stable RATINGS RATIONALE Bass Pro's Ba3 CFR is supported by its well-recognized brand names, broad product offerings and good market position in the outdoor recreational products retail sector. Bass Pro's margins benefit from its sizable loyalty card income stream and significant private label penetration. The company's business model as a destination experiential retailer sets it apart from other mass market competitors that do not carry the breadth of products nor the level of in-store customer service that is the foundation underpinning its loyal customer base. The rating also benefits from the company's good liquidity over the next 12-18 months. Moody's expects that Bass Pro can continue to generate positive annual free cash flow before member distributions, assuming a significant reduction in CapEx that mitigates earnings declines, as well as have ample availability under the $1.275 billion asset-backed revolver, and a lack of near-term maturities. Bass Pro's credit profile is constrained by its high leverage and relatively low interest coverage. As of December 28, 2019, Moody's-adjusted debt/EBITDA was an estimated 5.4 times, and EBIT/interest expense was 1.6 times. Moody's expects that credit metrics will weaken over the next 12-18 months, but improve in late 2021. The company's boat and hospitality businesses, as well as its loyalty card income, are vulnerable to declines in consumer spending and recessionary conditions. However, Bass Pro's loyal customer base, diverse product assortment and value price points in the retail business mitigate earnings pressure in economic downturns. The rating is also constrained by the company's aggressive financial strategies, including its use of cash flow and incremental debt for member distributions and redemption of preferred equity issued by Bass Pro's parent. The ratings could be downgraded if operating performance materially deteriorates, liquidity weakens or if Moody's-adjusted debt/EBITDA is sustained above 5.5 times. The ratings could be upgraded if the company demonstrates the ability and willingness to reduce debt/EBITDA (on a Moody's adjusted basis) to around 4.5 times on a sustained basis while maintaining good liquidity. The principal methodology used in these ratings was Retail Industry published in May 2018. Headquartered in Springfield, Missouri, Bass Pro Group, L.L.C operates Bass Pro Shops and Cabela's, retailers of outdoor recreational products throughout the US and Canada. The company also manufactures and sells recreational boats and related marine products under the Tracker, Mako, Tahoe, Nitro, Ranger Boats, Stratos and Triton brand names. The company also owns the Big Cedar Lodge in Ridgedale, Missouri and Big Cypress Lodge in Memphis, Tennessee. Bass Pro is majority owned by its founder, John Morris. Revenues for the year ended December 28, 2019 were approximately $6.5 billion. BIONIK LABORATORIES: Borrows $2 Million from Celeste Management --------------------------------------------------------------- Bionik Laboratories Corp. borrowed $2,000,000 from Celeste Management, an existing stockholder and lender of the Company, evidenced by a promissory note. The Company is also seeking to borrow an additional up to $2,000,000 on substantially similar terms to the Note, by May 23, 2020, pursuant to the terms of the Note. The principal amount of the Loan will be payable on the earlier of: (i) March 31, 2022 and (ii) the date of receipt of a minimum of US$5,000,000 from a Subsequent Financing (as defined in the Note). The Note bears interest at a fixed rate of 1% per month, computed based on a 360-day year of twelve 30-day months. One-half of the accrued interest shall be payable on each three month anniversary of the Issue Date, and one-half of the accrued interest shall be payable on the Maturity Date. Notwithstanding the foregoing, the quarterly payments shall be payable in cash commencing on the six month anniversary of the Issue Date (or the nine month anniversary of the Issue Date if as of such six month anniversary the World Health Organization or a corresponding government or government agency still categorizes or deems COVID-19 or the novel corona virus as a pandemic or outbreak), with the quarterly payments accruing for the first (or first two, as the case may be) interest payment dates nevertheless being payable, without further interest thereon, pro rata from the First Interest Payment Date through the Maturity Date. Furthermore, the interest due on the Maturity Date shall be payable, at the option of the Lender, either in cash, or shares of Company common stock at a price per share equal to the price per share of the Company's then most recent capital raise or debt conversion, or any other valuation as agreed in writing between the Lender and the Company. The Company intends to use the proceeds from the Loan for the Company's working capital. The Note contains customary events of default, which, if uncured, entitle the lender to accelerate the due date of the unpaid principal amount of, and all accrued and unpaid interest on, the Note. Subject to certain exceptions, the Company shall not enter into any loan that provides for repayment terms senior to the Loan. Convertible Note Offering; Allonge to Convertible Note On March 27, 2020, the Company amended the terms of its existing convertible note offering to extend the maturity date to the earlier of (a) June 30, 2020 (from March 30, 2020) and (b) the consummation of a Qualified Financing (as defined in the convertible note with respect to such offering). As a result, also on March 27, 2020, the Company and the sole investor in such offering entered into an allonge dated as of March 30, 2020, to the investor's convertible promissory note dated Sept. 26, 2019 in the principal amount of $70,000, to reflect the new maturity date. No other changes were made to the Original Note. About BIONIK Laboratories Corp. Headquartered in Toronto, Ontario Canada, BIONIK Laboratories -- http://www.BIONIKlabs.com/-- is a robotics company focused on providing rehabilitation and mobility solutions to individuals with neurological and mobility challenges from hospital to home. The Company has a portfolio of products focused on upper and lower extremity rehabilitation for stroke and other mobility-impaired patients, including three products on the market and three products in varying stages of development. BIONIK reported a net loss and comprehensive loss of US$10.55 million for the year ended March 31, 2019, compared to a net loss and comprehensive loss of US$14.62 million for the year ended March 31, 2018. As at Dec. 31, 2019, the Company had $32.11 million in total assets, $2.66 million in total current liabilities, and $29.45 million in total shareholders' equity. MNP LLP, in Toronto, Ontario, the Company's auditor since 2015, issued a "going concern" qualification in its report dated June 25, 2019, citing that the Company's accumulated deficit, recurring losses and negative cash flows from operations raise substantial doubt about its ability to continue as a going concern. BK TECHNOLOGIES: Taps Sheehan & Associates as Legal Counsel ----------------------------------------------------------- BK Technologies Inc. received approval from the U.S. Bankruptcy Court for the Northern District of West Virginia to employ Sheehan & Associates, PLLC as its legal counsel. The professional services to be rendered by Sheehan & Associates will include: (a) advising the Debtor of its powers and duties; (b) assisting the Debtor in the administration of its estate and in the preparation of a plan of reorganization; (c) preparing pleadings and other legal papers; (d) representing the Debtor at court hearings; and (e) investigating and instituting any proceedings relating to transactions between the Debtor and its creditors. Sheehan & Associates will be paid a flat fee of $7,500. The firm received from the Debtor $9,217 prior to the petition date for attorney fees and expenses. The firm may be reached through: Martin P. Sheehan, Esq. Sheehan & Associates, P.L.L.C. 1 Community St., Ste 200 Wheeling WV 26003 Telephone:(304) 232-1064 Facsimile: (304) 232-1066 Email: SheehanBankruptcy@WVDSL.net About BK Technologies Inc. BK Technologies Inc. filed a Chapter 11 petition (Bankr. N.D. W.Va. Case No. 20-00170) on Feb. 27, 2020. At the time of the filing, the Debtor had estimated assets of between $100,001 and $500,000 and liabilities of less than $50,000. Judge Frank W. Volk oversees the case. Sheehan & Associates, P.L.L.C. represents the Debtor as legal counsel. BOB MOORE: Exclusivity Period to File Plan Extended Until April 16 ------------------------------------------------------------------ Judge Gregory Taddonio of the U.S. Bankruptcy Court for the Western District of Pennsylvania extended to April 16 the deadline for Bob Moore Tire Service, Inc. to file its Chapter 11 plan and disclosure statement. The bankruptcy judge also extended to April 16 the period during which only the company can file a plan. The exclusivity extension will give the company more time to resolve the claim of Evelyn Miller who holds a first lien position on the building out of which the company operates. About Bob Moore Tire Service Bob Moore Tire Service, Inc. sought Chapter 11 protection (Bankr. W.D. Pa. Case No. 19-23660) on Sept. 18, 2019, estimating less than $1 million in both assets and liabilities. Judge Gregory L. Taddonio oversees the case. Christopher M. Frye, Esq., at Steidl & Steinberg, is the Debtor's counsel. No official committee of unsecured creditors has been appointed in the Debtor's Chapter 11 case. BOB MOORE: Wants Until April 16 to File Plan & Disclosures ---------------------------------------------------------- Bob Moore Tire Service, Inc., filed a motion asking the Court to enter an order extending the time to file a Chapter 11 Plan and Disclosure Statement and to extend the exclusivity period to file a Chapter 11 Plan and Disclosure Statement until April 16, 2020. An "Agreed Scheduling Order" was entered by the Court on Oct. 9, 2019 which calls for the Debtor to file a Chapter 11 Plan and Disclosure Statement on or before March 16, 2020. Counsel for Evelyn Miller and the Debtor have been working to resolve the claim of Evelyn Miller who holds a first lien position on the building out of which the Debtor operates. The claim of Ms. Miller, and a resolution thereof, is key to a successful reorganization of the Debtor. The Debtor believes that a consensual Chapter 11 Plan can be filed in this case, but needs more time in order to file a Chapter 11 Plan. Both the Debtor and counsel for Ms. Miller have been diligently working towards resolution and any delay in filing of the Plan has not been caused by a lack of due diligence on behalf of the Debtor. Counsel for the Debtor: Christopher M. Frye, Esquire STEIDL & STEINBERG Suite 2830 – Gulf Tower Pittsburgh, PA 15219 (412) 391-8000 Chris.frye@steidl-steinberg.com About Bob Moore Tire Service Bob Moore Tire Service, Inc., sought Chapter 11 protection (Bankr. W.D. Pa. Case No. 19-23660) on Sept. 18, 2019, estimating less than $1 million in both assets and liabilities. Christopher M. Frye, Esq., at Steidl & Steinberg, is the Debtor's counsel. BOMBARDIER INC: S&P Downgrades ICR to 'CCC+' on Weaker Economy -------------------------------------------------------------- S&P Global Ratings lowered its ratings on Bombardier Inc. by one notch, including its issuer credit rating on the company to 'CCC+' from 'B-'. S&P expects the weaker macroeconomic environment and COVID-19-related disruptions will result in weaker earnings and free cash flow generation than previously assumed. The downgrade primarily reflects S&P's view that weaker macroeconomic conditions and operating disruptions in the wake of the COVID-19 outbreak are likely to result in credit measures that are weaker than the rating agency previously expected. "In our Feb. 19, 2020, research update on Bombardier, we were expecting S&P Global Ratings' adjusted debt-to-EBITDA of 6x-7x in 2021. However, we now believe leverage is likely to be higher given our view that earnings and free cash flow prospects for the company's business jet division have deteriorated, at least over the next couple of years. While we recognize that large cabin business jets, which will make up the majority of Bombardier's sales in future will see less downward pressure than small cabin jets, we expect demand will be lower than previously expected. Given Bombardier's high debt load and our expectation for lower earnings and free cash flow generation, we Bombardier's financial commitments appear unsustainable in the long term. We acknowledge that our forecast is highly uncertain at this time and the company has yet to provide updated guidance," S&P said. The negative outlook reflects S&P's view that Bombardier could pursue a distressed exchange or other debt restructuring in the next 12 months to reduce its debt obligations, which the rating agency considers unsustainable in the long-term. In S&P's view, key risks include weaker-than-expected demand from a global recession, and operating disruptions that could lead to a meaningful free cash flow deficit. "We could lower our rating on Bombardier if the company announces a distressed exchange or we consider such an event to be highly likely. This could occur if macroeconomic conditions further deteriorate from our expectations, contributing to a weaker outlook for business jet demand, and a large free cash flow deficit. It could also occur if we believe the acquisition of the company's Bombardier Transportation (BT) segment by Alstom S.A. is unlikely to close as proposed," S&P said. "We could revise the outlook to stable if we see a lower likelihood that Bombardier could pursue a distressed exchange or debt restructuring in the next twelve months. This could be the case if we expect a strong recovery in the second half of this year, leading us to believe that Bombardier's capital structure is sustainable in the long-term," the rating agency said. BROADVISION INC: Case Summary & 15 Unsecured Creditors ------------------------------------------------------ Debtor: BroadVision, Inc. 460 Seaport Court, Suite 102 Redwood City, CA 94063 Business Description: BroadVision -- https://broadvision.com/ -- develops, markets, and supports enterprise portal applications that enable companies to unify their e-business infrastructure and conduct interactions and transactions with employees, partners, and customers through a personalized self- service model. Chapter 11 Petition Date: March 30, 2020 Court: United States Bankruptcy Court District of Delaware Case No.: 20-10701 Judge: Hon. Christopher S. Sontchi Debtor's Counsel: Craig R. Martin, Esq. DLA PIPER LLP(US) 1201 North Market Street, Suite 2100 Wilmington, DE 19801-1147 Tel: (302) 468-5655 E-mail: craig.martin@us.dlapiper.com - and - Joshua D. Morse, Esq. DLA PIPER LLP (US) 555 Mission Street, Suite 2400 San Francisco, CA 94105-2933 Tel: (415) 836 2500 Fax: (415) 836 2501 E-mail: joshua.morse@dlapiper.com Debtor's Claims, Noticing, and Solicitation Agent: EPIQ CORPORATE RESTRUCTURING, LLC 777 Third Avenue, 12th Floor New York, New York 10017 https://dm.epiq11.com/case/bvn/info Total Assets as of December 31, 2019: $4,447,000 Total Debts as of December 31, 2019: $2,489,000 The petition was signed by Pehong Chen, president, CEO and interim CFO. A copy of the petition containing, among other items, a list of the Debtor's 15 unsecured creditors is available for free at PacerMonitor.com at: https://is.gd/ITnZRk BULL SHIRTS: Seeks to Hire Hoffman & Saweris as Legal Counsel ------------------------------------------------------------- Bull Shirts, Inc. seeks authority from the United States Bankruptcy Court for the Southern District of Texas to hire Hoffman & Saweris, P.C., as its legal counsel. Services the firm will render are: a. advise the Debtor with respect to its powers and duties; b. advise the Debtor with respect to its rights and remedies of the estate's creditors and other parties in interest; c. conduct appropriate examinations of witnesses, claimants and other parties in interest; d. prepare all appropriate pleadings and other legal instruments required to be filed in this case; e. represent the Debtor in all proceedings before the Court and in any other judicial or administrative proceeding in which the rights of the Debtor or the Estate may be affected; f. represent and advise the Debtor in the reorganization of assets and liabilities through the bankruptcy court; g. advise the Debtor in connection with the formulation, solicitation, confirmation and consummation of any plans or reorganization which the Debtor may propose, and h. perform any other legal services that may be appropriate in connection with the continued operations of the Debtor's business. Matthew Hoffman, Esq., and Alan Brian Saweris, Esq., the attorneys who will be handling the case, charge $335 per hour and $235 per hour, respectively. Paralegals charge an hourly fee of $60. The firm received retainers from the Debtor in the total amount of $46,500, plus $1,717 for the filing fee. Mr. Hoffman, a principal of Hoffman & Saweris, disclosed in a court filing that he does not hold or represent any interest adverse to the Debtor or its estate. The firm can be reached through: Matthew Hoffman, Esq. Alan Brian Saweris, Esq. Hoffman & Saweris, p.c. 2777 Allen Parkway, Suite 1000 Riviana Building Houston, TX 77019 Tel: 713-654-9990 Fax: 713-654-0038 About Bull Shirts, Inc Bull Shirts, Inc. -- https://www.bull-shirts.com -- is a full service advertising specialty company offering a wide range of promotional items to promote its clients' companies. Bull Shirts, Inc. filed its voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 20-31746) on March 13, 2020. The petition was signed by Joseph Dottenweich, president. At the time of filing, the Debtor estimated $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Matthew Hoffman, Esq. at HOFFMAN & SAWERIS, P.C. represents the Debtor as counsel. BWX TECHNOLOGIES: S&P Cuts $400MM Unsecured Note Rating to 'BB-' ---------------------------------------------------------------- S&P Global Ratings lowered its rating on BWX Technologies Inc.'s $400 million unsecured notes due 2026 to 'BB-' from 'BB'. S&P revised the recovery rating on this debt to '5' from '4', indicating expectations for a modest (10%-30%; round estimate: 25%) recovery in a payment default. The company recently increased its secured revolver (unrated) to $750 million from $500 million, resulting in lower recovery for the unsecured borrowers. The upsized revolver no longer has a Canadian borrower and the maturity has been extended to 2025. ISSUE RATINGS-RECOVERY ANALYSIS Key analytical factors: -- The company's capital structure pro forma for the transaction consists of a $750 million secured revolver due 2025 (unrated), approximately $46 million outstanding term loan A due 2023 issued in the U.S., and approximately $214 million outstanding term loan A issued by Canadian subsidiary, BWXT Canada Ltd. (both unrated and due in 2023), and $400 million unsecured notes due 2026. -- The Canadian term loan is guaranteed by the U.S. operations. -- Other key default assumptions include LIBOR of 2.5% and the revolver is 85% drawn. Simulated default and valuation assumptions: -- Simulated year of default: 2025 -- EBITDA at emergence: $193 million -- EBITDA multiple: 5x Simplified waterfall: -- Net enterprise value (after 5% administrative costs): $917 million -- Obligor/nonobligor split: 82%/18% -- Collateral value available to first-lien creditors: $752 million -- Total first-lien debt: $635 million -- Collateral value available to unsecured creditors: $116 million -- Total unsecured debt: $411 million -- Recovery expectations: 10%-30%; rounded estimate: 25% Ratings List BWX Technologies Inc. Issuer Credit Rating BB/Stable/-- BB/Stable/-- Ratings Lowered; Recovery Ratings Revised To From BWX Technologies Inc. Senior Unsecured BB- BB Recovery Rating 5(25%) 4(35%) CACHET FINANCIAL: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------------ The Office of the U.S. Trustee appointed a committee to represent unsecured creditors in the Chapter 11 case of Cachet Financial Services. The committee members are: (1) The Ahola Corporation c/o Michael Paull, CFO 6820 West Snowville Road Brecksville, OH 44141 Phone: (440) 740-5066 Email: mpaull@ahola.com Counsel: Benesh, Friedlander, Coplan & Aronoff, LP c/o Yelena Boxer 200 Public Square, Suite 2300 Cleveland, OH 44114 Phone: (216) 363-4175 Email: yboxer@beneschlaw.com (2) Verde Human Capital, LLC c/o Thomas A. Buford Bush Kornfeld LLP 601 Union Street, Suite 5000 Seattle, WA 98101-2373 Phone: (206) 292-2110 Fax: (206) 292-2104 Email: thuford@bskd.com (3) Sarah Simmons Aaron McAllister, ROI-IT LLC c/o Lawrence J. Semenza III, Esq. 10161 Park Run Dr., Suite 150 Las Vegas, NV 89145 Phone: (702) 835-6803 Fax: (702) 920-8669 Email: ljs@skrlawyers.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Cachet Financial Services Cachet Financial Services -- https://www.cachetservices.com/ -- provides Automated Clearing House (ACH) processing services for payroll-related electronic transactions, including: direct deposits, tax payments, garnishment payments, benefits payments, 401(k) payments, expense reimbursement payments, agency checks, and fee collection. Cachet Financial Services, based in Pasadena, Calif., filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 20-10654) on Jan. 21, 2020. In the petition signed by Aberash Asfaw, president, the Debtor was estimated to have $10 million to $50 million in both assets and liabilities. The Hon. Vincent P. Zurzolo presides over the case. The Debtor tapped Shulman Bastian LLP as bankruptcy counsel; The Rosner Law Group, LLC as special counsel; and Loeb & Loeb, LLP as local counsel. CARESTREAM HEALTH: S&P Rates Proposed First-Lien Debt 'B-' ---------------------------------------------------------- S&P Global Ratings assigned issue-level ratings to Carestream Health Inc.'s (B-/Watch Neg/--) proposed debt issuance. S&P assigned a 'B-' issue-level rating and '3' recovery rating to the company's proposed first-lien credit facility (including a $118.5 million revolver and $581.5 million term loan), and a 'CCC+' issue-level rating and '5' recovery rating to its proposed $366.1 million second-lien term loan. The '3' recovery rating on the first-lien debt indicates S&P's expectation for meaningful recovery (50%-70%; rounded estimate: 65%) in the event of a payment default. The '5' recovery rating on the second-lien debt indicates S&P's expectation for modest recovery (10%-30%; rounded estimate: 20%). "Our 'B-' issuer credit rating on Carestream remains on CreditWatch with negative implications. This indicates we could lower our ratings if Carestream's proposed refinancing is not successful and its capital structure remains current, which would increase the risk for near-term payment default or balance-sheet restructuring. Conversely, if Carestream successfully addresses its approaching maturities, we would likely affirm our issuer credit rating and remove it from CreditWatch, subject to review of final documentation and assuming final terms are not onerous," S&P said. ISSUE RATINGS – RECOVERY ANALYSIS Key analytical factors -- The company's proposed debt structure includes a $118.5 million senior secured revolver, $581.5 million first-lien term loan, and $366.1 million second-lien term loan. In addition, the proposed terms allow the company to increase the first-lien term loan by $50 million and S&P assumes the company will do so on the path to default. -- S&P's simulated default scenario contemplates a default in 2022 because of an operational disruption or intensified competition. -- S&P assumes 85% of the available revolver is drawn and an increase in revolver borrowing costs resulting from LIBOR increases and credit deterioration. -- S&P values the company on a going-concern basis using a 5x multiple of the default-level EBITDA. This is consistent with its treatment of peers with similar business positioning. Simulated default assumptions -- Simulated year of default: 2022 -- EBITDA at emergence: $127 million -- EBITDA multiple: 5x -- Jurisdiction: U.S. Simplified waterfall -- Net enterprise value (after 5% administrative costs): $603 million -- Valuation split in % (obligors/nonobligors: 16%/84% -- Collateral value available to first-lien creditors: $426 million -- Unpledged value available to first-lien creditors: $72 million Secured first-lien debt: $734 million -- Recovery expectations: 50%-70% (rounded estimate: 65%) -- Unpledged value available to second-lien creditors: $105 million -- Secured second-lien debt: $447 million (including paid-in-kind interest) -- Recovery expectations: 10%-30% (rounded estimate: 20%) All debt amounts include six months of prepetition interest. CAROLINA INTEGRATIVE: Hires Cooper Law Firm as Attorney ------------------------------------------------------- Carolina Integrative Medicine, P.A., seeks authority from the U.S. Bankruptcy Court for the District of South Carolina to employ The Cooper Law Firm, as attorney to the Debtor. Carolina Integrative requires Cooper Law Firm to: a. provide the Debtor with legal advice with respect to its powers and duties as debtor-in-possession in the continued management and control of its assets, and responsibilities regarding liabilities to creditors; b. provide legal advice to the Debtor-in-Possession regarding its responsibility to provide insurance and bank account information, file monthly operating reports with the bankruptcy court, pay quarterly fees to the U.S. Trustee Office, seek and receive consent of the court to incur debt or sell property, file a Plan of Reorganization and Disclosure Statement within 180 days of filing of the petition, and file a Final Report, Accounting and Request for Final Decree as soon after Confirmation of the Plan as is feasible, but no later than 120 days after Confirmation of the Plan; and c. prepare the Petition, Schedules, Statement of Financial Affairs, Plan of Reorganization, Disclosure Statement, Final Report, Final Accounting, Final Decree, including necessary applications, answers, orders, reports, or legal documents relative to the Chapter 11 case. Cooper Law Firm will be paid at these hourly rates: Partners $295 Associates $150 to $195 Pre-petition, the Debtor paid Cooper Law Firm a retainer of $10,783, and $1,717 filing fee. Cooper Law Firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Robert H. Cooper, partner of The Cooper Law Firm, 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. Cooper Law Firm can be reached at: Robert H. Cooper, Esq. THE COOPER LAW FIRM 150 Milestone Way, Suite B Greenville, SC 29615 Tel: (864) 271-9911 Fax: (864) 232-5236 About Carolina Integrative Medicine, P.A. Carolina Integrative Medicine, P.A., filed a Chapter 11 bankruptcy petition (Bankr. D.S.C. Case No. 20-01227) on March 6, 2020, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Robert H. Cooper, Esq., at The Cooper Law Firm. CARVANA CO: Ally Doubles Loan Purchase Program to $2.0 Billion -------------------------------------------------------------- Carvana reported a significant increase and extension of its current loan purchase program with Ally Financial, highlighting the deep relationship that has been built between the two companies over the past six years. Ally will provide up to $2.0 billion of capacity for the purchase of finance receivables over the next 12 months and broaden the set of customers covered by the agreement. "This commitment from Ally puts Carvana in a strong position to provide our customers fair, simple financing in this time when so many need it," said Ernie Garcia, Carvana founder and CEO. "As we work through the current business challenges facing the auto industry, the Ally team remains unwavering in its focus on finding the best solutions to help our dealer customers," said Doug Timmerman, president of Auto Finance for Ally. "We're pleased to have the expertise and agility to deliver a financing agreement that supports Carvana’s innovative, digital consumer experience." Carvana offers consumers an entirely at-home, online car shopping platform with more than 25,000 vehicles available with virtual, 360-degree tours, inside and out. All vehicles are available for home delivery, including a new option for Touchless Delivery, as well as the peace of mind of a 7-day return policy. About Carvana Founded in 2012 and based in Tempe, Arizona, Carvana Co. -- http://www.carvana.com/-- is a holding company that was formed as a Delaware corporation on Nov. 29, 2016. Carvana is an e-commerce platform for buying and selling used cars. Carvana reported a net loss of $364.64 million in 2019, a net loss of $254.74 million in 2018, and a net loss of $164.32 million in 2017. As of Dec. 31, 2019, the Company had $2.05 billion in total assets, $1.86 billion in total liabilities, and $191.94 million in total stockholders' equity. * * * As reported by the TCR on May 24, 2019, S&P Global Ratings affirmed its 'CCC+' issuer credit rating on Carvana Co. to reflect the company's improved liquidity after it raised $480 million by issuing about $230 million of common stock and a $250 million add-on to its existing senior unsecured notes due 2023. CARVANA CO: Moody's Affirms B3 CFR & Caa2 Senior Unsec. Rating -------------------------------------------------------------- Moody's Investors Service affirmed all ratings of Carvana Co., including its B3 Corporate Family Rating; B3-PD Probability of Default Rating and Caa2 senior unsecured rating. The outlook was changed to negative from stable. "The outlook change to negative reflects uncertainty with respect to the impact on Carvana's path to profitability that may result from both the short-term and long-term effects of the corona virus," stated Moody's Vice President Charlie O'Shea. "This path to profitability on an EBITDA basis during 2020 is a key rating consideration, and is now uncertain," continued O'Shea. "That said, Moody's believes that Carvana has beefed up its liquidity and has enough cost levers it can throw to mitigate the downside, which are key factors in the ratings affirmations." Outlook Actions: Issuer: Carvana Co. Outlook, Changed To Negative From Stable Affirmations: Issuer: Carvana Co. Probability of Default Rating, Affirmed B3-PD Corporate Family Rating, Affirmed B3 Senior Unsecured Regular Bond/Debenture, Affirmed Caa2 (LGD5) RATINGS RATIONALE Carvana's B3 corporate family rating highlights its lack of profitability, improved liquidity, favorable position in the used car retail segment, its unique ordering and delivery models, which Moody's believes provide a first-mover advantage, and significant management expertise in both the auto and tech segments. The negative outlook reflects Moody's view that the corona virus has created uncertainty with respect to Carvana's path to profitability. The rapid and widening spread of the coronavirus outbreak, deteriorating global economic outlook, falling oil prices, and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets. The combined credit effects of these developments are unprecedented. The automotive retail sector has been one of the sectors significantly affected by the shock given its sensitivity to consumer demand and sentiment. More specifically, the weaknesses in Carvana's credit profile, including its exposure to automotive sales have left it vulnerable to shifts in market sentiment in these unprecedented operating conditions and Carvana remains vulnerable to the outbreak continuing to spread. Moody's regards the coronavirus outbreak as a social risk under its ESG framework, given the substantial implications for public health and safety. Its action reflects the impact on Carvana of the breadth and severity of the shock, and the broad deterioration in credit quality it has triggered. Ratings could be upgraded once EBITDA turns positive with at least adequate liquidity. Ratings could be downgraded if operating performance levels do not continue to progress such that profitability on a quarterly basis during 2020 is unlikely, or if liquidity weaken. The rapid spread of the coronavirus outbreak, the deteriorating global economic outlook, falling oil prices and asset price declines are creating a severe credit shock across many sectors, regions and markets. The combined credit effects of these developments are unprecedented. At this time, the sectors most exposed to the shock are those that are most sensitive to consumer demand and sentiment, including global passenger airlines, lodging and cruise, autos, as well as those in the oil & gas sector most negatively affected by the oil price shock. Lower-rated issuers are most vulnerable to these unprecedented operating conditions and to shifts in market sentiment that curtail credit availability. Moody's will take rating actions as warranted to reflect the breadth and severity of the shock, and the broad deterioration in credit quality that it has triggered. The principal methodology used in these ratings was Retail Industry published in May 2018. Carvana Co., is a leading online retailer of used vehicles, with FYE 2019 revenues of around $3.7 billion. CAST & CREW: Moody's Puts B3 CFR on Review for Downgrade -------------------------------------------------------- Moody's Investors Service has placed Cast & Crew Payroll, LLC's ratings under review for downgrade, including the company's B3 corporate family rating, B3-PD probability of default rating, and the B2 rating on Cast & Crew's first lien credit facility. The review was prompted by the considerable anticipated deterioration in the issuer's credit protection measures over the near term as a result of ongoing systemic production disruptions related to the coronavirus outbreak impacting Cast & Crew's client base in its core media and entertainment markets. On Review for Downgrade: Corporate Family Rating, Placed on Review for Downgrade, currently B3 Probability of Default Rating, Placed on Review for Downgrade, currently B3-PD Senior Secured First Lien Revolving Credit Facility expiring 2024, Placed on Review for Downgrade, currently B2 (LGD3) Senior Secured First Lien Term Loan due 2026 Placed on Review for Downgrade, currently B2 (LGD3) Outlook revised to Rating Under Review from Stable RATINGS RATIONALE The review for downgrade will focus on the impact of production disruptions among Cast & Crew's clients related to the coronavirus outbreak and management's ability to preserve liquidity until operating conditions show sustained improvement. While the company's liquidity position is supported by nearly full availability under its $90 million revolver (pro forma for recent acquisitions as of December 31, 2019) and Moody's expectations of modest free cash flow over the coming year, Cast & Crew's financial flexibility may become considerably challenged, potentially necessitating covenant relief, if operating performance trails expectations. The rapid and widening spread of the coronavirus outbreak, deteriorating global economic outlook, falling oil prices, and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets. The combined credit effects of these developments are unprecedented. Additionally, Moody's regards the coronavirus outbreak as a social risk under its ESG framework, given the substantial credit implications of public health and safety which may lead to protracted delays or outright cancellations of media production and related content creation throughout Cast & Crew's client base and consequently weigh considerably on the company's revenue base. Its action reflects the impact on Cast & Crew's credit profile of the breadth and severity of this shock and the broad deterioration in credit quality it has triggered. Cast & Crew, owned by affiliates of EQT, is a leading provider of technology-enabled payroll processing, production accounting software, workers' compensation coverage, and related value-added services to clients across the entertainment industry. The principal methodology used in these ratings was Business and Consumer Service Industry published in October 2016. CEL-SCI CORP: Increases Bought Deal Offering to $7.7 Million ------------------------------------------------------------ Due to demand, the underwriter has agreed to increase the size of its previously announced offering and purchase on a firm commitment basis 630,500 shares of common stock of CEL-SCI Corporation, at a price to the public of $12.22 per share, representing a 5% discount to the closing price per share. The closing of the offering was expected to occur on or about March 26, 2020, subject to customary closing conditions. Aegis Capital Corp. is acting as the sole book-running manager for the offering. The Company also has granted to the underwriter a 45-day option to purchase up to 15% of the offering at the Public Price. The gross proceeds to CEL-SCI before deducting underwriting discounts and commissions and estimated offering expenses and assuming no exercise of the option to purchase additional shares of common stock, are expected to be approximately $7.7 million. CEL-SCI intends to use the net of the offering to fund the continued development of Multikine, LEAPS and for other general corporate purposes. The shares of common stock are being offered by CEL-SCI pursuant to a "shelf" registration statement on Form S-3 (File No. 333-226558) filed with the Securities and Exchange Commission (SEC) and the accompanying prospectus contained therein. The offering of the shares of common stock is being made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A preliminary prospectus supplement and the accompanying prospectus relating to and describing the terms of the offering has been filed with the SEC. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to this offering may be obtained on the SEC's website at http://www.sec.govor by contacting Aegis Capital Corp., Attention: Syndicate Department, 810 7th Avenue, 18th floor, New York, NY 10019, by email at syndicate@aegiscap.com, or by telephone at (212) 813-1010. About CEL-SCI Corporation CEL-SCI -- http://www.cel-sci.com/-- is a clinical-stage biotechnology company focused on finding the best way to activate the immune system to fight cancer and infectious diseases. The Company's lead investigational therapy Multikine is currently in a pivotal Phase 3 clinical trial involving head and neck cancer, for which the Company has received Orphan Drug Status from the FDA. The Company has operations in Vienna, Virginia, and near Baltimore, Maryland. CEL-SCI reported a net loss of $22.13 million for the year ended Sept. 30, 2019, compared to a net loss of $31.84 million for the year ended Sept. 30, 2018. As of Dec. 31, 2019, the Company had $29.51 million in total assets, $22.54 million in total liabilities, and $6.97 million in total stockholders' equity. BDO USA, LLP, in Potomac, Maryland, the Company's independent accounting firm, issued a "going concern" qualification in its report dated Dec. 16, 2019, citing that the Company has suffered recurring losses from operations and expects to incur substantial losses for the forseeable future that raise substantial doubt about its ability to continue as a going concern. CELLA III: Unsecured Creditors to Have 100% Payout in Plan ---------------------------------------------------------- Cella III, LLC, filed a Chapter 11 plan that says claims will be paid from the Debtor's net revenue and proceeds of causes of action. Holders of Class 2 Allowed Girod Secured Claims totaling $7,999,334 will recover 100%. The New Girod Secured Note will provide for monthly interest only payments on the 30th day of each month for 12 months beginning the first month after the Effective Date. Beginning on the 30th day of the month immediately after the due date of the 12th interest only payment, the balance of the Allowed Secured Claim will be amortized over 30 years, payable in 60 monthly consecutive principal and interest installments, with interest calculated at 4.75% per annum. Girod will recover 100% for its Class 3 deficiency claim. Girod will be paid its pro rata share (along with Class 5 Allowed Claims) of proceeds from causes of action and net revenue, with interest calculated at the rate of 4% from the Effective Date, which amounts will be payable on the anniversary date of the Effective Date. Class 3 allowed claims will be paid in full no later than Dec. 31, 2023. Holders of Class 4 allowed convenience claims will recover 100%. Each holder of an Allowed Convenience Claim will be paid Cash in the amount which is equal to lesser of (i) $500 or (ii) the Allowed Amount of such holder's Convenience Claim on the later of: (a) 60 days after the Effective Date, or (b) the date such Convenience Claim becomes an Allowed Claim. Holders of Class 5 general unsecured claims totaling $46,168 will receive a payout of 100%. The holder of each allowed unsecured claim will be paid their respective pro rata share (along with Allowed Class 3 Claim) of the proceeds from causes of action and net revenue, with interest calculated at the rate of 4% from the Effective Date, payable on each anniversary date of the Effective Date. Class 5 allowed Claims will be paid in full no later than December 31, 2023. George A. Cella, III, holder of the Class 6 existing membership interests, will retain his existing Interests in the Debtor. A full-text copy of the Disclosure Statement dated March 16, 2020, is available at https://tinyurl.com/rzxhtel from PacerMonitor.com at no charge. Counsel for the Debtor: Leo D. Congeni The Congeni Law Firm, LLC 650 Poydras Street, Suite 2750 New Orleans, LA 70130 Tel: (504) 522-4848 E-mail: leo@congenilawfirm.com About Cella III LLC Cella III, LLC, a company based in Metairie, La., filed a Chapter 11 petition (Bankr. E.D. La. Case No. 19-11528) on June 5, 2019. In the petition signed by George A. Cella, III, member and manager, the Debtor was estimated to have $10 million to $50 million in assets and $1 million to $10 million in liabilities. The Hon. Jerry A. Brown oversees the case. The Debtor tapped Congeni Law Firm, LLC as bankruptcy counsel; Sternberg, Naccari & White, LLC as special counsel; and Patrick J. Gros, CPA, APAC as accountant. CHRIST THE CORNERSTONE: Taps Engel & Volkers as Real Estate Broker ------------------------------------------------------------------ Christ the Cornerstone Community Church seeks authority from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, to employ a broker. Debtor wishes to actively market the real property located at 1010 West Pleasant Run Road, DeSoto, TX 75115 for sale. In order to market the property, Debtor solicited the assistance of Pamela Nelon with Engel & Volkers Fort Worth, a licensed realtor and broker, to advertise the property at the realtor's expense, to show the Property to interested parties, to represent the estate as broker in connection with the sale of the Property, and to advise the Debtor with respect to obtaining the highest sale offers available in the present market for the Property. Engel & Volkers will receive a commission 6 percent of the gross purchase price of the property. Debtor is satisfied that Engel & Volkers is a disinterested person within the meaning of 11 U.S.C. Sec. 101(14). The broker can be reached through: Pamela Nelon Engel & Volkers Fort Worth 5120 Monahans Ave Fort Worth, TX 76107 Phone: +1 817-900-6899 About Christ the Cornerstone Community Church Christ the Cornerstone Community Church is a tax-exempt religious organization (as described in 26 U.S.C. Section 501). It owns eight real estate properties (consisting of vacant land and commercial property) in Desoto, Texas, having an aggregate current value of $4.5 million. The Church sought Chapter 11 protection (Bankr. N.D. Tex. Case No. 19-33649) on Nov. 1, 2019. The Debtor disclosed $4,494,083 in total assets and $555,234 in total liabilities as of the bankruptcy filing. The Hon. Stacey G. Jernigan is the case judge. Areya Holder, Esq., at HOLDER LAW, is the Debtor's counsel. CMK INVESTMENT: Seeks to Hire Wallace Jordan as Counsel ------------------------------------------------------- CMK Investment Properties, LLC, seeks permission from the United States Bankruptcy Court for the Northern District of Alabama to employ Wallace, Jordan, Ratliff & Brandt, LLC, as its counsel. CMK requires Wallace Jordan to: (i) prepare pleadings and applications and conducting examinations incidental to any related proceedings or to the administration of this case; (ii) advise Debtor of its rights, duties, and obligations as Debtor operating under Chapter 11 of the Bankruptcy Code; (iii) take any and all other necessary action incident to the proper preservation and administration of this Chapter 11 case; and, (iv) advise and assist the Debtor in the formation and confirmation of a plan pursuant to Chapter 11 of the Bankruptcy Code, the disclosure statement, and any and all matters related thereto. Wallace Jordan's current standard hourly rates are: Partners $300 - $475 Associates $260 - $310 Of Counsel $350 - $395 Legal Assistants $150 - $165 Law Clerks $200 Wallace Jordan does not hold or represent any interest adverse to Debtor or to their bankruptcy estates and is a "disinterested person" as that term is defined in Sec. 101(14) of the Bankruptcy Code, as modified by Sec. 1107(b) of the Bankruptcy Code, according to court filings. The firm can be reached through: Gary W. Lee, Esq. Wallace, Jordan, Ratliff & Brandt, LLC First Commercial Bank Building 800 Shades Creek Pkwy., Ste. 400 Birmingham, AL 35209 Tel No. (205) 874-0343 Fax No. (205) 871-7534 Email: gwlee@wallacejordan.com About CMK Investment Properties, LLC CMK Investment Properties, LLC owns two real properties in Alabama having an aggregate current value of $1.27 million. CMK Investment Properties, LLC, filed its voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 20-00862) on March 3, 2020. In the petition signed by Brian N. Kornowicz, member, the Debtor estimated $1,270,080 in assets and $658,515 in liabilities. Gary W. Lee, Esq. at Wallace, Jordan, Ratliff & Brandt, LLC, represents the Debtor as counsel. CONTINENTAL CAST: Seeks More Time to File Bankruptcy Plan --------------------------------------------------------- Continental Cast Stone, LLC and Maglicon, LLC asked the U.S. Bankruptcy Court for the District of Kansas to extend the exclusive periods to file a Chapter 11 plan and to solicit acceptances for the plan to June 15 and Aug. 14, respectively. The companies have made significant progress in their Chapter 11 cases both procedurally and operationally: a plan and disclosure statement have been drafted and the companies have made and continue to make significant strides in streamlining their operations, improving efficiency and boosting sales. In addition, the companies are currently pursuing a valuable claim against a competitor that allegedly misappropriated trade secrets. However, the companies are starting to feel the impact of the recent virus-related disruptions to the economy, workforce and commercial confidence. These disruptions are likely to affect plan projections and may affect the value of the companies' personal and real property. The companies believe it would be prudent to extend the exclusivity deadlines to allow the current situation to stabilize so they can give realistic projections and valuations in their plan. About Continental Cast Stone and Maglicon Continental Cast Stone, LLC -- http://www.continentalcaststone.com/ -- doing business as CCSM Acquisition LLC was established in 1986. It is a manufacturer of cast stone and has offices in Kansas, South Carolina, Chicago, and California. Its affiliate Maglicon, LLC owns and leases to Continental the land upon which the company operates the manufacturing facility in Kansas. Continental Cast and Maglicon filed Chapter 11 bankruptcy petitions (Bankr. D. Kan. Lead Case No. 19-21752) on Aug. 20, 2019. In the petitions signed by Bryan Hinkle, member, Continental Cast and Maglicon each was estimated to have assets and liabilities at $1 million to $10 million. Judge Robert D. Berger oversees the cases. Mann Conroy, LLC is the Debtors' legal counsel. COOK & BOARDMAN: S&P Alters Outlook to Negative, Affirms 'B' ICR ---------------------------------------------------------------- S&P Global Ratings revised its outlook on The Cook & Boardman Group LLC to negative from stable and affirmed its 'B' issuer credit rating on the company. "Our economists forecast a recession occurring in the first half of 2020 as the spread of the coronavirus reduces consumer spending and business investment. Our economists project that U.S. GDP will decline by 1% in the first quarter of 2020 before contracting by a steeper 6% in the second quarter, which would officially put the economy in a recession," S&P said. The negative outlook on Cook & Boardman reflects S&P's view that the company will report debt to EBITDA in the 6.7x-7.2x range, FFO to debt in the 5%-10% range, and interest coverage in the 2.0x-2.5x range as of the end of 2020. S&P expects the coronavirus pandemic to depress Cook & Boardman's end-market demand in the short term, at a minimum. "We could downgrade Cook & Boardman if disruptions due to the coronavirus pandemic lead its consolidated sales to contract or shrink its EBITDA margin by 50 basis points over the next 12 months, which would cause the company's leverage to remain above 7x. The length and severity of the recession will only determine how much, and not if, commercial building construction--a significant source of the company's revenue--will be curtailed. We could also downgrade Cook & Boardman if it assumes a more aggressive financial policy due to its financial sponsor (for instance, increased debt-financed acquisitions or dividends). In the current environment, we would view any additional debt-financed acquisitions as a trigger for a downgrade," S&P said. "Given the company's small size and niche product focus, we view an upgrade as unlikely unless it significantly expands its size and diversifies its business in terms of products and end markets, possibly through acquisitions. We would only raise our rating if the company deleveraged below 4x and were confident that its financial-sponsor owner would allow it to maintain its leverage at this level," the rating agency said. COTY INC: S&P Lowers ICR to B; On CreditWatch Negative ------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on Coty Inc. to 'B' from 'B+'. At the same time, S&P lowered its rating on the company's senior secured debt to 'B+' from 'BB-'. The recovery rating remains '2', indicating its expectation of substantial recovery (70%-90%; rounded estimate: 75%) in the event of a payment default. Subsidiary Coty B.V. is a co-borrower under the revolver. In S&P's rating analysis, it views Coty Inc. and its operating subsidiaries as a group. S&P also lowered the rating on the senior unsecured debt to 'B' from 'B+'. The recovery rating remains '4', indicating its expectation for average recovery (30%-50%; rounded estimate: 35%) in the event of a payment default. "The rating action reflects our expectations that the massive retail store closings and decline in travel sparked by the coronavirus pandemic has had a significant impact on Coty's sales and profits. Coty announced it believes its sales will decline 20% in its fiscal third quarter (ending March 31). We expect its fiscal fourth-quarter financial results to also suffer given it is heavily dependent on developed markets and cases of COVID-19 continue to rise in these regions," S&P said. The CreditWatch placement with negative implications reflects further downside risk over the next few quarters if massive retail store closures extend beyond its fiscal fourth quarter (ending June 30). S&P will assess the effects on the company's credit metrics, covenant cushions, and liquidity. COVENANT SURGICAL: S&P Places 'B-' ICR on CreditWatch Negative -------------------------------------------------------------- S&P Global Ratings placed all of its ratings on Covenant Surgical Partners Inc., including the 'B-' issuer credit rating, on CreditWatch with negative implications. "The CreditWatch placement reflects our view that the coronavirus pandemic could result in significantly lower revenue, EBITDA, and cash flow in 2020 than our prior base-case estimates due to the rapid decline in demand for elective surgical procedures. The U.S. Surgeon General and the American College of Surgeons recommended that elective surgical procedures be postponed to conserve much-needed supplies and safety equipment as well as to limit the spread of COVID-19. Outpatient surgical centers could benefit from the increased shift of inpatient surgical procedures to outpatient settings, though such a benefit is uncertain," S&P said. "We will be in regular contact with Covenant's management team and will monitor related news to incorporate any new information into our analysis. If we conclude the company is unable to appropriately address cash flow and liquidity issues, among others, we could lower the ratings. Alternatively, we could affirm the ratings if we gain confidence that Covenant's liquidity will remain adequate for at least the next 12 months or if it is able to maintain or improve EBITDA," S&P said. CREATIVE REALITIES: Cuts Salaries of Top Executives in 2020 ----------------------------------------------------------- Creative Realities, Inc.'s Board of Directors approved a six-month reduction of the salaries of its chief executive officer and chief financial officer by 20%, thereby reducing the salaries payable to those officers in 2020 to $297,000 and $224,100, respectively. The Company stated, "Recently, state and local authorities in the United States and worldwide have forced many businesses to temporarily reduce or cease operations to slow the spread of the coronavirus pandemic. As Creative Realties, Inc. continues to monitor the effects of the pandemic on its business, it has implemented cost-control measures, including employment compensation reductions designed to achieve preliminary cost savings in light of the significant economic uncertainty caused by the pandemic." About Creative Realities Creative Realities, Inc. -- http://www.cri.com/-- is a Minnesota corporation that provides innovative digital marketing technology and solutions to retail companies, individual retail brands, enterprises and organizations throughout the United States and in certain international markets. The Company has expertise in a broad range of existing and emerging digital marketing technologies, as well as the related media management and distribution software platforms and networks, device management, product management, customized software service layers, systems, experiences, workflows, and integrated solutions. Creative Realities reported net income of $1.04 million for the year ended Dec. 31, 2019, following a net loss of $10.62 million for the year ended Dec. 31, 2018. As of Dec. 31, 2019, the Company had $33.97 million in total assets, $15.65 million in total liabilities, and $18.51 million in total shareholders' equity. DEL MAR ENTERPRISES: Court Confirms Chapter 11 Plan --------------------------------------------------- Judge Enrique S. Lamoutte ordered that the plan filed by Del Mar Enterprises Inc., on Feb. 28, 2019, as orally amended/clarified at the hearing held on Feb. 11, 2020, to provide insurance to Condado 3 LLC, and the joint stipulation with Condado 3 LLC, is confirmed. The stipulation between Debtor and Condado is orally clarified and/or amended as follows: The Debtor will provide insurance, including endorsement in favor of Condado, over property given as collateral; paragraph 5(e) of the stipulation is amended to state that the $11,000 payments are for 48 months, with a balloon payment at the end in the amount of $869,925. Under the Plan, Class 6 General Unsecured Creditors with claims totaling $42,920 will receive 5 percent of their allowed claims in 72 monthly installments. Payments will commence on the Effective Date. About Del Mar Enterprises Del Mar Enterprises Inc. is a real estate company that owns in fee simple a commercial real estate located at Aguadilla, Puerto Rico, consisting of a two-storey commercial building with an appraised value of $1 million. The company also owns a lot of land located at Barrio Borinquen Aguadilla, Puerto Rico having an appraised value of $100,000. Del Mar Enterprises previously filed for bankruptcy protection on April 9, 2013 (Bankr. D.P.R. Case No. 13-02735). Del Mar Enterprises sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 18-05767) on Oct. 1, 2018. In the petition signed by Edgardo L. Delgado Colon, president, the Debtor disclosed $1,102,823 in assets and $2,166,875 in liabilities. Judge Mildred Caban Flores oversees the case. The Debtor tapped C. Conde & Assoc. as its legal counsel. DFW PROJECTS: Seeks to Employ Joyce W. Lindauer as Counsel ---------------------------------------------------------- DFW Projects LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Joyce W. Lindauer Attorney, PLLC, as its legal counsel. The firm will advise the Debtor of its powers and duties under the Bankruptcy Code, prepare a plan of reorganization, and provide other legal services in connection with its Chapter 11 case. The firm's hourly fees are: Joyce Lindauer $395 Jeffery Veteto $250 Guy Holman $2205 Dian Gwinnup $125 The hourly rates for paralegals and legal assistants range from $65 to $125. The counsel received a retainer fee of $2,000. The firm's attorneys are "disinterested" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. Lindauer can be reached through: Joyce W. Lindauer, Esq. Joyce W. Lindauer Attorney, PLLC 12720 Hillcrest Road, Suite 625 Dallas, TX 75230 Tel: (972) 503-4033 Fax: (972) 503-4034 Email: joyce@joycelindauer.com About The Published Page LLC Based in Lancaster, Texas, DFW Projects LLC, filed a voluntary petition under Chapter 7 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 19-31734) on May 23, 2019, listing under $1 million in both assets and liabilities. Joyce W. Lindauer, Esq. at Joyce W. Lindauer Attorney, PLLC, serves as the Debtor's counsel. DWS CLOTHING: April 2 Hearing on Amended Disclosure Statement ------------------------------------------------------------- The Bankruptcy Court on Feb. 27, 2020, held a hearing for approval of DWS Clothing Too, LLC's Disclosure Statement, and the Court heard argument of counsel and being advised of the agreement of the Office of the U.S. Trustee. Judge Erik P. Kimball has ordered that the hearing to consider approval of Debtor's Amended Disclosure Statement filed by DWS Clothing Too, LLC, is continued to April 2, 2020 at 10:30 a.m. at the Flagler Waterview Building, 1515 N. Flagler Drive, Courtroom B, 8th Floor, West Palm Beach, Florida 33401. The Debtor ordered the Debtor to file an Amended Plan and Disclosure Statement on or before March 26, 2020. The deadline for objections to the Amended Disclosure Statement shall be filed on or before March 31, 2020. Attorneys for the Debtor: Jordan L. Rappaport, Esquire RAPPAPORT OSBORNE & RAPPAPORT, PLLC 1300 N. Federal Highway, Suite 203 Boca Raton, FL 33432 Telephone: (561) 368-2200 Facsimile: (561) 338-0350 About DWS Clothing Too Operating as Alene Too, DWS Clothing Too, LLC, sells women's clothes. DWS Clothing Too sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 18-25551) on Dec. 14, 2018. In the petition signed by Maxine Schwartz, member, the Debtor was estimated to have assets of less than $50,000 and liabilities of $1 million to $10 million. The case is assigned to Judge Mindy A. Mora. Rappaport Osborne & Rappaport, PLLC, is the Debtor's counsel. ELK PETROLEUM: Exclusivity Period Extended to May 16 ---------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware extended the exclusive periods for Elk Petroleum Inc. to file and solicit acceptances for its Chapter 11 plan to May 16 and July 15, respectively. The extension will help enable Elk Petroleum and its key constituents to explore and develop consensual terms for a liquidating plan at minimal cost and preserve and capitalize on the company's progress to date in the pursuit of a successful liquidation of its remaining assets. Elk Petroleum has continued to work expeditiously to address critical issues and move its bankruptcy case forward. The global settlement, the sale of Elk Operating Services LLC, and the confirmation of the plan for Elk Petroleum Aneth, LLC and Resolute Aneth, LLC reflect substantial steps in Elk Petroleum's progress towards developing and filing a liquidating plan in its case. About Elk Petroleum Elk Petroleum Inc. -- https://www.elkpet.com/ -- is an oil and gas company specializing in enhanced oil recovery (EOR). Elk Petroleum and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 19-11157) on May 22, 2019. At the time of the filing, Elk Petroleum estimated assets of between $1 million and $10 million and liabilities of less than $50,000. The petition was signed by Scott M. Pinsonnault, chief restructuring officer. The Debtors tapped Norton Rose Fulbright US LLP and Womble Bond Dickinson (US) LLP as legal counsel; Ankura Consulting Group, LLC, as restructuring advisor; Seaport Global Securities LLC as investment banker; Opportune LLP as valuation analysis provider; and Bankruptcy Management Solutions, Inc., as claims and noticing agent. Andrew Vara, acting U.S. trustee for Region 3, appointed a committee of preferred equity security holders on June 19, 2019. The equity committee tapped Morris, Nichols, Arsht & Tunnell LLP as its legal counsel, and Teneo Capital Llc as its financial advisor and investment banker. No official committee of unsecured creditors has been appointed in the Debtors' cases. FANNIE MAE: Brian Brooks Quits from Board of Directors ------------------------------------------------------ Brian P. Brooks notified Fannie Mae of his resignation from Fannie Mae's Board of Directors, effective March 31, 2020. Mr. Brooks's resignation follows an announcement by the Office of the Comptroller of the Currency that Mr. Brooks will become its next Chief Operating Officer and First Deputy Comptroller. About Fannie Mae and Freddie Mac Federal National Mortgage Association (OTCQB: FNMA), commonly known as Fannie Mae -- http://www.FannieMae.com/-- is a government-sponsored enterprise (GSE) that was chartered by U.S. Congress in 1938 to support liquidity, stability and affordability in the secondary mortgage market, where existing mortgage-related assets are purchased and sold. Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. The Company partners with lenders to create housing opportunities for families across the country. A brother organization of Fannie Mae is the Federal Home Loan Mortgage Corporation (FHLMC), better known as Freddie Mac Freddie Mac (OTCBB: FMCC) -- http://www.FreddieMac.com/-- was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. About Fannie Mae's Conservatorship and Agreements with Treasury Fannie Mae has operated under the conservatorship of FHFA since Sept. 6, 2008. Treasury has made a commitment under a senior preferred stock purchase agreement to provide funding to Fannie Mae under certain circumstances if the company has a net worth deficit. Pursuant to this agreement and the senior preferred stock the company issued to Treasury in 2008, the conservator has declared and directed Fannie Mae to pay dividends to Treasury on a quarterly basis for every dividend period for which dividends were payable since the company entered conservatorship in 2008. FIZZ & BUBBLE: Hires Confluence Capital as Investment Banker ------------------------------------------------------------ Fizz & Bubble, LLC, filed an amended application seeking permission from the U.S. Bankruptcy Court for the District of Oregon to employ Independent Investment Bankers, Corp. and Confluence Capital Group, Inc. as its exclusive investment banker to consult with and advise the Debtor in connection with a potential equity financing transaction, debt financing transaction, or a merger and/or acquisition transaction. The firms' fees and compensation are as follows: a. Success Fee. Upon the successful completion of the Transaction, Independent Investment Bankers shall be entitled to the following: (i) Equity Transaction- If the Debtor or any Affiliate enters into or consummates an Equity Financing during the Term with any third party, or during the Tail Period with a Referred Party, the Debtor shall pay to Independent Investment Bankers the greater of (a) the required minimum cash placement fee of $25,000 or (b) a cash placement fee equal to 7 percent of the gross proceeds received by the Debtor in the Equity Financing. Equity success fees will be waived for the first $250,000 in transactions arranged by the members of the creditors committee or the Debtors directly. (ii) Debt Financing- If the Debtor or any Affiliate consummates a Debt Financing during the Term with any third party, or during the Tail Period with a Referred Party, Independent Investment Bankers shall receive the greater of (a) the required minimum cash placement fee of $25,000 or (b) a cash placement fee equal to 5 percent of the gross proceeds received by the Debtor or any Affiliate, or in the event of a revolving credit facility, the maximum loan amount. Debt financing success fees will be waived for the first $250,000 in transactions arranged by the members of the creditors committee or the Debtors directly. (iii) M&A Transaction- If the Debtor enters into an M&A Transaction during the Term with any third party, or during the Tail Period with a Referred Party, then the Debtor shall pay to Independent Investment Bankers a fee calculated using the Revised Lehman Formula. This fee is due and payable to Independent Investment Bankers in cash or like kind securities (pro-rata as received/paid) on the date the M&A Transaction is consummated. The Revised Lehman Formula will be calculated using the total Consideration paid for the acquisition. Except as expressly stated otherwise, the Success Fee is due and payable immediately upon the closing of the Transaction and shall be dispersed directly to Independent Investment Bankers simultaneously with the delivery of the proceeds of the Trasaction to the Debtor. b. Initial Fee. The Debtor shall pay Independent Investment Bankers a non-refundable cash fee in the amount of $15,000 payable and earned on the Effective date. The Initial Fee shall be credited toward any amount owed by the Debtor to Independent Investment Bankers in the event an Equity Transaction Success Fee is owed. The Initial Fee does not offset the required minimum cash placement Success Fee of $25,000 for a closed Transaction. c. Expense Reimbursement. The Debtor agrees to reimburse Independent Investment Bankers for all out-of-pocket expenses incurred by the Representatives, Confluence Capital Group or Independent Investment Bankers; however, any expense in excess of $100 shall be pre-approved in writing or email by the Debtor. The firms represent no interest adverse to the Debtor as debtors-in-possession or to the estate in the matters upon which Professional is to be engaged, according to court filings. The firms can be reached through: Dante Fichera Independent Investment Bankers, Corp 2900 N. Quinlan Park Rd., Suite #240-235 Austin, TX 78732 Phone: (512) 266-3000 Stewart Williams Confluence Capital Group, Inc. One World Trade Center 121 SW Salmon Street, Suite 1100 Portland, OR 97204 Phone: (503) 471-1320 Email: swilliams@confluencecg.com About Fizz & Bubble, LLC Fizz & Bubble, LLC -- https://fizzandbubble.com/ -- is a toiletries wholesaler based in Wilsonville, Oregon offering an array of luxurious bath and shower treats. The company's products include bath fizzies, bubble bath cupcakes, bubble bath elixirs, bath truffles, bath melts, shower steamers, body scrubs, whipped soaps, body frosting lotions, face mask frostings, and lip scrubs. Fizz & Bubble filed for Chapter 11 bankruptcy protection (Bankr. D. Ore. Case No. 19-34092) on Nov. 4, 2019. In the petition signed by Kimberly Ann Mitchell, sole member and chief creative officer, the Debtor was estimated to have $1 million to $10 million in both assets and liabilities. The Hon. Trish M. Brown oversees the case. The Debtor is represented by Douglas R. Ricks, Esq., at Vanden Bos & Chapman, LLP. FORESIGHT ENERGY: Hires Prime Clerk as Claims Agent --------------------------------------------------- Foresight Energy L.P. and its debtor affiliates seek authority from the United States Bankruptcy Court for the Eastern District of Missouri to employ Prime Clerk LLC, as its claims and noticing agent and administrative advisor. Prime Clerk will oversee the distribution of notices and the maintenance, processing and docketing of proofs of claim filed in the Debtor's Chapter 11 case. Services Prime Clerk will render as administrative advisor are: (a) assist the Debtors with plan-solicitation services including: (i) balloting, (ii) distribution of applicable solicitation materials, (iii) tabulation and calculation of votes, (iv) determining with respect to each ballot cast, its timeliness and its compliance with the Bankruptcy Code, Bankruptcy Rules, and procedures ordered by this Court; (v) preparing an official ballot certification and testifying, if necessary, in support of the ballot tabulation results; and (vi) in connection with the foregoing services, process requests for documents from parties in interest, including, if applicable, brokerage firms, bank back-offices and institutional holders; (b) assist with the preparation of the Debtors' schedules of assets and liabilities and statements of financial affairs and gather data in conjunction therewith; (c) provide a confidential data room, if requested; (d) manage and coordinate any distributions pursuant to a chapter 11 plan; and (e) provide such other processing, solicitation, balloting and other administrative services described in the Engagement Agreement, but not included pursuant to Sec. 156(c), that may be requested from time to time by the Debtors, the Court, or the Clerk's Office. Prime Clerk will be paid at these hourly rates: Director of Solicitation $215 Solicitation Consultant $195 COO and Executive VP No charge Director $175-$195 Consultant/Senior Consultant $70-$170 Technology Consultant $33-$95 Analyst $35-$55 Prime Clerk will be paid a retainer in the amount of $40,000. Prime Clerk will also be reimbursed for reasonable out-of-pocket expenses incurred. Benjamin J. Steele, partner of Prime Clerk LLC, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Prime Clerk can be reached at: Benjamin J. Steele PRIME CLERK LLC 830 3rd Avenue, 9th Floor New York, NY10022 Tel: (212) 257-5450 E-mail: bsteele@primeclerk.com About Foresight Energy Foresight Energy and its subsidiaries -- http://www.foresight.com/ -- are producers of thermal coal, with four mining complexes and nearly 2.1 billion tons of proven and probably coal reserves strategically located near multiple rail and river transportation access points in the Illinois Basin. The Debtors also own a barge-loading river terminal on the Ohio River. From this strategic position, the Debtors sell their coal primarily to electric utility and industrial companies located in the eastern half of the United States and across the international market. Foresight Energy LP and its affiliates sought Chapter 11 protection (Bankr. E.D. Mo. Lead Case No. 20-41308) on March 10, 2020. The Hon. Kathy A. Surratt-States is the case judge. Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal counsel to Foresight Energy; Jefferies Group is acting as investment banker; and FTI Consulting, Inc. is acting as financial advisor. Prime Clerk LLC is the claims agent at https://cases.primeclerk.com/ForesightEnergy Akin Gump Strauss Hauer & Feld LLP is acting as legal counsel and Lazard Freres & Co. LLC is acting as investment banker to the Ad Hoc Lender Group representing lenders under the first lien credit agreement. Milbank LLP is acting as legal counsel and Perella Weinberg Partners LP is acting as investment banker to the Ad Hoc Lender Group representing crossover lenders under each of the second lien indenture and first lien credit agreement. The Debtors were estimated to have $1 billion to $10 billion in assets and liabilities. FORESIGHT ENERGY: Seeks to Hire Paul Weiss as Bankruptcy Counsel ---------------------------------------------------------------- Foresight Energy L.P. and its debtor affiliates seek authority from the United States Bankruptcy Court for the Eastern District of Missouri to employ Paul, Weiss, Rifkind, Wharton & Garrison LLP as thier attorneys. Foresight Energy requires Paul Weiss to: (a) provide legal advice with respect to the Debtors' powers and duties as debtors in possession in the continued operation of their business and management of their properties; (b) advise and consult on the conduct of these chapter 11 cases, including all of the legal and administrative requirements of operating in chapter 11; (c) attend meetings and negotiate with representatives of creditors and other parties in interest; (d) take action necessary to protect and preserve the Debtors' estates, including the prosecution of actions on the Debtors' behalf, defending any action commenced against the Debtors, and represent the Debtors in negotiations concerning litigation in which the Debtors are involved, including objections to claims filed against the Debtors' estates; (e) prepare pleadings in connection with these chapter 11 cases, including motions, applications, objections, replies, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the Debtors' estates; (f) represent the Debtors in connection with obtaining authority to continue using cash collateral and post-petition financing; (g) advise the Debtors in connection with any potential sale of assets; (h) advise and assist the Debtors with financing and transactional matters as such may arise during these chapter 11 cases; (i) appear in Court and any appellate courts to represent the interests of the Debtors' estates; (j) advise the Debtors regarding tax matters; (k) take any necessary action on behalf of the Debtors to negotiate, prepare and obtain approval of a disclosure statement and confirmation of a chapter 11 plan and all documentation related thereto; and (l) perform all other legal services for the Debtors that may be necessary and proper in these proceedings. Paul Weiss will be paid at these hourly rates: Partners $1,225 to $1,650 Counsels $1,200 Associates $495 to $1,110 Paraprofessionals $115 to $380 Paul, Weiss received a retainer from the Debtors in the amount of $325,000.00 on Oct. 3, 2019 and additional retainers of $233,403.94 on Jan. 27, 2020, $231,080.31 on Feb. 4, 2020, $1,000,000 on Feb. 29, 2020, and $350,000 on March 9, 2020. Paul Weiss will also be reimbursed for reasonable out-of-pocket expenses incurred. In accordance with Appendix B-Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed under 11 U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the following is provided in response to the request for additional information: -- Paul Weiss has not agreed to a variation of its standard or customary billing arrangements for representing the Debtors during their chapter 11 cases. -- None of Paul Weiss' professionals included in this engagement have varied their rate based on the geographic location of these chapter 11 cases. -- Postpetition, Paul, Weiss has not adjusted its billing rates since the Debtors engaged Paul, Weiss as bankruptcy counsel. -- Paul, Weiss will be providing the Debtors with a prospective budget and staffing plan for the postpetition period. Paul M. Basta, partner of Paul Weiss Rifkind Wharton & Garrison LLP, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Paul Weiss can be reached at: Paul M. Basta, Esq. PAUL WEISS RIFKIND WHARTON & GARRISON LLP 1285 Avenue of the Americas New York, NY 10019-6064 Tel: (212) 373-3000 About Foresight Energy Foresight Energy and its subsidiaries -- http://www.foresight.com/ -- are producers of thermal coal, with four mining complexes and nearly 2.1 billion tons of proven and probably coal reserves strategically located near multiple rail and river transportation access points in the Illinois Basin. The Debtors also own a barge-loading river terminal on the Ohio River. From this strategic position, the Debtors sell their coal primarily to electric utility and industrial companies located in the eastern half of the United States and across the international market. Foresight Energy LP and its affiliates sought Chapter 11 protection (Bankr. E.D. Mo. Lead Case No. 20-41308) on March 10, 2020. The Hon. Kathy A. Surratt-States is the case judge. Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal counsel to Foresight Energy; Jefferies Group is acting as investment banker; and FTI Consulting, Inc. is acting as financial advisor. Prime Clerk LLC is the claims agent at https://cases.primeclerk.com/ForesightEnergy Akin Gump Strauss Hauer & Feld LLP is acting as legal counsel and Lazard Freres & Co. LLC is acting as investment banker to the Ad Hoc Lender Group representing lenders under the first lien credit agreement. Milbank LLP is acting as legal counsel and Perella Weinberg Partners LP is acting as investment banker to the Ad Hoc Lender Group representing crossover lenders under each of the second lien indenture and first lien credit agreement. The Debtors were estimated to have $1 billion to $10 billion in assets and liabilities. FORESIGHT ENERGY: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------------ The Office of the U.S. Trustee appointed a committee to represent unsecured creditors in the Chapter 11 cases of Foresight Energy LP and its affiliates. The committee members are: (1) Flanders Electric Motor Service of Illinois, Inc. Attn: Joe Baker, General Manager P.O. Box 1106 Marion, IL 62959 Phone: (618) 993-2681 (2) Polydeck Screen Corporation Attn: Ronald Kuehl, II Executive Vice-President 1790 Dewberry Road Spartanburg, SC 29307 Phone: (864) 579-4594 (3) John Fabick Tractor Company/Fabick Mining, Inc. Attn: Barry Klinckhardt General Counsel and Corporate Secretary One Fabick Drive Fenton, MO 63026 Phone: (636) 680-1522 (4) United Central Industrial Supply Company, LLC Attn: Henry E. Looney, President 1241 Volunteer Parkway, Suite 1000 Bristol, TN 37620 Phone: (423) 573-7301 (5) Wilmington Trust, National Association as Trustee for the 11.5% Notes Attn: Steven Cimalore, Administrative Vice-President 1100 North Market Street Wilmington, DE 19890 Phone: (302) 636-6058 Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Foresight Energy Foresight Energy and its subsidiaries -- http://www.foresight.com/ -- are producers of thermal coal, with four mining complexes and nearly 2.1 billion tons of proven and probably coal reserves strategically located near multiple rail and river transportation access points in the Illinois Basin. The Debtors also own a barge-loading river terminal on the Ohio River. From this strategic position, the Debtors sell their coal primarily to electric utility and industrial companies located in the eastern half of the United States and across the international market. Foresight Energy LP and its affiliates sought Chapter 11 protection (Bankr. E.D. Mo. Lead Case No. 20-41308) on March 10, 2020. The Hon. Kathy A. Surratt-States is the case judge. The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison LLP as legal counsel; Jefferies Group as investment banker; and FTI Consulting, Inc. as financial advisor. Prime Clerk LLC is the claims agent at https://cases.primeclerk.com/ForesightEnergy Akin Gump Strauss Hauer & Feld LLP is acting as legal counsel and Lazard Freres & Co. LLC is acting as investment banker to the Ad Hoc Lender Group representing lenders under the first lien credit agreement. Milbank LLP is acting as legal counsel and Perella Weinberg Partners LP is acting as investment banker to the Ad Hoc Lender Group representing crossover lenders under each of the second lien indenture and first lien credit agreement. The Debtors were estimated to have $1 billion to $10 billion in assets and liabilities. FOURTEENTH AVENUE: Unsecurds Owed $1.26M to Get $837K in Plan ------------------------------------------------------------- Fourteenth Avenue Cartage Company, Inc., filed a Combined Plan of Reorganization and Disclosure Statement. Class I Chemical Bank Claims is impaired. The Allowed Secured Chemical Bank Claims shall accrue interest at the Interest Rate and will be paid in full. The Reorganized Debtor shall make equal monthly payments over a three-year Payment Period commencing on the 28th day of July, 2020 and continuing on the 28th day of each month thereafter, and (ii) a final payment due on the fourth anniversary of the Effective Date equal to all remaining unpaid amounts of the Allowed Secured Chemical Bank Claims owing on that date plus accrued interest. The monthly payments will be calculated based on a 15-year amortization schedule. Each payment may be allocated at Chemical Bank's discretion. Class II consists of the Allowed Secured Claims, if any, arising from the Trailer Financing Leases held by BMO Harris Bank N.A., Penske Track Leasing Co., L.P., Capital Alliance Corporation, Banc of America Leasing & Capital, LLC, and Compass Lease, LLC. To the extent that none of the Claims of any of the foregoing or any other Trailer Financing Lease Claim Holders are Secured, this is an empty Class. This class is impaired. The Debtor will satisfy the Allowed Class II Claims, if any, in one of four alternate treatments, one of treatment is the Debtor may retain any or all trailers securing Class II Claim and pay the Allowed Class II Claim Holder the lesser amount of (i) the full value of the retained trailers or (ii) the full amount of Class II Claim; each through 60 equal monthly payments beginning 30 days after the later of the Effective Date or the date the Court makes a determination as to the existence of the Class II Claim ("Determination Date"), with interest accruing from the Effective Date at the Interest Rate. Class III consists of all other Allowed Secured Claims. This class is impaired. To the extent that there are no other Allowed Secured Claims, this is an empty Class. The Debtor will satisfy the Allowed Class III Claims, if any, in one of three alternate treatments, one of the treatment is Debtor may retain any or all collateral securing a Class III Claim and pay the Allowed Class III Claim Holder the lesser amount of (i) the full value of the retained collateral or (ii) the full amount of Class III Claim; each through 60 equal monthly payments beginning 30 days after the Effective Date, with interest accruing from the Effective Date at the Interest Rate. Class 4 Allowed General Unsecured Claims are impaired. The Reorganized Debtor shall make 36 monthly distributions to the Debtor Trust on behalf of Holders of Allowed Class IV Claims commencing in July of 2020. The first three distributions shall be of $15,000 each. Each subsequent distribution will be of $24,000. Trade and Other General Unsecured Claims are projected to total approximately $1.26 million as of the Petition Date. The Liquidation Analysis estimates that these claims would distributions equal to receive 0% of their value in a Chapter 7 liquidation Funding for the operations of Debtor’s business and for distributions required under this Plan during the Payment Period shall be from the operation of Debtor’s business, except as otherwise set forth in this Plan. A full-text copy of the Combined Plan of Reorganization and Disclosure Statement dated March 16, 2020, is available at https://tinyurl.com/w77zjsf from PacerMonitor.com at no charge. Attorneys for the Debtor: Ryan D. Heilman Michael R. Wernette WERNETTE HEILMAN PLLC 40900 Woodward Ave., Suite 111 Bloomfield Hills, MI 48304 Tel: (248) 835-4745 E-mail: ryan@wernetteheilman.com About Fourteenth Avenue Cartage Co. Fourteenth Avenue Cartage Company, Inc. -- http://www.fourteenth.com/-- is a trucking company in Dearborn, Mich. It provides intermodal, truck load and cross-border deliveries across Michigan, Ohio, Ontario, Indiana, Illinois and Wisconsin. Fourteenth Avenue owns and operates a fleet of over 75 tractors and over 500 trailers. Fourteenth Avenue Cartage Company sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 19-54128) on Oct. 3, 2019. In the petition signed by COO James V. Ryan, the Debtor was estimated to have assets and debt of less than $10 million. Judge Marci B. McIvor oversees the case. The Debtor tapped Wernette Heilman, PLLC as its legal counsel, and Mies and Company, Inc., as its financial advisor. The U.S. Trustee for Region 9 appointed a committee of unsecured creditors on Oct. 31, 2019. The committee tapped Schafer and Weiner, PLLC, as its legal counsel. FRANKLIN CAMBRIDGE: Gets Court Approval to Hire SLIB II as Broker ----------------------------------------------------------------- Franklin Cambridge Operations, LLC and the Chapter 11 trustee appointed in Bristol Healthcare Investors, L.P.'s Chapter 11 case received approval from the U.S Bankruptcy Court for the Eastern District of Tennessee to employ SLIB II, Inc. as broker. SLIB II, which conducts business under the name Senior Living Investment Brokerage, will assist in the sale of a 130-bed skilled nursing facility known as The Cambridge House in Bristol, Tenn. The facility is owned by Bristol Healthcare and operated by Franklin Cambridge. The broker will be paid a percentage fee from the sale of the property, subject to court approval. SLIB II does not hold interests adverse to Franklin Cambridge and Bristol Healthcare or to their bankruptcy estates, according to court filings. The firm may be reached through: Ryan Saul SLIB II, Inc. 490 Pennsylvania Ave. Glen Ellyn, IL 60137 Phone: (630) 858-2501 Fax: (630) 858-2551 Email: ryansaul@slibinc.com About Franklin Cambridge Operations Franklin Cambridge Operations, LLC is a Medicare and Medicaid provider operating a skilled nursing facility known as The Cambridge House in Bristol, Tenn. Franklin Cambridge filed a Chapter 11 petition (Bankr. E.D. Tenn. Case No. 20-10327) on Jan. 27, 2020. At the time of the filing, the Debtor was estimated to have up to $50,000 in assets and $1 million to $10 million in liabilities. Judge Nicholas W. Whittenburg oversees the case. The Debtor hired Chambliss Bahner & Stophel, P.C. as its bankruptcy counsel. FS ENERGY: S&P Downgrades ICR to 'B+' on Expected Portfolio Stress ------------------------------------------------------------------ S&P Global Ratings said it lowered its long-term issuer credit rating on FS Energy and Power Fund (FSEP) to 'B+' from 'BB-'. It also lowered the issue rating on FSEP's senior secured notes to 'B+' from 'BB-'. S&P placed both ratings on CreditWatch with negative implications. Oil prices and leveraged credit markets (especially energy-related securities) have declined significantly in the first months of the year. "In our view, both variables will pressure FSEP's portfolio, although the exact extent is currently unclear. As of Sept. 30, 2019, 49% of FSEP's portfolio was in upstream investments, which we see as the most vulnerable (relative to midstream and power investments, which make up 45% of the portfolio) to oil price declines, although some of the underlying companies may be hedged to an extent. Furthermore, FSEP has substantial exposure to unsecured debt, preferred equity, and equity securities (collectively, 33% of the portfolio), which we believe could also be especially vulnerable to declines in value, given their more junior positioning," S&P said. Leverage, on a debt-to-adjusted total equity basis, was 0.4x as of Sept. 30, 2019 (debt to equity was 0.5x), which is low versus most peers. However, S&P expects both of these metrics to deteriorate as a result of declines in the portfolio in the first quarter. Furthermore, cushion relative to covenants is also likely to deteriorate in the first quarter. FSEP has several financial covenants under its credit facilities and senior secured notes, including: -- Minimum shareholder equity of $1,849 million ($2,524 million as of Sept. 30, 2019) -- Debt to equity of less than 1x (0.5x as of Sept. 30, 2019) -- Asset coverage not less than 200% (287% as of Sept. 30, 2019) -- The CreditWatch placement reflects the potential that FSEP's portfolio could be under more pressure than S&P's initial expectations, leading to elevated problem assets and decreased covenant cushions. S&P will resolve the CreditWatch placement once it has clarity on leverage and covenant cushion as well as the extent of the deterioration in FSEP's portfolio. "We could lower the ratings if the decline in FSEP's portfolio has reduced covenant cushion to minimal levels," S&P said. "Conversely, we could change the outlook to stable if, despite deterioration in the portfolio, we believe FSEP will maintain adequate, albeit reduced versus historical, covenant cushion," the rating agency said. GEMSTONE SOLUTIONS: April 21 Plan Confirmation Hearing Set ---------------------------------------------------------- Gemstone Solutions Group, Inc., et al., won approval of the disclosure statement explaining their Chapter 11 Plan. On March 13, 2020, the U.S. Bankruptcy Court for the Eastern District of Virginia entered an order: (i) approving the adequacy of the Disclosure Statement, (ii) approving the solicitation materials and notices relating to the Disclosure Statement and the Plan, (iii) approving the forms of Ballots and the Election Form, (iv) establishing procedures for distributing the Solicitation Packages, voting on the Plan and tabulating votes, (v) scheduling a hearing regarding confirmation of the Plan, and (vi) establishing notice and objection procedures with respect to the confirmation of the Plan. The hearing at which the Court will consider confirmation of the Plan will commence on April 21, 2020, at 11:00 a.m. prevailing Eastern Time, or as soon thereafter as counsel may be heard, before the Honorable Keith L. Phillips, in the United States Bankruptcy Court for the Eastern District of Virginia, located at 701 East Broad Street, Suite 5100, Richmond, VA 23219-1888. The deadline for filing objections to the Plan is April 13, 2020, at 5:00 p.m. prevailing Eastern Time. The deadline for voting on the Plan is on April 13, 2020, at 4:00 p.m. prevailing Eastern Time. A full-text copy of the Amended Disclosure Statement dated March 11, 2020, is available at https://tinyurl.com/wpkf4ff from PacerMonitor.com at no charge. Co-Counsel for the Debtors: Michael A. Condyles, Esq. Peter J. Barrett, Esq. Jeremy S. Williams, Esq. Brian H. Richardson, Esq. KUTAK ROCK LLP 901 East Byrd Street, Suite 1000 Richmond, Virginia 23219-4071 Telephone: (804) 644-1700 Facsimile: (804) 783-6192 E-mail: Michael.Condyles@KutakRock.com Peter.Barrett@KutakRock.com Jeremy.Williams@KutakRock.com Brian.Richardson@KutakRock.com - and - Dennis F. Dunne, Esq. Evan R. Fleck, Esq. Michael W. Price, Esq. MILBANK LLP 55 Hudson Yards New York, New York 10001 Telephone: (212) 530-5000 Facsimile: (212) 530-5219 E-mail: ddunne@milbank.com efleck@milbank.com mprice@milbank.com About Gemstone Solutions Group San Francisco-based Gymboree Group -- https://www.gymboree.com/ -- owned a portfolio of three children's clothing and accessories brands -- Gymboree, Janie and Jack and Crazy 8 -- each offering a different product line with a distinct brand identity and targeted product offering Since its start in 1976, Gymboree Group has grown from offering mom-and-baby classes in the San Francisco Bay Area to operating over 900 retail stores in the United States and Canada, along with franchises around the world. Gymboree Group, Inc., and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. 19-30258) on Jan. 17, 2019. At the time of the filing, Gymboree Group was estimated assets of $100 million to $500 million and liabilities of $50 million to $100 million. As of the Petition Date, the Debtors had outstanding funded debt in the aggregate principal amount of $289 million under two financing arrangements. The cases are assigned to Judge Keith L Phillips. The Debtors tapped Milbank, Tweed, Hadley & McCloy LLP as general bankruptcy counsel; Kutak Rock LLP as local counsel; Stifel, Nicolaus & Company, Incorporated and Berkeley Research Group, LLC as financial advisors; Hilco Real Estate, LLC as real estate Consultant; and Prime Clerk LLC as real estate consultant. John Fitzgerald, acting U.S trustee for Region 4, appointed an official committee of unsecured creditors on Jan 23, 2019. The Committee tapped Hahn & Hessen LLP as lead counsel; Pachulski Stang Ziehl & Jones LLP, as counsel; Tavenner & Beran, PLC, as local counsel; Whiteford Taylor & Preston LLP, as Virginia co-counsel. * * * After multiple rounds of bidding at the Auction, TCP Brands, LLC emerged as the successful bidder for the GYM Assets for a cash purchase price of $76,000,000 and The Gap, Inc., became the successful bidder for the J&J Assets for a cash purchase price of $35,000,000. The Debtors changed their names to Gemstone Solutions Group, Inc., et al., following the sale. GEORGE'S BAY: Chapter 15 Case Summary ------------------------------------- Chapter 15 Debtor: George's Bay Limited Cumberland House, 9th Floor 1 Victoria St. Hamilton - HM11 Bermuda Chapter 15 Petition Date: March 26, 2020 Foreign Proceeding: In the Matter of George's Bay Limited Supreme Court of Bermuda Court: United States Bankruptcy Court Southern District of New York Chapter 15 Case No.: 20-10897 Judge: Hon. James L. Garrity, Jr. Foreign Representative: Keiran Hutchison Chris Maiato ERNST & YOUNG LTD c/o EY BERMUDA LTD Foreign Representative's Counsel: Jeffrey Gleit, Esq. Allison H. Weiss, Esq. SULLIVAN & WORCESTER LLP 1633 Broadway New York, NY 10019 Tel: (212) 660-3043 E-mail: jgleit@sullivanlaw.com aweiss@sullivanlaw.com Estimated Assets: Unknown Estimated Debts: Unknown GI DYNAMICS: Incurs $17.3 Million Net Loss in 2019 -------------------------------------------------- GI Dynamics, Inc., filed with the Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $17.33 million for the year ended Dec. 31, 2019, compared to a net loss of $8.04 million for the year ended Dec. 31, 2018. As of Dec. 31, 2019, the Company had $4.18 million in total assets, $7.38 million in total liabilities, and a total stockholders' deficit of $3.20 million. Moody, Famiglietti & Andronico, LLP, in Tewksbury, Massachusetts, the Company's auditor since 2016, issued a "going concern" qualification in its report dated March 12, 2020 citing that the Company has incurred operating losses since inception and at Dec. 31, 2018, has an accumulated deficit and working capital deficiency. These matters raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2019, the Company's primary source of liquidity is its cash, cash equivalents and restricted cash balances. GI Dynamics is currently focused primarily on its clinical trials, which will support future regulatory submissions and potential commercialization activities. Until the Company is successful in gaining regulatory approvals, it is unable to sell the Company's product in any market at this time. Without revenues, GI Dynamics is reliant on funding obtained from investment in the Company to maintain business operations until the Company can generate positive cash flows from operations. The Company cannot predict the extent of future operating losses and accumulated deficit, and it may never generate sufficient revenues to achieve or sustain profitability. GI Dynamics has incurred operating losses since inception and at Dec. 31, 2019, had an accumulated deficit of approximately $284 million and a working capital deficit of $3.4 million. The Company expects to incur significant operating losses for the next several years. At Dec. 31, 2019, the Company had approximately $2.5 million in cash, cash equivalents and restricted cash. GI Dynamics said, "The Company will need to restructure the terms of the 2017 Note before March 31, 2020 and raise additional capital before May 1, 2020 in order to continue to pursue its current business objectives as planned and to continue to fund its operations. The Company and Crystal Amber Fund Limited ("Crystal Amber", a Related Party for ASX purposes) are currently in final discussions regarding the 2017 Note maturity extension. The Company is looking to raise additional funds through any combination of additional equity and debt financings or from other sources. However, the Company has no guarantee that the 2017 Note will not mature on March 31, 2020 and has no guaranteed source of capital that will accommodate repayment of the 2017 Note and sustain operations past March 31, 2020. If the 2017 Note terms are restructured, the Company anticipates operating cash being exhausted by May 1, 2020 and therefore requires additional financing. There can be no assurance that any such potential financing opportunities will be available on acceptable terms, if at all. If the Company is unable to raise sufficient capital on the Company's required timelines and on acceptable terms to stockholders and the Board of Directors, it could be forced to cease operations, including activities essential to support regulatory applications to commercialize EndoBarrier. If access to capital is not achieved in the near term, it will materially harm the Company's business, financial condition and results of operations to the extent that the Company may be required to cease operations altogether, file for bankruptcy, or undertake any combination of the foregoing. "In addition, if the Company does not meet its payment obligations to third parties as they become due, the Company may be subject to litigation claims and its credit worthiness would be adversely affected. Even if the Company is successful in defending these claims, litigation could result in substantial costs and would be a distraction to management and may have other unfavorable results that could further adversely impact the Company's financial condition." A full-text copy of the Form 10-K is available for free at: https://is.gd/DcqSpV About GI Dynamics Founded in 2003 and headquartered in Boston, Massachusetts, GI Dynamics, Inc. (ASX:GID) is a developer of EndoBarrier, an endoscopically-delivered medical device for the treatment of type 2 diabetes and the reduction of obesity. EndoBarrier is not approved for sale and is limited by federal law to investigational use only. EndoBarrier is subject to an Investigational Device Exemption by the FDA in the United States and is entering concurrent pivotal trials in the United States and India. GLENVIEW HEALTH: UST Has Limited Objection to Amended Disclosures ----------------------------------------------------------------- Paul A. Randolph, the Acting United States Trustee for Region 8, filed a limited objection to final approval of Glenview Health Care Facility, Inc.'s Amended Disclosure Statement and to the confirmation of the Debtor's Plan. The United States Trustee points out that as filed on March 2, 2020, the Debtors Amended Disclosure Statement and Plan does not provide creditors adequate information and should not be approved. In addition, the Plan should not be confirmed as not having been proposed in good faith and violates other preconditions to its confirmation. The U.S. Trustee further points out that additional adequate information needs to be provided as to the equity shareholders new contributions. The U.S. Trustee complains that the Debtor also fails to adequately describe how they will handle its claims against its shareholders, the possible preference recoveries or any possible litigation recovery. The U.S. Trustee asserts that while the Debtor does state, in broad terms, that it estimates approximately $125,000 in administrative expenses, it continues to not disclose how these fees will be paid in full within 60 days of confirmation. About Glenview Health Care Facility Glenview Health Care Facility, Inc., owns and operates a 60-bed health care facility that provides nursing home services in Glasgow/Barren County, Kentucky. It is the only remaining independently owned and operated nursing facility and the lowest patient to staff ratio in the county. In 2018, it received an overall rating from CMS of 4 stars compared to the KY average of 2.97 and a National average of 3.31. The facility is owned by Kay Bush and Lisa Howlett, both of whom started their health care careers after graduating from Western Kentucky University. Glenview Health Care Facility sought relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Ky. Case No. 19-10795) in Bowling Green, Kentucky on Aug. 1, 2019. As of the Petition Date, the Debtor's assets are between $1 million and $10 million; and its liabilities are estimated within the same range. Judge Joan A. Lloyd oversees the Debtor's case. Mark H. Flener, Esq., is the Debtor's counsel. The U.S. Trustee for Region 8 on Aug. 30, 2019, appointed two creditors to serve on the official committee of unsecured creditors in the Chapter 11 case. The Committee retained Bingham Greenebaum Doll LLP, as counsel. GVM INC: Dromos USA Objects to Disclosure Statement --------------------------------------------------- Dromos USA Inc. filed an objection to the Joint Disclosure Statement describing the Joint Plan of Reorganization Proposed by GVM, Inc., Independent AG Equipment. Inc. and GVM West, Ltd., Debtors and Debtors-in-Possession. In support of the Objection. Dromos states as follows: Dromos points out that the Disclosure Statement omits latter from its schedule of 503(b)(9) Claims. Dromos further points out that the Disclosure Statement fails to inform the latter and other similarly situated creditors whether and how Section 503(b)(9) claims will be paid. Dromos complains that the Disclosure Statement does not provide for full payment of Sec. 503(b)(9) claims on the effective date. Counsel for Dromos USA Inc.: Christopher J. Azzara, Esq. Lydia A. Gorba, Esq. Four Gateway Center, Suite 2200 444 Liberty Avenue Pittsburgh, PA 15222 Tel: (412) 281-5423 Fax: (412) 281-8264 About GVM Inc. GVM Inc. -- https://www.gvminc.com/ -- is a manufacturer of agricultural application and snow equipment. Its affiliate Independent AG Equipment, Inc. is a distributor of multiple equipment lines and acts as separate entity from manufacturing. GVM West, LTD is a supplier of farm equipment parts. GVM and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Pa. Lead Case No. 19-03013) on July 13, 2019. The petitions were signed by Mark W. Anderson, president. At the time of the filing, GVM disclosed assets of between $10 million and $50 million and liabilities of the same range. Albert A. Ciardi, III, Esq., at Ciardi Ciardi & Astin, P.C., represents the Debtors. HALL-BAY PROPERTIES: Community Bank Objects to DS and Plan ---------------------------------------------------------- Community Bank of Mississippi objects to the disclosure statement and plan of reorganization filed in this matter for the following reasons: Community Bank points out that the appraised value of the collateral securing Community Bank's loan as of October 1 5, 2019 was $325,000.00 with a disposition value of $277,000.00 leaving little or no equity in the collateral for the benefit of the Community Bank Community Bank further points out that this Court ordered the debtor to make adequate assurance payments of $2,000.00 per month which is insufficient to service the debt owed. Community Bank asserts that the debtor has not provided financial information since filing its petition that would support the debtor's ability to make such payment. Community Bank complains that the plan is not proposed in good faith. According to Community Bank upon information and belief, the plan is likely to be followed by liquidation contrary to the requisites of 11 U.S.C. Sec. 1129(a)(ll). A full-text copy of the Disclosure Statement dated Jan. 16, 2020, is available at https://tinyurl.com/wdtzlo5 from PacerMonitor.com at no charge. Counsel for Community Bank of Mississippi: Stephen E. Gardner Young Wells Williams P.A. P.O. Box 6005 Ridgeland, MS 39158-6005 Tel: 601-948-6100 601-355-6136 About Hall - Bay Properties Hall - Bay Properties, LLC, is a limited liability company with its principal place of business and the location of its principal assets in Hattiesburg, Forest County, Miss. It filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Miss. Case No. 19-50968) on May 20, 2019. Anna Chandler is the Debtor's counsel. HARDEN FARMS: Unsecureds to Get $10K Dividend in Plan ----------------------------------------------------- Harden Farms, Inc., submitted an Amended Plan of Reorganization. Class 1 Administrative Claims will be paid in cash and in full including accruals to date of payment within 10 days from the Effective Date of the Plan. Class 3 claims of employees for unpaid wages -- the Claim of Charles C. Harden -- will be paid in full within one year of the effective date of the Plan. The Class 6 claim of Branch Banking & Trust Company, arising from a finance agreement entered into by the Debtor or about June 16, 2015 to finance the purchase of a 2014 Ford Expedition, will be paid, with interest at 4.0% per annum, in 48 equal, monthly payments in the amount of $310, followed by one final payment of all outstanding principal and interest, if any exists at that time. Class 7 claims of the United States Department of Agriculture, Farm Service Agency (the "FSA") will be paid with interest at a rate of 3.00% per annum in six equal, annual payments of $25,000, followed by one final payment of all outstanding principal and interest. The first payment will be due on Jan. 31, 2021 and subsequent payments shall be due on the 31st day of January of each successive year. The Class 8 claim of Meherrin Agricultural and Chemical Company will be paid with interest at a rate of 8.00% per annum in five annual payments according to the following repayment schedule: Date Payment Amount ------ -------------- 1/31/21 $15,000 1/31/22 $25,000 1/31/23 $35,000 1/31/24 $45,000 2/28/25 All remaining principal and interest Class 9 consists of the Claim of Deere Credit, Inc., arising from a Lease Agreement dated April 28, 2017 for the lease of a 2016 6175 John Deere Tractor is impaired. The Debtor rejects the Deere Lease. This rejection entitles Deere to a Rejection Claim in the amount of $164,943.71, which shall be deemed to be, and treated as, a General Unsecured Claim to be included in Class 12. Class 10 consists of the Claim of WADA Farms Sweet Potatoes, LLC arising from a Bin Lease Agreement entered into by the Debtor and WADA on or around September 26, 2017 purporting to lease to the Debtor certain wooden sweet potato bins. This class is impaired. The Claim of WADA in the amount of $80,000 will be treated as a Secured Claim, with WADA retaining all of its Lien in the Bins, with the characteristics, nature, extent, and priorities thereof, as existed on the Petition Date pursuant to Sec. 1129(b)(2)(A)(i)(I) of the Bankruptcy Code (the "WADA Secured Claim"). Class 11 consists of the Unexpired Leases and Executory Contracts that the Debtor entered into with various third parties. This class is impaired. The Debtor assumes all Unexpired Leases and Executory Contracts in this Class. Any pre-confirmation arrears owing with respect to the Unexpired Leases and Executory Contracts in the Class will be cured within 60 days of the Effective Date. Class 12 Allowed, Undisputed, Non-contingent, Unsecured Claims are impaired. The Debtor will pay the holders of Allowed claims in this Class the aggregate sum of $10,000 (the "Total Unsecured Dividend"), in five equal, annual installment payments of $2,000. The Debtor proposes to make payments under the Plan from funds on hand, those funds derived from the post-petition and post-confirmation farming operations and, if necessary, a partial liquidation of personal property and equipment. A full-text copy of the Amended Plan of Reorganization dated March 16, 2020, is available at https://tinyurl.com/thvgfa8 from PacerMonitor.com at no charge. Counsel for Harden Farms: TRAWICK H. STUBBS, JR. BLAKE Y. BOYETTE 9208 Falls of Neuse Road, Suite 201 Raleigh, North Carolina 27615 Tel: (919) 870-6258 Fax: (919) 870-6259 E-mail: tstubbs@stubbsperdue.com bboyette@stubbsperdue.com About Harden Farms Harden Farms, Inc., is a privately held company in the crop farming industry. Harden Farms sought Chapter 11 protection (Bankr. E.D.N.C. Case No. 19-02379) on May 24, 2019. In the petition signed by Charles M. Harden, president, the Debtor disclosed $1,333,936 in assets and $1,720,421 in liabilities as of the bankruptcy filing. The Hon. Stephani W. Humrickhouse is the case judge. STUBBS & PERDUE, P.A., led by Trawick H. Stubbs, Jr., Esq., is serving as the Debtor's counsel. HAWAII MOTORSPORTS: Hires Performance Brokerage as Broker --------------------------------------------------------- Hawaii Motorsports LLC, seeks authority from the U.S. Bankruptcy Court for the District of Montana to employ Performance Brokerage Services as broker to market and sell the the Debtor's business. Performance Brokerage will receive a commission of the greater of $150,000 or 6 percent of the gross purchase price of the business. Performance Brokerage has no interest adverse to the Debtor, or the estate in the matters upon which he is to be engaged, according to court filings. The broker can be reached through: George Chaconas Performance Brokerage Services 7545 Irvine Center Dr #200 Irvine, CA 92618 Phone: +1 949-461-1372 About Hawaii Motorsports Hawaii Motorsports LLC is a motorcycle dealer in Kahului, Hawaii. Hawaii Motorsports LLC, based in Kahului, HI, filed a Chapter 11 petition (Bankr. D. Mont. Case No. 20-10006) on Jan. 22, 2020. In the petition signed by Barry Usher, manager, the Debtor was estimated to have $500,000 to $1 million in assets and $1 million to $10 million in liabilities. The Hon. Benjamin P. Hursh is the presiding judge. James A. Patten, Esq., at Patten Peterman Bekkedahl & Green, PLLC, serves as bankruptcy counsel to the Debtor. HAWAII STATE: S&P Cuts 2002A Revenue Bond Rating to 'B-' -------------------------------------------------------- S&P Global Ratings lowered its long-term rating on the Hawaii State Department of Budget & Finance's series 2002A special purpose revenue bonds to 'B-' from 'B'. The bonds were issued for the Kuakini Health System (Kuakini). The outlook is negative. Pledged revenues of the obligated group secure the bonds. Kuakini Foundation, which is outside the obligated group, guarantees the series 2002A bonds. "The lower rating reflects Kuakini's persistent operating losses, minimal cash flow, and thin unrestricted reserves," said S&P Global Ratings credit analyst Patrick Zagar. Moreover, though not in violation, the hospital remains vulnerable to its 1.1x coverage covenant as it has not yet achieved a sustainable level of operating performance and remains reliant on unrestricted donations and cash transfers from its foundation to satisfy operating needs and financial covenants--the foundation is outside the obligated group but fully reflected in S&P's analysis and cited financial metrics as appropriate. After some incremental improvement into fiscal 2019, interim 2020 results represent a regression away from the previous trend of narrowing operating losses mainly due to softer inpatient volumes and a rise in labor expenses. The pressure has been so pronounced, a $1 million cash transfer was made from the foundation to the hospital to support operating needs. Though management is expecting second half results to be closer to operating breakeven, S&P believes broader questions remain surrounding Kuakini's path toward longer-term viability and structural balance. The negative outlook reflects S&P's view of Kuakini's still constrained operating results, limited unrestricted reserves, and thin financial cushion above covenants with a reliance on donations and transfers from the foundation. S&P believes the hospital remains vulnerable to unexpected operating challenges and has not yet achieved financially sustainable operations. The outlook also reflects S&P's belief that Kuakini's business profile provides inherent headwinds to improving the aforementioned weaknesses. HAWAIIAN HOLDINGS: S&P Cuts ICR to 'B' on Government Restrictions ----------------------------------------------------------------- S&P Global Ratings lowered its ratings on Hawaiian Holdings, including the issuer credit rating, to 'B' from 'BB-'. All of its ratings remain on CreditWatch, where it placed them with negative implications on March 13, 2020. At the same time, S&P also lowered its issue-level ratings on the company's enhanced equipment trust certificates (EETC). S&P lowered its rating on the class A certificates to 'BB+' from 'A-' and the class B certificates to 'BB-' from 'BB+'. In addition to the larger decline in demand for passenger air travel, the company also faces new restrictions instituted by the government of Hawaii. On March 21, 2020, the state government of Hawaii instituted new rules requiring all visitors and residents to undergo a 14-day quarantine following arrival. In response, Hawaiian announced the suspension of most of its long-haul flights except for daily service to Los Angeles and weekly service to American Samoa, as well as service reductions on its inter-island routes. Although the company will benefit from some cost savings associated with the reduced capacity, as well as lower oil prices, S&P believes these factors will be more than offset by weaker traffic, pressuring the company's financial results. CreditWatch S&P expects to resolve the CreditWatch placement when it learns more about the impact of the coronavirus on Hawaiian's financial position. It would likely lower the ratings if air traffic recovery takes longer or is weaker than expected, such that credit metrics decline further or liquidity deteriorates. HELIUS MEDICAL: Gets Health Canada's OK to Market PoNS Device ------------------------------------------------------------- Helius Medical Technologies, Inc.'s Canadian Class II license amendment application for the treatment of gait deficit in patients with mild and moderate symptoms from multiple sclerosis (MS) has received marketing authorization from Health Canada. Helius' Portable Neuromodulation Stimulator (PoNS) device is now authorized to be marketed for the short-term treatment (14 weeks) of gait deficit due to mild and moderate symptoms from MS and is to be used in conjunction with physical therapy, in addition to the short-term treatment (14 weeks) of chronic balance deficit due to mild-to-moderate traumatic brain injury and is to be used in conjunction with physical therapy. "We are very pleased to receive regulatory clearance to market our PoNS Treatment to the approximately 93,500 patients in Canada who suffer from MS," said Philippe Deschamps, chief executive officer of Helius. "Given the chronic and progressive nature of this potentially debilitating neurodegenerative disease, we feel that there is a strong clinical need for novel therapies such as our PoNS Treatment. We are proud to provide MS patients with a treatment option that has the potential to improve or restore their gait function, or in other words their ability to walk." The PoNS treatment is available through authorized Treatment Centers throughout Canada. For a list of the authorized treatment centers in Canada please visit www.ponstreatment.ca. About Helius Medical Helius Medical Technologies -- http://www.heliusmedical.com/-- is a neurotech company focused on neurological wellness. The Company's purpose is to develop, license and acquire unique and non-invasive platform technologies that amplify the brain's ability to heal itself. The Company's first product in development is the Portable Neuromodulation Stimulator (PoNSTM). Helius Medical reported a net loss of $9.78 million for the year ended Dec. 31, 2019, compared to a net loss of $28.62 million for the year ended Dec. 31, 2018. As of Dec. 31, 2019, the Company had $10.35 million in total assets, $4.51 million in total liabilities, and $5.83 million in total stockholders' equity. BDO USA, LLP, in Philadelphia, Pennsylvania, the Company's auditor since 2017, issued a "going concern" qualification in its report dated March 12, 2020 citing that the Company has incurred substantial net losses since its inception, has an accumulated deficit of $104.8 million as of Dec. 31, 2019 and the Company expects to incur further net losses in the development of its business. These conditions raise substantial doubt about its ability to continue as a going concern. HELIUS MEDICAL: Receives Noncompliance Notice from Nasdaq --------------------------------------------------------- Helius Medical Technologies, Inc., received a letter on March 23, 2020, from the Listing Qualifications staff of The Nasdaq Stock Market LLC indicating that, based upon the closing bid price of the Company's common stock for the last 30 consecutive business days, the Company no longer meets the requirement to maintain a minimum bid price of $1 per share, as set forth in Nasdaq Listing Rule 5550(a)(2). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided a period of 180 calendar days, or until Sept. 21, 2020, in which to regain compliance. In order to regain compliance with the minimum bid price requirement, the closing bid price of the Company's common stock must be at least $1 per share for a minimum of ten consecutive business days during this 180-day period. In the event that the Company does not regain compliance within this 180-day period, the Company may be eligible to seek an additional compliance period of 180 calendar days if it meets the continued listing requirement for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the bid price requirement, and provides written notice to Nasdaq of its intent to cure the deficiency during this second compliance period, by effecting a reverse stock split, if necessary. However, if it appears to the Nasdaq Staff that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible, Nasdaq will provide notice to the Company that its common stock will be subject to delisting. The Notice does not result in the immediate delisting of the Company's common stock from the Nasdaq Capital Market. The Company intends to monitor the closing bid price of the Company's common stock to allow a reasonable period for the price to rebound from its recent decline but will continue to consider its available options to regain compliance. There can be no assurance that the Company will be able to regain compliance with the minimum bid price requirement or maintain compliance with the other listing requirements. About Helius Medical Helius Medical Technologies -- http://www.heliusmedical.com/-- is a neurotech company focused on neurological wellness. The Company's purpose is to develop, license and acquire unique and non-invasive platform technologies that amplify the brain's ability to heal itself. The Company's first product in development is the Portable Neuromodulation Stimulator (PoNSTM). Helius Medical reported a net loss of $9.78 million for the year ended Dec. 31, 2019, compared to a net loss of $28.62 million for the year ended Dec. 31, 2018. As of Dec. 31, 2019, the Company had $10.35 million in total assets, $4.51 million in total liabilities, and $5.83 million in total stockholders' equity. BDO USA, LLP, in Philadelphia, Pennsylvania, the Company's auditor since 2017, issued a "going concern" qualification in its report dated March 12, 2020 citing that the Company has incurred substantial net losses since its inception, has an accumulated deficit of $104.8 million as of Dec. 31, 2019 and the Company expects to incur further net losses in the development of its business. These conditions raise substantial doubt about itsability to continue as a going concern. HIDDENBLAKES LLC: Case Summary & Unsecured Creditor --------------------------------------------------- Debtor: Hiddenblakes, LLC 3435 Albion Street Denver, CO 80207 Chapter 11 Petition Date: March 26, 2020 Court: United States Bankruptcy Court District of Colorado Case No.: 20-12235 Judge: Hon. Elizabeth E. Brown Debtor's Counsel: Aaron J. Conrardy, Esq. WADSWORTH GARBER WARNER CONRARDY, P.C. 2580 West Main Street, Suite 200 Littleton, CO 80120 Tel: 303-296-1999 Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Blake DiMeo, managing member. The Debtor lists Christopher, who resides at 3435 Albion Street, Denver, CO 80207, as its sole unsecured creditor holding a claim of $95,898. A copy of the petition is available for free at PacerMonitor.com at: https://is.gd/Sd4TNs HIGHLAND CAPITAL: Gets Court Approval to Employ Deloitte Tax ------------------------------------------------------------ Highland Capital Management, L.P. received approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Deloitte Tax LLP. Deloitte Tax will provide tax advisory services, including: a. advising the Debtor regarding Form 1099 reporting and backup withholding on payments to known or presumed U.S. persons as required under Chapter 61 and Section 3406 of the Internal Revenue Code; b. advising the Debtor regarding Form 1042-S reporting, nonresident alien (or IRC Section 1441) withholding, and withholding under FATCA (or Chapter 4 of the IRC) on payments to known or presumed non-U.S. persons under Chapter 3 of the IRC; c. advising the Debtor regarding tax transparency regimes in the U.S. and other jurisdictions including but not limited to FATCA and CRS; d. advising the Debtor regarding tax documentation requests made to the Debtor pursuant to any U.S. information reporting and withholding or tax transparency regime requirements; e. advising the Debtor regarding requirements to collect and validate tax documentation from payees, and the application of presumption rules if documentation is not collected; f. advising and/or provide general training of the Debtor on GIR (including FATCA and CRS) legislation, tax regulatory requirements and related intergovernmental and/or other Internal Revenue Service agreements, the Model Competent Authority Agreement, and other intergovernmental or multilateral agreements related to CRS; g. advising and assisting the Debtor in responding to any post-filing written requests made by relevant tax authorities, where Deloitte Tax did not prepare the initial FATCA and CRS filing(s); h. advising the Debtor by observing and discussing leading practices related to the Debtor’s GIR (including FATCA and CRS) tax impact analysis and governance, communication and compliance strategies; i. assisting the Debtor by participating in GIR (including FATCA and CRS) related training sessions and educational workshops with Debtor's personnel; and j. advising the Debtor by assisting in collecting the information necessary to register the Debtor’s foreign financial institutions on relevant registration portals. Deloitte Tax will be compensated according to these rates of its professionals: Partner/Principal/Managing Director $719/hour Senior Manager $635/hour Manager $534/hour Senior $429/hour Staff $315/hour Deloitte Tax is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. About Highland Capital Management Highland Capital Management LP was founded by James Dondero and Mark Okada in Dallas in 1993. It manages collateralized loan obligations and was the world's largest non-bank buyer of leveraged loans in 2007. Highland Capital sought Chapter 11 protection (Bank. D. Del. Case No. 19-12239) on Oct. 16, 2019. The case was transferred to the U.S. Bankruptcy Court for the Northern District of Texas and was assigned a new case number (Case No. 19-34054). The Debtor was estimated to have $100 million to $500 million in assets and liabilities as of the bankruptcy filing. The Debtor tapped Pachulski Stang Ziehl & Jones LLP as legal counsel; Foley & Lardner LLP as special Texas counsel; and Kurtzman Carson Consultants LLC as claims and noticing agent. The Office of the U.S. Trustee appointed a committee of unsecured creditors Oct. 29, 2019. The committee tapped Sidley Austin LLP and Young Conaway Stargatt & Taylor, LLP as its counsel; and FTI Consulting, Inc. as its financial advisor. HOFFMASTER GROUP: S&P Lowers ICR to 'CCC+'; Outlook Negative ------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on U.S.-based Hoffmaster Group Inc. to 'CCC+' from 'B' and issue-level rating on the company's first-lien credit facility to 'CCC+' from 'B'. At the same time, S&P lowered its issue-level rating on the company's second-lien term loan to 'CCC-' from 'CCC+'. The outlook is negative. The recent outbreak of COVID-19 is disrupting the foodservice end markets in the U.S., representing about half of the company's revenues. There is substantial uncertainty around the scope and duration of the outbreak and any lingering effects on the economy and consumer behavior. The negative outlook incorporates S&P's assessment of the economic uncertainty stemming from the effects of the virus as well as well as the company's ability to maintain its covenant compliance if it draws over 30% on its revolver, testing its springing first-lien leverage ratio covenant. Depending on the severity of the impact on the foodservice industry, the company may not be in compliance with its covenants if and when the covenants are tested. The negative outlook reflects the potential for a lower rating due to a potential liquidity risk arising from its financial covenants and negative free operating cash flow, which could result in a default event occurring. Absent a material recovery in the end markets and profitability, S&P believes the capital structure is unsustainable. "We could lower our rating on Hoffmaster if sales and EBITDA decline materially due to the economic effects of the coronavirus pandemic, such that the company is forced to draw down on its revolver above 30%, springing the first-lien leverage covenant, causing a covenant breach," S&P said. "While it is unlikely, we could revise our outlook to stable or raise our rating on Hoffmaster within the next 12 months if the company withstands the fallout from the pandemic better than anticipated. This means that sales and EBITDA would have to materially exceed our base case, generating free cash flow while preserving the capital structure, such that the risk of breaching the springing first-lien leverage ratio covenant significantly subsided," S&P said. HOTEL PAYROLL: Seeks to Hire Morrison Tenenbaum as Counsel ---------------------------------------------------------- Hotel Payroll Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Morrison Tenenbaum, PLLC as its legal counsel. Morrison Tenenbaum will render these professional services: a. advising the Debtor with respect to its powers and duties in the management of its estate; b. assisting in any amendments of schedules and other financial disclosures and in the preparation, review or amendment of a disclosure statement and plan of reorganization; c. negotiating with creditors and taking the necessary legal steps to confirm and consummate a plan of reorganization; d. preparing legal papers; e. appearing before the bankruptcy court; and f. performing all other legal services for the Debtor that may be necessary and proper for an effective reorganization. Morrison Tenenbaum will be compensated at the following hourly rates: Lawrence F. Morrison $525 per hour Brian J. Hufnagel $425 per hour Associates $380 per hour Paraprofessionals $200 per hour Morrison Tenenbaum will also be reimbursed for all out-of-pocket disbursements. Before the petition date, the firm received a retainer fee in the amount of $10,000. Lawrence Morrison, Esq., at Morrison Tenenbaum, disclosed in court filings that his firm is a "disinterested party" within the meaning of Sections 101(14) and 327 of the Bankruptcy Code. The firm may be reached through: Lawrence F. Morrison, Esq. Brian J. Hufnagel, Esq. Morrison Tenenbaum PLLC 87 Walker Street, Floor 2 New York, New York 10013 Email: lmorrison@m-t-law.com bjhufnagel@m-t-law.com About Hotel Payroll Inc. Hotel Payroll Inc. operates an employee holding and payroll company that provides employees to non-debtor affiliates that operate hotel concierge businesses. Hotel Payroll filed a Chapter 11 petition (Bankr. E.D.N.Y. Case No. 20-40350) on Jan. 18, 2020, contemporaneously with affiliated company Apple Commuter Inc. At the time of the filing, the Debtor had estimated assets of less than $50,000 and liabilities of less than $50,000. Judge: Elizabeth S. Stong oversees the case. Morrison Tenenbaum, PLLC represents the Debtor as counsel. HOWARD AVENUE: Hires W. Bart Meacham as Special Counsel ------------------------------------------------------- Howard Avenue Station, LLC, seeks authority from the U.S. Bankruptcy Court for the Middle District of Florida to employ W. Bart Meacham, Esq., as special counsel to the Debtor. Howard Avenue requires W. Bart Meacham to: a. represent the Debtor in an action to be filed against Frank R. Kane in the Thirteenth Judicial Circuit Court for declaratory relief to determine the Debtor's rights under Florida Statute § 83.201, plus any additional damages the Debtor claims related to the action for declaratory relief; b. file any and all amended complaints or counterclaims, answers, affirmative defenses, defenses, motions, responses, demands, discovery related materials, reports, and any and all other legal papers related to the actions; c. appear at hearings and trials associated with the above mentioned litigation and prepare and submit orders; and d. do all things reasonably related or necessary to the representation of the Debtor in the above mentioned litigation. W. Bart Meacham will be paid at the hourly rate of $250. W. Bart Meacham will also be reimbursed for reasonable out-of-pocket expenses incurred. W. Bart Meacham 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. W. Bart Meacham can be reached at: W. Bart Meacham, Esq. 308 East Plymouth Street Tampa, FL 33603-5957 Tel: (813) 223-6334 About Howard Avenue Station Howard Avenue Station filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 12-08821) on June 6, 2012. In the petition signed by Thomas Ortiz, managing member, Howard Avenue was estimated to have $1 million to $10 million in assets and liabilities. The case is assigned to Judge Catherine Peek McEwen in Tampa, Fla. The Debtor is represented by W. Bart Meacham, Esq. HUDBAY MINERALS: S&P Alters Outlook to Negative, Affirms 'B' ICR ---------------------------------------------------------------- S&P Global Ratings revised its outlook on Toronto-based base metals producer HudBay Minerals Inc. to negative from stable. At the same time, S&P affirmed its 'B' issuer credit rating on HudBay and its 'B' rating on the company's unsecured notes. The '3' recovery rating on the unsecured notes is unchanged. The outlook revision reflects operational and economic uncertainty associated with the COVID-19 pandemic. HudBay recently announced the temporary closure of its Constancia mining operations, following the state of emergency announced by the Peruvian government in response to the COVID-19 pandemic. The timing of restart and extent of the impact of the closure on Hudbay is uncertain. However, S&P believes an extended period of lost production would meaningfully affect the company's cash flows because Constancia accounts for more than half of HudBay's revenues and operating cash flows. Separately, the company's Manitoba (Canada) operations continue to operate in line with expectations at present, but as with many other mining operations globally, a temporary closure related to COVID-19 remains possible. The negative outlook primarily reflects the risk that a protracted suspension of HudBay's mining operations at Constancia, along with sustained base metals price weakness, will lead to higher-than-expected cash outflows that materially weaken the company's cash position and debt leverage. "We could lower the ratings within the next 12 months in case of an extended period of operations disruption or continued weaker base metal prices below our assumptions. In this scenario, we would expect HudBay's cash position to meaningfully deteriorate, likely approaching US$100 million, with uncertain prospects for a rebound. In such a scenario, we would expect the company's prospective leverage to increase to levels not viewed as commensurate with the rating, likely well above 6x," S&P said. "We could revise the outlook to stable if, over the next 12 months, business and economic disruption associated with the COVID-19 outbreak is not meaningful and base metals prices remain at least in line with our assumptions. In this scenario, we would also expect the company to improve its adjusted debt-to-EBITDA below 5x in 2021 while generating positive free cash flows," the rating agency said. HVI CAT CANYON: Taps TenOaks Energy as Marketing Agent ------------------------------------------------------ Michael McConnell, Chapter 11 trustee for HVI Cat Canyon, Inc., received approval from the U.S. Bankruptcy Court for the Central District of California to employ TenOaks Energy Partners, LLC as its exclusive marketing agent and advisor in connection with the sale of the estate's oil and gas interests and related assets. TenOaks will render these services: (a) advising and assisting the trustee in developing a strategy for the sale of the properties; (b) preparing marketing materials and electronic information in connection with the sale; (c) assisting with presentations to and negotiations with prospective purchasers; and (d) rendering such other services reasonably associated with the sale. In the event of a court-approved closing of a sale or transaction and receipt by the trustee of the consideration from said sale or transaction, TenOaks, pursuant to an agreement, will receive a success fee equal to the greater of: (i) $400,000, and (ii) 2 percent of that portion of the aggregate consideration payable pursuant to the transaction(s) that is up to and including $40 million; 2.5 percent of that portion of the aggregate consideration payable pursuant to the transaction(s) that is greater than $40 million but less than $60 million; or 3 percent of that portion of the aggregate consideration payable pursuant to the transaction(s) that is greater than $60 million. In addition to the success fees, the agreement also provides that the trustee will pay TenOaks a fully-earned and non-refundable upfront expense fee of $100,000, payable in four monthly installments of $25,000 each, beginning on the date of the agreement and continuing in four consecutive months, to cover any expenses incurred by the firm in connection with its engagement. Lindsay Sherrer, a partner at TenOaks, disclosed that her firm neither holds nor represents any interest materially adverse to the interest of the Debtor's estate, creditors and equity security holders. The firm may be reached through: Lindsay Sherrer, TenOaks Energy Partners, LLC 14180 N. Dallas Parkway, Suite 700 Dallas, Texas 75254 Telephone: 214-420-2320 About HVI Cat Canyon HVI Cat Canyon, Inc., a privately held oil and gas extraction company in New York, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 19-12417) on July 25, 2019. In the petition signed by Alex G. Dimitrijevic, president, the Debtor was estimated to have assets of between $100 million and $500 million and liabilities of the same range. On Aug. 28, 2019, the case was transferred to the U.S. Bankruptcy Court for the Northern District of Texas. On Sept. 12, 2019, the case was transferred to the U.S. Bankruptcy Court for the Central District of California and was assigned a new case number (Case No. 19-11573). The Debtor tapped Weltman & Moskowitz, LLP as bankruptcy counsel; Epiq Bankruptcy Solutions, LLC as claims and noticing agent; and Cappello Global, LLC and Camden Financial Services as financial advisors. The Office of the U.S. Trustee appointed a committee of unsecured creditors in the Debtor's case. The committee tapped Pachulski Stang Ziehl & Jones LLP as bankruptcy counsel; Cole Schotz P.C. as local and conflict co-counsel; and Conway MacKenzie, Inc. as financial advisor. Michael A. McConnell was appointed as Chapter 11 trustee for the Debtor's bankruptcy estate. The trustee tapped Danning, Gill, Israel & Krasnoff, LLP as his legal counsel, and CR3 Partners, LLP as his restructuring and financial advisor. IFRESH INC: Signs $2.5M Securities Purchase Deal with Investors --------------------------------------------------------------- iFresh Inc. entered into an agreement with Dengrong Zhou and Qiang Ou, pursuant to which the Investors agreed to purchase 1,783,167 shares of the Company's common stock in exchange for $2,500,000. The Investors agreed to deliver $1,500,000 to the Company once the Company notifies the Investors that this current report on Form 8-K of the Company was filed with the SEC. The Investors also agreed that the remaining $1,000,000 will be delivered to the Company once the Company notifies the Investors that a current report on Form 8-K disclosing the completion of an acquisition of 100% equity interests of Hubei Rongentang Wine Co., Ltd. and Hubei Rongentang Herbal Wine Co., Ltd. was filed with the SEC. The closing of the transactions as contemplated by the Purchase Agreement are also subject to customary terms and conditions. All of the issuances of the Company's common stock in the foregoing agreement were at a price per share of $1.402, representing the average of the closing sale prices of a share of the Company's common stock as reported on The Nasdaq Stock Market for the period for five consecutive trading days ending on March 19, 2020. About iFresh Inc. Headquartered in Long Island City, New York, iFresh Inc. -- http://www.ifreshmarket.com-- is an Asian American grocery supermarket chain and online grocer on the east coast of U.S. With nine retail supermarkets along the US eastern seaboard (with additional stores in Glen Cove, Miami and Connecticut opening soon), and two in-house wholesale businesses strategically located in cities with a highly concentrated Asian population, iFresh aims to satisfy the increasing demands of Asian Americans (whose purchasing power has been growing rapidly) for fresh and culturally unique produce, seafood and other groceries that are not found in mainstream supermarkets. With an in-house proprietary delivery network, online sales channel and strong relations with farms that produce Chinese specialty vegetables and fruits, iFresh is able to offer fresh, high-quality specialty produce at competitive prices to a growing base of customers. iFresh reported a net loss of $12 million for the year ended March 31, 2019, compared to a net loss of $791,293 for the year ended March 31, 2018. As of Sept. 30, 2019, the Company had $103.37 million in total assets, $104.38 million in total liabilities, and a total shareholders' deficiency of $1 million. Friedman LLP, in New York, the Company's auditor since 2016, issued a "going concern" qualification in its report dated June 28, 2019, citing that the Company incurred operating losses and did not meet the financial covenant required in its credit agreement. These conditions raise substantial doubt about the Company's ability to continue as a going concern. INSPIRED CONCEPTS: Hires Wernette Heilman as Counsel ---------------------------------------------------- Inspired Concepts, LLC, seeks authority from the U.S. Bankruptcy Court for the Eastern District of Michigan to employ Wernette Heilman PLLC, as counsel to the Debtor substituting Grasl PLC. Debtor's counsel, Grasl PLC, has indicated that it will need to withdraw from representing Debtor in this case due to the acceptance of employment in Nashville, Tennessee by Grasl PLC's principal, Jeffrey Grasl. Mr. Grasl has indicated that he is willing to continue serving as Debtor's counsel for a period of time to permit Debtor's replacement counsel to transition smoothly into the case. Inspired Concepts requires Wernette Heilman to: a. advise the Debtor with respect to its powers and duties as debtor and debtor-in-possession in the continued management and operation of its business; b. exercise oversight with respect to the Debtor's affairs, including all issues arising from or impacting the Debtor or the Chapter 11 case; c. prepare necessary applications, motions, memoranda, orders, reports, and other legal papers; d. appear in Court and at meetings to represent the interests of Debtor; e. negotiate with creditors and other parties in interest; f. serve as the Debtor's counsel in any adversary proceedings or other litigation related to the Bankruptcy Case; g. prepare and prosecute a Chapter 11 plan of reorganization; and h. perform all other legal services for the Debtor in connection with the Chapter 11 case. Wernette Heilman will be paid at these hourly rates: Michael R. Wernette $335 Ryan D. Heilman $345 Paralegals $125 The Debtor will pay Wernette Heilman $5,000 per month, which amount will be held by Wernette Heilman in trust for the Debtor to be applied against Wernette Heilman's fees and expenses approved by the bankruptcy court. Michael R. Wernette, a partner at Wernette Heilman PLLC, 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. Wernette Heilman can be reached at: Michael R. Wernette, Esq. WERNETTE HEILMAN PLLC 40900 Woodward Ave., Suite 111 Bloomfield, MI 48304 Tel: (248) 835-4745 E-mail: mike@wernetteheilman.com About Inspired Concepts Inspired Concepts LLC, a privately held investment and restaurant management company in Mt. Pleasant, Mich., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 20-20034) on Jan. 10, 2020. At the time of the filing, the Debtor had estimated assets of between $500,000 and $1 million and liabilities of between $1 million and $10 million. Judge Daniel S. Oppermanbaycity oversees the case. Jeffrey Grasl, Esq., at Grasl, PLC, was originally the Debtor's legal counsel. The Debtor later hired Wernette Heilman PLLC as substitute counsel to Grasl, PLC. JASON INC: Moody's Lowers CFR to Ca, Outlook Negative ----------------------------------------------------- Moody's Investors Service downgraded its ratings for Jason Incorporated, including the company's corporate family rating (CFR, to Ca from Caa2) and probability of default rating (to Ca-PD from Caa2-PD), along with the ratings for its senior secured first lien bank credit facilities (to Caa3 from Caa1) and senior secured second lien term loan (to C from Caa3). The speculative grade liquidity rating was downgraded to SGL-4 from SGL-3. The ratings outlook remains negative. "The downgrades reflect heightened refinancing risk given upcoming debt maturities, continued deterioration in operating results, a very levered balance sheet and weak liquidity," said Shirley Singh, Moody's lead analyst for Jason. "Earnings erosion will accelerate over the course of 2020 as macroeconomic conditions weaken, exerting significant pressure on the company's already weak earnings and cash generation," added Singh. The negative outlook reflects Moody's expectation that Jason's credit profile will weaken further in a tough operating environment, and that refinancing risk will rise as the company's debt maturities approach. The rapid and widening spread of the coronavirus outbreak, the deteriorating global economic outlook, falling oil prices and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets. The combined credit effects of these developments are unprecedented. The industrial sector has been one of the more exposed sectors affected by the shock given its sensitivity to broad market demand and sentiment. More specifically, weakness in Jason's end markets leave it vulnerable to shifts in market sentiment in these unprecedented operating conditions, and the company remains vulnerable to the outbreak continuing to spread. Moody's regards the coronavirus outbreak as a social risk under its ESG framework, given the substantial implications for public health and safety. Its actions reflect the impact on Jason of the breadth and severity of the shock, and the broad deterioration in credit quality it has triggered. The following rating actions were taken: Downgrades: Issuer: Jason Incorporated Corporate Family Rating, Downgraded to Ca from Caa2 Probability of Default Rating, Downgraded to Ca-PD from Caa2-PD Speculative Grade Liquidity Rating, Downgraded to SGL-4 from SGL-3 Senior Secured 1st Lien Bank Credit Facility, Downgraded to Caa3 (LGD3) from Caa1 (LGD3) Senior Secured 2nd Lien Bank Credit Facility, Downgraded to C (LGD5) from Caa3 (LGD5) Outlook Actions: Issuer: Jason Incorporated Outlook, Remains Negative RATINGS RATIONALE Jason's Ca CFR broadly reflects the company's weak liquidity and rising refinancing risk given upcoming debt maturities, declining operating performance and very high leverage of close to 15x (as of December 2019). Lower volumes will continue to weaken earnings and prompt incremental cash absorption, further eroding liquidity and exacerbating already weak key credit metrics. Moody's believes the continued earnings decline will make it challenging for the company to refinance its existing capital structure at a manageable cost, even if it uses some of its cash to reduce debt. Governance risk is moderate, with two of shareholders owning close to 30% and considerable pressure on equity values raising the prospect of a distressed exchange. Nonetheless, Jason's rating is supported by its good market position across several businesses, its global footprint, and a well-diversified customer base. The ratings could be upgraded if the company is able to avoid default by successfully refinancing its debt at par and reversing the trend of revenue declines while improving liquidity to adequate levels. The ratings could be downgraded if liquidity deteriorates further, in particular if the level and pace of cash burn increases and/or covenant compliance becomes an issue. The ratings could also be downgraded if the company undertakes a pre-emptive restructuring of its debt at sub-par levels and/or Moody's estimates of ultimate recovery deteriorate further. The principal methodology used in these ratings was Manufacturing Methodology published in March 2020. Headquartered in Milwaukee, Wisconsin, Jason Incorporated is a publicly-traded diversified manufacturing company serving industrial, auto and other industries. Its products include finishing (industrial brushes, buffing wheels and compounds) and seating (static and suspension seating for motorcycle, construction, agricultural, lawn and turf-care equipment). Revenue for the twelve months ended December 31, 2019 was $388 million. JAY'S WISE GUY: Taps Gleichenhaus Marchese as Legal Counsel ----------------------------------------------------------- Jay's Wise Guy Pizza, LLC, seeks authority from the US Bankruptcy Court for the Western District of New York to employ Gleichenhaus, Marchese & Weishaar, PC, as its legal counsel. The firm will provide these services: (a) give the Debtor legal advice with respect to its powers and duties as Debtor-in-possession in the continued operation of its business and in the management of its assets; (b) take necessary action to avoid liens against the Debtor's property, remove restraints against the Debtor's property and such other actions to remove any encumbrances of liens which are avoidable, which were placed against the property of the Debtor prior to the filing of the Petition instituting this proceeding and at a time when the Debtor was insolvent; (c) take necessary action to enjoin and stay until final decree any attempts by secured creditors to enforce liens upon property of the Debtor in which property Debtor has substantial equity; (d) represent the Debtor as Debtor-in-Possession in any proceedings which may be instituted in this Court by creditors or other parties during the course of this proceeding; (e) prepare on behalf of the Debtor, as Debtor-in-Possession, necessary petitions, answers, orders, reports, and other legal papers; (f) perform all other legal services for the Debtor as Debtor-in-Possession, or to employ attorneys for such services. The hourly rates being charged by Gleichenhaus are: Michael A. Weishaar, Esq. $375 Scott Bogucki, Esq. $375 Attorneys $350 Paralegals $80 Gleichenhaus held a net retainer in the amount of $10,000. Gleichenhaus has no connection with the Debtor, with any creditor or with any other party-in-interest and are disinterested persons, within the meaning of the Bankruptcy Code Section 101(14), according to court filings. The firm can be reached through: Robert B. Gleichenhaus, Esq. GLEICHENHAUS, MARCHESE & WEISHAAR, P.C. 930 Convention Tower, 43 Court Street Buffalo, NY 14202 Phone: (716) 845-6446 Fax : 716-845-6475 Email: RBG_GMF@hotmail.com About Jay's Wise Guy Pizza, LLC Jay's Wise Guy Pizza is in the business of owning and operating a pizzeria and activities incidental thereto. Jay's Wise Guy Pizza, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.Y. Case No. 20-10304) on Feb. 25, 2020, listing under $1 million in both assets and liabilities. Robert B. Gleichenhaus, Esq. at GLEICHENHAUS, MARCHESE & WEISHAAR, P.C. serves as the Debtor's counsel. JONATHAN R. SORELLE: Taps Hutchings & Truitt as Healthcare Counsel ------------------------------------------------------------------ Jonathan R. Sorelle, M.D., PLLC seeks authority from the U.S. Bankruptcy Court for the District of Nevada to employ Hutchings & Truitt LLC as its healthcare counsel. The Debtor is a party to actions for alleged malpratice as a result of which healthcare regulations require the Debtor to complete mandatory reporting. Hutchings & Truitt proposes to provide the advice, guidance and work product necessary to handle the notifications, administrative actions and responses that happen both concurrently and subsequently to the alleged malpractice actions. Hutchings & Truitt will be compensated at its customary hourly rates: Attorneys $400 Legal Assistants $200 The firm will also receive reimbursement for work-related expenses incurred. Glenn Truitt, Esq., at Hutchings & Truitt, disclosed that his firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm may be reached through: Glenn Truitt, Esq. Hutchings & Truitt LLC 552 East Charleston Avenue Las Vegas, Nevada 89104 About Jonathan R. Sorelle, M.D. Jonathan R. Sorelle, M.D., PLLC, The Minimally Invasive Hand Institute, LLC and Jonathan R. Sorelle, filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 19-17870, 19-17871 and 19-17872, respectively) on Dec. 12, 2019. The Debtors each listed less than $1 million in both assets and liabilities. Judge Mike K. Nakagawa oversees the cases. The Debtors tapped Brownstein Hyatt Farber Schreck, LLP as their bankruptcy counsel; Parker Nelson & Associates as corporate and conflicts counsel; and Inouye CPA LLC as accountant. JONATHAN R. SORELLE: Taps Ideal Business as Finance Counsel ----------------------------------------------------------- Jonathan R. Sorelle, M.D. PLLC and The Minimally Invasive Hand Institute seek permission from the U.S. Bankruptcy Court for the District of Nevada to employ Ideal Business Partners as their corporate finance counsel. Ideal Business anticipates that its finance director, David Housey, will render the services. The firm charges an hourly fee of $450 for managing attorneys and $150 for legal assistants and paralegals. Glenn Truitt, Esq., at Ideal Business, disclosed that his firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm may be reached through: Glenn Truitt, Esq. Ideal Business Partners 552 E. Charleston Blvd. Las Vegas, NV 89104 Phone: 702-852-6799 Fax: 702-947-4955 About Jonathan R. Sorelle, M.D. Jonathan R. Sorelle, M.D., PLLC, The Minimally Invasive Hand Institute, LLC and Jonathan R. Sorelle, filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 19-17870, 19-17871 and 19-17872, respectively) on Dec. 12, 2019. The Debtors each listed less than $1 million in both assets and liabilities. Judge Mike K. Nakagawa oversees the cases. The Debtors tapped Brownstein Hyatt Farber Schreck, LLP as their bankruptcy counsel; Parker Nelson & Associates as corporate and conflicts counsel; and Inouye CPA LLC as accountant. JONATHAN R. SORELLE: Taps Schwartz Law as Bankruptcy Counsel ------------------------------------------------------------ Jonathan R. Sorelle, M.D., PLLC and The Minimally Invasive Hand Institute, LLC seek permission from the U.S. Bankruptcy Court for the District of Nevada to employ Schwartz Law, PLLC, as their counsel. Services Schwartz Law will render are: a. advise the Debtors with respect to their powers and duties as debtors and debtors in-possession in the continued management and operation of their business and property; b. attend meetings and negotiate with representatives of creditors and other parties in interest and advise and consult on the conduct of the Chapter 11 Cases, including all of the legal and administrative requirements of operating in Chapter 11; c. take all necessary action to protect and preserve the Debtors' estates, including the prosecution of actions on its behalf, the defense of any actions commenced against the estate, negotiations concerning all litigation in which the Debtors may be involved and objections to claims filed against the estate; d. prepare on behalf of the Debtors all motions, applications, answers, orders, reports and papers necessary to the administration of the estate; e. negotiate and prepare on the Debtors' behalf plan(s) of reorganization, disclosure statement(s) and all related agreements and/or documents and take any necessary action on behalf of the Debtors to obtain confirmation of such plan(s); f. advise the Debtors in connection with any sale of assets; g. appear before this Court, any appellate courts, and the U.S. Trustee, and protect the interests of the Debtors' estates before such courts and the U.S. Trustee; and h. perform all other necessary legal services and provide all other necessary legal advice to the Debtors in connection with this Chapter 11 Case. Schwartz Law will be paid based on the rates of its professionals: Attorneys $295-$815 Legal Assistants & Support Staff $195-$225 Samuel A. Schwartz, Esq., the principal of Schwartz Law, assures the Court that the firm does not hold any interest adverse to the Debtor's estate and creditors, and is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Samuel A. Schwartz, Esq. SCHWARTZ LAW, PLLC 601 East Bridger Avenue Las Vegas, NV 89101 Tel: 702.385.5544 Fax: 702.385.2741 Email: saschwartz@nvfirm.com About Jonathan R. Sorelle, M.D., PLLC Jonathan R. Sorelle, M.D., PLLC, The Minimally Invasive Hand Institute, LLC and Jonathan R. Sorelle, filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case Nos. 19-17870, 19-17871 and 19-17872, respectively) on Dec. 12, 2019. The Debtors each listed less than $1 million in both assets and liabilities. The Debtors tapped Brownstein Hyatt Farber Schreck, LLP as their legal counsel, and Inouye CPA LLC as their accountant. JUMBO DESIGN: Case Summary & 8 Unsecured Creditors -------------------------------------------------- Debtor: Jumbo Design and Brands, Inc. d/b/a DzineNY 66 White Street Suite 501 New York, NY 10013 Chapter 11 Petition Date: March 29, 2020 Court: United States Bankruptcy Court Southern District of New York Case No.: 20-10905 Judge: Debtor's Counsel: Gabriel Del Virginia, Esq. LAW OFFICES OF GABRIEL DEL VIRGINIA 30 Wall Street 12th Floor New York, NY 10005 Tel: 212-371-5478 E-mail: gabriel.delvirginia@verizon.net Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Moreno Brambilla, president. A copy of the petition containing, among other items, a list of the Debtor's eight unsecured creditors is available for free at PacerMonitor.com at: https://is.gd/mMkm1h KIDS FIRST GYNMASTICS: Seeks to Hire an Attorney ------------------------------------------------ Kids First Gymnastics, Inc. seeks authority from the US Bankruptcy Court for the Northern District of Iowa to an attorney. The Debtor wishes to retain Rush M. Shortley, Esq. as its counsel. The Debtor requires Mr. Shortley to: a. advise and provide services to Debtor regarding its rights, remedies and obligations under the U. S. Bankruptcy Code, particularly Chapter 11 and Subchapter V thereof, and the Federal Bankruptcy Rules of Procedure; b. advise and provide services to Debtor respecting compliance with the procedures and other requirements of the United States Trustee and the Trustee appointed to this case; c. represent Debtor in any proceedings and hearings in the U.S. Bankruptcy Court and in any other forum where Debtor’s rights and remedies under and with reference to the bankruptcy code may be determined or affected; d. conduct examinations of witnesses, claimants, adverse parties or other interested persons as needed and prepare and assist in the preparation of reports, accounts and pleadings for this Chapter 11 case; e. advise and assist Debtor in the negotiation, formulation, confirmation and implementation of a Chapter 11 plan; f. perform such other services as Debtor may require in connection with this Chapter 11 case. The Debtor has paid to Mr. Shortley for his services prior to the filing of this case the total amount of $13,000, plus $,1717 as the filing fee. Mr. Shortley will charge $250 per hour for his services. Mr. Shortley assures the court that he has no connection with the Debtor, or with any of the Debtor's creditors or parties in interest. Mr. Shortley can be reached through: Rush M. Shortley, Esq. 1921 51st Street NE Cedar Rapids, IA 52402 Phone: (319) 294-1907 Fax: (866) 388-4875 Email: rush@shortleylaw.com About Kids First Gymnastics, Inc. Kids First Gymnastics, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Iowa Case No. 20-00322) on March 10, 2020, listing under $1 million in both assets and liabilities. Rush M. Shortley, Esq. at RUSH M. SHORTLEY, ATTORNEY AT LAW, represents the Debtor as counsel. LADAN INC: Seeks to Hire Goodrich & Associates as Counsel --------------------------------------------------------- Ladan, Inc., seeks authority from the US Bankruptcy Court for the Northern District of California to employ Goodrich & Associates as its counsel. The professional services which counsel are to render are: (a) assist in the preparation of bankruptcy schedules, statement of financial affairs and other related documents pertaining to the Chapter 11 proceedings; (b) represent the Debtor at each hearing, and to represent the Debtor at all meetings with the Office of the United States Trustee, and all meetings of creditors or with the creditors’ committee; (c) bring such actions or defend such actions as may arise during these proceedings, and to perform such legal services as shall be necessary in the attempts made by the Debtor to present and confirm a Plan of Reorganization in these proceedings; (d) defend, as necessary, requests for relief from the automatic stay filed herein by secured parties; (e) examine into the validity of all claims filed against the estate and to conduct hearings upon said objections thereto which the Debtor my deem in its duty to interpose; (f) litigate, as necessary, any and all claims asserted on behalf of or against this estate; and (g) advise the Debtor generally on all other matters which may arise during the pendency of these proceedings. The Debtor has paid a retainer to Goodrich & Associates in the amount of $4,717. After applying the retainer to pay the court filing fee for this case in the amount of $1,717, Goodrich & Associates holds a retainer balance of $3,000 in its IOLTA Account. Goodrich & Associates is a disinterested party, and neither holds nor represents an interest adverse to the estate, according to court filings. The firm can be reached through: Jeffrey Goodrich, Esq. Goodrich & Associates 12 Bellwether Way Suite 215 Bellingham, WA 98225 Phone: 360-671-0226 Fax: 360-671-0261 About Ladan Inc. Ladan, Inc. -- http://ludwigsfinewine.com/-- is a private held company that owns and operates wine, beer, and liquor stores. Ladan, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Cal. Case No. 20-30130) on Feb. 6, 2020. The case is assigned to Judge Dennis Montali. In the petition signed by Magid Nazari, president, the Debtor had $258,503 in assets and $7,672,414 in liabilities. Jeffrey Goodrich, Esq., at GOODRICH & ASSOCIATES, is the Debtor's counsel. LAPLACE VETERINARY: Seeks to Hire Patrick J. Gros as Accountant --------------------------------------------------------------- LaPlace Veterinary Clinic, LLC, seeks authority from the US Bankruptcy Court for the Eastern District of Louisiana to employ Patrick J. Gros, CPA, A Professional Accounting Corporation, as its accountant. The Debtor requires the accountant to: a. provide general accounting services; b. consult and prepare monthly operating reports pursuant to requirements provided by the Office of the United States Trustee; and c. provide such other accounting and financial advisory services as may be requested by the Debtor and other professionals employed by the Debtor. The firm will charge the following hourly rates: Partner $225 Manager $175 Senior $140 Staff $95 The firm, its partners, directors, managers, associates and other professionals do not represent or hold any interest adverse to the Debtor or the Debtor's estates and are disinterested persons, according to court filings. The accountant can be reached through: Patrick J. Gros, CPA Patrick J. Gros, CPA, APAC 651 River Highlands Blvd Covington, LA 70433 Phone: +1 985-898-3512 About LaPlace Veterinary Clinic LaPlace Veterinary Clinic, LLC -- https://www.laplacevet.com -- is a full service animal hospital offering emergency treatments as well as routine medical, surgical, and dental care. The veterinary clinic and animal hospital is run by Dr. Kia Gray Martin, who is a licensed, experienced Laplace veterinarian. LaPlace Veterinary Clinic, LLC, filed its voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La. Case No. 20-10396) on Feb. 20, 2020. In the petition was signed by Kia Martin, manager, the Debtor estimated $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. LEXMARK INTERNATIONAL: S&P Discontinues 'CCC+' Long-Term ICR ------------------------------------------------------------ S&P Global Ratings is discontinuing all of its ratings on Lexmark International II LLC and Lexmark International Inc. because the company does not have any S&P-rated public debt outstanding. These include S&P's 'CCC+' long-term issuer credit and issue-level ratings, and '3' recovery rating on the company's rated secured debt. Lexmark International II LLC has fully repaid its secured senior notes due March 15, 2020, issued by Lexmark International Inc. The outlook was stable when S&P discontinued the ratings. M.G. TRANSPORT: Seeks to Hire Bernstein Shur Sawyer as Attorney --------------------------------------------------------------- M.G. Transport, Inc., seeks authority from the US Bankruptcy Court for the District of Maine to employ Bernstein, Shur, Sawyer & Nelson, P.A. as its attorneys. M.G. Transport requires the attorney to: (a) advise the Debtor with respect to its powers and duties as a debtor-in-possession in the continued management and operation of its businesses and properties; (b) represent the Debtor at all hearings and matters pertaining to its affairs as a debtor and debtor-in-possession; (c) attend meetings and negotiating with representatives of the Debtor's creditors and other parties-in-interest, as well as responding to creditor inquiries and working on matters involving the Subchapter V trustee; (d) take all necessary action to protect and preserve the Debtor's estate; (e) prepare on behalf of the Debtor all necessary and appropriate motions, applications, answers, orders, reports and papers necessary to the administration of the Debtor's estates; (f) review applications and motions filed in connection with the Debtor's bankruptcy case; (g) negotiate and prepare on the Debtor's behalf any plan of reorganization, disclosure statement, and all related agreements and/or documents, and taking any necessary action on behalf of the Debtor to obtain confirmation of such plan; (h) advise the Debtor in connection with any potential sale or sales of assets or their business, or in connection with any other strategic alternatives; (i) review and evaluate the Debtor's executory contracts and unexpired leases, and represent the Debtor in connection with the rejection, assumption or assignment of such leases and contracts; (j) represent the Debtor in connection with any adversary proceedings or automatic stay litigation which may be commenced by or against the Debtor; (k) review and analyze various claims of the Debtor's creditors and treatment of such claims, and prepare, filing or prosecuting any objections thereto; and (l) perform all other necessary legal services and providing all other necessary legal advice to the Debtor in connection with its bankruptcy case. Bernstein received one payment from Gould & Sons in the amount of $1,717 that was intended to pay the Debtor's chapter 11 filing fee. Bernstein received an additional payment of $5,000 from Gould toward the Debtor's invoices on March 6, 2020. Bernstein does not hold or represent any interest adverse to the Debtor's estate and is a "disinterested person," as that phrase is defined in the Sec. 101(14) of the Bankruptcy Code, as modified by Sec. 1107(b) and Sec. 1195. The firm can be reached through: Adam R. Prescott, Esq. Bernstein, Shur, Sawyer & Nelson, P.A. 100 Middle Street PO Box 9729 Portland, ME 04104-5029 Phone: 207 774-1200 Fax: 207 774-1127 About M.G. Transport, Inc. M.G. Transport, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Maine Case No. 20-10092) on Feb. 25, 2020, listing under $1 million in both assets and liabilities. John D. Burns, Esq. at THE BURNS LAW FIRM, LLC, represents the Debtor as counsel. MANOMAY LLC: Seeks to Hire Michael J. Hudock as Special Counsel --------------------------------------------------------------- Manomay, LLC, seeks authority from the US Bankruptcy Court for the Western District of Pennsylvania to employ a special counsel. Michael J. Hudock III, Esq., as special counsel, will perform services related to the Debtor's liquor license and the Pennsylvania Liquor Control Board. Mr. Hudock's current hourly rate is $300. Mr. Hudock assures the court that he is "disinterested" as that term is defined in Section 101 of the Bankruptcy Code. The counsel can be reached through: Michael J. Hudock, III, Esq. MICHAEL J. HUDOCK & ASSOCIATES, P.C. 12 Huston Rd Oakmont, PA 15139-1996 Tel: (412) 828-0459 Fax: (412) 291-3396 Email: michaelhudock@comcast.net About Manomay LLC Based in Altamonte Springs, Fla., Manomay LLC filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-24450) on Nov. 14, 2019. At the time of the filing, the Debtor disclosed assets of between $1 million and $10 million and liabilities of the same range. Robert O Lampl Law Office is the Debtor's legal counsel. Judge Carlota M. Bohm oversees the case. MARKETING GURUSS: To Seek Plan Confirmation May 6 ------------------------------------------------- Marketing Guruss, Inc., won conditional approval of the Disclosure Statement explaining its Chapter 11 Plan. Judge August B. Landis ordered that May 6, 2020, at 1:30 p.m. is fixed for the hearing on final approval of the Disclosure Statement (if a written objection has been timely filed) and for the hearing on confirmation of the Plan. The Plan, the Disclosure Statement and a Ballot conforming to Official Form 14 shall be mailed to creditors, equity security holders, and other parties in interest, and shall be transmitted to the United States Trustee. April 22, 2020, a date that is two weeks prior to the Plan confirmation date, is fixed as the last day for filing written acceptances or rejections of the Plan. April 22, 2020, a date that is two weeks prior to the Plan confirmation date, is fixed as the last day for filing objections to the Plan and to file all declarations and evidence in support of said objection(s). April 29, 2020, a date that is one week prior to the Plan confirmation date, is fixed as the last day for filing any response to objections to the Plan, to file points and authorities in support of plan confirmation, and to file all declarations and evidence in support of plan confirmation. May 4, 2020, is the last day to file a Plan Ballot Summary/Report. Attorneys for the Debtor: Marjorie A. Guymon, Esq. John F. Schneringer, Esq. GOLDSMITH & GUYMON, P.C. 2055 Village Center Circle Las Vegas, Nevada 89102 Telephone: (702) 873-9500 E-mail: mguymon@goldguylaw.com About Marketing Guruss Marketing Guruss, Inc. filed a Chapter 11 petition (Bankr. D. Nev. Case No. 20-10047) on Jan. 3, 2020, listing under $1 million in both assets and liabilities. Judge Laurel E. Davis oversees the case. Marjorie A. Guymon, Esq., at Goldsmith & Guymon, P.C., is the Debtor's legal counsel. MATREIYA TRANS: Seeks to Hire Deanna J. Jones, CPA as Accountant ---------------------------------------------------------------- Matreiya Trans, Corp, seeks authority from the US Bankruptcy Court for the Eastern District of New York to employ Deanna J. Jones, CPA, LLC, as its accountant. Services to be rendered by the accountant are: a. gather and verify all pertinent information required to compile and prepare monthly operating reports; b. prepare monthly operating reports for the debtor in Bankruptcy Case No. 1-1947711-cec. The expected estimated monthly cost of services is $150; ultimately, depending on the duration of the case, the total cost of services is $3,600. The firm is a disinterested entity as the term is defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Deanna J. Jones, CPA Deanna J. Jones, CPA, LLC 2 Village Court Hazlet, NJ 07730 Tel: (732) 888-1911 Fax: (732) 307-0098 E-mail: deannajonescpa@gmail.com About Matreiya Trans, Corp. Based in New York City, New York, Matreiya Trans, Corp. filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Lead Case No. 19-47710) on Dec. 26, 2019, listing under $1 million in both assets and liabilities. The petition was signed by Michael L. Simon, president. Alla Kachan, Esq. at LAW OFFICES OF ALLA KACHAN, P.C., represents the Debtor as counsel. MEDCOAST MEDSERVICE: PCO Files 2nd Report ----------------------------------------- Dr. Timothy J. Stacy DNP, ACNP-BC, the Patient Care Ombudsman appointed under Section 333 of the Bankruptcy Code for Medcoast Medservice Inc., submits his second report with the U.S. Bankruptcy Court in the Central District of California regarding the quality of patient care provided to the Debtor's patients. Medcoast is a health care business as defined under Section 101(27)(A)in the Bankruptcy Code, California Corporate Number C2503728, with a physical business address of 14325 Iseli Road, Santa Fe Springs, CA 90670. The Secretary of State lists the Debtor's Chief Executive Officer, Secretary, Chief Financial Officer and Director as Artine Safarian. The Debtor's three principles are Safarian, Doug Spiro and Joe Casillas. As PCO, Dr. Stacy must: (1) monitor the quality of patient care provided to the Debtor's patients, to the extent necessary under the circumstances, including interviewing patients and physicians; (2) not later than 60 days after the date of appointment, and not less frequently than at 60-day intervals thereafter, report to the court after notice to the parties in interest, at a hearing or in writing, regarding the quality of patient care provided to patients of the Debtor; and (3) if such ombudsman determines that the quality of patient care provided to patients of the Debtor is declining significantly or is otherwise being materially compromised, file with the court a motion or a written report, with notice to the parties in interest immediately upon making such determination, according to 11 U.S.C. Section 333(b). The current management acquired the Debtor in August 2016. The Company is classified as a Medical Transport Company registered with the California Secretary of State. The most recent Secretary of State SI–200 was filed June 20th, 2017, under the corporate name of MEDCOAST MEDSERVICES, INC. The PCO notes that Mr. Spiro is a forward thinking, competent and experienced principal leader, and the other principals remain dedicated businessmen committed to operating a successful company while providing quality patient care. They remain actively involved in the day-to-day operations of the company. The PCO's Observations: 1) No significant changes have occurred that prompted the PCO to re-visit the main campus. To the contrary, the company continues to make positive changes to patient care. The parties also discussed the current and future status of the business, as it relates to the company’s ability to deliver safe patient care during the bankruptcy proceedings; 2) The average daily medical transports have increased with several new contracts potentials that will further increase the transports and further stabilize the company; 3) The company is implementing a two-tiered QAPI process. Onsite and field supervisors will act as compliance and training officers. The implementation of the field supervisors was not prompted by past or current patient care issues, rather the commitment to providing a quality service to the patients and clients; 4) No interruptions in critical vendor supplies have occurred since the PCO's last report. The main critical vendors to operate an ambulance company are gasoline, ambulance maintenance, pharmacy, medical supplies, and oxygen; 5) The Debtor continues to engage in patient care while in bankruptcy. The course of the review will be applied to the processing, storage and transmittal of electronic patient health information, hard copy stored charts and data as to compliance with the Health Insurance and Portability and Accountability Act of 1996 and subsequent update of 2003 HIPPA; 6) The Debtor is processing and handling patient health information according to federal regulations outlined in HIPPA and HITECH; 7) The personnel providing care have up-to-date certificates and licenses that allow employees to provide patient care, identified state, city and municipality contracts and confirmed that the ambulance rigs were maintained and performing as to the specifications of the California Highway Patrol Research and Planning Section; 8) The Debtor employs numerous nurses, respiratory therapists, and emergency medical technicians. Tracking cardiopulmonary resuscitation, Advanced Cardiac Life Support, state licensing and certifications can be difficult to perform; 9) The Debtor utilizes certification and licensing software technology that is integrated with the time clock system to maintain compliance and track certifications and licenses expiration data; 10) In the normal course of doing business as a medical transport company, functioning equipment, i.e., defibrillators, oxygen, suctioning devices and availability of required medications are crucial to patient care; and 11) The California Highway Patrol Research and Planning Section of the Enforcement and Planning Division certify general ambulance and medical transport vehicles annually for proper maintenance and performance. In addition to certifying the ambulances, they also perform background checks and LIVESCAN fingerprinting of the principles that operate the ambulance company. The PCO contacted Director Linda Brescia of the CHP Research and Planning section for an update on the principals since the first PCO report. No changes to the principals or transport equipment were filed during the second reporting period. The Debtor runs 19 ambulances and has three company principles listed with the CHP. According to Ms. Brescia, all 19 ambulances were certified for operation on October 9, 2019. The certification will expire on October 9 this year. All three company principles, Spiro, Casillas and Safarian remain without any reported misdemeanors, felonies or negative inquiries. The PCO also learned that the company is expanding their QAPI process, developing an EHR system that provides for increased provider compliance and implementing field supervisors. Despite the bankruptcy, the Debtor is positioning to acquire new contracts in new markets. The PCO did not find any concerns or issues that currently impact the Debtor's ability to provide quality patient care. The PCO will continue to monitor and report to the court, with the frequency required or more often if concerns occur that could potentially impact patient care. A full-text copy of the PCO's 2nd Report is available at https://tinyurl.com/vaacq23 from PacerMonitor.com at no charge. Attorneys for PCO: Roksana D. Moradi-Brovia, Esq. Matthew D. Resnik, Esq. RESNIK HAYES MORADI LLP 17609 Ventura Blvd., Suite 314 Encino, CA 91316 Telephone: (818) 285-0100 Facsimile: (818) 855-7013 E-mail: roksana@RHMFirm.com matt@RHMFirm.com About MedCoast Medservice MedCoast Medservice Inc. -- https://www.medcoastambulance.com/ -- provides emergency and non-emergency transportation to all of Los Angeles, Orange County and South Bay areas. MedCoast Medservice is a corporation whose primary business concerns the transport of individuals (patients) to and from their homes or places of need to hospitals, physicians, and/or health care providers. It operates from a rented facility located at 14325 Iseli Road, Santa Fe Springs, Calif. MedCoast Medservice filed for Chapter 11 protection (Bankr. C.D. Cal. Case No. 19-19334) on Aug. 9, 2019. In the petition signed by Artina Safarian, president, the Debtor disclosed assets at $952,016 and liabilities at $2,615,768, of which approximately $1,303,754 is owed for payroll taxes to the Internal Revenue Service. Judge Sheri Bluebond is the case judge. Henry D. Paloci III PA represents the Debtor. MLK ALBERTA: Seek to Hire Vanden Bos as Counsel ----------------------------------------------- MLK Alberta, LLC, seeks authority from the U.S. Bankruptcy Court for the District of Oregon to employ Vanden Bos & Chapman, LLP, as attorney to the Debtor. MLK Alberta requires Vanden Bos is to render are: (a) give Debtors legal advice with respect to Debtors' powers and duties as debtors-in-possession in the operation of Debtors' business; (b) institute such adversary proceedings as are necessary in the case; (c) represent Debtors generally in the proceedings and to propose on behalf of Debtors as a debtors-in-possession necessary applications, answers, orders, reports and other legal papers; and (d) perform all other legal services for a debtors-in- possession or to employ an attorney for such professional services. Vanden Bos' current hourly rates are: Ann K. Chapman, Managing Partner $455 Douglas R. Ricks, Partner $405 Christopher N. Coyle, Partner $375 Daniel C. Bonham, Associate $275 Certified Bankruptcy Assistants $250 Legal Assistants $135 The Debtor paid Vanden Bos a pre-petition retainer in the amount of $25,000. Douglas R. Ricks assures the Court that Vanden Bos & Chapman, LLP, has no connection with the creditors or any other adverse party or its attorneys, and Vanden Bos represents no interest adverse to the Debtor as debtor-in-possession or to the estate in the matters upon which Vanden Bos is to be engaged. Vanden Bos can be reached at: Douglas R. Ricks, Esq. VANDEN BOS & CHAPMAN, LLP 319 SW Washington St., Ste. 520 Portland, OR 97204 Tel: (503) 241-4869 Fax: (503) 241-3731 About MLK Alberta MLK Alberta, LLC, based in Portland, OR, filed a Chapter 11 petition (Bankr. D. Or. Case No. 20-31032) on March 18, 2020. In the petition signed by Meron Alemseghed, sole member, the Debtor was estimated to have $10 million to $50 million in assets and $1 million to $10 million in liabilities. The Hon. Trish M. Brown oversees the case. Douglas R. Ricks, Esq., at Vanden Bos & Chapman, LLP, serves as bankruptcy counsel to the Debtor. MODELL'S SPORTING: Hires A&G Realty as Real Estate Advisor ---------------------------------------------------------- Modell's Sporting Goods, Inc., and its debtor-affiliates, seeks authority from the U.S. Bankruptcy Court for the District of New Jersey to employ A&G Realty Partners, LLC, as real estate advisor to the Debtors. The Debtors do not own the real property where such stores and offices are located, and instead lease the real property from various lessors (collectively, the "Leases" and the "Lessors"). A&G Realty will render the following services to the Debtors: (a) consult with the Debtors to discuss the Debtors' goals, objectives and financial parameters in relation to the Leases; (b) provide ongoing advice and guidance based upon the Debtor's goals and objectives; (c) review the Debtors' Lease abstracts and provide Lease due diligence, analysis and market rent data; (d) negotiate with the landlords of the Properties and other third parties on behalf of the Debtors in order to assist the Debtors in obtaining Lease Sales; (e) if requested by the Debtors, negotiate with the landlords of the Properties on behalf of the Debtors in order to assist the Debtors in obtaining waivers or reductions of administrative rent ("Lease Waivers"); and (f) if requested by the Debtors, negotiate with the landlords of the Properties on behalf of the Debtors in order to assist the Debtors in reducing and amending its obligations under the Leases by modifying the terms and conditions thereof ("Lease Modifications"). A&G Realty will be paid as follows: (a) Retainer. Prior to the Petition Date, the Debtors paid A&G Realty a retainer fee in the amount of $50,000 upon execution of the Services Agreement. Pursuant to the Services Agreement, the retainer shall be nonrefundable and shall be applied to the fees and expenses due under the terms of the Agreement. (b) Lease Due Diligence and Analysis. In the event requested by the Debtors, the Debtors shall pay A&G Realty a fee in the amount of $60,000 for the provision of Lease due diligence and analysis. (c) Lease Sales. For each Lease Sale obtained by A&G Realty on behalf of the Debtors, A&G Realty shall earn and be paid a fee of 3% of the Gross Proceeds; provided however that A&G Realty's fee for any Lease Sale to Planet Fitness or to Raymour and Flannigan shall be reduced to 1.5% of the Gross Proceeds. (d) Lease Waivers. If requested and accepted by the Debtors in writing, for each Lease Waiver obtained by A&G Realty on behalf of the Debtors, A&G Realty shall earn and be paid a fee in the amount of 3% of the waiver amount. (e) Monetary Lease Modifications. If requested and accepted by the Debtors in writing, for each Monetary Lease Modification obtained by A&G Realty on behalf of the Debtors, A&G Realty shall earn and be paid a fee of 2% of the Occupancy Cost Savings. Andrew Graiser, partner of A&G Realty Partners, LLC, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. A&G Realty can be reached at: Andrew Graiser A&G REALTY PARTNERS, LLC 445 Broadhollow Road, Suite 410 Melville, NY 11747 Tel: (631) 420-0044 Fax: (631) 420-4499 About Modell's Sporting Goods, Inc. Modell's Sporting Goods -- https://www.modells.com/ -- is a family-owned and operated retailer of sporting goods, athletic footwear, active apparel, and fan gear. Modell's Sporting Goods operates stores throughout New York, New Jersey, Pennsylvania, Connecticut, Massachusetts, New Hampshire, Delaware, Maryland, Virginia and the District of Columbia. Modell's Sporting Goods, Inc., and its affiliates sought Chapter 11 protection (Bankr. D.N.J. Lead Case No. 20-14179) on March 11, 2020. Modell's Sporting Goods was estimated to have $500,000 to $1 million in assets and $1 million to $10 million in liabilities. The Hon. Vincent F. Papalia is the case judge. The Debtors tapped Cole Schotz P.C. as counsel; Berkeley Research Group, LLC, as restructuring advisor; and Prime Clerk LLC as claims agent. MOUNTAIN VIEW: Seeks to Hire Alban & Company CPAs as Accountant --------------------------------------------------------------- Mountain View Sports Center, Inc., d/b/a Adventure Apparel, seeks authority from the U.S. Bankruptcy Court for the District of Alaska to employ an accountant. Mountain View wishes to hire Alban & Company, CPA, as accountant for the bankruptcy estate to prepare state and federal income tax returns; prepare journal entries and other adjustments as necessary to debtor's financial records; advise on tax and financial issues; and prepare any accounting reports and accounting analyses as may be necessary or appropriate in connection with this bankruptcy case. Ron Alban, CPA, owner of Alban & Company, assures the court that his firm does not hold any interest or represent any adverse to the estate, with respect to the matters for which it is employed. The accountant can be reached at: Ron Alban, CPA Alban & Company, CPAs 3150 C Street, Ste 250 Anchorage AK 99503 Phone: +1 907-522-3222 About Mountain View Sports Center Mountain View Sports Center, Inc. -- https://www.mtviewsports.com/ -- is a full service fly shop and outdoor outfitter carrying a unique combination of high end brands catered to Alaska including Simms, Patagonia, Arcteryx, Filson, Pendleton, Sage Fly Rods, Hatch Reels, and many more. Mountain View Sports Center, Inc., based in Anchorage, AK, filed a Chapter 11 petition (Bankr. D. Alaska Case No. 20-00053) on Feb. 19, 2020. In the petition signed by John R. Staser, secretary, the Debtor was estimated to have $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. The Hon. Gary Spraker presides over the case. Cabot Christianson, Esq., at the Law Office of Cabot Christianson, P.C., serves as bankruptcy counsel. MW HORTICULTURE: Hires Collins Fire Protection as Consultant ------------------------------------------------------------ MW Horticulture Recycling Facility, Inc. seeks authority from the U.S. Bankruptcy Court for the Middle District of Florida to Collins Fire Protection & Life Safety Solutions, LLC, as consultant. Jeffrey P. Collins of Collins Fire Protection will stand as an expert witness and consultant regarding, among other things, the Debtor's fire prevention plans and fire mitigation plans for its business and business locations and regarding the Debtor's compliance with state and local land use or environmental statutes or ordinances which regulate or relate to fire or life safety issues. Mr. Collins and Collins Fire Protection may also assist in the investigation of that certain fire that occurred on the evening of February 12, 2020 at the Debtor's North Yard facility, located at 17610 East Street, North Fort Myers, FL 33917. Mr. Collins and Collins Fire Protection will also address the Debtor's compliance efforts regarding applicable fire and life safety regulations, laws and best practices and the Debtor's actions including the installation of adequate fire lanes in its locations; the maintenance of horticulture material in appropriately sized piles; and the adoption and implementation of a fire mitigation plan used to combat the fire, its remedial actions or efforts to satisfy the requirements of governmental authorities. Mr. Collins and Collins Fire Protection will also assist in the preparation of the Debtor's defense of the action brought by Lee County, Florida and in the Debtor's appeal of the licensure denial by the Florida Department of Environmental Protection. Compensation shall be paid to Collins Fire Protection for professional services on a lump sum basis of $3,500 which includes all expenses in advance. Compensation to Collins Fire Protection for additional services will be based on a time and expense basis at a rate of $215 per hour for consulting/engineering services and $100 per hour for travel. Mr. Collins assures the court that his interests, and Collins Fire Protection interests, are not adverse to the Debtor or to the estate. The firm can be reached through: Jeffrey P. Collins Collins Fire Protection & Life Safety Solutions, LLC 361 Mulberry Grove Rd. Royal Palm Beach, FL 33411 Phone: (561) 723-3225 About MW Horticulture Recycling Facility MW Horticulture Recycling Facility, Inc. is a family-owned and operated horticulture recycling waste management company with locations in Lee County. MW Horticulture Recycling Facility filed a voluntary Chapter 11 petition (Bankr. M.D. Fla. Case No. 19-12193) on Dec. 31, 2019. In the petition signed by Mark D. Houghtaling, president, the Debtor estimated $50,000 in assets and $1 million to $10 million in liabilities. Richard Johnston Jr., Esq., at Johnston Law, PLLC, is the Debtor's legal counsel. MW HORTICULTURE: Hires CycleLogic Environmental as Consultant ------------------------------------------------------------- MW Horticulture Recycling Facility, Inc., seeks authority from the U.S. Bankruptcy Court for the Middle District of Florida to employ CycleLogic Environmental Marketing & Consultation, as a consultant and expert witness to the Debtor. MW Horticulture requires CycleLogic Environmental to: a. assist in providing expertise, opinions and advice in the operations, sales and marketing relative to the above referenced project; b. provide technical, operational and product development advice and information services; c. meet, via telephone, teleconference, or in person with the Debtor and/or Project as necessary, with prior approval; d. promote and maintain a facultative environment for the study and development of the project; e. assist the Debtor in the evaluation and assessment of marketing plans and marketing studies; legal and financial thoroughness and viability; the market for the facility's output and competition in those markets; potential strategic alternatives, including strategic partners, assist the Debtor in other related areas as requested. CycleLogic Environmental will be paid at the hourly rate of $175. CycleLogic Environmental will also be reimbursed for reasonable out-of-pocket expenses incurred. David M. Hill, partner of CycleLogic Environmental Marketing & Consultation, 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. CycleLogic Environmental can be reached at: David M. Hill CYCLELOGIC ENVIRONMENTAL MARKETING & CONSULTATION 1688 Floyd Street Sarasota, FL 34239-2132 Tel: (301) 493-8380 About MW Horticulture Recycling Facility MW Horticulture Recycling Facility, Inc., is a family-owned and operated horticulture recycling waste management company with locations in Lee County. MW Horticulture Recycling Facility filed a voluntary Chapter 11 petition (Bankr. M.D. Fla. Case No. 19-12193) on Dec. 31, 2019. In the petition signed by Mark D. Houghtaling, president, the Debtor was estimated to have up to $50,000 in assets and $1 million to $10million in liabilities. Richard Johnston Jr., Esq., at Johnston Law, PLLC, is the Debtor's legal counsel. NA RAIL: Moody's Places B2 CFR on Review for Downgrade ------------------------------------------------------ Moody's Investors Service placed the ratings of rail operator NA Rail Hold Co. (aka Patriot Rail and Ports) on review for downgrade, including the B2 Corporate Family Rating, the B2-PD Probability of Default Rating and the B2 ratings of the $40 million revolving credit facility and the $285 million term loan due 2026. RATINGS RATIONALE The rapid and widening spread of the coronavirus outbreak, deteriorating global economic outlook, falling oil prices, and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets. The combined credit effects of these developments are unprecedented. The transportation sector is one of the sectors that will be significantly affected by the shock, in part given its sensitivity to consumer demand and sentiment. More specifically, the weaknesses in NA Rail Hold Co.'s credit profile, including its modest scale, have left it vulnerable to shifts in market sentiment in these unprecedented operating conditions, which are likely to affect NA Rail Hold Co.'s credit metrics as the outbreak continues to spread. Moody's regards the coronavirus outbreak as a social risk under its ESG framework, given the substantial credit implications of public health and safety. Its action reflects the expected impact on NA Rail Hold Co. of the breadth and severity of the shock, and the broad deterioration in credit quality it has triggered. In its review, Moody's will consider (i) the company's liquidity, (ii) the severity of the impact of the coronavirus outbreak on rail freight transportation and port operations, (iii) the ability of the company to adapt its costs and capital expenditures in a timely manner to possibly rapid changes in freight demand, and (iv) the potential to restore credit metrics when economic activity recovers following the coronavirus outbreak. The ratings consider NA Rail Hold Co.'s position as an operator of 12 short line railroads that connect with the national rail infrastructure of the Class 1 railroads in the US, the company's relatively modest scale and attractive operating margins. NA Rail Hold Co. has a $40 million revolving credit facility, which is considerable relative to the company's revenue base, although availability could be restricted due to a springing financial covenant. The term loan has no financial covenants. Although Moody's considers the environmental risks of the surface transportation sector to be 'emerging', NA Rail Hold Co. is much less exposed to environmental risks because it does not ship any coal. The ratings could be downgraded if Moody's expects that operating margins decrease towards the mid-teens (calculated excluding amortization), debt/EBITDA increases to more than 6 times, or that liquidity weakens, including if free cash flow drops below $10 million per annum. There will be no upward pressure on the ratings until freight volumes increase along with general economic activity in the US. The ratings could be upgraded if the company demonstrates a prudent execution of its acquisition strategy, operating margins are consistently in excess of 20% (calculated excluding amortization), debt/EBITDA remains below 4.5 times and if free cash flow increases solidly. The following rating actions were taken: On Review for Downgrade: Issuer: NA Rail Hold Co. Corporate Family Rating, Placed on Review for Downgrade, currently B2 Probability of Default Rating, Placed on Review for Downgrade, currently B2-PD Senior Secured Bank Credit Facility, Placed on Review for Downgrade, currently B2 (LGD3) Outlook Actions: Issuer: NA Rail Hold Co. Outlook, Changed To Rating Under Review From Stable The principal methodology used in these ratings was Surface Transportation and Logistics published in May 2019. NA Rail Hold Co. jointly owns Patriot Rail & Ports with NA Ports Hold Co. Patriot Rail and Ports operates 12 short line railroads in North America and provides rail services, including railcar cleaning, track cleaning and maintenance in 14 states. In addition, Patriot Rail and Ports operates eight port terminals and two cold storage facilities in five states in the southeastern US. NA Rail Hold Co. and NA Ports Hold Co. are owned by an infrastructure fund managed by First State Investments. NAI CAPITAL: Seeks to Hire Leitner Zander as Accountant ------------------------------------------------------- NAI Capital, Inc., seeks authority from the U.S. Bankruptcy Court for the Central District of California to employ Leitner, Zander & Co., LLP as its accountants. Services the accountants will render are: a. prepare and file an application for an extension of time for the Debtor to file its 2019 tax returns; b. prepare and file the Debtor's tax returns, including for 2019 and thereafter; c. analyze and communicate with the Debtor and its attorneys regarding net operating loss carrybacks and carryforwards; d. analyze and communicate with the Debtor and its attorneys regarding any proofs of claim filed by any taxing authorities; and e. perform any other services which may be appropriate in Leitner's role as the Debtor’s accountants. The Debtor expects that Len Zander and Leslie Buttigieg will be the CPAs at LZ&C responsible for providing accounting serves to the Debtor during its Chapter 11 case. The current hourly billing rates for these CPAs are $225 and $150, respectively. Leitner does not hold or represent any interest adverse to the Debtor or the Debtor's estate, and is a "disinterested person" as that term is defined in 11 U.S.C. Sec. 101(14) of the Bankruptcy Code, according to court filings. The accountant can be reached through: Len Zander, CPA Leitner Zander Sniderman & Co 11611 San Vicente Blvd # 740 Los Angeles, CA 90049 Phone: (310) 820-1601 About NAI Capital NAI Capital, Inc. is a commercial real estate and property management company based in Encino, California. It specializes in the leasing and sale of office, the sale of investments, land and residential income, tenant representation, and corporate services. The Company was founded in 1979. NAI Capital, Inc., based in Encino, CA, filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 20-10256) on Jan. 31, 2020. In the petition signed by Chris Jackson, executive managing director and authorized agent, the Debtor was estimated to have up to $1 million to $10 million in both assets and liabilities. The Hon. Deborah J. Saltzman oversees the case. Levene Neale Bender, Yoo & Brill LLP serves as bankruptcy counsel. McGarrigle Kenney & Zampiello, APC, as special litigation and special corporate counsel. NATIONAL QUARRY: Seeks to Hire North State Business as Accountant ----------------------------------------------------------------- National Quarry Services, Inc. and NQS Equipment Leasing Company seek authority from the US Bankruptcy Court for the Middle District of North Carolina to employ North State Business Group LLC to provide non-audit services to the Debtor, specifically preparation of federal tax returns for both entities. North State will provide the following services: (a) prepare the 2019 tax return for NQSEL; and (b) prepare the 2018 tax return for NQS, currently not filed though an extension was previously approved; North State's services for preparation of the federal tax returns are billed at a rate of $200 per hour. The Debtors estimate the total cost of preparing and filing these tax returns to be $6,0000, not including expenses. North State does not hold or represent any interest adverse to the Debtor, its creditors, or other parties-in-interest in connection with the Debtors and this Chapter 11 case, and is a "disinterested person" as that term is defined by Bankruptcy Code Section 101(14), as modified by Bankruptcy Code Section 1107(b), according to court filings. The firm can be reached through: J.R. Lawson North State Business Group LLC 1451-D Trade Mart Blvd Winston-Salem, NC 27127 Phone: (336) 858-5180 Fax: (336) 858-5181 About National Quarry Services and National Quarry Services National Quarry Services, Inc. -- https://nationalquarryservice.com -- is a full-service rock drilling and blasting company. National Quarry Services and its affiliate NQS Equipment Leasing Company sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. N.C. Lead Case No. 20-50070) on Jan. 23, 2020. At the time of the filing, the Debtors each had estimated assets of between $1 million and $10 million and liabilities of between $10 million and $50 million. Judge Benjamin A. Kahn oversees the cases. The Debtors tapped James C. Lanik, Esq., at Waldrep, LLP, as their legal counsel. William Miller, the U.S. bankruptcy administrator for the Middle District of North Carolina, appointed three creditors to serve on the official committee of unsecured creditors in the Debtor's Chapter 11 case. NAVITAS MIDSTREAM: S&P Lowers ICR to B-; Outlook Negative --------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Navitas Midstream Midland Basin LLC to 'B-' from 'B'. At the same time, S&P lowered its issue-level rating to 'B-' from 'B+'. S&P also revised its recovery rating on the loans to '3' from '2', indicating its expectation of meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a default. "The downgrade follows the downward revision of our commodity price deck, which we expect will cause Navitas to have lower adjusted EBITDA and volume flow levels than we previously forecast. We expect that the company and its midstream peers will face a more challenging marketplace for the remainder of 2020 and 2021, as producers reevaluate their development timelines and production forecasts. We forecast that Navitas will sustain an adjusted debt-to-EBITDA ratio in the 6.5x-7.0x range over the next 12 months, although it will have adequate liquidity and the support of its sponsor, Warburg Pincus LLC, to maintain stable operations and deleverage over time," S&P said. The negative outlook reflects S&P's expectation that Navitas will realize lower throughput volumes than the rating agency previously forecast and leverage metrics will remain elevated over the next 12 months, with debt-to-EBITDA in the 6.5x-7.0x range. S&P also believes that as upstream companies drastically lower capital spending, production and volumes could decline in 2021 in the Permian Basin, which could further weaken Navitas' credit metrics. "We could lower the rating if the company's capital structure becomes unsustainable and if Navitas' liquidity deteriorates further. This could occur due to a continued underperformance on the company's throughput volumes, further operational challenges, or if Navitas sustained higher-than-expected operating expenses and capital expenditures without additional support from its sponsor," S&P said. "We could revise the outlook to stable if the company maintains debt-to-EBITDA of less than 6.5x while increasing its throughput volumes and consistently sweeping cash to pay down its outstanding term loan balance," the rating agency said. NEP/NCP HOLDCO: Moody's Cuts CFR to Caa2 & Alters Outlook to Neg. ----------------------------------------------------------------- Moody's Investors Service downgraded NEP/NCP Holdco, Inc's Corporate Family Rating to Caa2 from B3, Probability of Default Rating to Caa2-PD from B3-PD, senior secured 1st lien credit facilities to Caa1 from B2 and senior secured 2nd lien term loan to Ca from Caa2. The outlook for NEP/NCP Holdco, Inc and NEP Europe Finco B.V. has been revised to negative from stable. The rating downgrades reflect Moody's expectations for significant earnings and liquidity deterioration due to event cancellations and postponements in NEP's outsourced broadcasting and live events business segments which have been impacted by the coronavirus outbreak and social distancing measures. Downgrades: Issuer: NEP Europe Finco B.V. Gtd Senior Secured 1st lien Term Loan, Downgraded to Caa1 (LGD3) from B2 (LGD3) Issuer: NEP/NCP Holdco, Inc Corporate Family Rating, Downgraded to Caa2 from B3 Probability of Default Rating, Downgraded to Caa2-PD from B3-PD Gtd Senior Secured 1st lien Term Loan, Downgraded to Caa1 (LGD3) from B2 (LGD3) Gtd Senior Secured 1st lien Multi Currency Revolving Credit Facility, Downgraded to Caa1 (LGD3) from B2 (LGD3) Gtd Senior Secured 2nd lien Term Loan, Downgraded to Ca (LGD6) from Caa2 (LGD6) Outlook Actions: Issuer: NEP Europe Finco B.V. Outlook, Revised to Negative from Stable Issuer: NEP/NCP Holdco, Inc Outlook, Revised to Negative from Stable RATINGS RATIONALE The rapid and widening spread of the coronavirus outbreak, deteriorating global economic outlook, falling oil prices, and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets. The combined credit effects of these developments are unprecedented. The live events sector has been one of the sectors most significantly affected by the shock given its sensitivity to in-person attendance. More specifically, the weaknesses in NEP's credit profile, including its exposure to live events outsourced services have left it vulnerable to shifts in market sentiment in these unprecedented operating conditions and NEP remains vulnerable to the outbreak continuing to spread. Moody's regards the coronavirus outbreak as a social risk under its ESG framework, given the substantial implications for public health and safety. Its action reflects the impact on NEP of the breadth and severity of the shock, and the broad deterioration in credit quality it has triggered. Moody's anticipates that NEP's liquidity will be substantially constrained as the company is currently operating primarily its Media Solutions business, which accounts for approximately 25% of its revenue. Many of the live sporting events, including the 2020 Olympics, have been cancelled or postponed, impacting NEP's outsource broadcasting and live events business segments. The company has taken steps to reduce its operating expenses, eliminated its capital expenditures during the period of reduced activity and has fully drawn down its revolving credit facility as a macro-environment cautionary measure, with cash held on the balance sheet to fund liquidity. To the extent that coronavirus outbreak and social distancing requirements continue into the 3nd quarter, the risk of a potential covenant breach is high absent a waiver and additional incremental funding. The company's credit agreement provides for cure rights of the leverage based financial covenant. The negative outlook reflects the uncertainty surrounding the duration of social distancing and containment measures resulting from the coronavirus pandemic and when the company can resume revenue growth within its live events and outsourced broadcasting segments. The negative outlook also reflects the heightened risk of a covenant breach. A downgrade could occur if NEP continues to experience disruption in contract bookings and live events for an extended period, liquidity deteriorates further, or Moody's expects an increased risk of default. The ratings outlook could be stabilized if NEP's liquidity strengthens along with the coronavirus outbreak moderating and social distancing measures reducing. Ratings upgrades are unlikely over the near-term, and would require adequate liquidity and an expectation for renewed outsourced broadcasting and live events contracts. The principal methodology used in these ratings was Business and Consumer Service Industry published in October 2016. NEP/NCP Holdco, Inc, based in Pittsburgh, PA and owned primarily by affiliates of the Carlyle Group, provides outsourced media services necessary for the delivery of live broadcast of sports and entertainment events to television and cable networks, television content providers, and sports and entertainment producers. Its major customers include television networks such as ESPN, and key events it supports include the Super Bowl, the Olympics and sporting events such as Major League Baseball and Sky and Scottish Premier League football, as well as entertainment shows such as American Idol and The Voice. NEUROPROTEXEON INC: Hires Tronconi Segarra as Accountant -------------------------------------------------------- NeuroproteXeon, Inc., and its debtor-affiliates, seek authority from the U.S. Bankruptcy Court for the District of Delaware to employ Tronconi Segarra & Associates LLP, as accountant to the Debtor. NeuroproteXeon, Inc. requires Tronconi Segarra to: a) prepare the Debtors' federal tax returns for the year 2019 with supporting schedules; b) prepare the Debtors' New York State C corporation tax returns for the year 2019; c) file appropriate extensions with respect to the Debtors' federal and New York State tax returns; and d) prepare any necessary bookkeeping entries in connection with the preparation of the income tax returns, if deemed necessary. Tronconi Segarra will be paid at these hourly rates: Partners $250 to $320 Senior Managers $170 to $225 Managers $145 to $170 Senior Accountants $115 to $140 Staff Accountants $100 to $105 Tronconi Segarra will also be reimbursed for reasonable out-of-pocket expenses incurred. Charles P. Pezzino, partner of Tronconi Segarra & Associates LLP, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Tronconi Segarra can be reached at: Charles P. Pezzino TRONCONI SEGARRA & ASSOCIATES LLP 8321 Main Street Williamsville, NY 14221 Tel: (716) 633-1373 About NeuroproteXeon Inc. NeuroproteXeon, Inc., and its subsidiaries -- https://www.neuroprotexeon.com/ -- are generally engaged in the development, commercialization and marketing of pharmaceutical agents, medical devices and/or other life sciences technologies. Since 2018, the Group has concentrated on developing, testing and obtaining worldwide regulatory approval of a product consisting of pharmaceutical grade xenon gas for inhalation, which has been trademarked under the name XENEXTM, and a propriety device which delivers a combination of XENEXTM and oxygen to the respiratory system of persons who experience Post-Cardiac Arrest Syndrome. The companies each filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 19-12676) on Dec. 16, 2019. Ashby & Geddes, P.A., is the Debtors' general bankruptcy counsel; Brown Rudnick, LLP, is the Debtors' special counsel. Emerald Capital Advisors, Corp., is the Debtors' financial advisor; Lincoln Partners Advisors LLC is the Debtors' investment banker. Omni Agent Solutions, Inc., serves as the Debtors' claims & noticing agent. NORTHERN DYNASTY: Alaska's Pebble Project Continues to Advance -------------------------------------------------------------- Northern Dynasty Minerals Ltd. reports that work and progress at Alaska's Pebble copper-gold-molybdenum project continue to advance despite mandatory and voluntary steps being taken by its 100%-owned US-based subsidiary Pebble Limited Partnership to ensure the health and safety of its employees, consultants, partners and Alaska neighbours. The US Army Corps of Engineers ("USACE") is currently undertaking a federal Environmental Impact Statement ("EIS") permitting review of the Pebble Project under the National Environmental Policy Act. The USACE's schedule for the Pebble EIS process (as reflected on its pebbleprojecteis.com website) calls for a Final EIS and Record of Decision ("ROD") by mid-2020 - a target that has not been adjusted as a result of the COVID-19 pandemic. Northern Dynasty President & CEO Ron Thiessen expressed his appreciation for the professionalism and dedication of the Company's staff, Pebble Partnership employees, federal and state regulators and others for observing critically important public health and safety protocols while also advancing a project that will be important to economic recovery in Alaska and the United States. Pebble Partnership CEO Tom Collier: "In response to the Alaska Governor's order, we along with all other nonessential offices in Alaska have closed our office. I start early every morning with a series of separate phone calls with each of our teams to make sure everyone is focused each day on our priority- keeping on schedule for the timely publication of the Final EIS. Everyone on the Pebble team is healthy and working. "We also are in touch with our team in Iliamna and our Alaska Native village corporation partners at Iliamna Natives Limited and Alaska Peninsula Corporation. All in-bound air traffic has been severely restricted, except for returning full-time residents who must be quarantined for 14 days upon arrival, and to ensure delivery of other necessary supplies. We intend to stay in touch to make sure those in the region are safe. "While it feels like the entire world has come to a halt because of COVID-19, many organizations, Pebble included, have modified their approach to work but remain focused on core activities. For us this means making sure we are doing everything necessary to ensure that the project schedule published by the USACE of a Final EIS and a ROD by mid-2020 remains on track. "We do not see any indication at this point of delay. Some of the regulatory agencies are working from home, but they are continuing to work. As you know, a draft of the Final EIS has been completed and is being reviewed by the cooperating agencies. The technical review meetings were completed before COVID-19 closed offices. Obviously, things change daily regarding COVID-19 and its impacts, but we remain focused on our goal of keeping on schedule. "The health and safety of our Pebble team and those who live in the region remain of paramount importance." About Northern Dynasty Minerals Northern Dynasty -- http://www.northerndynastyminerals.com/-- is a mineral exploration and development company based in Vancouver, Canada. Northern Dynasty's principal asset, owned through its wholly-owned Alaska-based US subsidiary Pebble Limited Partnership, is a 100% interest in a contiguous block of 2,402 mineral claims in southwest Alaska, including the Pebble deposit. The Company is listed on the Toronto Stock Exchange under the symbol "NDM" and on the NYSE American Exchange under the symbol "NAK". Northern Dynasty reported a net loss of C$15.95 million for the year ended Dec. 31, 2018, compared to a net loss of C$64.86 million for the year ended Dec. 31, 2017. As of Dec. 31, 2018, the Company had C$161.92 million in total assets, C$13.71 million in total liabilities, and C$148.21 million in total equity. Deloitte LLP, in Vancouver, Canada, the Company's auditor since 2009, issued a "going concern" qualification in its report dated April 1, 2019, on the Company's consolidated financial statements for the year ended Dec. 31, 2018, stating that the Company incurred a net loss during the year ended Dec. 31, 2018 and, as of that date, the Company's consolidated deficit was $487 million. These conditions, along with other matters, raise substantial doubt about its ability to continue as a going concern. NULIFE MULHOLLAND: Judge Denies Bid to Extend Exclusivity Period ---------------------------------------------------------------- Judge Martin Barash of the U.S. Bankruptcy Court for the Central District of California denied further extension of Nulife Mulholland, LLC's exclusivity periods to file and solicit acceptances for its Chapter 11 plan. About Nulife Mulholland NuLife Mulholland LLC owns and operates an addiction treatment center in California. It owns in fee simple an 11.2-acre lot with 7400-square-foot house and 800-square-foot guest house located in Calabasas, Calif., having an appraised value of $7 million. NuLife Mulholland also owns in fee simple a two-acre lot with small vineyard valued at $750,000. NuLife Mulholland sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 19-12407) on Sept. 24, 2019. In the petition signed by its managing member, John D. Meints Jr., the Debtor disclosed $8,028,177 in assets and $5,180,697 in debt. Judge Martin R. Barash oversees the case. The Law Offices of Robert M. Yaspan is the Debtor's legal counsel. Dr. Timothy J. Stacy has been appointed as patient care ombudsman for the company. The PCO is represented by Resnik Hayes Moradi LLP. NXT ENERGY: Gets US$466K Progress Payment from Nigerian SFD Survey ------------------------------------------------------------------ NXT Energy Solutions Inc. has received an additional US$466,000 payment from its US$8.9 million Nigerian SFD survey, bringing total payments to date to US$8.4 million. The contracted holdback amount of approximately US$0.5 million should be paid to the Company upon the conclusion of negotiations for additional work under the current contract framework. George Liszicasz, president and CEO of NXT, commented, "The progress payment is further recognition from the Nigerian National Petroleum Corporation that NXT, and our partner PE Energy, have made significant contributions to oil and gas exploration in Nigeria. Before the travel restrictions brought on by COVID-19, my team and I completed a month-long broad scale international business development effort to pursue SFD survey opportunities within North Africa, Mexico, and several Asian countries. We signed a non-binding memorandum of understanding with an independent oil company with interests in East-Central Africa. We will continue these negotiations via video conference and update the market as warranted." NXT intends to release its financial and operating results for the year ended Dec. 31, 2019, including management's discussion and analysis with respect thereto, on Monday, April 6, 2020 after market close. A conference call to discuss the 2019 results will be held on Tuesday, April 7, 2020 at 4:30 p.m. Eastern Time (2:30 p.m. Mountain Time). Additional details in respect of the conference call and disclosure required under ASC Blanket Order 51-517 in respect of the April 6, 2020 release will be provided by way of separate communication. The Company also announced that its CEO has entered into a matrimonial settlement dated Dec. 23, 2019 that includes the transfer of 800,000 NXT common shares of the capital of the Company to his former spouse by March 31, 2020. In addition it stipulates certain restrictions on the sale of the Shares, with the CEO retaining a right of first refusal in such event. About NXT Energy NXT Energy Solutions Inc. is a Calgary-based technology company whose proprietary SFD survey system utilizes quantum-scale sensors to detect gravity field perturbations in an airborne survey method which can be used both onshore and offshore to remotely identify areas with exploration potential for traps and reservoirs. The SFD survey system enables the Company's clients to focus their hydrocarbon exploration decisions concerning land commitments, data acquisition expenditures and prospect prioritization on areas with the greatest potential. SFD is environmentally friendly and unaffected by ground security issues or difficult terrain and is the registered trademark of NXT Energy Solutions Inc. NXT Energy Solutions Inc. provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration. NXT Energy reported a net loss and comprehensive loss of C$6.96 million for the year ended Dec. 31, 2018, compared to a net loss and comprehensive loss of C$8.97 million for the year ended Dec. 31, 2017. At March 31, 2019, the Company had total assets of C$27.39 million in total assets, total liabilities of C$4.93 million, and C$22.45 million in total shareholders' equity. The Company's independent accounting firm KPMG LLP, in Calgary, Canada, issued a "going concern" qualification in its report dated April 1, 2019, on the Company's consolidated financial statements for the year ended Dec. 31, 2018, citing that the Company's current and forecasted cash position is not expected to be sufficient to meet its obligations for the 12 months period beyond the date that these financial statements have been issued. These conditions, along with other matters, indicate the existence of a material uncertainty that casts substantial doubt about the Company's ability to continue as a going concern. OWENS & MINOR: CEO Pesicka Appears on Jim Cramer's Mad Money ------------------------------------------------------------ Edward A. Pesicka, president and chief executive officer of Owens & Minor, Inc., appeared on CNBC's Mad Money with Jim Cramer on March 27, 2020. Mr. Pesicka addressed the Company's financial and operational performance, projected earnings for the remainder of 2020, expected earnings growth for 2021 and beyond and the impact of the COVID-19 virus on the Company, among other things. Mr. Pesicka disclosed that the Company continues to expect adjusted net income from continuing operations for 2020 in the range of $0.50 to $0.60 per share and sustained annual double-digit earnings growth beyond 2020, as previously disclosed in the Company's earnings release on March 4, 2020 which was furnished to the Securities & Exchange Commission via a Current Report on Form 8-K. The Company also supplemented and updated the risk factors that were previously described in Item 1A of the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2019 that was filed with the SEC on March 4, 2020. "We are subject to risks related to public health crises such as the global pandemic associated with the coronavirus (COVID-19). "As a global healthcare solutions company, the Company is impacted by public health crises such as the global pandemic associated with COVID-19. The outbreak has significantly increased economic and demand uncertainty. In addition, public and private sector policies and initiatives to reduce the transmission of COVID-19, such as the imposition of travel restrictions and the adoption of remote working, have impacted our operations. In these challenging and dynamic circumstances, we are working to protect our employees and the public, maintain business continuity and sustain our operations, including ensuring the safety and protection of the people who work in our production and distribution centers across the world, many of whom support the manufacturing and delivery of products that are critical in response to the global pandemic. COVID-19 may impact our supply chains relative to global demand for our facial protection and protective apparel products. COVID-19 may also affect the ability of suppliers and vendors to provide products and services to us. Some of these factors could increase the demand for our products, while others could decrease demand or make it more difficult for us to serve customers. Furthermore, COVID-19 has impacted and may further impact the broader economies of affected countries, including negatively impacting economic growth, the proper functioning of financial and capital markets, foreign currency exchange rates, and interest rates. For example, in recent weeks, the continued spread of COVID-19 has led to disruption and volatility in the global capital markets, which increases the cost of capital and adversely impacts access to capital. Due to the speed with which the situation is developing and the uncertainty of its duration and the timing of recovery, we are not able at this time to predict the extent to which the COVID-19 pandemic may have a material effect on our financial or operational results." About Owens & Minor Headquartered in Mechanicsville, Virginia, Owens & Minor, Inc. -- http://www.owens-minor.com-- is a global healthcare solutions company with integrated technologies, products, and services aligned to deliver significant and sustained value for healthcare providers and manufacturers across the continuum of care. Owens & Minor helps to reduce total costs across the supply chain by optimizing episode and point-of-care performance, freeing up capital and clinical resources, and managing contracts to optimize financial performance. Owens & Minor was founded in 1882 in Richmond, Virginia, where it remains headquartered today. Owens & Minor reported a net loss of $62.37 million for the year ended Dec. 31, 2019, compared to a net loss of $437.01 million for the year ended Dec. 31, 2018. As of Dec. 31, 2019, the Company had $3.64 billion in total assets, $3.18 billion in total liabilities, and $462.15 million in total equity. * * * As reported by the TCR on March 11, 2020, Fitch Ratings affirmed Owens & Minor, Inc.'s (OMI) Long-Term Issuer Default Rating at 'CCC+'. The rating affirmation reflects OMI's limited financial flexibility as a result of customer losses, heightened competition, accelerating pricing pressure, and significantly reduced earnings relative to debt levels. P8H INC: Seeks to Hire Kirby Aisner as Legal Counsel ---------------------------------------------------- P8H, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Kirby Aisner & Curley, LLP as its legal counsel. Kirby Aisner will advise the Debtor of its powers and duties under the Bankruptcy Code and will provide other legal services in connection with its Chapter 11 case. The firm will be paid at these rates: Associates $295 per hour Partners $425 to $525 per hour Paraprofessionals $125 per hour Dawn Kirby, Esq., at Kirby Aisner, disclosed in court filings that the firm is "disinterested" within the meaning of 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, New York 10583 Phone: (914) 401-9500 (914) 401-9501 E-mail: dkirby@kacllp.com About P8H Inc. P8H, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 20-10809) on March 16, 2020. At the time of the filing, the Debtor had estimated assets of less than $50,000 and liabilities of between $50,001 and $100,000. Judge Stuart M. Bernstein oversees the case. The Debtor is represented by Kirby Aisner & Curley, LLP. PEARL RESOURCES: Seeks to Hire Hawash Cicack as Attorney -------------------------------------------------------- Pearl Resources LLC, and Pearl Resources Operating Co. LLC seek authority from the United States Bankruptcy Court for the Southern District of Texas to hire Hawash Cicack & Gaston LLP as their attorneys. The Debtors require Hawash Cicack to: (a) assist, advise and represent the Debtors relative to the administration of these chapter 11 cases; (b) assist, advise and represent the Debtors in analyzing the Debtors' assets and liabilities, investigating the extent and validity of liens and participating in and reviewing any proposed asset sales or dispositions; (c) attend meetings and negotiate with the representatives of the secured creditors; (d) assist the Debtors in the preparation, analysis and negotiation of any plan of reorganization and disclosure statement accompanying any plan of reorganization; (e) take all necessary action to protect and preserve the interests of the Debtors; (f) appear, as appropriate, before this Court, the Appellate Courts, and other Courts in which matters may be heard and to protect the interests of Debtors before said Courts and the United States Trustee; (g) perform all other necessary legal services in this case; and (h) represent Debtors' interests, as required in the pending state court actions. Hawash Cicack current hourly billing rates are: Walter Cicack - $450 Partners - $400 Associate - $250 Paralegals - $125 Hawash Cicack does not represent any interest adverse to the Debtors, their estate, creditors, equity holders, or affiliates, and is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Walter J. Cicack, Esq. HAWASH CICACK & GASTON LLP 3401 Allen Parkway, Suite 200 Houston, TX 77019 Tel: (713) 658-9015 Email: wcicack@hgcllp.com About Pearl Resources Pearl Resources is a privately held company in the oil and gas extraction industry. Pearl Resources Operating Co, LLC, and Pearl Resources LLC filed their voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 20-31586 and 20-31585, respectively) on March 3, 2020. The petitions were signed by Myra Dria, manager and sole member of of Pearl Resources Operating and manager of Pearl Resources LLC. At the time of filing, the Debtors estimated $10 million to $50 millionin both assets and liabilities. Walter J. Cicack, Esq. at HAWASH CICACK & GASTON LLP represents the Debtors as their counsel. PENNRIVER COMMUNITY: Hires UHY Advisors as Accountant ----------------------------------------------------- Pennriver Community LLC, Fortville Apartments LLC, and West Garden Club, LLC, seek authority from the U.S. Bankruptcy Court for the Eastern District of Michigan to employ UHY Advisors MI, Inc., as accountant to the Debtors. Pennriver Community requires UHY Advisors to: -- assist the Debtor in the preparation and filing of its 2019 federal and state tax returns; -- prepare financial statements; and -- prepare financial projections and related services. UHY Advisors will be paid at these hourly rates: Partners $350 to $450 Principals $300 to $350 Senior Managers $225 to $290 Managers $200 to $220 Senior Accountants $170 to $165 Staff Accountants $140 to $165 UHY Advisors will be paid a retainer in the amount of $10,000. UHY Advisors will also be reimbursed for reasonable out-of-pocket expenses incurred. Ali Baydoun, partner of UHY Advisors MI, Inc., assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. UHY Advisors can be reached at: Ali Baydoun UHY ADVISORS MI, INC. 27725 Stansbury, Suite 210 Farmington Hills, MC 48334 Tel: (248) 355-0280 Fax: (248) 355-0157 About Pennriver Community Pennriver Community, LLC, is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). Pennriver Community sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 20-41082) on Jan. 26, 2020. At the time of the filing, the Debtor disclosed assets of between $1 million and $10 million and liabilities of the same range. Judge Mark A. Randon oversees the case. Zousmer Law Group, PLC is the Debtor's legal counsel. POET TECHNOLOGIES: To Webcast at VirtualInvestorConferences.com --------------------------------------------------------------- Thomas Mika, executive vice president & chief financial officer of POET Technologies, Inc. will present live at VirtualInvestorConferences.com on April 2nd. DATE: Thursday, April 2nd TIME: 12:00 p.m. EDT | 9:00 a.m. PDT LINK: https://tinyurl.com/April2TechVIC This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event. It is recommended that investors pre-register and run the online system check to expedite participation and receive event updates. Learn more about the event at www.virtualinvestorconferences.com. Company Highlights * Developing disruptive solution to address key integration challenges in photonics * Demonstrated proof of concept for POET Optical Interposer platform * In active discussions with prospective customers about designing POET solutions into commercial products * Strengthened balance sheet and lowered cash burn with the sale of Singapore-based wafer fab for US$26M * Added nine senior photonics executives and senior engineers, bringing the company's total headcount to 25 * Opened office and lab operations in Allentown, PA and Singapore About POET Technologies, Inc. POET Technologies -- www.poet-technologies.com -- is a design and development company offering integration solutions based on the POET Optical Interposer, a novel platform that allows the seamless integration of electronic and photonic devices into a single multi-chip module using advanced wafer-level semiconductor manufacturing techniques and packaging methods. POET's Optical Interposer eliminates costly components and labor-intensive assembly, alignment, burn-in and testing methods employed in conventional photonics. The cost-efficient integration scheme and scalability of the POET Optical Interposer brings value to any device or system that integrates electronics and photonics, including some of the highest growth areas of computing, such as Artificial Intelligence (AI), the Internet of Things (IoT), autonomous vehicles and high-speed networking for cloud service providers and data centers. POET is headquartered in Toronto, with operations Allentown, PA and Singapore. POET reported net losses of US$16.32 million in 2018, US$12.80 million in 2017, and US$13.22 million in 2016. As of Sept. 30, 2019, the Company had US$26.37 million in total assets, US$11.53 million in total liabilities, and US$14.84 million in shareholders' equity. Marcum LLP, in New Haven, CT, the Company's auditor, issued a "going concern" qualification in its report dated April 29, 2019, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. PRECIPIO INC: Incurs $13.2 Million Net Loss in 2019 --------------------------------------------------- Precipio, Inc., filed with the Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $13.24 million on $3.13 million of net sales for the year ended Dec. 31, 2019, compared to a net loss of $15.69 million on $2.86 million of net sales for the year ended Dec. 31, 2018. As of Dec. 31, 2019, the Company had $19.51 million in total assets, $6.31 million in total liabilities, and $13.20 million in total stockholders' equity. Cash increased by $0.5 million during the year ended Dec. 31, 2019, compared to a decrease of less than $0.1 million during the year ended Dec. 31, 2018. The cash flows used in operating activities of $9.1 million during the year ended Dec. 31, 2019 included a net loss of $13.2 million, an increase in accounts receivable of $0.8 million, a decrease in accounts payable of $1.9 million and a decrease in operating lease liabilities of $0.2 million. Cash flows used in investing activities were $0.1 million for the year ended Dec. 31, 2019 and 2018, respectively, resulting from purchases of property and equipment. Cash flows provided by financing activities totaled $9.7 million for the year ended Dec. 31, 2019, which included proceeds of $6.6 million from the issuance of common stock, $1.6 million from the exercise of warrants and $2.1 million from the issuance of convertible notes. Marcum LLP, in Hartford, CT, the Company's auditor since 2016, issued a "going concern" qualification in its report dated March 27, 2020 citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. A full-text copy of the Form 10-K is available for free at: https://is.gd/yqD0CE About Precipio Omaha, Nebraska-based Precipio, formerly known as Transgenomic, Inc. -- http://www.precipiodx.com/-- is a cancer diagnostics company providing diagnostic products and services to the oncology market. The Company has developed a platform designed to eradicate misdiagnoses by harnessing the intellect, expertise and technology developed within academic institutions and delivering quality diagnostic information to physicians and their patients worldwide. Precipio operates a cancer diagnostic laboratory located in New Haven, Connecticut and has partnered with the Yale School of Medicine. PREMIER DENTAL: Moody's Places B3 CFR on Review for Downgrade ------------------------------------------------------------- Moody's Investors Service placed Premier Dental Services, Inc.'s ratings on review for downgrade, including the B3 Corporate Family Rating, the B3-PD Probability of Default Rating, and the B3 senior secured debt ratings. The rapid and widening spread of the coronavirus outbreak, deteriorating global economic outlook, falling oil prices, and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets. The combined credit effects of these developments are unprecedented. On March 18, the Centers for Medicare & Medicaid Services advised that all elective surgeries, non-essential medical, surgical, and dental procedures be delayed in order to increase capacity and resources to fight the coronavirus outbreak. The Centers for Disease Control and Prevention, several governors and others are advising the same. Based on the guidance to limit non-essential medical and surgical procedures, Moody's believes that dental service organizations like Western Dental, will experience a significant drop in volumes over the coming weeks, and the timing for recovery is uncertain. The ratings review will focus on liquidity and the ability to reduce variable costs and growth capital expenditures to manage through the public health emergency. Moody's expects that there will be significant erosion of operating performance in the second quarter, and perhaps beyond, depending on the duration of the coronavirus crisis. The review will also focus on the ability of the company to maintain patient volumes in the context of rising levels of unemployment. Ratings placed on review for downgrade: Premier Dental Services, Inc. Corporate Family Rating, B3 Probability of Default Rating, B3-PD Senior Secured Bank Credit Facilities, B3 (LGD 3) Outlook action: Outlook. Changed to Rating Under Review from stable RATINGS RATIONALE Notwithstanding the review for downgrade, Premier Dental Services, Inc.'s (dba Western Dental) B3 Corporate Family Rating reflects the company's very high geographic concentration in California, with about 80% of revenue and considerable level of bad debt expense due to its exposure to self-pay patients. The rating also reflects risk related to Western Dental's captive financing program, as a significant portion of Western Dental's clients use financing to pay for dental services. This makes Western Dental more subject to credit risk and economically vulnerable. Leverage, at approximately 4.7 times as of September 30, 2019, is high in the context of these risks. Further, the rating is also constrained by the recent governmental warnings on dental procedures amidst the coronavirus pandemic and that patients should delay/forego any non-urgent treatment during the coronavirus global pandemic. Despite these risks, the rating is supported by the company's established market position in California, adequate liquidity and improving operating margins and cash flow. Western Dental has an adequate liquidity profile based on its moderate free cash flow and expected profitability declines resulting from the coronavirus. Moody's expects the company will curtail capital expenditures in the near term. The company's cash flow will benefit from collections on outstanding receivables, though rising unemployment may meaningfully impact the ability of many of Western Dental's customers to keep current on their payments. There are no near-term maturities with the term loan due in 2023. Moody's considers coronavirus to be a social risk given the risk to human health and safety. Aside from coronavirus, Western Dental faces other social risks such as the rising concerns around the access and affordability of healthcare services. However, Moody's does not consider the DSOs to face the same level of social risk as many other healthcare providers. From a governance perspective, Moody's expects Western Dental's financial policies to remain aggressive due to its private equity ownership. Western Dental provides full service general, specialty and orthodontic dentistry services and is the largest provider of dentistry services in the State of California. The company directly employs the majority of its dentists. The company is owned by New Mountain Capital and generates revenues of around $850 million. The principal methodology used in these ratings was Business and Consumer Service Industry published in October 2016. PRINCE ORGANIZATION: Unsecureds Get $2,000 Per Month for 60 Months ------------------------------------------------------------------ Prince Organization, Nacogdoches LLC, filed a Plan of Reorganization and a Disclosure Statement. The funds necessary for the satisfaction of the creditors' claims shall be generated from Debtor's income from continued operation of the business. The Plan proposes to pay claims as follows: * Class 1 Secured Tax Creditor Claims. Impaired. The Class I Claims will be paid once Allowed over five years from the date of the filing of the petition with interest on such amounts at the rate of 12% per annum until paid in full. * Class 2 Priority Claims. Impaired. Allowed Priority Claims will be paid once Allowed over five years with interest on such amounts at the rate of 5% per annum until paid in full. * Class 3 Secured Claim of Propel Financial Services, as Agent and Attorney- in-Fact for Hunter Kelsey Ill, LLC d/b/a Propel Tax. Impaired. Propel will retain all its liens pursuant to the 2019 Security Documents, 2018 Security Documents, and 2017 Security Documents on Debtor's property in its current lien priority to secure repayment of amounts to be paid to Propel under the 2019 Note, 2018 Note and 2017 Note. All other terms of the 2019 Note, 2018 Note and 2017 Note, and the 2019 Security Documents, 2018 Security Documents, and 2017 Security Documents shall remain in full force and effect except as modified by this Plan. * Class 4 Secured Claim of First Choice Bank. Impaired. Class 4 shall consist of the Allowed Secured Claim of First Choice Bank (the "Class 4 Claim" or the "Allowed Secured Claim") in the amount of $2,777,724. The Debtor will pay the Allowed Secured Claim which is in the amount $2,000,000 over a 331-month amortization at an interest rate of 5.5% per annum as of the Confirmation Date with a balloon payment at the end of 84 months in the amount of $1,790,724 (which is the greater of the amortized amount ($1,743,993) and payments made and applied amount ($1,790,724)). The monthly payment amount of principal and interest is $11,750. The first Plan payment shall be made in April 2020. * Class 5 Secured Claim of Central Laundry Equipment Inc. Impaired. The Class 5 Claim will be paid once allowed as a secured claim as follows: The Class 5 Claim is an Allowed Secured Claim and shall be paid in full over 5 years with interest on such amount at the rate of 3.25% per annum. * Class 6 Unsecured Creditors. Impaired. The Class 6 claims will be paid once Allowed over 60 months based on a pro rata distribution of $2,000 a month. In addition to these payments, the Debtor will make an initial payment to Class 6 in the amount of $25,000 on or before the Effective Date. Such amount will be divided pro rata between the unsecured claimants with Allowed Claims. * Class 7 Debtor's Equity. On the Confirmation Date, all equity interests shall be conveyed to Sunil Tolani. An auction was conducted and Sunil Tolani was the winning bidder. The Debtor has cancelled all existing equity interests in the Debtor held by Sunil Tolani, Tejaskumar Naik, Dolly Lalchandani, Lal Tolani, Anjana Sura, Subhash Naik and Purshotam B. and Meena Kataria, and shall issue brand new equity interests to Sunil Tolani. A full-text copy of the Fourth Amended Plan of Reorganization dated March 11, 2020, is available at https://tinyurl.com/tw5xzbv from PacerMonitor.com at no charge. Attorneys for the Debtor: Joyce W. Lindauer Joyce W. Lindauer Attorney, PLLC 1412 Main Street, Suite 500 Dallas, TX 75202 Tel: (972) 503-4033 Fax: (972) 503-4034 E-mail: joyce@ioycelindauer.com - and - Jonathan A. Gitlin The Patel Law Group, PLLC 1125 Executive Circle, Suite 200 Irving, Texas 75038 Main: (972) 650-6848 Fax: (972) 650-6167 E-mail: jgitlin@patellegal.com About Prince Organization Nacogdoches Prince Organization, Nacogdoches LLC, operated its property at 3400 South Street Nacogdoches, Texas, as a hotel branded as Manguson Hotels. Sunil Tolani and Neela Tolani are the current managers of the property. Prince Organization 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 was estimated to have assets of between $1 million and $10 million and liabilities of the same range. The Debtor is represented by Joyce W. Lindauer Attorney, PLLC and The Patel Law Group, PLLC. PROFESSIONAL DIVERSITY: Inks $1.5M Stock Purchase Deal with Malven ------------------------------------------------------------------ Professional Diversity Network, Inc. entered into an agreement with Malven Group Limited, a company established under the laws of the British Virgin Islands, in connection with the purchase by Malven of 1,939,237 shares of common stock of the Company at a price of $0.7735 per share for gross proceeds of $1,500,000. The closing of the transaction is expected to take place on March 31, 2020. About Professional Diversity Headquartered in Chicago, Illinois, Professional Diversity Network, Inc. -- https://www.prodivnet.com/ -- is a dynamic operator of professional networks with a focus on diversity. The Company uses the term "diversity" to describe communities, or "affinities," that are distinctly based on a wide array of criteria which may change from time to time, including ethnic, national, cultural, racial, religious or gender classification. It serves a variety of such communities, including Women, Hispanic-Americans, African-Americans, Asian-Americans, Disabled, Military Professionals, and Lesbian, Gay, Bisexual and Transgender. Its goal is (i) to assist its registered users and members in their efforts to connect with like-minded individuals, identify career opportunities within the network and (ii) connect members with prospective employers while helping the employers address their workforce diversity needs. The Company reported a net loss of $15.08 million in 2018 following a net loss of $22.29 million in 2017. As of Sept. 30, 2019, the Company had $9.30 million in total assets, $5.74 million in total liabilities, and $3.56 million in total stockholders' equity. At Sept. 30, 2019 the Company's principal sources of liquidity were its cash and cash equivalents and the net proceeds from the sales of shares of common stock in the first nine months of 2019. The Company had an accumulated deficit of approximately $87,534,000 at Sept. 30, 2019. During the nine months ended Sept. 30, 2019, the Company generated a net loss from continuing operations of approximately $2,726,000, used cash in continuing operations of approximately $3,424,000, and the Company expects that it will continue to generate operating losses for the foreseeable future. At Sept. 30, 2019, the Company had a cash balance of approximately $4,862,000. Total revenues were approximately $1,348,000 and $1,895,000 for the three months ended Sept. 30, 2019 and 2018, respectively, and approximately $4,021,000 and $6,327,000 for the nine months ended Sept. 30, 2019 and 2018, respectively. The Company had working capital of approximately $149,000 and working capital deficit of $3,384,000 at Sept. 30, 2019 and Dec. 31, 2018, respectively. The Company said these conditions raise substantial doubt about its ability to continue as a going concern. PROMETRIC HOLDINGS: S&P Cuts ICR to B-; Outlook Negative -------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Prometric Holdings Inc. to 'B-' from 'B' because it now expects lower testing volumes will prevent free operating cash flow (FOCF) to debt from increasing above the rating agency's 5% downgrade threshold in fiscal 2020. "The downgrade reflects our expectation that credit metrics will continue to be pressured in 2020. Prometric's FOCF was constrained in 2019 due to contract losses and restructuring initiatives, with FOCF to debt of 3.4%. We previously expected FOCF to debt to improve above 5% in 2020 due to recently won contracts resulting in relatively flat revenue, and lower restructuring costs resulting in EBITDA growth. We now expect delays in testing due to test center closures from the coronavirus will pressure EBITDA and keep FOCF to debt below 5% in 2020," S&P said. The negative outlook reflects the uncertainty surrounding the extent of the coronavirus' impact on Prometric's operating performance and its ability to maintain positive FOCF over the next 12 months. While Prometric has closed its test centers in North America for 30 days, S&P believes closures could be extended. "We could lower the rating if the company generates negligible FOCF over the next few quarters, which could occur if test center closures are prolonged. This would likely result in greater reliance on the company's cash balance and revolving credit facility and constrain the company's liquidity," S&P said. "We could revise the outlook to stable if the company reopens its test centers to full capacity and testing volumes return to previous levels before the outbreak, such that the company generates positive cash flows on a sustained basis," the rating agency said. PROVIDENT FUNDING: S&P Downgrades ICR to CCC+; Outlook Negative --------------------------------------------------------------- S&P Global Ratings said it downgraded Provident Funding Associates L.P. to 'CCC+' from 'B-'. The outlook is negative. S&P also lowered its ratings on the company's senior unsecured notes due 2025 to 'CCC+' from 'B-'. S&P revised the recovery rating on the notes to '4', indicating its expectation for average recovery (35%), from '3'(50%). The rating action follows S&P's view that Provident's recent capital actions to improve net worth may prove to be ineffective following a marketwide decline in economic conditions, and that the company's proximity to covenants leaves Provident dependent on favorable economic conditions to meet its financial obligations. The negative outlook reflects the potential that the company's operating performance could continue to decline amid this difficult economic and operating environment. S&P's base-case expectation is that over the next 12 months, Provident's increased production revenues are largely offset by increased delinquencies and MSR impairments while the company continues to operate with minimal covenant cushions. "We could downgrade the company if we do not expect it will remain in compliance with its covenants over the next 12 months, or if the company's operating performance continues to decline," S&P said. "We could upgrade the company if it improves its covenant cushions or the operating environment stabilizes, with fewer-than-expected long-term delinquencies and MSR impairments," the rating agency said. PULMATRIX INC: Incurs $20.6 Million Net Loss in 2019 ---------------------------------------------------- Pulmatrix, Inc. filed with the Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $20.59 million on $7.91 million of revenues for the year ended Dec. 31, 2019, compared to a net loss of $20.56 million on $153,000 of revenues for the year ended Dec. 31, 2018. The net loss in 2019 was primarily attributable to spend on the Pulmazole project as the Company advances its Phase 2b clinical study and PUR1800 manufacturing costs for the upcoming Phase 1b clinical study. As of Dec. 31, 2019, the Company had $36.10 million in total assets, $25.08 million in total liabilities, and $11.02 million in total stockholders' equity. "2019 was a transformative year at Pulmatrix marked by significant clinical and corporate milestones," said Ted Raad, chief executive officer of Pulmatrix. "We built significant momentum with regulatory accomplishments, strategic partnerships expanding our global reach, and most importantly, the advancement of both Pulmazole and PUR1800 programs. Our PUR1800 licensing agreement with the Lung Cancer Initiative at Johnson & Johnson and Pulmazole strategic partnership with Cipla Technologies LLC demonstrate the strength of Pulmatrix's iSPERSE platform to enhance the safety and efficacy of promising drug candidates and we are thrilled to be collaborating with these leading, global partners." Mr. Raad continued, "On the clinical front, we initiated our ongoing Phase 2 clinical study of Pulmazole for the treatment of ABPA, which we believe has the potential to change the standard of care for patients with asthma and ABPA. In collaboration with Johnson & Johnson, we plan to initiate the PUR1800 Ph1b clinical study and chronic toxicology studies in mid-2020. In parallel, we are working to advance a new proprietary iSPERSE enabled 505(b)(2) program into the clinic in 2021. However, the novel coronavirus may adversely impact the planned timelines for each of these trials should institutions need to suspend enrollments or should we voluntarily suspend enrollment at sites due to risks related to the coronavirus. We will evaluate these issues on an ongoing basis." As of Dec. 31, 2019, Pulmatrix had $23.4 million in cash and cash equivalents, compared to $2.6 million for the year ended Dec. 31, 2018. Research and development expense was $12.8 million in 2019 compared to $13.0 million in 2018. The decrease year–over–year was primarily due to decreased spend of $1.6 million in employment costs as a result of decreased share based compensation expense and $0.6 million on the PUR1800 project as a result of the completion of a pre-clinical toxicology study in 2018, partially offset by increased spend of $2.0 million on the Pulmazole project. General and administrative expense was $8.5 million for 2019 and $7.5 million for 2018. The increase year-over-year was due to a $0.3 million royalty payment made to the Cystic Fibrosis Foundation which resulted from the Cipla Collaboration and increases of $0.3 million of legal and patent costs, $0.2 million of employment costs and $0.2 million in professional consulting expense. Goodwill had an impairment charge of $7.3 million in 2019 compared to a $0.1 million charge in 2018. Pulmatrix said in its Annual Report that, "In the event that sufficient additional funds are not obtained through strategic collaboration opportunities, sales of securities, funding facilities, licensing arrangements and/or asset sales on a timely basis, we will be required to reduce expenses through the delay, reduction or curtailment of our projects, including Pulmazole or PUR1800 development activities, or reduction of costs for facilities and administration. Moreover, if we do not obtain such additional funds, there will be continued doubt about our ability to continue as a going concern and increased risk of insolvency and loss of investment to the holders of our securities. If we are or become insolvent, investors in our stock may lose the entire value of their investment." 2019 and Recent Highlights: * Initiated Phase 2 trial evaluating Pulmazole, an inhaled iSPERSE formulation of the antifungal itraconazole, for the treatment of Allergic Bronchopulmonary Aspergillosis in patients with asthma. * Announced kinase inhibitor licensing and development agreement with the Lung Cancer Initiative at Johnson & Johnson. The agreement provides the Lung Cancer Initiative option to access a portfolio of narrow spectrum kinase inhibitors intended for development in lung cancer interception. Under the terms of the agreement, Pulmatrix received a $7.2M upfront payment with eligibility for additional milestone and royalty payments. * Entered into strategic partnership with Cipla Technologies LLC for the worldwide development and commercialization of Pulmazole. Under the terms of the partnership, Pulmatrix received a $22M upfront payment, fully funding the Phase 2 study. The partnership leverages Cipla's expertise in respiratory drug development and global commercialization capability and footprint. * Received U.S. FDA Fast Track designation for Pulmazole for the treatment of ABPA. * Strengthened intellectual property portfolio with issuance of US patent covering iSPERSE formulations for Pulmazole. * Announced research collaboration with Nocion Therapeutics to explore inhaled drug delivery technologies. * Completed $16.6M public offering extending cash runway through data for ongoing Pulmazole Phase 2 program. * Strengthened Board of Directors with appointment of life sciences executive Rick Batycky. A full-text copy of the Form 10-K is available for free at: https://is.gd/nSknsz About Pulmatrix Pulmatrix, Inc. -- http://www.pulmatrix.com/-- is a clinical stage biotechnology company focused on the discovery and development of novel inhaled therapeutic products intended to prevent and treat respiratory diseases and infections with significant unmet medical needs. The Company's proprietary product pipeline is focused on advancing treatments for serious lung diseases, including Pulmazole, inhaled anti-fungal itraconazole for patients with ABPA, and PUR1800, a narrow spectrum kinase inhibitor for patients with obstructive lung diseases including asthma and chronic obstructive pulmonary disease. Pulmatrix's product candidates are based on iSPERSE, its proprietary engineered dry powder delivery platform, which seeks to improve therapeutic delivery to the lungs by maximizing local concentrations and reducing systemic side effects to improve patient outcomes. QUALITY ONE: Unsecured Creditors Will Recover 100% in Plan ---------------------------------------------------------- Quality One Transport, LLC, filed a Plan of Reorganization. Class 1 secured claim of Kabbage, Inc., is impaired. At the time the petition was filed, Kabbage was owed $51,185. This claim will be paid in 60 monthly instalments of $886.48 or until such claim is paid in full, which included interest at 6.5%. Class 2 general unsecured creditors totaling $205,979 are impaired. The Debtor will make monthly payments to general unsecured creditors of $500 to $2,000 per month for the first 48 months and $7,000 per month thereafter based upon the Debtor's income projection. Under the Plan, general unsecured creditors will receive payments totaling 100% their claim. The Debtor has maintained a positive cash flow since filing for Chapter 11 relief. The Debtor income and expenses have some variation, but overall it has sufficient income to fund this Plan. A full-text copy of the First Amended Plan of Reorganization dated March 11, 2020, is available at https://tinyurl.com/w7wwh42 from PacerMonitor.com at no charge. About Quality One Transport Quality One Transport, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ohio Case No. 19-50951) on April 25, 2019. At the time of the filing, the Debtor was estimated to have assets of less than $500,000 and liabilities of less than $1 million. The case is assigned to Judge Alan M. Koschik. The Debtor is represented by David A. Mucklow, Esq. QUORUM HEALTH: Falls Short of NYSE Minimum Bid Price Requirement ---------------------------------------------------------------- Quorum Health Corporation was notified on March 23, 2020 by the New York Stock Exchange that it was not in compliance with the NYSE's continued listing standards as a result of the average closing price of the Company's common stock being less than $1.00 per share over a consecutive 30 trading-day period. As set forth in the March 2020 Notice, as of March 20, 2020, the 30 trading-day average closing share price of the Company's common stock was $0.94. In accordance with the NYSE rules, the Company has a period of six months following the receipt of the March 2020 Notice to regain compliance with the minimum share price requirement. The NYSE rules require the Company to notify the NYSE, within 10 business days of receipt of the March 2020 Notice, of its intent to cure this deficiency or be subject to suspension and delisting procedures. The March 2020 Notice represents the second instance that the Company was not in compliance with this criterion. As previously announced on Dec. 6, 2019, the Company received notice on Dec. 3, 2019 that it was not in compliance with the NYSE's continued listing standards because the average closing price of the Company's common stock was less than $1.00 per share over a consecutive 30 trading-day period. The Company regained compliance with this standard on Jan. 31, 2020 because on such date it had (i) a closing share price of at least $1.00 and (ii) an average closing share price of at least $1.00 over the 30 trading-day period ending on such date. In addition, as previously announced on May 3, 2019, the Company received notice on April 30, 2019 that it was not in compliance with the continued listing standard set forth in Section 802.01B of the NYSE's Listed Company Manual because the Company's average market capitalization was less than $50 million over a consecutive 30 trading-day period and the most recently reported stockholders' equity of the Company was also less than $50 million. In connection with the April notice, on June 10, 2019, the NYSE accepted the Company's 18-month plan with respect to the deficiency under Section 802.01B. The Company currently remains out of compliance with the continued listing standard set forth in Section 802.01B. The Company's common stock will continue to trade under the symbol "QHC", subject to the Company's compliance with the other listing requirements of the NYSE, but will continue to have the designation of ".BC" to indicate the status of the common stock as being "below compliance". About Quorum Health Headquartered in Brentwood, Tennessee, Quorum Health -- http://www.quorumhealth.com/-- is an operator of general acute care hospitals and outpatient services in the United States. Through its subsidiaries, the Company owns, leases or operates a diversified portfolio of 24 affiliated hospitals in rural and mid-sized markets located across 14 states with an aggregate of 1,995 licensed beds. The Company also operates Quorum Health Resources, LLC, a leading hospital management advisory and consulting services business. Quorum Health incurred net losses attributable to the Company of $200.25 million in 2018, $114.2 million in 2017, and $347.7 million in 2016. As of Sept. 30, 2019, Quorum Health had $1.52 billion in total assets, $1.72 billion in total liabilities, $2.27 million in redeemable noncontrolling interest, and a total deficit of $203.36 million. * * * As reported by the TCR on Nov. 19, 2019, S&P Global Ratings lowered the issuer credit rating on Brentwood, Tenn.-based Quorum Health Corp. to 'CCC-' from 'CCC'. The downgrade follows the company's revision of guidance due to the deterioration in revenue-cycle management ahead of the transition to R1 RCM, a slower-than-expected pace of divestitures, and greater prospects for a covenant violation and possible debt restructuring. Moody's Investors Service downgraded the ratings on Quorum Health, including the Corporate Family Rating to Caa2 from B3, the TCR reported on Nov. 21, 2019. The downgrade of the CFR reflects growing uncertainty as to whether Quorum's divestiture plan will be completed in the months ahead and when the company's earnings will rebound. R3D HOLDINGS: Hires J.W. Hughes Company as Accountant ----------------------------------------------------- R3D Holdings, Inc., seeks authority from the U.S. Bankruptcy Court for the Middle District of Florida to employ J.W. Hughes Company, as accountant to the Debtor. R3D Holdings requires J.W. Hughes Company to: a. prepare and file tax returns and conduct tax research including contacting the Internal Revenue Service; b. perform normal accounting and other accounting services as required by the Debtor. J.W. Hughes Company will be paid as follows: -- Yearly fee of $1,350, broken down as follows: i. Federal Form 1120 $900 ii. Florida Form F1120 $100 including submission of additional information to FDOR; iii. 2 1040's $350 J.W. Hughes Company will also be reimbursed for reasonable out-of-pocket expenses incurred. Joe Hughes, partner of J.W. Hughes Company, 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. J.W. Hughes Company can be reached at: Joe Hughes J.W. HUGHES COMPANY 7819 N. Dale Mabry Highway, Suite 216 Tampa, FL 33614 Tel: (813) 284-6639 E-mail: joe4002@jwhughescpa.com About R3D Holdings R3D Holdings, Inc. d/b/a Fitness for $10 -- https://www.fit410brandon.com/ -- is a family owned company in the health club business. Fitness for $10 features 24/7 access, state-of-the-art cardio equipment, strength training equipment, functional training equipment, and small group training classes. R3D Holdings, Inc., based in Brandon, FL, filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 19-11676) on Dec. 11, 2019. In the petition signed by Ronald J. Knish, president, the Debtor disclosed $188,472 in assets and $1,466,273 in liabilities. Buddy D. Ford, Esq., at Buddy D. Ford, P.A., serves as bankruptcy counsel to the Debtor. REGIONAL HEALTH: Provides Update on Impact of COVID-19 ------------------------------------------------------ Regional Health Properties, Inc., said it continues to closely monitor and regularly communicate with all of the operators and management teams of its facilities regarding the COVID-19 pandemic. The Company reported that two facilities it manages in Miami County, Ohio, have reported "presumptive positive" cases of COVID-19. The Centers for Disease Control & Prevention ("CDC") will provide final confirmation of the cases. The Company is engaging in aggressive mitigation efforts in accordance with CDC and Ohio Department of Health guidelines to protect the health and safety of residents while respecting their rights. Employees at both locations are taking several precautions as they care for residents, including, among other things, monitoring themselves for symptoms upon leaving and returning home, and upon arriving at and leaving the skilled nursing facility. They are also wearing masks and other personal protective equipment while caring for residents. As of March 23, 2020, none of the Company's other operators have reported any occurrences of COVID-19 in any of the buildings they are managing. Regional Health's operators have also reported to the Company that they currently have adequate supply levels, including appropriate quantities of Personal Protective Equipment (PPE) for staff. "As we are all aware, the COVID-19 pandemic is rapidly evolving. The information in this press release is based on data currently available to us and will likely change as the pandemic progresses. We cannot predict the impact that COVID-19 will have, but we applaud the efforts of our operators to keep their residents and employees safe. The extent to which COVID-19 could impact our business and results of operations will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the duration of the outbreak, new information that may emerge concerning the severity of COVID-19 and the actions taken to contain COVID-19 or treat its impact, among others," the Company stated. About Regional Health Properties Regional Health Properties, Inc. (NYSE American: RHE) (NYSE American: RHEpA) -- http://www.regionalhealthproperties.com/-- is the successor to AdCare Health Systems, Inc., and is a self-managed healthcare real estate investment company that invests primarily in real estate purposed for senior living and long-term healthcare through facility lease and sub-lease transactions. Regional currently owns, leases or manages for third parties 24 facilities (12 of which are owned by Regional, 12 of which are leased by Regional and three of which are managed by Regional for third parties). Cherry Bekaert LLP, in Atlanta, Georgia, the Company's auditor since 2018, issued a "going concern" qualification in its report dated May 16, 2019, on the consolidated financial statements for the year ended Dec. 31, 2018, citing that the Company has incurred a net loss of $11.9 million for the year ended Dec. 31, 2018, has an accumulated deficit of $118.2 million and negative working capital of $28.6 million with $20.2 million of long term-debt classified as current due to the Company's short-term forbearance agreement pursuant to noncompliance with certain covenants under the loan documents and the lender's ability to exercise default-related rights and remedies, including the acceleration of the maturity of such debt and a $4.1 million mortgage indebtedness maturing in June 2019, which raise substantial doubt about its ability to continue as a going concern. REMARK HOLDINGS: Delays Form 10-K Filing Due to COVID-19 Pandemic ----------------------------------------------------------------- Remark Holdings, Inc., has decided to delay the filing of its Annual Report on Form 10-K for the year ended Dec. 31, 2019 by up to 45 days. The Company is relying on the relief provided by the Securities and Exchange Commission Order Under Section 36 of the Securities Exchange Act of 1934 Modifying Exemptions from the Reporting and Proxy Delivery Requirements for Public Companies, SEC Release No. 34-88465, dated March 25, 2020. The Company intends to file its 2019 10-K approximately 45 days after March 30, 2020, or May 14, 2020. The Company maintains offices in the cities of Chengdu, Shanghai and Hangzhou in China. As early as January 2020, in response to the early stages of what would become the COVID-19 pandemic, national and local governmental authorities in China began to shut down most forms of public transportation and impose restrictions on travel, public gatherings and non-essential businesses. The restrictions prevented the Company's employees from leaving their homes, from being able to obtain needed information from vendors and customers and, as a result, from completing tasks essential to its accounting and financial reporting process on a timely basis. As a result, the Company said it will not be able to timely review and prepare its financial statements for the year ended Dec. 31, 2019. The Company intends to update the risk factors previously disclosed in its most recent periodic reports filed under the Securities Exchange Act of 1934, as amended, to include the following risk factor: "Our business operations may be harmed by the effects of the recent global outbreak of a novel strain of coronavirus, COVID-19, first identified in Wuhan, China. We maintain significant operations in China relating to our KanKan business. In an effort to halt the outbreak of COVID-19, national and local governmental authorities in China have placed significant restrictions on travel and other activities within China, leading to extended business closures. These restrictions and business closures have limited our operational capabilities, which could have a material impact on our business. "The virus has also spread rapidly across the globe, including the U.S. The pandemic is having an unprecedented impact on the U.S. economy as federal, state and local governments react to this public health crisis, which has created significant uncertainties. These uncertainties include, but are not limited to, the potential adverse effect of the pandemic on the economy, our vendors, our employees and customers and customer sentiment in general. C ontinued impacts of the pandemic could materially adversely impact global economic conditions, our business, results of operations and financial condition, including our potential to conduct financings on terms acceptable to us, if at all, and may require significant actions in response, including but not limited to expense reductions or pricing discounts, in an effort to mitigate such impacts. In addition, any significant disruption to communications and travel, including travel restrictions and other potential protective quarantine measures implemented by governmental authorities to combat the pandemic may make it much more difficult, or temporarily or permanently impossible, for us to provide certain products and services to our customers. "The extent of the impact of the pandemic on our business and financial results will depend largely on future developments, including the duration and severity of the outbreak, the length of the travel restrictions and business closures imposed by domestic and foreign governments, the impact on capital and financial markets and the related impact on the financial circumstances of our customers, all of which are highly uncertain and cannot be predicted. This situation is changing rapidly, and additional impacts may arise that we are not aware of currently." Remark Holdings Remark Holdings -- http://www.remarkholdings.com/-- delivers an integrated suite of AI solutions that enable businesses and organizations to solve problems, reduce risk and deliver positive outcomes. The company's easy-to-install AI products are being rolled out in a wide range of applications within the retail, financial, public safety and workplace arenas. The Company also owns and operates digital media properties that deliver relevant, dynamic content and ecommerce solutions. The company is headquartered in Las Vegas, Nevada, with additional operations in Los Angeles, California and in Beijing, Shanghai, Chengdu and Hangzhou, China. Remark reported a net loss of $21.56 million for the year ended Dec. 31, 2018, following a net loss of $106.73 million for the year ended Dec. 31, 2017. As of Sept. 30, 2019, the Company had $21.48 million in total assets, $41.71 million in total liabilities, and a total stockholders' deficit of $20.22 million. Cherry Bekaert LLP, in Atlanta, Georgia, the Company's auditor since 2011, issued a "going concern" qualification in its report dated April 1, 2019, citing that the Company has suffered recurring losses from operations and negative cash flows from operating activities and has a negative working capital and a stockholders' deficit that raise substantial doubt about its ability to continue as a going concern. RENAISSANCE HEALTH: Seeks to Extend Exclusivity Period to June 15 ----------------------------------------------------------------- Renaissance Health Publishing, LLC asked the U.S. Bankruptcy Court for the Southern District of Florida to extend to June 15 the exclusivity period to solicit acceptances for its proposed Chapter 11 plan of reorganization. Renaissance Health has filed its reorganization plan and disclosure statement on Nov. 12. The plan proposes to pay general unsecured claims against the company in full, with 3 percent interest, and to make distributions to general unsecured creditors within 180 days after the plan takes effect. About Renaissance Health Publishing Renaissance Health Publishing, LLC, which conducts business under the name Renown Health Products, filed a Chapter 11 bankruptcy petition (Bankr. S.D. Fla. Case No. 19-13729) on March 22, 2019, disclosing under $1 million in both assets and liabilities. The Debtor tapped Aaron A. Wernick, Esq., at Furr Cohen, P.A., as bankruptcy counsel, and Schneider Rothman IP Law Group, as special counsel. Renaissance Health Publishing filed its Chapter 11 plan of reorganization and disclosure statement on Nov. 12, 2019. RIOT BLOCKCHAIN: Incurs $20.3 Million Net Loss in 2019 ------------------------------------------------------ Riot Blockchain, Inc. filed with the Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $20.30 million on $6.84 million of total revenue for the year ended Dec. 31, 2019, compared to a net loss of $60.21 million on $7.84 million of total revenue for the year ended Dec. 31, 2018. As of Dec. 31, 2019, the Company had $30.38 million in total assets, $4.14 million in total liabilities, and $26.23 million in total stockholders' equity. The Company has experienced recurring losses and negative cash flows from operations. At Dec. 31, 2019, the Company had approximate balances of cash and cash equivalents of $7.4 million, working capital of $9.3 million, total stockholders' equity of $26.2 million and an accumulated deficit of $217.2 million. To date, the Company has, in large part, relied on equity financings to fund its operations. The Company expects to continue to incur losses from operations for the near-term and these losses could be significant as the Company incurs costs and expenses associated with recent and potential future acquisitions, as well as public company, legal and administrative related expenses being incurred. During January 2019, the Company issued a series of Senior Secured Convertible Promissory Notes, to investors for an aggregate principal amount of approximately $3.4 million and an equal value of warrants for the purchase of shares of the Company's common stock in exchange for a total investment of $3.0 million. During the year ended Dec. 31, 2019, all of the Notes were converted into common stock and have been satisfied in full. The Company is closely monitoring its cash balances, cash needs and expense levels. Riot Blockchain said, "We may not be able to compete successfully against present or future competitors. We do not have the resources to compete with larger providers of similar services at this time. The cryptocurrency industry has attracted various high-profile and well-established operators, some of which have substantially greater liquidity and financial resources than we do. With the limited resources we have available, we may experience great difficulties in expanding and improving our network of computers to remain competitive. Competition from existing and future competitors, particularly Facebook, Inc. and the many Canadian companies that have access to more competitively priced energy, could result in our inability to secure acquisitions and partnerships that we may need to expand our business in the future. This competition from other entities with greater resources, experience and reputations may result in our failure to maintain or expand our business, as we may never be able to successfully execute our business plan. If we are unable to expand and remain competitive, our business could be negatively affected which would have an adverse effect on the trading price of our securities, which would harm investors in our Company." A full-text copy of the Form 10-K is available for free at: https://is.gd/ND4Py1 About Riot Blockchain Headquartered in Castle Rock, Colorado, Riot Blockchain -- http://www.RiotBlockchain.com/-- specializes in cryptocurrency mining with a focus on bitcoin. Riot also holds non-controlling investments in blockchain technology companies. Riot is headquartered in Castle Rock, Colorado, and the Company's mining facility is located in Oklahoma City. ROSEGOLD HOTELS: Seeks to Hire Joyce W. Lindauer as Legal Counsel ----------------------------------------------------------------- Rosegold Hotels LLC d/b/a Holiday Inn Express Eunice seeks permission from the United States Bankruptcy Court for the Eastern District of Texas to employ Joyce W. Lindauer Attorney, PLLC as its legal counsel. The firm will assist the Debtor in the preparation of a Chapter 11 plan of reorganization and will provide other legal services in connection with its Chapter 11 case. Lindauer will be paid on an hourly basis for services rendered. The primary attorneys and paralegal within the firm who will represent the Debtors are: Joyce W. Lindauer $395 per hour Jeffery M. Veteto, Contract Attorney $250 per hour Guy H. Holman, Contract Attorney $205 per hour Dian Gwinnup, Paralegal $125 per hour Lindauer has been paid a retainer in the amount of $21,243, which includes the filing fee of $1,717. The firm will also receive reimbursement for work-related expenses incurred. Joyce Lindauer, Esq., the firm's owner, assures the court that the members and contract attorneys of the firm are "disinterested" as defined in Section 101(14) of the Bankruptcy Code. The firm may be reached through: Joyce W. Lindauer, Esq. Joyce W. Lindauer Attorney, PLLC 12720 Hillcrest Road, Suite 625 Dallas, Texas 75230 Tel: (972) 503-4033 Fax: (972) 503-4034 Email: joyce@joycelindauer.com About Rosegold Hotels LLC Rosegold Hotels LLC, d/b/a Holiday Inn Express Eunice, is a privately held company in the traveler accommodation industry. It filed a Chapter 11 bankruptcy petition (Bankr. E.D. Tex. Case No. 20-40502) on Feb. 19, 2020. In the petition signed by Rukshanda Hasham, managing member, the Debtor was estimated to have between $1 million and $10 million in both assets and liabilities. Joyce W. Lindauer, Esq., Attorney at Law & Mediator, represents the Debtor. RSF PROPERTIES: Taps Sullivan Hill as Bankruptcy Counsel -------------------------------------------------------- RSF Prop 15648 Via De Santa Fe, L.P. received approval from the U.S. Bankruptcy Court for the Southern District of California to employ Sullivan Hill Rez & Engel, APLC as its bankruptcy counsel. Sullivan Hill will render these legal services: a. advise, consult with, and assist the Debtor with regard to its proposed plan of reorganization and payment of creditors; b. represent the Debtor in court hearings; c. assist the Debtor in complying with the United States Trustee's requirements; d. assist in the preparation of monthly operating reports, applications and orders; and e. advise, consult with, and represent the Debtor in other matters for the duration of its bankruptcy case. The firm will be paid at these rates: Attorneys $325 - $595 Paralegals/Other Professionals $30 - $215 The Debtor paid Sullivan Hill a $20,000 retainer prior to the petition date. Sullivan Hill is "disinterested" within the meaning of Section 327(a) of the Bankruptcy Code, according to court filings. About RSF Prop 15648 Via De Santa Fe RSF Prop 15648 Via De Santa Fe, L.P. is a privately held company in Santa Fe, Calif., engaged in activities related to real estate. RSF Prop filed a Chapter petition (Bankr. S.D. Cal. Case No. 20-00908) on Feb. 21, 2020. At the time of the filing, the Debtor had estimated assets of between $1 million and $10 million assets and liabilities of between $100,000 and $500,000. The petition was signed by Jessica Marshall, managing member of Recreation & Home Co., LLC, the general partner of Debtor. Judge Christopher B. Latham oversees the case. Sullivan Hill Rez & Engel, A Professional Law Corporation represents the Debtor as counsel. S & H HARDWARE: Seeks to Hire Kurtzman Steady as Legal Counsel -------------------------------------------------------------- S & H Hardware & Supply Co., Inc. seeks authority from the US Bankruptcy Court for the Eastern District of Pennsylvania to employ Kurtzman Steady, LLC as its counsel. The firm will advise the Debtor of its rights, powers and duties under the Bankruptcy Code; assist the Debtor in the prosecution or defense of actions to protect its bankruptcy estate; and provide other legal services in connection with its Chapter 11 case. Kurtzman Steady has agreed to perform services under general retainer. The firm does not represent any interest adverse to the Debtor, creditors or any other "party-in-interest," according to court filings. The firm can be reached through: Maureen P. Steady, Esq. Kurtzman Steady, LLC 401 South 2nd Street, Suite 200 Philadelphia, PA 19147 Tel: (215) 839-1222 (215) 883-1600 E-mail: steady@kurtzmansteady.com About S & H Hardware & Supply Co S & H Hardware & Supply Co., Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 20-11514) on March 10, 2020, listing under $1 million in both assets and liabilities. Maureen P. Steady, Esq. at KURTZMAN | STEADY, LLC represents the Debtor as counsel. S.A. SPECIALTIES: Exclusivity Period Extended Until March 31 ------------------------------------------------------------ S.A. Specialties San Antonio, LLC has until May 31 to obtain confirmation for its Chapter 11 plan of reorganization, according to an order signed by Judge Craig Gargotta of the U.S. Bankruptcy Court for the Western District of Texas. The exclusivity period for the company to file a plan and disclosure statement expires today. About S.A. Specialties San Antonio Founded in 2004, S.A. Specialties San Antonio -- https://saspecialties.com/ -- is an air conditioning, heating, and insulation company. It installs and repairs air conditioning and heating systems; inspects ductwork systems; and installs and repairs gas, electric, and heat pumps. S.A. Specialties is based in San Antonio, Texas. S.A. Specialties San Antonio filed a Chapter 11 petition (Bankr. W.D. Tex. Case No. 19-52405) on Oct. 1, 2019. In its petition, the Debtor was estimated to have $500,000 to $1 million in assets and $1 million to $10 million in liabilities. The petition was signed by Jason A. Roberds, managing member. Judge Craig A. Gargotta oversees the case. William R. Davis Jr., Esq., at Langley & Banack, Inc., is the Debtor's bankruptcy counsel. SENECA APARTMENTS: Seeks Approval to Hire Bankruptcy Attorney ------------------------------------------------------------- Seneca Apartments, Inc., seeks approval from the U.S. Bankruptcy Court for the Western District of New York to hire a legal counsel. The Debtor proposes to hire James Joyce, Esq., to: a. advise the Debtor as to its right, duties and powers as a debtor-in-possession; b. prepare and file any statements, schedules, plans and other documents or pleadings to be filed by the Debtor in this case; c. represent the Debtor in all hearings, meetings of creditors, conferences, trials and other proceedings in this case; and d. provide other legal services related to its Chapter 11 case. Mr. Joyce will charge an hourly rate of $250 for his services. In a court filing, Mr. Joyce disclosed that he does not hold or represent any interest adverse to the Debtor's bankruptcy estate. Mr. Joyce maintains an office at: James M. Joyce, Esq. 4733 Transit Road Buffalo, NY 14043 Phone: (716) 656-0600 Email: jmjoyce@lawyer.com About Seneca Apartments Seneca Apartments, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.Y. Case No. 19-11895) on Sept. 23, 2019. At the time of the filing, the Debtor was estimated to have assets of between $100,001 and $500,000 and liabilities of the same range. The case is assigned to Judge Carl L. Bucki. SETEC ASTRONOMY: Hires James Andrew Carter as Bankruptcy Counsel ---------------------------------------------------------------- Setec Astronomy, Inc. seeks authority from the United States Bankruptcy Court for the Eastern District of Texas to hire the Law Office of James Andrew Carter, P.C. to act as its counsel. Services required of the counsel are: (a) take all necessary action to protect and preserve the bankruptcy estate, including prosecution of actions on its behalf, defense of any actions commenced against it, negotiations concerning all litigation in which it is involved, and objecting to claims; (b) prepare on behalf of the Debtor all necessary motions, applications, answers, orders, reports, and papers in connection with the administration of the estate; (c) formulate, negotiate, and propose a plan of reorganization, if justified; (d) perform all other necessary legal services in connection with these proceedings. The firm's current hourly rates are: James Andrew Carter Counsel $300 Sarah L. Brush Paralegal $125 The firm represents no known entity having an adverse interest to the estate or unsecured creditors in these cases and, is disinterested, according to court filings. The firm can be reached through: James Andrew Carter (TX Bar No. 24031801) LAW OFFICE OF JAMES ANDREW CARTER, PC 112 E. Line Street, Suite 302 Tyler, TX 75702 Tel: (903) 509-4777 Fax: (903) 509-4778 Email: efile@carterlawoffice.com About Setec Astronomy, Inc. Setec Astronomy, Inc. -- www.setecmidstream.com -- is a boutique EPC(M) services firm specializing in Total Project Execution. Setec Astronomy, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 20-60079) on Feb. 10, 2020. In the petition signed by Stephen P. Carter, president, the Debtor estimated $500,000 to $1 million in assets and $1 million to $10 million in liabilities. James Andrew Carter, Esq. at LAW OFFICE OF JAMES ANDREW CARTER, PC, is the Debtor's counsel. SETTLERS JERKY: Wants to Maintain Plan Exclusivity Until June 30 ---------------------------------------------------------------- Settlers Jerky Inc. asked the U.S. Bankruptcy Court for the Central District of California to extend to June 30 the exclusivity period for filing a Chapter 11 plan as well as the time fixed within which a plan must be confirmed. Concurrently with its request, Settlers Jerky filed its plan of reorganization and disclosure statement, which provide for the payment of all allowed claims in full. The company believes that its creditors are likely to support the plan, particularly where it has obtained a final and non-appealable order disallowing the disputed $3 million claim of Kimberly Hernandez in its entirety. The hearing to consider approval of the disclosure statement is scheduled for April 29. About Settlers Jerky Inc. Settlers Jerky Inc. is a family-operated enterprise that develops, prepares and sells gourmet, hand-crafted and hand-packaged artisan beef jerky snacks. It currently produces and distributes 50 different flavors and styles of beef jerky to over 60 companies. Its facilities and operations are located in Walnut, Calif. Settlers Jerky filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 19-22339) on Oct. 18, 2019. Judge Sheri Bluebond oversees the case. Levene, Neale, Bender, Yoo & Brill LLP is the Debtor's legal counsel. SK HOLDCO: S&P Lowers ICR to 'CCC+' on Elevated Refinancing Risk ---------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on SK HoldCo LLC (Service King) to 'CCC+' from 'B-', as well as its ratings on its senior secured debt to 'B-' from 'B', and its senior unsecured notes to 'CCC-' from 'CCC'. The downgrade reflects Service King's increased refinancing risk due to tough credit market conditions, recently weaker operating performance, and potentially weaker revenues due to the spread of COVID-19. Even before the coronavirus pandemic emerged, Service King had been experiencing operating issues that caused margin erosion and weak same-store sales. The source of these issues is a combination of high labor turnover, lower parts margins, and increasingly stringent operating metrics required by the insurance industry. Although the company has executed a business transformation designed to increase shop throughput and right-size location overhead by centralizing estimates, it is not yet clear whether this approach will be successful. The company noted that the transformation in the first quarter has led to weaker operating metrics, which has lowered business directed by insurance carriers. It is not yet clear that the large cost savings expected by optimizing its workforce will translate into better key performance indicators (KPIs) and thus higher revenues from the insurance companies. The negative outlook reflects increased refinancing risk around the near-term debt maturities given the pandemic as well as uncertainty regarding the company's ability to stabilize its revenues while increasing margins. "We could downgrade Service King if the group is unable to refinance its term loan in the next six months. We could also lower the rating if we foresee an increased likelihood the company could engage in a refinancing or restructuring transaction that we would consider distressed, whereby existing debtholders receive less than par. This could occur if the new business approach proves unsuccessful or if further spread of COVID-19 reduces business, or if capital market conditions prevent the group from refinancing," S&P said. "We could revise the outlook to stable if Service King refinances its term loan and increases margins sufficiently so that it at least breaks even on free cash flow. This could occur if the cost savings of the new business approach can be maintained while still allowing the company to grow revenues," the rating agency said. SM-T.E.H. REALTY: Hires Silver Lake Group as Counsel ---------------------------------------------------- SM-T.E.H. Realty 5, LLC, seeks authority from the U.S. Bankruptcy Court for the Eastern District of Missouri to employ Silver Lake Group, Ltd, as counsel to the Debtor. SM-T.E.H. Realty requires Silver Lake Group to: (a) advise the Debtor with respect to matters in litigation affecting Debtor's continued operation of its business and property as Debtor-in-Possession, including, without limitation, defense of any motions for relief from the automatic stay, motions to borrow funds, motions by the Debtor to use property that may constitute cash collateral, and other motions and matters related to an appropriate in proceedings under Chapter 11 of the Bankruptcy Code; (b) assist the Debtor in formulation and presentation to creditors and parties in interest of Chapter 11 Plan; (c) assist the Debtor in implementation of a Chapter 11 Plan; (d) assist the Debtor in connection with any potential sale of all or a portion of the Debtor's assets; (d) represent the Debtor in connection with actions under Chapter 5, U.S. Bankruptcy Code; (e) object to claims, when appropriate; and (f) provide such other and further services as are necessary, including, without limitation, the defense of contested matters. Silver Lake Group will be paid at these hourly rates: Partners $350 Paralegals $75 to $100 Silver Lake Group will be paid a retainer in the amount of $36,717, inclusive of filing fee. Prior to the Petition Date, the Firm applied the sum of $5,845 to its outstanding fees, leaving the sum of $29,155.00 on deposit in the Firm's trust account as a fee deposit for fees and expenses incurred in this case. Silver Lake Group will also be reimbursed for reasonable out-of-pocket expenses incurred. Steven M. Wallace, partner of Silver Lake Group, Ltd, 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. Silver Lake Group can be reached at: Steven M. Wallace, Esq. SILVER LAKE GROUP, LTD. 6 Ginger Creek Village Drive Glen Carbon, IL 62034 Tel: (618) 692-5275 E-mail: steve@silverlakelaw.com About SM-T.E.H. Realty 5 SM-T.E.H. Realty 5, LLC, based in Reading, PA, filed a Chapter 11 petition (Bankr. E.D. Mo. Case No. 20-41205) on March 5, 2020. In the petition signed by Michael Fein, manager, the Debtor was estimated to have $1 million to $10 million in both assets and liabilities. The Hon. Kathy A. Surratt-States presides over the case. Steven M. Wallace, Esq., at Silver Lake Group, Ltd, serves as bankruptcy counsel. SOMERVILLE BREWING: Hires Edelstine & Company as Accountant ----------------------------------------------------------- Somerville Brewing Company seeks authority from the U.S. Bankruptcy Court for the District of Massachusetts to employ Edelstine & Company, LLP, as accountant to the Debtor. Somerville Brewing requires Edelstine & Company to prepare the federal and state corporate tax returns for the year ended December 31, 2019 and the tax returns for local taxing authorities as may be required. Edelstine & Company will be paid $4,500 for the services rendered. Edelstine & Company will also be reimbursed for reasonable out-of-pocket expenses incurred. Robert D. Babine, partner of Edelstine & Company, LLP, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Edelstine & Company can be reached at: Robert D. Babine EDELSTINE & COMPANY, LLP 160 Federal St. Boston, MA 02110 Tel: (617) 227-6161 About Somerville Brewing Company Somerville Brewing Company, a/k/a Slumbrew, d/b/a American Fresh Brewhouse, produces a wide variety of traditional and experimental Slumbrew brand beer styles. Somerville Brewing Company filed a Chapter 11 bankruptcy petition (Bankr. D. Mass. Case No. 19-13300) on Sept. 27, 2019 in Boston, Massachusetts. In the petition signed by Jeffrey Leiter, the Debtor's president and treasurer, the Debtor was estimated to have assets between $1 million to $10 million and liabilities within the same range as of the bankruptcy filing. The Hon. Frank J. Bailey is the case judge. Parker & Lipton is the Debtor's counsel. SOS TOWING: Seeks to Hire Joyce W. Lindauer as Legal Counsel ------------------------------------------------------------ SOS Towing, LLC, seeks authority from the United States Bankruptcy Court for the Eastern District of Texas to employ Joyce W. Lindauer Attorney, PLLC, as its legal counsel. The firm will advise the Debtor of its powers and duties under the Bankruptcy Code, prepare a plan of reorganization, and provide other legal services in connection with its Chapter 11 case. The firm's hourly fees are: Joyce Lindauer $395 Jeffery Veteto $250 Guy Holman $205 Dian Gwinnup $125 The hourly rates for paralegals and legal assistants range from $65 to $125. The firm received a retainer of $4,5000, which included the filing fee of $1,717. The firm's attorneys are "disinterested" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. Lindauer can be reached through: Joyce W. Lindauer, Esq. Joyce W. Lindauer Attorney, PLLC 12720 Hillcrest Road, Suite 625 Dallas, TX 75230 Tel: (972) 503-4033 Fax: (972) 503-4034 Email: joyce@joycelindauer.com About SOS Towing, LLC SOS Towing, LLC, a Texas-based company that offers automotive towing services, filed a voluntary petition under Chapter 11 Bankruptcy Code (Bankr. E.D. Tex. Case No. 20-40496) on Feb. 18, 2020. The petition was signed by Anthony Trujillo, president. At the time of filing, the Debtor estimated $1 million to $10 million in both assets and liabilities. Joyce Lindauer, Esq. at JOYCE W. LINDAUER ATTORNEY, PLLC, serves as the Debtor's counsel. SPECIALTY FOODS OF AL: Wants to Move Exclusivity Period to May 21 ----------------------------------------------------------------- Specialty Foods of Alabama, Inc. asked the U.S. Bankruptcy Court for the Northern District of Alabama to extend the periods during which only the company can file a Chapter 11 plan and solicit acceptances for the plan to May 21 and July 20, respectively. The company is seeking an extension of the exclusive periods to allow for the ongoing negotiations with secured creditors to conclude with certainty and for the resurgence of ample cash flow, and to gain clarity on its business plan moving forward. About Specialty Foods of Alabama Specialty Foods of Alabama, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 20-00279) on Jan. 22, 2020. The petition was signed by Dorothy Ann Beasley-Schniper, president and owner. At the time of filing, the Debtor had estimated assets and liabilities of less than $50,000. Judge D. Sims Crawford oversees the case. The Debtor is represented by Gina H. McDonald & Associates, LLC. STURBRIDGE YANKEE: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------------- The Office of the U.S. Trustee appointed a committee to represent unsecured creditors in the Chapter 11 case of Sturbridge Yankee Workshop Corporation. The committee members are: (1) Iron Plane 48 Deering St. Portland, ME 04101 (207) 221-2604 Attention: Robert M. Giovannini (2) Fed Ex Corporate Services, Inc. 3680 Hachs Cross Rd., Bldg. A Memphis, TN 38125 (901) 434-3228 Attention: Michael Siedband, Senior Attorney Federal Express Corporation (3) LSC Communications US LLC 4101 Winfield Rd. Warrenville IL 60555 (630) 821-3108 Attention: Dan Pevonka Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Sturbridge Yankee Workshop Sturbridge Yankee Workshop Corporation, a company that offers furniture and home decor items, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Maine Case No. 20-20043) on Feb. 14, 2020. At the time of the filing, the Debtor had estimated assets of between $500,000 and $1 million and liabilities of between $1 million and $10 million. Judge Peter G. Cary oversees the case. David C. Johnson, Esq., at Marcus Clegg, is the Debtor's legal counsel. SUNPOWER CORP: Takes Actions to Address Market Disruption --------------------------------------------------------- SunPower Corp. is implementing a number of material initiatives to help the company prudently manage its business during the current industry uncertainty relating to the COVID-19 pandemic. The company believes these actions will position it well for when the solar industry returns to strong growth. "During these unprecedented times, our primary focus remains on the safety and well-being of our employees, working closely with our partners and continuing to serve our customers," said Tom Werner, SunPower CEO and chairman of the board. "We are committed to taking every action within our control to manage our business and serve our customers both now and when the industry recovers. We have the industry's best technology and are continuing to invest in our innovative product suite including our storage and digital solutions. Finally, we remain on track to complete our planned company split into two independently focused pure-play solar companies by the end of the second quarter." SunPower has immediately implemented a number of initiatives to manage its cost structure including a reduction in management salaries, the freezing of all hiring and merit increases as well as a reduction in capital expenditures. The company expects these actions will result in savings of up to $50 million in 2020. The company is also reviewing all discretionary spending as well as other programs to further reduce costs in the near-term and remains comfortable with its liquidity position. Additionally, at this time, the company cannot fully assess the impact of the COVID-19 pandemic crisis in both its U.S. and international businesses. As a consequence, the company is withdrawing its previously provided fiscal year 2020 financial guidance. The company expects to provide additional details on its updated 2020 forecast on its first quarter 2020 earnings call in May. The Company's planned split into two independent, publicly traded companies, expected to close by the end of the second quarter of 2020, is dependent on the timing of regulatory approvals and the satisfaction of certain closing conditions. About SunPower Headquartered in San Jose, California, SunPower Corporation -- http://www.sunpower.com/-- is a global energy company that delivers complete solar solutions to residential, commercial, and power plant customers worldwide through an array of hardware, software, and financing options and through solar power solutions, operations and maintenance services, and "Smart Energy" solutions. The Company's Smart Energy initiative is designed to add layers of intelligent control to homes, buildings and grids -- all personalized through easy-to-use customer interfaces. SunPower reported a net loss of $7.72 million for the fiscal year ended Dec. 29, 2019, compared to a net loss of $917.5 million for the fiscal year ended Dec. 30, 2018. As of Dec. 29, 2019, the Company had $2.17 billion in total assets, $2.15 billion in total liabilities, and total equity of $21.50 million. SVENHARD'S SWEDISH: Committee Hires Rimon PC as counsel ------------------------------------------------------- The Official Committee of Unsecured Creditors of Svenhard's Swedish Bakery, seeks authority from the U.S. Bankruptcy Court for the Eastern District of California to retain Rimon, P.C. as its counsel. The Committee requires the counsel to: 1. advise the Committee with respect to its rights, powers and duties in this Case; 2. participate in any meetings related to this Case; 3. assist and advise the Committee in its meetings and negotiations with the Debtor and other parties in interest regarding the administration of this Case; 4. represent the Committee at hearings and other proceedings before the Court and/or other tribunals, as appropriate; 5. assist the Committee in its analysis of, and negotiations with the Debtor or third parties related to asset disposition transactions, compromises of controversies, and (if applicable) assumption and rejection of executory contracts and unexpired leases; 6. assist the Committee in its analysis of, and negotiations with the Debtor or third parties related to, the formulation, confirmation and implementation of a chapter 11 plan(s) and all documentation related thereto; 7. assist the Committee in analyzing claims or interests asserted against the Debtor, in negotiating with the holders of such claims, and assisting with any possible proceedings with respect to such claims and interests; 8. assist with the Committee's review of the Debtor's Schedules of Assets and Liabilities, Statements of Financial Affairs and other financial reports prepared by the Debtor, and the Committee's investigation of the acts, conduct, assets, liabilities and financial condition of the Debtor and of the historic and ongoing operation of their business; 9. assist and advise the Committee with respect to its communications with creditors regarding significant matters related to this Case; 10. respond to inquiries from individual creditors as to the status of, and developments in, this Case; 11. review and analyze Court filings, and advise the Committee regarding positions and responses thereto; 12. assist the Committee in its review and analysis of, and negotiations with the Debtor and non-Debtor affiliates related to, intercompany transactions and claims; 13. review and analyze third party analyses or reports prepared in connection with potential claims of the Debtor, advise the Committee with respect to its positions thereon, and perform such other diligence and independent analysis as may be requested by the Committee; 14. assist the Committee in preparing pleadings and applications, and pursuing or participating in adversary proceedings, contested matters and administrative proceedings as may be necessary or appropriate in furtherance of the Committee's duties, interests, and objectives; and 15. perform other legal services as necessary or as may be requested by the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code. Rimon seeks to be compensated for its services to the Committee at its standard hourly rates, which are based on each Rimon professional's level of experience. The standard hourly rates charged by Paul Jasper, Esq. and Lillian Stenfeldt, Esq. are $650 per hour. Other Partners' and Counsels' services will be no higher than $650 per hour, charges for its ssociates' services will be billed at no more than $400 per hour, and charges for the service of paraprofessionals will be billed at no more than $200 per hour, billed in increments of one-tenth of one hour. Rimon is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Paul Jasper, Esq. Rimon, P.C. 2029 Century Park East, Suite 400N Los Angeles, CA 90067 Tel/Fax: (213) 375-3811 About Svenhard's Swedish Bakery Svenhard's Swedish Bakery is a privately held company that primarily engaged in manufacturing fresh and frozen bread and other bakery products. Svenhard's Swedish Bakery, based in Fresno, CA, filed a Chapter 11 petition (Bankr. E.D. Cal. Case No. 19-15277) on Dec. 19, 2019. In the petition signed by David Kunkel, chief operating officer, the Debtor was estimated to have $1 million to $10 million in assets and $10 million to $50 million in liabilities. The Hon. Rene Lastreto II is the presiding judge. Derrick Talerico, Esq., at Zolkin Talerico LLP, serves as bankruptcy counsel; and Gary Garrigues Law Firm, is the special litigation counsel. TAMARA HOME CARE: U.S. Trustee Objects to Plan & Disclosures ------------------------------------------------------------ Nancy J. Gargula, United States Trustee for Region 21, moves the Honorable Court to deny approval of Tamara Home Care, Inc.'s Disclosure Statement and confirmation of its Plan. The United States Trustee submits that Debtor's Disclosure Statement fails to contain "adequate information" and the Plan fails to meet the requirements of Sec. 1129. The U.S. Trustee points out that the Debtor has failed to file the operating reports for December, 2019, and January 2020. The report for February 2020 will also become due by the time the Court holds the hearing on confirmation. The United States Trustee further points out that the Plan also fails to comply with Sec. 1129(a)(5), as it does not state why the continued appointment of the Debtor's principals is consistent with the interests of the creditors and public policy. The United States Trustee submits that allowed administrative expenses should be payable on or before the effective date, according to § 1129(a)(9)(A), unless the parties agree otherwise. About Tamara Home Care Founded in 2010, Tamara Home Care Inc. is a privately-held company that provides home health care services. It is a small business debtor as defined in 11 U.S.C. section 101(51D). Tamara Home filed under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 19-04539) on Aug. 9, 2019, listing under $1 million in both assets and liabilities. Judge Brian K. Tester oversees the case. Jesus Enrique Batista Sanchez, Esq., at The Batista Law Group, P.S.C., is the Debtor's legal counsel. TASEKO MINES: S&P Downgrades ICR to 'CCC+' on Liquidity Concerns ---------------------------------------------------------------- S&P Global Ratings lowered its ratings on Taseko Mines Ltd., including its issuer credit rating (ICR) on the company, to 'CCC+' from 'B-'. "The downgrade reflects our view of the heightened risk to Taseko's liquidity position. We believe Taseko is at risk of depleting its liquidity over the next 12 months, following the sharp deterioration in copper prices and uncertain, but potentially negative, impact of the COVID-19 outbreak. The COVID-19 pandemic is responsible for the recent suspension of several mining operations globally, and we can't rule out a temporary closure of the company's Gibraltar mine. Taseko relies exclusively on this mine for all of its operating cash flows. In our view, the company's liquidity position is highly sensitive to lower-than-expected copper prices and/or shortfall in production this year," S&P said. The company had a little more than C$50 million in cash at year-end 2019 (with no credit facility), which S&P estimates will more than cover its fixed charge obligations this year, including interest and maintenance capital expenditures. S&P estimates Taseko will generate near-breakeven free cash flow this year, which includes the rating agency's expectation for materially lower capital expenditures. In addition, its secured notes are not due until 2022. Mainly for these reasons, S&P does not believe that a default on its debt obligations or liquidity crisis is imminent within the next 12 months. The negative outlook primarily reflects S&P's view of the risk that Taseko could generate a free–cash-flow deficit this year that significantly constrains its liquidity position. In its view, copper prices that are sustained near current levels through 2020, and potential operating disruptions related to COVID-19 are key downside risks. S&P believes either scenario could lead to an increased risk of a liquidity shortfall or higher likelihood of a distressed exchange of the company's secured notes. "We could lower the ratings if, within the next 12 months, we envision a specific default scenario for Taseko. Such a scenario would likely include a liquidity shortfall or expectation for the company to proceed with a distressed exchange of its secured notes. In our view, this could follow sustained copper market weakness, a protracted operating disruption, and/or its notes trading significantly below par as maturity approaches," S&P said. "We could revise the outlook to stable or raise the rating if, over the next 12 months, we believe the company will stabilize or improve its cash position. In such a scenario, we could also expect improved prospects for its secured notes to be refinanced at levels that we do not view as a distressed exchange. We would expect a material and sustained improvement in credit and copper market conditions for this to happen," the rating agency said. TEGNA INC: S&P Lowers ICR to 'BB-'; Outlook Negative ---------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on TEGNA Inc. to 'BB-' from 'BB' because it now expects declines in advertising will prevent the company from reducing leverage below its 4.5x downgrade threshold in 2020. TEGNA Inc.'s leverage is currently elevated. S&P estimates that TEGNA's leverage was about 5x at the end of 2019 (pro forma for $1.4 billion of television station acquisitions that were funded with debt), which is above the rating agency's 4.5x downgrade threshold for the 'BB' rating. S&P previously expected TEGNA would reduce leverage to about 4.3x in 2020 (due to growth in retransmission and political advertising revenue), which provided little room for underperformance relative to the rating agency's base-case forecast. S&P now expects declines in advertising revenue stemming from the impact of the coronavirus will keep leverage above 4.5x in 2020. The negative outlook reflects the uncertainty around the extent of the coronavirus' impact on TEGNA's performance and the potential that leverage could increase above 5.5x over the next year. While S&P's expectations for retransmission and political advertising revenue remain unchanged, the rating agency expects advertising revenue will decline materially over the next year due to the spread of the virus. "We could lower the rating if TEGNA's leverage increases above 5.5x over the next year. This could occur if a severe advertising recession reduces the company's advertising revenue and EBITDA declines by about 10% in 2020. Covenant compliance is tight, even before considering the impact from the pandemic, such that pressure on operating performance could result in a breach to TEGNA's financial maintenance covenant. This would require TEGNA to amend its covenants to increase headroom, as it has done in the past," S&P said. "We could revise the outlook to stable if the pandemic has a limited effect on TEGNA's business such that we expect its leverage to be comfortably below 5.5x over the next year. We believe this would likely entail a moderate advertising recession followed by a healthy recovery in television advertising toward the end of 2020 and beginning of 2021, such that any near-term decline in EBITDA returns to 2019 levels," the rating agency said. THE MERCHANT: Taps Lawrence & Jurkiewicz as Legal Counsel --------------------------------------------------------- The Merchant LLC received approval from the U.S. Bankruptcy Court for the District of Connecticut to employ Lawrence & Jurkiewicz, LLC as its legal counsel in its Chapter 11 case. Lawrence & Jurkiewicz will provide legal services including: (a) advising the Debtor of its rights, powers and duties; (b) representing the Debtor in connection with the initial debtor interview, first meeting of creditors and all further meetings of creditors; (c) assisting the Debtor in the negotiation and documentation of debt restructuring and related transactions; (d) advising the Debtor concerning actions available to collect and recover property for the benefit of the estate; (e) preparing legal documents and reviewing financial reports to be filed in the case; (f) advising the Debtor concerning the formulation and promulgation of a disclosure statement, plan of reorganization and related documents; (g) representing the Debtor in connection with the hearing on plan confirmation; and (h) performing all other legal services for the Debtor which may be necessary or appropriate in the administration of the case. Lawrence & Jurkiewicz will charge $350 per hour for the services of its attorneys and $100 per hour for paralegal services. Prior to the petition date, the firm received a retainer of $8,283, plus $1,717 for the court filing fee. Lawrence & Jurkiewicz and its members and employees are "disinterested persons" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm may be reached through: Edward P. Jurkiewicz, Esq. Lawrence & Jurkiewicz, LLC 60 East Main Street Avon, CT 06001 Telephone:(860) 299-6263 Fax:(860) 677-5005 Email: edwardjurkiewicz@sbcglobal.net About The Merchant LLC The Merchant LLC, a Connecticut limited liability company, filed a Chapter 11 petition (Bankr. D. Conn. Case No. 20-50104) on Jan. 24, 2020. At the time of the filing, the Debtor had estimated assets of less than $50,000 and liabilities of between $50,001 and $100,000. Judge Julie A. Manning oversees the case. Lawrence & Jurkiewicz, LLC is the Debtor's legal counsel. THRUSH AIRCRAFT: Taps Pellicano & Blankenship as Accountant ----------------------------------------------------------- Thrush Aircraft, Inc. received approval from the U.S. Bankruptcy Court for the Middle District of Georgia to hire Pellicano & Blankenship, LLC as its accountant. Pellicano & Blankenship will assist the Debtor in preparing and filing all documents required for the 2019 federal and state tax returns. The firm will be paid at these rates: Senior Partner / Principal $300 per hour Engagement Partner / Principal $250 per hour Associate and other staff $90 per hour The firm received from the Debtor approximately $29,000 within 90 days prior to the petition date. Walter Blankenship, a partner at Pellicano & Blankenship, disclosed that the firm neither holds nor represents an interest adverse to the Debtor, and that the firm is a disinterested person. Pellicano & Blankenship may be reached through: Walter Blankenship Pellicano & Blankenship, LLC 1803 Gillionville Rd. Albany, GA 31707 Phone: (229) 883-7964 About Thrush Aircraft Headquartered in Albany, Ga., Thrush Aircraft, Inc. manufactures a full range of aerial application aircraft used in agriculture, forestry and firefighting roles. There are currently more than 2,400 Thrush aircraft operating in some 80 countries around the world. The company was founded in 2003. Thrush Aircraft sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ga. Case No. 19-10976) on Sept. 4, 2019. At the time of the filing, the Debtor disclosed assets of between $10 million and $50 million and liabilities of the same range. TIDWELL BROS: Seeks to Hire Furr Cohen as Attorney -------------------------------------------------- Tidwell Bros. Construction Inc. seeks authority from the United States Bankruptcy Court for the Middle District of Florida to hire Furr Cohen, P.A. as its attorneys. The professional services the attorney will render are: (a) give advice to the Debtor with respect to its powers and duties as a debtor-in-possession; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (c) prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; (d) protect the interest of the Debtor in all matters pending before the court; (e) represent the Debtor in negotiation with its creditors in the preparation of a plan. The Debtor paid Furr Cohen a retainer in the amount of $3,000 on March 3, 2020 and $25,000 on March 6, 2020. Aaron A. Wernick, partner of Furr Cohen, P.A., 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. Furr Cohen can be reached at: Aaron A. Wernick, Esq. FURR COHEN, P.A. 2255 Glades Road, Suite 301E Boca Raton, FL 33431 Tel: (561) 395-0500 Fax: (561) 338-7532 E-mail: awernick@furrcohen.com About Tidwell Bros. Construction Inc. Tidwell Bros. Construction Inc. is a privately held construction company in Florida serving industrial, commercial, and residential clients. It specializes in all phases of earthwork, paving, construction/demolition, and aggregate production. Tidwell Bros. Construction Inc. filed a Voluntary Petition under Chapter 11 of the United States Bankruptcy Code (Bankr. M.D. Fla. Case No. 20-00837) on March 6, 2020. The petition was signed by Anthony J. Tidwell, president. At the time of filing, the Debtor estimated $1 million to $10 million in both assets and liabilities. Aaron A. Wernick, Esq. at FURR COHEN P.A. represents the Debtor as counsel. TIVITY HEALTH: Moody's Cuts CFR to B3, Outlook Negative ------------------------------------------------------- Moody's Investors Service downgraded Tivity's Health, Inc's Corporate Family Rating to B3 from B1 and its Probability of Default Rating to B3-PD from B1-PD. At the same time, Moody's downgraded the company's secured credit facilities to B3 (LGD4) from B1 (LGD 4). The credit facilities include a $125 million senior secured revolving credit facility, a $350 million senior secured term loan A, and a $830 million senior secured term loan B. Moody's also downgraded Tivity's Speculative Grade Liquidity Rating to SGL-3 from SGL-1. The rating outlook is negative. The downgrade reflects continued weaker than expected operating performance at Tivity that has led to senior management turnover, weak earnings and increasing debt to EBITDA that Moody's estimates at 4.8x at the twelve month period ending December 31, 2019 Nutrisystem sales fell meaningfully following Tivity's $1.3 billion debt funded acquisition of the company in March 2019. This largely reflects the highly competitive nature of the weight loss industry. Moody's also expects the disruption in visitation at the company's network of 16,000 gyms resulting from efforts to contain the spread of the coronavirus will weaken earnings in the Tivity Health segment. Disruptions include recommendations from federal, state and local governments to avoid gatherings that have led to gym closures on a temporary basis. The segment has highly variable costs, but the company's gross profit level will fall with visitation reductions. At-home food consumption will increase because of coronavirus containment efforts but Moody's anticipates Nutrisystem will benefit less because of its high price points and that competition will remain a headwind to turning around the business. As a result Moody's expects leverage will increase and free cash flow will decrease over the next year. Moody's believes the earnings drag from the coronavirus on the Tivity Health segment will abate once gyms have reopened. The anticipated drop in free cash flow is nevertheless a credit concern because of the very high $60 million of required annual term loan amortization. Note that the Company has pre-paid mandatory term loan amortization until March of 2021. The negative outlook reflects Moody's expectation that Tivity's financial leverage will remain high over the next year. The negative outlook also reflects the uncertain magnitude and duration of the earnings drag from coronavirus containment efforts, as well as the negative effect on consumer income and wealth stemming from job losses and asset price declines, which will diminish discretionary resources to spend on some of the company's products and services once this coronavirus crisis subsides. The outlook could be revised to stable if revenue and earnings grow and the company is able to generate free cash flow that is comfortably sufficient to service the company's high debt amortization. Ratings Downgraded: Tivity Health, Inc. Corporate Family Rating to B3 from B1 Probability of Default to B3-PD from B1-PD $125 million Gtd. senior secured revolving credit facility expiring 2024 to B3 (LGD4) from B1 (LGD4) $350 million Gtd. senior secured term loan A due 2024 to B3 (LGD4) from B1 (LGD4) $830 million Gtd. senior secured term loan B due 2026 to B3 (LGD4) from B1 (LGD4) The rating outlook is negative RATINGS RATIONALE The B3 CFR reflects Tivity's high financial leverage that Moody's projects will increase to above 5x in 2020. The rating also reflects revenue concentration that the company's Silver Sneaker program has to large health insurance companies which reimburse it for its services. The loss of one or more of these payors would be a material headwind to its overall sales growth. Further, Moody's recognizes the high level of cyclicality and seasonality from the company's Nutrisystem business segment. Typically cash flows from Nutrisystem are stronger in the first quarter of the year as more consumers attempt to lose weight following the holiday season. Cash flows steadily decline throughout the year as consumers' focus on weight loss diminishes. The rating is supported by Tivity's leading market position in fitness and health improvement programs for older adults, through its Silver Sneakers brand, as well as weight management products through its Nutrisystem brand. Silver Sneakers is a leading fitness program specifically designed for older adults, offered through Medicare Advantage and Medicare Supplement plans. Hence, for the Silver Sneakers program, Tivity is paid by health insurance companies that offer Medicare Advantage programs. An increasing number of seniors are turning 65 in the US, and are signing up and tapping into Medicare Advantage programs. This will provide the company with good longer-term growth potential as the pool of individuals eligible to participate in the Silver Sneakers programs increases. Nutrisystem provides weight management products and services in the U.S. Under the Nutrisystem brand programs include portion-controlled pre-packaged versions of traditional American food, as well as digital tools, and counseling over the phone. The company also offers the South Beach diet, which is a high protein, low carbohydrate, keto friendly weight loss program. Both programs offer the convenience of food that is largely ready to eat for people on the go. That said, at about $300 per month, these programs can also be expensive and demand for these products and services can be negatively impacted in an economic downturn. The downgrade to SGL-3 reflects the projected reduction in free cash flow. The SGL-3 Speculative Grade Liquidity Rating also reflects Moody's view that Tivity's liquidity will be adequate liquidity in the year ahead. Moody's projects that the company will generated positive free cash flow but still partially rely on its $125 million secured revolving credit facility to help fund its obligations. Social risks are a key consideration for Tivity Health as this company is largely a health and wellness company. It sells products that appeal to customers almost entirely due to "social" considerations. That is, products related to losing weight and staying healthy that help individuals fit into society and comply with social mores and customs. Hence social factors are the primary driver of Tivity's sales, and hence the primary reason it exists. To the extent such social customs and mores change, it could have an impact -- positive or negative -- on the company's sales and earnings. The rapid and widening spread of the coronavirus outbreak, deteriorating global economic outlook, falling oil prices, and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets. The combined credit effects of these developments are unprecedented. The consumer products sector has been one of the sectors affected by the shock given its sensitivity to consumer demand and sentiment. More specifically, the weaknesses in Tivity's credit profile have left it vulnerable to shifts in market sentiment in these unprecedented operating conditions and the company remains vulnerable to the outbreak continuing to spread. Moody's regards the coronavirus outbreak as a social risk under its ESG framework, given the substantial implications for public health and safety. Its action in part reflects the impact on Tivity of the breadth and severity of the shock, and the broad deterioration in credit quality it has triggered. Ratings could be downgraded if liquidity deteriorates including if free cash flow weakens relative to required amortization, or if Moody's anticipates Tivity's earnings declines to be deeper or more prolonged because of actions to contain the spread of the coronavirus or reductions in discretionary consumer spending. The ratings could be downgraded if Silver Sneakers fails to offset the loss of significant health insurance payors with new customers. Ratings could also be downgraded if debt/EBITDA is sustained above 6.0x. The ratings could be upgraded if Tivity successfully integrates Nutrisystem, continues to increase membership at Silver Sneakers, and turns around the Nutrisystem business including growing the membership. Additionally, debt/EBITDA would need to be sustained below 5.0x and the company would need to maintain good liquidity including generating meaningful free cash flow relative to debt before Moody's would consider an upgrade. The principal methodology used in these ratings was Business and Consumer Service Industry published in October 2016. Based in Franklin, TN Tivity Health, Inc. is a leading provider of fitness, health improvement and weight management programs. Key brands include Silver Sneakers that provides fitness programs to older adults, and Nutrisystem that provides weight management products and services. The publicly-traded company generated approximately $1.25 billion of annual revenue in 2019 pro forma for a full year of Nutrisystem operations. TONKA INTERNATIONAL: Seeks to Hire Eric A. Liepins as Counsel ------------------------------------------------------------- Tonka International Corporation, seeks authority from the US Bankruptcy Court for the Eastern District of Texas to employ Eric A. Liepins, P.C., as counsel to the Debtor. The Debtor requires Eric A. Liepins to provide legal services and represent the Debtor in the Chapter 11 proceedings. Eric A. Liepins will be paid at these hourly rates: Attorneys $275 Paralegals $30 to $50 Eric A. Liepins received from the Debtor a retainer in the amount of $5,000, plus $1,717 filing fee. Eric A. Liepins will also be reimbursed for reasonable out-of-pocket expenses incurred. Eric A. Liepins, a partner of Eric A. Liepins, 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 Debtor and its estates. Eric A. Liepins can be reached at: Eric Liepins, Esq. ERIC A. LIEPINS, P.C. 12770 Coit Road, Suite 1100 Dallas, TX 75251 Tel: (972) 991-5591 Fax: (972) 991-5788 About Tonka International Corporation Tonka International Corporation filed its Voluntary Petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. E.D. Tex. Case No. 20-40731) on March 9, 2020. In the petition signed by Gary Childs, president, the Debtor estimated $9,000 in assets and $1,895,767 in liabilities. Eric A. Liepins, Esq. at ERIC A. LIEPINS is the Debtor's counsel. TRC FARMS: Taps Mossy Oak Properties as Real Estate Broker ---------------------------------------------------------- TRC Farms, Inc. received approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ Mossy Oak Properties NC Land and Farms as real estate broker. Mossy Oak Properties will assist the Debtor in finding a buyer for its real property for which the Debtor will pay the firm a 5 percent commission. Andrew Walters of Mossy Oak Properties disclosed in court filings that his firm is "disinterested" within the meaning of Section 101(14) of the Bankruptcy Code. The firm may be reached through: Andrew Walters Mossy Oak Properties NC Land and Farms P.O. Box 996 Manteo, NC 27954 Phone: 844-480-LAND (5263) Fax: 866-252-6625 Email: info@nclandandfarms.com About TRC Farms Inc. TRC Farms, Inc., a privately held company in the livestock farming industry, filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 20-00309) on Jan. 23, 2020. In the petition signed by Timmy R. Cox, president, the Debtor disclosed $3,846,275 in assets and $5,412,282 in liabilities. Judge Joseph N. Callaway oversees the case. The Debtor tapped Ayers & Haidt, PA as its legal counsel, and Carr Riggs & Ingram, LLC as its accountant. TRUDY'S TEXAS: Seeks to Hire a Restaurant Operations Advisor ------------------------------------------------------------ Trudy's Texas Star, Inc., seeks authority from the U.S. Bankruptcy Court for the Western District of Texas to employ a restaurant operations advisor. The Debtor wishes to employ Richard Taylor as restaurant operations advisor to analyse all aspects of ongoing restaurant operations, including review of controls, analysis of revenue and costs and day to day restaurant operations. Mr. Taylor will receive a flat fee of $3,000 for his services. Mr. Taylor assures the court that he is a disinterested person within the meaning if 11 U.S.C. Sec. 101(14). Mr. Taylor can be reached at: Richard Taylor 6303 Shadow Valley Austin, TX 78731 About Trudy's Texas Star Trudy's Texas Star, Inc. operates a chain of restaurants. Trudy's Texas Star, Inc., based in Austin, TX, filed a Chapter 11 petition (Bankr. W.D. Tex. Case No. 20-10108) on January 22, 2020. The Hon. Tony M. Davis presides over the case. Stephen W. Sather, Esq., at Barron & Newburger, PC, serves as bankruptcy counsel. In its petition, the Debtor estimated $1 million to $10 million in both assets and liabilities. The petition was signed by Stephen Truesdel, authorized representative. TRUDY'S TEXAS: Seeks to Hire CLD Ventures as Real Estate Agent -------------------------------------------------------------- Trudy's Texas Star, Inc., and Nofalia, Inc., seek authority from the U.S. Bankruptcy Court for the Western District of Texas to employ a real estate agent. Nofalia, Inc., owns property located at 13059 Four Star Boulevard in Hays County, Texas. The property is encumbered by liens in favor of Hays County, JP Morgan Chase Bank and the Small Business Administration. The Debtor has chosen CLD Ventures, dba CLD Realty to market and sell the properties. CLD Realty represents any interest adverse to the estate in connection with the sale of the property, according to court filings. Sean Murphy, president of CLD Ventures, assures the court that his firm has no interest adverse to the estate in connection with the sale of the property. The agent can be reached through: Sean Murphy CLD Ventures Inc., dba CLD Realty 2121 S. Lamar Blvd., Ste 101 Austin, TX 78704 Phone: 512-441-8888 About Trudy's Texas Star Trudy's Texas Star, Inc. operates a chain of restaurants. Trudy's Texas Star, Inc., based in Austin, TX, filed a Chapter 11 petition (Bankr. W.D. Tex. Case No. 20-10108) on January 22, 2020. The Hon. Tony M. Davis presides over the case. Stephen W. Sather, Esq., at Barron & Newburger, PC, serves as bankruptcy counsel. In its petition, the Debtor estimated $1 million to $10 million in both assets and liabilities. The petition was signed by Stephen Truesdel, authorized representative. UNITED PF: S&P Downgrades ICR to 'CCC+' on Club Closures -------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on United PF Holdings LLC to 'CCC+' from 'B' with a negative outlook. S&P also lowered its issue-level ratings on the company's first-lien debt two notches to 'CCC+' from 'B' and its second-lien debt to 'CCC-' from 'CCC+'. The '3' and '6' recovery ratings have not changed. As S&P announced on March 20, 2020, it lowered its ratings on United PF on March 20, 2020. The downgrade reflects S&P's belief that United PF will be unable to bring leverage below the rating agency's 7x downgrade threshold at the previous 'B' rating. Depending on the depth and longevity of restrictions and closures of out-of-home consumer options, and of the anticipated U.S. recession, the range of outcomes may vary widely for revenue, EBITDA, leverage, and liquidity in coming months and this year. S&P believes that the potential for club closures lasting through the second quarter of 2020, coupled with high attrition inherent in the fitness club segment will result in significant EBITDA decline, and rapid cash burn, which will be detrimental to liquidity and leverage. It is also possible that membership attrition and lowered revenue may continue past club closures as consumers may view gym memberships as discretionary spending in a recessionary environment, or resist returning to the gym for a prolonged period. S&P believes these risks are partially offset through Planet Fitness' positioning as a low-cost fitness club operator, which may prove to be a positive credit factor for United PF in a recession, as consumers move down-stream from higher-end fitness clubs to more affordable options. "We believe United PF has been able to nearly completely scale back capital spending on new clubs, and furlough employees to slow cash burn. We also believe the company's cash on hand and revolver will provide liquidity for United PF to survive with no revenue through the second quarter. However, even if existing liquidity proves sufficient to weather a period of club closures, its cash-conservation measures could cause the company to enter into a possible recession with little to no revolver availability, and very little cash on the balance sheet. As a result, the company will be relying on favorable operating conditions to remain solvent in the long run," S&P said. "Under our current assumption that the pandemic will peak in June or August, and fitness clubs will re-open within a similar timeframe, we anticipate the company can remain solvent. While we expect leverage to remain elevated beyond the pandemic, we do not envision a near-term default scenario under these assumptions. However, we plan to monitor events carefully, and if we believe containment efforts will last beyond our current expected timeframe, we may consider a downgrade of one notch or more," S&P said. The negative outlook reflects the possibility of significant anticipated stress on liquidity over the next several months, or possibly longer, that could cause S&P to downgrade the company if it believes there is a significant risk of a near-term default or distressed exchange. "We plan to monitor events over the coming weeks and months as they unfold, and assess risk to United PF's liquidity position. Given the high degree of uncertainty around when United PF will be able to re-open its clubs, we could lower the rating if we believe the company may run out of liquidity, or we believe that a distressed restructuring is likely," S&P said. "We may return the outlook to stable if we believe the company has begun to stem significant the cash burn stemming from its club closures. We could raise the rating if we believe that United PF will generate cash flow and EBITDA significant enough to begin material de-leveraging," the rating agency said. US FOODS: S&P Cuts ICR to BB; Ratings Remain on Watch Negative -------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on US Foods Inc. (USF) to 'BB' from 'BB+', its issue-level rating on the company's senior secured debt to 'BB' from 'BB+', and its issue-level rating on the company's senior unsecured debt to 'BB-' from 'BB'. Sales and profit will materially decline over at least the near term. It is likely that there will be--at least over the near term--even more event cancellations and closures of restaurants, schools, and other institutions. The elevated emphasis on social distancing may also lead to reduced restaurant traffic even if the closures are short lived. S&P estimates that USF's adjusted EBITDA could decline by more than 50% over the next few quarters depending on the severity of the drop in its sales. At this time, S&P still expects the company to complete its $970 million acquisition of Smart Foodservice Warehouse Stores (announced in early March 2020) in the next couple of months. Pro forma for the transaction, S&P previously expected the company's leverage to modestly exceed 5x (versus the mid-4x area prior to the transaction). However, the rating agency now anticipates that USF's leverage could, at least temporarily, approach or exceed the double digits in the next few quarters due to the potential rapid deterioration in its EBITDA stemming from the pandemic. The company announced that it has drawn $1 billion under its asset-based lending (ABL) revolver and accounts-receivable financing facility (ABS) to strengthen its liquidity position. S&P believes the company still has material availability under those facilities, though its availability could shrink significantly as its receivables decline in line with the reduction in its sales. The CreditWatch reflects the potential for a downgrade over the next few months. However, given the uncertainty around the duration of the outbreak, including the potential that it may reoccur after the summer, our ratings could remain on CreditWatch for a longer-than-normal period. S&P expects to resolve the CreditWatch placement after it assesses the severity and duration of the impact of COVID-19 on USF's liquidity position and credit metrics. S&P will also incorporate the potential financial impact of the Smart Foodservice acquisition, though its ratings on the company could remain on CreditWatch after the transaction closes. VARNSEN INDUSTRIES: S&P Alters Outlook to Neg., Affirms 'B' ICR --------------------------------------------------------------- S&P Global Ratings revised its outlook on Varnsen Industries Holdings S.a.r.l. to negative from stable and affirmed its 'B' issuer credit rating on the company. A recession in the U.S. and Europe stemming from COVID-19 could weaken volume demand beyond S&P's expectations. S&P's economists now believe a recession in the U.S. and Europe is likely, as the fallout from the coronavirus is expected to meaningfully affect consumer spending and business investment. Although the severity and longevity of the COVID-19 pandemic remains uncertain, there is increasing risk that reduced demand will lower Varnsen's organic revenue growth in 2020. S&P's base-case forecast assumes positive free cash flow generation despite organic revenue declines. However, Varnsen's leverage is currently elevated due to the acquisition of Baileigh Inudstries, and sharply worse macroeconomic conditions could lead to deteriorating volume demand and weaker credit measures. The negative outlook reflects the increased risk that weak demand and operational hurdles related to Varnsen's concentrated manufacturing operations could worsen credit measures and hinder the company's ability to reduce leverage below 6.5x. "We could lower our rating on Varnsen if the company meaningfully underperforms our expectations, resulting in declining free cash flow, greater borrowings under ABL facility, or leverage maintained above 6.5x with limited prospects for improvement. This could occur if continued weak U.S. economic and industrial conditions reduce demand further and the impact of the company's highly concentrated supply chain is greater than we anticipate, leading to elevated leverage and reduced liquidity," S&P said. "We could revise our outlook to stable if the demand and margin impact of the current COVID-19 pandemic appear to be less severe, allowing the company to improve profitability and further deleverage such that we anticipated debt/EBITDA to be sustained below 6.5x," the rating agency said. VENUS CONCEPT: Inks Second Amended Loan Agreement with CNB ---------------------------------------------------------- Venus Concept Inc. entered into a Second Amended and Restated Loan Agreement as a borrower with City National Bank of Florida, as amended, pursuant to which CNB agreed to make certain loans and other financial accommodations to the Company, and certain of its subsidiaries. In connection with the CNB Loan Agreement, the Company also entered into (i) a Second Amended and Restated Guaranty of Payment and Performance with CNB dated as of March 20, 2020, pursuant to which the Company agreed to guaranty the obligations under the CNB Loan Agreement and (ii) a Security Agreement with CNB dated as of March 20, 2020, pursuant to which the Company agreed to grant CNB a security interest, in substantially all of its assets, to secure the obligations under the CNB Loan Agreement. Borrowings under the CNB Loan Agreement are secured by substantially all of the assets of the Company and its subsidiaries and the CNB Guaranty. About Venus Concept Venus Concept fka Restoration Robotics, Inc. is an innovative global medical aesthetic technology company with a broad product portfolio of minimally invasive and non-invasive medical aesthetic technologies and reach in over 60 countries and 29 direct markets. Venus Concept focuses its product sales strategy on a subscription-based business model in North America and in its well-established direct global markets. Venus Concept's product portfolio consists of aesthetic device platforms, including Venus Versa, Venus Legacy, Venus Velocity, Venus Fiore, Venus Viva, Venus Freeze Plus, and Venus Bliss. Grant Thornton LLP, in Denver, CO, the Company's auditor since 2008, issued a "going concern" qualification in its report dated March 20, 2019, citing that the Company has incurred net operating losses, negative cash flows from operations since inception, and has an accumulated deficit as of Dec. 31, 2018. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. Restoration Robotics incurred a net loss of $28.73 million in 2018, a net loss of $17.84 million in 2017, and a net loss of $21.85 million in 2016. As of Sept. 30, 2019, the Company had $20.75 million in total assets, $42.55 million in total liabilities, and a total stockholders' deficit of $21.80 million. VIRTUAL CITADEL: Seeks to Hire Glass Ratner as Financial Advisor ---------------------------------------------------------------- Virtual Citadel, Inc., seeks authority from the United States Bankruptcy Court for the Northern District of Georgia to employ Glass Ratner as financial advisor and designate Marshall Glade as chief restructuring officer. Services Mr. Glade will render are: a. work with vendors, landlords, and lenders, including pre and post petition lenders; b. supervise, control, and monitor cash receipts and disbursements; c. engage potential investors and/or transaction partners; d. implement and supervise all of the Debtors' activities including the sale of the Debtors' assets on an expedited basis, including dissemination of information to third parties, selection of a stalking horse purchaser, and determination of highest and best offer; e. direct and supervise the formulation of budgets and plans; f. develop all aspects of financial, operational, and administrative direction and plans; g. determine, direct, and supervise all other activities and strategies, operations, and plans; h. act as the Debtors' liaison with creditors and governmental entities; and i. manage the Chapter 11 Cases and administration process. Services Glass Ratner will render are: a. develop cash flow projections; b. prepare the statutory reporting requirements, including statements of financial affairs and associated schedules; c. prepare reports for, and communications with, the Bankruptcy Court, creditors, and any other constituent; d. implement needed operational and/or strategic enhancements; e.review, evaluate, and analyze the financial ramifications of proposed transactions for which the Debtors may seek Bankruptcy Court approval; f. provide financial advice and assistance to the Debtors in connection with a sale transaction and conduct a section 363 auction to sell the assets of the Debtors; g. assist the Debtors in developing and supporting a proposed plan of reorganization; h. render Bankruptcy Court testimony in connection with the foregoing, as required, on behalf of the Debtors; and i. provide any other duty or task which falls within the normal responsibilities of an accountant or financial advisor. GlassRatner's hourly rates are: Mr. Glade as CRO - $425 Other GlassRatner Staff - $195 to $575 GlassRatner received payments totaling $99,219.41 in the aggregate for services performed for the Debtors. GlassRatner does not hold any interest materially adverse to the Debtors' estates, and is a "disinterested person" as defined by Bankruptcy Code section 101(14), according to court filings. The firm can be reached through: Marshall Glade GlassRatner Advisory & Capital Group LLC 3445 Peachtree Road, Suite 1225 Atlanta, GA 30326 Phone: 470-346-6800 About Virtual Citadel Virtual Citadel, Inc. -- https://vcitadel.com -- is a comprehensive turnkey enterprise hosting provider in Atlanta, Georgia. vCitadel owns and operates tier 1 and tier 2 data centers throughout the metro Atlanta area. Founded in 1990, vCitadel provides custom hosting solutions for cloud, data, and co-location applications. Virtual Citadel, Inc., and four affiliates sought Chapter 11 protection (Bankr. N.D. Ga. Case No. 20-62725) on Feb. 14, 2020. The Debtors tapped Polsinelli PC as counsel; Baker Donelson Bearman, Caldwell & Berkowitz, PC as conflicts counsel; and GlassRatner as financial advisor. VIRTUAL CITADEL: Seeks to Hire Polsinelli PC as Counsel ------------------------------------------------------- Virtual Citadel, Inc., seeks authority from the United States Bankruptcy Court for the Northern District of Georgia to hire Polsinelli PC as its counsel. Virtual Citadel requires Polsinelli PC to: a. take all necessary action to protect and preserve the estates of the Debtors, including the prosecution of actions on the Debtors' behalf, the defense of any actions commenced against the Debtors, the negotiation of disputes in which the Debtors are involved, and the preparation of objections to claims filed against the Debtors' estates; b. review all pleadings filed in the Chapter 11 cases; c. provide legal advice with respect to the Debtors' powers and duties as debtors in possession in the continued operation of their business; d. prepare on behalf of the Debtors, as debtors in possession, necessary motions, applications, answers, orders, reports, and other legal papers in connection with the administration of the Debtors' estates; e. appear in court and protect the interests of the Debtors before this Court; f. assist with any disposition of the Debtors' assets, by sale or otherwise; g. take all necessary or appropriate actions in connection with any plan of reorganization and related disclosure statement and all related documents, and such further actions as may be required in connection with the administration of the Debtors' estates; and h. perform all other legal services in connection with the Chapter 11 Cases as may reasonably be required. Polsinelli PC will be paid at these hourly rates: Shareholders $365-$940 Counsel $325-$690 Associates $275-$500 Paraprofessionals $145-$345 In the 12 months preceding the petition date, Polsinelli PC received the Debtor the amount of $58,585. The Debtors paid Polsinelli an initial retainer of $50,000. Polsinelli received a supplement to its retainer in the amount of $8,585 in early February 2020. Polsinelli PC will also be reimbursed for reasonable out-of-pocket expenses incurred. David E. Gordon, a shareholder of Polsinelli, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. In accordance with Appendix B-Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed under 11 U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, Mr. Gordon disclosed that: -- the hourly rates set forth in this case are consistent with the rates that Polsinelli charges other comparable chapter 11 clients; -- none of the professionals included in the engagement vary their rate based on the geographic location of the bankruptcy case; -- prior to the Petition Date, Polsinelli represented the Debtors in its restructuring efforts. Polsinelli charged its standard hourly rates, which are identical to the billing rates and financial terms that Polsinelli intends to charge for post-petition work; and -- the Debtors have provided an estimated budget and staffing plan. Polsinelli PC can be reached at: David E. Gordon, Esq. POLSINELLI PC 1201 West Peachtree Street NW, Suite 1100 Atlanta, GA 30309 Phone: 404-253-6000 About Virtual Citadel Virtual Citadel, Inc. -- https://vcitadel.com -- is a comprehensive turnkey enterprise hosting provider in Atlanta, Georgia. vCitadel owns and operates tier 1 and tier 2 data centers throughout the metro Atlanta area. Founded in 1990, vCitadel provides custom hosting solutions for cloud, data, and co-location applications. Virtual Citadel, Inc., and four affiliates sought Chapter 11 protection (Bankr. N.D. Ga. Case No. 20-62725) on Feb. 14, 2020. The Debtors tapped POLSINELLI PC as counsel; BAKER DONELSON BEARMAN, CALDWELL & BERKOWITZ, PC as conflicts counsel; and GLASS RATNER as financial advisor. W. KENT GANSKE: U.S. Trustee Appoints Creditors' Committee ---------------------------------------------------------- The Office of the U.S. Trustee appointed a committee to represent unsecured creditors in the Chapter 11 case of W. Kent and Julie Gankse. The committee members are: 1. Cory Berg, CEO - Acting Chairman Quality Liquid Feeds, Inc. 3586 State Road 23 North Dodgeville, WI 53533 (800) 236-2345 cory@qlf.com 2. Charles Poches, Business Manager Gumz Farms, LLC N570 6th Court Endeavor, WI 53930 (608) 981-2488 charles@gumzfarmsllc.com 3. Mark Gundrum, President Gundrum Bros. Farm Supply, Inc. 4894 Highway 33 W West Bend, WI 53095 (262) 483-7891 gundrum4894@gmail.com 4. Kelly Wiesbrock Ottawa Barge Terminal, Inc. 1365 2083rd Road Ottawa, IL 61350 (415) 835-3972 kwiesbrock@harvestcaps.com 5. Marcus Murphy, General Manager Dubuque River Terminals, Inc. 5 Jones Street Dubuque, IA 52001 (563) 588-4641 mmurphy@newtmarine.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About W. Kent and Julie L. Gankse W. Kent Ganske and Julie L. Gankse sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Wisc. Case No. 20-21042) on Feb. 11, 2020. WATCO COMPANIES: Moody's Cuts CFR to B2, On Review for Downgrade ---------------------------------------------------------------- Moody's Investors Service downgraded the ratings of transportation and logistics provider Watco Companies, L.L.C., including the Corporate Family Rating to B2 from B1, the Probability of Default Rating to B2-PD from B1-PD, and the rating of the $400 million senior unsecured notes due 2023 to Caa1 from B3. All ratings are on review for further downgrade. RATINGS RATIONALE The rapid and widening spread of the coronavirus outbreak, deteriorating global economic outlook, falling oil prices, and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets. The combined credit effects of these developments are unprecedented. The transportation sector is one of the sectors that will be significantly affected by the shock, in part given its sensitivity to consumer demand and sentiment. More specifically, the weaknesses in Watco's credit profile, including its thin margins and considerable historical funding needs for investments to expand its operations, have left it vulnerable to shifts in market sentiment in these unprecedented operating conditions, which are likely to affect Watco's credit metrics as the outbreak continues to spread. Moody's regards the coronavirus outbreak as a social risk under its ESG framework, given the substantial credit implications of public health and safety. Its action reflects the expected impact on Watco of the breadth and severity of the shock, and the broad deterioration in credit quality it has triggered. In its review, Moody's will consider (i) the company's liquidity, (ii) the severity of the impact of the coronavirus outbreak on rail freight transportation and terminal operations, (iii) the ability of the company to adapt its costs and discretionary investments in a timely manner to possibly rapid changes in freight demand, (iv) the possibility of diminishing headroom under financial covenants, and (v) the potential to restore credit metrics when economic activity recovers following the coronavirus outbreak. Watco's ratings consider the company's diversified revenue base comprising rail transportation services, port and terminal operations, railcar maintenance and repair services and a growing logistics business. Operating margins are thin, however, and leverage can be elevated at times due to considerable funding needs for Watco's discretionary investments. Availability under the company's $830 million revolving credit facility was nearly $500 million at year-end 2019. The revolving credit facility requires maintenance of certain financial covenants, whereas the $400 million senior unsecured notes due 2023 have no financial covenants. Although Moody's considers the environmental risks of the surface transportation sector to be 'emerging', Watco is much less exposed to environmental risks because it does not ship any coal in its rail operations and only a small proportion of its terminal and ports revenues is derived from handling coal. The ratings could be downgraded if Moody's expects that elevated capital expenditures or a weakening of business conditions cause debt/EBITDA to exceed 6 times on a sustained basis, operating margins to be less than 5% or Funds from operations/debt to be less than 10%. The ratings could also be downgraded if availability under the revolving credit facility becomes constrained, including if less than $100 million is available at a time when free cash flow remains negative and if covenant headroom diminishes. There will be no upward pressure on the ratings until freight volumes increase along with general economic activity in the US. The ratings could be upgraded if Moody's expects operating margins to be sustained above 7.5%, Funds from operations/debt above 12.5%, while debt/EBITDA is maintained below 5 times. The following rating actions were taken: Downgrades: Issuer: Watco Companies, L.L.C. Corporate Family Rating, Downgraded to B2 from B1; Placed Under Review for further Downgrade Probability of Default Rating, Downgraded to B2-PD from B1-PD; Placed Under Review for further Downgrade Senior Unsecured Regular Bond/Debenture, Downgraded to Caa1 (LGD5) from B3; Placed Under Review for further Downgrade Outlook Actions: Issuer: Watco Companies, L.L.C. Outlook, Changed To Rating Under Review From Stable The principal methodology used in these ratings was Surface Transportation and Logistics published in May 2019. Watco Companies, L.L.C. is the second largest short line railroad operator in the U.S. In addition to rail transportation services, the company provides terminal and port services, supply chain services, as well as rail car maintenance and repair services. Revenues in 2019 were nearly $1.2 billion. Watco Companies, L.L.C. is a privately held company. WATERTECH HOLDINGS: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------------ The Office of the U.S. Trustee disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Watertech Holdings, LLC. About Watertech Holdings Watertech Holdings, LLC, a company in the disinfecting services business, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Cal. Case No. 20-00662) on Feb. 6, 2020. In the petition signed by Robert Fei, manager, the Debtor estimates $2,115,000 in assets and $2,187,115 in liabilities. The firm is represented by G. William McCarthy Jr., Esq. at McCarthy, Reynolds & Penn, LLC. WC HIRSHFELD: Taps Lain Faulkner as Accountant ---------------------------------------------- WC Hirshfeld Moore, LLC and its affiliates received approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Lain, Faulkner & Co., P.C. as its accountant. Lain Faulkner will provide these accounting services: (a) assist the Debtors in the preparation and filing of their bankruptcy schedules and statement of financial affairs; (b) assist the Debtors in the preparation of their monthly reports; and (c) provide financial advice and other accounting services in connection with the Debtors' Chapter 11 cases. The firm will be paid at these rates: Director $375 - $485 per hour CPA's/Accounting Professionals $250 - $350 per hour IT $275 per hour Staff accounting $150 - $250 per hour Clerical $80 - $125 per hour The principal members of Lain Faulkner who are designated to provide the services and their 2020 hourly rates are: Brian Crisp, CPA-Director $395 per hour Aniza Rowe, Accounting Professional $255 per hour Lain Faulkner is "disinterested" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. About WC Hirshfeld Moore WC Hirshfeld Moore, LLC and seven debtor affiliates each filed Chapter 11 petitions (Bankr. W.D. Tex. Lead Case No. 20-10251) on Feb. 3, 2020. The debtor affiliates are (i) WC 103 East Fifth, LLC, (ii) WC 320 Congress, LLC, (iii) WC 422 Congress, LLC, (iv) WC 805-809 East Sixth, LLC, (v) WC 901 East Cesar Chavez, LLC, (vi) WC 1212 East Sixth, LLC and (vii) WC 9005 Mountain Ridge, LLC. Judge Tony M. Davis oversees the cases. At the time of the filing, WC Hirshfeld Moore disclosed assets of between $10 million and $50 million and liabilities of the same range. The Debtors tapped Ciardi, Ciardi & Astin as their primary restructuring counsel and Loewinsohn Flegle Deary Simon LLP as Ciardi's co-counsel. WC HIRSHFELD: Taps Loewinsohn Flegle as Co-Counsel -------------------------------------------------- WC Hirshfeld Moore, LLC and its affiliates received approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Loewinsohn Flegle Deary Simon LLP. Loewinsohn will serve as co-counsel with Ciardi, Ciardi & Astin, the firm handling the Debtors' Chapter 11 cases. Loewinsohn has agreed to provide legal services at a discount to its hourly rates customarily charged as follows: Daniel P. Winikka $525 per hour Tyler M. Simpson $425 per hour Dawn Weed $225 per hour The firm will also be reimbursed for out-of-pocket expenses. Loewinsohn is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm may be reached through: Daniel P. Winikka, Esq. Tyler M. Simpson, Esq. 12377 Merit Drive, Suite 900 Dallas, TX 75251 Telephone: (214) 572-1700 Facsimile: (214) 572-1717 Email: danw@lfdslaw.com tylers@lfdslaw.com About WC Hirshfeld Moore WC Hirshfeld Moore, LLC and seven debtor affiliates each filed Chapter 11 petitions (Bankr. W.D. Tex. Lead Case No. 20-10251) on Feb. 3, 2020. The debtor affiliates are (i) WC 103 East Fifth, LLC, (ii) WC 320 Congress, LLC, (iii) WC 422 Congress, LLC, (iv) WC 805-809 East Sixth, LLC, (v) WC 901 East Cesar Chavez, LLC, (vi) WC 1212 East Sixth, LLC and (vii) WC 9005 Mountain Ridge, LLC. Judge Tony M. Davis oversees the cases. At the time of the filing, WC Hirshfeld Moore disclosed assets of between $10 million and $50 million and liabilities of the same range. The Debtors tapped Ciardi, Ciardi & Astin as their primary restructuring counsel and Loewinsohn Flegle Deary Simon LLP as Ciardi's co-counsel. WELBILT INC: S&P Lowers ICR to B-; Ratings on CreditWatch Negative ------------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on U.S.-based Welbilt Inc. and its issue-level ratings on its senior secured credit facilities to 'B-' from 'BB-'. At the same time, S&P lowered its issue-level rating on the company's senior unsecured notes to 'CCC+' from 'B+'. S&P placed all ratings on CreditWatch with negative implications. The recent outbreak of the coronavirus is disrupting the foodservice equipment end markets in the U.S. and EMEA. There is substantial uncertainty around the scope and duration of the outbreak and any lingering effects on the economy and consumer behavior. The placement of the ratings on CreditWatch incorporates this economic uncertainty stemming from the pandemic as well as the company's ability to amend both its maximum total leverage covenant and consolidated interest coverage covenant, both of which have reasonable risk of noncompliance at the second quarter-end. CreditWatch The placement of the ratings on CreditWatch with negative implications reflects the potential for a downgrade over the next few months, depending on the company's ability to amend its revolver's financial covenants. Additionally, S&P's resolution will factor in the damage caused by the effects of the coronavirus pandemic on product demand, liquidity, and credit metrics. WERNER FINCO: S&P Downgrades ICR to 'B-' on COVID-19 Issues ----------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Werner FinCo L.P. to 'B-' from 'B'. At the same time, S&P lowered its issue-level ratings on its senior secured debt to 'B-' from 'B'; and on its senior unsecured notes to 'CCC' from 'CCC+'. The downgrade of Werner to 'B-' is based on its adjusted leverage at 8.7x at the end of third-quarter 2019 (Sept. 30, 2019) and EBITDA interest of 1.7x for the 12 months ended Sept. 30, 2019. Further, S&P believes the company's sales as well as EBITDA margins would be negatively affected in 2020 by the economic slowdown resulting from the COVID-19 pandemic. Thus, under its base-case scenario, S&P expects the adjusted leverage to remain above 8x and EBITDA interest coverage to be around 1.5x for the next 12 months, levels that commensurate with the 'B-' rating. S&P's negative outlook on Werner reflects its elevated leverage at over 8x and the increased risk that leverage may remain high or deteriorate further over the 12 months, in light of the recessionary macroeconomic conditions. At the same time, S&P believes the company's earnings and cash flows will be sufficient to meet its obligations, such that EBITDA interest coverage stays around 1.5x. "We could lower the ratings over the next 12 months, recessionary macroeconomic conditions result in further deterioration in the company's performance. As a result, leverage could rise above 10x and EBITDA interest coverage could begin trending toward 1x, at which point we may view the capital structure as unsustainable. We could also lower the ratings, if Werner's liquidity was severely affected and the covenant headroom tightened, causing us to view the liquidity as less than adequate," S&P said. "Though unlikely in the current macroeconomic environment, we may take a positive rating action over the next 12 months, if earnings and cash flows materially improve, resulting in leverage in the 5x-6x range and EBITDA interest coverage sustained above 2x," the rating agency said. WESTERN HOST: May 27 Hearing on Disclosure Statement Set -------------------------------------------------------- Judge Brian K. Tester has ordered that a hearing on approval of the Disclosure Statement filed by Western Host Associates Inc is scheduled for May 27, 2020, at 2:00 p.m., at the U.S. Bankruptcy Court, Jose V. Toledo Federal Building and U.S. Courthouse, 300 Recinto, Sur, Courtroom No. 1, Second Floor, Old San Juan, Puerto Rico. Objections to the form and content of the Disclosure Statement should be in writing and filed and served not less than 14 days prior to the hearing. About Western Host Associates Western Host Associates, Inc., owns a four-story commercial hotel building located at 202 San Jose Street, Old San Juan, Puerto Rico. The hotel is currently non-operational and is valued by the company at $1.35 million. The company previously sought bankruptcy protection on Nov. 14, 2012 (Bankr. D.P.R. Case No. 12-09093) and on May 19, 2011 (Bankr. D.P.R. Case No. 11-04152). Western Host Associates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 18-02696) on May 15, 2018. In the petition signed by Luis Alvarez, president, the Debtor disclosed $1.36 million in assets and $4.82 million in liabilities. Judge Brian K. Tester oversees the case. The Debtor tapped Gratacos Law Firm, PSC, as its legal counsel and the Law Offices of Jose R. Olmo-Rodriguez, as special counsel. WESTJET AIRLINES: S&P Cuts ICR to B; Ratings on Watch Negative -------------------------------------------------------------- S&P Global Ratings lowered its ratings on WestJet Airlines Ltd. by one notch, including its issuer credit rating on the company to 'B' from 'B+', and maintained all the ratings on CreditWatch with negative implications. S&P expects earnings and cash flow to fall significantly in 2020 primarily due to route suspensions and lower demand for air travel from passenger concerns of contracting COVID-19. "We expect concerns regarding the spread of COVID-19 to result in a severe decline in air travel this year because many countries around the world have temporarily restricted non-essential cross-border travel, including Canada. In our view, this should result in earnings and credit metrics that are much weaker than we previously expected, including a decline in adjusted EBITDA of more than 35%, adjusted FFO-to-debt well below 15%, and adjusted debt-to-EBITDA above 6.0x in 2020," S&P said. "The CreditWatch negative placement reflects the risk of further downside related to the COVID-19 outbreak on WestJet's operating performance and liquidity. We acknowledge the high degree of uncertainty about the severity of the impact of COVID-19 on the company, and the timing of the airline industry's eventual recovery. As of now, we expect traffic to begin to recover in late 2020, but believe WestJet's liquidity position could weaken meaningfully if delayed beyond this point. In this scenario, we are likely to downgrade the company. We expect to resolve the CreditWatch when the effects of the outbreak on WestJet's financial position and timing of a recovery become more apparent," S&P said. WESTWIND MANOR: Flaherty Objects to Disclosure Statement -------------------------------------------------------- Creditor and party-in-interest Brendan M. Flaherty objects to the approval of the Disclosure Statement for the Joint Plan of Reorganization proposed by Westwind Manor Resort Association, Inc., and the Official Committee Unsecured Creditors. Flaherty points out that the Disclosure Statement fails to provide adequate information about the Plan because it does not include any current income statements or future financial projections for the life of the Plan. Flaherty further points out that the Debtors' proposal to submit projections after the Court has already approved the Disclosure Statement is backwards and potentially dangerous. Flaherty asserts that the Disclosure Statement should not be approved because it does not provide adequate information about the fees being charged by professionals and management. Flaherty complains that the professionals employed by the Debtors and the Committee have incurred $8,111,691 in fees and expenses through the end of January 2020. These fees are truly enormous in the context of this case. According to Flaherty, the Disclosure Statement further explains that the Debtors "lacked enough funds to post the full amount of the $1.3 million [bond] while they appealed the default judgment." If the Debtors could not afford to post a $1.3 million bond, it is not clear how they are able to shoulder more than $8 million in professional fees. Flaherty points out that the Disclosure Statement is replete with gratuitous and inflammatory unsupported accusations against latter and others that are disguised as statements of fact. Counsel for Creditor Brendan Flaherty: Matthew A. Lesnick Lesnick Prince & Pappas LLP 315 W. Ninth St., Suite 705 Los Angeles, CA 90015 Telephone: (213) 493-6496 Facsimile: (213) 493-6596 E-mail: matt@lesnickprince.com About Westwind Manor Resort Association Westwind Manor Resort Association, Inc., and its subsidiaries operate two distinct business segments. Warrior Custom Golf focuses on the manufacture and sale of custom golf clubs. Warrior Acquisitions manages affiliates, like Warrior Golf, LLC, which own and manage golf courses. Warrior Custom Golf was founded in 1998 by Brendan Flaherty. It develops, manufactures, markets and sells affordable custom golf clubs and related equipment worldwide. Warrior Custom Golf's products are custom built to the specifications of each customer. Warrior Acquisitions is the manager of six entities that own and operate 18 golf courses and parcels of land located throughout the United States. Both segments of the business are headquartered in Irvine, Calif. Westwind Manor Resort Association and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 19-50026) on March 4, 2019. The Debtors were estimated to have both assets and debt between $1 million and $10 million. The cases are assigned to Judge David R. Jones. The Debtors tapped Cole Schotz P.C. as bankruptcy counsel; Sidley Austin LLP, as special counsel; ForceTen Partners LLC as financial advisor; and Donlin, Recano & Company, Inc. as claims and noticing agent. Henry Hobbs Jr., the acting U.S. trustee for Region 7, appointed an official committee of unsecured creditors on March 19, 2019. The committee is represented by Cozen O'Connor. WILLIAMSON MEMORIAL: Hires Bass Berry as Lead Counsel ----------------------------------------------------- Williamson Memorial Hospital, LLC, seeks authority from the U.S. Bankruptcy Court for the Southern District of West Virginia to employ Bass Berry & Sims PLC, as lead counsel to the Debtor. Williamson Memorial requires Supple Law Office to: a. advise and represent the Debtor in its efforts to negotiate, consummate and obtain Court approval of a sale of substantially all of the Debtor's assets; b. prepare and file with the Bankruptcy Court all necessary and appropriate documents in connection with the prosecution of the Debtor's Chapter 11 Case; and c. assist in any other matters that may arise in connection with the Debtor's Chapter 11 Case. Bass Berry 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. Glenn B. Rose, partner of Bass Berry & Sims PLC, 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. Bass Berry can be reached at: Glenn B. Rose, Esq. Bass Berry & Sims PLC 150 Third Avenue South, Suite 2800 Nashville, TN 37201 Tel: (615) 742-6273 Fax: (615) 742-6293 E-mail: grose@bassberry.com About Williamson Memorial Hospital Williamson Memorial Hospital, LLC, provides general medical and surgical hospital services. Williamson Memorial Hospital sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. W.Va. Case No. 19-20469) on Oct. 21, 2019. At the time of the filing, the Debtor estimated assets of between $1 million and $10 million and liabilities of the same range. The case is assigned to Judge Frank W. Volk. The Debtor is represented by John F. Leaberry, Esq., at the Law Office of John Leaberry. The Debtor hires Bass Berry & Sims PLC, as lead counsel; Supple Law Office, PLLC, as co-counsel. An Official Committee of Unsecured Creditors has been appointed in the case and is represented by Carrie Goodwin Fenwick, Esq., at Goodwin & Goodwin; and Jason W. Harbour, Esq. and Henry P. (Toby) Long, III, Esq., at Hunton Andrews Kurth LLP. WILLIAMSON MEMORIAL: Hires Supple Law Office as Co-Counsel ---------------------------------------------------------- Williamson Memorial Hospital, LLC, seeks authority from the U.S. Bankruptcy Court for the Southern District of West Virginia to employ Supple Law Office, PLLC, as co-counsel to the Debtor. Williamson Memorial requires Supple Law Office to: a. provide legal advice to the Debtor in the mattes arising in the administration of the Chapter 11 proceedings; b. appear before the Court in all matters arising in the bankruptcy case to present and protect the interests of the Debtor; and advancing or responding to motions, applications, claims, objections or the like as required to advance the asset sale and administration of the bankruptcy estate; c. provide such other matters as properly require the services of counsel in connection with this case and in the best interest of the noted parties-in-interest. Supple Law Office will be paid at these hourly rates: Attorneys $300 Paralegals $100 Supple Law Office will also be reimbursed for reasonable out-of-pocket expenses incurred. Joe M. Supple, a partner at Supple Law Office, PLLC, 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. Supple Law Office can be reached at: Joe M. Supple, Esq. SUPPLE LAW OFFICE, PLLC 801 Viand Street Point Pleasant, WV 25550 Tel: (304) 675-6249 E-mail: joe.supple@supplelawoffice.com About Williamson Memorial Hospital Williamson Memorial Hospital, LLC, provides general medical and surgical hospital services. Williamson Memorial Hospital sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. W.Va. Case No. 19-20469) on Oct. 21, 2019. At the time of the filing, the Debtor estimated assets of between $1 million and $10 million and liabilities of the same range. The case is assigned to Judge Frank W. Volk. The Debtor is represented by John F. Leaberry, Esq., at the Law Office of John Leaberry. The Debtor hires Bass Berry & Sims PLC, as lead counsel; Supple Law Office, PLLC, as co-counsel. An Official Committee of Unsecured Creditors has been appointed in the case and is represented by Carrie Goodwin Fenwick, Esq., at Goodwin & Goodwin; and Jason W. Harbour, Esq. and Henry P. (Toby) Long, III, Esq., at Hunton Andrews Kurth LLP. WINE VALLEY: Unsecureds to Get 20% Dividend Under Plan ------------------------------------------------------ The Wine Valley, LLC, filed a Plan of Reorganization and a Disclosure Statement. The primary thrust of the Plan is to reach a satisfactory repayment with the West Virginia State Tax Department. In order to do so, it is likely that a repayment time-frame will extend beyond five years. As to Class P-1, the West Virginia State Tax Department has filed a Proof of Claim in the total sum of $235,025 as a secured claim and $73,972 as a priority claim. A portion of the secured claim is based upon withholding taxes. The State Tax Department filed a tax lien in Putnam County, but since 2015 the Debtor has operated in Kanawha County. The Debtor has provided evidence to the State Tax Department that withholding taxes were paid through a third party payroll company. A portion of the withholding taxes for the priority component was based upon estimates and the Debtor has provided evidence that these taxes are not owed because of payment by a third party payroll company. The Debtor does owe sales taxes in an amount exceeding $230,000. This is a sum greater than the Debtor's ability to pay within a five year time frame. The Debtor proposes to make payments on this large claim at the rate of $2,500 per month for a period of eight years. Further, on an annual basis beginning after 24 months from the effective date, the Debtor will make annual payments to the West Virginia State Tax Department in the amount of 20% of the annual excess cash flow. Class U remaining unsecured creditors have claims totaling $61,000. These unsecured claims shall receive a dividend over a period of 20 quarters at the rate of $600 per quarter, which represents a 20% dividend. The Plan will be funded by cash flow generated from business operations. A full-text copy of the Disclosure Statement dated March 11, 2020, is available at https://tinyurl.com/rau43kx from PacerMonitor.com at no charge. Counsel for Debtor: Joseph W. Caldwell, Esquire CALDWELL & RIFFEE, PLLC P.O. Box 4427 Charleston, WV 25364 Tel: (304) 925-2100 E-mail: joecaldwell@frontier.com - and - Matthew M. Johnson, Esquire CALDWELL & RIFFEE, PLLC P.O. Box 4388 Charleston, WV 25364 Tel: (304) 925-2988 E-mail: mjohnson@caldwellandriffee.com About The Wine Valley The Wine Valley, LLC, owns and operates a restaurant/bar business. The Company employs some 20 to 25 persons and generates approximately $114,133 gross revenue monthly. Wine Valley filed a Chapter 11 bankruptcy petition (Bankr. S.D. W.Va. Case No. 19-20218) on May 23, 2019, with under $1 million in estimated assets and liabilities. The Debtor is represented by Joseph W. Caldwell, Esq., at Caldwell & Riffee WINNEBAGO INDUSTRIES: Moody's Cuts CFR to B2, Outlook Negative -------------------------------------------------------------- Moody's Investors Service downgraded its ratings for Winnebago Industries, Inc., including the company's corporate family rating (CFR, to B2 from B1) and the probability of default rating (to B2-PD from B1-PD), and the rating on the senior secured term loan facility (to B2 from B1). The company's speculative grade liquidity rating remains SGL-2. The ratings outlook is negative. RATINGS RATIONALE The downgrades reflect Moody's expectation of an economic slowdown and pronounced declines in consumer spending for much of the balance of 2020 due to the disruptive effects of the coronavirus crisis. Given the discretionary nature and high price points of recreational vehicles, Moody's believes Winnebago's sales and earnings will be highly susceptible to a slowdown in economic activity and this will result in a material weakening of the company's credit profile. The B2 CFR broadly reflects the highly cyclical nature of the RV and motorboat industry and a competitive operating environment with limited barriers to entry against Winnebago's strong brand name and well-established market position. Moody's recognizes Winnebago's track record of strong execution, earnings growth and debt reduction, and a history of deleveraging after previous debt-financed acquisitions (i.e.; Grand Design, Chris Craft). That said, Moody's anticipates a very challenging operating environment -- likely for at least the balance of 2020 -- during which demand for RV and motorboat products will be curtailed. Moody's expects this to result in an across the board weakening of credit metrics and a tighter liquidity profile. The rapid and widening spread of the coronavirus outbreak, the deteriorating global economic outlook, falling oil prices and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets. The combined credit effects of these developments are unprecedented. The RV sector has been one of the sectors most significantly affected by the shock given its sensitivity to consumer demand and sentiment. Moody's regards the coronavirus outbreak as a social risk under its ESG framework, given the substantial implications for public health and safety. Its actions reflect the impact on Winnebago of the breadth and severity of the shock, and the broad deterioration in credit quality it has triggered. The negative outlook reflects Moody's expectation that the coronavirus crisis will meaningfully weigh on Winnnebago's sales and earnings, which will result in a weakening of key credit metrics for the balance of fiscal year 2020 and into fiscal 2021. Given Moody's expectation of a very challenging operating environment over the next few quarters, upward rating pressure is not anticipated over the near-term. In light of the high degree of cyclicality inherent in Winnebago's end-markets, Moody's expects the company to maintain key credit metrics that are meaningfully stronger than levels typically associated with companies at the same rating level. Consideration for a ratings upgrade could be warranted if retail RV sales are stable to modestly growing and if leverage is expected to be sustained below 2.75x. A larger and more diversified product offering that reduces the cyclicality of the overall business would be constructive to any prospective consideration of higher ratings, as well. A ratings upgrade would require maintenance of a good liquidity profile and a demonstrated ability to generate consistently strong free cash flows coupled with substantial availability under the revolver. A weakening liquidity profile involving increased reliance on the company's asset-backed revolver or expectations of negative free cash flow would pressure the ratings downward. Sales or earnings pressure from the coronavirus beyond what is already contemplated would also result in downward rating pressure. The loss of a key dealer, an erosion of market share, expectations of a meaningful weakening of retail demand, debt-financed acquisitions, or any share buybacks over the near-term could also result in lower ratings. The following is a summary of its rating actions: Issuer: Winnebago Industries, Inc. Corporate Family Rating, downgraded to B2, from B1 Probability of Default Rating, downgraded to B2-PD, from B1-PD Senior Secured Bank Credit Facility, downgraded to B2 (LGD3), from B1 (LGD4) Speculative Grade Liquidity Rating, unchanged at SGL-2 Outlook, changed to Negative, from Stable Winnebago Industries, Inc., headquartered in Forest City, Iowa, is a leading manufacturer of RVs used primarily in leisure travel and outdoor recreational activities. Winnebago manufactures a variety of motor homes, travel trailers and fifth wheel trailers, as well as recreational powerboats. Pro forma for the acquisition of Newmar, revenues for the twelve months ended November 2019 are approximately $2.7 billion. The principal methodology used in these ratings was Manufacturing Methodology published in March 2020. WITT RENTAL: Seeks to Hire Diller and Rice as Counsel ----------------------------------------------------- Witt Rental Inc. seeks permission from the US Bankruptcy Court for the Northern District of Ohio to hire Diller and Rice, LLC, as its attorney. The professional services to be rendered by counsel are: a. consult with and aid in the preparation and implementation of a plan of reorganization; and b. represent the Debtor in all matters relating to such proceedings. Eric R. Neuman, Esq., of Diller and Rice will charge $275 per hour for his services and $100 an hour for an administrative assistant time. Diller and Rice received a retainer fee of $5,000. Mr. Neuman 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. Diller and Rice can be reached at: Eric R. Neuman, Esq. DILLER & RICE, LLC 124 East Main Street Van Wert, OH 45891 Tel: (419) 238-5025 Fax: (419) 238-4705 E-mail: Eric@drlawllc.com About Witt Rental Inc. Witt Rental Inc. sought protection under Chapter 11 of the US Bankruptcy Code (Bankr. N.D. Ohio Case No. 20-30702) on March 11, 2020, listing under $1 million in both assets and liabilities. Eric R. Neuman, Esq. at DILLER AND RICE, LLC, serves as the Debtor's counsel. WORLD SYSTEMS: Seeks Until April 1 to File Plan & Disclosures ------------------------------------------------------------- World Systems, Inc., moved for an order extending its March 13, 2020 plan and disclosure statement filing deadline to April 1, 2020. The Debtor is wholly owned by Iris Martin. Martin is Debtor's president and sole board member. The Debtor's principal business problem is resolving disputed lien and claim issues and paying creditors through a chapter 11 plan from the anticipated proceeds of lease revenue or refinancing proceeds. The Debtor believes that good cause supports the request as Martin is severely ill and cannot assist counsel in preparing a plan and disclosure statement. The Debtor has been diligent in attempting to schedule the mediation conference with SPB. The Debtor has made progress in resolving the Chase claim pursuant to the Chase APO. The Debtor has not extended its exclusivity period, so Debtor is not holding any creditors "hostage" during the period of any extensions. Finally, Debtor's case is in ompliance with administrative requirements such as monthly operating reports and United States Trustee fees. By that point, that impact of Martin's illness should be known. If Martin recovers soon then an extension until April 1, 2020 is all that is needed. If Martin remains unavailable, the Court can schedule a new deadline accordingly based on events at that time. A full-text copy of the Motion dated March 11, 2020, is available at https://tinyurl.com/r8pv3xw from PacerMonitor.com at no charge. Attorney for the Debtor: Lewis R. Landau 22287 Mulholland Hwy., # 318 Calabasas, CA 91302 Voice and Fax: (888)822-4340 E-mail: Lew@Landaunet.com About World Systems World Systems, Inc., is a privately held company in Calabasas, California that is engaged in activities related to real estate. World Systems sought Chapter 11 protection (Bankr. C.D. Cal. Case No. 19-10282) on Feb. 6, 2019. In the petition signed by Iris Martin, president, the Debtor estimated $1 million to $10 million in both assets and liabilities. Lewis R. Landau, Esq., represents the Debtor. ZANDER REALTY: Seeks to Hire Wallace Jordan as Counsel ------------------------------------------------------ Zander Realty, LLC, seeks authority from the US Bankruptcy Code for the Northern District of Alabama to hire Wallace, Jordan, Ratliff & Brandt, LLC as its counsel. Zander Realty requires Wallace Jordan to: (i) prepare pleadings and applications and conducting examinations incidental to any related proceedings or to the administration of this case; (ii) advise the Debtor of its rights, duties, and obligations as Debtor operating under Chapter 11 of the Bankruptcy Code; (iii) take any and all other necessary action incident to the proper preservation and administration of this Chapter 11 case; and, (iv) advise and assist the Debtor in the formation and confirmation of a plan pursuant to Chapter 11 of the Bankruptcy Code, the disclosure statement, and any and all matters related thereto. Wallace Jordan's current standard hourly rates are: Partners $300 - $475 Associates $260 - $310 Of Counsel $350 - $395 Legal Assistants $150 - $165 Law Clerks $200 Specifically the current rates for the attorneys who will perform the vast majority of the work on Debtor's case are $350 per hour for Gary W. Lee, Esq. and $450 for Clark R. Hammond, Esq. Mr. Lee assures the court that Wallace Jordan does not hold or represent any interest adverse to Debtor or to their bankruptcy estates and is a "disinterested person" as that term is defined in Sec. 101(14) of the Bankruptcy Code, as modified by Sec. 1107(b) of the Bankruptcy Code. The firm can be reached through: Gary W. Lee, Esq. WALLACE, JORDAN, RATLIFF & BRANDT, LLC 800 Shades Creek Pkwy., Suite 400 Birmingham, AL 35209 Tel: (205) 874-0343 E-mail: gwlee@wallacejordan.com About Zander Realty, LLC Zander Realty, LLC owns three properties in Alabama having an aggregate current value of $1.36 million. Zander Realty, LLC, filed a voluntary petition under Chapter 11 of the US Bankruptcy Code (Bankr. N.D. Ala. Case No. 20-00861) on March 3, 2020. In the petition signed by Brian M. Kornowicz, member, the Debtor estimated $1,363,960 in assets and $550,980 in liabilities. Gary W. Lee, Esq. at WALLACE, JORDAN, RATLIFF & BRANDT, LLC, serves as the Debtor's counsel. ZHENGTONG AUTO: Moody's Alters Outlook on B2 CFR to Negative ------------------------------------------------------------ Moody's Investors Service has affirmed China ZhengTong Auto Services Holdings Ltd.'s B2 corporate family rating and the B2 senior unsecured debt ratings on the notes issued by ZhengTong. At the same time, Moody's has changed the outlook on the company's ratings to negative from stable. RATINGS RATIONALE "The negative outlook reflects its view that ZhengTong's operating performance in 2020 will likely be weaker than we had previously expected due to the coronavirus outbreaks, stretching its metrics and raising refinancing risk," says Roy Zhang, a Moody's Assistant Vice President and Analyst. The rapid and widening spread of the coronavirus outbreak, deteriorating global economic outlook, falling oil prices, and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets. The combined credit effects of these developments are unprecedented. More specifically, ZhengTong's exposure to retail and discretionary consumption have left it vulnerable to shifts in market sentiment, especially given its sensitivity to consumer demand. "That said, the impact is partially mitigated by ZhengTong's leading market position in the less competitive luxury and ultra-luxury segments, its resilient business model, and its strong banking relationships," adds Zhang. While new vehicle sales have started to recover as auto retailers resume operation, Moody's expects slower economic growth and weaker consumer confidence will affect auto demand in China. In the first two months of 2020, the coronavirus outbreak and closure or retail stores resulted in a 42% drop in China auto sales according to the China Association of Automobile Manufacturers. This steep decline follows an 8.2% drop in auto sales in 2019. Moody's expects ZhengTong's revenue will decline by 5.2% in 2020 due to lower business volumes. The company has 20 stores in Hubei province, which has been heavily affected by the coronavirus. These stores accounted for 14.2% of its total stores in China at the end of June 2019. The impact is partially mitigated by ZhengTong's leading market position. Moody's expects ZhengTong will benefit from industry consolidation and be able to capture a good share of sales once demand recovers in the second half of 2020 and over 2021. ZhengTong also benefits from its focus on the luxury and ultra-luxury segments, where penetration is still low in China and demand is more resilient. ZhengTong's after-sales services also generate recurring revenue with high margins, mitigating the impact from industry downturns and improving business stability. This segment generated gross profits of RMB2.0 billion in 2018, accounting for roughly 45% of total gross profit. As a result, Moody's expects ZhengTong's leverage, measured by total debt to EBITDA, to increase to 7.1x at the end of 2020, up from 6.5x at end June 2019. Moody's B2 corporate family rating continues to reflect the company's strong position in China's fast-growing luxury car dealership market, its large network, strong geographic coverage, the diversity of its brand offering and the high contribution of after-sales business. However, the rating is constrained by its high funding needs and weak liquidity. ZhengTong's liquidity is weak. ZhengTong generally relies heavily on short-term financing, but has so far been able to rollover this short-term debt. At the end of June 2019, the company had reported unrestricted cash of RMB4.5 billion and restricted cash of RMB2.1 billion, with RMB18.7 billion of reported debt due in the next 12 months. Moody's expects that the company will be able to continue rolling over its debt, given its profitable operations, strong market position and inventory of branded cars. The company also has a track record of accessing diversified funding channels, including bank loans, commercial paper, syndicated loans, auto OEM financing and funding through the interbank market. ZhengTong's issuance of a USD173 million bond in the first quarter of 2020 has also improved its maturity profile. In addition, its strategic relationships with automakers and highly liquid working capital provide strong buffers against its liquidity needs. Moreover, it can access public equity funding via ZhengTong and its subsidiary, Shanghai Dongzheng Automotive Finance Co., Ltd's (SDAFC), listings in Hong Kong if needed. The senior unsecured bond rating on the proposed USD notes is unaffected by subordination to claims at the operating company level, because such claims are not material, based on Moody's expectation that the majority of the claims will remain at the holding company level. The rating also takes into account the following environmental, social and governance (ESG) considerations. Moody's regards the coronavirus outbreak as a social risk under its ESG framework, given the substantial implications for public health and safety. Its action reflects the impact on ZhengTong of the breadth and severity of the shock, and the broad deterioration in credit quality it has triggered. In terms of governance risk, the company's ownership is concentrated in its key shareholder, who held a 56.4% stake as of 30 June 2019. In addition, only a minority of its board comprises of independent directors. These concerns are partly mitigated by the company's listed status. In terms of financial policy, the company relies on debt-funded growth, which is partially mitigated by its improving non-debt funding channel through SDAFC's listing. Moody's could change the outlook to stable if ZhengTong (1) maintains its business profile and access to diversified long-term funding sources, (2) strengthens its liquidity profile, and (3) sustains its debt leverage below 7x. Moody's could downgrade the rating if ZhengTong's (1) business profile weakens, (2) revenue and/or margins decline due to deteriorating market conditions or the termination of contracts with vehicle suppliers, (3) liquidity position or funding access weakens, or (4) interest coverage — as measured by EBITDA/interest — falls below 2.0x or leverage rises above 7.0x, on a sustained basis. The principal methodology used in these ratings was Retail Industry published in May 2018. Incorporated in 1999, China ZhengTong Auto Services Holdings Ltd. is one of the leading players in the luxury car dealership market in China. Headquartered in Beijing, its operation encompassed 141 dealerships across 17 provinces at the end of June 2019. The company mainly focuses on luxury and ultra-luxury brands. ZhengTong's shares listed on the Hong Kong Stock Exchange in December 2010. Mr. Wang and his family owned 56.4% of the company at the end of June 2019. [^] Large Companies with Insolvent Balance Sheet ------------------------------------------------ Total Share- Total Total Holders' Working Assets Equity Capital Company Ticker ($MM) ($MM) ($MM) ------- ------ ------ -------- ------- ABBVIE INC ABBV US 89,115.0 (8,172.0) 33,934.0 ABBVIE INC 4AB TE 89,115.0 (8,172.0) 33,934.0 ABBVIE INC ABBV AV 89,115.0 (8,172.0) 33,934.0 ABBVIE INC 4AB GZ 89,115.0 (8,172.0) 33,934.0 ABBVIE INC 4AB TH 89,115.0 (8,172.0) 33,934.0 ABBVIE INC 4AB QT 89,115.0 (8,172.0) 33,934.0 ABBVIE INC ABBVEUR EU 89,115.0 (8,172.0) 33,934.0 ABBVIE INC 4AB GR 89,115.0 (8,172.0) 33,934.0 ABBVIE INC ABBV SW 89,115.0 (8,172.0) 33,934.0 ABBVIE INC ABBV* MM 89,115.0 (8,172.0) 33,934.0 ABBVIE INC-BDR ABBV34 BZ 89,115.0 (8,172.0) 33,934.0 ABSOLUTE SOFTWRE ALSWF US 105.1 (46.5) (26.7) ABSOLUTE SOFTWRE ABT CN 105.1 (46.5) (26.7) ABSOLUTE SOFTWRE OU1 GR 105.1 (46.5) (26.7) ABSOLUTE SOFTWRE ABT2EUR EU 105.1 (46.5) (26.7) ACCELERATE DIAGN 1A8 GR 134.4 (7.4) 113.7 ACCELERATE DIAGN AXDX US 134.4 (7.4) 113.7 ACCELERATE DIAGN AXDX* MM 134.4 (7.4) 113.7 ADAPTHEALTH CORP AHCO US 546.1 (29.2) 30.5 AGILITI INC AGLY US 745.0 (67.7) 17.3 ALKAME HOLDINGS ALKM I2 0.2 (4.9) (4.9) ALKAME HOLDINGS ALKM EB 0.2 (4.9) (4.9) ALKAME HOLDINGS ALKM IX 0.2 (4.9) (4.9) AMER RESTAUR-LP ICTPU US 33.5 (4.0) (6.2) AMERICAN AIR-BDR AALL34 BZ 59,995.0 (118.0) (10,105.0) AMERICAN AIRLINE AAL TE 59,995.0 (118.0) (10,105.0) AMERICAN AIRLINE A1G SW 59,995.0 (118.0) (10,105.0) AMERICAN AIRLINE A1G GZ 59,995.0 (118.0) (10,105.0) AMERICAN AIRLINE AAL11EUR EU 59,995.0 (118.0) (10,105.0) AMERICAN AIRLINE AAL AV 59,995.0 (118.0) (10,105.0) AMERICAN AIRLINE A1G QT 59,995.0 (118.0) (10,105.0) AMERICAN AIRLINE AAL US 59,995.0 (118.0) (10,105.0) AMERICAN AIRLINE A1G GR 59,995.0 (118.0) (10,105.0) AMERICAN AIRLINE AAL* MM 59,995.0 (118.0) (10,105.0) AMERICAN AIRLINE A1G TH 59,995.0 (118.0) (10,105.0) AUTODESK I - BDR A1UT34 BZ 6,179.3 (139.1) (559.9) AUTODESK INC AUD GR 6,179.3 (139.1) (559.9) AUTODESK INC ADSK US 6,179.3 (139.1) (559.9) AUTODESK INC AUD TH 6,179.3 (139.1) (559.9) AUTODESK INC ADSKEUR EU 6,179.3 (139.1) (559.9) AUTODESK INC ADSK TE 6,179.3 (139.1) (559.9) AUTODESK INC AUD GZ 6,179.3 (139.1) (559.9) AUTODESK INC ADSK AV 6,179.3 (139.1) (559.9) AUTODESK INC ADSK* MM 6,179.3 (139.1) (559.9) AUTODESK INC AUD QT 6,179.3 (139.1) (559.9) AUTOZONE INC AZ5 TH 12,863.7 (1,711.1) (479.0) AUTOZONE INC AZ5 GR 12,863.7 (1,711.1) (479.0) AUTOZONE INC AZ5 GZ 12,863.7 (1,711.1) (479.0) AUTOZONE INC AZO AV 12,863.7 (1,711.1) (479.0) AUTOZONE INC AZ5 TE 12,863.7 (1,711.1) (479.0) AUTOZONE INC AZO* MM 12,863.7 (1,711.1) (479.0) AUTOZONE INC AZO US 12,863.7 (1,711.1) (479.0) AUTOZONE INC AZOEUR EU 12,863.7 (1,711.1) (479.0) AUTOZONE INC AZ5 QT 12,863.7 (1,711.1) (479.0) AUTOZONE INC-BDR AZOI34 BZ 12,863.7 (1,711.1) (479.0) AVID TECHNOLOGY AVID US 304.3 (155.1) (3.5) AVID TECHNOLOGY AVD GR 304.3 (155.1) (3.5) BENEFITFOCUS INC BNFTEUR EU 331.7 (25.6) 110.6 BENEFITFOCUS INC BNFT US 331.7 (25.6) 110.6 BENEFITFOCUS INC BTF GR 331.7 (25.6) 110.6 BEYONDSPRING INC BYSI US 34.1 22.3 21.9 BIOHAVEN PHARMAC 2VN TH 344.3 (7.4) 262.1 BIOHAVEN PHARMAC BHVN US 344.3 (7.4) 262.1 BIOHAVEN PHARMAC 2VN GR 344.3 (7.4) 262.1 BIOHAVEN PHARMAC BHVNEUR EU 344.3 (7.4) 262.1 BJ'S WHOLESALE C BJ US 5,269.8 (54.3) (441.4) BJ'S WHOLESALE C 8BJ GR 5,269.8 (54.3) (441.4) BJ'S WHOLESALE C 8BJ TH 5,269.8 (54.3) (441.4) BJ'S WHOLESALE C 8BJ QT 5,269.8 (54.3) (441.4) BLOOM ENERGY C-A 1ZB TH 1,330.3 (158.6) (99.0) BLOOM ENERGY C-A BE US 1,330.3 (158.6) (99.0) BLOOM ENERGY C-A 1ZB GR 1,330.3 (158.6) (99.0) BLOOM ENERGY C-A BE1EUR EU 1,330.3 (158.6) (99.0) BLOOM ENERGY C-A 1ZB QT 1,330.3 (158.6) (99.0) BLUE BIRD CORP BLBD US 360.9 (67.9) 29.9 BOEING CO-BDR BOEI34 BZ 133,625.0 (8,300.0) 4,917.0 BOEING CO-CED BA AR 133,625.0 (8,300.0) 4,917.0 BOEING CO-CED BAD AR 133,625.0 (8,300.0) 4,917.0 BOEING CO/THE BA TE 133,625.0 (8,300.0) 4,917.0 BOEING CO/THE BCO GR 133,625.0 (8,300.0) 4,917.0 BOEING CO/THE BAEUR EU 133,625.0 (8,300.0) 4,917.0 BOEING CO/THE BA EU 133,625.0 (8,300.0) 4,917.0 BOEING CO/THE BOE LN 133,625.0 (8,300.0) 4,917.0 BOEING CO/THE BCO TH 133,625.0 (8,300.0) 4,917.0 BOEING CO/THE BOEI BB 133,625.0 (8,300.0) 4,917.0 BOEING CO/THE BA US 133,625.0 (8,300.0) 4,917.0 BOEING CO/THE BA SW 133,625.0 (8,300.0) 4,917.0 BOEING CO/THE BA* MM 133,625.0 (8,300.0) 4,917.0 BOEING CO/THE BAUSD SW 133,625.0 (8,300.0) 4,917.0 BOEING CO/THE BCO GZ 133,625.0 (8,300.0) 4,917.0 BOEING CO/THE BA AV 133,625.0 (8,300.0) 4,917.0 BOEING CO/THE BCO QT 133,625.0 (8,300.0) 4,917.0 BOEING CO/THE BA CI 133,625.0 (8,300.0) 4,917.0 BOEING CO/THE TR TCXBOE AU 133,625.0 (8,300.0) 4,917.0 BOMBARDIER INC-B BBDBN MM 24,972.0 (5,911.0) (1,832.0) BRINKER INTL EAT US 2,503.7 (568.9) (328.1) BRINKER INTL BKJ GR 2,503.7 (568.9) (328.1) BRINKER INTL EAT2EUR EU 2,503.7 (568.9) (328.1) BRINKER INTL BKJ QT 2,503.7 (568.9) (328.1) BRP INC/CA-SUB V B15A GR 3,767.1 (589.7) (211.9) BRP INC/CA-SUB V DOOO US 3,767.1 (589.7) (211.9) BRP INC/CA-SUB V B15A GZ 3,767.1 (589.7) (211.9) BRP INC/CA-SUB V DOOEUR EU 3,767.1 (589.7) (211.9) BRP INC/CA-SUB V DOO CN 3,767.1 (589.7) (211.9) CADIZ INC CDZI US 76.7 (82.1) 11.3 CADIZ INC CDZIEUR EU 76.7 (82.1) 11.3 CADIZ INC 2ZC GR 76.7 (82.1) 11.3 CAMPING WORLD-A C83 GR 3,376.2 (159.2) 394.7 CAMPING WORLD-A CWHEUR EU 3,376.2 (159.2) 394.7 CAMPING WORLD-A C83 TH 3,376.2 (159.2) 394.7 CAMPING WORLD-A C83 QT 3,376.2 (159.2) 394.7 CAMPING WORLD-A CWH US 3,376.2 (159.2) 394.7 CATASYS INC CATS US 23.9 (23.9) 6.3 CATASYS INC HY1N GR 23.9 (23.9) 6.3 CATASYS INC CATSEUR EU 23.9 (23.9) 6.3 CATASYS INC HY1N GZ 23.9 (23.9) 6.3 CDK GLOBAL INC C2G QT 2,935.9 (627.0) 314.0 CDK GLOBAL INC CDK* MM 2,935.9 (627.0) 314.0 CDK GLOBAL INC C2G TH 2,935.9 (627.0) 314.0 CDK GLOBAL INC CDKEUR EU 2,935.9 (627.0) 314.0 CDK GLOBAL INC C2G GR 2,935.9 (627.0) 314.0 CDK GLOBAL INC CDK US 2,935.9 (627.0) 314.0 CEDAR FAIR LP 7CF GR 2,581.1 (10.0) (30.0) CEDAR FAIR LP FUN1EUR EU 2,581.1 (10.0) (30.0) CEDAR FAIR LP FUN US 2,581.1 (10.0) (30.0) CHEWY INC- CL A CHWY US 858.7 (389.5) (445.2) CHOICE HOTELS CZH GR 1,386.7 (23.5) (89.3) CHOICE HOTELS CHH US 1,386.7 (23.5) (89.3) CINCINNATI BELL CBBEUR EU 2,653.8 (140.0) (119.7) CINCINNATI BELL CBB US 2,653.8 (140.0) (119.7) CINCINNATI BELL CIB1 GR 2,653.8 (140.0) (119.7) CLOVIS ONCOLOGY C6O GR 669.6 (174.3) 233.4 CLOVIS ONCOLOGY CLVS US 669.6 (174.3) 233.4 CLOVIS ONCOLOGY C6O QT 669.6 (174.3) 233.4 CLOVIS ONCOLOGY C6O TH 669.6 (174.3) 233.4 CLOVIS ONCOLOGY CLVSEUR EU 669.6 (174.3) 233.4 COGENT COMMUNICA CCOI US 932.1 (203.7) 386.0 COGENT COMMUNICA OGM1 GR 932.1 (203.7) 386.0 COGENT COMMUNICA CCOIEUR EU 932.1 (203.7) 386.0 COMMUNITY HEALTH CYH US 15,609.0 (1,639.0) 1,145.0 COMMUNITY HEALTH CG5 GR 15,609.0 (1,639.0) 1,145.0 COMMUNITY HEALTH CG5 TH 15,609.0 (1,639.0) 1,145.0 CYTOKINETICS INC KK3A GR 289.8 (10.9) 207.7 CYTOKINETICS INC KK3A TH 289.8 (10.9) 207.7 CYTOKINETICS INC CYTKEUR EU 289.8 (10.9) 207.7 CYTOKINETICS INC KK3A QT 289.8 (10.9) 207.7 CYTOKINETICS INC CYTK US 289.8 (10.9) 207.7 DELEK LOGISTICS DKL US 744.4 (151.1) (1.5) DELEK LOGISTICS D6L GR 744.4 (151.1) (1.5) DENNY'S CORP DENN US 460.4 (138.1) (42.8) DENNY'S CORP DENNEUR EU 460.4 (138.1) (42.8) DENNY'S CORP DE8 GR 460.4 (138.1) (42.8) DIEBOLD NIXDORF DBD SW 3,790.6 (506.3) 292.4 DIEBOLD NIXDORF DBDEUR EU 3,790.6 (506.3) 292.4 DIEBOLD NIXDORF DBD GR 3,790.6 (506.3) 292.4 DIEBOLD NIXDORF DBD US 3,790.6 (506.3) 292.4 DIEBOLD NIXDORF DLD TH 3,790.6 (506.3) 292.4 DIEBOLD NIXDORF DLD QT 3,790.6 (506.3) 292.4 DINE BRANDS GLOB DIN US 2,049.5 (241.8) (11.0) DINE BRANDS GLOB IHP GR 2,049.5 (241.8) (11.0) DOCEBO INC DCBO CN 20.3 (18.6) (12.9) DOLLARAMA INC DOL CN 3,696.2 (112.7) (28.1) DOLLARAMA INC DR3 GR 3,696.2 (112.7) (28.1) DOLLARAMA INC DLMAF US 3,696.2 (112.7) (28.1) DOLLARAMA INC DOLEUR EU 3,696.2 (112.7) (28.1) DOLLARAMA INC DR3 GZ 3,696.2 (112.7) (28.1) DOLLARAMA INC DR3 TH 3,696.2 (112.7) (28.1) DOLLARAMA INC DR3 QT 3,696.2 (112.7) (28.1) DOMINO'S PIZZA EZV GR 1,382.1 (3,415.8) 333.8 DOMINO'S PIZZA DPZ US 1,382.1 (3,415.8) 333.8 DOMINO'S PIZZA EZV TH 1,382.1 (3,415.8) 333.8 DOMINO'S PIZZA EZV SW 1,382.1 (3,415.8) 333.8 DOMINO'S PIZZA DPZEUR EU 1,382.1 (3,415.8) 333.8 DOMINO'S PIZZA EZV GZ 1,382.1 (3,415.8) 333.8 DOMINO'S PIZZA DPZ AV 1,382.1 (3,415.8) 333.8 DOMINO'S PIZZA DPZ* MM 1,382.1 (3,415.8) 333.8 DOMINO'S PIZZA EZV QT 1,382.1 (3,415.8) 333.8 DOMO INC- CL B DOMO US 216.7 (49.2) 18.2 DOMO INC- CL B 1ON GR 216.7 (49.2) 18.2 DOMO INC- CL B 1ON GZ 216.7 (49.2) 18.2 DOMO INC- CL B DOMOEUR EU 216.7 (49.2) 18.2 DOMO INC- CL B 1ON TH 216.7 (49.2) 18.2 DUNKIN' BRANDS G DNKN US 3,920.0 (588.0) 324.9 DUNKIN' BRANDS G 2DB GR 3,920.0 (588.0) 324.9 DUNKIN' BRANDS G 2DB TH 3,920.0 (588.0) 324.9 DUNKIN' BRANDS G 2DB GZ 3,920.0 (588.0) 324.9 DUNKIN' BRANDS G DNKNEUR EU 3,920.0 (588.0) 324.9 DUNKIN' BRANDS G 2DB QT 3,920.0 (588.0) 324.9 EMISPHERE TECH EMIS US 5.2 (155.3) (1.4) FLEXION THERAPEU F02 TH 217.6 (20.1) 159.5 FLEXION THERAPEU FLXNEUR EU 217.6 (20.1) 159.5 FLEXION THERAPEU F02 QT 217.6 (20.1) 159.5 FLEXION THERAPEU FLXN US 217.6 (20.1) 159.5 FLEXION THERAPEU F02 GR 217.6 (20.1) 159.5 FRONTDOOR IN FTDR US 1,250.0 (179.0) 97.0 FRONTDOOR IN FTDREUR EU 1,250.0 (179.0) 97.0 FRONTDOOR IN 3I5 GR 1,250.0 (179.0) 97.0 GOLDEN STAR RES GSC CN 374.1 (32.1) (16.6) GOOSEHEAD INSU-A GSHD US 64.6 (31.0) 13.3 GOOSEHEAD INSU-A 2OX GR 64.6 (31.0) 13.3 GOOSEHEAD INSU-A GSHDEUR EU 64.6 (31.0) 13.3 GRAFTECH INTERNA EAF US 1,526.2 (691.1) 462.4 GRAFTECH INTERNA G6G TH 1,526.2 (691.1) 462.4 GRAFTECH INTERNA G6G GR 1,526.2 (691.1) 462.4 GRAFTECH INTERNA EAFEUR EU 1,526.2 (691.1) 462.4 GRAFTECH INTERNA G6G QT 1,526.2 (691.1) 462.4 GRAFTECH INTERNA G6G GZ 1,526.2 (691.1) 462.4 GREEN PLAINS PAR GPP US 105.7 (75.7) (138.4) GREENSKY INC-A GSKY US 951.0 (54.9) 285.5 H&R BLOCK - BDR H1RB34 BZ 3,452.4 (318.4) (35.7) H&R BLOCK INC HRB TH 3,452.4 (318.4) (35.7) H&R BLOCK INC HRB US 3,452.4 (318.4) (35.7) H&R BLOCK INC HRB GR 3,452.4 (318.4) (35.7) H&R BLOCK INC HRB QT 3,452.4 (318.4) (35.7) H&R BLOCK INC HRBEUR EU 3,452.4 (318.4) (35.7) HCA HEALTHC-BDR H1CA34 BZ 45,058.0 (565.0) 3,439.0 HCA HEALTHCARE I 2BH GR 45,058.0 (565.0) 3,439.0 HCA HEALTHCARE I 2BH TH 45,058.0 (565.0) 3,439.0 HCA HEALTHCARE I HCA US 45,058.0 (565.0) 3,439.0 HCA HEALTHCARE I HCA* MM 45,058.0 (565.0) 3,439.0 HCA HEALTHCARE I 2BH TE 45,058.0 (565.0) 3,439.0 HCA HEALTHCARE I HCAEUR EU 45,058.0 (565.0) 3,439.0 HERBALIFE NUTRIT HOO GR 2,678.6 (390.0) 523.8 HERBALIFE NUTRIT HLF US 2,678.6 (390.0) 523.8 HERBALIFE NUTRIT HOO GZ 2,678.6 (390.0) 523.8 HERBALIFE NUTRIT HLFEUR EU 2,678.6 (390.0) 523.8 HERBALIFE NUTRIT HOO QT 2,678.6 (390.0) 523.8 HEWLETT-CEDEAR HPQ AR 31,656.0 (1,634.0) (6,390.0) HEWLETT-CEDEAR HPQC AR 31,656.0 (1,634.0) (6,390.0) HEWLETT-CEDEAR HPQD AR 31,656.0 (1,634.0) (6,390.0) HILTON WORLD-BDR H1LT34 BZ 14,957.0 (472.0) (778.0) HILTON WORLDWIDE HLTEUR EU 14,957.0 (472.0) (778.0) HILTON WORLDWIDE HLT* MM 14,957.0 (472.0) (778.0) HILTON WORLDWIDE HLT US 14,957.0 (472.0) (778.0) HILTON WORLDWIDE HLTW AV 14,957.0 (472.0) (778.0) HILTON WORLDWIDE HI91 TE 14,957.0 (472.0) (778.0) HILTON WORLDWIDE HI91 TH 14,957.0 (472.0) (778.0) HILTON WORLDWIDE HI91 GR 14,957.0 (472.0) (778.0) HOME DEPOT - BDR HOME34 BZ 51,236.0 (3,116.0) 1,435.0 HOME DEPOT INC HD TE 51,236.0 (3,116.0) 1,435.0 HOME DEPOT INC HDI TH 51,236.0 (3,116.0) 1,435.0 HOME DEPOT INC HDI GR 51,236.0 (3,116.0) 1,435.0 HOME DEPOT INC HD US 51,236.0 (3,116.0) 1,435.0 HOME DEPOT INC HD* MM 51,236.0 (3,116.0) 1,435.0 HOME DEPOT INC HDUSD SW 51,236.0 (3,116.0) 1,435.0 HOME DEPOT INC HDI GZ 51,236.0 (3,116.0) 1,435.0 HOME DEPOT INC HD AV 51,236.0 (3,116.0) 1,435.0 HOME DEPOT INC 0R1G LN 51,236.0 (3,116.0) 1,435.0 HOME DEPOT INC HDEUR EU 51,236.0 (3,116.0) 1,435.0 HOME DEPOT INC HDI QT 51,236.0 (3,116.0) 1,435.0 HOME DEPOT INC HD SW 51,236.0 (3,116.0) 1,435.0 HOME DEPOT INC HD CI 51,236.0 (3,116.0) 1,435.0 HOME DEPOT-CED HDD AR 51,236.0 (3,116.0) 1,435.0 HOME DEPOT-CED HDC AR 51,236.0 (3,116.0) 1,435.0 HOME DEPOT-CED HD AR 51,236.0 (3,116.0) 1,435.0 HP COMPANY-BDR HPQB34 BZ 31,656.0 (1,634.0) (6,390.0) HP INC 7HP GR 31,656.0 (1,634.0) (6,390.0) HP INC HPQ US 31,656.0 (1,634.0) (6,390.0) HP INC 7HP TH 31,656.0 (1,634.0) (6,390.0) HP INC HPQ TE 31,656.0 (1,634.0) (6,390.0) HP INC 0J2E LI 31,656.0 (1,634.0) (6,390.0) HP INC HPQUSD SW 31,656.0 (1,634.0) (6,390.0) HP INC 7HP GZ 31,656.0 (1,634.0) (6,390.0) HP INC HPQEUR EU 31,656.0 (1,634.0) (6,390.0) HP INC HPQ* MM 31,656.0 (1,634.0) (6,390.0) HP INC HPQ AV 31,656.0 (1,634.0) (6,390.0) HP INC HWP QT 31,656.0 (1,634.0) (6,390.0) HP INC HPQ SW 31,656.0 (1,634.0) (6,390.0) HP INC HPQ CI 31,656.0 (1,634.0) (6,390.0) IAA INC IAA US 2,151.2 (137.2) 216.3 IAA INC 3NI GR 2,151.2 (137.2) 216.3 IAA INC IAA-WEUR EU 2,151.2 (137.2) 216.3 IMMUNOGEN INC IMU GR 235.3 (76.1) 131.5 IMMUNOGEN INC IMU TH 235.3 (76.1) 131.5 IMMUNOGEN INC IMU GZ 235.3 (76.1) 131.5 IMMUNOGEN INC IMGNEUR EU 235.3 (76.1) 131.5 IMMUNOGEN INC IMGN* MM 235.3 (76.1) 131.5 IMMUNOGEN INC IMU QT 235.3 (76.1) 131.5 IMMUNOGEN INC IMGN US 235.3 (76.1) 131.5 INSEEGO CORP INO TH 161.4 (37.4) 19.6 INSEEGO CORP INO QT 161.4 (37.4) 19.6 INSEEGO CORP INSG US 161.4 (37.4) 19.6 INSEEGO CORP INO GR 161.4 (37.4) 19.6 INSEEGO CORP INSGEUR EU 161.4 (37.4) 19.6 INSEEGO CORP INO GZ 161.4 (37.4) 19.6 IRONWOOD PHARMAC IRWD US 402.7 (93.3) 265.9 IRONWOOD PHARMAC I76 GR 402.7 (93.3) 265.9 IRONWOOD PHARMAC I76 TH 402.7 (93.3) 265.9 IRONWOOD PHARMAC IRWDEUR EU 402.7 (93.3) 265.9 IRONWOOD PHARMAC I76 QT 402.7 (93.3) 265.9 JACK IN THE BOX JBX GR 1,690.3 (841.2) (196.0) JACK IN THE BOX JACK US 1,690.3 (841.2) (196.0) JACK IN THE BOX JBX GZ 1,690.3 (841.2) (196.0) JACK IN THE BOX JBX QT 1,690.3 (841.2) (196.0) JACK IN THE BOX JACK1EUR EU 1,690.3 (841.2) (196.0) JOSEMARIA RESOUR JOSES I2 18.7 (16.4) (20.9) JOSEMARIA RESOUR JOSE SS 18.7 (16.4) (20.9) JOSEMARIA RESOUR NGQSEK EU 18.7 (16.4) (20.9) JOSEMARIA RESOUR JOSES IX 18.7 (16.4) (20.9) JOSEMARIA RESOUR JOSES EB 18.7 (16.4) (20.9) L BRANDS INC LTD GR 10,125.0 (1,495.0) 873.0 L BRANDS INC LTD TH 10,125.0 (1,495.0) 873.0 L BRANDS INC LB US 10,125.0 (1,495.0) 873.0 L BRANDS INC LBRA AV 10,125.0 (1,495.0) 873.0 L BRANDS INC LBEUR EU 10,125.0 (1,495.0) 873.0 L BRANDS INC LB* MM 10,125.0 (1,495.0) 873.0 L BRANDS INC LTD QT 10,125.0 (1,495.0) 873.0 L BRANDS INC-BDR LBRN34 BZ 10,125.0 (1,495.0) 873.0 LENNOX INTL INC LXI GR 2,034.9 (170.2) 118.2 LENNOX INTL INC LII US 2,034.9 (170.2) 118.2 LENNOX INTL INC LXI TH 2,034.9 (170.2) 118.2 LENNOX INTL INC LII* MM 2,034.9 (170.2) 118.2 LENNOX INTL INC LII1EUR EU 2,034.9 (170.2) 118.2 MASCO CORP MSQ TH 5,027.0 (56.0) 1,163.0 MASCO CORP MSQ GZ 5,027.0 (56.0) 1,163.0 MASCO CORP MAS US 5,027.0 (56.0) 1,163.0 MASCO CORP MSQ GR 5,027.0 (56.0) 1,163.0 MASCO CORP MSQ QT 5,027.0 (56.0) 1,163.0 MASCO CORP MAS1EUR EU 5,027.0 (56.0) 1,163.0 MASCO CORP MAS* MM 5,027.0 (56.0) 1,163.0 MASCO CORP-BDR M1AS34 BZ 5,027.0 (56.0) 1,163.0 MCDONALD'S CORP TCXMCD AU 47,510.8 (8,210.3) (63.1) MCDONALDS - BDR MCDC34 BZ 47,510.8 (8,210.3) (63.1) MCDONALDS CORP MCD TE 47,510.8 (8,210.3) (63.1) MCDONALDS CORP MDO TH 47,510.8 (8,210.3) (63.1) MCDONALDS CORP MCD SW 47,510.8 (8,210.3) (63.1) MCDONALDS CORP MCD US 47,510.8 (8,210.3) (63.1) MCDONALDS CORP MDO GR 47,510.8 (8,210.3) (63.1) MCDONALDS CORP MCD* MM 47,510.8 (8,210.3) (63.1) MCDONALDS CORP MCDUSD SW 47,510.8 (8,210.3) (63.1) MCDONALDS CORP MDO GZ 47,510.8 (8,210.3) (63.1) MCDONALDS CORP MCDEUR EU 47,510.8 (8,210.3) (63.1) MCDONALDS CORP MCD AV 47,510.8 (8,210.3) (63.1) MCDONALDS CORP 0R16 LN 47,510.8 (8,210.3) (63.1) MCDONALDS CORP MDO QT 47,510.8 (8,210.3) (63.1) MCDONALDS CORP MCDUSD EU 47,510.8 (8,210.3) (63.1) MCDONALDS CORP MCD CI 47,510.8 (8,210.3) (63.1) MCDONALDS-CEDEAR MCDC AR 47,510.8 (8,210.3) (63.1) MCDONALDS-CEDEAR MCD AR 47,510.8 (8,210.3) (63.1) MCDONALDS-CEDEAR MCDD AR 47,510.8 (8,210.3) (63.1) MERCER PARK BR-A BRND/A/U CN 408.6 (2.8) 4.1 MOTOROLA SOL-BDR M1SI34 BZ 10,642.0 (683.0) 739.0 MOTOROLA SOL-CED MSI AR 10,642.0 (683.0) 739.0 MOTOROLA SOLUTIO MTLA TH 10,642.0 (683.0) 739.0 MOTOROLA SOLUTIO MTLA GR 10,642.0 (683.0) 739.0 MOTOROLA SOLUTIO MOT TE 10,642.0 (683.0) 739.0 MOTOROLA SOLUTIO MSI US 10,642.0 (683.0) 739.0 MOTOROLA SOLUTIO MSI1EUR EU 10,642.0 (683.0) 739.0 MOTOROLA SOLUTIO MTLA GZ 10,642.0 (683.0) 739.0 MOTOROLA SOLUTIO MOSI AV 10,642.0 (683.0) 739.0 MOTOROLA SOLUTIO MTLA QT 10,642.0 (683.0) 739.0 MSCI INC 3HM GR 4,204.4 (76.7) 1,181.0 MSCI INC MSCI US 4,204.4 (76.7) 1,181.0 MSCI INC 3HM SW 4,204.4 (76.7) 1,181.0 MSCI INC 3HM QT 4,204.4 (76.7) 1,181.0 MSCI INC 3HM GZ 4,204.4 (76.7) 1,181.0 MSCI INC MSCI* MM 4,204.4 (76.7) 1,181.0 MSCI INC-BDR M1SC34 BZ 4,204.4 (76.7) 1,181.0 MSG NETWORKS- A MSGN US 784.8 (623.0) 212.8 MSG NETWORKS- A 1M4 GR 784.8 (623.0) 212.8 MSG NETWORKS- A 1M4 QT 784.8 (623.0) 212.8 MSG NETWORKS- A MSGNEUR EU 784.8 (623.0) 212.8 MSG NETWORKS- A 1M4 TH 784.8 (623.0) 212.8 N/A BJEUR EU 5,269.8 (54.3) (441.4) NATHANS FAMOUS NATH US 104.9 (64.2) 77.8 NATHANS FAMOUS NFA GR 104.9 (64.2) 77.8 NATHANS FAMOUS NATHEUR EU 104.9 (64.2) 77.8 NATIONAL CINEMED NCMI US 1,130.0 (121.2) 134.8 NATIONAL CINEMED NCMIEUR EU 1,130.0 (121.2) 134.8 NAVISTAR INTL IHR TH 6,363.0 (3,739.0) 1,256.0 NAVISTAR INTL NAVEUR EU 6,363.0 (3,739.0) 1,256.0 NAVISTAR INTL NAV US 6,363.0 (3,739.0) 1,256.0 NAVISTAR INTL IHR GR 6,363.0 (3,739.0) 1,256.0 NAVISTAR INTL IHR QT 6,363.0 (3,739.0) 1,256.0 NAVISTAR INTL IHR GZ 6,363.0 (3,739.0) 1,256.0 NESCO HOLDINGS I NSCO US 815.3 (12.1) 38.1 NEUROBO PHARMACE NRBO US 2.0 (1.0) (1.0) NEW ENG RLTY-LP NEN US 294.3 (37.8) - NOVAVAX INC NVV1 TH 173.0 (186.0) 71.5 NOVAVAX INC NVV1 GZ 173.0 (186.0) 71.5 NOVAVAX INC NVAXEUR EU 173.0 (186.0) 71.5 NOVAVAX INC NVV1 GR 173.0 (186.0) 71.5 NOVAVAX INC NVAX US 173.0 (186.0) 71.5 NUNZIA PHARMACEU NUNZ US 0.1 (3.2) (2.5) NUTANIX INC - A 0NU SW 1,863.3 (66.1) 467.0 NUTANIX INC - A 0NU GZ 1,863.3 (66.1) 467.0 NUTANIX INC - A 0NU GR 1,863.3 (66.1) 467.0 NUTANIX INC - A 0NU TH 1,863.3 (66.1) 467.0 NUTANIX INC - A NTNXEUR EU 1,863.3 (66.1) 467.0 NUTANIX INC - A 0NU QT 1,863.3 (66.1) 467.0 NUTANIX INC - A NTNX US 1,863.3 (66.1) 467.0 OCULAR THERAPEUT 0OT TH 78.7 (3.6) 48.1 OCULAR THERAPEUT OCULEUR EU 78.7 (3.6) 48.1 OCULAR THERAPEUT 0OT GZ 78.7 (3.6) 48.1 OCULAR THERAPEUT OCUL US 78.7 (3.6) 48.1 OCULAR THERAPEUT 0OT GR 78.7 (3.6) 48.1 OMEROS CORP OMER US 137.0 (109.0) 48.3 OMEROS CORP 3O8 GR 137.0 (109.0) 48.3 OMEROS CORP 3O8 QT 137.0 (109.0) 48.3 OMEROS CORP OMEREUR EU 137.0 (109.0) 48.3 OMEROS CORP 3O8 TH 137.0 (109.0) 48.3 PAPA JOHN'S INTL PP1 GR 730.7 (59.7) (26.4) PAPA JOHN'S INTL PZZA US 730.7 (59.7) (26.4) PAPA JOHN'S INTL PP1 SW 730.7 (59.7) (26.4) PAPA JOHN'S INTL PZZAEUR EU 730.7 (59.7) (26.4) PAPA JOHN'S INTL PP1 GZ 730.7 (59.7) (26.4) PHATHOM PHARMACE PHAT US 79.7 (152.5) (129.8) PHILIP MORRI-BDR PHMO34 BZ 42,875.0 (9,599.0) 1,681.0 PHILIP MORRIS IN PM1 TE 42,875.0 (9,599.0) 1,681.0 PHILIP MORRIS IN 4I1 TH 42,875.0 (9,599.0) 1,681.0 PHILIP MORRIS IN PM1EUR EU 42,875.0 (9,599.0) 1,681.0 PHILIP MORRIS IN PMI SW 42,875.0 (9,599.0) 1,681.0 PHILIP MORRIS IN 4I1 GR 42,875.0 (9,599.0) 1,681.0 PHILIP MORRIS IN PM US 42,875.0 (9,599.0) 1,681.0 PHILIP MORRIS IN PM1CHF EU 42,875.0 (9,599.0) 1,681.0 PHILIP MORRIS IN 0M8V LN 42,875.0 (9,599.0) 1,681.0 PHILIP MORRIS IN PMOR AV 42,875.0 (9,599.0) 1,681.0 PHILIP MORRIS IN 4I1 GZ 42,875.0 (9,599.0) 1,681.0 PHILIP MORRIS IN PMIZ IX 42,875.0 (9,599.0) 1,681.0 PHILIP MORRIS IN PMIZ EB 42,875.0 (9,599.0) 1,681.0 PHILIP MORRIS IN PM* MM 42,875.0 (9,599.0) 1,681.0 PHILIP MORRIS IN 4I1 QT 42,875.0 (9,599.0) 1,681.0 PLANET FITNESS-A PLNT1EUR EU 1,717.2 (707.8) 394.7 PLANET FITNESS-A 3PL QT 1,717.2 (707.8) 394.7 PLANET FITNESS-A PLNT US 1,717.2 (707.8) 394.7 PLANET FITNESS-A 3PL TH 1,717.2 (707.8) 394.7 PLANET FITNESS-A 3PL GR 1,717.2 (707.8) 394.7 PPD INC PPD US 5,556.2 (2,668.1) (288.1) PURPLE INNOVATIO PRPL US 147.7 (4.7) 27.3 RADIUS HEALTH IN RDUS US 219.2 (42.3) 141.8 RADIUS HEALTH IN 1R8 TH 219.2 (42.3) 141.8 RADIUS HEALTH IN 1R8 QT 219.2 (42.3) 141.8 RADIUS HEALTH IN RDUSEUR EU 219.2 (42.3) 141.8 RADIUS HEALTH IN 1R8 GR 219.2 (42.3) 141.8 RECRO PHARMA INC REPH US 110.5 (6.7) 53.7 REVLON INC-A RVL1 GR 2,980.6 (1,221.2) 154.5 REVLON INC-A REV US 2,980.6 (1,221.2) 154.5 REVLON INC-A RVL1 TH 2,980.6 (1,221.2) 154.5 REVLON INC-A REVEUR EU 2,980.6 (1,221.2) 154.5 REVLON INC-A REV* MM 2,980.6 (1,221.2) 154.5 REYNOLDS CONSUME REYN US 4,160.0 (818.0) 192.0 REYNOLDS CONSUME 3ZT GR 4,160.0 (818.0) 192.0 REYNOLDS CONSUME 3ZT GZ 4,160.0 (818.0) 192.0 REYNOLDS CONSUME REYNEUR EU 4,160.0 (818.0) 192.0 REYNOLDS CONSUME 3ZT QT 4,160.0 (818.0) 192.0 REYNOLDS CONSUME 3ZT TH 4,160.0 (818.0) 192.0 RH RH US 2,362.0 (63.2) (344.2) RH RHEUR EU 2,362.0 (63.2) (344.2) RH RS1 TH 2,362.0 (63.2) (344.2) RH RH* MM 2,362.0 (63.2) (344.2) RH RS1 GR 2,362.0 (63.2) (344.2) RIMINI STREET IN RMNI US 201.2 (91.3) (82.4) ROSETTA STONE IN RST US 201.1 (16.2) (68.6) ROSETTA STONE IN RS8 GR 201.1 (16.2) (68.6) ROSETTA STONE IN RS8 TH 201.1 (16.2) (68.6) ROSETTA STONE IN RST1EUR EU 201.1 (16.2) (68.6) SBA COMM CORP 4SB GZ 9,759.9 (3,651.0) (714.0) SBA COMM CORP SBAC* MM 9,759.9 (3,651.0) (714.0) SBA COMM CORP 4SB GR 9,759.9 (3,651.0) (714.0) SBA COMM CORP SBAC US 9,759.9 (3,651.0) (714.0) SBA COMM CORP 4SB QT 9,759.9 (3,651.0) (714.0) SBA COMM CORP SBACEUR EU 9,759.9 (3,651.0) (714.0) SBA COMM CORP SBJ TH 9,759.9 (3,651.0) (714.0) SBA COMMUN - BDR S1BA34 BZ 9,759.9 (3,651.0) (714.0) SCIENTIFIC GAMES TJW GZ 7,809.0 (2,108.0) 849.0 SCIENTIFIC GAMES SGMS US 7,809.0 (2,108.0) 849.0 SCIENTIFIC GAMES TJW GR 7,809.0 (2,108.0) 849.0 SCIENTIFIC GAMES TJW TH 7,809.0 (2,108.0) 849.0 SEALED AIR C-BDR S1EA34 BZ 5,765.2 (196.2) 127.8 SEALED AIR CORP SEE US 5,765.2 (196.2) 127.8 SEALED AIR CORP SDA GR 5,765.2 (196.2) 127.8 SEALED AIR CORP SEE1EUR EU 5,765.2 (196.2) 127.8 SEALED AIR CORP SDA TH 5,765.2 (196.2) 127.8 SEALED AIR CORP SDA QT 5,765.2 (196.2) 127.8 SERES THERAPEUTI MCRB1EUR EU 132.4 (48.3) 54.2 SERES THERAPEUTI MCRB US 132.4 (48.3) 54.2 SERES THERAPEUTI 1S9 GR 132.4 (48.3) 54.2 SHELL MIDSTREAM 49M GR 2,019.0 (749.0) 313.0 SHELL MIDSTREAM 49M TH 2,019.0 (749.0) 313.0 SHELL MIDSTREAM SHLX US 2,019.0 (749.0) 313.0 SIRIUS XM HO-BDR SRXM34 BZ 11,149.0 (736.0) (2,290.0) SIRIUS XM HOLDIN RDO TH 11,149.0 (736.0) (2,290.0) SIRIUS XM HOLDIN SIRI US 11,149.0 (736.0) (2,290.0) SIRIUS XM HOLDIN RDO GR 11,149.0 (736.0) (2,290.0) SIRIUS XM HOLDIN SIRIEUR EU 11,149.0 (736.0) (2,290.0) SIRIUS XM HOLDIN RDO GZ 11,149.0 (736.0) (2,290.0) SIRIUS XM HOLDIN SIRI AV 11,149.0 (736.0) (2,290.0) SIRIUS XM HOLDIN RDO QT 11,149.0 (736.0) (2,290.0) SIX FLAGS ENTERT 6FE GR 2,882.5 (186.9) 36.5 SIX FLAGS ENTERT SIXEUR EU 2,882.5 (186.9) 36.5 SIX FLAGS ENTERT 6FE TH 2,882.5 (186.9) 36.5 SIX FLAGS ENTERT 6FE QT 2,882.5 (186.9) 36.5 SIX FLAGS ENTERT SIX US 2,882.5 (186.9) 36.5 SLEEP NUMBER COR SL2 GR 806.0 (159.4) (434.4) SLEEP NUMBER COR SNBR US 806.0 (159.4) (434.4) SLEEP NUMBER COR SNBREUR EU 806.0 (159.4) (434.4) STARBUCKS CORP SRB TH 27,731.3 (6,759.1) (2,775.8) STARBUCKS CORP SBUX* MM 27,731.3 (6,759.1) (2,775.8) STARBUCKS CORP SRB GR 27,731.3 (6,759.1) (2,775.8) STARBUCKS CORP SBUXEUR EU 27,731.3 (6,759.1) (2,775.8) STARBUCKS CORP SBUX TE 27,731.3 (6,759.1) (2,775.8) STARBUCKS CORP SBUX IM 27,731.3 (6,759.1) (2,775.8) STARBUCKS CORP SBUXUSD SW 27,731.3 (6,759.1) (2,775.8) STARBUCKS CORP SRB GZ 27,731.3 (6,759.1) (2,775.8) STARBUCKS CORP SBUX AV 27,731.3 (6,759.1) (2,775.8) STARBUCKS CORP TCXSBU AU 27,731.3 (6,759.1) (2,775.8) STARBUCKS CORP 0QZH LI 27,731.3 (6,759.1) (2,775.8) STARBUCKS CORP SBUX PE 27,731.3 (6,759.1) (2,775.8) STARBUCKS CORP SRB QT 27,731.3 (6,759.1) (2,775.8) STARBUCKS CORP SBUX US 27,731.3 (6,759.1) (2,775.8) STARBUCKS CORP SBUX SW 27,731.3 (6,759.1) (2,775.8) STARBUCKS CORP SBUX CI 27,731.3 (6,759.1) (2,775.8) STARBUCKS-BDR SBUB34 BZ 27,731.3 (6,759.1) (2,775.8) STARBUCKS-CEDEAR SBUXD AR 27,731.3 (6,759.1) (2,775.8) STARBUCKS-CEDEAR SBUX AR 27,731.3 (6,759.1) (2,775.8) TAILORED BRANDS TLRD* MM 2,419.0 (98.3) 206.4 TAUBMAN CENTERS TU8 GR 4,515.5 (177.4) - TAUBMAN CENTERS TCO US 4,515.5 (177.4) - TAUBMAN CENTERS TCO2EUR EU 4,515.5 (177.4) - TRANSDIGM - BDR T1DG34 BZ 18,156.0 (4,299.0) 3,302.0 TRANSDIGM GROUP TDG US 18,156.0 (4,299.0) 3,302.0 TRANSDIGM GROUP T7D GR 18,156.0 (4,299.0) 3,302.0 TRANSDIGM GROUP TDG* MM 18,156.0 (4,299.0) 3,302.0 TRANSDIGM GROUP T7D TH 18,156.0 (4,299.0) 3,302.0 TRANSDIGM GROUP TDGEUR EU 18,156.0 (4,299.0) 3,302.0 TRANSDIGM GROUP T7D QT 18,156.0 (4,299.0) 3,302.0 TRILLIUM THERAPE TRIL US 33.0 (0.2) 12.7 TRILLIUM THERAPE R5WP GR 33.0 (0.2) 12.7 TRILLIUM THERAPE TRIL CN 33.0 (0.2) 12.7 TRILLIUM THERAPE R5WP TH 33.0 (0.2) 12.7 TRILLIUM THERAPE R5WP GZ 33.0 (0.2) 12.7 TRILLIUM THERAPE TREUR EU 33.0 (0.2) 12.7 TRIUMPH GROUP TGI US 2,625.4 (532.9) 212.9 TRIUMPH GROUP TG7 GR 2,625.4 (532.9) 212.9 TRIUMPH GROUP TGIEUR EU 2,625.4 (532.9) 212.9 UBIQUITI INC 3UB GR 667.1 (292.1) 324.7 UBIQUITI INC UI US 667.1 (292.1) 324.7 UBIQUITI INC 3UB GZ 667.1 (292.1) 324.7 UBIQUITI INC UBNTEUR EU 667.1 (292.1) 324.7 UNISYS CORP UIS US 2,504.0 (1,228.3) 294.0 UNISYS CORP UIS1 SW 2,504.0 (1,228.3) 294.0 UNISYS CORP UISEUR EU 2,504.0 (1,228.3) 294.0 UNISYS CORP UISCHF EU 2,504.0 (1,228.3) 294.0 UNISYS CORP USY1 TH 2,504.0 (1,228.3) 294.0 UNISYS CORP USY1 GR 2,504.0 (1,228.3) 294.0 UNISYS CORP USY1 QT 2,504.0 (1,228.3) 294.0 UNISYS CORP USY1 GZ 2,504.0 (1,228.3) 294.0 UNITI GROUP INC 8XC TH 5,017.0 (1,483.2) - UNITI GROUP INC UNIT US 5,017.0 (1,483.2) - UNITI GROUP INC 8XC GR 5,017.0 (1,483.2) - VALVOLINE INC 0V4 GR 2,297.0 (196.0) 373.0 VALVOLINE INC 0V4 TH 2,297.0 (196.0) 373.0 VALVOLINE INC VVVEUR EU 2,297.0 (196.0) 373.0 VALVOLINE INC 0V4 QT 2,297.0 (196.0) 373.0 VALVOLINE INC VVV US 2,297.0 (196.0) 373.0 VECTOR GROUP LTD VGR GR 1,505.1 (685.0) 220.5 VECTOR GROUP LTD VGR US 1,505.1 (685.0) 220.5 VECTOR GROUP LTD VGREUR EU 1,505.1 (685.0) 220.5 VECTOR GROUP LTD VGR TH 1,505.1 (685.0) 220.5 VECTOR GROUP LTD VGR QT 1,505.1 (685.0) 220.5 VERISIGN INC VRS TH 1,854.0 (1,490.1) 313.4 VERISIGN INC VRS GR 1,854.0 (1,490.1) 313.4 VERISIGN INC VRSN US 1,854.0 (1,490.1) 313.4 VERISIGN INC VRS SW 1,854.0 (1,490.1) 313.4 VERISIGN INC VRSN* MM 1,854.0 (1,490.1) 313.4 VERISIGN INC VRS GZ 1,854.0 (1,490.1) 313.4 VERISIGN INC VRSNEUR EU 1,854.0 (1,490.1) 313.4 VERISIGN INC VRS QT 1,854.0 (1,490.1) 313.4 VERISIGN INC-BDR VRSN34 BZ 1,854.0 (1,490.1) 313.4 VERTIV HOLDINGS VERT/U US 4,657.4 (704.8) 497.7 VERTIV HOLDINGS VRT US 4,657.4 (704.8) 497.7 VERTIV HOLDINGS 49V GR 4,657.4 (704.8) 497.7 VERTIV HOLDINGS 49V GZ 4,657.4 (704.8) 497.7 VERTIV HOLDINGS VRT2EUR EU 4,657.4 (704.8) 497.7 WATERS CORP WAZ TH 2,557.1 (216.3) 721.2 WATERS CORP WAT US 2,557.1 (216.3) 721.2 WATERS CORP WAZ GR 2,557.1 (216.3) 721.2 WATERS CORP WAT* MM 2,557.1 (216.3) 721.2 WATERS CORP WAZ QT 2,557.1 (216.3) 721.2 WATERS CORP WATEUR EU 2,557.1 (216.3) 721.2 WAYFAIR INC- A W US 2,953.0 (944.2) (234.4) WAYFAIR INC- A 1WF QT 2,953.0 (944.2) (234.4) WAYFAIR INC- A 1WF GZ 2,953.0 (944.2) (234.4) WAYFAIR INC- A 1WF GR 2,953.0 (944.2) (234.4) WAYFAIR INC- A WEUR EU 2,953.0 (944.2) (234.4) WESTERN UNIO-BDR WUNI34 BZ 8,758.5 (39.5) (171.1) WESTERN UNION WU US 8,758.5 (39.5) (171.1) WESTERN UNION W3U GR 8,758.5 (39.5) (171.1) WESTERN UNION W3U TH 8,758.5 (39.5) (171.1) WESTERN UNION WU* MM 8,758.5 (39.5) (171.1) WESTERN UNION WUEUR EU 8,758.5 (39.5) (171.1) WESTERN UNION W3U GZ 8,758.5 (39.5) (171.1) WESTERN UNION W3U QT 8,758.5 (39.5) (171.1) WIDEOPENWEST INC WOW US 2,471.6 (245.9) (108.7) WIDEOPENWEST INC WU5 GR 2,471.6 (245.9) (108.7) WIDEOPENWEST INC WU5 TH 2,471.6 (245.9) (108.7) WIDEOPENWEST INC WU5 QT 2,471.6 (245.9) (108.7) WIDEOPENWEST INC WOW1EUR EU 2,471.6 (245.9) (108.7) WINGSTOP INC WING1EUR EU 166.1 (209.4) (2.7) WINGSTOP INC WING US 166.1 (209.4) (2.7) WINGSTOP INC EWG GR 166.1 (209.4) (2.7) WW INTERNATIONAL WW US 1,498.3 (681.8) (98.7) WW INTERNATIONAL WW6 GR 1,498.3 (681.8) (98.7) WW INTERNATIONAL WW6 GZ 1,498.3 (681.8) (98.7) WW INTERNATIONAL WTW AV 1,498.3 (681.8) (98.7) WW INTERNATIONAL WTWEUR EU 1,498.3 (681.8) (98.7) WW INTERNATIONAL WW6 QT 1,498.3 (681.8) (98.7) WW INTERNATIONAL WW6 TH 1,498.3 (681.8) (98.7) WYNDHAM DESTINAT WD5 TH 7,453.0 (524.0) 479.0 WYNDHAM DESTINAT WD5 QT 7,453.0 (524.0) 479.0 WYNDHAM DESTINAT WYNEUR EU 7,453.0 (524.0) 479.0 WYNDHAM DESTINAT WD5 GR 7,453.0 (524.0) 479.0 WYNDHAM DESTINAT WYND US 7,453.0 (524.0) 479.0 YELLOW PAGES LTD Y CN 326.9 (16.7) 75.2 YUM! BRANDS -BDR YUMR34 BZ 5,231.0 (8,016.0) (14.0) YUM! BRANDS INC TGR TH 5,231.0 (8,016.0) (14.0) YUM! BRANDS INC TGR GR 5,231.0 (8,016.0) (14.0) YUM! BRANDS INC YUM* MM 5,231.0 (8,016.0) (14.0) YUM! BRANDS INC YUMUSD SW 5,231.0 (8,016.0) (14.0) YUM! BRANDS INC TGR GZ 5,231.0 (8,016.0) (14.0) YUM! BRANDS INC YUM AV 5,231.0 (8,016.0) (14.0) YUM! BRANDS INC TGR TE 5,231.0 (8,016.0) (14.0) YUM! BRANDS INC YUM US 5,231.0 (8,016.0) (14.0) YUM! BRANDS INC YUMEUR EU 5,231.0 (8,016.0) (14.0) YUM! BRANDS INC TGR QT 5,231.0 (8,016.0) (14.0) YUM! BRANDS INC YUM SW 5,231.0 (8,016.0) (14.0) ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog, Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2020. 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 ***