/raid1/www/Hosts/bankrupt/TCR_Public/220308.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 8, 2022, Vol. 26, No. 66
Headlines
27 PUTNAM AVE: $32.5M Sale of Brooklyn Properties to DS-CREF3 OK'd
6 TURTLE KNOLL: Seeks to Hire James J. Rufo as Bankruptcy Counsel
975 WALTON BRONX: Contested Confirmation Hearing on March 16
A&E ADVENTURES: Court Confirms Chapter 11 Plan
ABC CARPET: Ex-Owner Gets Court Okay to Liquidate in Bankruptcy
AEGIS FILMS: Unsecured Creditors Will Get 25% of Claims in Plan
AERO COMPONENTS: Voluntary Chapter 11 Case Summary
AERO SHADE: April 12 Hearing on Disclosure Statement and Plan
AFFORDABLE CONCRETE: Selling 2 Parcels in Adams County for $500K
AGAPE WORLD: Unsecured Unimpaired in $733K Sale Plan
ALLIGATOR COMPUTER: Taps Goering & Goering as Bankruptcy Counsel
ALPHA LATAM: Plan Releases Too Extensive, Says US Trustee
AMERICAN EAGLE: Unsecureds to Recover 0.5% Under Plan
APOLLO ENDOSURGERY: Registers 1.6M Shares Under 2017 Equity Plan
ATHLETIC SPECIALTIES: $475K Sale of Personal Property Approved
BAIRN LLC: Auction Sale of Property by AW Properties Approved
BHCOSMETICS HOLDINGS: Committee Hires Kelley Drye as Lead Counsel
BHCOSMETICS HOLDINGS: Committee Taps Province as Financial Advisor
BHCOSMETICS: Committee Taps Potter Anderson as Delaware Counsel
BIZGISTICS INC: Seeks Approval of Online Auction of Truck & Trailer
BRAZOS ELECTRIC: Pauses Trial vs. ERCOT, Heads Toward Mediation
BSPV-PLANO: Seeks Cash Collateral Access, $1MM DIP Loan
CAPITAL EQUITY: Case Summary & Five Unsecured Creditors
CHEFS' WAREHOUSE: S&P Alters Outlook to Positive, Affirms 'B-' ICR
CHICAGO EDUCATION BOARD: Moody's Raises Issuer Rating to Ba2
CINEMARK HOLDINGS: Fitch Alters Outlook on 'B+' LT IDR to Stable
CITE: Wins Cash Collateral Access Thru April 7
CITGO PETROLEUM: Fitch Affirms 'B' LongTerm IDR, Outlook Stable
COSMOS HOLDINGS: Closes $6M Private Placement of Preferred Shares
COUZINS FOOD: Seeks to Use Cash Collateral
CUMULUS MEDIA: S&P Alters Outlook to Positive, Affirms 'B-' ICR
DARYL GREG SMITH: Trustee Sets Bid Procedures for Texas Property
DAVID HAROLD HOLLNAGEL: Blessing Buying Boat & Trailer for $17.5K
DLVAM1302 NORTH: Continued Operations to Fund Plan
EASTERN POWER: S&P Cuts Secured Debt Rating to 'B'; Outlook Stable
ELECTRO SALES: April 13 Plan Confirmation Hearing Set
ELITE TRANSPORTATION: Seeks to Hire Mark J. Lazzo as Legal Counsel
EXPRESS GRAIN: Primary Assets Sold to UMB Bank
FEMUR BUYER: S&P Affirms 'CCC+' Issuer Credit Rating, Outlook Neg.
FLORESDREAM LLC: Gets OK to Hire Cremers CPA as Accountant
FORE AERO: Voluntary Chapter 11 Case Summary
FORE MACHINE: Voluntary Chapter 11 Case Summary
FOUNTAINS OF ST. AUGUSTINE: US Trustee Unable to Appoint Committee
FOUR WOOD: Continued Operations to Fund Plan
GARY L. WRIGHT: $850K Sale of Rutledge Property to Hughes Approved
GENTREE LLC: Amends Unsecured Claims Pay Details
GLOBAL CARIBBEAN: April 19 Plan Confirmation Hearing Set
GLOBAL CARIBBEAN: Unsecureds Will Get 46% of Claims in Plan
GMJ MACHINE: Unsecureds to be Paid in Full over 120 Months
GOODNIGHT WATER: Moody's Withdraws B3 CFR on Uncompleted Debt Issue
GULF COAST: Court Okays Chapter 11 Disclosures Following Settlement
GULF COAST: Govt. Lawyer Previews Fight Over Abuse Claims
HAN SOK KIM: Bid to Withdraw Ch. 11 Trustee Appointment Granted
HERITAGE RAIL: Unsecureds to Get At Least $500K in Liquidating Plan
HOLOGENIX LLC: Seeks to Hire M&G Partners as Accountant
HR NORTH DALE: Seeks Amended Order on Approved Lutz Property Sale
INSTITUTO MEDICO: Court Dismisses Suit vs. Condado 7
INTELSAT SA: S&P Assigns 'B+' ICR Upon Emergence from Chapter 11
ISLAND EMPLOYEE: Amends Unsecured Claims Pay Details
J&P FLASH INC: RAS Buying Store Nos. 376 and 386 for $415K
KC PANORAMA: Seeks to Move Deadline to File Order on Sale Hearing
KETTNER INVESTMENTS: Court Okays Plan Minus 3rd-Party Releases
KNOX CLINIC: Former Doctors File Motion to Move Ch.11 Proceedings
KOSMOS ENERGY: Incurs $77.8 Million Net Loss in 2021
LANTHEUS HOLDINGS: S&P Alters Outlook to Stable, Affirms 'B+' ICR
LEE MONTESSORI: S&P Assigns 'BB+' Rating on 2022 Revenue Bonds
LOGISTICS GIVING: Wins Cash Collateral Access Thru April 30
LSB INDUSTRIES: Moody's Hikes CFR to B2, Outlook Stable
MACALLISTER & ASSOCIATES: U.S. Trustee Unable to Appoint Committee
MANNY'S MEXICAN: Files Amendment to Disclosure Statement
MAYA KARAPETROVA: $710K Sale of Mountainside Property Approved
MBIA INC: Incurs $445 Million Net Loss in 2021
MIND TECHNOLOGY: Board Member Robert Albers Dies
MMPR MEDICAL: Taps Frank & De La Guardia as Bankruptcy Counsel
MONSTER INVESTMENTS: Reply to Case Trustee Bid Due Thursday
MUSCLEPHARM CORP: Faces Lawsuit Alleging Unfair Trade Practices
MUSCLEPHARM CORP: White Winston, et al. Report 10.9% Equity Stake
NATURALSHRIMP INC: Files Preferred Stock Certificate of Designation
NORTHWEST BIOTHERAPEUTICS: Swings to $179.1M Net Income in 2021
OCULAR THERAPEUTIX: Incurs $6.6 Million Net Loss in 2021
OLYMPIA SPORTS: Seeks Access to Cash Collateral
PERMICO MIDSTREAM: Trustee's Sale of Assets for $3.7MM Approved
PINNACLE CONSTRUCTORS: Seeks Chapter 11 Bankruptcy Protection
PLATINUM GROUP: HCI Invest14, et al. Hike Equity Stake to 25.9%
PRICHARD WATERWORKS: S&P Lowers 2019 Revenue Bonds Rating to 'BB-'
PURDUE PHARMA: Florida State Challenges New $6-Bil. Sackler Deal
Q BIOMED: Incurs $8.2 Million Net Loss in 2021
QUEEN ELIZABETH: Enters Settlement Agreement with Christopher Bangs
R & G SERVICES: Files for Chapter 11 Bankruptcy Protection
RANCH ASSOCIATES: Seeks Chapter 11 Bankruptcy Protection
RELIABLE HOME: Court Directs U.S. Trustee to Appoint PCO
RELIEF TELEMED: Unsecureds to Recover 100% in Subchapter V Plan
REYNOLDS CONSUMER: Fitch Assigns FirstTime BB+ IDR, Outlook Stable
ROBERT EARL PRESSLER, III: Selling Lafayette Property for $525K
ROBINSON TRUCKING: Seeks to Hire Buckmiller Boyette as Attorney
ROCKDALE MARCELLUS: Tilden Seeks Claims Reconciliation
RSP PITTSBURGH: Unsecureds Will Get 10% of Claims in 72 Months
SANUWAVE HEALTH: Incurs $4.25 Million Net Loss in Third Quarter
SARATOGA & NORTH: Gets $3.33 Mil. From Trackage Sale in Auction
ST. JOHNS PROFESSIONAL: Voluntary Chapter 11 Case Summary
TAB RESTAURANT: Wins Cash Collateral Access Thru April 7
TEX-GAS HOLDINGS: Unsecureds Will be Paid in Full
THE GALLEY: Amends Plan to Include Seile Secured Claims Pay Details
TITLE QUEST: March 30 Hearing on Plan & Disclosures
TRI-WIRE ENGINEERING: Wins Cash Collateral Access Thru April 30
TRIDENT BRANDS: Delays Filing of 2021 Annual Report
VENCHUR INVESTMENTS: Wins Cash Collateral Access Thru April 7
VETERAN HOLDINGS: Court Approves Disclosures and Confirms Plan
WHIDBEY ISLAND PHD: Moody's Lowers 2013 GOULT Bonds to Ba2
WHITE RABBIT: Wins Cash Collateral Access Thru March 29
WILLIAM TAGG: Selling Interest in Seacrest Property for $3.6-Mil.
ZOHAR FUNDS: MBIA Blasts Tilton's Suit to Subordinate Claims
[*] New Bankruptcy Filings Rise in February 2022
[*] Upstream Gas and Oil Bankruptcy Wave Is Over in U.S.
[^] Large Companies with Insolvent Balance Sheet
*********
27 PUTNAM AVE: $32.5M Sale of Brooklyn Properties to DS-CREF3 OK'd
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Judge Lisa G. Beckerman of the U.S. Bankruptcy Court for the
Southern District of New York authorized 27 Putnam Ave LP and its
affiliates to sell the following properties in Brooklyn, New York,
to DS-CREF3 Clinton Senior Propco LLC, as the designee of DS-CREF3
Clinton Senior Note Buyer LLC and DS-CREF3 Clinton Mezz Note Buyer
LLC, for total consideration of $32.5 million:
a. located at 27-29 Putnam Avenue, Brooklyn, New York,
b. located at 423-427 Grand Avenue, Brooklyn, New York,
c. located at 429-435 Grand Avenue, Brooklyn, New York, and
d. located at 88-100 Downing Street, Brooklyn, New York.
The Sale Agreement and the assumption of the Leases by the Debtor
and the assignment thereof to the Purchaser, are approved.
The sale is "free and clear" of liens, claims, interests and
encumbrances, with such liens, claims, interests and encumbrances
to attach to the proceeds of sale to the extent of the validity,
rank and priority of such liens, claims and encumbrances, except
that pursuant to the sale procedures set forth in the Debtors' sale
application and order approving sale procedures, the Purchaser (as
the designee of DS-CREF3 Clinton Senior Note Buyer LLC and DS-CREF3
Clinton Mezz Note Buyer LLC) will purchase the Property subject to
the mortgage held by DS-CREF3 Clinton Senior Note Buyer LLC, which
mortgage may be further assigned to facilitate the Plan.
The Debtors are deemed to have assumed the Leases immediately upon
entry of the Order.
The Purchaser agrees to a closing to be scheduled in accordance
with the terms of the Sale Agreement.
Pursuant to Bankruptcy Rule 6004(h), the Order will be effective
immediately upon its entry, and the sale approved by the Order may
close immediately upon its entry, notwithstanding any otherwise
applicable waiting periods.
To the extent the Debtors' Chapter 11 plan confirmation order is
entered by the Bankruptcy Court before the deeds to the Property
are transferred, the Property transfers to the Purchaser will
qualify for the stamp tax exemption under section 1146(a) of the
Bankruptcy Code and the filing and recording of the deeds to the
Property will not be subject to payment of any local, county or
State transfer tax, a stamp tax, or any similar tax including but
not limited to any New York State Real Estate Transfer Tax and New
York City Real Property Transfer Tax.
Any federal, state, municipal, county and local governmental agency
or department, including the Office of the City Register of the
City of New York and any applicable Register's Office in the State
of New York, will record any document and instrument necessary or
appropriate to effectuate the sale of the Property and transactions
contemplated by the Plan.
The Purchaser is deemed to have acknowledged receipt of a copy of
the Assurance of Discontinuance dated Sept. 19, 2019 (NYS OAG
Assurance Number 19-106) In The Matter of Investigation by Letitia
James, Attorney General of the State of New York, of Clinton Hill
Mezz Borrower LP, Clinton Hill GP LLC, 423 Grand Avenue LP, 429
Grand Avenue LP, 90 Downing Street LP and 27 Putnam Avenue LP
("Respondents") relating to the Property, as amended by Amendment
to the Assurance of Discontinuance between said parties dated Nov.
24, 2020.
The Purchaser is deemed to have covenanted and agreed that from and
after the Closing, all terms and conditions of the Assurance other
than the General Injunction will continue in full force and effect
on any successors, assignees or transferees of the Respondents who
are affiliated with the Respondents. The foregoing provisions have
been included in the Order for the benefit of the NYS Office of the
Attorney General ("OAG"), the OAG is a "third party beneficiary" of
the Sale Agreement and the OAG's right to enforce the provisions of
Section 15 of the Sale Agreement will survive the Closing and the
delivery of a deed to the Property to the Purchaser.
About 27 Putnam Ave LP
New York-based 27 Putnam Ave LP and three affiliates concurrently
filed voluntary petitions for relief under Chapter 11 of the
Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 19-13412) on Oct.
25, 2019. At the time of the filing, each Debtor disclosed assets
of between $10 million and $50 million and liabilities of the same
range.
Judge Lisa G. Beckerman oversees the cases. Backenroth Frankel &
Krinsky, LLP and Rosenberg & Estis, PC serve as the Debtors'
bankruptcy counsel and special counsel, respectively.
6 TURTLE KNOLL: Seeks to Hire James J. Rufo as Bankruptcy Counsel
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6 Turtle Knoll, LLC seeks approval from the U.S.Bankruptcy Court
for the Southern District of New York to hire The Law Office of
James J. Rufo to serve as legal counsel in its Chapter 11 case.
The firm's services include:
(a) advising the Debtor concerning the conduct of the
administration of the bankruptcy case;
(b) preparing all necessary applications and motions required
under the Bankruptcy Code, Federal Rules of Bankruptcy Procedure,
and Local Bankruptcy Rules;
(c) preparing a plan of reorganization; and
(d) performing all other legal services that are necessary to
the administration of the case.
The firm's hourly rates are as follows:
James J. Rufo, Esq. $400 per hour
Paralegals $200 per hour
The Debtor paid $9,238 to the firm as a retainer fee.
James Rufo, Esq., the firm's attorney who will be providing the
services, disclosed in a court filing that he is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
James J. Rufo, Esq.
The Law Office of James J. Rufo
1133 Westchester Avenue, Suire N-202
White Plains, NY 10604
Tel: (914) 600-7161
Email: jrufo@jamesrufolaw.com
About 6 Turtle Knoll, LLC
6 Turtle Knoll, LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No.
22-35095) on Feb. 22, 2022. At the time of filing, the Debtor
estimated $100,001 to $500,000 in assets and $500,001 to $1 million
in liabilities. James J. Rufo, Esq. at The Law Office of James J.
Rufo represents the Debtor as counsel.
975 WALTON BRONX: Contested Confirmation Hearing on March 16
------------------------------------------------------------
Judge Jil Mazer-Marino has entered an order scheduling, inter alia,
the deadline for the completion of discovery and submission of
papers relating to a contested confirmation hearing of 975 Walton
Bronx LLC scheduled for March 16, 2022 at 10:30 a.m. (ET).
The Debtor and any party objecting to confirmation of the Plan's
Cure and Reinstatement Option must file with the Court all witness
and exhibit lists on or before March 9, 2022 at 4:00 p.m. (ET).
March 11, 2022 at 4:00 p.m. (ET) is the deadline by which (a) the
Debtor must file any pleading or papers in support of confirming
the Plan's Cure and Reinstatement Option, (b) any party in interest
in this Chapter 11 case that wishes to object to confirmation of
the Plan's Cure and Reinstatement Option must file any pleadings or
papers in support of such objection, and (c) the Debtor and any
party objecting to confirmation of the Plan's Cure and
Reinstatement Option must file with the Court all pretrial
memoranda.
March 14, 2022 at 12:00 noon (ET) is the deadline by which (a) the
Debtor must file any reply in further support of confirming the
Plan's Cure and Reinstatement Option, (b) any party in interest in
this Chapter 11 case that wishes to object to confirmation of the
Plan's Cure and Reinstatement Option must file any reply in further
support of such objection, and (c) the Debtor and any objecting
party must file motions in limine (JMM).
The Court will consider confirmation of the Plan's Cure and
Reinstatement Option at the hearing to be held on March 16, 2022 at
10:30 a.m. (ET) (JMM).
All other terms of the Scheduling Order shall remain in full force
and effect.
Attorneys for the Debtor:
Kevin J. Nash, Esq.
GOLDBERG WEPRIN FINKEL GOLDSTEIN, LLP
1501 Broadway, 22nd Floor
New York, NY 10036
Tel: (212) 221-5700
E-mail: knash@gwfglaw.com
Attorneys for the Lender:
Benjamin Mintz, Esq.
ARNOLD & PORTER KAYE SCHOLER LLP
250 West 55th Street
New York, NY 10019
Tel: (212) 836.8000
E-mail: benjamin.Mintz@arnoldporter.com
About 975 Walton Bronx
975 Walton Bronx, LLC is a New York limited liability company,
which primarily owns a multi-family residential apartment building
at 975 Walton Avenue, Bronx, N.Y. The property consists of 182
apartments and commercial space, including a cell tower.
975 Walton Bronx sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. N.Y. Case No. 21-40487) on Feb. 25,
2021, listing as much as $50 million in both assets and
liabilities. Judge Jil Mazer-Marino oversees the case.
Goldberg Weprin Finkel Goldstein, LLP and David L. Smith, Esq., an
attorney in New York, serve as the Debtor's legal counsel and chief
restructuring officer, respectively.
A&E ADVENTURES: Court Confirms Chapter 11 Plan
----------------------------------------------
Judge Laurel M. Isicoff has entered an order approving on a final
basis the Disclosure Statement of A&E Adventures LLC, and
confirming Debtor's Plan in all respects.
The objections raised by the Miami Landlord in the Confirmation
Objection and at the Confirmation Hearing are overruled.
Any objections to confirmation of the Plan or adequacy of the
Disclosure Statement not withdrawn or otherwise addressed in this
Confirmation Order are expressly overruled.
Any claim created by the rejection of an executory contract or
unexpired lease must be filed within 30 days of this Confirmation
Order. Any rejection claim for which a proof of claim is not filed
and served within the time deadlines provided in the Plan and this
Confirmation Order will be forever barred from assertion and shall
not be enforceable against the Debtor or its assets, property
whether real or personal, or interests in property. Unless
otherwise ordered by the Bankruptcy Court, all such claims that are
timely filed and allowed as provided herein shall be treated as
Allowed Unsecured Claims in Class 4 under the Plan and shall be
subject to the provisions of the Plan.
As a result of the Plan, the Allowed Claims of creditors of the
Debtor will be paid in full and will receive at least as much as
they would receive in a Chapter 7 liquidation of the Debtor.
The Debtor will be able to meet all its obligations under the
Plan.
The equity holders of the Debtor will not receive any equity
distribution until the Allowed Claims against the Debtor are paid
in full.
The property of the Debtor's estate, together with any property of
the Debtor that is not property of its estate and that is not
specifically disposed of pursuant to the Plan, shall revest in the
reorganized Debtor on the Effective Date. No property of the
Debtor's estate is being, or should be deemed to be, abandoned
pursuant to Section 554 of the Bankruptcy Code or otherwise.
Thereafter, the reorganized Debtor may operate its business and may
use, acquire, and dispose of property free of any restrictions of
the Bankruptcy Code, the Bankruptcy Rules, and this Court.
Counsel for the Debtor:
James C. Moon, Esq.
MELAND BUDWICK, P.A.
3200 Southeast Financial Center, 200 South Biscayne Blvd.
Miami, Florida 33131
Tel: (305) 358-6363
Fax: (305) 358-1221
E-mail: jmoon@melandbudwick.com
About A&E Adventures LLC
A&E Adventures LLC, operating as GameTime, is a family
entertainment destination with fun indoor amusements offering a
full-service dining experience and full liquor sports bar in Miami,
Fort Myers, Daytona, Ocoee, Tampa and Kissimmee where customers can
play over 100 interactive games in the Mega Arcade. Customers can
enjoy a delicious lunch or dinner and watch any game on over 60
HDTVs. GameTime can also host large gatherings with full banquet
services.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 21-19272) on Sept. 24,
2021. In the petition signed by Michael Abecassis, managing
member, the Debtor disclosed up to $50 million in both assets and
liabilities.
James C. Moon, Esq., at Meland Budwick, P.A., is the Debtor's
counsel.
Live Oak Banking Company, as secured lender, is represented by
Schiller, Knapp, Lefkowitz & Hertzel, LLP.
ABC CARPET: Ex-Owner Gets Court Okay to Liquidate in Bankruptcy
---------------------------------------------------------------
Daniel Gill of Bloomberg Law reports that the former owner of
retailer ABC Carpet & Home won bankruptcy court approval of its
plan to liquidate following a sale of the business.
The Plan, approved at a hearing Thursday, creates a liquidating
trust that will administer the company's remaining assets. They
include any potential lawsuits against ABC's officers and
directors, according to a court filing.
The company sold the main home goods business for $26 million to a
lender, 888 Capital Partners, which is partly owned by Paulette
Cole, the great-granddaughter of ABC's founder.
About ABC Carpet & Home
A.B.C. Carpet & Home, Inc., is a New York-based seller of luxury
home goods. The company traces its roots to the late 1800s, when
Austrian immigrant Samuel Weinrib started the business from a
pushcart on Manhattan's Lower East Side. His great-granddaughter
Paulette Cole helped build its red-brick building on Broadway into
a high-end destination for designers and decorators and their
affluent clients.
A.B.C. Carpet Co. Inc., along with two affiliates, sought Chapter
11 protection (Bankr. S.D.N.Y. Lead Case No. 21-11591) on Sept. 8,
2021. It listed assets of up to $50 million and as much as $100
million of liabilities in its petition.
The Debtors tapped GREENBERG TRAURIG, LLP as counsel; and B. RILEY
SECURITIES, INC., as financial advisor. BANKRUPTCY MANAGEMENT
SOLUTIONS, INC. (STRETTO) is the claims agent.
AEGIS FILMS: Unsecured Creditors Will Get 25% of Claims in Plan
---------------------------------------------------------------
Aegis Films, Inc., filed with the U.S. Bankruptcy Court for the
Northern District of Georgia a Disclosure Statement regarding Plan
of Reorganization dated March 1, 2022.
Aegis Films, Inc. f/k/a Comfort Vision Distributing, Inc.
incorporated in the State of Virginia in 1992. Debtor is in the
business of manufacturing and installing window films to tint or
improve the performance of glass for residential commercial and
automobile use.
Class 3 consists of the General Unsecured Claim of G&I IX 3400
Rivergreen LLC ("Landlord"). As a prerequisite to Debtor assuming
the Lease, Landlord requires that Debtor cure all Lease arrearage
in the approximate amount of $177,175.61 ("Lease Assumption Cure
Amount"). Debtor has applied for an anticipated $350,000.00 loan
increase under its pre-Petition Existing EIDL Loan with Class 4
creditor U.S. Small Business Administration. Debtor will pay the
Lease Assumption Cure Amount from the EIDL loan increase funds. To
the extent that Debtor is unable to pay the Lease Assumption Cure
Amount, it will be treated as a Class 6 claim and paid
accordingly.
Class 4 consists of the General Unsecured Claim of U.S. Small
Business Administration. As reflected in its Proof of Claim No. 6
filed on June 23, 2021, U.S. Small Business Administration
("S.B.A.") asserts a General Unsecured Claim in the amount of
$155,070.21. Under the Plan, Debtor will pay $731.00 monthly
beginning of the 1st day of the 1st month after the effective date
of the Plan and continuing on each consecutive month thereafter,
with the then outstanding balance of the Existing EIDL Loan to be
paid in full 30 years from the date of the promissory note.
Class 5 consists of the Allowed Convenience Claims. Upon
information and belief, IRS holds a Class 5 Claim in the amount of
$300.00 and Uline holds a Class 5 Claim in the amount o $266.13.
The Holders of Allowed Convenience Claims shall receive
Distributions totaling 100% payable on the 1st day of the 1st
calendar month following the effective date.
Class 6 consists of General Unsecured Claims not otherwise treated
in the Plan. Debtor believes but does not warrant that all known
Class 6 Claims is in the aggregate amount of $173,689.10. Under the
Plan, Debtor shall pay a pro rata share of $2,500.00 per month to
the Creditors holding allowed Class 6 Claims beginning on the 1st
calendar day of the 1st calendar month following the effective date
of the Plan and on the like day of each month thereafter until each
such claimant shall receive 25% of its respective Allowed Claim
Amount.
Class 7 consists of the Claim of Barry E. Edwards ("Shareholder")
as Debtor's sole shareholder. The Shareholder shall retain his
interest in the Debtor as such interest existed as of the Petition
Date. On the 1st day of the 1st month following the effective date
of the Plan, the Shareholder shall transfer $10,000.00 personal
funds to Debtor to be used towards payment of Allowed
Administrative Claims with remaining balance to be applied towards
other Plan payments.
The funds transferred by the Shareholder to Debtor constitute new
value. New value is the vehicle through which the Shareholder shall
purchase the equity interest of the Reorganized Debtor. Third
parties may be able to purchase the equity interests of the
Reorganized Debtor. Competing bids must exceed the new value
offered by the Shareholder by at least $5,000.00.
In addition to cash reserves, ongoing post-Petition revenues, and
new value contributed by the Shareholder, Debtor shall cure lease
arrearage so that it may assume its Premises lease, make Play
payments, and pay ongoing operating expenses from an anticipated
$350,000.00 loan increase under the existing Class 3 EIDL loan.
A full-text copy of the Disclosure Statement dated March 1, 2022,
is available at https://bit.ly/3Kk3gkl from PacerMonitor.com at no
charge.
Debtor's Counsel:
Paul Reece Marr, Esq.
Paul Reece Marr, P.C.
1640 Powers Ferry Road
Marietta, GA 30067
Tel: (770) 984-2255
Email: paul.marr@marrlegal.com
About Aegis Films
Duluth, Ga.-based Aegis Films, Inc. sought protection under Chapter
11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 21-53568) on
May 5, 2021. Aegis Films CEO Barry D. Edwards signed the petition.
In its petition, the Debtor disclosed total assets of up to $10
million and total liabilities of up to $1 million. Paul Reece
Marr, P.C. is the Debtor's legal counsel.
AERO COMPONENTS: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Debtor: Aero Components, LLC
5124 Kaltenbrun Rd
Fort Worth, TX 76119
Business Description: Aero Components, LLC is a turn-key
aerostructure manufacturing company
specializing in aerospace machined parts,
complex assemblies, and bonded panels.
Chapter 11 Petition Date: March 7, 2022
Court: United States Bankruptcy Court
Northern District of Texas
Case No.: 22-40485
Debtor's Counsel: Katherine A. Preston, Esq.
WINSTON & STRAWN LLP
800 Capitol St
Suite 2400
Houston, TX 77002
Tel: (713) 651-2699
Fax: (713) 651-2700
E-mail: KPreston@winston.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Jens Verloop as chief financial
officer.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/D36FQ6Y/Aero_Components_LLC__txnbke-22-40485__0001.0.pdf?mcid=tGE4TAMA
AERO SHADE: April 12 Hearing on Disclosure Statement and Plan
-------------------------------------------------------------
Judge Mindy A. Mora has entered an order that the hearing on
approval of the Disclosure Statement and confirmation of the Plan
of Aero Shade Technologies, Inc. (45 days after the plan is filed
unless extended by the court prior to the expiration of this
deadline) will be on April 12, 2022 at 2:30 p.m. in United States
Bankruptcy Court, 1515 N. Flagler Drive, Courtroom A, Room 801,
West Palm Beach FL 33401.
The deadline for objections to confirmation will be on April 7,
2022 (three business days before Confirmation Hearing).
The deadline for objections to approval of the Disclosure Statement
will be on April 7, 2022 (three business days before Confirmation
Hearing).
April 1, 2022 is fixed as the last day for filing written
acceptances or rejections of the plan (seven business days before
hearing on confirmation of the plan).
The last day for filing and serving objections to claims will be on
March 28, 2022 (14 days before Confirmation Hearing).
On or before March 14, 2022 (28 days before Confirmation Hearing)
the plan proponent shall serve a copy of this order, the disclosure
statement and the plan on all creditors.
About Aero Shade Technologies
Aero Shade Technologies, Inc., designs and manufactures sun
protection and light shades for the aerospace industry. It entered
into a lease agreement in 2009 for the lease of a facility owned by
St. Lucie County.
Aero Shade Technologies sought protection for relief under Chapter
11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 21-13573) on
April 15, 2021, disclosing up to $50,000 in both assets and
liabilities. Judge Mindy A. Mora oversees the case. Kelley Fulton
& Kaplan, P.L. and Ackerman Rodgers, CPA, PLLC serve as the
Debtor's legal counsel and accountant, respectively.
AFFORDABLE CONCRETE: Selling 2 Parcels in Adams County for $500K
-----------------------------------------------------------------
Affordable Concrete, LLC, asks the U.S. Bankruptcy Court for the
District of Colorado to authorize the sale of its two parcels of
unimproved real property in Adams County, Colorado, to Henderson
Aggregate, Ltd., for $500,000.
As set forth on the Debtor's Schedule A/B, the Debtor owns the
Property, more specifically described as:
"LAND IN ADAMS COUNTY COLORADO WITH LEGAL DESCRIPTION:
SECT.TWN, RNG:2-3-63 DESC: BEG AT THE SW COR SEC 2 TH N 1074/24 FT
TO TRUE POB TH CONT N 522/12 FT TH E 2960 FT TH S 522/1 2 FT TH W
2960 FT TO TRUE POB EXC W 40 FT FOR RD 35/06A. Also known as Parcel
#01815000002229: East Side of Kiowa-Bennett Rd North of 64th Ave,
Bennett, CO 80102 or 6600 Highway 79, Bennett. CO. Herein after
referred to as Parcel 1.
LAND IN ADAMS COUNTY COLORADO WITH LEGAL DESCRIPTION: SECT,
TWN, RNG:2-3-63 DESC: BEG AT A PT 1596/35 FT N OR SW COR SEC 2 TH
CONT N 522/12 FT THE 2960 FT TH S 522/ 12 FT TH W 2960 FT TO TRUE
POB EXC 40 FT FOR RD 35/58A. Also known as Parcel #0 l
815000002222: East Side of Kiowa-Bennett Rd North of 64th Ave,
Bennett. CO 80102 or 6680 Highway 79, Bennett. CO. Herein after
referred to as Parcel 2."
On the Petition Date, Parcel 1 and Parcel 2 were encumbered by a
Deed of Trust in favor of Ryan and Deanna Pavolvec, and a judgment
lien in favor of France Fitzgerald. The Debtor asserted that the
liens of both the Pavolvecs and Ms. Fitzgerald were subject to
avoidance and further initiated an avoidance action again Ms.
Fitzgerald to avoid the judgment lien.
As the result of lengthy negotiations with the parties, the Debtor
entered into a settlement agreement with Ms. Fitzgerlad, pursuant
to which Ms. Fitzgerald would have a lien in the amount of $180,000
against one of the lots. The Debtor further entered into a separate
settlement agreement with the Pavlovecs pursuant to which the
Pavolvecs would have a lien in the amount of $200,000 against the
other parcel.
On Jan. 27, 2021, the Debtor filed motions seeking approval of both
settlement agreements. Both motions are currently pending before
the Court. No party has objected to the settlement agreement with
the Pavlovecs. One limited objection has been filed to the
settlement agreement with Ms. Fitzgerald on an issue unrelated to
Ms. Fitzgerald’s lien against the Debtor's real property.
On Feb. 24, 2021, the Debtor entered into a Contract to Buy and
Sell Real Estate (Land) with the Buyer for the sale of Parcel 1 and
Parcel 2, together with all associated well rights and water
rights. The Sale Contract provides for the sale of Parcel 1 and
Parcel 2 for the combined amount of $500,000, which will be
allocated evenly between Parcel 1 and Parcel 2. The sale price
will be paid in full upon closing and is contingent upon approval
by the Bankruptcy Court.
The Debtor believes that the Sale Contract is fair, and that the
price represents the fair market value of Parcel 1 and Parcel 2.
The Debtor further requests that the sale of Parcel 1 and Parcel 2
be authorized free and clear of any liens, claims, or encumbrances.
To ensure that the closing can occur unimpeded, the Debtor further
requests a waiver of the 14-day stay of an Order granting the
Motion and authorizing the sale in accordance with Fed. R. Bankr.
P. 6004(h).
A copy of the Contract is available at https://tinyurl.com/ywsh588f
from PacerMonitor.com free of charge.
About Affordable Concrete
Affordable Concrete, LLC is a full-service general construction
company in Commerce City, Colo., with specialties in concrete,
commercial and office renovations, asphalt, civil, and demolition
services.
Affordable Concrete sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Colo. Case No. 21-14587) on Sept. 2,
2021, listing as much as $10 million in both assets and
liabilities. Roger Bartlett, as owner and president, signed the
petition.
Judge Kimberley H. Tyson oversees the case.
The Debtor tapped Kutner Brinen Dickey Riley, P.C. as legal
counsel.
AGAPE WORLD: Unsecured Unimpaired in $733K Sale Plan
----------------------------------------------------
Agape World, Inc., submitted an Amended Plan of Reorganization.
The Amended Plan contemplates a continuation of business operations
until a sale of all estate assets to a non-insider good faith
purchaser is final.
Prior to filing of this Amended Plan, the Debtor received an offer
to purchase all of its real property assets for the sum of
$733,445.87 from YL Properties, LLC ("Purchaser"), on February 28,
2022. The Purchaser has deposited the sum of $36,672.29 in escrow
to secure said purchase. The Debtor believes that the Purchaser is
ready, willing, and able to complete the sale of the property upon
approval of the sale and Amended Plan by this Court. The result of
the sale will produce sufficient funds to pay all costs of sale,
secured tax claims, secured creditor claims, administrative claims,
and unsecured claims. The Debtor believes that the net sales
proceeds will generate a distribution to equity security holders.
The Debtor believes that approval of the sale and the Amended Plan
is in the best interest of creditors, the estate, and all
interested parties.
Under the Plan, Class 6 General Unsecured Claims totaling $9,425
will be paid in full in accordance with the procedures set forth in
Section V of this Amended Plan. Class 6 is unimpaired.
Class 7 Insider General Unsecured Claims consists of one claim in
the amount of $34,000. No payments or distributions will be made
to this Class until all claimants in Classes 1-5 have their claims
fully satisfied by the Debtor. The Debtor believes that this class
will be paid in full in accordance with the procedures set forth in
Section V of this Amended Plan. Class 7 is impaired.
A copy of the Plan dated Mar. 2, 2022, is available at
https://bit.ly/35ulxg3 from PacerMonitor.com.
About Agape World
Agape World, Inc. filed a petition for Chapter 11 protection
(Bankr. E.D. N.C. Case No. 21-02306) on Oct. 15, 2021, listing as
much as $500,000 in both assets and liabilities. Judge David M.
Warren oversees the case. C. Scott Kirk, Attorney at Law, PLLC
serves as the Debtor's legal counsel.
ALLIGATOR COMPUTER: Taps Goering & Goering as Bankruptcy Counsel
----------------------------------------------------------------
Alligator Computer Systems Corp. seeks approval from the U.S.
Bankruptcy Court for the Southern District of Ohio to employ
Goering & Goering, LLC to serve as legal counsel in its Chapter 11
case.
The firm's services include:
(a) taking all necessary actions to protect and preserve the
Debtor's estate, including the prosecution of actions on the
Debtor's behalf, the defense of any actions commenced against the
Debtor or the estate, negotiations concerning all litigation in
which the Debtor may currently be involved, and objections to
claims filed against the estate;
(b) preparing legal papers;
(c) negotiating and preparing a plan of reorganization and all
related documents; and
(d) performing all other necessary legal services in
connection with the case.
The hourly rates charged by the firm's attorneys and paralegals are
as follows:
Eric W. Goering, Esq. $450
Robert A. Goering, Esq. $500
Alexis Mize, Esq. $350
Members/Associates $350-$500
Paralegals $150
The firm received $28,175 for pre-bankruptcy work, $1,738 for the
filing fee, and a $38,087 retainer for post-petition services.
As disclosed in court filings, Goering & Goering does not hold
interests adverse to the Debtor and its estate.
The firm can be reached through:
Eric W. Goering, Esq.
Robert A. Goering, Esq.
Alexis Mize, Esq.
Goering & Goering, LLC
220 West Third Street
Cincinnati, OH 45202
Phone: (513) 621-0912
Email: eric@goering-law.com
About Alligator Computer Systems
Alligator Computer Systems Corp., a company in Cincinnati, Ohio,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
S.D. Ohio Case No. 22-10264) on Feb. 25, 2022, disclosing
$1,409,882 in assets and $5,113,874 in liabilities. James Ernst,
president of Alligator Computer Systems, signed the petition.
Judge Beth A. Buchanan oversees the case.
Goering & Goering, LLC serves as the Debtor's legal counsel.
ALPHA LATAM: Plan Releases Too Extensive, Says US Trustee
---------------------------------------------------------
Rick Archer of Law360 reports that the U.S. Trustee's Office on
Friday asked a Delaware bankruptcy judge to reject Colombian payday
lender Alpha Latam Management's Chapter 11 plan, saying the
proposed third-party liability releases are too extensive and
nonconsensual.
In its objection, the U. S. Trustee's Office argued the plan's
release provisions, which it said would involuntarily release
claims by broad categories of creditors and noncreditors against
broad categories of nondebtors, go too far for Alpha Latam's
bankruptcy plan to be confirmable. "There is no basis for the
approval of such non-consensual third-party releases under the
Bankruptcy Code," the U. S. Trustee's Office said.
About LATAM Airlines Group
LATAM Airlines Group S.A. -- http://www.latam.com/-- is a
pan-Latin American airline holding company involved in the
transportation of passengers and cargo and operates as one unified
business enterprise. It is the largest passenger airline in South
America.
Before the onset of the COVID-19 pandemic, LATAM offered passenger
transport services to 145 different destinations in 26 countries,
including domestic flights in Argentina, Brazil, Chile, Colombia,
Ecuador and Peru, and international services within Latin America
as well as to Europe, the United States, the Caribbean, Oceania,
Asia and Africa.
LATAM and its 28 affiliates sought Chapter 11 protection (Bankr.
S.D.N.Y. Lead Case No. 20-11254) on May 25, 2020. Affiliates in
Chile, Peru, Colombia, Ecuador and the United States are part of
the Chapter 11 filing.
The Debtors disclosed $21,087,806,000 in total assets and
$17,958,629,000 in total liabilities as of Dec. 31, 2019.
The Hon. James L. Garrity, Jr., is the case judge.
The Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as
bankruptcy counsel, FTI Consulting as restructuring advisor, Lee
Brock Camargo Advogados as local Brazilian litigation counsel, and
Togut, Segal & Segal LLP and Claro & Cia in Chile as special
counsel. The Boston Consulting Group, Inc., and The Boston
Consulting Group UK LLP are the Debtors' strategic advisors while
PJT Partners LP serve as their investment banker. Prime Clerk, LLC,
is the claims agent.
The official committee of unsecured creditors formed in the case
tapped Dechert LLP as its bankruptcy counsel, Klestadt Winters
Jureller Southard & Stevens, LLP as conflicts counsel, UBS
Securities LLC as investment banker, and Conway MacKenzie, LLC as
financial advisor. Ferro Castro Neves Daltro & Gomide Advogados is
the committee's Brazilian counsel.
The ad hoc group of LATAM bondholders tapped White & Case LLP as
counsel.
Glenn Agre Bergman & Fuentes, LLP, led by managing partner Andrew
Glenn and partner Shai Schmidt, has been retained as counsel for
the ad hoc committee of shareholders.
AMERICAN EAGLE: Unsecureds to Recover 0.5% Under Plan
-----------------------------------------------------
American Eagle Delaware Holding Company LLC, et al., submitted a
Plan and a Disclosure Statement.
The Debtors believe that the Plan, which is the result of
extensive, arm's-length negotiations among (i) the Debtors, (ii)
UMB Bank, N.A., as the Trustee for the Series 2018 Bonds, and (iii)
holders of a majority in principal amount of the Series 2018A Bond
Claims (the "Consenting Holders"), provides the Debtors with a
long-term resolution of their financial issues. In particular, the
Debtors, the Trustee, and the Consenting Holders, as applicable,
have agreed to the terms of a Restructuring Support Agreement (the
"Restructuring Support Agreement"), a copy of which is attached
hereto as Exhibit B, together with a restructuring of the Debtors'
bond obligations that collectively provide for the Restructuring
Transaction. In general, the Restructuring Transaction provides
for:
* The funding of an additional $28,125,000 in new money bond
financing comprised of $10,905,000 of principal amount of new
taxable Series 2022A-1 Bonds and $17,220,000 of principal amount of
new tax-exempt Series 2022A-2 Bonds to fund a Capital Expenditure
Fund (approximately up to $15,230,000, which shall sit within the
Project Account of the Project Fund), an Operating Fund (up to
approximately $6,436,000) to meet the Working Capital Requirement,
Debt Service Reserve Funds for the Series 2022A Bonds and Series
2022B Bonds, and certain capitalized interest and closing costs;
and
* An exchange of the outstanding Series 2018 Bonds for a pro
rata share of the Series 2022 Bonds.
Under the Plan, holders of Class 7 General Unsecured Claims will
receive such Holder's Pro Rata share of the GUC Fund as full and
complete satisfaction of each Holder's Claim. The Debtors estimate
that the aggregate amount of Allowed General Unsecured Claims will
be approximately $54,202,781. The Debtors estimate that the
projected recovery of Holders of Allowed Claims in Class 7 will be
approximately 0.5%. Class 7 is impaired.
On the Effective Date, the GUC Fund shall be transferred to the GUC
Fund Account and vest in the Reorganized Debtors free and clear of
all Liens, claims, and encumbrances. The GUC Fund shall be the only
source of funds used to fund Distributions to Holders of Allowed
Class 7 General Unsecured Claims, and only Holders of Allowed Class
7 General Unsecured Claims shall receive Distributions from the GUC
Fund.
The deadline to vote on the Plan is April 6, 2022 AT 4:00 p.m.
(prevailing Eastern Time).
Counsel to the Debtors:
Shanti M. Katona, Esq.
POLSINELLI PC
222 Delaware Avenue, Suite 1101
Wilmington, Delaware 19801
Telephone: (302) 252-0920
Facsimile: (302) 252-0921
E-mail: skatona@polsinelli.com
- and -
David E. Gordon, Esq.
Caryn Wang, Esq.
POLSINELLI PC
1201 West Peachtree Street NW, Suite 1100
Atlanta, Georgia 30309
Telephone: (404) 253-6000
Facsimile: (404) 253-6060
E-mail: dgordon@polsinelli.com
cewang@polsinelli.com
A copy of the Disclosure Statement dated March 2, 2022, is
available at https://bit.ly/3KgwWyY from Epiq11, the claims agent.
About American Eagle Delaware
Established in 2018, Eagle Senior Living --
https://www.eagleseniorliving.org/ -- is a non-profit provider of
senior living services across the United States, providing care on
a daily basis to approximately 1,000 residents. Eagle Senior Living
and related entities operate 15 residential senior care facilities
located across the country, from Colorado, Minnesota, Wisconsin,
and Ohio to Alabama, Tennessee, and Florida.
On Jan. 14, 2022, American Eagle Delaware Holding Company and 16
affiliated companies filed petitions seeking relief under Chapter
11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 22-10028)
to seek confirmation of their prepackaged plan. The Debtors' cases
have been assigned to Judge J. Kate Stickles.
Parent company American Eagle Lifecare Corporation and management
company Greenbrier Senior Living are not included in the Chapter 11
filing. Greenbrier Senior Living continues to manage all of the
communities.
American Eagle Delaware Holding estimated assets and debt of $10
million to $50 million as of the bankruptcy filing.
The Debtors are represented in the Chapter 11 cases by Polsinelli
PC as legal counsel. FTI Consulting Inc. and Blueprint Healthcare
Real Estate Advisors, LLC, serve as financial advisor and real
estate advisor, respectively. Epiq Corporate Restructuring, LLC is
the claims agent and administrative advisor.
Suzanne Koenig is the patient care ombudsman appointed in the
Debtors' Chapter 11 cases. Greenberg Traurig, LLP and SAK
Management Services, LLC serve as the PCO's legal counsel and
medical operations advisor, respectively.
APOLLO ENDOSURGERY: Registers 1.6M Shares Under 2017 Equity Plan
----------------------------------------------------------------
Apollo Endosurgery, Inc. filed a Form S-8 registration statement
with the Securities and Exchange Commission for the purpose of
registering an additional 1,581,852 shares of Common Stock under
the Apollo Endosurgery, Inc. 2017 Equity Incentive Plan, which
shares are in addition to the shares of Common Stock registered on
the Company's Registration Statements on Form S-8 filed on Feb. 26,
2021 (File No. 333-253568), April 30, 2020 (File No. 333-237919),
May 3, 2019 (File No. 333-231202), March 6, 2018 (File No.
333-223461) and June 15, 2017 (File No. 333-218773). A full-text
copy of the prospectus is available for free at:
https://www.sec.gov/Archives/edgar/data/1251769/000125176922000010/a2022forms-8.htm
About Apollo Endosurgery
Apollo Endosurgery, Inc. -- http://www.apolloendo.com-- is a
medical technology company focused on less invasive therapies to
treat various gastrointestinal conditions, ranging from
gastrointestinal complications to the treatment of obesity.
Apollo's device-based therapies are an alternative to invasive
surgical procedures, thus lowering complication rates and reducing
total healthcare costs. Apollo's products are offered in over 75
countries and include the OverStitch Endoscopic Suturing System,
the OverStitch Sx Endoscopic Suturing System, and the ORBERA
Intragastric Balloon.
Apollo Endosurgery reported a net loss of $24.68 million for the
year ended Dec. 31, 2021, a net loss of $22.61 million for the
year ended Dec. 31, 2020, and a net loss of $27.43 million for the
year ended Dec. 31, 2019. As of Sept. 30, 2021, the
Company had $71.08 million in total assets, $71.17 million in total
liabilities, and a total stockholders' deficit of $92,000.
ATHLETIC SPECIALTIES: $475K Sale of Personal Property Approved
--------------------------------------------------------------
Judge A. Benjamin Goldgar of the U.S. Bankruptcy Court for the
Northern District of Illinois authorized Athletic Specialties 2,
Inc.'s sale of its inventory, accounts receivable, equipment,
contract rights, and work in process ("Personal Property") to
Midwest High Yield, Inc., for a purchase price of $475,000, payable
on or before 14 days from the date of the entry of the Order, free
and clear of all liens, claims and encumbrances.
The Debtor is authorized to execute any documents necessary to
close the sale of the Personal Property and transfer title of the
Personal Property to the Buyer. It is also authorized to pay the
Village Bank the purchase price of $475,000 at the consummation of
the sale.
The sale is consummated pursuant to Sections 363(f) and (m) of the
Bankruptcy Code.
For the reasons stated on the record and for cause, notice of the
motion is limited to those served.
About Athletic Specialties 2
Athletic Specialties 2, Inc. filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill.
Case No. 21-14328) on Dec. 19, 2021, listing up to $50,000 in
assets and up to $10 million in liabilities. Scott Palmberg,
president, signed the petition. Judge A. Benjamin Goldgar oversees
the case. The Debtor tapped Ariel Weissberg, Esq., at Weissberg &
Associates, Ltd. as legal counsel.
BAIRN LLC: Auction Sale of Property by AW Properties Approved
-------------------------------------------------------------
Judge Robert E. Grant of the U.S. Bankruptcy Court for the Northern
District of Indiana authorized Bairn, LLC's auction sale of the
real properties and related personal property listed on Exhibit A.
The sale will be free and clear of any interests, with any such
interests to attach to the proceeds of the sale in the order of
priority established by non-bankruptcy law, provided that all
creditors and parties in interest will be given at least 21 days'
notice of the time and place of the sale.
The Debtor has engaged AW Properties Global, located at 707 Skokie
Blvd., Suite 600, in Northbrook, Illinois 60062, to conduct the
auction of the Real Estate.
A copy of the Exhibit A is available at
https://tinyurl.com/2p872etr from PacerMonitor.com free of charge.
About Bairn LLC
Bairn, LLC is the fee simple owner of 69 real properties in
Lafayette, Ind., having an aggregate current value of $6.06
million.
Bairn, LLC filed its voluntary petition for Chapter 11 protection
(Bankr. N.D. Ind. Case No. 21-40250) on Oct. 8, 2021, listing
$6,479,598 in assets and $2,626,905 in liabilities. Deborah Lane,
president of Bairn, LLC, signed the petition.
Judge Robert E. Grant oversees the case.
Sarah L. Fowler, Esq., at Overturf Fowler, LLP serves as the
Debtor's legal counsel.
BHCOSMETICS HOLDINGS: Committee Hires Kelley Drye as Lead Counsel
-----------------------------------------------------------------
The official committee of unsecured creditors of BHCosmetics
Holdings, LLC and its affiliates seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Kelley Drye
& Warren LLP as its lead counsel.
The firm will render these services:
(a) advise the committee with respect to its rights, duties
and powers in these cases;
(b) assist and advise the committee in its consultations with
the Debtors in connection with the administration of these cases;
(c) assist the committee in its investigation of the acts,
conduct, assets, liabilities, and financial condition of the
Debtors;
(d) advise and represent the committee in connection with
matters generally arising in these cases, including the Debtors'
motions to use cash collateral and sell their assets;
(e) appear before this court, and any other federal or state
court;
(f) prepare, on behalf of the committee, any pleadings,
including motions, memoranda, complaints, objections, and responses
to any of the foregoing; and
(g) perform such other legal services as may be required.
The firm will be paid at these hourly rates:
Partners $690 - $1,370
Special Counsel $455 - $885
Associates $475 - $785
Paraprofessionals $135 - $415
Jason Adams, Esq., member of Kelley Drye, assured the court that
the firm is a "disinterested person" as that term is defined in
section 101(14) of the Bankruptcy Code, and does represent nor hold
an interest adverse to the interest of the committee, the Debtors
or their estates with respect to the matters on which it is to be
employed.
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. Adams
disclosed that:
-- it has not agreed to any variations from, or alternatives
to, its standard or customary billing arrangements for this
engagement;
-- none of the professionals included in the engagement vary
their rate based on the geographic location of the bankruptcy
case;
-- the firm has not represented the committee in the 12 months
prepetition; and
-- the committee has approved the budget and staffing plan for
the first budgeted period of January 25, 2022 through March 31,
2022.
The firm can be reached through:
Jason R. Adams, Esq.
Kelley Drye & Warren LLP
5919 S Remington Pl Suite 100
Sioux Falls, SD 57108
Phone: +1 605-367-1013
Email: jadams@kelleydrye.com
About BHCosmetics Holdings
Originally launched in 2009, BH Cosmetics is a beauty brand
specializing in high quality, clean, vegan, and cruelty-free
cosmetics and other beauty products. BH Cosmetics sells its
products on its Shopify e-commerce platform directly to consumers
and wholesale to various global retailers.
On Jan. 14, 2022, BHCosmetics Holdings, LLC and three of its
affiliates filed petitions seeking relief under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Lead Case No. 22-10050), to pursue
a sale of the assets.
BHCosmetics Holdings estimated assets and debt of $50 million to
$100 million as of the bankruptcy filing.
The Debtors tapped Young Conaway Stargatt & Taylor, LLP as
bankruptcy counsel, Hilco IP Services, LLC as consultant, and
Riveron Management Services, LLC as restructuring advisor. Spencer
M. Ware, a partner at Riveron, serves as the Debtors' chief
restructuring officer.
The Debtors also tapped the services of SB360 Capital Partners,
LLC, which acts as sale and liquidation agents; and Traverse, LLC,
which provides the controller and other accounting personnel. Epiq
Corporate Restructuring, LLC is the claims agent and administrative
advisor.
The official committee of unsecured creditors appointed in the
Debtors' cases tapped Kelley Drye & Warren, LLP as lead bankruptcy
counsel; Potter Anderson & Corroon, LLP as Delaware counsel; and
Province, LLC as financial advisor.
BHCOSMETICS HOLDINGS: Committee Taps Province as Financial Advisor
------------------------------------------------------------------
The official committee of unsecured creditors of BHCosmetics
Holdings, LLC and its affiliates seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Province,
LLC as its financial advisor.
The firm's services include:
a. becoming familiar with and analyzing the Debtors' DIP
budget, assets and liabilities, and overall financial condition;
b. reviewing financial and operational information furnished
by the Debtors;
c. monitoring the sale and inventory liquidation processes,
reviewing bidding procedures, stalking horse bids, asset purchase
agreements, interfacing with the Debtors' professionals, and
advising the committee regarding the process;
d. scrutinizing the economic terms of various agreements,
including, but not limited to, the Debtors' Liquidation Agreement,
Critical Vendor program and various professional retentions;
e. assessing the Debtors' various pleadings and proposed
treatment of unsecured creditor claims therefrom;
f. preparing, or reviewing as applicable, avoidance action and
claim analyses;
g. assisting the committee in reviewing the Debtors' financial
reports, including, but not limited to, statements of financial
affairs, schedules of assets and liabilities, DIP budgets, and
monthly operating reports;
h. advising the committee on the current state of these
chapter 11 cases;
i. advising the committee in negotiations with the Debtors and
third parties as necessary;
j. if necessary, participating as a witness in hearings before
the court with respect to matters upon which Province has provided
advice; and
k. other activities as are approved by the committee, the
committee's counsel, and as agreed to by Province.
The firm's hourly rates are as follows:
Managing Directors $740 - $1,050 per hour
and Principals
Vice Presidents, Directors, $520 - $740 per hour
and Senior Directors
Analysts, Associates, $250 - $520 per hour
and Senior Associates
Paraprofessionals $185 - $225 per hour
Province will also receive reimbursement for out-of-pocket expenses
incurred.
Edward Kim, a partner at Province, disclosed in a court filing that
his firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Edward Kim
Province, LLC
2360 Corporate Circle, Suite 330
Henderson, NV 89074
Tel: (702) 685-5555
Email: ekim@provincefirm.com
About BHCosmetics Holdings
Originally launched in 2009, BH Cosmetics is a beauty brand
specializing in high quality, clean, vegan, and cruelty-free
cosmetics and other beauty products. BH Cosmetics sells its
products on its Shopify e-commerce platform directly to consumers
and wholesale to various global retailers.
On Jan. 14, 2022, BHCosmetics Holdings, LLC and three of its
affiliates filed petitions seeking relief under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Lead Case No. 22-10050), to pursue
a sale of the assets.
BHCosmetics Holdings estimated assets and debt of $50 million to
$100 million as of the bankruptcy filing.
The Debtors tapped Young Conaway Stargatt & Taylor, LLP as
bankruptcy counsel, Hilco IP Services, LLC as consultant, and
Riveron Management Services, LLC as restructuring advisor. Spencer
M. Ware, a partner at Riveron, serves as the Debtors' chief
restructuring officer.
The Debtors also tapped the services of SB360 Capital Partners,
LLC, which acts as sale and liquidation agents; and Traverse, LLC,
which provides the controller and other accounting personnel. Epiq
Corporate Restructuring, LLC is the claims agent and administrative
advisor.
The official committee of unsecured creditors appointed in the
Debtors' cases tapped Kelley Drye & Warren, LLP as lead bankruptcy
counsel; Potter Anderson & Corroon, LLP as Delaware counsel; and
Province, LLC as financial advisor.
BHCOSMETICS: Committee Taps Potter Anderson as Delaware Counsel
---------------------------------------------------------------
The official committee of unsecured creditors of BHCosmetics
Holdings, LLC and its affiliates seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Potter
Anderson & Corroon LLP as its Delaware counsel.
The firm's services include:
a. providing legal advice regarding local rules, practices,
and procedures and providing substantive and strategic advice on
how to accomplish committee goals, bearing in mind that the
Delaware bankruptcy court relies on Delaware counsel such as Potter
Anderson to be involved in all aspects of each bankruptcy
proceeding;
b. drafting, reviewing and commenting on drafts of documents
to ensure compliance with local rules, practices, and procedures;
c. drafting, filing and service of documents as requested by
Kelley Drye;
d. preparing certificates of no objection, certifications of
counsel, and notices of fee applications;
e. printing of documents and pleadings for hearings, preparing
binders of documents and pleadings for hearings;
f. appearing in court and at any meetings of creditors on
behalf of the committee in its capacity as Delaware counsel with
Kelley Drye;
g. monitoring the docket for filings and coordinating with
Kelley Drye on pending matters that may need responses;
h. participating in calls with the committee;
i. providing additional administrative support to Kelley Drye,
as requested; and
j. taking on any additional tasks or projects the committee
may assign.
The firm will be paid at these rates:
Partners $770 - $800 per hour
Associates $420 - $580 per hour
Paraprofessionals $305 per hour
The firm will also be reimbursed for out-of-pocket expenses
incurred.
Christopher Samis, Esq., a partner at Potter Anderson, disclosed in
a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
In accordance with Appendix B-Guidelines for Reviewing Applications
for Compensation and Reimbursement of Expenses Filed under 11
U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, Mr. Samis
disclosed that:
-- it has not agreed to any variations from, or alternatives
to, its standard or customary billing arrangements for this
engagement;
-- none of the professionals included in the engagement vary
their rate based on the geographic location of the bankruptcy
case;
-- the firm has not represented the Committee in the 12 months
prepetition; and
-- the firm expects to develop a budget and staffing plan. The
Committee has approved Potter Anderson's proposed hourly billing
rates.
Potter Anderson can be reached at:
Christopher M. Samis, Esq.
Aaron H. Stulman, Esq.
Potter Anderson & Corroon, LLP
1313 N. Market Street, 6th Floor
Wilmington, DE 19801
Tel: (302) 984-6000
Fax: (302) 658-1192
Email: csamis@potteranderson.com
astulman@potteranderson.com
About BHCosmetics Holdings
Originally launched in 2009, BH Cosmetics is a beauty brand
specializing in high quality, clean, vegan, and cruelty-free
cosmetics and other beauty products. BH Cosmetics sells its
products on its Shopify e-commerce platform directly to consumers
and wholesale to various global retailers.
On Jan. 14, 2022, BHCosmetics Holdings, LLC and three of its
affiliates filed petitions seeking relief under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Lead Case No. 22-10050), to pursue
a sale of the assets.
BHCosmetics Holdings estimated assets and debt of $50 million to
$100 million as of the bankruptcy filing.
The Debtors tapped Young Conaway Stargatt & Taylor, LLP as
bankruptcy counsel, Hilco IP Services, LLC as consultant, and
Riveron Management Services, LLC as restructuring advisor. Spencer
M. Ware, a partner at Riveron, serves as the Debtors' chief
restructuring officer.
The Debtors also tapped the services of SB360 Capital Partners,
LLC, which acts as sale and liquidation agents; and Traverse, LLC,
which provides the controller and other accounting personnel. Epiq
Corporate Restructuring, LLC is the claims agent and administrative
advisor.
The official committee of unsecured creditors appointed in the
Debtors' cases tapped Kelley Drye & Warren, LLP as lead bankruptcy
counsel; Potter Anderson & Corroon, LLP as Delaware counsel; and
Province, LLC as financial advisor.
BIZGISTICS INC: Seeks Approval of Online Auction of Truck & Trailer
-------------------------------------------------------------------
Bizgistics, Inc., asks the U.S. Bankruptcy Court for the Middle
District of Florida to authorize its online auction of a truck (VIN
1FD0W5HT0JEC21611), a trailer (VIN 55YBE1821EN002935), and all the
tools and equipment therein, free and clear of liens, with any
liens, claims or interests attaching to the proceeds of the sale.
On the Petition Date, the Debtor was operating as a service
provider to FedEx Ground Package Systems, Inc. under an Independent
Service Provider Agreement. A little over a year ago, the Debtor
acquired all assets of the former owner, Banner Delivery Inc.
("BDI"), pursuant to an Asset Purchase Agreement, other than those
few items that were specifically excluded from the sale.
The Truck and Trailer were neither included nor excluded on the
APA, and the Debtor believes it acquired these items, as they were
necessary to its business operations and the Debtor acquired all
assets which were not otherwise excluded. BDI disagrees and
believes the Property is still owned by it. The Debtor also
acquired other Equipment through the sale which was never clearly
identified as being sold or excluded. Assets excluded from the
sale were "personal tools of Seller located at a facility and/or in
vehicles." ReadyCap also believes the Property belongs to the
Debtor.
Immediately following the closing of the sale to the Debtor, the
Debtor notified ReadyCap, Old Republic (Closing Agent) and BDI of
all the closing deficiencies including the failure to list the
Truck and Trailer on the APA. The rightful owner of the Property
has been the subject of dispute since closing. The Debtor has
attempted to resolve the ownership issue with BDI, albeit
unsuccessfully.
The Truck, Trailer and Equipment were used in the business and were
owned by BDI prior to the sale. The Debtor does not need these
items to continue business, as its business has ceased operating.
It is its business judgment that a sale of this property free and
clear of claims furthers the wind down process and prevents the
further need to store or maintain this property, thereby maximizing
recovery to creditors and preventing unnecessary burden on the
estate.
The Debtor proposes to sell at online auction with Ritchie Bros.
Auctioneers (online auction platform, Iron Planet) after two weeks
of marketing with a minimum $35,000 reserve.
If a sale of the Property is authorized by the Court, the Debtor
proposes to sell the Property at auction with Richie Bros.
Auctioneers' online auction platform Iron Planet, pursuant to the
following terms:
a. Property is marketed for 2 weeks on Iron Planet's online
platform, for sale on weekly Thursday auction sale: 3 separate lots
- Truck, Trailer, Equipment (sold together on a pallet)
b. 10% auction fee (taken from the sale proceeds)
c. $680 inspection fee (2 vehicles) - Ritchie Bros. will
inspect the property in its current location, take photos and
prepare the auction materials.
d. $130 (title fees) (2 vehicles)
e. The Debtor can set a minimum reserve price to prevent
unreasonably low offers (the Debtor proposes $35,000 for both items
together or $27,000 (Truck) and $7,000 (Trailer) or other amounts
as set by Court order. No reserve for the Equipment.
f. Ritchie Bros. Auctioneers will manage other key elements of
sale (creating and management of online listing, coordination of
buyers and bids, collection of sale price, etc.), eliminating
additional logistic needs or administrative expense requirements.
g. The Debtor will file a subsequent application to Employ
Richie Bros. Auctioneers (Iron Planet) online auction platform by
separate pleading.
In addition, the Debtor seeks authority to take all actions and
execute all documents that, pursuant to its business judgment, it
deems reasonable, necessary, and/or desirable to effectuate the
relief requested herein. The Debtor will hold the proceeds of such
sale until any disputes relating to the proceeds are resolved by
the Court.
A copy of the Agreement is available at
https://tinyurl.com/4c2sbthp from PacerMonitor.com free of charge.
About Bizgistics
Bizgistics, Inc., a freight transportation arrangement services
provider based in Rydal, Pa., filed a voluntary petition for
Chapter 11 protection (Bankr. M.D. Fla. Case No. 21-02197) on
Sept.
12, 2021, listing as much as $10 million in both assets and
liabilities. Darrell Giles, chief executive officer and director,
signed the petition.
Judge Roberta A. Colton oversees the case.
The Debtor tapped Underwood Murray PA as bankruptcy counsel, Erik
Johanson PLLC as special litigation counsel, and Redcross, Martin
&
Associates, Inc. as accountant.
BRAZOS ELECTRIC: Pauses Trial vs. ERCOT, Heads Toward Mediation
---------------------------------------------------------------
Jeremy Hill of Bloomberg News reports that Texas power company
Brazos Electric Power Cooperative agreed to pause its trial against
the state's grid operator and will attempt to resolve their dispute
over $1.9 billion of unpaid bills through mediation.
The talks will begin "as soon as possible," Lou Strubeck, a lawyer
for Brazos, said in a bankruptcy court hearing on Thursday, March
3, 2022. U.S. Bankruptcy Judge Marvin Isgur will oversee the
mediation.
The decision came during the eighth day of a trial over whether the
Electric Reliability Council of Texas, the state's grid operator,
wrongly meddled in the state's power market during a deadly winter
storm last 2021.
About Brazos Electric Power Cooperative
Brazos Electric Power Cooperative Inc. is a 3,994-megawatt
transmission and generation cooperative which members' service
territory covers 68 counties from the Texas Panhandle to Houston.
It was organized in 1941 and the first cooperative formed in the
Lone Star state with the primary intent of generating and supplying
electrical power. At present, Brazos Electric is the largest
generation and transmission cooperative in the state and is the
wholesale power supplier for its 16 member-owner distribution
cooperatives and one municipal system.
Brazos Electric filed a voluntary petition for relief under Chapter
11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 21-30725)
on March 1, 2021. At the time of the filing, the Debtor disclosed
assets of between $1 billion and $10 billion and liabilities of the
same range.
Judge David R. Jones oversees the case.
The Debtor tapped Norton Rose Fulbright US, LLP as bankruptcy
counsel, Foley & Lardner LLP and Eversheds Sutherland US LLP as
special counsel, Collet & Associates LLC as investment banker, and
Berkeley Research Group, LLC as financial advisor. Ted B. Lyon &
Associates, The Gallagher Law Firm, West & Associates LLP, Butch
Boyd Law Firm and Boyd Smith Law Firm, PLLC serve as special
litigation counsel. Stretto is the claims and noticing agent.
The U.S. Trustee for Region 7 appointed an official committee of
unsecured creditors in the Debtor's case on March 15, 2021. The
committee is represented by the law firms of Porter Hedges, LLP and
Kramer, Levin, Naftalis & Frankel, LLP. FTI Consulting, Inc. and
Lazard Freres & Co. LLC serve as the committee's financial advisor
and investment banker, respectively.
BSPV-PLANO: Seeks Cash Collateral Access, $1MM DIP Loan
-------------------------------------------------------
BSVP-Plano, LLC asks the U.S. Bankruptcy Court for the Eastern
District of Texas, Sherman Division, for authority to use cash
collateral on an emergency, interim basis, for the period from the
Petition Date to approximately March 31, 2022,or such other date
that the Court holds a final hearing.
The Debtor is also seeking interim and final approval to obtain $1
million in postpetition financing from an entity affiliated with
the Debtor's equity sponsors. The DIP Loan would be used for
administrative costs, other expenses, and as a standby in the event
that more funds are needed than projected in the Interim Budget and
Final Budget, and logistically as a bridge while the Debtor obtains
the Project Funds and opens DIP accounts. However, the cash
collateral would be used first (prior to the DIP Loan) to complete
the development of its real estate development project.
This project is a 31.5-acre, "55+" Independent Senior Luxury
Apartment Community with 318 units of apartment inventory, that is
known and branded as "The Bridgemoor at Plano," and located at 1109
Park Vista Road in Plano, Texas.
The Debtor's equity sponsors have substantial experience in real
estate development and management. These sponsors are committed to
the Project. After New Hope Cultural Education Facilities Finance
Corporation, the Issuer froze most of the Debtor's development
funds, they invested an additional $6.9 million to continue the
development of the Project and are prepared to extend at least an
additional $1 million as DIP Loan.
The Debtor financed the acquisition and development of the Project,
in part, through a transaction with New Hope Cultural Education
Facilities Finance Corporation, a nonprofit cultural education
facilities finance corporation organized under the laws of the
State of Texas.
Under this transaction, the Issuer, as authorized by the provisions
of Chapter 337 of the Texas Local Government Code, entered into a
Trust Indenture, dated as of December 1, 2018, with The Huntington
National Bank, a national banking association, as trustee pursuant
to which the Issuer issued four series of revenue bonds.
In turn, and in accordance with the Act and the Indenture, the
Issuer entered into the Loan Agreement, dated as of December 1,
2018 with the Debtor, as borrower, under which the Issuer used the
proceeds of the foregoing bonds to advance certain loans to the
Debtor, as evidenced by several promissory notes.
The Trustee, for the benefit of the various holders of the Notes,
holds a first-priority lien against certain funds of the Debtor.
These funds include various amounts funded under the Loan Agreement
and allocated for certain expenses, including the Project Fund.
The purpose of the Project Fund is to pay for the development and
buildout of the Project. The Project Fund is in the possession of
the Issuer and under the control of the Issuer, and represents
funds in which the Issuer asserts first-priority liens, but
otherwise belongs to the Debtor.
Construction of the Project began in January 2019 and was
originally scheduled to complete in June 2020. However, poor and
inclement weather experienced in the area during construction,
including the 2021 freeze, resulted in construction delays. These
delays were greatly exacerbated by the onset of the global pandemic
in early 2020.
In turn, these delays and overruns caused the Issues to declare
various alleged defaults under the Loan Agreement and the
Indenture. Among other things, the Issuer froze the Project Fund in
January 2021. Since that time, the Debtor has financed the
completion of the Project from additional funds invested by the
Debtor's indirect equity interest holders, amounting to
approximately $6.9 million.
At greater than 85% complete, the Debtor has very little to go to
finish the Project. Presently in the Project Fund is $6,191,031.
The Debtor needs to be able to use this cash collateral to finish
the Project and to expend necessary funds to market the Project.
As of the Petition Date, approximately $66.8 million was owing
under the Loan Agreement and related Notes.
The Debtor estimates that, at present, the Project is worth upwards
of $80 million. Once completed and stabilized, the Debtor estimates
that the Project will rapidly have a value in excess of $120
million.
As adequate protection for the Debtor's use of cash collateral, the
Issuer will be granted replacement liens on all postpetition
assets, except the proceeds of the proposed DIP Loan, with the same
validity and priority as currently exists as well as a
superpriority administrative expense claim to the extent of any
diminution in the value of its collateral.
The Issuer is already protected by a large equity cushion in the
value of all of its collateral.
The cash collateral will be used to complete the development and
the leasing of the Project, which will only increase the value of
the Issuer's collateral by at least $1 for each dollar used.
A copy of the motion is available at https://bit.ly/3Cdd3Wr from
PacerMonitor.com.
About BSPV-Plano, LLC
BSPV-Plano, LLC is developing a 31.5-acre, "55+" Independent Senior
Luxury Apartment Community with 318 units of apartment inventory,
that is known and branded as "The Bridgemoor at Plano," and located
at 1109 Park Vista Road in Plano, Texas.
BSPV-Plano, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Tex. Case No. 22-40276) on March 1,
2022. In the petition signed by Richard Shaw, manager, the Debtor
disclosed up to $100 million in both assets and liabilities.
Thomas D. Berghman, Esq., at Munsch Hardt Kopf and Harr, PC, is the
Debtor's counsel.
CAPITAL EQUITY: Case Summary & Five Unsecured Creditors
-------------------------------------------------------
Debtor: Capital Equity Land Trust #2140215
4653 N. Milwaukee Avenue
Chicago, IL 60630
Business Description: The Debtor is a Single Asset Real Estate
(as defined in 11 U.S.C. Section 101(51B)).
Chapter 11 Petition Date: March 7, 2022
Court: United States Bankruptcy Court
Northern District of Illinois
Case No.: 22-02580
Judge: Hon. Jacqueline P. Cox
Debtor's Counsel: Paul M. Bach, Esq.
BACH LAW OFFICES, INC.
P.O. Box 1285
Northbrook, IL 60065
Tel: (847) 564-0808
Fax: (847) 564-0985
Email: pnbach@bachoffices.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $500,000 to $1 million
The petition was signed by Tiffany Webb, member First Premier
Funding LLC/Holder of Beneficial Int.
A full-text copy of the petition containing, among other items, a
list of the Debtor's five unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/RHR6MQY/Capital_Equity_Land_Trust_2140215__ilnbke-22-02580__0001.0.pdf?mcid=tGE4TAMA
CHEFS' WAREHOUSE: S&P Alters Outlook to Positive, Affirms 'B-' ICR
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer credit rating on
U.S.-based The Chefs' Warehouse Inc. and revised the outlook to
positive.
S&P raised its issue-level rating on the $171.2 million senior
secured term loan to 'B+' from 'B', reflecting the revised recovery
rating of '1' (90%-100% recovery; rounded estimate: 95%) from '2'.
The positive outlook reflects the potential for a higher rating
over the next 12 months if pandemic risk continues to decline,
Chefs' manages the high-cost environment, and S&P expects the
company will sustain adjusted leverage below 7x.
The rating actions reflect S&P's expectation that Chefs' recovery
is underway and will likely continue. The company's
pandemic-related woes are starting to abate amid stronger operating
performance because of consumers' increasing comfort in dining out.
S&P expects strong sales growth to continue in 2022 and
profitability to be restored to pre-pandemic levels in 2023. As
economic conditions improve, Chefs' will benefit directly from its
restaurant customers experiencing increased traffic.
Chefs' grew revenue by 57% in 2021, lapping comparisons from the
height of pandemic-related uncertainty in the industry. This
restored the top line above 2019 levels, in part because of
inflation. S&P believes organic volume is about 90%-95% of
pre-pandemic levels. The company has increased its customer base in
the menu-driven independent restaurant category, entered new
metropolitan markets, expanded its product portfolio, and increased
its distribution capabilities. The company benefits from its niche
position in sourcing distinctive and hard-to-find specialty food
products, which helps it stand out from competitors. Chefs' also
has incremental ability to make tuck-in acquisitions and diversify
products, allowing for faster growth than the company would
otherwise experience organically.
Chefs' profitability improved in second-quarter 2021, and leverage
has recovered to 6.6x. S&P Global Ratings-adjusted EBITDA has grown
from negative $19.9 million in 2020 to $83.1 million in 2021,
resulting in meaningful leverage improvement. S&P forecasts further
leverage reduction as increased operating leverage and improving
margins enhance profitability in 2022 and beyond. Chefs' has
meaningfully improved selling, general, and administrative expenses
as a percentage of sales and improved gross margins, despite food
input cost inflation, directly translating to enhanced
profitability.
S&P said, "Despite our assessment that COVID-19 infection rates are
declining and the operating environment is normalizing, some risks
remain. Chefs' was hurt by the pandemic in 2020. If
pandemic-related uncertainty returns, including through increased
infection rates or the emergence of new variants, there could be
material downside risk to our forecast. Demand can be volatile with
changes in food-away-from-home consumption. Chefs' is directly
exposed to consumer confidence in dining out and risks pertaining
to the inflationary environment for food input costs. Management
has addressed significant inflation in its specialty and
center-of-the-plate categories through price increases, but
consumers may respond poorly to further price increases. Sustained
high inflation rates could trigger a decline in demand for food
away from home, or a recession.
"The positive outlook reflects the potential for a higher rating
over the next 12 months if pandemic risk declines and the company
manages the high-cost environment. We expect credit metrics to
improve over the next year and free cash flow to turn positive in
2023."
S&P could raise the rating over the next 12 months if top-line
growth of high single digits to low double digits continues, free
operating cash flow (FOCF) turns positive, and profitability
improves such that adjusted leverage is sustained below 7.0x. This
could happen if:
-- Management continues to offset high inflation with price
increases and manages the tough supply chain and labor
environment;
-- Financial policy--primarily related to acquisitions--does not
become substantially more aggressive; and
-- Working capital investment normalizes.
S&P could revise the outlook to stable if FOCF weakens below our
expectations and adjusted leverage is sustained above 7.0x. This
could happen if:
-- Food-away-from-home consumption contracts and demand from
Chefs' customers declines;
-- The company struggles to manage input cost inflation and supply
chain headwinds; and
-- Chefs' financial policy becomes more aggressive than S&P
expects, particularly with respect to acquisitions.
ESG credit indicators: E-2, S-3, G-2
CHICAGO EDUCATION BOARD: Moody's Raises Issuer Rating to Ba2
------------------------------------------------------------
Moody's Investors Service has upgraded to Ba2 from Ba3 Chicago
Board of Education, IL's (Chicago Public Schools, CPS; the
district) issuer and general obligation unlimited tax ratings. The
outlook is stable. The district has approximately $7.8 billion in
general obligation unlimited tax (GOULT) debt outstanding.
RATINGS RATIONALE
The upgrade of the issuer rating to Ba2 incorporates continued
growth in operating liquidity and improved revenue certainty
provided by federal relief aid, growing state aid that will
continue into fiscal 2023 and stable property tax receipts
supported by increasing valuations. The district's liquidity should
continue to improve through the next two years. However, the
district's net cash position will remain narrow compared to peers
and require ongoing cash flow borrowing. The rating also
incorporates Moody's view that the district will face revenue
declines when federal aid is exhausted in September 2024, which
will require expenditure cuts that the district intends to make to
maintain its improved reserve position. Still certain cuts could
prove difficult given the district's active teachers union.
Positively, contracts with the Chicago Teachers Union (CTU) have
been settled through fiscal 2024, which will provide some
expenditure certainty over the near term, a factor which is
incorporated into the rating upgrade. The district benefits from
Chicago's substantial economic base and the district's close
governance connection with the City of Chicago (Ba1 stable) and a
hold harmless provision under the state funding formula that
prevents revenue decline because of enrollment loss. The district
also has very high direct and overlapping leverage from debt and
post-retirement liabilities. A long-term trend of enrollment
declines also weigh on the rating.
The GOULT rating is Ba2, the same as the issuer rating, based on
the district's pledge of all available funds and its authority to
levy an unlimited ad valorem property tax.
RATING OUTLOOK
The stable outlook reflects Moody's view that recent revenue
increases will support growing expenditures over the next several
years while maintaining improved but still limited liquidity. The
outlook also incorporates Moody's view that the district's diverse
economy with declining enrollment and high leverage will not
materially change.
FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS
Sustained growth in operating liquidity
Continued revenue growth, which will likely require the state to
continue to meet funding targets of the evidence-based funding
formula
Moderation of long-term leverage
FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS
Declines in operating liquidity or increased reliance on cash flow
borrowing or other nonrecurring revenue
Stagnant revenue trends that are outpaced by the district's
growing expenditures
Continued enrollment loss
LEGAL SECURITY
All the district's rated debt is secured by its GOULT pledge and
backed by an alternate revenue pledge which is secured primarily by
pledged state aid revenue. An unlimited tax levy is filed with the
county at the time of issuance. The property tax is abated only
after the district deposits sufficient alternate with the trustee.
If the deposit is not made with the trustee, the levy is extended.
PROFILE
CPS is coterminous with the City of Chicago. The district operates
approximately 650 schools inclusive of 126 charter schools and
serves approximately 330,000 students inclusive of approximately
55,000 students enrolled in district charters. The Chicago Board of
Education is responsible for organizational and financial oversight
of CPS.
METHODOLOGY
The principal methodology used in these ratings was US K-12 Public
School Districts Methodology published in January 2021.
CINEMARK HOLDINGS: Fitch Alters Outlook on 'B+' LT IDR to Stable
----------------------------------------------------------------
Fitch Ratings has revised Cinemark Holdings, Inc's and Cinemark
USA, Inc.'s Rating Outlook to Stable from Negative. Fitch has also
affirmed the Long-Term Issuer Default Rating (IDR) at 'B+', the
senior secured issue ratings at 'BB+'/'RR1' and the senior
unsecured issue ratings at 'B'/'RR5'.
The Outlook change is driven by sequential quarterly operating
performance improvements since the pandemic-driven 2Q20 trough.
Growth in total attendance, average ticket price and concession
revenue per patron allowed Cinemark to more than cover its costs
and generate sufficient Fitch-calculated EBITDA in the back half of
2021 to finish the year with a slightly positive EBITDA as
expected.
KEY RATING DRIVERS
Coronavirus Pandemic: The pandemic created a significant challenge
to Cinemark's operations, which depend on consumer discretionary
spending and attendance. Cinemark's theaters were initially closed
in mid-March 2020, but after a gradual opening rollout, 100% of its
domestic and international theaters are open. Although the company
is operating with enhanced cleaning and safety protocols, it faces
no domestic capacity restrictions and varying international
capacity and operating hour restrictions.
Improving Operating Performance: Increasing consumer sentiment is
driving box office momentum with 75% of moviegoers expressing
comfort with going to theatres. Cinemark over-indexed the North
American industry box office by approximately 700bps in both 3Q21
and 4Q21. Attendance continued its sequential improvement from its
2Q20 trough, with aggregate attendance almost doubling to more than
105 million in 2021 and 4Q21 alone increasing 625% to 48.1 million
despite the Omicron variant. Coupled with a 12.5% increase in
average ticket price, FY21 admissions revenues grew 119% to $780
million. The attendance growth also drove 143% growth in concession
revenues to $562 million.
Adequate Liquidity: As of Dec. 31, 2021, Cinemark had $707 million
of cash and full availability under a $100 million revolving credit
facility maturing in November 2024. Fitch notes Cinemark generated
modestly positive EBITDA in 2021, in line with Fitch expectations,
and is expected to be FCF positive in 2022.
Dependent on Film Studios' Product: Cinemark and its peers rely on
the quality, quantity and timing of movie product, which are beyond
management's control. Throughout the pandemic, film studios delayed
theatrical releases while also redirecting certain titles to their
own DTC offerings, with options ranging from day-and-date
simultaneous releases on DTC platforms and in theaters to
recalibrated theatrical release windows. Fitch notes film studio
changes begun during the pandemic appear to have permanently
shortened the theatrical release window.
Cinemark's ratings rely on the assumption that theatrical
exhibition will remain a key window for film studios' large film
releases (tent poles) once the pandemic abates. Studios have
consistently reasserted their belief in theatrical windowing
throughout the pandemic as they understand the opportunity it
presents for branding and raising consumer awareness for content
and IP.
Fitch believes film studios will return to theatrical exhibition at
a minimum for its tent pole releases to offset the high production
and marketing costs associated with these projects. In addition,
the talent involved in creating films are reliant to some extent on
box office metrics for current and future income generation.
Increasing Competitive Threats: The increase in competitive threats
continues to elevate concerns over secular declines in theatrical
attendance. The ratings factor in the intermediate- to long-term
risks associated with increased competition from alternative
at-home distribution channels including video on demand, DTC
offerings and other video streaming services such as Netflix,
Disney+, Amazon Prime, Hulu and Apple+.
Theatrical Attendance: Fitch believes theatrical attendance will
continue to rebound meaningfully in the near to mid-term. However,
increasing substitution threats could have a longer-term effect on
theatrical attendance, which could further shorten the theatrical
window. Fitch believes the preference for in-home filmed
entertainment viewership will continue to cannibalize traditional
theatrical attendance over the long term. As such, Fitch does not
expect theatrical attendance to return to historical levels over
the rating horizon, offsetting some of the expected growth in
average ticket prices and concessions.
Scale and Market Position: Cinemark's ratings are supported by its
scale, as the third-largest theater exhibitor in the U.S.,
operating 4,408 screens in 321 theaters across 42 states and 104
DMAs. The company also has a dominant position in Latin America,
where it operates 1,460 screens in 201 theaters across 15
countries. Cinemark is the leading theater exhibitor in Brazil and
Argentina, and has a significant market presence in Chile, Colombia
and Peru.
DERIVATION SUMMARY
Cinemark's ratings reflect its scale and market position as the
third largest theater chain in the U.S., the largest theater chain
in Brazil and Argentina, and has a significant market presence in
Colombia, Chile and Peru. Cinemark maintains a more conservative
balance sheet and greater liquidity than its peers, AMC
Entertainment and Cineworld plc, which provides it with a better
ability to manage the business through this period of operating
uncertainty.
KEY ASSUMPTIONS
Fitch's key assumptions within the rating case for the issuer
include:
-- Attendance continues to increase sequentially, driven by the
lifting of pandemic restrictions, increased comfort in out-of
home environments and broader film slates accessing theatrical
releases;
-- Despite growth in 2022 and 2023, driven by a strong slate,
attendance declines in 2024 as studios narrow theatrical film
slates and funnel more low- to mid-budget movies to DTC
offerings; attendance does not return to historical levels
over the rating horizon;
-- Average U.S. ticket prices return to more normalized low
single-digit growth while international prices continue to
decline;
-- Concession revenues return to mid-single-digit growth;
-- EBITDA margins improve to 19%+ over the rating horizon;
-- Capex intensity remains in the mod-single digit range in 2022
before increasing to 7.5% of revenue after 2022;
-- Dividend reinstated in 4Q22 at $42 million quarterly and grows
5% annually thereafter;
-- It prepays a portion of its term loan over the near term and
issues $750 million of new debt to refinance a portion of its
2025 maturities, with the balance funded with cash on hand;
-- Total adjusted debt/operating EBITDAR falls below 5.5x in 2022
and remains in low-5x range over rating horizon.
The recovery analysis assumes Cinemark would be considered a going
concern in bankruptcy and that the company would be reorganized
rather than liquidated. Fitch has assumed a 10% administrative
claim.
Cinemark's going-concern EBITDA is based on FY 2019 pre-pandemic
EBITDA of $656 million. Fitch then stresses EBITDA by assuming
theaters close due to operational weakness driven by accelerated
declines in theatrical attendance as a result of continued media
fragmentation and changing consumer preferences. This results in a
going-concern EBITDA of $263 million, or a roughly 60% stress.
Prior recessions provide little precedent for a stress case as
theatre attendance increased in six of the last eight recessions
due to the fact that theatrical exhibition was a relatively cheap
form of entertainment. However, the rise of alternative
distribution platforms and streaming subscription plans with all
you can eat offerings (e.g. Netflix, Hulu, Disney+, HBO Max etc.)
could place added pressure on theatrical exhibition in future
downturns, particularly in urban areas where the cost of an average
theater ticket exceeds $15. Fitch believes the theater subscription
plans like AMC's Stubs List and Cinemark's Movie Club could help
support attendance levels.
Fitch employs a 5x enterprise value multiple to calculate
post-reorganization valuation, roughly in-line with the median TMT
emergence enterprise value/EBITDA multiple, and incorporates the
following into its analysis: (1) Fitch's belief that theater
exhibitors have a limited tangible asset value and that the
business model bears the risk of being disrupted over the
longer-term by new distribution models (e.g. Netflix typically
releases films in theaters and to its streaming subscribers
simultaneously, with some limited exceptions for awards
contention); (2) Recent trading multiples (EV/EBITDA) in a range of
6x-17x; (3) Transaction multiples in a range of 9x (e.g. Cineworld
Group plc acquired U.S. theater circuit Regal Entertainment for
$5.8 billion in February 2018 for an LTM EBITDA purchase price
multiple of roughly 9.0x. AMC purchased U.S. theater circuit
Carmike for $1.1 billion in December 2016 for a purchase price
multiple of 9.2x and AMC purchased international circuit Odeon and
UCI for $1.2 billion in November 2016 at a purchase price multiple
of 9.1x).
Fitch estimates an adjusted, distressed enterprise valuation of
$1.3 billion.
Fitch assumes a fully drawn revolver in its recovery analysis since
credit revolvers are tapped when companies are under distress. For
Fitch's recovery analysis, leases are a key consideration. While
Fitch does not assign recovery ratings for the company's operating
lease obligations, it is assumed the company rejects only 30% of
its remaining $1.3 billion in operating lease commitments
(calculated at a net present value) due to their significance to
the operations in a going-concern scenario and is liable for 15% of
those rejected values. This incorporates the importance of the
leased space to the core business prospects as a going concern.
Fitch excludes Cinemark Holdings, Inc's $450 million convertible
notes as they rank junior to Cinemark's existing debt, are
structurally subordinated and have no security or liquidity
requirements.
Cinemark had $2.5 billion in total debt as of Dec. 31, 2021.
The recovery results in a 'BB+'/'RR1' rating on the senior secured
notes and secured credit facilities reflecting expectations that
91%-100% recovery is reasonable. The recovery results in a
'B'/'RR5' rating on the secured notes reflecting reduced recovery
prospects owing to the weighting toward secured debt in the capital
structure.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- The ratings for Cinemark have limited upside potential due to
the inherent nature of the theatrical exhibition business, the
resulting hit-driven volatility and the reliance on film
studios for the quantity and quality of films in any given
period. In strong box office years, metrics may be stronger in
order to provide a cushion in weaker box office years;
-- Total leverage (total debt with equity credit/operating
EBITDA) sustained below 2.5x and adjusted leverage (including
lease equivalent debt) below 4.5x;
-- FCF margins sustained in the mid-to high-single digits.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Total leverage sustained above 3.5x and adjusted leverage
sustained above 5.5x;
-- Significant deterioration in Cinemark's liquidity position;
-- Increasing secular pressure as illustrated in sustained
declines in attendance and/or concession spending per patron.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity: Cinemark's liquidity at Dec. 31, 2021 was
supported by $707 million in cash on hand and full availability
under its $100 million revolving credit facility which matures in
2024. The company has begun to generate FCF as expected.
Debt Structure: Cinemark had $2.5 billion in total debt as of Dec.
31, 2021. There are no maturities until 2025, when Cinemark's term
loan ($633 million outstanding at Dec. 31, 2021) matures along with
the $460 million of 4.5% converts and $250 million of 8.75% super
secured bonds, and 2026 when $405 million of 5.875% unsecured notes
mature.
The senior secured facility is guaranteed by Cinemark Holdings,
Inc. (downstream) and certain of Cinemark USA, Inc.'s domestic
subsidiaries (upstream). The credit facility is secured by
mortgages on certain fee and leasehold properties and security
interests in substantially all of Cinemark USA and guarantor's
personal property including a pledge on capital stock of certain
Cinemark USA's domestic subsidiaries and 65% of the voting stock of
certain foreign subsidiaries.
ISSUER PROFILE
Cinemark is the third largest theater U.S. exhibitor, operating 325
theaters across 42 states and operates 198 theaters across 15
countries in Latin America; is the leading theater exhibitor in
Brazil and Argentina, and second in Chile, Colombia and Peru.
ESG Considerations
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
CITE: Wins Cash Collateral Access Thru April 7
----------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois,
Eastern Division, gave Cite LLC authority to use the cash
collateral of A. Robert Abboud and Company in accordance with the
budget, with a 10% variance through April 7, 2022.
The Debtor requires the use of cash collateral to operate its
business including the restaurant.
As adequate protection for the Debtor's use of cash collateral,
ARACO and Republic Bank are granted post-petition liens, security
interests and mortgages in and on the property of the Debtor and
its estate, including all property acquired by the Debtor or its
estate after the Petition Date, to the same extent, validity,
perfection, enforceability, and priority of the liens, security
interests, and mortgages of such Secured Creditor in the
Pre-petition Collateral as of the Petition Date.
If and to the extent the adequate protection of the interests of
the Secured Creditors, or either of them, in the Post-petition
Collateral pursuant to the order proves insufficient, such Secured
Creditor(s) will be granted an administrative expense claim under
section 507(b) of the Bankruptcy Code.
As further adequate protection, the Debtor will make the adequate
protection payments to the Secured Creditors indicated in the
Budget, in the amounts of $14,000 per month to Republic Bank and
$7,500 per month to ARACO, with the March adequate protection
payments to be received by the Secured Creditors by no later than
March 25, 2022.
These events constitute an "Event of Default":
a. The Debtor fails to make any payment due as and when
required by the order or the Budget;
b. The chapter 11 case is dismissed or converted to a case
under chapter 7 of the Bankruptcy Code; or
c. The Debtor fails to comply with any of the terms of the
order.
A continued hearing on the matter is scheduled for April 6 at 1
p.m.
A copy of the order and the Debtor's budget for March and April
2022 is available at https://bit.ly/3sEEGEK from PacerMonitor.com.
The Debtor projects $320,000 in total income and $90,715 in total
expenses.
About Cite LLC
Cite LLC, an American restaurant business, filed its voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
N.D. Ill. Case No. 21-13730) on Dec. 3, 2021. In the petition
signed by Evangeline Gouletas, managing member, the Debtor
disclosed $5,517,547 in total assets and $7,945,223 in total
liabilities.
Judge Janet S. Baer oversees the case.
The Golding Law Offices, PC serves as the Debtor's counsel.
CITGO PETROLEUM: Fitch Affirms 'B' LongTerm IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Rating
(IDR) of CITGO Petroleum Corp. (Opco) at 'B' and CITGO Holding,
Inc. (Holdco) at 'CCC+', Opco's senior secured term loans, notes,
and industrial revenue bonds at 'BB'/'RR1', and Holdco's senior
secured term loans and bonds at 'B+'/'RR1'. The Rating Outlook for
both entities is Stable.
CITGO's ratings are supported by the quality of its refining
assets, continued improvement in the macroeconomic environment for
refiners; and adequate current liquidity.
Rating concerns include operational risks from U.S. sanctions;
heightened contagion effects associated with CITGO's ownership by
Petroleos de Venezuela S.A. (PDVSA), including risks around
litigation which could trigger change of control linked refinancing
requirements; and potential structural changes that could impact
long-term transport demand.
KEY RATING DRIVERS
Recovery Gains Steam: The downstream recovery picked up steam in
2H21. Demand for core refined products gasoline and diesel has
largely recovered to pre-pandemic levels, but jet fuel continues to
lag due to slower uptick in business travel. Crude differentials
have widened modestly given ample takeaway capacity in the Permian
and elsewhere. At the same time, refined product inventories remain
tight, and TSA checkpoint numbers for travelers continue to trend
higher, developments which should keep crack spreads robust and
support further performance gains in 2022 for the company.
Change of Control Risks: The financial weakness of CITGO's indirect
parent PDVSA, which is owned by the government of Venezuela, means
there are multiple paths that could trigger change of control
clauses and a forced refinancing in CITGO's debt. These include
creditor lawsuits against PDVSA and affiliates seeking to obtain
judgements for litigation/arbitration awards in U.S. courts and
attach to CITGO's assets; actions by PDVSA's secured exchange note
holders to collect on pledge of 50.1% of CITGO Holding's capital
stock; and any future actions by Office of Foreign Assets Control
(OFAC) to unblock current restrictions and allow such a share sale
to proceed.
Double Trigger: Fitch notes in the event such actions were allowed
to proceed, the refineries remain primary pledged assets under
lender agreements and would require consents to take action. In
particular, CITGO's notes contain a two-part test (less than
majority ownership by PDVSA and a failure by rating agencies to
affirm ratings within 90 days). Fitch believes CITGO's credit
profile would likely improve under different ownership, which
should limit bondholder incentives to tender if change of control
was triggered. Nonetheless, this risk remains a key overhang on the
credit. All of CITGO's drawn debt contains this double trigger.
Access to Capital: The legacy effects of PDVSA ownership, including
change of control risks, as well as the impact of various OFAC
sanctions on entities doing business with Venezuela, are also an
overhang for the company in terms of capital market access. In
2019, CITGO had to replace revolver liquidity with a drawn term
loan, given bank concerns about OFAC sanctions against Venezuelan
entities. The new term loans contain language that allows for the
eventual creation of a secured revolver. Fitch believes CITGO has
access to a capital pool that is narrow but deep.
End of Covenant Waiver: Opco received a waiver to increase its net
debt-to-capitalization ratio from 60% to 70%, effective until 1Q22,
to create additional headroom in the event the pandemic downturn
was prolonged. At Q321, the dividend basket remained negative. The
company didn't apply for a waiver for covenants governing
distributions to CITGO Holdco (positive dividend basket, maximum
net debt to cap of 55% and minimum $500 million in liquidity pro
forma post distribution), but Fitch believes the company has
adequate flexibility to make payments through its tax allocation
agreement while the basket rebuilds.
Parent-Subsidiary Linkage: Fitch views Opco as the stronger entity
of the two, given nearly all of CITGO's assets and EBITDA are held
at Opco rather than Holdco, with the exception of a small basket of
midstream assets. Based on Fitch's PSL analysis, Fitch views Opco
and Holdco's ratings on a standalone basis, given the high level of
internally-imposed ring-fencing through Opco's bond covenants,
which limit the ability of the direct parent to dilute its
subsidiary's credit quality; additional separations created by OFAC
restrictions; and limited access and control.
Bond covenants include restrictions on dividends (R/P basket),
incurrence tests (maximum net debt/capitalization of 55% and a
minimum $500 million in liquidity, pro forma post distribution)
restrictions on asset sales, and the incurrence of additional
indebtedness. Opco also does not guarantee Holdco debt and a Holdco
default does not cross default opco. As a result of these
considerations Fitch view Opco and Holdco on a standalone basis.
Holdco: The ratings for Holdco reflect its structural subordination
to Opco and its reliance on Opco to provide dividends to cover its
significant debt service requirements. Dividends from Opco provide
the majority of debt service capacity at Holdco and are driven by
refining economics and the restricted payments basket. Holdco's
pledged security includes approximately $40 million in run-rate
EBITDA from midstream assets available for interest payments. These
logistics assets are pledged as collateral under the Holdco debt
package.
DERIVATION SUMMARY
At 769,000 barrels per day (bpd) day of crude refining capacity,
CITGO is smaller than peer refiners such as Marathon Petroleum
Corporation (BBB/Stable) at 2.9 million bpd, Valero Energy
Corporation (BBB/Stable) at 2.6 million bpd, and PBF Holding
(B+/Negative) at 1.04 million bpd. However, it is larger than
HollyFrontier Corporation (BBB-/Stable) at 678,000bpd, pro forma
for the Sinclair merger, and CVR Energy (BB-/Stable) at
206,500bpd.
CITGO is undiversified versus refining peers who have ancillary
businesses including logistics master limited partnerships,
chemicals, renewables, or sizable retail and lubricants/specialty
products segments. However, CITGO's core refining asset profile is
strong and relatively flexible, given the high complexity of its
refineries, which allows it to process a large amount of discounted
heavy and light shale crudes. Crude differentials have been
compressed in the pandemic-led downturn, particularly light-heavy
spreads, which have been a key support for CITGO.
Legacy PDVSA ownership/governance and related capital markets
access issues remain key overhangs on the issuer despite its
relatively good asset profile.
KEY ASSUMPTIONS
Fitch's key assumptions within the rating case for the issuer
include:
-- West Texas Intermediate (WTI) oil prices of $67/bbl in 2022,
$57/bbl in 2023, and $50/bbl in 2024 and thereafter;
-- Refinery throughput of 731,000bpd in 2022, 767,000bpd in 2023
and 775,000bpd in 2024;
-- Cash operating expense trend down relative to pandemic highs
in line with rising throughput volumes;
-- Capex trends up in line with the recovery, with increasing
allocation to internal growth projects. Capex (excluding
turnarounds and maintenance expense) of $287 million in 2022,
$325 million in 2023, and $370 million in 2024.
-- Company resumes dividends up to Holdco beginning in 2023.
KEY RECOVERY RATING ASSUMPTIONS
The recovery analysis assumes that CITGO Corporation would be
reorganized as a going-concern (GC) in bankruptcy rather than
liquidated. Fitch has assumed a 10% administrative claim.
Going-Concern Approach
The GC EBITDA estimate of $1.05 billion reflects Fitch's view of a
sustainable, post-reorganization EBITDA level upon which Fitch
bases the enterprise valuation (EV). This value is moderately
higher than the previous GC estimate of $975 million and reflects
the industry's accelerating exit from pandemic trough conditions to
low midcycle conditions, as well as expected growth investments at
the company over the next few years which should raise earnings.
An EV multiple of 5.0x was applied to the GC EBITDA to calculate a
post-reorganization EV of $5.25 billion. This is modestly below the
median 5.3x exit multiple for energy in Fitch's Energy, Power and
Commodities Bankruptcy Enterprise Value and Creditor Recoveries
(Fitch Case Studies -- September 2021), but above the multiple for
the only refining-related bankruptcy in that study, Philadelphia
Energy Solutions, as well as the multiple used for HY refining peer
PBF Holdings (3.75x).
PBF Holdings has a weaker asset profile, evidenced by higher
operating costs and heavy import competition, which resulted in the
idling of portions of its East Coast refining system during the
pandemic, while Philadelphia Energy Solutions was a marginal
refinery that experienced a catastrophic explosion and fire. In
contrast Fitch believes CITGO's portfolio of scaled, higher
complexity refineries could make it potentially attractive to
buyers.
Liquidation Approach
The liquidation estimate reflects Fitch's view of the value of
balance sheet assets that can be realized in sale or liquidation
processes conducted during a bankruptcy or insolvency proceeding
and distributed to creditors.
For liquidation value, Fitch used an 80% advance rate for the
company's inventories since crude and refined products are
standardized and easily re-sellable in a liquid market to peer
refiners, traders or wholesalers. In conjunction with A/R and
CITGO's net PP&E these items summed to a total liquidation value of
$3.32 billion.
The maximum of these two approaches was the going concern approach
of $5.25 billion.
A standard waterfall approach was then applied. Subtracting 10% for
administrative claims resulted in an adjusted EV of $4.73 billion,
which resulted in a three-notch recovery (RR1) for all of CITGO
Petroleum's secured instruments.
A residual value of approximately $1.78 billion remained after this
exercise. This was applied in a second waterfall at CITGO Holdco,
whose debt is subordinated to that of Opco. The $1.78 billion was
added to approximately $320 million in going concern value
associated with the midstream assets ($40 million in assumed
run-rate midstream using an 8.0x multiple), as well as $171 million
in restricted cash associated with a debt service reserve account
for the benefit of secured Holdco debt. This resulted in total
initial value at Holdco of approximately $2.27 billion. No
administrative claims were deducted in the second waterfall. Holdco
secured debt also recovered at the 'RR1' level.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
CITGO Petroleum:
-- Improved market access;
-- Reduced overhang associated with legacy PDVSA ownership
issues;
-- Mid-cycle debt/EBITDA below 3.0x.
CITGO Holding:
-- Improved market access;
-- Reduced overhang associated with legacy PDVSA ownership
issues;
-- Alleviation of restrictions on R/P basket or otherwise
increased ability to make dividends to Holdco;
-- Mid-cycle debt/EBITDA leverage below 4.5x.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
CITGO Petroleum:
-- Deterioration in liquidity/market access;
-- Mid-cycle debt/EBITDA above 4.0x;
-- Weakening or elimination of key covenant protections in the
CITGO senior secured debt document.
CITGO Holding:
-- Deterioration in market access;
-- Sustained inability of Holdco to receive dividends due to R/P
basket restrictions;
-- Weakening or elimination of key covenant protections in CITGO
Holding senior secured debt documents;
-- Mid-cycle debt/EBITDA leverage above 5.5x.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
LIQUIDITY AND DEBT STRUCTURE
Liquidity Adequate: At 3Q21, Opco's liquidity included unrestricted
cash on hand of $1.14 billion, and a $500 million A/R
Securitization facility (undrawn at Q3, and upsized from $250
million in Q2). The majority of OpCo's cash is from proceeds of a
$1.2 billion term loan, which was issued in 2019 as replacement
liquidity for a terminated senior secured revolver. Opco's
liquidity also received a tailwind from a $556 million tax refund
received mid-year from the CARES Act.
Liquidity at the Holdco level was also adequate, and included cash
available to Holdco of $29 million, as well as approximately $171
million in restricted cash associated with the debt service reserve
account to meet Holdco debt payments, as well as FCF from midstream
assets dedicated to Holdco. Opco is unable to distribute money to
Holdco until it earns its way back from losses in its dividend
basket but should have additional flexibility to make payments
through its tax allocation agreement while the basket rebuilds.
ESG Considerations:
CITGO has an Environmental, Social and Corporate Governance (ESG)
Relevance Score of '4' under Environmental Factors, which reflects
its material exposure to extreme weather events (hurricanes), which
periodically lead to extended shutdowns. Two out of three of
CITGO's refineries are located on the Gulf Coast, including the
largest, Lake Charles at 425,000bpd.
CITGO also has a Score of '4' under Governance Factors related to
the effects the legacy PDVSA ownership issues still have on the
issuer despite the transition CITGO made to being run by a
U.S.-approved board. The risk centers around contagion through
change of control clauses associated with a PDVSA default and the
overhang legacy ownership creates in terms of capital markets
access, as well as frequent changes in board composition.
Both factors have negative impacts on the credit profile and are
relevant to the rating in conjunction with other factors.
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
ISSUER PROFILE
CITGO is a refiner which owns and operates three scaled
high-quality refineries with total rated crude processing capacity
of 769,000bpd. Its refineries are located on the gulf coast,
including Lake Charles, LA (425,000bpd), Corpus Christi, TX
(167,000bpd) and Lemont, Illinois (177,000bpd).
COSMOS HOLDINGS: Closes $6M Private Placement of Preferred Shares
-----------------------------------------------------------------
Cosmos Holdings, Inc. has closed a private placement offering to
certain institutional investors and an insider of the Company to
purchase 6,000 shares of Series A Convertible Preferred Stock and
warrants to purchase 2,000,000 shares of common stock. Each share
of Series A Convertible Preferred Stock had a purchase price of
$1,000.00, representing 100% of the stated value of each share of
preferred stock, resulting in gross proceeds of approximately $6
million, before deducting financial advisory fees and other
estimated offering expenses. In connection with the private
placement offering, the Company's common stock has commenced
trading on the Nasdaq Capital Market, under the trading symbol
COSM.
The Company and the holders of the Series A Convertible Preferred
Stock also entered into a registration rights agreement to register
the resale of the shares of common stock issuable upon conversion
of the preferred shares and the shares of common stock issuable
upon exercise of the warrants to purchase shares of common stock.
The Series A Convertible Preferred Stock is convertible into shares
of the Company's common stock at the lower of (i) $3.00 or (ii) 80%
of the average VWAP for the Company's common stock for the five
trading days immediately following the effectiveness of the resale
registration statement.
The warrants are exercisable at $3.30 per share, or 110% of the
Series A Convertible Preferred Stock conversion price, subject to
certain adjustments, and will expire five and one-half years
following the initial exercise date of the warrants.
The Series A Convertible Preferred Stock, the shares of common
stock issuable upon conversion of the preferred stock, and the
warrants are being issued in reliance upon the exemption from the
securities registration afforded by Section 4(a)(2) of the
Securities Act of 1933, as amended, and/or Rule 506 of Regulation D
as promulgated by SEC under the 1933 Act. The Series A Convertible
Preferred Stock, the shares of common stock issuable upon
conversion of the preferred stock, and the warrants have not been
registered under the 1933 Act and may not be offered or sold in the
United States absent registration under the 1933 Act or an
applicable exemption from the registration requirements of the 1933
Act.
About Cosmos Holdings
Cosmos Holdings Inc. is a multinational pharmaceutical wholesaler.
The Company imports, exports and distributes pharmaceutical
products of brand-name and generic pharmaceuticals,
over-the-counter (OTC) medicines, and a variety of dietary and
vitamin supplements. Currently, the Company distributes products
mainly in the EU countries via its two wholly owned subsidiaries
SkyPharm SA, Decahedron Ltd. and (iii) Cosmofarm.
Cosmos Holdings reported net income of $820,786 for the year ended
Dec. 31, 2020, compared to a net loss of $3.30 million for the year
ended Dec. 31, 2019. As of Sept. 30, 2021, the Company had $47.68
million in total assets, $43.03 million in total liabilities, and
$4.65 million in total stockholders' equity.
San Francisco, California-based Armanino LLP, the Company's auditor
since 2019, issued a "going concern" qualification in its report
dated April 15, 2021, citing that the Company has suffered
recurring losses from operations and has a net accumulated deficit
that raises substantial doubt about its ability to continue as a
going concern.
COUZINS FOOD: Seeks to Use Cash Collateral
------------------------------------------
Couzins Food II Corp. d/b/a Associated Fresh Supermarket, asks the
U.S. Bankruptcy Court for the Eastern District of New York for
authority to, among other things, use the cash collateral of
Associated Supermarket Group LLC/AFS Capital LLC and the U.S. Small
Business Administration, and provide adequate protection.
At the preliminary hearing, the Debtor will request authority to
utilize cash collateral in the amount of up to $50,000 on an
interim basis, subject to the Budget.
The Debtor needs access to cash collateral to maintain and preserve
its business operations and preserve approximately 25 jobs, pending
either (i) a confirmed plan restructuring its secured debt or (ii)
a sale of the Debtor's assets including a long-term lease for its
grocery store to a party submitting the highest or best offer. The
Debtor expects a sale of its assets will likely take place.
The Debtor says it is obligated as a guarantor on a secured loan
which Associated made to the Debtor's affiliate, a now defunct
grocery store. Associated has filed a UCC-1 asserting a security
interest on substantially on all of the Debtor's assets.
The Debtor is also obligated to the SBA pursuant to a disaster
relief loan. The SBA also filed UCC-1 which is junior to the
Associated loan.
As of the Petition Date, the Debtor owes Associated approximately
$300,000 and SBA approximately $480,000.
Based upon the current value of the Debtor's inventory, equipment
and the like, Associated is likely under secured and the SBA is
likely wholly unsecured in view of section 506 of the Bankruptcy
Code, the Debtor says.
As adequate protection for the use of cash collateral, the Lenders
are granted: (a) replacement liens and security interests in the
Debtor's postpetition newly purchased inventory and cash to the
extent that said liens were valid, perfected and enforceable as of
the Petition Date in the continuing order of priority of its
pre-petition liens without determination herein as to the nature,
extent and validity of said pre-petition liens and claims and
solely to the extent Collateral Diminution occurs during the
bankruptcy case.
A copy of the motion is available at https://bit.ly/3sEJVEI from
PacerMonitor.com.
About Couzins Food II Corp.
Couzins Food II Corp. owns and operates a full-service grocery
store located at 3579 Victory Blvd., Staten Island, NY 10314. The
Grocery Store operates under Associated Supermarket Group LLC/AFS
Capital LLC. Associated has assigned store no. 16207 to the Grocery
Store.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Court (Bankr. E.D.N.Y. Case No. 22-40405) on March 1,
2022. In the petition signed by Mazin Farraj, president, the Debtor
disclosed $597,022 in assets and $1,496,233 in liabilities.
Judge Elizabeth S. Stong oversees the case.
Scott S. Markowitz, Esq., at Tarter Krinsky & Drogin LLP is the
Debtor's counsel.
CUMULUS MEDIA: S&P Alters Outlook to Positive, Affirms 'B-' ICR
---------------------------------------------------------------
S&P Global Ratings revised the outlook to positive from stable and
affirmed the 'B-' issuer credit rating on Cumulus Media Inc.
The positive outlook reflects S&P's expectation that Cumulus' S&P
Global Ratings-adjusted gross leverage will decline to 4.8x-5x by
the end of 2022 from 8.3x in 2021 through a combination of
double-digit percentage EBITDA growth and voluntary debt
repayment.
S&P said, "We expect Cumulus' leverage will decline below 5x in
2022. Its S&P Global Ratings-adjusted gross leverage was 8.3x at
the end of 2021. We expect leverage will materially improve to
4.8x-5x in 2022 due to a combination of EBITDA growth and voluntary
debt repayment. We expect EBITDA will increase more than 50% in
2022 from 2021 due to a continued recovery in broadcast radio
advertising, the benefit of political advertising revenue in an
election year, and healthy digital revenue growth. The strong
growth rate in 2022 also reflects relatively low EBITDA in the
first half of 2021, as performance was still largely weighed down
by the pandemic. At the same time, we expect the company will
voluntarily repay debt with cash on the balance sheet ($177 million
as of Dec. 31, 2021) and free operating cash flow (FOCF), which we
estimate will be between $80 million and $90 million in 2022.
Cumulus has a track record of voluntary debt repayment and has a
net leverage target of 3.5x (excluding lease liabilities).
"We do not expect broadcast radio advertising revenue will ever
fully recover from the pandemic. While Cumulus' broadcast radio
revenue has continued to sequentially improve from the pandemic, it
was still down nearly 20% in the fourth quarter of 2021 relative to
2019. We expect some incremental recovery in 2022 as economic
conditions continue to improve, but not that it will ever fully
recover. We expect revenue for the broadcast radio industry will
only reach about 85% of 2019 revenue in 2022 before resuming
pre-pandemic declines in the low-single-digit percent area as
advertising dollars continue to shift toward digital formats.
Broadcast radio advertising's revenue could also be hurt by changes
in consumer behavior as a result of the pandemic since it largely
depends on listening in vehicles, which could decline if consumers
increasingly work from home. While broadcast radio advertising had
short lead times prior to the pandemic, they fell further during
the pandemic. We believe this change may be permanent, further
reducing visibility into future performance.
"We view Cumulus' competitive position less favorably than its
larger broadcast radio peers'. Cumulus is the third-largest radio
broadcaster in terms of revenue, behind leader iHeartMedia Inc. and
Audacy Inc. Cumulus generates about 15% of its revenue from digital
offerings compared to about 20% for Audacy and 25% for iHeartMedia.
We view a higher percentage of digital revenue more favorably given
strong secular trends leading to double-digit percentage revenue
growth, reducing a company's reliance on secularly challenged
broadcast radio revenue. Additionally, iHeartMedia's materially
larger size makes its platform more attractive to national
advertisers looking for reach. Given Cumulus' weaker competitive
position, its EBITDA margins are also behind peers', in the low-20%
area, compared to the mid-20% area for Audacy and about 30% for
iHeartMedia.
"The positive outlook reflects our expectation that Cumulus' S&P
Global Ratings-adjusted gross leverage will decline to 4.8x-5x by
the end of 2022 from 8.3x in 2021 through a combination of
double-digit percentage EBITDA growth and voluntary debt
repayment."
-- S&P could revise the outlook to stable if it expects leverage
to remain above 5x over the next year. This could occur if:
-- The recovery in broadcast radio advertising is less robust than
we expect; or
-- The company does not use its cash to repay debt.
S&P could raise the rating if:
-- Leverage improves below 5x and S&P expect it to remain there on
a sustained basis;
-- The company's EBTIDA generation approaches pre-pandemic levels;
and
-- The company consistently generates FOCF to debt of more than
5%.
ESG credit indicators: E-2, S-2, G-2
DARYL GREG SMITH: Trustee Sets Bid Procedures for Texas Property
----------------------------------------------------------------
Gregory S. Milligan, Chapter 11 trustee for the estates of Daryl
Greg Smith and Canadian River Ranch, LLC, asks the U.S. Bankruptcy
Court for the Western District of Texas to authorize the bidding
procedures relative to the sale of the Debtors' interest in
approximately 913 acres of real property located in Bosque County,
Texas, to Tango Lima Land, LP, for $4.9 million, subject to
overbid.
The Smith estate holds an undivided 90% interest in the Property.
The remaining 10% interest is held by Darren Keith Reed.
On Jan. 27, 2022, the Court entered an order approving the
retention of Riley-McLean Land, LLC as brokers for the Trustee with
respect to the Property. The Trustee believes that a competitive
sales process should realize the highest and best value for the
Property. Reed consents to the sale of the Property and relief
requested.
The Trustee has entered into an agreement with Tango pursuant to
which it would serve as stalking horse bidder for the Property;
notably, the TL Contract is non-contingent.
The TL Contract provides, in summary, as follows:
a) Purchase Price: $4.9 million
b) $500,000 non-refundable deposit
c) Buyer Protections: 2.5% Break Up Fee; $25,000 expense
reimbursement
d) Conditions: None
e) Closing: By May 10, 2022
The Trustee proposes the approval of the TL Contract as the
stalking horse bid for the Property and that he be authorized to
establish a procedure for the sale of the Property as an all cash
sale, on an AS-IS basis, with the successful bidder to assume all
closing costs, including the costs associated with any title
policy, and that the closing occur on the earlier of May 10, 2022
or when the Sale Order becomes as Final Order.
The TL Contract will be provided to all prospective competing
bidders in connection with a marketing process of the Property.
Potential Bidders will be required to submit to the Broker or
Trustee an executed sales contract in the same form as, and
redlined against, the TL Contract, reflecting the terms upon which
the Potential Bidder would seek to affect a purchase of the
Property, by no later than April 18, 2022.
In the event that Trustee obtains Qualified Bids in addition to the
Stalking Horse Bid, the Trustee proposes an Auction of the Property
to be conducted in conjunction with the Sale Hearing, with such
Auction to be conducted in open Court. He proposes to conduct the
Sale Hearing with any Qualified Bidders allowed to participate,
with the highest bidder being determined by the Trustee in
consultation with the Broker and his counsel. If no other Qualified
Bids are received, the Trustee may request that the Court set a
Sale Hearing at any time following the expiration of the Bid
Deadline.
The Trustee proposes to reject all executory contracts and
unexpired leases by and between the Debtors and third parties that
pertain to the use of the Property on the date the Sale Transaction
is consummated. The Stalking Horse Bidder does not desire to assume
such executory contracts.
By the Motion, the Trustee requests entry of the Bid Procedures
Order, which will, among other things, establish the following
timeline:
a. Granting of Bid Procedures Motion and approval of Stalking
Horse - On or before March 8, 2022
b. Prepare/Finalize Marketing Materials/Populate Data Room -
The later of March 2, 2022, or within one week of entry of order
granting bidding procedures Marketing Period Through April 15, 2022
c. Deadline to Serve Sale Notice and Form Sales Contract -
Three calendar days following entry of order granting bidding
procedures
d. Competing Bid Deadline - April 18, 2022, at 5:00 p.m. (CT)
e. Notice of Qualified Bidder with notice to Karen Smith and
Stalking Horse Bidder - April 20, 2022
f. Sale Objection Deadline - April 22, 2022, at 5:00 p.m. (CT)
g. Auction (if required)/Selection of Final Bid - April 25,
2022
h. Sale Hearing - April 25, 2022
i. Deadline to File Auction Results - April 27, 2022
j. Consummation of Sale - May 10, 2022
Other salient terms of the Bidding Procedures are:
a. Minimum Bid - Bidding will commence at the amount of the
Stalking Horse Bid plus an amount necessary to pay the buyer
protection. For the elimination of doubt, because the Stalking
Horse Bid is for $4.9 million, with a break-up fee of 2.5% (equal
to $122,500) plus $25,000 in expense reimbursement, that would
require the Initial Topping Bid to be in the amount of $5,097,500
($4,900,000 + $122,500 + $25,000 + $50,000).
b. Deposit - $500,000
c. Increments - $50,000
Within three business days after entry of the Bid Procedures Order,
the Trustee (or his agents) will provide the Sale Notice upon the
Sale Notice Parties.
The Trustee asks that the Court authorizes the Sale of the Property
free and clear of Interests, with any such Interests to attach to
the proceeds of the Sale of the Property.
The Trustee believes that a sale of the Property will generate
enough proceeds to satisfy a material portion of Smith's debt owing
to Karen Smith, thus the Trustee believes a valid business
justification exists to sell the Property.
The Smith estate is party to two unexpired leases: (i) that certain
Hunting Lease dated July 1, 2021 by and among Caddoa Creek Ranch,
LLC as Landlord and Susan Reno, Chris Reno, Greg Reno, Josh Reno,
Dr. Susan Reno, Ryan Henderson and Terry Kenney as Tenant; and (ii)
that certain Cattle Grazing Lease dated Aug. 17, 2020 by and among
Caddoa Creek Ranch, LLC as Landlord and Robert C. Heise as Tenant.
The Cattle Lease will terminate on April 30, 2022 prior to the
closing of the proposed sale, however the Hunting Lease will
continue in force for an expected period of six weeks post-closing.
The Stalking Horse Bidder has indicated that it does not desire to
assume the Hunting Lease. Accordingly, the Trustee submits it is
appropriate and a sound exercise of his business judgment to reject
the Hunting Lease in connection with the closing of any Sale
Transaction. If a competing bidder desires either of these
contracts they can negotiate new contracts with the counterparties
to such agreements.
To preserve the value of the Smith estate, and limit the costs of
administering and preserving the Property, it is critical that the
Trustee close the sale of the Property as soon as possible after
all closing conditions have been met or waived. Accordingly, he
requests that the Court waives the 14-day stay period under
Bankruptcy Rules 6004(h).
A copy of the Bidding Procedures and Agreement is available at
https://tinyurl.com/bd3t9uza from PacerMonitor.com free of charge.
Daryl Greg Smith sought Chapter 11 protection (Bankr. W.D. Tex.
Case No. 21-60162) on April 9, 2021. The Debtor tapped Thomas
Daniel Berghman, Esq., as counsel. On June 29, 2021, Gregory S.
Milligan was appointed as Chapter 11 Trustee.
DAVID HAROLD HOLLNAGEL: Blessing Buying Boat & Trailer for $17.5K
-----------------------------------------------------------------
David Harold Hollnagel asks the U.S. Bankruptcy Court for the
Middle District of Florida to authorize the sale of one 2011 Cobia
Bay 19 boat and one 2011 Road King Trailer to Bradley Blessing for
$17,500.
Objections, if any, must be filed 14 days from the date of proof of
service.
On Schedule A/B of his Voluntary Petition, the Debtor listed
ownership of the boat and the trailer. The Debtor scheduled the
boat and the trailer with a combined value of $12,700.
Recently, the Purchaser has offered the Debtor the lump sum of
$17,500 to purchase the Cobia Bay 19 boat and Road King Trailer.
Said sale is conditioned upon the approval of the Court. As such,
the Debtor seeks approval to sell the Cobia Bay 19 boat and the
Road King Trailer.
The net sale proceeds will be held in trust by the Debtor's counsel
until further order of the Court regarding the distribution of the
net sale proceeds.
The proposed sale is on fair and equitable terms and is in the best
interest of the bankruptcy estate and its creditors.
The Debtor requests that the 14-day stay required under Bankruptcy
Rule Section 6004(h) be waived, and that any order granting the
Motion is effective immediately upon entry.
A copy of the Bill of Sale is available at
https://tinyurl.com/55496cja from PacerMonitor.com free of charge.
David Harold Hollnagel sought Chapter 11 protection (Bankr. M.D.
Fla. Case No. 22-00099) on Jan. 14, 2022. The Debtor tapped Buddy
Ford, Esq., sa counsel.
DLVAM1302 NORTH: Continued Operations to Fund Plan
--------------------------------------------------
DLVAM1302 North Shore, LLC, filed with the U.S. Bankruptcy Court
for the Middle District of Florida a Disclosure Statement
describing Plan of Reorganization dated March 3, 2022.
The Debtor was incorporated on March 24, 2017. The Debtor generates
its revenue through a duplex which it owns on Ana Maria Island
which it markets as a vacation rental.
The Debtor filed for protection under Chapter 11 primarily to
reorganize its secured debtwith HMC Assets LLC. Prior to filing its
first bankruptcy case, the Debtor entered into an agreement with
HMC through which HMC agreed to accept $925,103.36 as full
satisfaction of the total obligation. On or about April 28, 2021,
after the dismissal of the first bankruptcy case, the Debtor
deposited $925,103.36 in the registry of the court for the Twelfth
Judicial Circuit.
Upon information and belief, HMC argued that it was no longer
required to abide by the settlement agreement. The circuit court
never ended up rendering a ruling, as the Debtor's hard money
lender ultimately decided in September 2021 that it was no longer
willing to wait for a resolution and requested the return of its
funds. At that point, the Debtor was left with no option other than
reorganizing through Chapter 11.
Pursuant to the Plan, each Allowed Secured Claim, at the election
of the Debtor, may (i) remain secured by a Lien in property of the
Debtor retained by such Holder, (ii) paid in full in cash
(including allowable interest) over time or through a refinancing
or a sale of the respective Asset securing such Allowed Secured
Claim, (iii) offset against, and to the extent of, the Debtor's
claims against the Holder, or (iv) otherwise rendered unimpaired as
provided under the Bankruptcy Code.
If an Allowed Secured Claim remains secured by a Lien in the
Debtor's Assets, the Holder of such Claim should not recognize gain
or loss except to the extent collateral securing such Claim is
changed, and the change in collateral constitutes a significant
modification of the Allowed Secured Claim within the meaning of
Treasury Regulations promulgated under Section 1001 of the IRC. If
an Allowed Secured Claim is paid in full in Cash, the Holder should
recognize capital gain or loss in an amount equal to the amount of
Cash received over the Holder's adjusted basis in the debt
instrument(s) underlying its Allowed Secured Claim.
Pursuant to the Plan, each Holder of an Allowed Unsecured Claim
shall receive, on account of such Allowed Claim, a Pro Rata
Distribution of Cash from the Plan Trust. To the extent the Holder
of an Allowed General Unsecured Claim receives less than full
payment on account of such Claim, the Holder of such Claim may be
entitled to assert a bad debt deduction or worthless security
deduction with respect to such Allowed Unsecured Claim.
To the extent that any amount received by a Holder of an Allowed
Unsecured Claim under the Plan is attributable to accrued but
unpaid interest and such amount has not previously been included in
the Holder's gross income, such amount should be taxable to the
Holder as ordinary interest income. Conversely, a Holder of an
Allowed Unsecured Claim may be able to recognize a deductible loss
to the extent that any accrued interest on the debt instruments
constituting such Claim was previously included in the Holder's
gross income but was not paid in full by the Debtors.
The Debtor's Plan will be funded by the continued operations of the
Debtor. The Debtor's proposed Plan provides for the continued
ownership of the Debtor's business and the continued operation of
the Debtor.
A full-text copy of the Disclosure Statement dated March 3, 2022,
is available at https://bit.ly/3pIH6QV from PacerMonitor.com at no
charge.
Attorney for Debtor:
Buddy D. Ford, P.A.
Buddy D. Ford, Esquire
Jonathan A. Semach, Esquire
Heather M. Reel, Esquire
9301 West Hillsborough Avenue
Tampa, FL 33615-3008
Tel.: (813) 877-4669
Fax: (813) 877-5543
Office Email: All@tampaesq.com
E-mail: Buddy@tampaesq.com
Jonathan@tampaesq.com
Heather@tampaesq.com
About DLVAM1302 North Shore
Anna Maria, Fla.-based DLVAM1302 North Shore, LLC, filed a petition
for Chapter 11 protection (Bankr. M.D. Fla. Case No. 21-05371) on
Oct. 20, 2021, disclosing $1,988,681 in total assets and $1,585,279
in total liabilities. Floyd Calhoun, manager, signed the petition.
The Debtor tapped Buddy D. Ford, P.A., as legal counsel.
EASTERN POWER: S&P Cuts Secured Debt Rating to 'B'; Outlook Stable
------------------------------------------------------------------
S&P Global Ratings lowered its senior secured rating on Eastern
Power LLC to 'B' from 'BB-' and removed the rating from
CreditWatch, where we placed it with negative implications on Feb.
15, 2022. The outlook is stable. The recovery rating remains '3',
indicating its expectations for meaningful recovery (30%-50%;
rounded estimate: 50%).
The stable outlook reflects S&P's expectation for average debt
service coverage ratios (DSCRs) above 2.0x through the term loan's
maturity in 2025.
Eastern Power is a project-financed portfolio of six merchant
assets totaling 3.7 gigawatts (GW). These plants service the
Pennsylvania-New Jersey-Maryland Interconnection (PJM; American
Electric Power, AEP, and Commonwealth Edison [ComEd] zones) and New
York Independent System Operator (NYISO, Zone J). Plants are:
-- Rolling Hills: 850 megawatts (MW) combustion turbine (CT),
sells into PJM AEP
-- Crete: 328 MW CT, sells into PJM ComEd
-- Lincoln: 656 MW CT, sells into PJM ComEd
-- U.S. Power Generating: three peaking facilities totaling 1,951
MW in NYISO Zone J (Astoria, Gowanus, Narrows)
Rolling Hills, Crete, and Lincoln are relatively young plants with
a weighted age of 18 years, while the New York peakers are
relatively old with a weighted age of 59 years. Combined, these
assets have a weighted age of 37 years by nameplate capacity.
The project is a diversified portfolio of six power plants in
different geographical regions, which provides revenue diversity to
service the term loan.
The portfolio has a stable cash flow profile from capacity revenues
for the full tenor of the term loan; S&P expects over 85% of
margins to come from capacity payments through the life of the
assets.
NYISO assets are in constrained pockets of the market, resulting in
a premium on capacity and energy revenues. The assets represent a
significant portion of New York City's capacity, and regulatory
support ensures the system meets reliability in critically
sensitive Zone J.
Sponsors implemented an attractive swap/hedging program that
benefits the portfolio and provides visibility into cash flow and
key metrics. Over 60% of the project's interest expense is hedged.
The portfolio significantly relies on capacity prices in NYISO and
any deviation from our expectations of Zone J prices materially
affects profitability.
The portfolio continues to have significant refinancing risk when
the term loan matures in 2025. Forecast term loan debt outstanding
at refinancing is $803 million.
The New York peakers are aged and will likely be affected by future
nitrogen oxide (NOx) regulations in Zone J. S&P assumes two of four
barges at Gowanus will retire in fourth-quarter 2022; the other two
Gowanus barges and Narrows retire in second-quarter 2025.
Lower cleared and projected capacity prices translate to lower
CFADS and DSCRs.
S&P said, "We recently lowered our forecast for future capacity
prices in both NYISO Zone J and PJM RTO and ComEd. These new price
assumptions result in a forecasted loss of roughly $900 million of
cumulative gross margin from 2022 to 2037, relative to our last
review. As a pure capacity play, Eastern lacks any significant
contributions from energy margin in its portfolio, which might
otherwise help offset the impact of lower capacity prices.
"On a last-12-months (LTM) basis, we expect the first half of 2023
to be the weakest period for credit metrics. In both PJM and NYISO,
Capacity prices are at their lowest in the second half of 2022 and
first half of 2023 in our forecast. We project a NY Zone J winter
price of $1.50/KW-month. This coincides with the beginning of the
2022/2023 PJM delivery year, which is priced at $50/MW-day for RTO
(down from $140/MW-day in the prior period) and $68.96/MW-day for
ComEd (down from $195.6/MW-day).
"Our minimum DSCR is 0.75x in first-quarter 2023. We also forecast
a DSCR of 0.80x in second-quarter 2023, before DSCRs begin to rise
to above 1.65x with the onset of Summer NY Zone J pricing. Despite
the DSCR below 1.0x, we do not see default risk in the near term.
These calculations focus on operating cash flows and do not include
non-operating items, such as proceeds from asset sales. We believe
Eastern has more than ample liquidity to continue to make debt
service payments during this short period of weakness before
coverage ratios begin to rise again. We also forecast the project
will have ample headroom to its credit agreement-defined 1.10x DSCR
covenant."
S&P has revised its expectations downward for Zone J, a negative
for portfolio margin.
Roughly 70% of Eastern's capacity revenue comes from its NYISO
assets. The most significant revision to our New York Zone J
assumptions is in the capacity prices for summer 2022 due to
significant demand destruction. S&P said, "We now expect it to
clear at levels similar to last summer. We expect Zone J prices to
recover by the 2023-24 auction year with retirements under the New
York State Department of Environmental Conservation (NYSDEC)
"Peaker Rule" beginning in May 2023, along with an additional
increase in locational capacity requirement (LCR) due to ComEd's
series reactors being brought back online in response to local
reliability issues associated with these retirements. We expect
higher prices to prevail until the offshore wind projects enter
service."
S&P has revised its expectations downward for PJM, a negative for
portfolio margin.
Roughly 30% of Eastern's capacity revenue comes from its PJM
assets. S&P said, "We have lowered our assumption by a modest
amount for the RTO to $45 per megawatt day (MW-day) for the
2023/2024 auction. This is lower than our $90/MW-day assumption for
the auction in 2021, largely because of the narrower definition of
the minimum offer price rule (MOPR), which results in the reentry
of nuclear supply and also because of the market seller offer cap
(MSOC) rule that limits generators' ability to pass compliance
costs that were previously allowed in capacity bids. We do see the
potential for 2023/2024 clearing even lower than this level."
S&P said, "We have also lowered our mean-reverting price for the
RTO to $85/MW-day, but we foresee near-term pricing pressure
because of the significant revisions to our load forecast. The
significant revision from our previous expectation of $120/MW-day
is because of the narrowly defined MOPR that requires mitigation of
an asset's influence on prices only if market power has been
identified as well as the MSOC, which obliges existing capacity to
bid lower. We note that under some reliability scenarios, we see
the potential for RTO prices in the $50-$60/MW-day range for two to
three years and could update our forecasts based on future
reliability requirements adjustments by the PJM."
The $85/MW-day longer-term assumption is somewhat aggressive and
requires that the planned coal-fired retirements will happen on
schedule. Pricing would come under pressure if they are instead
converted to natural gas units.
S&P now forecasts debt at maturity to be $803 million, up from $703
million in our previous review.
Lower assumed pricing through 2025 results in higher debt at
maturity ($803 million forecast versus $703 million in S&P's last
review) which must be refinanced; higher debt leads to higher debt
service payments in the post-refi period. Together with the
reduction in CFADS from 2025 to 2037 owing to lower capacity
prices, this results in DSCRs of about 1.03x in the post-refi
period.
S&P forecasts sufficient covenant headroom in all periods.
Eastern is subject to a minimum 1.10x DSCR covenant. In calculating
cash flows for this test, Eastern's credit agreement allows it to
include proceeds from asset sales and ignores major maintenance
expenses that are paid from a pre-funded major maintenance reserve
account, among other items, supporting credit. S&P said, "As noted
above, we do not include non-operating items, such as asset sale
proceeds, in our measure of CFADS. Therefore, Eastern's covenant
DSCRs tend to be higher than our DSCR measures. When considering
DSCRs as measured by Eastern's credit agreement, we forecast the
project will have sufficient headroom to its 1.10x covenant level
in each period of our forecast."
Real estate value continues to be a positive for credit.
S&P said, "We do not include asset or land sales in our measure of
CFADS or DSCRs. However, we do assume asset sale proceeds are used
to repay debt in our forecast, supporting credit metrics. With the
planned retirement of the Gowanus and Narrows peakers, we assume
the barges and associated land are sold in 2025 and that the sale
proceeds will enter the project's cash flow waterfall and will be
swept against the term loan in 2025 prior to maturity. After seeing
the proceeds Eastern was able to realize from the sale of its
Astoria tank farm last year, we have increased our sale proceeds
assumption for Gowanus and Narrows to $175 million from $150
million in our last review.
"The stable outlook reflects our forecast for average DSCRs above
2.0x through the term loan's maturity in 2025. We believe Eastern
has ample liquidity to cover any potential shortfalls from
operating cash flows in this period, and we further expect cash
flows and DSCRs to improve materially beginning in the second half
of 2023.
"We would consider lower ratings if we forecast debt outstanding at
maturity greater than $850 million or if the forecasted period of
weak debt service coverage lasts longer than we currently expect.
The most likely catalyst for this would be if NYISO capacity prices
do not rebound as expected in summer 2023.
"We would consider higher ratings if we forecast DSCRs above 1.15x
in each period of our forecast."
ELECTRO SALES: April 13 Plan Confirmation Hearing Set
-----------------------------------------------------
On Feb. 25, 2022, debtor Electro Sales & Service, Inc. filed with
the U.S. Bankruptcy Court for the Western District of Texas an
Amended Disclosure Statement describing the Amended Plan of
Reorganization.
On Feb. 28, 2022, Judge Michael M. Parker approved the Disclosure
Statement and ordered that:
* April 6, 2022, at 5:00 p.m. is fixed as the last day to file
written acceptances or rejections of the Amended Plan.
* April 6, 2022, if fixed as the last day to file any
objection to confirmation of the Amended Plan.
* April 13, 2022, at 9:30 A.M. in the United States Bankruptcy
Court for the Western District of Texas, Courtroom Number One,
Third Floor, Hipolito F. Garcia Federal Building and United States
Courthouse, 615 East Houston Street, San Antonio, Texas 78205 is
the hearing to consider confirmation of the Amended Plan.
A full-text copy of the order dated Feb. 28, 2022, is available at
https://bit.ly/35OTZC3 from PacerMonitor.com at no charge.
Attorney for the Debtor:
David T. Cain, Esq.
LAW OFFICE OF DAVID T. CAIN
8626 Tesoro Dr., Suite 811
San Antonio, Texas 78217
Tel: (210) 308-0388
Fax: (210) 503-5033
About Electro Sales & Service
Electro Sales & Service filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No.
21-50546) on May 3, 2021. At the time of the filing, the Debtor
disclosed $500,001 to $1 million in assets and $100,001 to $500,000
in liabilities. Judge Ronald B. King oversees the case. David T.
Cain, Esq., is the Debtor's legal counsel.
ELITE TRANSPORTATION: Seeks to Hire Mark J. Lazzo as Legal Counsel
------------------------------------------------------------------
Elite Transportation, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Kansas to hire Mark J. Lazzo, P.A. to
serve as legal counsel in its Chapter 11 case.
The Debtor requires legal assistance to prepare and present to the
court its bankruptcy schedules and Chapter 11 plan; review claims;
negotiate with creditors; arrange and negotiate sales; and file
adversary actions.
Mark Lazzo, Esq., and Justin Balbierz, Esq., the firm's attorneys
who will assist the Debtor in all aspects of its bankruptcy case,
will charge $300 per hour and $275 per hour, respectively.
As disclosed in court filings, the firm is a "disinterested person"
within the meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Mark J. Lazzo, Esq.
Mark J. Lazzo, P.A.
3500 N. Rock Road
Bldg. 300, Suite B
Wichita, KS 67226
Tel: (316) 263-6895
Email: mark@lazzolaw.com
About Elite Transportation
Elite Transportation, LLC owns and runs a trucking operation
headquartered in Wichita, Kan.
Elite Transportation sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Kan. Case No. 22-10110) on Feb. 25,
2022. In the petition signed by Crystal McCullough, manager, the
Debtor disclosed $439,913 in assets and $3,844,261 in liabilities.
Judge Mitchell L. Herren oversees the case.
Mark Lazzo, Esq., and Justin Balbierz, Esq., at Mark J. Lazzo, P.A.
serve as the Debtor's bankruptcy attorneys.
EXPRESS GRAIN: Primary Assets Sold to UMB Bank
----------------------------------------------
Kevin Edwards of Greenwood Commonwealth reports that the primary
assets of Express Grain Terminals LLC have been sold to UMB Bank,
the failed company's bankruptcy attorney has confirmed.
"We are going about the business now of winding up the sale and
transitioning from Express Grain over to UMB," Craig Geno said
Saturday, March 5, 2022.
The Kansas City, Missouri, bank, which is Express Grain's largest
creditor, was the "highest and best bidder," he said, for the
company's facilities in Greenwood, Sidon and Minter City, paying
$25 million at the auction held by the federal bankruptcy court on
Feb. 25, 2022.
The winning bid was initially reported a week ago by The Taxpayers
Channel, but before now it had not been publicly confirmed.
Geno said UMB Bank was a credit bidder, which means it was able to
purchase Express Grain's facilities -- three storage warehouses and
a soybean-processing plant -- using its bid amount against the more
than $70 million debt that the company owes to the bank. This would
reduce the debt to the bank to $45 million.
About Express Grain Terminals
Greenwood, Mississippi-based Express Grain Terminals, LLC, produces
soy products such as oil and biodiesel.
Express Grains Terminals and its affiliates, Express Biodiesel, LLC
and Express Processing, LLC, sought Chapter 11 protection (Bankr.
N.D. Miss. Lead Case No. 21-11832) on Sept. 29, 2021. At the time
of the filing, Express Grains Terminals listed up to $50 million in
assets and up to $100 million in liabilities. Judge Selene D.
Maddox oversees the cases.
The Law Offices of Craig M. Geno, PLLC, is the Debtors' legal
counsel.
UMB Bank, N.A., the Debtors' lender, is represented by Spencer Fane
LLP.
FEMUR BUYER: S&P Affirms 'CCC+' Issuer Credit Rating, Outlook Neg.
------------------------------------------------------------------
S&P Global Ratings affirmed its 'CCC+' issuer credit rating on
Femur Buyer Inc. and the 'CCC+' issue-level ratings on its
first-lien secured debt. S&P removed the ratings from CreditWatch,
where it placed them with negative implications on April 21, 2020,
due to pandemic-related uncertainties and tightening liquidity.
S&P's negative outlook reflects persistently high leverage,
projected cash flow deficits, and limited capacity for
underperformance that could raise liquidity concerns.
S&P said, "Our rating affirmation and negative outlook reflect our
view that the company's operating performance is improving, but
constraints such as labor costs will pressure EBITDA and keep
leverage high. Femur Buyer gradually improved quarter over quarter
in 2021 compared to 2020, with the fourth quarter expected to be
the best ($80 million revenue) since the beginning of the pandemic.
We estimate 2021 revenue to be about $315 million, a 2.5% increase
from 2020 and a 12.5% decrease from 2019. We expect demand for the
company's products will continue to increase as elective procedure
volumes recover and pre-pandemic revenues return in 2022. Price
increases effective the beginning of 2022 also support projected
revenue growth of about 14% in 2022.
"We project that EBITDA margin still will be under pressure given
ongoing labor constraints. For instance, direct labor costs as a
percentage of revenue increased more than 2% in the third quarter
of 2021 and more than 1% in the year-to-date period ended Sept. 30,
2021, compared to same periods in 2020. This will likely slow
EBITDA growth, leading to high leverage of more than 10x and FOCF
deficits of about $25 million in 2022.
"We removed the ratings from CreditWatch to reflect the company's
improving liquidity position.We estimate Femur Buyer will have
fixed charges of about $70 million in 2022 (including cash interest
payment of about $45 million, debt repayment of about $5 million,
and capital expenditure of about $20 million). The recently secured
$70 million revolver, which the company used to repay the balance
on its $100 million revolver, replenishes some availability on the
existing facility and alleviates covenant test pressure. We
estimate Femur Buyer can draw up to about $70 million of the $100
million revolver in 2022 without breaching the covenant. With
expected reported EBITDA of about $55 million in 2022 and about $20
million cash on hand as of Sept. 30, 2021, we expect the company
will cover its fixed charges over the next 12 months.
"Our negative outlook reflects the persistently high leverage, cash
flow deficits, and limited capacity for underperformance that could
raise liquidity concern."
S&P would lower the rating if:
-- Femur Buyer's operating performance deteriorates and free cash
flow deficits increase, constraining its ability to cover its
financial obligations over the subsequent 12 months and increasing
the risk of a covenant breach; or
-- The company completes a debt modification that S&P views as a
distressed exchange or payment default.
S&P could revise the outlook to stable if the company's operational
performance and liquidity position consistently improve.
FLORESDREAM LLC: Gets OK to Hire Cremers CPA as Accountant
----------------------------------------------------------
Floresdream, LLC received approval from the U.S. Bankruptcy Court
for the District of Nebraska to employ Cremers CPA as its
accountant.
The Debtor requires an accountant to properly operate and to assist
with its reorganization efforts, including the preparation of its
Chapter 11 plan.
The firm will charge $150 per hour for bookkeeping services and
$250 per hour for accounting, income tax and consulting services.
As disclosed in court filings, Cremers CPA does not represent
interests adverse to the Debtor and its estate.
The firm can be reached through:
Jeff Cremers, CPA
Cremers CPA
3628 N 163 Plaza
Omaha, NE 68116
Phone: 402-934-2922
Email: jeff@cremerscpa.com
About Floresdream LLC
Floresdream, LLC sought protection for relief under Chapter 11 of
the Bankruptcy Code (Bankr. D. Neb. Case No. 22-80046) on Jan. 24,
2022, listing up to $50,000 in assets and up to $100,000 in
liabilities. Judge Brian S. Kruse oversees the case.
John A. Lentz, Esq., at Lentz Law, PC, LLO and Cremers CPA serve as
the Debtor's legal counsel and accountant, respectively.
FORE AERO: Voluntary Chapter 11 Case Summary
--------------------------------------------
Debtor: Fore Aero Holdings, LLC
5933 Eden Drive
Haltom City, TX 76117
Business Description: Fore Aero is a turn-key aerostructure
manufacturing company providing aerospace
machined parts, complex assemblies, and
bonded panels.
Chapter 11 Petition Date: March 7, 2022
Court: United States Bankruptcy Court
Northern District of Texas
Affiliates that simultaneously filed Chapter 11 petitions:
Debtor Case No.
------ --------
Aero Components, LLC 22-40485
Fore Machine, LLC 22-40487
Fore Aero Holdings, LLC 22-40489
Fore Capital Holding, LLC 22-40490
Debtors' Counsel: Katherine A. Preston, Esq.
WINSTON & STRAWN, LLP
800 Capitol St
Suite 2400
Houston, TX 77002
Tel: (713) 651-2699
Fax: (713) 651-2700
Email: KPreston@winston.com
Debtors'
Financial
Advisor: ALVAREZ AND MARSAL NORTH AMERICA, LLC
Debtors'
Notice &
Claims Agent: BANKRUPTCY MANAGEMENT SOLUTIONS, INC.
D/B/A STRETTO
https://cases.stretto.com/ForeMachine
Fore Aero Holdings'
Estimated Assets: $10 million to $50 million
Fore Aero Holdings'
Estimated Liabilities: $1 million to $10 million
The petitions were signed by Jens Verloop as chief financial
officer.
Fore Aero Holdings did not file a list of its 20 largest unsecured
creditors together with the petition. A full-text copy of the
petition is available for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/IA66AHQ/Fore_Aero_Holdings_LLC__txnbke-22-40489__0001.0.pdf?mcid=tGE4TAMA
FORE MACHINE: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: Fore Machine, LLC
5933 Eden Drive
Haltom City, TX 76117
Business Description: Fore Machine manufactures aircraft engines
and engine parts.
Chapter 11 Petition Date: March 7, 2021
Court: United States Bankruptcy Court
Northern District of Texas
Case No.: 22-40487
Debtor's Counsel: Katherine A. Preston, Esq.
WINSTON & STRAWN LLP
800 Capitol St
Suite 2400
Houston, TX 77002
Tel: (713) 651-2699
Fax: (713) 651-2700
Email: KPreston@winston.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Jens Verloop as chief financial
officer.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/TNXX5DA/Fore_Machine_LLC__txnbke-22-40487__0001.0.pdf?mcid=tGE4TAMA
FOUNTAINS OF ST. AUGUSTINE: US Trustee Unable to Appoint Committee
------------------------------------------------------------------
The U.S. Trustee for Region 21, until further notice, will not
appoint an official committee of unsecured creditors in the Chapter
11 case of The Fountains of St. Augustine, LLC, according to court
dockets.
About The Fountains of St. Augustine
The Fountains of St. Augustine, LLC is a single asset real estate
debtor (as defined in 11 U.S.C. Section 101(51B)). The company is
based in Saint Augustine, Fla.
The Fountains of St. Augustine filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla.
Case No. 22-00090) on Jan. 13, 2022, listing as much as $10 million
in both assets and liabilities. Curt Geisler, manager, signed the
petition.
Judge Jacob A. Brown oversees the case.
Thomas C. Adam, Esq., at the Adam Law Group, P.A. serves as the
Debtor's legal counsel.
FOUR WOOD: Continued Operations to Fund Plan
--------------------------------------------
Four Wood Consulting and Publishing, LLC, Debtor Affiliates and
Thomas J. Ryan and Sherry M. Ryan, filed with the U.S. Bankruptcy
Court for the Southern District of Florida a First Amended Plan of
Reorganization dated March 3, 2022.
The Debtor Four Wood is a limited liability company that sells
advertising to local merchants as it has done since it began
operations in 2017.
The Debtors suffered a cyberattack in November 2019 in which the
company was hacked and was victim of ransomware. This attack had a
devastating impact upon sales, which was compounded by the COVID-19
pandemic which began shortly thereafter, further creating a
circumstance where income was insufficient to cover debt service.
The Plan Proponent's financial projections show that the Debtor
will have projected disposable income of $325.00 per month. The
final Plan payment is expected to be paid in month 60 after the
Effective Date, which will be 15 days after entry of an order
confirming the plan, as amended.
This plan's feasibility rests in part upon the exceptionally
nominal proposed plan payment of $166.67 per month. The Monthly
Operating Reports already demonstrate that this payment will be
easily met, but because it is such a low figure, even in the event
of another financial setback – which is not anticipated – the
Debtors will be able to make the payment simply by readjusting
their monthly expenses on a temporary basis.
Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of the plan has valued
at approximately 0.01 cents on the dollar. This Plan also provides
for the payment of administrative and priority claims.
Class 1 consists of the Secured claim of Truist against both
Debtors. Truist Bank holds a claim of roughly $1,000,000.00 secured
by property of Four Wood which Truist has valued at $1,300.00 which
will be paid at $166.67 per month starting Month 1 through Month 8
with a final payment in Month 9 of $14.31; which amount includes
interest at 5.5%, in full satisfaction of the secured portion of
Truist's claim. The balance of Truist's claim shall be included as
a part of the General Unsecured Class 2.
Class 2 consists of Non-priority unsecured against both Debtors.
Allowed non-priority unsecured creditors will, starting on the
Effective Date, be paid a pro rata share of $152.36 payable in
month 9 plus $166.67 payable monthly from Months 10 through 61.
Class 3 consists of Equity security holders of Four Wood and Ryan's
Interest in Property. Plan proposes that the Equity Interest
Holders will retain their interests, subject to applicable
provisions of the Bankruptcy Code, in accordance with 11
U.S.C.§1129(b)(2)(A) and (B). No plan payments will be made to
this Class.
Class 4 consists of the Secured clam of Ally Financial (Ryans
only). The claim of Ally Financial secured by the individual
Debtor's 2019 Toyota Camry is being paid in accordance with the
terms of the original note.
Funds to be used to make cash payments under the Plan shall derive
from income and operations of the Debtor.
A full-text copy of the First Amended Plan dated March 3, 2022, is
available at https://bit.ly/3vMvvUP from PacerMonitor.com at no
charge.
Counsel for the Debtors:
David Lloyd Merrill, Esq.
The Associates
2401 PGA Boulevard, Suite 280M
Palm Beach Gardens, FL 33410
Tel: 561-877-1111
Email: dlm@theassociates.com
About Four Wood Consulting
West Palm Beach, Fla.-based Four Wood Consulting and Publishing,
LLC filed a petition for Chapter 11 protection (Bankr. S.D. Fla.
Case No. 21-18183) on Aug. 24, 2021, listing $8,495 in assets and
$1,189,874 in liabilities. Sherry Ryan, managing member, signed
the petition. Judge Erik P. Kimball oversees the case. The Debtor
tapped David Lloyd Merrill, Esq., at The Associates as legal
counsel.
GARY L. WRIGHT: $850K Sale of Rutledge Property to Hughes Approved
------------------------------------------------------------------
Judge A. Benjamin Goldgar of the U.S. Bankruptcy Court for the
Northern District of Illinois authorized Gary L. Wright to sell the
real property located at 1005 Baye Road, in Rutledge, Grainger
County, Tennessee, to Edward P. Hughes and Maria J. Greco-Hughes
for $850,000, free and clear of all liens, encumbrances, and
interests.
The Debtor is authorized to execute any documents as may be
reasonable and necessary to consummate the sale of the Property,
including but not limited to executing a Warranty Deed transferring
said property to the Purchasers.
The Debtor is authorized to pay from the sale proceeds the amounts
set forth on Exhibit B attached to the Sale Motion for the
following expenses: (i) any unpaid real estate taxes; (ii) unpaid
homeowner association fees and assessments; (iii) the real estate
commission in the aggregate amount of no more than $42,500 owed to
ReMax Real Estate Ten Midtown and Lake Homes Realty; and (iv) title
charges, transfer tax, recording fees, loan charges and property
tax pro-rations. The Debtor may also pay from the sale proceeds any
additional interest related to property taxes to the extent
additional interest has accrued for any property taxes from and
after Feb. 17, 2022, but in no event will such additional amounts
exceed $1,500 without the written consent of Pan American Bank.
The Debtor is authorized to pay from the sale proceeds the sum of
$652,947.16 (as of Feb. 28, 2022, plus any interest per diem in the
amount of $40.07 per day due up to the date of sale) to Bank of
America in full satisfaction of Bank of America's secured claim.
The Debtor will request a current payoff statement prior to
closing, and that any payoff not be expired prior to any closing.
The Debtor is authorized and directed to pay any remaining sale
proceeds, after payment of those expenses set forth, to Pan
American Bank.
The $20,000 payment from the Purchasers for the personal property
maintained on the subject property will be distributed equally
between the Debtor and his spouse, Roberta Wright. The Debtor's
portion of said funds will be deposited into the Debtor's
Debtor-in-Possession Account.
Pan American Bank does not waive any deficiency and reserves all of
its rights with respect to any deficiency claim against the Debtor
and his estate and any unpaid amounts owed to it.
The funds from the sale of the subject property will be remitted to
Bank of America and Pan American Bank within 48 hours of the close
of escrow.
The parties will have 30 days from the date of entry of the Order
to con-summate said sale.
The 21 days' notice of the Motion given to the United States
Trustee and all creditors of the Debtor in accordance with
Bankruptcy Rule 2002-1 is sufficient, and no further notice is
required.
Gary L. Wright sought Chapter 11 protection (Bankr. N.D. Ill. Case
No. 21-06349) on May 14, 2021. The Debtor tapped Chris Rouskey,
Esq., as counsel.
GENTREE LLC: Amends Unsecured Claims Pay Details
------------------------------------------------
Gentree, LLC, submitted an Amended Disclosure Statement in support
of Plan of Reorganization dated March 1, 2022.
The Debtor is proposing a Plan to restructure its indebtedness. The
Debtor proposes this Plan to emerge from these Chapter 11
proceedings as a functioning and financially stable company.
The Plan provides for the payment of Administrative Expenses
incurred by professionals and priority claims on the Effective
Date; the payment of Priority Tax Claims and Tax Claims in full on
the Effective Date, the payment of the Thunderbird Orion agreement
claim in full with interest six months after the Effective Date;
paying the Smoke Tree secured claim by making monthly payments at
the Plan Rate over a period of years with interest-only payments
during the first year after the Effective Date and monthly payments
based on a twenty year amortization schedule with a balloon payment
in four years; payment in full of the general unsecured claims with
half of the Allowed Claims being paid on the Effective Date and
half being paid with interest at the Plan Rate 12 months after the
Effective Date; and the conversion of the 7101 Holdings, LLC
("7101") Claim and the DIP Loan to a Pari Passu interest in the
Reorganized Debtor with a new investor, LaPour Partners, Inc
("LaPour"), by existing equity in exchange for a new value
contribution of $100,000, the satisfaction of the Debtor in
Possession Loan, and the satisfaction of one half of the 7101 Class
6 Claim.
LaPour, an experienced developer of hotels and commercial
properties, will acquire the remaining equity in the Reorganized
Debtor in exchange for its equity contributions along with 7101 for
the payment of Plan obligations and renovation of the Resort.
The Plan is funded by an equity investment from LaPour in the
Reorganized Debtor, the New Value Contribution by current equity,
future advances from LaPour and 7101, the Condemnation Proceeds,
and revenue from the Debtor's business operations. Debtor's
postConfirmation net income from business operations will come from
the restaurant property, special event income, and the rental of
rooms.
Class 5 consists of the Allowed Unsecured Claims and all Claims not
otherwise classified. Class 5 includes the following claims: Beus
Gilbert McGroder PLLC, Coe & Van Loo Consultants, Inc. and Peterson
Architecture, LLC. It also includes Allowed Claims from Creditors
who have filed proofs of claim to which the Debtor has not filed a
timely objection or are otherwise Allowed. Class 5 does not include
the unsecured claim of 7101 Holdings, LLC.
All Allowed Class 5 Claims shall accrue interest at the Plan Rate
and be paid their Allowed Claim in full in two payments; one half
of a Class 5 Allowed Claim will be paid on the Effective Date and
the remaining amount shall be paid in full, with interest, on the
date that is the first day of the month that is 12 months after the
Effective Date. Class 5 is Impaired by the Plan.
Class 6 consists of the unsecured claim of 7101 Holdings, LLC which
is the sole member of the Debtor in the amount of $3,110,053.12.
One half of the Allowed Class 6 Claim shall be converted to a
membership interests in the Reorganized Debtor in exchange for the
satisfaction of one half (approximately $1,600,000.00) of the
Allowed Class 6 Claim; the other half of the Allowed Class 6 Claim
shall be subordinated to all other Classes and Claims and the
investments in equity by 7101 and LaPour. Class 6 is Impaired by
the Plan.
Class 7 consists of the equity interests represented by the
membership interest in the Debtor. On the Effective Date, the sole
member shall convert its DIP loan up to $120,000, and one half of
the amount owing on its Class 6 Claim and contribute the New Value
Contribution in the amount of $100,000.00 in Cash to the
Reorganized Debtor in exchange for its Pari Passu interest of
equity interests of the Reorganized Debtor. LaPour, in exchange for
its contributions of equity, will receive the remainder of the
interest in Pari Passu. Class 7 is Impaired by the Plan.
The new value is necessary for a successful reorganization. The
Debtor expects to use the New Value Contribution to pay amounts due
under the Plan on the Effective Date, including the Estate's
Administrative Expenses required to be paid on the Effective Date.
Absent the New Value Contribution, the Debtor would not be able to
successfully reorganize.
The Plan will be funded by the following:
* The Class 7 Equity Interests shall convert any existing DIP
loan it has advanced up to $120,000, and contribute the New Value
Contribution of $100,000.00 in cash on or before the Effective
Date, and will credit $1,600,000 from its Class 6 claim in exchange
for an interest Pari Passu with LaPour of the equity interests in
the Reorganized Debtor;
* The Condemnation Proceeds received and to be received;
* Future operation of the Resort including the restaurant
property, bar, patio, special event income, and the rental of
rooms;
* LaPour and 7101 shall provide equity contributions for
payment of the Effective Date Payments, Administrative Expenses and
the Claims in Class 2: Maricopa County, any shortfall in the Plan
payments of the Class 4: Secured Claim of Smoke Tree, LLC, and
Class 5: Unsecured Claims and all Plan and operating expenses.
* LaPour and 7101 will provide funds to renovate the Resort
pursuant to a capital budget to be mutually developed by the
Reorganized Debtor and LaPour and 7101 as described in the
Effectuating Documents; and
* LaPour and 7101 shall fund, on an as-needed basis, one
hundred percent (100%) of all expenses going forward, including,
but not limited to, payments required by this Plan, taxes,
maintenance, legal, planning, and construction.
A full-text copy of the Amended Disclosure Statement dated March 1,
2022, is available at https://bit.ly/35qAeRr from PacerMonitor.com
at no charge.
Attorneys for Gentree, LLC:
Dale C. Schian, Esq.
Kortney K. Otten, Esq.
Gallagher & Kennedy, P.A.
2575 East Camelback Road
Phoenix, AZ 85016-9225
Tel: (602) 530-8000
Fax: (602) 530-8500
Email: kortney.otten@gkent.com
About Gentree LLC
Gentree LLC, a privately held company in Phoenix, Ariz., filed its
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. D. Ariz. Case No. 21-05347) on July 12, 2021. Taylor
Robinson, authorized agent of 7101 Management, LLC, signed the
petition. At the time of the filing, the Debtor had between $10
million and $50 million in both assets and liabilities. Dale C.
Schian, Esq., at Gallagher & Kennedy, P.A., is the Debtor's legal
counsel.
GLOBAL CARIBBEAN: April 19 Plan Confirmation Hearing Set
--------------------------------------------------------
Global Caribbean, Inc., filed with the U.S. Bankruptcy Court for
the Southern District of Florida an Amended Disclosure Statement
describing Chapter 11 Plan. On March 3, 2022, Judge Scott M.
Grossman approved the Amended Disclosure Statement and ordered
that:
* April 19, 2022 at 9:30 a.m. at the U.S. Courthouse, 299 E.
Broward Blvd, Courtroom 308, Fort Lauderdale, FL 33301 is the
confirmation hearing and hearing on fee applications.
* April 5, 2022 is the deadline for filing objections to
confirmation.
* April 5, 2022 is the deadline for filing ballots accepting
or rejecting plan.
* April 14, 2022 is the Proponent's deadline for filing
Proponent's Report and Confirmation Affidavit.
A full-text copy of the order dated March 3, 2022, is available at
https://bit.ly/3HLKSzc from PacerMonitor.com at no charge.
Attorneys for the Debtor:
Brian S. Behar, Esq.
BEHAR, GUTT & GLAZER, P.A.
DCOTA, Suite A-350, 1855 Griffin Rd.
Ft. Lauderdale, FL 33004
Tel: (305) 931-3771
Fax: (305) 931-3774
About Global Caribbean Inc.
Global Caribbean, Inc., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 21-14402) on May 4,
2021, disclosing total assets of up to $500,000 and total
liabilities of up to $1 million. Judge Scott M. Grossman oversees
the case.
Brian S. Behar, Esq., at Behar, Gutt & Glazer, P.A., and Berkowitz
Pollack Brant Advisors CPAS, LLP, serve as the Debtor's legal
counsel and accountant, respectively.
GLOBAL CARIBBEAN: Unsecureds Will Get 46% of Claims in Plan
-----------------------------------------------------------
Global Caribbean, Inc., submitted true copy of the Amended
Disclosure Statement describing Plan of Reorganization dated March
3, 2022.
The Plan contemplates that funding for the distribution to the
secured creditors and the general unsecured creditors holding an
allowed claim in this case will be derived from proceeds received
by the Debtor in its operations, which at this point is mainly in
recover on its accounts receivable.
Class 1 consists of the unsecured claims held by Citibank, N.A.,
("Citibank"). Citibank has filed two separate proofs of claim. One
claim, assigned claim # 13 by the Bankruptcy Clerk, is in the
amount of $36,194.68, ("First Claim"). The second proof of claim
filed by Citibank, was assigned claim # 14 by the Bankruptcy Clerk,
and is in the amount of $103,079.84, ("Second Claim"). To the
extent that either the First Claim or Second Claim are not
forgiven, and are otherwise allowed in this bankruptcy case, then
within 14 days after a final determination on that issue by a court
of competent jurisdiction to make that determination, the Debtor
shall pay on account of the allowed Class one claim(s), and in full
satisfaction of said class one claims, the following: $10,000.00.
Class 1 is impaired.
Class 2 consists of the Unsecured General Claims that are not Class
One claims. Upon the Effective Date of the Plan, the Debtor will
cause a payment to the Class 2 creditors holding Allowed Class 2
claims, of a total combined sum of $80,000.00, ("Initial
Distribution"). Thereafter, on the third month anniversary of the
Court entering the Order Confirming the Plan, and subject to
sufficient funds being available from the Debtor's continuing
efforts to collect its accounts receivable, another and final
payment up to the total amount of $70,000.00, ("Second
Distribution"), will be made to the Class 2 creditors holding
Allowed Class 2 claims.
The Debtor estimates the total amount of Class 2 claims, subject to
pending or future claim objections, is approximately $326,000.00,
excluding an insider claim in the amount of $1,502,920.00, which
will not receive a distribution pursuant to the Plan. The combined
distribution from the Initial Distribution and the Second
Distribution represents a potential distribution of 46% on account
of the Allowed Class 2 claims. This payment should be received
within six months of the date of this Disclosure.
Class 3 consists of all Interests in the Debtor. Jose Luis Rivera
and Sandra Aileen Rivera, are the sole owners of the Debtor. The
Class 3 are insiders of the Debtor. Class 3 shall receive no
Distributions on account of their Interests. All pre-petition
interests in the Debtor shall be remain.
The Plan contemplates that funding the distributions set forth in
the Plan will be derived from the operations of the Debtor's
business, which currently is comprised of collection of accounts
receivable. Further, the Class 3 equity holders have agreed to pay
and satisfy from their own personal funds, the funds needed to pay
the allowed professional fees incurred by the Debtor in this
chapter 11 case. These professional fees are owed by the Debtor,
but the Class 3 equity holders have agreed to pay these fees and
costs. Creditors should be mindful of the waiver of a distribution
by the insiders on account of their class 2 claim should the Plan
be confirmed. This waiver, along with the payment by the Class 3
equity holders of the professional fees that would otherwise need
to be paid by the Debtor, allows more monies to be allocated to the
other creditors of this case.
The Bankruptcy Court has scheduled a hearing on whether to confirm
the Plan for April 19, 2022 at 9:30 a.m. In order for a ballot to
be counted it must be received by Clerk of the Bankruptcy Court,
Southern District of Florida, U.S. Courthouse, 299 E. Brow ard
Blvd., Room 112, Ft. Lauderdale, FL 33301, by the close of business
on April 5, 2022.
This Disclosure Statement has been approved by the United States
Bankruptcy Judge Scott M. Grossman as containing adequate
information to enable creditors to make an intelligent decision
whether to accept or reject the Plan, and it is the only authorized
statement with respect to the Plan.
A full-text copy of the Amended Disclosure Statement dated March 3,
2022, is available at https://bit.ly/3pFOZ9X from PacerMonitor.com
at no charge.
Attorneys for the Debtor:
Brian S. Behar, Esq.
BEHAR, GUTT & GLAZER, P.A.
DCOTA, Suite A-350, 1855 Griffin Rd.
Ft. Lauderdale, FL 33004
Tel: (305) 931-3771
Fax: (305) 931-3774
About Global Caribbean Inc.
Global Caribbean, Inc., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 21-14402) on May 4,
2021, disclosing total assets of up to $500,000 and total
liabilities of up to $1 million. Judge Scott M. Grossman oversees
the case.
Brian S. Behar, Esq., at Behar, Gutt & Glazer, P.A., and Berkowitz
Pollack Brant Advisors CPAS, LLP, serve as the Debtor's legal
counsel and accountant, respectively.
GMJ MACHINE: Unsecureds to be Paid in Full over 120 Months
----------------------------------------------------------
GMJ Machine Company, Inc., submitted a First Amended Disclosure
Statement describing Plan of Reorganization dated March 3, 2022.
In the opinion of GMJ Machine, the Plan is the best available
option for creditors. Based on an examination of alternatives to
the Plan, it is its belief that none of the other alternatives
afforded creditors as great recovery as does the Plan.
Class 3 consists of the Byline Bank Claim. Byline is a secured
creditor of Debtor pursuant to a January 9, 2015, loan to Debtor in
the original principal amount of $2,500,000.00 ("Loan I"). Loan I
is evidenced by, amongst other items, that certain U.S. Small
Business Administration Note dated January 9, 2015 from Debtor to
Byline in the original principal amount of $2,500,000.00, as
modified by that certain First Amendment to U.S. Small Business
Administration Note dated effective date as of December 28, 2017
(collectively, "Note I") with a maturity date of January 9, 2030.
As security for Loan I, Debtor executed and delivered to Byline
that certain SBA Security Agreement dated January 9, 2015
("Security Agreement I"), whereby Debtor granted Byline a security
interest in Debtor's then owned and thereafter acquired equipment,
inventory, accounts, instruments, chattel paper, general
intangibles, and all related replacements, accessions, products,
and proceeds (collectively "Collateral"). As of December 31, 2021,
the balance due and owing on Loan I totaled $1,761,904.66 which
includes principal, interest and certain related fees and costs
("Byline Allowed Claim I").
Byline Allowed Claim I is fully secured. Byline Allowed Claim I
shall be repaid beginning on the first day of the month following
the effective date at 6% interest in equal monthly payments of
principal and interest of $5,500.00 for a period of 36 consecutive
months.
At the end of this 36 month period the balance then due and owing
on Byline Allowed Claim I shall be re-amortized over a period of 72
months and repaid in equal monthly installments of principal and
interest at 6% interest beginning on the first day of the 37th
month following the effective date with a final payment due on
January 9, 2030 for all amounts due and owing under Loan I.
Byline is further a secured creditor of Debtor pursuant to February
5, 2025, loan to Debtor in the original principal amount of
$250,000.00 ("Loan II" and, collectively with Loan I, "Loan").
Byline Allowed Claim II is fully secured. Byline Allowed Claim I
shall be repaid beginning on the first day of the month following
the effective date at 6% interest in equal monthly payments of
principal and interest with a final payment due on February 5, 2025
for all amounts due and owing under Loan II. Loan II is further
secured by certain personal guarantees from non-debtor third party
obligors.
Class 4 consists of the Secured Claim of the Internal Revenue
Service. The Debtor currently owes the Internal Revenue Service a
claim of approximately $536,528.61 less any payments made prior to
plan confirmation. The secured claim of the Internal Revenue
Service shall be paid in full in equal installments payments in
Cash over a term of 36 months from the first day of the month
following the effective date of the Plan, beginning on the first
day of the month following the effective date of the Plan, with
interest at 3% per annum.
Class 6 consists of Unsecured Creditors. The Holders of Allowed
Unsecured Claims will receive their allowed unsecured claim amount
paid in full in equal, consecutive monthly payments over 120 months
beginning on the date that is thirty days after the effective date
and on a monthly basis for 119 additional months thereafter.
The Debtor will pay and discharge all taxes, assessments and
governmental charges or levies imposed upon it or upon its income
or profits, or upon any properties belonging to it prior to the
date upon which penalties attach thereof, and all lawful claims
which, if unpaid, might become a lien or charge upon any said
properties, provided that it shall not be required to pay any such
tax, assessment, charge, levy or claim that is being contested in
good faith by proper proceedings or that was assessed prior to the
Petition Date and is not otherwise provided for herein.
A full-text copy of the First Amended Disclosure Statement dated
March 3, 2022, is available at https://bit.ly/35GJ3X8 from
PacerMonitor.com at no charge.
Attorney for Debtor:
J. WILLIS GARREEIT, III
GALLOWAY, WETTERMARK,
& RUTENS, LLP
POST OFFICE BOX 16629
MOBILE, ALABAMA 36616
(251) 476-4493
About GMJ Machine Company
GMJ Machine Company, Inc. manufactures specialized components for
the aerospace, defense, general aviation and energy industries.
GMJ Machine Company sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Ala. Case No. 20-10632) on Feb. 27,
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 Jerry C. Oldshue oversees the case. Robert M. Galloway,
Esq., at Galloway, Wettermark & Rutens, LLP, is the Debtor's legal
counsel.
GOODNIGHT WATER: Moody's Withdraws B3 CFR on Uncompleted Debt Issue
-------------------------------------------------------------------
Moody's Investors Service has withdrawn all assigned ratings for
Goodnight Water Solutions, LLC, including its B3 Corporate Family
Rating, because the company did not complete its proposed debt
issuance.
Withdrawals:
Issuer: Goodnight Water Solutions, LLC
Corporate Family Rating, Withdrawn , previously rated B3
Probability of Default Rating, Withdrawn , previously rated B3-PD
Senior Secured Bank Credit Facility, Withdrawn , previously rated
B3 (LGD4)
Outlook Actions:
Issuer: Goodnight Water Solutions, LLC
Outlook, Changed To Rating Withdrawn From Positive
RATINGS RATIONALE
The ratings were withdrawn because Goodnight did not issue its
proposed $400 million senior secured term loan B.
Goodnight, headquartered in Dallas, Texas, is a privately owned
company that owns and operates produced water midstream
infrastructure critical for oil production. The company is majority
owned by Tailwater Capital.
GULF COAST: Court Okays Chapter 11 Disclosures Following Settlement
-------------------------------------------------------------------
Leslie A. Pappas of Law360 reports that bankrupt nursing home chain
Gulf Coast Health Care LLC got court approval Friday, March 4,
2022, to send out disclosures about its Chapter 11 liquidation plan
after overcoming objections from dissenting noteholders and
reaching a global settlement with lenders, landlords and unsecured
creditors.
U.S. Bankruptcy Judge Karen B. Owens of the District of Delaware
gave her nod to Gulf Coast's disclosure statement at a virtual
hearing Friday, overruling objections from a group of noteholders
led by Delta Health Group LLC that the amended version of the plan
filed Tuesday, March 1, 2022, made significant changes that
undercut their interests.
About Gulf Coast Health Care
Gulf Coast Health Care, LLC is a licensed operator of 28 skilled
nursing facilities comprising nearly 3,350 licensed beds across
Florida, Georgia, and Mississippi. It provides short-term
rehabilitation, comprehensive post-acute skilled care, long-term
care, assisted living, and therapy services in each of its
facilities.
Gulf Coast Health Care and 61 affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 21-11336) on Oct. 14,
2021. In the petition signed by Benjamin M. Jones as chief
restructuring officer, Gulf Coast Health Care listed up to $50
million in assets and up to $500 million in liabilities.
The cases are handled by Judge Karen B. Owens.
The Debtors tapped McDermott Will & Emery LLP and Ankura Consulting
Group LLC as legal counsel and restructuring advisor, respectively.
M. Benjamin Jones of Ankura serves as the Debtors' chief
restructuring officer. Epiq Corporate Restructuring, LLC, is the
claims, noticing, and administrative agent.
On Oct. 25, 2021, the U.S. Trustee for Region 3 appointed an
official committee of unsecured creditors in the Debtors' Chapter
11 cases. Greenberg Traurig, LLP, and FTI Consulting, Inc., serve
as the committee's legal counsel and financial advisor,
respectively.
The Debtor filed its proposed Chapter 11 plan and disclosure
statement on Oct. 28, 2021.
GULF COAST: Govt. Lawyer Previews Fight Over Abuse Claims
---------------------------------------------------------
Maria Chutchian of Reuters reports that Joseph McMahon,
representing the U.S. Trustee's office, said during a hearing
before U.S. Bankruptcy Judge Karen Owens in Wilmington, Delaware,
that his office will challenge what he described as non-consensual
releases of certain legal claims brought by residents and their
families against Gulf Coast Health Care and people and entities
with ties to the company.
Gulf Coast, which operates 28 nursing homes across Florida, Georgia
and Mississippi, filed for bankruptcy in October with more than
$200 million in debt, including $49 million in rent owed to its
principal landlord, Omega Healthcare Investors. Gulf Coast has been
in the process of transferring its facilities to new operators,
including Consulate Health Care, Ventura Services - Florida,
Citadel Care Centers and Bedrock Care.
The company, which ran more than 50 facilities at its peak, blamed
the COVID-19 pandemic for the decrease in occupancy levels,
staffing shortages and increased costs for labor and personal
protective equipment. It was one of several nursing home systems to
seek bankruptcy relief as the pandemic led to nursing shortages and
higher death rates among the elderly. One of the new operators
taking over Gulf Coast facilities, Consulate Health Care, went
through its own bankruptcy last year.
Owens, who gave Gulf Coast the green light to solicit creditor
votes for its plan on Friday, said she was "not surprised" to hear
McMahon's concern.
"That caught my eye as well," she said.
As of October, the company faced 167 personal injury or wrongful
death claims or notices of claims, according to court papers.
The U.S. Department of Health and Human Services has a claim
related to money it distributed to the company during the pandemic.
Around $2.3 million went to certain Gulf Coast entities after they
stopped operating nursing facilities, HHS contends. A lawyer for
HHS, Augustus Curtis, told Owens during Friday’s hearing that the
money needs to be returned.
General unsecured creditors are expected to see between 17% and 21%
recoveries under the plan.
Gulf Coast entered bankruptcy with a restructuring support
agreement backed by pre-bankruptcy lenders, Omega, certain service
providers and the company’s owners, which include Barrow Street
Capital LLC.
Gulf Coast’s lawyers will seek approval of the plan at a hearing
on April 19 before Owens.
About Gulf Coast Health Care
Gulf Coast Health Care, LLC is a licensed operator of 28 skilled
nursing facilities comprising nearly 3,350 licensed beds across
Florida, Georgia, and Mississippi. It provides short-term
rehabilitation, comprehensive post-acute skilled care, long-term
care, assisted living, and therapy services in each of its
facilities.
Gulf Coast Health Care and 61 affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 21-11336) on Oct. 14,
2021. In the petition signed by Benjamin M. Jones as chief
restructuring officer, Gulf Coast Health Care listed up to $50
million in assets and up to $500 million in liabilities.
The cases are handled by Judge Karen B. Owens.
The Debtors tapped McDermott Will & Emery LLP and Ankura Consulting
Group LLC as legal counsel and restructuring advisor, respectively.
M. Benjamin Jones of Ankura serves as the Debtors' chief
restructuring officer. Epiq Corporate Restructuring, LLC, is the
claims, noticing, and administrative agent.
On Oct. 25, 2021, the U.S. Trustee for Region 3 appointed an
official committee of unsecured creditors in the Debtors' Chapter
11 cases. Greenberg Traurig, LLP, and FTI Consulting, Inc., serve
as the committee's legal counsel and financial advisor,
respectively.
The Debtor filed its proposed Chapter 11 plan and disclosure
statement on Oct. 28, 2021.
HAN SOK KIM: Bid to Withdraw Ch. 11 Trustee Appointment Granted
---------------------------------------------------------------
Judge Sandra R. Klein of the U.S. Bankruptcy Court for the Central
District of California entered an order approving the motion of
Western Palaside, Inc., the creditor of the bankruptcy estate of
Han Sok Kim and Seung Hee Kim, withdrawing a bid for the
appointment of a Chapter 11 trustee for the Debtor or,
alternatively, converting the case to Chapter 7.
Judge Klein likewise approved Western Palaside's Stipulation
Resolving Debtors' Objection to Claim 10-1.
About Han Sok Kim and Seung Hee Kim
Han Sok Kim and Seung Hee Kim filed a petition for Chapter 11
protection (Bankr. C.D. Cal. Case No. 21-12426) on March 25, 2021,
listing up to $10 million in assets and liabilities. Both Debtors
signed the petition.
The Debtors tapped A.O.E Law & Associates, APC as legal counsel.
HERITAGE RAIL: Unsecureds to Get At Least $500K in Liquidating Plan
-------------------------------------------------------------------
The Chapter 11 trustee of Heritage Rail Leasing, LLC, filed an
Amended Plan of Liquidation and a Disclosure Statement for the
Debtor.
Reorganization of Heritage was not a viable option. Heritage had
virtually no money and no revenue. Its vintage railcars and
locomotives were largely encumbered with large, defaulted loans and
scattered about the U.S. exposed to the elements and vandalism and
accruing storage fees in unspecified amounts.
As of the date of this Disclosure Statement, the Trustee has
concluded sales of 78 railcars and locomotives for over $5.5
million in the aggregate. From those proceeds Trustee has paid
$1,910,000 toward the Big Shoulders settlement amount leaving
$800,000 still due. The Trustee holds over $1,700,000 in the
Mississippi Department of Transportation ("MDOT") separate escrow
account securing an outstanding balance on the Granada loan of
$1,357,136, as of December 30, 2021. In addition, Trustee holds
over $800,000 in the estate's general account.
The Plan is a liquidating Plan based on the recognition that
Heritage has no employees or active business to reorganize.
Consequently, the Plan provides for the satisfaction of its reaming
secured creditors from the sale of collateral; pays all of its
Administrative and Priority Claims in full and distributes its
remaining assets and cash to the Liquidating Trust. The
Liquidating Trust will then complete the administration of
Heritage's affairs, sell remaining assets, pursue or settle the
litigation clams retained and transferred to the Liquidating Trust,
and distribute the net proceeds to the holders of Allowed Unsecured
Claims.
Under the Plan, holders of Class 3 Allowed Unsecured Claims will be
paid pro rata by the Liquidating Trust from funds available for
distribution after payment of the items listed above. Funds
available for distribution will be all funds in the Liquidating
Trust net of Liquidating Trust expenses. Distributions will be made
periodically. The Plan calls for a Minimum Initial Distribution to
unsecured creditors of $500,000 on or before June 30, 2022, which
will be distributed pro rata to holders of general unsecured
claims. Distributions will be made quarterly thereafter. The source
of additional payments is expected to be proceeds from remaining
sales, litigation recoveries, if any, and release of funds from the
MDOT escrow from time to time as that obligation is reduced.
Unsecured claims are designated as Class 3. The holders of Class 3
claims are designated by name in 2 groups. The first group is those
holders whose Class 3 claims are deemed allowed in the amounts
specified in the Plan. Holders in this group need take no further
action and will be paid pro rata. The second group consists of
those holders of potential Class 3 claims whose claims are subject
to dispute. Holders in this group need to work with or litigate
with the Trustee to resolve their claims. Holders in this group
will receive their share of pro rata distributions only to the
extent their claims are finally allowed.
Following the Effective Date of the Plan, the Liquidating Trust
will be formed and all remaining assets will be transferred to it
in trust. The Trustee, Tom H. Connolly, will be Liquidating Trustee
and estate agent pursuant to 11 U.S.C. Sec. 1142(b) for the purpose
of carrying out the terms of the Plan and taking all actions deemed
necessary or convenient to consummating the terms of the Plan. He
will receive $300 per hour in compensation and may hire attorneys
and other professionals as he deems necessary.
Attorneys for Chapter 11 Trustee:
Michael J. Pankow, Esq.
Amalia Sax-Bolder, Esq.
BROWNSTEIN HYATT FARBER SCHRECK, LLP
410 17th Street, Suite 2200
Denver, Colorado 80202
Telephone: (303) 223-1100
Facsimile: (303) 223-1111
E-mail: mpankow@bhfs.com
asax-bolder@bhfs.com
A copy of the Disclosure Statement dated Feb. 25, 2022, is
available at https://bit.ly/36P1jhp from PacerMonitor.com.
About Heritage Rail Leasing
Heritage Rail Leasing, LLC leases rail rolling stocks, locomotives
and track equipment.
On Aug. 21, 2020, Portland Vancouver Junction & Railroad Inc.,
Vizion Marketing LLC and D.L. Paradeau Marketing LLC filed a
Chapter 11 involuntary petition against Heritage Rail Leasing. The
creditors are represented by Michael J. Pankow, Esq., at Brownstein
Hyatt Farber Schreck, LLP.
Judge Thomas B. McNamara oversees the case.
L&G Law Group LLP and Moglia Advisors serve as the Debtor's legal
counsel and restructuring advisor, respectively. Alex Moglia of
Moglia Advisors is the Debtor's chief restructuring officer.
On Oct. 19, 2020, the Office of the U.S. Trustee appointed a
committee to represent unsecured creditors in the Debtor's Chapter
11 case. The committee is represented by Goldstein & McClintock
LLLP and the Law Offices of Douglas T. Tabachnik, P.C.
On Oct. 28, 2020, the Court approved the appointment of Tom H.
Connolly as the Debtor's Chapter 11 trustee. The trustee tapped
Brownstein Hyatt Farber Schreck, LLP as his counsel.
HOLOGENIX LLC: Seeks to Hire M&G Partners as Accountant
-------------------------------------------------------
Hologenix, LLC seeks approval from the U.S. Bankruptcy Court for
the Central District of California to hire M&G Partners, LLP as its
accountant.
The Debtor requires an accountant to prepare its 2021 tax returns
and advise on income tax matters.
The primary professionals from M&G who are expected to be
responsible for this engagement are Tes Macaraya, MST, CPA,
Elizabeth Gonzalez, CPA, and Lucy Wei Huang, MBA, who will charge
$350 per hour, $300 per hour and $275 per hour, respectively.
The firm requires a retainer in the amount of $3,000.
As disclosed in court filings, M&G neither represents nor holds any
interest adverse to the Debtor and its estate.
The firm can be reached through:
Tes Macaraya, MST, CPA
M&G Partners, LLP
306 N Milwaukee St.
Milwaukee, WI, 53202-5832
Phone: (414) 961-9200
About Hologenix LLC
Pacific Palisades, Calif.-based Hologenix, LLC is the inventor of
Celliant technology (https://celliant.com), a patented,
clinically-tested textile technology that harnesses and recycles
the body's natural energy.
Hologenix filed its voluntary petition under Chapter 11 of the
Bankruptcy Code (Bankr. C.D. Calif. Case No. 20-13849) on April 22,
2020. In the petition signed by Seth Casden, chief executive
officer, the Debtor listed as much as $10 million in both assets
and liabilities.
Judge Barry Russell oversees the case.
Levene, Neale, Bender, Yoo & Brill L.L.P. represents the Debtor as
bankruptcy counsel. The Debtor also hired Tucker Ellis LLP,
Troutman Sanders LLP, Dermer Behrendt, Theodora Oringher PC, and
Buchalter as special counsel. The Colony Group, LLC and M&G
Partners, LLP serve as the Debtor's accountants.
HR NORTH DALE: Seeks Amended Order on Approved Lutz Property Sale
-----------------------------------------------------------------
HR North Dale Mabry, LLC, asks the U.S. Bankruptcy Court for the
Middle District of Florida to amend the order (i) authorizing in
part its sale of the vacant commercial land located on North Dale
Mabry Highway in Lutz, Hillsborough County, Florida, to WWP
Acquisitions, LLC, and Flagship Companies Group, LLC; and (ii)
denying in part, without prejudice, the Debtor's rescission
contract with DRP Company of Alabama, Inc.
The Debtor filed its Second Emergency Motion to Sell Real Property
Located at North Dale Mabry Highway in Lutz, Florida, Free and
Clear Under 11 U.S.C. Section 363(f), which the Court granted by
Order dated Jan. 27, 2022. The Sale Order had been vetted by the
counsel for WWP Acquisitions, LL and was subsequently revised by
the counsel for Dale Mabry Properties, LLP ("DMP").
The final version of Sale Order was circulated back to WWPs counsel
and then submitted to the Court when the Debtor's counsel
mistakenly believed WWP acquiesced when there was no feedback.
However, WWP's counsel did not have the opportunity to review the
Sale Order and had issues regarding two paragraphs of the Sale
Order and the language inserted from the original version.
As entered, the Sale Order could be read to "couple" or require the
two sales to be completed. This was never the Debtor's intent nor
part of WWP's agreement with the Debtor. WWP proposed, and the
Debtor has agreed to, changes in redlined version (Exhibit A) which
removes any implication that the two sales are "coupled."
The contract with WWP is currently being held up by the current
language and the Debtor seeks an immediate hearing so that the
Proposed Amended Sale Order may be entered. The Debtor and WWP
desire closing the sale as soon as practicable.
The WWP Contract is also being revised to address the amended sale
order and WWP's due diligence, including without limitation a
change in the effective date and timelines and the requirement for
HR Tampabay LLC, or Claire Clements or an affiliate to pay directly
for plating and other services in connection with the WWP Contract
up to a maximum $200,000.
Further, the Debtor's contract with Flagship Companies Group, LLC,
was terminated by Flagship and the Amended Sale Order clarifies
that the contract is terminated.
The Debtor is currently negotiating with another party for its
replacement and hopes to file the Motion shortly.
The Debtor has communicated or will communicate concurrently with
the filing of the Motion with the Chapter V Trustee and the other
parties regarding the changes requested by WWP.
A copy of the Agreement and the Exhibit A is available at
https://tinyurl.com/5b8eawyw from PacerMonitor.com free of charge.
About HR North Dale Mabry
HR North Dale Mabry, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 21-01958) on April 21,
2021. Claire Clement, manager, signed the petition. In its
petition, the Debtor disclosed assets of between $1 million and
$10
million and liabilities of the same range. Johnson Pope Bokor
Ruppel & Burns, LLP is the Debtor's legal counsel.
INSTITUTO MEDICO: Court Dismisses Suit vs. Condado 7
----------------------------------------------------
The adversary proceeding styled INSTITUTO MEDICO DEL NORTE, INC.,
Plaintiff, v. CONDADO 7, LLC, Defendant, Adv. Proc. No.
21-00033(ESL)(Bankr. D.P.R.) is before the United States Bankruptcy
Court for the District of Puerto Rico upon the motion for summary
judgment filed by Instituto Medico del Norte, Inc., the opposition
filed by defendant Greengift Capital, LLC, substituted defendant of
action against Condado 7 LLC, in compliance with the court's minute
order at hearing held on January 21, 2022.
Instituto Medico insists its stipulation with Oriental Bank, as
well as the confirmed plan, provide that the portion of the credit
in the amount of $3,585,388.53 does not generate interest.
Instituto Medico states the main purpose of the supplement is to
provide the court with newly acquired evidence that confirm its
allegations. Instituto Medico claims the newly acquired evidence
stems from disclosures recently provided by Oriental.
Greengift opposes the Instituto Medico's supplement, realleging its
previous position. In addition, Greengift states Instituto Medico
has not submitted Oriental's Workout Plan Proposal dated August 24,
2015, which Instituto Medico avers serves as basis for its
contention. Greengift stresses that the stipulation, the confirmed
plan, and the referred 1991 agreement, which was not produced, do
not sustain Instituto Medico's claim that the $3,585,388.53 does
not generate interest.
Greengift further states that at the status conference held on
January 21, 2022, the Court "expressed concerns . . . as to the
allegations in the complaint, namely, when, why and by whom
Instituto [Medico] determined that the payments were not being
applied as agreed to in the stipulation with Oriental and the
confirmed plan; and as to the specific part of the 1991 agreement .
. . providing for a no interest-bearing note." Greengift asserts
that Instituto Medico has failed to answer the court's concerns,
only alleging that the stipulation and the plan are "clear." What
is clear, Greengift argues, is that neither the stipulation nor the
confirmed plan includes a provision that a portion of the proof of
claim filed would not accrue interest.
The issue before the court is whether the payments made by
Instituto Medico have been credited and applied to the restructured
allowed secured claim in accordance with the Amended Chapter 11
plan filed on July 1, 2016, confirmed on July 26, 2016, which
incorporates the stipulation with Oriental Bank, approved on
September 28, 2015. Bankruptcy Judge Enrique S. Lamoutte holds that
Instituto Medico has the burden of establishing that they have not
been made accordingly.
In October 2021, the court found that the "conclusory allegations
in the complaint do not clearly establish the failure nor the
extent of the alleged misapplication." The court also concluded
that the "determination of the above moves the court to consider
the matter through a motion for summary judgment as it is
fact-based, and the dispositive data is not before the court. The
analysis must be based on three factors. First, determine how the
payments should have been made and applied as set forth in the
confirmed plan. Second, provide a detail of the payments made.
Third, provide a detail of how the payments were applied and the
balance owed after each payment."
Judge Lamoutte now holds that Instituto Medico has failed to
present to the court evidence or reasonable support for its
allegation that its stipulation with Oriental as well as the
confirmed plan, provide that the portion of the credit in the
amount of $3,585,388.53 does not generate interest. Moreover, even
if the $3,585,388.53 did not generate interest at some point in
time, Instituto Medico has failed to provide evidence that it has
complied with the payments as provided for in the confirmed plan
and the stipulation, the judge points out, holding that conclusory
allegations do not suffice.
On the other hand, assuming the truth of all well-plead facts in
the amended complaint and giving the benefit of all reasonable
inferences therefrom, Judge Lamoutte concludes the complaint does
not plead a plausible claim as it is based on conclusions not
supported by the facts. Instituto Medico has had a reasonable
opportunity to fill the factual gap and has been unable to do so,
the judge says.
Accordingly, Judge Lamoutte dismisses Instituto Medico's motion for
summary judgment and Greengift's motion to dismiss is granted.
A full-text copy of Judge Lamoutte's Opinion and Order dated March
1, 2022, is available at https://tinyurl.com/ycks6rwk from
Leagle.com.
About Instituto Medico
Instituto Medico del Norte, Inc. -- aka Centro Medico Wilma N.
Vazquez, aka Hospital Wilma N. Vazquez Skill Nursing Facility of
Centro Medico Wilma N. Vazquez -- sought protection under Chapter
11 of the Bankruptcy Code on Oct. 30, 2013 (Bankr. D.P.R. Case No.
13-08961). The case is assigned to Judge Mildred Caban Flores.
The Debtor scheduled $20,843,692 in total assets and $20,107,642 in
total liabilities. The Debtor, however, said its real property has
a book value of $16,000,000 and personal property is worth
$6,105,979.
The Debtor tapped as counsel Fausto David Godreau Zayas, Esq., and
Rafael A. Gonzalez Valiente, Esq., at Latimer Biaggi Rachid &
Godreau, in San Juan, Puerto Rico. Luis B. Gonzalez & Co. CPA's
P.S.C. serves as accountant.
The U.S. Trustee for the District of Puerto Rico has appointed Dr.
Carlos Mellado (b/t Lcda Dinorah Collazo Ortiz) as patient care
ombudsman.
* * *
MCS Advantage, Inc., MCS Life Insurance Company, Medical Card
System, Inc., filed a motion to convert the bankruptcy case to a
liquidation under Chapter 7.
On July 1, 2016, the Debtor filed a Plan of Reorganization which
was confirmed on July 26, 2016.
INTELSAT SA: S&P Assigns 'B+' ICR Upon Emergence from Chapter 11
----------------------------------------------------------------
S&P Global Ratings assigned its 'B+' issuer credit rating to
Intelsat S.A. with a stable outlook.
S&P said, "At the same time, we assigned our 'B+' issue-level
rating to the company's $3.19 billion term loan B due in 2029 and
$3 billion, 6.5% secured notes due in 2030 issued by Intelsat
Jackson Holdings S.A. The first-lien debt carries a '3' recovery
rating indicating our expectations for meaningful recovery
(50%-70%; rounded estimate: 50%) in a simulated default.
"We also assigned our 'BB' issue-level rating to the super-priority
$500 million revolver due in 2027 with a '1' recovery rating,
indicating expectations for very high recovery (90%-100%; rounded
estimate: 95%)."
These ratings are all in line with the preliminary ratings S&P
assigned Jan. 12, 2022.
Intelsat recently emerged from bankruptcy as a private company,
reducing its debt burden to about $6 billion from approximately $16
billion. There were no material changes to the capital structure or
terms and conditions of the debt instruments since S&P assigned
preliminary ratings to Intelsat on Jan. 12, 2022.
ISLAND EMPLOYEE: Amends Unsecured Claims Pay Details
----------------------------------------------------
The Island Employee Cooperative, Inc., submitted a First Amended
Plan of Reorganization with Incorporated Adequate Disclosures dated
March 3, 2022.
As part of the 2014 transaction with IEC, Seile issued two loans to
IEC and Galley, as co- borrowers: the $1.8M Loan and an additional
$1.5 million loan (the "$1.5M Loan"). NCB acquired the $1.8M Loan
from Seile. Seile filed two proofs of claim in the Chapter 11 Case:
an alleged secured claim in the amount of $1,941,361.20, and an
alleged secured claim in the amount of $90,000.00. Seile also filed
a proof of claim in The Galley's chapter 11 case for an alleged
secured claim in the amount of $1,941,361.20.
On January 19, 2022, the Debtors, Seile, the Consenting Lenders,
and the Subchapter V Trustee participated in voluntary, non-binding
mediation with the Honorable Chief Judge Peter G. Cary under D. Me.
LBR 9019-2(b) (the "Court-annexed ADR") to resolve certain
objections filed by Seile related to confirmation. Following the
Court-annexed ADR, the Debtors, the Consenting Lenders, and Seile
reached a settlement of Seile's confirmation objections. As a
result of the settlement, Seile has agreed to, among other things,
withdraw his objections to confirmation and vote in favor of the
Plan.
Class Three shall consist of the following two classes:
* Class Three (Part A) shall consist of the Allowed Claims
held by CFNE against IEC arising from the CFNE Loan. The Class
Three (Part A) Claims are impaired. In full and final satisfaction
of the Class Three (Part A) Claims, IEC shall enter into the
Amended Loan Documents and repay the Allowed Class Three (Part A)
Claim (less the CFNE Payment over time in accordance with the
Amended Loan Documents between IEC and CFNE, which such documents
shall be consistent with the RSA Term Sheet. CFNE shall retain its
Liens against the Assets under the Amended Loan Documents and this
Plan. Further, on the Effective Date, or such other date as may be
agreed between IEC and CFNE in writing, IEC shall pay to CFNE (the
"CFNE Payment"), in Cash, the aggregate amount of: (i) accrued but
unpaid interest from maturity of the CFNE Loan through the
Effective Date; and (ii) CFNE's reasonable attorneys' fees and
costs from maturity of the CFNE Loan on June 11, 2021, through the
Effective Date.
* Class Three (Part B) shall consist of the Allowed Claims
held by CFNE against IEC arising from the CFNE Consultant Loan. The
Class Three (Part B) Claims are unimpaired. The Class Three (Part
B) Claims shall be treated in accordance with that certain
Promissory Note between CFNE and IEC dated January 28, 2022, and
the Borrowing Order. The Holder of the Claim in Class Three (Part
B) is not entitled to vote on the Plan and is deemed to accept the
Plan pursuant to § 1126(f) of the Bankruptcy Code.
Class Nine shall consist of all Allowed Unsecured Claims against
IEC, which shall include, but is not limited to the Seile Unsecured
Claim, the Allowed Claim of the SBA, and any Allowed Claim held by
the IRS against IEC arising under or relating to the Affordable
Care Act, including any Employer Shared Responsibility Payment. The
Claims in Class Nine are impaired. IEC shall make 3 Pro Rata
payments of Projected Net Disposable Income to Holders of Allowed
Class Nine Claims, which such payments shall be made on or before
the following dates in the following amounts: (i) $14,662.00 paid
on or before January 31, 2023 (for Projected Net Disposable Income
in fiscal year 2022); (ii) $38,916.00 paid on or before January 31,
2024 (for Projected Net Disposable Income in fiscal year 2023); and
(iii) $54,221.00 on or before January 31, 2025 (for Projected Net
Disposable Income in fiscal year 2024). The Class Nine Claims shall
not accrue or be paid interest. For the avoidance of doubt, in
accordance with the Settlement Term Sheet, Seile shall have an
Allowed Unsecured Claim in Class Nine in the amount of
$2,031,361.20, which shall be Seile's only Claim against IEC or its
Estate under this Plan.
Class Eleven is intentionally omitted in this Plan, and there are
no Class Eleven Claims.
The payments required under the Plan shall be made primarily from
the following sources: (a) cash on hand; (b) the proceeds generated
from the ongoing operation of IEC's businesses; (c) the proceeds of
any Causes of Action and Claims which IEC and/or the Estate have
brought and/or may elect to bring, including without limitation,
any proceeds of such Causes of Action; and (d) the proceeds of the
sale of the Assets. Plan obligations also shall be funded through
the exit financing, including as to the Consenting Lenders.
Confirmation Shall Constitute Approval of the Settlement Term
Sheet. IEC settled the objections of Seile as to the Plan through
the Court-annexed ADR. Entry of the Confirmation Order shall
constitute approval by the Bankruptcy Court of the Settlement Term
Sheet, including under Bankruptcy Rule 9019, and shall authorize
IEC to take all necessary actions to effectuate the terms of the
Settlement Term Sheet, including, but not limited to, entry into
any promissory notes, releases, or other documents with Seile as
IEC may deem necessary in its business judgment.
A full-text copy of the First Amended Plan of Reorganization dated
March 3, 2022, is available at https://bit.ly/34jvXhU from
PacerMonitor.com at no charge.
Counsel to The Island Employee Cooperative:
Adam R. Prescott, Esq.
Letson D. Boots, Esq
BERNSTEIN SHUR SAWYER & NELSON, P.A.
100 Middle Street, PO Box 9729
Portland, Maine 04104
Telephone: (207) 774-1200
Facsimile: (207) 774-1127
E-mail: aprescott@bernsteinshur.com
lboots@bernsteinshur.com
About The Island Employee Cooperative
The Island Employee Cooperative, Inc., d/b/a Burnt Cove Market, is
a Maine cooperative corporation created by the employees of Burnt
Cove Market, The Galley, and V&S Variety for the purpose of
purchasing the stores from Vern and Sandra Seile. It filed a
Chapter 11 petition (Bankr. D. Me. Case No. 21-10253) on Sept. 23,
2021. In petition signed by Kristy Wiberg, president, the Debtor
disclosed $5,112,136 in total assets and $5,877,439 in total
liabilities as of August 28, 2021.
Judge Michael A. Fagone presides over the case.
Bernstein Shur Sawyer & Nelson, P.A., is the Debtor's counsel.
Spinglass Management Group is the Debtor's financial advisor.
Tanya Sambatakos has been appointed as Subchapter V Trustee.
J&P FLASH INC: RAS Buying Store Nos. 376 and 386 for $415K
----------------------------------------------------------
J&P Flash, Inc., asks the U.S. Bankruptcy Court for the Western
District of Tennessee to authorize the sale of the convenience
store properties located at 2100 Hwy. 56C, in Calico Rock, Arkansas
72519 ("Store #376""), and 10055 Hwy. 62 W., in Viola, Arkansas
72583 ("Store #386"), outside the ordinary course of business, to
RAS Investment Properties, LLC, for $415,000, free and clear of all
liens, claims and other encumbrances on the Debtor's interests
therein.
The Debtor's primary business is owning and operating two
mini-storage facilities and owning various other commercial
properties in Arkansas and Missouri. It owns convenience store
properties located at 2100 Hwy. 56C, in Calico Rock, Arkansas 72519
("Store #376"") and 10055 Hwy. 62 W., in Viola, Arkansas 72583
("Store #386").
These two properties along with a third are encumbered by the
pre-petition lien of First National Bank of Izard County which was
scheduled at $ 447,456.78. To date, no proof of claim has been
filed. There are subordinate liens in favor of the Internal Revenue
Service and Coremark, Inc. There are aggregate unsecured claims of
approximately $ 937,367.92.
The Debtor presently leases Store #376 to RAS Investment
Properties, LLC.
The Debtor has entered into a Commercial Purchase and Sale
Agreement with RAS on Feb. 18, 2022 to sell the Properties for
$415,000. The Agreement is contingent on getting this Court's
approval.
The proceeds from the Agreement will be applied to the claim of
First National. To the extent that First National is not paid in
full, it will retain its lien on the third store. The Debtor does
not anticipate that there will be any funds available to pay any
other creditors.
The Debtor has given notice of this motion to all parties on the
Matrix, which includes all creditors, lessors, taxing authorities,
and regulatory authorities. In addition, it believes that this
proposed sale is not subject to the provisions of Section 7 of the
Clayton Act, commonly known as the Hart-Scott-Rodino Act.
Accordingly, the Debtor has not given notice to the Federal Trade
Commission as otherwise required by Section 7 of the Clayton Act
and 11 U.S.C. Section 363 (b)(2).
The Debtor prays that, after notice and hearing, the Court enters
an order approving the sale of assets pursuant to the Agreement.
A copy of the Agreement is available at
https://tinyurl.com/y6t5wk5e from PacerMonitor.com free of charge.
About J&P Flash
J&P Flash, Inc., a company in West Memphis, Ariz., sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D.
Tenn. Case No. 21-23968) on Dec. 1, 2021, listing up to $50,000 in
assets and up to $10 million in liabilities. Dwayne Jones, vice
president of J&P Flash, signed the petition.
Judge Denise E. Barnett oversees the case.
Glankler Brown, PLLC serves as the Debtor's legal counsel.
KC PANORAMA: Seeks to Move Deadline to File Order on Sale Hearing
-----------------------------------------------------------------
KC Panorama, LLC, and its affiliates ask the U.S. Bankruptcy Court
for the District of Massachusetts to extend the deadline to submit
a Proposed Order relative to the Preliminary Hearing on the Debtor
HDG Congress, LLC's proposed sale of the real properties located at
15-17 and 19-21 Congress Street, Boston, Massachusetts.
The Debtors request an extension of one day.
The Debtors prepared and circulated a draft Proposed Order to (i)
the counsel to the US Trustee; (ii) the counsel to KHRE SMA
Funding, LLC (the Debtors' principal creditor); and (iii) the
counsel to the prospective buyer of the Property. The Parties are
still in the process of revising the Proposed Order, ensuring that
the language is as clear and concise as possible and that the
Proposed Order is acceptable to the parties in interest.
Therefore, the Debtors respectfully request the extension so that
the Proposed Order can be finalized and submitted to the Court for
review and entry.
About KC Panorama
KC Panorama LLC, a Waltham, Mass.-based company engaged in renting
and leasing real estate properties, sought protection under
Chapter
11 of the Bankruptcy Code (Bankr. D. Mass Case No. 21-10827) on
June 4, 2021, listing total assets of $11,703,396 and total
liabilities of $23,507,162. KC Panorama President Kai Zhao signed
the petition. Judge Frank J. Bailey oversees the case. Ravosa
Law
Offices, P.C. is the Debtor's legal counsel.
KETTNER INVESTMENTS: Court Okays Plan Minus 3rd-Party Releases
--------------------------------------------------------------
Rick Archer of Law360 reports that a Delaware bankruptcy judge
Friday, March 4, 2022, approved a revised Chapter 11 plan for
cannabis investment firm Kettner Investments that removed the
third-party liability releases she ruled last month were
involuntary and unnecessary.
U.S. Bankruptcy Judge Karen Owens entered an order approving the
revised version of the company's restructuring plan that struck a
section dealing with the releases, which had led the judge to
reject Kettner's first try at a plan. California-based Kettner
filed for Chapter 11 protection in Delaware in September 2020 with
what it said in its disclosure statement was just over $4.1 million
in secured debt.
About Kettner Investments
Kettner Investments LLC is a marijuana investment firm based in
Delaware.
Kettner Investments sought protection under Chapter 11 of
theBankruptcy Code (Bankr. D. Del. Case No. 20-12366) on Sept. 16,
2020. At the time of the filing, the Debtor disclosed assets of
between $10 million and $50 million and liabilities of the same
range.
Judge Karen B. Owens oversees the case.
Bayard, P.A., serves as the Debtor's legal counsel. Procopio Cory
Hargreaves & Savitch LLP, is special counsel.
KNOX CLINIC: Former Doctors File Motion to Move Ch.11 Proceedings
-----------------------------------------------------------------
Tom Martin of Galesburg Register Mail reports that the three former
doctors with practices at Knox Clinic Corporation have filed a
motion to move the clinic's bankruptcy proceeding from eastern
Michigan to Central District of Illinois in Peoria.
Sanjay Sharma, CEO of both the clinic and Cottage Hospital, filed
for chapter 11 bankruptcy Jan. 3 in Michigan federal court. In the
filing, Sharma claimed the Eastern District of Michigan as his
principle place of business prior to the filing.
The address of Knox Clinic Corporation listed on the bankruptcy
filing is 3637 Lahser Road, Bloomfield Hills, Michigan. That
address is listed as a single family home on realtor.com.
Cottage Hospital, which closed Jan. 8, 2022, is a separate business
from Knox Clinic Corporation, although both businesses were
purchased in June 25, 2020, by Sharma's SBJ Group Inc. of Austin,
Texas.
Two of the three doctors who filed for the venue transfer had their
contracts terminated after the clinic filed for bankruptcy. Dr.
Gregory Schierer was notified Jan. 6, along with four other doctors
at the clinic, that his contract was terminated. Dr. Mark DeYoung's
contract was ended Feb. 2. He was practicing out of a Knoxville
office. Strauch retired Dec. 31, 2021, after 42 years of
practicing medicine.
The reason for the motion to change the location of the bankruptcy
proceeding, according to Strauch, is because many of the dozens of
creditors are located in this area.
He confirmed Wednesday that all three doctors are creditors in the
bankruptcy. Court filings show DeYoung has claimed $84,775,
Strauch, $57,448 and Greg Schierer, $18,916.
Clinic doctors who've filed claims
• Craig Wilson - $107,099
• Mark DeYoung - $84,775
• Carl Strauch - $57,448
• Marc Katchen - $36,516
• Greg Schierer - $18,916
(Doctor Thomas Patterson is listed as a creditor by the clinic, but
no claim from Patterson is in the court filing.)
The 11-page list of claims includes 53 Galesburg area people —
including many former employees — who have filed for amounts
ranging from $22.08 to $107,099. In total, the people are claiming
$386,005 is owed to them by Knox Clinic Corporation.
Galesburg attorney Robert Lindstrom prepared the claims.
He said the court will decide whether to deny the motion, grant the
motion and transfer the Central District of Illinois in Peoria, or
dismiss the case for being filed in the wrong venue.
Knox Clinic Corporation has filed an objection to the motion and a
hearing is set for March 24 in Michigan.
In a letter to employees regarding the bankruptcy Jan. 3, Sharma
said the move would allow the clinic to keep services.
"It has become necessary, considering recent developments, for
clinics (not the hospital) to file for Chapter 11 bankruptcy. What
this will allow us to do is reorganize the clinics and emerge
safely to preserve the services we can," the letter from Sharma
said.
In announcing the purchase of Cottage Hospital in 2020, Sharma said
he looked forward to working with doctors and staff.
"We plan to improve upon the growth strategies to meet the needs of
the communities that Galesburg Cottage Hospital serves. We
appreciate the community's support in effecting this transaction
and look forward to working together with the dedicated employees
and licensed professionals in Galesburg."
Now some of those employees are filing claims to get money they say
is owed to them by their former employer.
Earlier this week, OSF HealthCare announced it has signed an
exclusive letter of intent with Cottage Hospital for OSF to
purchase real estate, medical equipment and other assets in owned
by Cottage Hospital. OSF said it has filed a letter of intent and
expects to close on the sale this spring.
About Knox Clinic Corporation
Knox Clinic Corporation filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No.
22-40018) on Jan. 3, 2022, listing as much as $1 million in both
assets and liabilities. Judge Maria L. Oxholm oversees the case.
Robert Bassel, Esq., a practicing attorney in Clinton, Mich.,
represents the Debtor in its Chapter 11 case.
KOSMOS ENERGY: Incurs $77.8 Million Net Loss in 2021
----------------------------------------------------
Kosmos Energy Ltd. filed with the Securities and Exchange
Commission its Annual Report on Form 10-K disclosing a net loss of
$77.84 million on $1.33 billion of total revenues and other income
for the year ended Dec. 31, 2021, compared to a net loss of $411.59
million on $896.20 million of total revenues and other income for
the year ended Dec. 31, 2020.
As of Dec. 31, 2021, the Company had $4.94 billion in total assets,
$530.95 million in total current liabilities, $3.88 billion in
total long-term liabilities, and $529.24 million in total
stockholders' equity.
Commenting on the Company's 2021 performance, Chairman and Chief
Executive Officer Andrew G. Inglis said: "In 2021, Kosmos rebuilt
operational momentum across the portfolio and improved the balance
sheet, finishing the year with a strong fourth quarter.
"Today, Kosmos has a differentiated portfolio that is fit for the
future with high-quality, low-cost oil assets funding our growth in
natural gas and LNG. Our record 2P reserves are balanced between
oil and gas with a reserve life of over 20 years.
"With our existing assets and sanctioned projects, production is
expected to grow around 50% in the next two years, and we plan to
do that while further de-leveraging the balance sheet. As we
deliver on this plan and new projects start up, sustainable free
cash flow is expected to increase materially, creating the
potential for meaningful shareholder returns.
"Our goal is to develop our portfolio in a responsible way, helping
our host nations in Africa to expand access to affordable and
reliable energy."
FINANCIAL UPDATE
In October 2021, Kosmos successfully completed the acquisition of
additional interests in the Jubilee and TEN fields in Ghana from
Occidental Petroleum ("Oxy") for approximately $550 million (~$460
million after post-closing adjustments). The company raised
approximately $540 million through an equity and bond offering in
October 2021 to fund the transaction. In November 2021, Tullow Oil
and PetroSA exercised their pre-emption rights. Completion of the
pre-emption transactions remains subject to finalizing definitive
agreements and securing approval from the Government of Ghana.
Net capital expenditure for the fourth quarter of 2021, excluding
acquisitions, was approximately $106 million, slightly below
Company guidance.
Kosmos exited the fourth quarter of 2021 with $2.5 billion of net
debt and available liquidity of approximately $0.8 billion. While
net debt increased in the quarter, primarily driven by the
financing of the Oxy Ghana transaction, leverage improved
materially to exit 2021 at around 2.5x.
A full-text copy of the Form 10-K is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1509991/000150999122000019/kos-20211231.htm
About Kosmos Energy
Kosmos is a full-cycle deepwater independent oil and gas
exploration and production company focused along the Atlantic
Margins. The Company's key assets include production offshore
Ghana, Equatorial Guinea and the U.S. Gulf of Mexico, as well as a
world-class gas development offshore Mauritania and Senegal. The
Company also maintains a sustainable proven basin exploration
program in Equatorial Guinea, Ghana and the U.S. Gulf of Mexico.
Kosmos is listed on the NYSE and LSE and is traded under the ticker
symbol KOS.
Kosmos Energy reported a net loss of $55.78 million in 2019, a net
loss of $93.99 million in 2018, and a net loss of $222.79 million
in 2017. As of Sept. 30, 2021, the Company had $4.15 billion in
total assets, $461.74 million in total current liabilities, $3.41
billion in total long-term liabilities, and $286.75 million in
total stockholders' equity.
LANTHEUS HOLDINGS: S&P Alters Outlook to Stable, Affirms 'B+' ICR
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on Lantheus Holdings Inc. to
stable from negative and affirmed its 'B+' issuer credit rating on
the company.
S&P said, "The stable outlook reflects our expectation for S&P
Global Ratings-adjusted debt to EBITDA of 2x-2.5x in 2022, which
could approach 3x or higher in subsequent years as the company is
likely to pursue leveraging acquisitions.
"Our rating action reflects stronger performance expectations in
2022, reflecting sales of PYLARIFY. Lantheus' mid-2021 launch of
PYLARIFY, a PSMA-targeted PET imaging agent for prostate cancer,
demonstrated very strong growth in fourth-quarter 2021, building
momentum into 2022. The company increased its total addressable
market expectations up to 220,000 scans annually from 170,000,
translating to a total market value potential of over $900 million
annually. Given Lantheus' first-mover advantage, we believe the
company will have a substantial share of the overall market in the
near term, contributing to $600 million to $650 million of total
revenue in 2022 (about a 50% increase from 2021). That said,
competitive products are expected in the next couple of years,
including a PSMA PET imaging product from Novartis, which is likely
to be approved this year. PYLARIFY utilizes the F-18 radioisotope,
which we believe has a half-life of 110 minutes and a more
efficient manufacturing process, compared to competing PSMA PET
imaging radioisotopes such as Gallium-68 (68-minute half-life),
allowing for more flexibility in getting a higher volume of product
to end users quickly. Although we expect PYLARIFY to be the
company's largest product going forward with sales approaching 40%
of total revenues, we see competitive products as a key risk that
could result in lower revenue and margins than our current base
case assumptions, particularly beyond 2022.
"Additionally, although 2021 proved to be a year with fewer doctor
visits and sales and marketing disruptions, we anticipate
relatively steady performance through 2022 for the company's
second-largest product, DEFINITY, an ultrasound enhancing agent.
The company's modified formulation that allows for storage and
transportation at room temperatures should improve utilization and
support continued modest sales growth for the product. Furthermore,
the company recently received FDA approval for its on-campus
manufacturing facility, which should reduce supply chain
dependencies and result in cost efficiencies on the production of
DEFINITY.
"We expect adjusted debt to EBITDA of 3x-4x longer term as we
believe the company is likely to make acquisitions to expand its
portfolio. We believe the company will pursue external growth
opportunities to supplement its narrow product pipeline and expect
the company to fund potential acquisitions primarily with debt. As
a result, we expect adjusted debt to EBITDA to increase to the
3x-4x range over the next few years. We also expect that the
company to generate about $80 million to $100 million of free
operating cash flow in or 30%-35% of adjusted debt in 2022.
"The stable outlook reflects our expectation for adjusted debt to
EBITDA of 2.0x-2.5x in 2022, which should approach 3x or higher in
subsequent years as the company is likely to pursue leveraging
acquisitions in our view.
"We could lower our issuer credit rating on Lantheus within the
next 12 months if we expect adjusted debt to EBITDA to be 4x or
above for a sustained period. This could result from a large
acquisition funded primarily with debt indicating a more aggressive
financial policy than we currently incorporate in the rating or if
competition intensifies, contributing to meaningfully weaker sales
or profitability than we anticipate.
"We could upgrade Lantheus over the next 12 months if we expect
adjusted debt to EBITDA to be well below 3x longer term. This could
occur if we believe acquisitions are less likely to increase
leverage above 3x over the next few years. We could also raise our
rating on the company if we expect sales from PYLARIFY to be
durable beyond 2022 supported by strong market share in the face of
competition, which we believe could strengthen Lantheus'
competitive position."
ESG credit indicators: E-3 S-2 G-2
Environmental factors are a moderately negative rating
consideration for Lantheus given the radiopharmaceutical industry
must comply with various regulations in the transport, use, and
handling of hazardous and radioactive materials. Closure or
temporary shutdowns of nuclear reactors could adversely affect
supply. In addition, the company must actively monitor and reduce
solid waste, energy and water usage, wastewater discharge and
greenhouse gas emissions. Lantheus could face future penalties or
increased costs to comply should more stringent regulations be
implemented.
LEE MONTESSORI: S&P Assigns 'BB+' Rating on 2022 Revenue Bonds
--------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' long-term rating to District
of Columbia's $25 million series 2022 educational revenue bonds to
be issued for Lee Montessori Public Charter School (Lee). The
outlook is stable.
"The 'BB+' rating reflects our view of the school's well-managed
expansion from one campus to two, and the accompanying enrollment
growth," said S&P Global Ratings credit analyst Alexander
Enriquez.
The rating further reflects S&P's view of the school's:
-- Growing unrestricted cash of about $2 million, or 88 days' cash
on hand as of June 30, 2021;
-- Consistently positive operations that translate to pro forma
MADS coverage of 1.17x based on fiscal 2021 results; and
-- Positive operating environment for charter schools in the
District of Columbia.
S&P said, "In our view, the risks posed by COVID-19 to public
health and safety are an elevated social risk for the charter
school sector under our environmental, social, and governance
factors, due to potential impacts on enrollment amid the emergence
of COVID-19 variants and shifts in per-pupil funding beyond the
near-term support provided by additional federal relief, which
could affect school operations over time. For Lee, this risk is
somewhat mitigated by the District of Columbia's increase in
per-pupil revenue in fiscal 2022 and the potential for a
significant increase in fiscal 2023. Despite the elevated social
risk, we believe the school's environmental and governance risks
are in line with our view of the sector as a whole.
"We could consider a negative rating action if enrollment were to
decline significantly, if operations were to produce deficits, if
lease-adjusted MADS coverage were to weaken, or if days' cash on
hand were to decrease. Additional pressures could result from
delays stemming from construction or cost overruns.
"We believe a positive rating action is unlikely during the outlook
period due to high debt levels and modest lease-adjusted MADS
coverage. However, we could raise the rating if Lee were to
moderate its debt burden and demonstrate MADS coverage more
consistent with a higher rating while maintaining its enrollment,
demand, respectable academic performance, and growing liquidity."
LOGISTICS GIVING: Wins Cash Collateral Access Thru April 30
-----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Utah, Central
Division, has authorized Logistics Giving Resources, LLC to use
cash collateral on an interim basis in accordance with the budget,
with a 10% variance through April 30, 2022.
The Debtor currently has authority to use cash collateral as
specified under a Prior Cash Collateral Order, which approved
payment of certain limited expenses of the Debtor for a limited
period pending the final hearing on the Motion.
As contemplated by the Motion and the Prior Cash Collateral Order,
the Debtor asked the Court to expand the Cash Collateral authority
to permit the Debtor to pay business expenses not authorized under
the Prior Cash Collateral Order.
As adequate protection for the Debtor's use of cash collateral,
each qualifying Affected Creditor is granted a properly perfected
security interest and replacement lien in all pre-petition and
post-petition assets of the Debtor.
The Replacement Lien granted will attach and become valid, binding,
continuing, enforceable, fully-perfected and non-avoidable by
operation of law as of the Petition Date without any further
action.
The Debtor is prohibited from paying any more than $4,500 per week
in compensation to Troy Hyde, regardless of whether that
compensation takes the form of direct payment of wages or indirect
payments for his personal benefit, other than ordinary medical
insurance and comparable benefits.
A continued hearing on the matter is scheduled for April 28 at 1
p.m.
A copy of the order and the Debtor's budget for the period from
January 14 to April 30, 2022 is available for free at
https://bit.ly/35mBrcx from PacerMonitor.com.
The Debtor projects 1,376,255 in total cash deposits and $1,327,496
in total estimated cash expenditures for March 2022.
About Logistics Giving
Logistics Giving Resources, LLC, an employment agency in Layton,
Utah, filed its voluntary petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. D. Utah Case No. 22-20143) on Jan. 14,
2022. Troy Vaughn Hyde, its member, signed the petition. In its
petition, the Debtor disclosed $6,450,752 in assets and $1,156,332
in liabilities as of Dec. 31, 2021.
Judge William T. Thurman oversees the case.
Matthew M. Boley, Esq., at Cohne Kinghorn, P.C. represents the
Debtor as legal counsel. Rocky Mountain Advisory, LLC is the
Debtor's accountant and financial advisor.
LSB INDUSTRIES: Moody's Hikes CFR to B2, Outlook Stable
-------------------------------------------------------
Moody's Investors Service upgraded the Corporate Family Rating of
LSB Industries, Inc. to B2 from B3, the Probability of Default
Rating to B2-PD from B3-PD and the senior secured note rating to B2
from B3. The company is issuing $175 million of add-on 6.25% senior
secured notes due in 2028. The proceeds of the notes will be used
to pursue strategic acquisition opportunities, to fund organic
growth (including debottlenecking to increase production capacity
and other growth projects) and for general corporate purposes. The
speculative grade liquidity rating was upgraded to SGL-1 from
SGL-2. The ratings outlook is stable.
"The upgrade reflects improved reliability and operating
performance as well as completed and newly planned margin expansion
projects, which should support earnings and free cash flow
generation even when current strong nitrogen fertilizer prices
return to more normalized levels," said Anastasija Johnson,
VP-Senior Credit Officer at Moody's.
Upgrades:
Issuer: LSB Industries, Inc.
Corporate Family Rating, Upgraded to B2 from B3
Probability of Default Rating, Upgraded to B2-PD from B3-PD
Speculative Grade Liquidity Rating, Upgraded to SGL-1 from SGL-2
Gtd Senior Secured 1st Lien Global Notes, Upgraded to B2 (LGD4)
from B3 (LGD4)
Outlook Actions:
Issuer: LSB Industries, Inc.
Outlook, Remains Stable
RATINGS RATIONALE
The B2 corporate family rating reflects LSB's small scale, limited
operational diversity and inherent volatility in performance
because of its exposure to volatile nitrogen prices, cyclical
industrial and mining end markets (52% of 2021 sales) and
weather-dependent agricultural market (48%). The rating also
reflects volatility in credit metrics despite currently strong
levels for the rating with Moody's adjusted debt/EBITDA at
approximately 3.3x in the twelve months ended December 31, 2021, or
4.4x pro forma for new debt issuance. The upgrade reflects Moody's
expectations that the company will deploy cash on the balance sheet
and the proceeds from the additional debt issuance to increase the
company's operating capacity and improve its cost profile, so that
leverage will not return to prior levels the next time nitrogen
fertilizer prices decline to trough levels. Over the last two
years, the company demonstrated improved reliability of its
production facilities and is targeting an increase in ammonia
production in 2022 despite two scheduled turnarounds, including its
largest El Dorado plant. Continued improvement in operating rates,
completed and planned margin improvement projects as well as lower
cost capital structure following a refinancing in 2021 should allow
the company to generate free cash flow even with lower nitrogen
prices. Nitrogen fertilizer and chemical prices are expected to
remain elevated through 2022 due to continued strong commodity crop
prices and elevated energy and natural gas prices globally, which
constrain ammonia production, despite strong demand for both
agricultural and industrial nitrogen products. Until new capacity
is added, Moody's does not expect prices to return to trough levels
seen in 2020 and LSB could support a its current debt load, but
further increases without substantiative improvement in earnings
will pressure the rating. The fixed cost capital structure with
only a small amount of prepayable debt, constrains the company's
credit profile. The company is currently focusing on growth and is
not reducing absolute levels of debt. Moody's would expect the
company to demonstrate commitment to debt reduction as well as
consistently higher levels of earnings and operating rates before
considering further upgrade.
The SGL-1 reflects a very good liquidity position over the next 12
months, supported by cash on hand, revolver availability and
projected free cash flow generation. The company had $83 million of
cash on hand as of December 31, 2021 and no revolver borrowings.
The company had $61.3 million availability under its $65 million
asset-based revolver, which is subject to borrowing base
limitations. The revolver expires on February 26, 2024. The company
is subject to 1x fixed charge covenant if availability falls below
10% of the total commitment. The company will be able to meet the
covenant in a strong pricing environment over the next 12 months.
All assets are encumbered by the revolver, senior secured notes and
other debt, leaving no sources of alternative liquidity.
As an owner and operator of nitrogen facilities, Moody's view LSB
as having high environmental risks, including carbon transition
risk, and high social credit risks because it's operations could
have a negative impact on local facilities. Moody's believes the
company has established expertise in complying with these risks and
has incorporated procedures to address them in its operational and
business models. The carbon transition risk is high due to a hard
to abate nature of ammonia production from natural gas. LSB
Industries is undertaking a number of measures to lower its green
house emissions, but does not have formal CO2 reduction targets.
LSB is a publicly listed company but governance risks are elevated
due to concentrated ownership and short track record of operating
with its net leverage target of 4.0x through the cycle.
The stable ratings outlook reflects Moody's expectations that
metrics will remain strong in 2022 and that the company would
deploy cash and proceeds from the new note issuance in a way that
improves the baseline earnings of the company.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Given the amount of debt on the balance sheet and the company's
limited scale, there is limited likelihood of further rating
upgrade at this time. An upgrade would require the company to
demonstrate balance sheet debt reduction, a long track record of
maintaining a conservative financial policy, including carrying
more cash on hand to ensure good liquidity during weak operating
environment. An upgrade would require debt reduction and increased
confidence that the company can maintain debt/EBITDA below 5.0x at
the trough of the cycle and continue to fund its growth projects
from internally generated cash.
Moody's could downgrade the rating if:
The company does not deploy cash raised with add-on notes in a
manner that improves its business profile and earnings within a
year;
The company pursues a more aggressive financial policy;
Facility reliability declines, the company experiences significant
operational challenges and fails to consistently improve operating
rates
The company cannot generate free cash flow as nitrogen prices
decline and liquidity deteriorates.
LSB Industries, Inc., headquartered in Oklahoma City, Oklahoma, is
a producer of commodity chemicals that are derived from ammonia
(nitrogen fertilizers, nitric acid and ammonium nitrate). LSB owns
and operates three facilities in El Dorado, Arkansas, Cherokee,
Alabama and Pryor, Oklahoma. The company also operates Baytown,
Texas, facility on a contractual basis for Coverstro AG. The
company generated sales of $556 million in the twelve months ended
June 30, 2021.
The principal methodology used in these ratings was Chemical
Industry published in March 2019.
MACALLISTER & ASSOCIATES: U.S. Trustee Unable to Appoint Committee
------------------------------------------------------------------
The U.S. Trustee for Region 8 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of MacAllister & Associates, LLC.
About MacAllister & Associates
MacAllister & Associates, LLC filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Tenn.
Case No. 22-00318) on Feb. 3, 2022, listing up to $1,757,849 in
total assets and $4,082,795 in total liabilities. Christine
Constantino, Jr., agent, signed the petition.
Judge Charles Walker oversees the case.
Steven L. Lefkovitz, Esq., at Lefkovitz & Lefkovitz, PLLC serves as
the Debtor's legal counsel.
MANNY'S MEXICAN: Files Amendment to Disclosure Statement
--------------------------------------------------------
Manny's Mexican Cocina, Inc., a debtor affiliate of Rivera Family
Holdings, LLC, submitted an Amended Disclosure Statement describing
Amended Plan of Reorganization.
Paragraph 6.6 Discharge, (Page 12) is removed from the Disclosure
Statement because the Discharge does not apply to a corporate
entity. Therefore, Paragraph 6.6 of the Disclosure Statement is
removed in its entirety.
Rivera Family Holdings, LLC and Manny's Mexican Cocina, Inc. are
proposing an organized plan funded from operating entities of
Manny's Mexican Cocina, Inc. and Manny's Cocina of Eau Claire,
Inc.
Like in the prior iteration of the Plan, all unsecured creditors
who file claims or are listed in the Schedules as unliquidated and
their claims are approved by the Court shall be paid in full within
30 days after the confirmation order is signed. The allowed
unsecured claims total $1,070.00.
A full-text copy of the Amended Disclosure Statement dated March 1,
2022, is available at https://bit.ly/3vCEuId from PacerMonitor.com
at no charge.
Attorney for the Debtor:
Galen W. Pittman, Esq.
Pittman & Pittman Law Offices, LLC
712 Main Street
La Crosse, WI 54601
Telephone: (608) 784-0841
Facsimile: (608) 784-2206
About Manny's Mexican Cocina
Manny's Mexican Cocina, Inc. filed its voluntary petition for
Chapter 11 protection (Bankr. W.D. Wis. Case No. 21-12059) on Oct.
6, 2021. Lynnae Rivera, company owner, signed the petition.
Judge Catherine J. Furay oversees the case.
Galen W. Pittman, Esq., at Pittman & Pittman Law Offices, LLC and
TAP Consulting, LLC serve as the Debtor's legal counsel and
accountant, respectively.
MAYA KARAPETROVA: $710K Sale of Mountainside Property Approved
--------------------------------------------------------------
Judge Vincent F. Papalia of the U.S. Bankruptcy Court for the
District of New Jersey authorized Maya Karapetrova's private sale
of the real property located at 345 Forest Hill Way, in
Mountainside, New Jersey, to Zelin Li and Xiaoke Meng for $710,000,
less any inspection-related credits, in accordance with the terms
and conditions of their Purchase Agreement.
A hearing on the Motion was held on Feb. 24, 2022, at 2:30 p.m.
The Sale and all ancillary documents and transactions contemplated
therein, including the transfer of the Property by the Debtor and
Co-Owner Kirtcho Karapetrov to the Purchasers, are approved and
authorized under the Bankruptcy Code, including sections 105 and
363 thereof.
The sale proceeds will be used at closing first to satisfy
reasonable, necessary and customary closing adjustments payable by
the Debtor and the Co-Owner for municipal charges or assessments,
any credits provided to Purchasers, payment of the Debtor's
homestead exemption, a reserve for any estimated Capital Gains tax,
payment of professional fees for the Realtor and Special Counsel,
and any other reasonable closing costs associated with the Sale,
with the remaining balance of sale proceeds to be held in escrow by
the Debtor's bankruptcy counsel.
Upon distribution of the Co-Owner's interest in the Net Sale
Proceeds as provided by the Order and any further Order of the
Court, any remaining Net Sale Proceeds will be held in escrow by
the Debtor's bankruptcy counsel and will be used to fund her
Chapter 11 Plan of Reorganization.
The Motion contains a request to pay Special Counsel from the sale
proceeds. Pursuant to D.N.J. LBR 6004-5, the Special Counsel is a
retained professional who qualified three potential buyers, and
assisted with three sale negotiations, and carried forth all
negotiations for the Sale to allow for consummation of the Sale,
and thus will be paid $2,750 from sale proceeds at closing pursuant
to the Special Counsel's retention agreement.
The Motion also contains a request to pay the Realtor 3% of the
purchase price from sale proceeds at closing. Pursuant to D.N.J.
LBR 6004-5, Realtor is a retained professional who marketed the
Property, solicited offered, and procured two potential sales of
the Property, include the Sale, and thus pursuant to Purchase
Agreement, will be paid 3% of the purchase price as sales
commission from the sale proceeds at closing.
The Debtor is entitled to the scheduled homestead exemption
($25,150) pursuant to Section 522, which will be paid from the
proceeds of the Sale at closing.
The Co-Owner of the Property is entitled to one-half of the Net
Sale Proceeds, which will be paid at the closing into an escrow
account held by the Debtor's bankruptcy account, subject to further
Order of the Court in the case or Adversary Proceeding No.
22-1065.
Except for those allowed claims set forth above, including property
taxes and municipal charges encumbering the Property, all of which
will be paid in full at closing, title to the Property will pass to
the Purchasers pursuant to, and to the fullest extent permitted by,
Bankruptcy Code section 363 and all other applicable laws, free and
clear of any and all liens, claims, encumbrances, and interests of
the Debtor.
Notwithstanding Bankruptcy Rule 6004(h) the Order authorizing the
sale of real property, free and clear of all liens, claims,
encumbrances, and interests will not be stayed for 14 days after
the entry thereof, but will be effective and enforceable
immediately upon entry.
A true copy of the Order will be served on all parties who received
notice of the Motion, within three) days from the entry of the
Order.
Maya Karapetrova sought Chapter 11 protection (Bankr. D.N.J. Case
No. 21-14071) on May 17, 2021. The Debtor tapped David Stevens,
Esq., as counsel.
MBIA INC: Incurs $445 Million Net Loss in 2021
----------------------------------------------
MBIA Inc. filed with the Securities and Exchange Commission its
Annual Report on Form 10-K disclosing a net loss of $445 million on
$189 million of total revenues for the year ended Dec. 31, 2021,
compared to a net loss of $578 million on $282 million of total
revenues for the year ended Dec. 31, 2020.
MBIA reported a net loss of $155 million on $27 million of total
revenues for the three months ended Dec. 31, 2021, compared to a
net loss of $81 million on $103 million of total revenues for the
three months ended Dec. 31, 2020.
As of Dec. 31, 2021, the Company had $4.69 billion in total assets,
$4.99 billion in total liabilities, and a total deficit of $300
million.
As of Dec. 31, 2021, MBIA Inc.'s liquidity position totaled $239
million, consisting primarily of cash and cash equivalents and
other liquid invested assets.
A full-text copy of the Form 10-K is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/814585/000119312522058160/d235997d10k.htm
About MBIA
MBIA Inc., together with its consolidated subsidiaries, operates
within the financial guarantee insurance industry. MBIA manages
its business within three operating segments: 1) United States
public finance insurance; 2) corporate; and 3) international and
structured finance insurance. The Company's U.S. public finance
insurance portfolio is managed through National Public Finance
Guarantee Corporation, its corporate segment is managed through
MBIA Inc. and several of its subsidiaries, including our service
company, MBIA Services Corporation, and its international and
structured finance insurance business is primarily managed through
MBIA Insurance Corporation and its subsidiary.
MIND TECHNOLOGY: Board Member Robert Albers Dies
------------------------------------------------
With deep sadness, MIND Technology, Inc. announced that Robert J.
Albers, a member of the Company's Board of Directors, passed away
on Feb. 26, 2022.
Peter H. Blum, chairman of MIND, commented, "It is with great
sadness that we mourn the passing of Bob Albers. We will forever
be grateful to Bob for his dedication and service to MIND
Technology. It was truly a privilege for me and the other Board
members to work alongside him. He provided the Board great advice
and counsel for the past 14 years and will be greatly missed. Our
thoughts and prayers are with the Albers family."
Robert J. Albers joined the Board in January 2008 and managed Bob
Albers Consulting. From 2002 to 2016, Mr. Albers acted as
corporate management advisor to Sercel, Inc. From 1995 to 2002, he
was executive vice president of Sercel, Inc. From 1990 to 1994,
Mr. Albers served as vice president and general manager of
Halliburton Geophysical Products. In 1982, he joined Geosource,
Inc. and served as President and General Manager, Operations and
Technology Group; from 1963 to 1982, he held various management and
leadership roles at Chevron Oil Company. Mr. Albers had more than
30 years of experience as a manager and executive in the seismic
industry.
The Board has initiated a process to identify a replacement for Mr.
Albers.
About Mind Technology
Mind Technology, Inc. -- http://mind-technology.com-- provides
technology and solutions for exploration, survey and defense
applications in oceanographic, hydrographic, defense, seismic and
security industries. Headquartered in The Woodlands, Texas, MIND
Technology has a global presence with key operating locations in
the United States, Singapore, Malaysia and the United Kingdom. Its
Klein and Seamap units design, manufacture and sell specialized,
high performance sonar and seismic equipment.
Mind Technology reported a net loss of $20.31 million for the year
ended Jan. 31, 2021, compared to a net loss of $11.29 million for
the year ended Jan. 31, 2020. As of April 30, 2021, the Company had
$35.52 million in total assets, $8.95 million in total
liabilities, and $26.57 million in total stockholders' equity.
Houston, Texas-based Moss Adams LLP, the Company's auditor since
2017, issued a "going concern" qualification in its report dated
April 16, 2021, citing that "The Company has a history of losses
and has had negative cash flows from operating activities in the
last two years. The Company may not have access to sources of
capital that were available in prior periods. In addition, the
COVID-19 pandemic and the decline in oil prices during fiscal 2021
caused a disruption to the Company's business and delays in some
orders. Currently management's forecasts and related assumptions
support their assertion that they have the ability to meet their
obligations as they become due through the management of
expenditures and, if necessary, accessing additional funding from
the at-the-market program or other equity financing. Should there
be constraints on the ability to access capital under the
at-the-market program or other equity financing, the Company has
asserted that it can manage cash outflows to meet the obligations
through reductions in capital expenditures and other operating
expenditures."
MMPR MEDICAL: Taps Frank & De La Guardia as Bankruptcy Counsel
--------------------------------------------------------------
MMPR Medical Consulting, LLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of Florida to hire the
Law Offices of Frank & De La Guardia to serve as legal counsel in
its Chapter 11 case.
The firm's services include:
a. advising the Debtor with respect to its rights, powers and
duties;
b. preparing legal documents and reviewing all financial
reports;
c. advising the Debtor concerning, and preparing responses to,
pleadings that may be filed in its Chapter 11 case;
d. advising the Debtor with respect to, and assisting in the
negotiation and documentation of, financing agreements, debt and
cash collateral orders, and related transactions;
e. reviewing the nature and validity of any liens asserted
against the Debtor's property, and advising the Debtor on the
enforceability of such liens;
f. advising the Debtor in connection with the formulation,
negotiation and preparation of a plan of reorganization and related
documents;
g. assisting the Debtor in connection with any potential
property dispositions;
h. advising the Debtor concerning executory contracts and
unexpired lease assumption, assignment or rejection, and lease
restructuring and recharacterization;
i. assisting in reviewing, estimating and resolving claims
asserted against the Debtor's estate;
j. commencing and conducting litigation necessary to assert
and protect assets of the estate for a successful reorganization;
k. providing general corporate, litigation and other
non-bankruptcy services for the Debtor;
l. performing all other necessary legal services.
The hourly rates charged by the firm for its services are as
follows:
Michael Frank, Esq. $550 per hour
Paralegal $175 per hour
As disclosed in court filings, Frank & De La Guardia is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Michael A. Frank, Esq.
Law Offices of Frank & De La Guardia
10 NW Le Jeune Rd, Suite 620
Miami, FL 33126
Tel: (305) 443-4217
Email: Pleadings@bkclawmiami.com
About MMPR Medical Consulting
MMPR Medical is a single asset real estate debtor (as defined in 11
U.S.C. Section 101(51B)). It owns an investment property located
at 9669 SW 96 St., Miami, having a liquidation value of $900,000.
MMPR Medical Consulting filed its voluntary petition for relief
under Chapter11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
22-11369) on Feb. 21, 2022, listing $901,000 in assets and
$1,565,584 in liabilities. Vidal A. Jimenez, manager, signed the
petition.
Judge Robert A. Mark oversees the case.
Michael A. Frank, Esq. at the Law Offices of Frank & De La Guardia
represents the Debtor as legal counsel.
MONSTER INVESTMENTS: Reply to Case Trustee Bid Due Thursday
-----------------------------------------------------------
Judge Lori S. Simpson of the U.S. Bankruptcy Court for the District
of Maryland entered an order extending the time for Monster
Investments, Inc. to respond to the Motion to convert to Chapter 7
or, in the alternative, to appoint Chapter 11 trustee.
The Order was made with consent from WCP Fund I LLC, the creditor
who filed the Motion, dated February 16, 2022.
The Debtor has until March 10 to respond to the Motion.
About Monster Investments Inc.
Monster Investments, Inc. is a Hughesville, Md.-based company
primarily engaged in renting and leasing real estate properties. It
is the fee simple owner of 28 real properties in Maryland and
Florida having an aggregate value of $9.95 million.
Monster Investments filed its voluntary petition for Chapter 11
protection (Bankr. D. Md. Case No. 21-16592) on Oct. 19, 2021,
listing $10,018,848 in assets and $16,529,878 in liabilities.
Donald Bernard, president of Monster Investments, signed the
petition.
Judge Lori S. Simpson oversees the case. Michael G. Wolff, Esq., at
Wolff & Orenstein, LLC represents the Debtor as legal counsel while
Gheen Accounting and Tax Service Company serve as the Debtor's
accountant.
MUSCLEPHARM CORP: Faces Lawsuit Alleging Unfair Trade Practices
---------------------------------------------------------------
White Winston Select Asset Funds, LLC and White Winston Select
Asset Fund Series Fund MP-18, LLC, shareholders of MusclePharm
Corporation, filed a complaint in the Suffolk County Superior Court
for the Commonwealth of Massachusetts against MusclePharm and Ryan
Drexler, and thereby initiated an action against the Defendants for
unfair trade practices, abuse of process, malicious prosecution and
breach of the duty of loyalty. Mr. Drexler is the Issuer's chief
executive officer and serves as chairman of its Board of
Directors.
In the Complaint, the Plaintiffs allege, among other things, that
(i) the Defendants have engaged in a pattern of oppression and
retaliation against the Plaintiffs in response to the Plaintiffs'
efforts as shareholders of the Issuer to achieve corporate
governance reforms to limit Mr. Drexler's dominance of the Issuer's
management and operations; (ii) Mr. Drexler has abused his multiple
positions within the Issuer's corporate structure to enable himself
to become the Issuer's primary creditor, repeatedly causing the
Issuer to borrow millions of dollars over a six-year period in
exchange for convertible notes granting Mr. Drexler the right to
acquire shares of Common Stock at successively lower conversion
prices; and (iii) Mr. Drexler has otherwise engaged in corporate
mismanagement of the Issuer to the detriment of the Plaintiffs and
the Issuer's stockholders generally.
About MusclePharm
Headquartered in Denver, Colorado, MusclePharm Corporation
(OTCQB:MSLP) -- http://www.musclepharm.comand
http://www.musclepharmcorp.com-- is a lifestyle company that
develops, manufactures, markets and distributes branded nutritional
supplements. The Company offers a broad range of performance
powders, capsules, tablets, gels and on-the-go ready to eat snacks
that satisfy the needs of enthusiasts and professionals alike.
MusclePharm reported net income of $3.18 million for the year ended
Dec. 31, 2020, compared to a net loss of $18.93 million for the
year ended Dec. 31, 2019. As of Sept. 30, 2021, the Company had
$11.31 million in total assets, $41.12 million in total
liabilities, and a total stockholders' deficit of $29.81 million.
Los Angeles, California-based SingerLewak LLP issued a "going
concern" qualification in its report dated March 29, 2021, citing
that the Company has suffered recurring losses from operations, has
an accumulated deficit and its total liabilities exceed its total
assets. This raises substantial doubt about the Company's ability
to continue as a going concern.
MUSCLEPHARM CORP: White Winston, et al. Report 10.9% Equity Stake
-----------------------------------------------------------------
In a Schedule 13D/A filed with the Securities and Exchange
Commission, these entities and individuals reported beneficial
ownership of shares of common stock of MusclePharm Corporation as
of Feb. 7, 2022:
Shares Percent
Beneficially of
Reporting Person Owned Class
---------------- ------------ -------
White Winston Select Asset 3,648,355 10.93%
Fund Series Fund MP-18, LLC
Amerop Holdings, Inc. 1,463,839 4.38%
Leonard P. Wessell III 1,463,839 4.38%
White Winston Select Asset
Funds, LLC 3,648,355 10.93%
Todd M. Enright 3,648,355 10.93%
Mark Blundell 3,648,355 10.93%
Donald Feagan 3,648,355 10.93%
Robert P. Mahoney 3,648,355 10.93%
The percent of class is based on 33,386,200 shares of common stock,
$0.001 par value per share, of MusclePharm issued and outstanding
as of Nov. 15, 2021, as reported in the Issuer's quarterly report
on Form 10-Q filed with the SEC on Nov. 17, 2021.
A full-text copy of the regulatory filing is available for free
at:
https://www.sec.gov/Archives/edgar/data/1415684/000119312522047928/d217118dsc13da.htm
About MusclePharm
Headquartered in Denver, Colorado, MusclePharm Corporation
(OTCQB:MSLP) -- http://www.musclepharm.comand
http://www.musclepharmcorp.com-- is a lifestyle company that
develops, manufactures, markets and distributes branded nutritional
supplements. The Company offers a broad range of performance
powders, capsules, tablets, gels and on-the-go ready to eat snacks
that satisfy the needs of enthusiasts and professionals alike.
MusclePharm reported net income of $3.18 million for the year ended
Dec. 31, 2020, compared to a net loss of $18.93 million for the
year ended Dec. 31, 2019. As of Sept. 30, 2021, the Company had
$11.31 million in total assets, $41.12 million in total
liabilities, and a total stockholders' deficit of $29.81 million.
Los Angeles, California-based SingerLewak LLP issued a "going
concern" qualification in its report dated March 29, 2021, citing
that the Company has suffered recurring losses from operations, has
an accumulated deficit and its total liabilities exceed its total
assets. This raises substantial doubt about the Company's ability
to continue as a going concern.
NATURALSHRIMP INC: Files Preferred Stock Certificate of Designation
-------------------------------------------------------------------
The Secretary of State of the State of Nevada delivered
confirmation of the effective filing by NaturalShrimp Incorporated
of its Certificate of Designation of Series F Convertible Preferred
Stock. The Series F Designation authorized the issuance of up to
750,000 shares of the Company's Series F Convertible Preferred
Stock, having such designations, rights and preferences as set
forth therein.
The number of shares of Series F Preferred Stock authorized or
outstanding shall not be affected by a subdivision of the Company's
common stock, par value $0.0001 per share (by any forward stock
split, stock dividend, recapitalization or otherwise) into a
greater number of shares, or by a combination of the Common Stock
(by combination, reverse stock split or otherwise) into a smaller
number of shares.
At any time after the three year anniversary of each respective
date of the issuance of any share of Series F Preferred Stock, each
individual holder shall have the right, at each individual holder's
sole option, to convert all of the shares of Series F Preferred
Stock that such individual holds into shares of fully paid and
nonassessable shares of Common Stock in an amount equal to 8%
(eight percent) of the Company's issued and outstanding shares of
Common Stock as of the close of business on the day the Notice of
Conversion (as defined in the Series F Designation) is sent to the
Company. For the sake of clarity: (i) each individual holder
cannot convert a portion of such holder's shares of Series F
Preferred Stock; rather, each individual holder must convert all of
such holder's holdings at the same time; and (ii) a reverse or
forward stock split of the Common Stock will not affect the
conversion rate.
Each individual holder of Series F Preferred Stock may only convert
all of their shares of Series F Preferred Stock in one transaction.
If the holder elects to convert all of its shares of the Series F
Preferred Stock, it shall deliver three days' written notice
thereof via email or overnight mail a notice of conversion to the
Company, listing the conversion date which Notice of Conversion
shall indicate (i) the holder is electing to convert all of their
shares of Series F Preferred Stock, (ii) the Conversion Date, and
(iii) the manner and the place designated for the surrender of the
certificate or certificates representing the shares to be
converted.
On any matter presented to the stockholders of the Company for
their action or consideration at any meeting of stockholders of the
Company (or by written consent of stockholders in lieu of meeting),
the Series F Designation authorizes each holder of outstanding
shares of Series F Preferred Stock to cast one thousand votes per
each share of Series F Preferred Stock held by such holder as of
the record date for determining stockholders entitled to vote on
such matter.
Other than a change in par value or as a result of a stock dividend
or subdivision, forward stock split, reverse stock split, split-up
or combination of shares, at any time after the Issuance Date, in
the case of any capital reorganization, any reclassification of the
stock of the Company, or a Change in Control (as defined in the
Series F Designation), the shares of Series F Preferred Stock
shall, at the effective time of such reorganization,
reclassification, or Change in Control, be automatically converted
into the kind and number of shares of stock or other securities or
property of the Company or of the entity resulting from such
reorganization, reclassification, or Change in Control to which
such holder would have been entitled if immediately prior to such
reorganization, reclassification, reorganization, reclassification,
or Change in Control it had converted its shares of Series F
Preferred Stock into Common Stock.
The Series F holders will not be entitled to dividends, nor any
distribution rights in the event of any liquidation, dissolution,
or winding up of the Company.
About NaturalShrimp
NaturalShrimp, Inc. is a publicly traded aqua-tech Company,
headquartered in Dallas, with production facilities located near
San Antonio, Texas. The Company has developed a commercially
viable system for growing shrimp in enclosed, salt-water systems,
using patented technology to produce fresh, never frozen, naturally
grown shrimp, without the use of antibiotics or toxic chemicals.
NaturalShrimp systems can be located anywhere in the world to
produce gourmet-grade Pacific white shrimp.
NaturalShrimp reported a net loss of $3.59 million for the year
ended March 31, 2021, compared to a net loss of $4.81 million for
the year ended March 31, 2020. As of Sept. 30, 2021, the Company
had $34.49 million in total assets, $11.90 million in total
liabilities, $3.38 million in series E redeemable convertible
preferred stock, and $19.21 million in total stockholders' equity.
Dallas, Texas-based Turner, Stone & Company, L.L.P., the Company's
auditor since 2015, issued a "going concern" qualification in its
report dated June 29, 2021, citing that the Company has suffered
significant losses from inception and has a significant working
capital deficit. These conditions raise substantial doubt about
its ability to continue as a going concern.
NORTHWEST BIOTHERAPEUTICS: Swings to $179.1M Net Income in 2021
---------------------------------------------------------------
Northwest Biotherapeutics, Inc. filed with the Securities and
Exchange Commission its Annual Report on Form 10-K disclosing net
income of $179.13 million on $1 million of total revenues for the
year ended Dec. 31, 2021, compared to a net loss of $529.82 million
on $1.29 million of total revenues for the year ended Dec. 31,
2020.
As of Dec. 31, 2021, the Company had $40.16 million in total
assets, $164.15 million in total liabilities, and a total
stockholders' deficit of $123.99 million.
The Company has incurred annual net operating losses since its
inception. The Company had loss from operations of approximately
$52.7 million for the year ended Dec. 31, 2021. The Company used
approximately $38.3 million of cash in its operating activities for
the year ended Dec. 31, 2021. Management believes that the Company
has access to capital resources through the sale of equity and debt
financing arrangements. However, the Company has not secured any
commitments for new financing for this specific purpose at this
time.
Northwest stated "The Company does not expect to generate material
revenue in the near future from the sale of products and is subject
to all of the risks and uncertainties that are typically faced by
biotechnology companies that devote substantially all of their
efforts to research and development ("R&D") and clinical trials and
do not yet have commercial products. The Company expects to
continue incurring annual losses for the foreseeable future. The
Company's existing liquidity is not sufficient to fund its
operations, anticipated capital expenditures, working capital and
other financing requirements until the Company reaches significant
revenues. Until that time, the Company will need to obtain
additional equity and/or debt financing, especially if the Company
experiences downturns in its business that are more severe or
longer than anticipated, or if the Company experiences significant
increases in expense levels resulting from being a publicly-traded
company or from expansion of operations. If the Company attempts
to obtain additional equity or debt financing, the Company cannot
assume that such financing will be available to the Company on
favorable terms, or at all.
"Because of recurring operating losses and operating cash flow
deficits, there is substantial doubt about the Company's ability to
continue as a going concern within one year from the date of this
filing."
A full-text copy of the Form 10-K is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001072379/000141057822000244/nwbo-20211231x10k.htm
About Northwest Biotherapeutics
Headquartered in Bethesda, MD, Northwest Biotherapeutics, Inc. --
www.nwbio.com -- is a biotechnology company focused on developing
personalized immune therapies for cancer. The Company has
developed a platform technology, DCVax, which uses activated
dendritic cells to mobilize a patient's own immune system to attack
their cancer.
OCULAR THERAPEUTIX: Incurs $6.6 Million Net Loss in 2021
--------------------------------------------------------
Ocular Therapeutix, Inc. filed with the Securities and Exchange
Commission its Annual Report on Form 10-K disclosing a net loss and
comprehensive loss of $6.55 million on $43.52 million of total net
revenue for the year ended Dec. 31, 2021, compared to a net loss
and comprehensive loss of $155.64 million on $17.40 million of
total net revenue for the year ended Dec. 31, 2020. The Company
reported a net loss and comprehensive loss of $86.37 million for
the year ended Dec. 31, 2019.
As of Dec. 31, 2021, the Company had $204.89 million in total
assets, $116.89 million in total liabilities, and $88 million in
total stockholders' equity.
Fourth Quarter Ended December 31, 2021
Gross product revenue net of discounts, rebates, and returns, which
the Company refers to as total net product revenue, was $12.3
million for the fourth quarter and represented a 66% increase over
the same period in 2020. Net product revenue of DEXTENZA in the
fourth quarter was $12.2 million versus $6.9 million in the
comparable quarter of 2020, reflecting an approximate 77% increase.
Total net product revenue for the fourth quarter in 2021 also
includes net product revenue of $58,000 from ReSure Sealant.
Overall, net product revenue for the year was $43.5 million versus
$17.4 million for 2020, reflecting a strong uptake in DEXTENZA
sales.
Research and development expenses for the fourth quarter were $12.6
million versus $7.6 million for the comparable period in 2020
driven primarily by an increase in unallocated expenses,
predominantly unallocated personnel costs and increased clinical
trial costs associated with: the initiation of the US-based Phase 1
trial of OTX-TKI and the initiation of the US-based Phase 2 trial
for OTX-TIC; the Phase 2 clinical trials for OTX-CSI and OTX-DED;
the ongoing Phase 1 clinical trial of OTX-TKI in Australia; and the
ongoing clinical trial for DEXTENZA for post-surgical inflammation
and pain in pediatric subjects. Overall R&D expenses for the full
year increased $21.4 million to $50.1 million from $28.7 million in
2020, reflecting the trends identified above.
Selling and marketing expenses in the quarter were $9.1 million as
compared to $6.8 million for the same quarter in 2020, reflecting
increased personnel costs associated primarily with an expansion of
the field force. Overall, selling and marketing expenses for the
full year increased to $35.2 million from $26.6 million in 2020,
driven primarily by increased personnel costs and increased
spending on consulting, trade shows and conferences.
General and administrative expenses were $7.5 million for the
fourth quarter versus $6.6 million in the comparable quarter of
2020. The increase in expenses stemmed primarily from increased
personnel expenses and professional fees. Overall, G&A expenses
for the full year increased $9.0 million to $31.9 million from
$22.9 million in 2020, again reflecting primarily increased
personnel and professional fees.
The Company reported a net loss of $(3.9) million, or a loss of
$(0.05) per share on a basic basis and a loss of $(0.23) per share
on a diluted basis for the three months ended Dec. 31, 2021. This
compares to a net loss of $(85.6) million, or a loss of $(1.21) per
share on a basic and diluted basis for the same period in 2020.
Net loss in the fourth quarter of 2021 included a $15.9 million
non-cash gain in the fair value of the derivative liability
associated with the Company's convertible notes, driven by a
decrease in the price of its common stock during the quarter.
Non-cash charges for stock-based compensation and depreciation and
amortization were $4.4 million in the fourth quarter versus $2.8
million for the same quarter in 2020.
As of Feb. 24, 2022, the Company had 76.8 million shares
outstanding.
As of Dec. 31, 2021, the Company had $164.2 million in cash and
cash equivalents versus $179.3 million at September 30, 2021. Based
on current plans and related estimates of anticipated cash inflows
from DEXTENZA and anticipated cash outflows from operating
expenses, the Company believes that existing cash and cash
equivalents, as of Dec. 31, 2021, will enable the Company to fund
planned operating expenses, debt service obligations and capital
expenditure requirements through 2023. This cash guidance is
subject to a number of assumptions including those related to the
severity and duration of the COVID-19 pandemic, the revenues,
expenses and reimbursement associated with DEXTENZA, and the pace
of research and clinical development programs, among other aspects
of the business.
"Ocular has had another strong quarter and a productive year," said
Antony Mattessich, president and chief executive officer. "Our
commercialization of DEXTENZA continues to ramp. We successfully
expanded the DEXTENZA label and achieved durable reimbursement that
will sustain DEXTENZA's growth well into the future. The creation
of a specialized business unit focusing solely on DEXTENZA in the
office setting will allow us to build the DEXTENZA franchise beyond
the surgical setting and also establish the necessary commercial
infrastructure to support our innovative product pipeline. Our
pipeline has progressed well. Recent data from our Australia-based
OTX-TKI Phase 1 trial continues to support a product profile that
we believe could become standard of care in the treatment of wet
AMD. We plan to provide data from our U.S.-based Phase 1 clinical
trial for OTX-TKI, which recently completed enrollment, later in
the year. In the treatment of glaucoma, we are excited to have
initiated our Phase 2 trial for OTX-TIC and we are actively
screening subjects. In the treatment of dry eye disease, we
continue to analyze the full data set from our Phase 2 studies in
OTX-CSI and OTX-DED, and look forward to presenting the
clinical-regulatory and manufacturing strategies for these
programs. Overall, we made great progress and look forward to a
busy 2022 that will further advance our strong position within
ophthalmology."
A full-text copy of the Form 10-K is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1393434/000155837022002363/ocul-20211231x10k.htm
About Ocular Therapeutix
Headquartered in Bedford, MA, Ocular Therapeutix, Inc. --
http://www.ocutx.com-- is a biopharmaceutical company focused on
the formulation, development, and commercialization of innovative
therapies for diseases and conditions of the eye using its
proprietary bioresorbable hydrogel-based formulation technology.
Ocular Therapeutix's first commercial drug product, DEXTENZA, is
FDA-approved for the treatment of ocular inflammation and pain
following ophthalmic surgery.
OLYMPIA SPORTS: Seeks Access to Cash Collateral
-----------------------------------------------
Olympia Sports, Inc. asks the U.S. Bankruptcy Court for the Eastern
District of Pennsylvania for authority to use cash collateral to
pay pre-petition wages. The Debtor also seeks authority to use
cash collateral to pay a critical vendor.
The Small Business Administration asserts a security interest in,
among other things, accounts receivable, equipment, inventory, and
proceeds thereof, to secure its liens. The SBA has filed a UCC-1
Financing Statement.
In addition, Adidas may assert a security interest in Adidas
products sold to the Debtor. Adidas asserts a security interest
under a trade agreement between Adidas and the Debtor.
Olympia Sports explains that remaining an authorized seller of
Adidas allows the Debtor to receive various discounts and to
display in its store various Adidas trademarked posters and
advertisements.
Olympia Sports says Adidas is owed $112,481 prepetition.
The Debtor contends that, to remain in business and avoid
irreparable harm to the estate, it must be permitted to use the
proceeds from the sale of its inventory.
The Debtor's Schedules reveal that at the time of the bankruptcy
filing, its inventory totaled $350,000 and its accounts receivable
totaled $20,000. In addition, the SBA's alleged claims total
$150,000.
As adequate protection for the use of cash collateral, the Debtor
agrees to maintain insurance on its assets and provide a
post-petition security interest to the secured creditor in its
assets to the extent of its pre-petition security interest.
Moreover, the Debtor will make a monthly payment of $500 on the
first day of each month beginning March 2022.
The Debtor anticipates the amount of payroll and payroll taxes to
be made on March 9, 2022, would total $9,375 -- which excludes Jae
Ko, president, who is not seeking to be paid in this payroll -- of
which approximately $8,036 would be for prepetition payroll
expenses for employees that are currently employed. The Debtor
says the payroll liabilities would be Priority Claims.
The Debtor also relates that, to continue operations, in the event
Adidas does not have a valid perfected security interest, it is
necessary to continue to pay Adidas for the prepetition liability
to be assured that the Debtor can remain an authorized seller and
obtain the footwear on credit necessary for its operations.
Consequently, it is requested that the Order authorize treatment of
Adidas as a critical vendor and authorize payment to them of their
pre-petition debt in the ordinary course of business.
A copy of the motion is available at https://bit.ly/3sEYfgq from
PacerMonitor.com.
About Olympia Sports, Inc.
Olympia Sports, Inc. owns and operates a shoes and clothing retail
store. The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Pa. Case No. 22-10535) on March 2,
2022. In the petition signed by Jae Ko, president, the Debtor
disclosed $426,214 in assets and $1,001,666 in liabilities.
Judge Ashely M. Chan oversees the case.
Robert N. Braverman, Esq. at McDowell Law, PC is the Debtor's
counsel.
PERMICO MIDSTREAM: Trustee's Sale of Assets for $3.7MM Approved
---------------------------------------------------------------
Judge Marvin Isgur of the U.S. Bankruptcy Court for the Southern
District of Texas authorized William R. Greendyke, solely in his
capacity as chapter 11 Trustee for the estates of Permico Midstream
Partners, LLC, and Permico Midstream Partners Holdings, LLC, to
sell the Debtors' assets to Permico Founders, LLC, for $3.7
million, plus the assumption of the Assumed Liabilities, in
accordance with the terms of their Amended Asset Purchase Agreement
dated as of Feb. 18, 2022.
The APA and the terms and conditions thereof are approved, and the
Trustee is authorized and directed to enter into, execute, and
perform the APA and all related agreements, transactions, and such
other ancillary documents consistent with the terms thereof and in
furtherance thereof.
The sale is free and clear of all Encumbrances, except for the
Permitted Encumbrances under the APA, including, for the avoidance
of doubt, the Ad Valorem Tax Liens. Upon the Closing, the Purchaser
will take title to and possession of the Purchased Assets subject
only to the Assumed Liabilities.
Within five business days after the Trustee files a notice of the
closing of the Sale and notice of the occurrence of the Effective
Date, each holder of an Encumbrance (other than the Permitted
Encumbrances) is authorized and directed to execute such documents
and take all other actions as may be deemed by the Purchaser to be
necessary or desirable to release their Encumbrances on the
Purchased Assets, as such Encumbrances may have been recorded or
may otherwise exist.
The cash due at Closing will be the Purchase Price of $3.7 million,
less $14,255.89 on account of past-due 2021 ad valorem taxes, and
$2,426 on account of the Debtors' pro rata share of 2022 estimated
ad valorem taxes, or $3,683,318.20. The Purchase Price Proceeds
will be paid to the Trustee on or before the Closing.
The Purchaser will assume and satisfy any ad valorem taxes due and
owing with respect to the Purchased Assets. Notwithstanding
anything to the contrary in this Order, the secured ad valorem
taxes, including any accrued penalties and interest, owed by the
Debtors for tax year 2021 pertaining to the Purchased Assets, will
be paid by the Purchaser within five business days of entry of the
Order. Further, the ad valorem taxes for tax year 2022 pertaining
to the Purchased Assets will become the responsibility of the
Purchaser and the 2022 ad valorem tax liens, as well as any 2021 ad
valorem tax liens, will be retained against the Purchased Assets
until said taxes, including any penalties and interest that may
accrue, are paid in full.
Within two business days of payment of the Purchase Price Proceeds,
the Trustee will pay Integra Midstream Partners, LLC the
outstanding amount due under the post-petition $750,000 loan by
Integra to the Trustee is $870,251.71, as of March 1, 2022, plus
$369.86 of additional interest for every day following March 1,
2022 that the DIP Loan remains unpaid. Within two business days of
receipt of the Purchase Price Proceeds, the Trustee will pay
Integra the Break-Up fee of $175,000. Upon payment of the DIP Loan
balance and Break-Up fee as set forth, any and all liens, claims,
rights or interests of Integra related to the Trustee, the Debtors,
and their estates, including, without limitation, the Purchased
Assets, Purchase Price Proceeds, and any proceeds from settlements
or other property of the Debtors' estates received by the Trustee,
will be and are released, waived, and extinguished.
Upon closing of the Sale and payment of the Purchase Price Proceeds
by the Purchaser to the Trustee, and in accordance with the terms
of the Plan and Plan Settlement Term Sheet, the Debtors and Trustee
are deemed to have released Corpac from any obligation to make
the Corpac Toggle 2 Trustee Paymen. Corpac is an intended
third-party beneficiary of this provision and is entitled to
enforce same as a party. Upon entry of the Order and closing of the
Sale, Corpac will be deemed to be have received the Corpac Release,
including all Claims held by the Trustee and the Debtors' estate
against Corpac and the Corpac Pipe (as defined in the Plan). Upon
entry of the Order and Closing of the Sale, Corpac will be deemed
to have released any liens, rights, claims, or interests related to
the Purchase Price Proceeds and any proceeds from settlements or
other property of the Debtors' estates received by the Trustee.
HGC's asserted first priority lien on the Purchased Assets is
hereby valued at 5% of the Purchase Price Proceeds. In complete
satisfaction and release of any lien, claims, or interest asserted
by HGC related to the Purchase Price Proceeds, the Trustee will pay
HGC $184,165.91 on account of such lien.
Within two-business days of Closing, the Trustee will file a Notice
of Closing and Toggle 2 Plan Effective Date.
Edgen will pay the Edgen Toggle 2 Trustee Payment in the amount of
$1,250,000 to the Trustee within seven days of the Effective Date.
HGC will pay the HGC Toggle 2 Trustee Payment in the amount of
$1,250,000 to the Trustee within seven days of the Effective Date.
Upon the Effective Date, the terms of the settlements by and
between the Trustee and HGC, Corpac, and Edgen, respectively, as
set forth in the Plan, Plan Settlement Term Sheet, and Pipe Sale
Order, will be effective.
The Purchase Price Proceeds, less amounts paid for the DIP Loan,
Break-Up fee, and HGC Lien Payment, along with the HGC and Edgen
Settlement proceeds, will be distributed pursuant to the Plan.
Consistent with the Plan and Plan Settlement Term Sheet, for
purposes of Toggle 2 distributions, HGC will have an allowed Class
2A general unsecured claim in the amount of $35 million.
Other than the HGC Lien Payment and the right to a pro rata
distribution on account of the allowed Class 2A general unsecured
claim described above, HGC will have no further claims, rights, or
interests with respect to the Purchase Price Proceeds, proceeds
from the Edgen and HGC Trustee Settlement Payments, or any other
proceeds of the Debtors' estates.
The Trustee may immediately disburse available funds to satisfy the
DIP Loan, Break-Up Fee, HGC Lien Payment, and allowed
Administrative Expense Claims consistent with the Order.
The Trade Vendor Claims will be assumed by the Purchaser under the
terms set forth in the Order.
Permico Energia LLC and/or Founders will prepare and is hereby
authorized to file any outstanding or necessary tax filings related
to the Debtors and assumes any obligations related to the same.
Pursuant to Bankruptcy Rules 4001, 6004(h), 6006(d), 7062, and
9014, the Order will be effective immediately upon its entry and
there is no stay of the effects of the Order, and the Trustee and
the Purchaser are authorized to close the Sale immediately, and the
Trustee will file a notice of the Sale Closing and the Toggle 2
Plan Effective Date on the Court's docket within two business days
thereafter.
Within seven days of Closing of the Sale, the parties to the Corpac
Adversary Proceeding and Edgen Adversary Proceeding will file
stipulations for the voluntary dismissal of the Trustee from such
proceedings pursuant to Federal Rule of Bankruptcy Procedure
7041(a). Upon dismissal, the Trustee will have no further
obligations with respect to the Corpac and Edgen Adversary
Proceeding. The Trustee will not take a position for or against any
party to the Corpac Adversary Proceeding or Edgen Adversary
Proceeding. Any documents or communications, including any
electronic documents and emails, previously requested by any party
to the Corpac or Edgen Adversary Proceeding or otherwise related to
the Adversary Proceedings, will be preserved by Permico Energia,
LLC, the Purchaser, and/or their affiliates and remain in the
custody and control of Permico Energia, LLC, the Purchaser and/or
their affiliates until the conclusion of the Corpac and Edgen
Adversary Proceedings.
Any amounts paid by Purchaser to Corpac pursuant to the Corpac
Modification Agreement for the sale of pipe, and to Edgen pursuant
to the Edgen Modification Agreement for the sale of pipe, will be
escrowed by Edgen and/or Corpac, as applicable, and distributed in
accordance with the terms of the Pipe Sale Order.
A copy of the APA is available at https://tinyurl.com/3ahpumnn from
PacerMonitor.com free of charge.
About Permico Midstream Partners Holdings
Debtors Permico Midstream Partners Holdings, LLC and Permico
Midstream Partners LLC are subsidiaries of Permico Energia LLC --
a
U.S. based energy company with offices in Houston, Texas and
Washington D.C. The Company is focused on developing,
constructing,
and operating assets in Texas, as well as domestic and
international marketing of hydrocarbons. For more information,
visit https://www.permicoenergia.com.
Permico Midstream Partners Holdings, LLC and Permico Midstream
Partners LLC sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. S.D. Tex. Lead Case No. 20-32437) on May 4, 2020. The
petitions were signed by Bryan M. Gaston, chief restructuring
officer. At the time of the filing, each Debtor disclosed
estimated
assets of $0 to $50,000 and estimated liabilities of $100 million
to $500 million. Hon. Marvin Isgur oversees the cases. The
Debtors
tapped Hunton Andrews Kurth LLP as counsel and Ankura Consulting
Group, LLC as financial advisor.
William R. Greendyke is the appointed Chapter 11 Trustee for the
Debtors. He is represented by Norton Rose Fulbright US LLP.
PINNACLE CONSTRUCTORS: Seeks Chapter 11 Bankruptcy Protection
-------------------------------------------------------------
RK Consultants reports that on March 5, 2022, Pinnacle Constructors
Inc. sought voluntary Chapter 11 bankruptcy protection in the
Middle District of New Jersey. According to a court filing,
Pinnacle Constructors has 27 creditors including Renasant Bank,
Huntington Bank, and Scott Financial Services. Pinnacle estimated
assets and liabilities between $1 million and $10 million. The
company's bankruptcy petition states that funds are available for
unsecured creditors.
About Pinnacle Constructors
Pinnacle Constructors Inc. is a Westwood Shelbyville,
Tennessee-based a construction company. Pinnacle Constructors
sought voluntary Chapter 11 bankruptcy protection (Bankr. M.D.
Tenn. Case. No. 22-00670) on March 5, 2022. In the petition filed
by Kevin Webb, president, Pinnacle listed estimated assets of
between $1 million and $10 million and liabilities between $1
million and $10 million. Nancy B. King, of Emergelaw PLC, is the
Debtor's counsel.
PLATINUM GROUP: HCI Invest14, et al. Hike Equity Stake to 25.9%
---------------------------------------------------------------
In a Schedule 13D/A filed with the Securities and Exchange
Commission, these entities reported beneficial ownership of shares
of common stock of Platinum Group Metals Ltd. as of Feb. 11, 2022:
Shares Percent
Beneficially of
Reporting Person Owned Class
---------------- ------------ -------
Deepkloof Limited 24,837,349 25.9%
HCI Invest14 Holdco 24,837,349 25.9%
(Pty) Limited
Hosken Consolidated 24,837,349 25.9%
Investments Limited
The percentates are based on 95,891,331 common shares outstanding
as of Feb. 21, 2022 (as disclosed on the Issuer's website on such
date).
On Feb. 11, 2022, HCI purchased an aggregate of 3,539,823 Shares
directly from the Company in a non-brokered private placement. The
shares were sold at a price per share of $1.695 for aggregate gross
proceeds to the Company of $6.0 million. After giving effect to
the February 11 Private Placement, the Reporting Persons
beneficially owned 25.9% of the total amount of Shares outstanding
as of Feb. 21, 2022.
A full-text copy of the regulatory filing is available for free
at:
https://www.sec.gov/Archives/edgar/data/1095052/000119312522048588/d130940dsc13da.htm
About Platinum Group Metals
Headquartered in British Columbia, Canada, Platinum Group Metals
Ltd. -- http://www.platinumgroupmetals.net-- is a platinum and
palladium focused exploration, development and operating company
conducting work primarily on mineral properties it has staked or
acquired by way of option agreements or applications in the
Republic of South Africa and in Canada.
Platinum Group reported a loss of $13.06 million for the year ended
Aug. 31, 2021, a loss of $7.13 million for the year ended Aug. 31,
2020, a loss of $16.78 million for the year ended Aug. 31, 2019,
and a loss of $41.02 million for the year ended Aug. 31, 2018.
PRICHARD WATERWORKS: S&P Lowers 2019 Revenue Bonds Rating to 'BB-'
------------------------------------------------------------------
S&P Global Ratings lowered its long-term rating on the Waterworks
and Sewer Board of the City of Prichard, Ala.'s series 2019 water
and sewer revenue bonds to 'BB+' from 'BBB-'. Additionally, S&P has
placed the credit on CreditWatch with negative implications.
"The downgrade to the non-investment-grade rating reflects
significant governance risks, including a lack of risk management
and oversight surrounding the board's management of operating
revenues, which has resulted in the alleged mismanagement of funds
by former utility employees," said S&P Global Ratings credit
analyst Chelsy Shipman. S&P said, "We capture risk management,
culture, and oversight as a governance factor under environmental,
social, and governance (ESG) factors. Notably, actual cash levels
fell to approximately $575,000 in unaudited 2021, from $2.3 million
in 2019, while days' cash fell to 24 in unaudited fiscal year 2021,
from 118 in 2019, including the board's repair and replacement
(R&R) fund, which management indicates is available on an
unrestricted basis. We believe that both these issues contribute to
notable uncertainty regarding future liquidity and all-in debt
service coverage (DSC) levels."
S&P said, "Our credit rating analysis reflects negative
considerations driven by ESG factors. This includes heightened
governance risk, given what we view as inadequate risk management,
oversight, and internal controls, as well as a lack of
transparency. Although the board previously attributed an
approximately $2 million decline in unrestricted cash levels from
2018 to 2019 to legal costs, the impact of former employees'
mismanagement of utility funds remains uncertain. However,
according to the board's attorney, the totality of mismanaged funds
could be around $1.5 million. Still, we believe that the board's
ongoing hydrant fee litigation with the City of Prichard could
impair cash flows until the litigation is resolved, and we view the
board's lack of transparency regarding previous and future
expenditures as a limiting factor, given uncertainty surrounding
future liquidity levels.
"We believe the board also faces significant social capital
affordability concerns, as the combined water and sewer bill is
approximately 4.6% of median household buying incomes in the
service area, which we consider high. Management previously
indicated that it plans to continue implementing preapproved 5%
rate increases until 2024 to support significant capital
improvement needs; however, it is uncertain whether rate increases
will be implemented to supplement the alleged misuse of utility
revenues."
The utility is also exposed to heightened acute and chronic
physical risks, such as flooding and hurricanes, given its coastal
location along Alabama's Mobile Bay, which we believe increases its
exposure to asset deterioration and material disruptions to
operations, which could impair liquidity and all-in DSC over the
near to long term.
S&P said, "We have placed the credit on CreditWatch with Negative
Implications, given uncertainty about the potential impact of the
alleged mismanagement of funds by former utility employees, and
given the board's ongoing hydrant fee litigation with the City of
Prichard could further impair the board's liquidity, per the
board's indication that legal costs are primarily funded on a
pay-go basis. We expect to resolve the CreditWatch in the next 90
days, once we are able to analyze the board's liquidity levels and
ability to meet its upcoming debt service payment obligations."
PURDUE PHARMA: Florida State Challenges New $6-Bil. Sackler Deal
----------------------------------------------------------------
Alex Wolf, writing for Bloomberg Law, reports that the state of
Florida is challenging the new $6 billion deal that members of the
Sackler family reached with several other states and the District
of Columbia in Purdue Pharma LP’s bankruptcy case.
The updated agreement wrongly includes a side payment to the states
that appealed Purdue’s multibillion dollar Chapter 11 plan to
settle its massive opioid liability, Florida said Thursday, March
4, 2022. The Sackler family members reached the deal earlier in the
day, following last December's federal district court decision
overturning the plan's liability protections.
About Purdue Pharma LP
Purdue Pharma L.P. and its subsidiaries --
http://www.purduepharma.com/-- develop and provide prescription
medicines and consumer products that meet the evolving needs of
healthcare professionals, patients, consumers and caregivers.
Purdue's subsidiaries include Adlon Therapeutics L.P., focused on
treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and
related disorders; Avrio Health L.P., a consumer health products
company that champions an improved quality of life for people in
the United States through the reimagining of innovative product
solutions; Imbrium Therapeutics L.P., established to further
advance the emerging portfolio and develop the pipeline in the
areas of CNS, non-opioid pain medicines, and select oncology
through internal research, strategic collaborations and
partnerships; and Greenfield Bioventures L.P., an investment
vehicle focused on value-inflection in early stages of clinical
development.
Opioid makers in the U.S. are facing pressure from a crackdown on
the addictive drug in the wake of the opioid crisis and as state
attorneys general file lawsuits against manufacturers. More than
2,000 states, counties, municipalities and Native American
governments have sued Purdue Pharma and other pharmaceutical
companies for their role in the opioid crisis in the U.S., which
has contributed to the more than 700,000 drug overdose deaths in
the U.S. since 1999.
OxyContin, Purdue Pharma's most prominent pain medication, has been
the target of over 2,600 civil actions pending in various state and
federal courts and other fora across the United States and its
territories.
On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
19-23649), after reaching terms of a preliminary agreement for
settling the massive opioid litigation. The Debtors' consolidated
balance sheet as of Aug. 31, 2019, showed $1.972 billion in assets
and $562 million in liabilities.
U.S. Bankruptcy Judge Robert Drain oversees the cases.
The Debtors tapped Davis Polk & Wardwell, LLP and Dechert, LLP as
legal counsel; PJT Partners as investment banker; AlixPartners as
financial advisor; and Grant Thornton, LLP as tax structuring
consultant. Prime Clerk LLC is the claims agent.
Akin Gump Strauss Hauer & Feld LLP and Bayard, P.A., represent the
official committee of unsecured creditors appointed in the Debtors'
bankruptcy cases.
David M. Klauder, Esq., is the fee examiner appointed in the
Debtors' cases. The fee examiner is represented by Bielli &
Klauder, LLC.
* * *
U.S. Bankruptcy Judge Robert Drain in early September 2021 approved
a plan to turn Purdue into a new company (Knoa Pharma LLC) no
longer owned by members of the Sackler family, with its profits
going to fight the opioid epidemic. The Sackler family agreed to
pay $4.3 billion over nine years to the states and private
plaintiffs and in exchange for a lifetime legal immunity. The deal
resolves some 3,000 lawsuits filed by state and local governments,
Native American tribes, unions, hospitals and others who claimed
the company's marketing of prescription opioids helped spark and
continue an overdose epidemic.
Separate appeals to approval of the Plan have already been filed by
the U.S. Bankruptcy Trustee, California, Connecticut, the District
of Columbia, Maryland, Rhode Island and Washington state, plus some
Canadian local governments and other Canadian entities.
Purdue filed its Chapter 11 Plan on March 15, 2021. A 12th amended
Chapter 11 plan was filed on Sept. 2, 2021, which was confirmed on
Sept. 17. Purdue divides the claims against it into several
categories, one of which it calls "PI Claims," consisting of claims
"for alleged opioid-related personal injury." The plan provides for
the creation of the "PI Trust," which will administer all PI
Claims. The trust will be funded with an initial distribution of
300 illion on the effective date of the Chapter 11 plan, followed
by a distribution of $200 million in 2024, and distributions of
$100 million in 2025 and 2026. In sum, "[t]he PI Trust will receive
at least $700 million in value, and may receive an additional $50
million depending on the amount of proceeds received on account of
certain of Purdue's insurance policies."
The Plan further provides that Purdue's ability to recover from its
insurers will be vested in a "Master Disbursement Trust." To the
extent any proceeds are recovered from Purdue's insurers with
respect to the PI Claims, up to $450 million of those proceeds will
be channeled from the MDT to the PI Trust. However, the PI Trust
will be funded regardless of whether anything is recovered from
Purdue's insurers. Instead, "[d]istributions to the PI Trust are
subject to prepayment on a rolling basis as insurance proceeds from
certain of Purdue's insurance policies are received by the MDT and
paid forward to the PI Trust."
Q BIOMED: Incurs $8.2 Million Net Loss in 2021
----------------------------------------------
Q Biomed Inc. filed with the Securities and Exchange Commission its
Annual Report on Form 10-K disclosing a net loss of $8.24 million
on $195,597 of net sales for the year ended Nov. 30, 2021, compared
a net loss of $13.49 million on $30,000 on net sales for the year
ended Nov. 30, 2020.
As of Nov. 30, 2021, the Company had $809,480 in total assets,
$5.49 million in total liabilities, and a total stockholders'
deficit of $4.69 million.
New York, NY-based Marcum LLP, the Company's auditor since 2015,
issued a "going concern" qualification in its report dated Feb. 28,
2022, 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://www.sec.gov/ix?doc=/Archives/edgar/data/1596062/000141057822000230/tmb-20211130x10k.htm
About Q BioMed Inc.
Q BioMed Inc. -- http://www.QBioMed.com-- is a biotech
acceleration and commercial stage company. The Company is focused
on licensing and acquiring undervalued biomedical assets in the
healthcare sector. Q BioMed is dedicated to providing these target
assets the strategic resources, developmental support, and
expansion capital needed to ensure they meet their developmental
potential, enabling them to provide products to patients in need.
QUEEN ELIZABETH: Enters Settlement Agreement with Christopher Bangs
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Queen Elizabeth Realty Corp., submitted a First Amended Disclosure
Statement in connection with its First Amended Plan of
Reorganization dated March 3, 2022.
The Debtor is the proponent of the Plan and believes that the Plan
is the best means to maximize the value of the Debtor's assets and
to provide the greatest and quickest return to Creditors on account
of their Allowed Claims against the Debtor as well as to Interest
Holders on account of their ownership interests in the Debtor.
Recoveries projected in the Plan shall be from the Debtor's
refinance of the real property. The amount generated by the
refinance of the real property shall be used to satisfy the claim
of BOA; the payment of any outstanding statutory fees due and owing
the United States Trustee; the payment of allowed costs of
administration of the case (the "Administrative Claims"); and a
distribution to the holders of Allowed Claims. The holders of
Allowed Claims shall be paid in full upon the Effective Date.
The Debtor believes that the recoveries provided for in the
proposed Plan exceed any recovery that would otherwise be available
if Landmark Portfolio were to foreclose on its interest in the
stock and conduct a forced liquidation of the real property.
Similarly, the Debtor believes that if this chapter 11 case were
converted to one under chapter 7 of the Bankruptcy Code, the
holders of the Allowed Claims would receive less than the amounts
anticipated in the Debtor's Plan due to the additional
administrative expenses that would necessarily be incurred in such
liquidation.
On or about June 23, 2021, Debtor, and defendant Christopher Bangs
entered into a proposed settlement agreement pursuant to which
Bangs agreed to pay the Debtor the sum of $560,000.00 (the
"Settlement Sum") in full and complete satisfaction of the issues
alleged in the pending litigation. Debtor sought and obtained an
Order of the Bankruptcy Court pursuant to Rule 9019 of the Federal
Rules of Bankruptcy Procedure approving the proposed settlement
with Bangs. Bangs has remitted payment in the amount of $560,000,
and the funds were held by Debtor's counsel in its escrow account.
In addition, the Debtor was named as a defendant in a pending state
court litigation entitled The Law Offices of Anthony A. Capetola v.
Jeffrey Wu, et al, bearing Index No. 201338/2017. On or about
February 24, 2022, the Debtor, as well as other parties, entered
into a stipulation of settlement pursuant to which the parties
agreed to discontinue the action, with prejudice.
Debtor filed an application with the Court seeking the entry of an
Order authorizing the Debtor's use of the funds currently held in
connection with the Bangs' Settlement. Debtor owes $397,039.49 to
the New York City Department of Taxation and Finance in connection
with unpaid Real Estate Taxes and interest on said outstanding
amounts. The application is to be heard by the Court at a hearing
on February 23, 2022. By Order dated February 24, 2022, the Court
authorized the Debtor to make payment to the New York City
Department of Taxation and Finance. Debtor remitted the sum of
$403,128.90.
Class 1 consists of the Secured Claim of Bank of America under its
first mortgage on the Real Property. According to the claim filed
in this chapter 11 case, BOA is owed the amount of $19,978,987.47
as of the date of the filing of its proof of claim (Claim No. 2)
filed on December 14, 2020. BOA has been receiving payments during
the course of this chapter 11 case and an accounting to determine
the amounts that remain due and owing will be necessary. BOA's
mortgage matured by its terms. BOA shall be paid in full as to its
allowed claim as agreed by and between the parties. BOA shall take
those steps necessary to assign its mortgage to Invictus.
The New York City Department of Taxation and Finance filed a proof
of claim in the amount of $2,163.64. The claim consists of a
priority claim in the amount of $1,748.24 and a general unsecured
claim in the amount of $415.40. The priority claim shall be paid in
full upon the Effective Date.
Class 3 consists of the Allowed General Unsecured Claims of the
Debtor. The Debtor believes that the following creditors as holding
general unsecured claims as against the Debtor:
* Landmark Portfolio Mezz on December 23, 2020, timely filed
Claim No. 4 in the amount of $24,876,385.05. Landmark Portfolio has
reached a consensual resolution regarding its claim which is
treated in the case of Jeffrey Wu. Creditors are directed to the Wu
chapter 11 plan which provides for the treatment of the Landmark
Portfolio claim. Landmark Portfolio shall not receive any
distribution under the Debtor's Plan.
* New York State Department of Taxation and Finance ("NYS") on
November 6, 2020, timely filed Claim No. 1 in the amount of
$2,163.64 as a secured claim. On January 13, 2021, NYS amended its
claim to be a partial priority claim and a partial general
unsecured claim. The unsecured claim is in the amount of $415.40.
This claim shall be paid in full on the Effective Date.
Class 4 consists of the Ownership Interest of Jeffrey Wu in the
stock of the Debtor.
The Debtor shall have obtained the necessary refinancing of the
Real Property.
In connection with confirmation of the Plan, the Debtor shall seek
Bankruptcy Court approval of the Exit Financing. The Debtor
currently anticipates that the Exit Financing will be funded in the
gross principal amount of $170,000,000.00. The Effective Date of
the Plan is expressly conditioned upon, inter alia, the Closing
having occurred and there being sufficient proceeds allocated from
the Exit Financing to fully fund the Plan.
A full-text copy of the First Amended Disclosure Statement dated
March 3, 2022, is available at https://bit.ly/36UGFfJ from
PacerMonitor.com at no charge.
Attorneys for Queen Elizabeth Realty Corp.
Fred S. Kantrow, Esq.
The Kantrow Law Group, PLLC
6901 Jericho Turnpike, Suite 230
Syosset, New York 11791
Tel: 516 703 3672
E-mail: fkantrow@thekantrowlawgroup.com
About Queen Elizabeth Realty Corp.
Queen Elizabeth Realty Corp. is primarily engaged in renting and
leasing real estate properties.
Queen Elizabeth Realty Corp. filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y.
Case No. 20-73327) on Nov. 3, 2020. At the time of the filing, the
Debtor had estimated assets of less than $50,000 and liabilities of
between $10 million and $50 million. Judge Robert E. Grossman
oversees the case. Rosen & Kantrow, PLLC represents the Debtor.
R & G SERVICES: Files for Chapter 11 Bankruptcy Protection
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RK Consultants reports that Aliso, California-based R & G Services
Inc. files for voluntary Chapter 11 bankruptcy protection in the
District of Central California.
The company listed assets between $50,000 and $100,000 and
estimated liabilities between $ 1 million to $10 million.
According to its petition, funds will be available to unsecured
creditors. It has estimated creditors between 1 to 49, including
American Express, AP-Aliso Viejo LLC, Bankers Small Business CDC,
and CDC Small Business Corp.
About R & G Services
R & G Services Inc., doing business as AAMCO Aliso Viejo, is
located at 27802 Aliso Creek Road, Suite D170 Aliso Viejo, CA
92656. For the past 8 years, the company used names like AAMCO
Aliso Viejo, AAMCO Aliso Lake Forest, and AAMCO Aliso
Transmissions.
R & G Services sought voluntary Chapter 11 bankruptcy protection
(Bankr. C.D. Cal. Case No. 22-10364) on March 4, 2022. In the
petition filed by German Ramirez, principal and only shareholder, R
& G Services Inc. listed estimated assets between $50,000 to
$100,000 and estimated liabilities between $1 million to $10
million. The case is handled by Honorable Judge Erithe A. Smith.
Anthony Obehi Egbase, of A.O.E Law & Associates, APC, is the
Debtor's counsel.
RANCH ASSOCIATES: Seeks Chapter 11 Bankruptcy Protection
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RK Consultants reports that the Westwood, New Jersey-based single
asset real estate company Ranch Associates has sought voluntary
Chapter 11 bankruptcy protection in New Jersey. According to court
filing, Ranch Associates has between 1 to 49 creditors, including
Bil-Man Asset Management LLC, Kriss & Feuerstein LLC, and Borough
of Westwood, New Jersey Tax Collector. It has estimated assets
between $100,000 to $500,000. The company's bankruptcy petition
states that no funds are available for unsecured creditors.
About Ranch Associates
Ranch Associates LLC is a Westwood, New Jersey-based real estate
company. Ranch Associates sought voluntary Chapter 11 bankruptcy
protection (Bankr. D.N.J. Case No. 22-11733) on March 4, 2022. In
the petition signed by managing member Frank Muscara, Ranch
Associates listed estimated assets of between $100,000 and
$500,000. John C. Feggeler, of Law Office of John C. Feggeler LLC,
is the Debtor's counsel.
RELIABLE HOME: Court Directs U.S. Trustee to Appoint PCO
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Judge Carlota M. Bohm of the U.S. Bankruptcy Court for the Western
District of Pennsylvania directed the U.S. Trustee to appoint a
patient care ombudsman for Reliable Home Health Limited.
The Court finds that the provisions of 11 U.S.C Sec. 333(a)(1) for
appointment of a Patient Care Ombudsman apply to the Debtor after
having filed its bankruptcy petition on March 1, 2022, indicating
that it operates a health care business.
About Reliable Home
Reliable Home Health Limited filed a petition for Chapter 11
protection (Bankr. W.D. Pa. Case No. 22-20352) on March 1, 2022,
listing up to $500,000 in assets and up to $1 million in
liabilities. Ali Mohamed, representative of the Debtor, signed the
petition.
The Debtor tapped Thompson Law Group, P.C. as legal counsel.
RELIEF TELEMED: Unsecureds to Recover 100% in Subchapter V Plan
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Relief Telemed, Inc., filed with the U.S. Bankruptcy Court for the
Middle District of Louisiana a Plan of Reorganization under
Subchapter V dated March 3, 2022.
The Debtor is a Baton Rouge, LA-based technology company that was
organized on February 1, 2018. The Debtor's primary asset is
technology that was developed by Davis.
The Debtor filed the Petition in response to the actions of its
former director and officer, Vasanji. In 2021, the Debtor
discovered that Vasanji had made numerous transfers of the Debtors
property to or for the benefit of himself, his friends, his family
and other Entities over several years. The Debtor estimates that
the total amount of such payments was between $200,000 and $1.0
million. In addition to these Avoidance Actions, Vasanji may have
breached his fiduciary duties to the Debtor. Vasanji denies any
wrongdoing or liability to the Debtor.
Although the Debtor is confident it could successfully assert
numerous Causes of Action relating to Vasanji's transfers, the
Debtor and Vasanji reached a settlement subject to the Bankruptcy
Court 's approval pursuant to Bankruptcy Rule 9019.
The Debtor intends to File a motion to approve the Vasanji
Settlement. The Debtor intends to set the hearing to consider that
motion for April 6, 2022 at 2:00 p.m. The Debtor anticipates that
the Bankruptcy Court will grant the motion and approve the Vasanji
Settlement.
Because the Plan forecasts to pay Holders of Priority and General
Unsecured Claims 100% of the amount of their Allowed Claims, the
Debtor submits that the Plan satisfies the liquidation test as to
Holders of Allowed Priority and Allowed General Unsecured Claims.
Class 3 consists of Allowed Other General Unsecured Claims. The
Debtor estimates that the aggregate amount of all Allowed Other
General Unsecured Claims is $463,325.15. Except to the extent that
a Holder of an Allowed Other General Unsecured Claim agrees to less
favorable treatment of its Allowed Claim, in full and final
satisfaction, settlement, release and discharge of and in exchange
for each Allowed General Unsecured Claim, on the Effective Date
each such Holder shall receive payment in full in Cash. Class 3 is
Unimpaired under the Plan.
Class 4 consists of Allowed Participating General Unsecured Claims.
The Debtor estimates that the aggregate amount of all Allowed
Participating General Unsecured Claims is $225,000.00. Except to
the extent that a Holder of an Allowed Participating General
Unsecured Claim agrees to less favorable treatment of its Allowed
Claim, in full and final satisfaction, settlement, release and
discharge of and in exchange for each Allowed Participating General
Unsecured Claim, on the Effective Date each such Holder shall
receive 18.87 shares of New Relief Common Stock for each $1.00 of
Allowed Participating General Unsecured Claim. Class 4 is Impaired
under the Plan.
Class 5 consists of all Participating Equity Group Interests. On
the Effective Date, in full and final satisfaction, settlement,
release and discharge of and in exchange for each Participating
Equity Group Interest, each such Holder shall receive 1.00 share of
New Relief Common Stock for each 1.00 share of Old Relief Common
Stock. Class 5 is Unimpaired under the Plan.
Class 6 consists of Other Equity Group Interests. On the Effective
Date, all Other Equity Group Interests shall be cancelled, released
and extinguished, and shall be of no further force and effect.
Except to the extent that a Holder of an Other Equity Group
Interest agrees to less favorable treatment of its Allowed Claim,
in full and final satisfaction, settlement, release and discharge
of an in exchange for each Allowed Other Equity Group Interest,
each such Holder shall receive value of $0.07201 for each share of
Old Common Stock.
Class 7 consists of two subclasses related Vasanji. Class 7A
consists of all Claims that Vasanji may have against the Debtor,
including, but not limited to, Claims based upon promissory notes
or indemnification. The Vasanji Claims are disputed, contingent and
unliquidated. Class 7B consists of the Vasanji Equity Interests.
The Vasanji Claims (Class 7A) and Vasanji Equity Interests (Class
7B) are classified separately from other Claims and Equity
Interests because: (i) they are the subject to the Vasanji
Settlement; (ii) the Debtor has Causes of Action against Vasanji
that would set off any right to payment that Vasanji may have; and
(iii) the Debtor may have subordination claims against Vasanji
under section 510 of the Bankruptcy Code. The ultimate treatment of
the Vasanji Claims and Vasanji Equity Interests combined into one
Class for these reasons. The treatment of the Vasanji Claims and
Vasanji Equity Interests depends on whether the Bankruptcy Court
approves the Vasanji Settlement.
The Debtor intends to reorganize with its Cash on hand as of the
Effective Date and the conversion of certain Claims into New Relief
Common Stock.
A full-text copy of the Plan of Reorganization dated March 3, 2022,
is available at https://bit.ly/3tyR9Jn from PacerMonitor.com at no
charge.
Attorneys for the Debtor:
Ryan J. Richmond, Esq.
Sternberg, Naccari & White, LLC
251 Florida Street, Suite 203
Baton Rouge, LA 70801-1703
Tel. (225) 412-3667
Fax (225) 286-3046
Email: ryan@snw.law
About Relief Telemed Inc.
Relief Telemed, Inc., filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. M.D. La. Case No.
21-10569) on Dec. 3, 2021. At the time of filing, the Debtor
listed up to $1 million in assets and up to $500,000 in
liabilities. Ryan James Richmond, Esq., at Sternberg, Naccari &
White, LLC, is the Debtor's legal counsel.
REYNOLDS CONSUMER: Fitch Assigns FirstTime BB+ IDR, Outlook Stable
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Fitch has assigned a 'BB+' first-time Issuer Default Rating (IDR)
to Reynolds Consumer Products LLC (Reynolds) and Reynolds Consumer
Products Inc. Fitch has also assigned a 'BBB-'/'RR1' rating to
Reynolds' first lien secured facilities, including its revolving
credit facility and term loan. The Rating Outlook is Stable.
Reynolds' rating reflects its leading market position in the
categories in which it participates, its strong innovation
pipeline, and Fitch's expectation that Reynolds will reduce
Fitch-calculated leverage (total debt/EBITDA) to the low-3x area
over the next 24 months, given strong cash flows and EBITDA
recovery. The company's exposure to raw material prices resulted in
recent earnings volatility and a meaningful contraction in its
margins. Fitch expects EBITDA margins to recover gradually to a
mid-17% level by 2024, with price increases and easing of commodity
pressures. The rating also considers Reynolds' limited scale and
diversification compared against its larger, well capitalized CPG
competitors.
KEY RATING DRIVERS
Leading U.S. Market Share, Category Innovator: Reynolds holds a #1
or #2 U.S. market share position in the majority of product
categories in which it participates. Most notably, the company
leads the U.S. aluminum foil market with 64% share and the Canadian
aluminum foil market with 70% share. The company leverages its
suite of both branded and private label offerings, allowing it to
maintain an integral, prominent, and defensible shelf space
position with its retail partners.
Over 65% of Reynolds' 2021 revenue was attributed to products where
the company held the leading market share position in the category.
Reynolds has also been an innovation leader within the general
industry, particularly for a mature market with high levels of
competition, through the introduction of several refreshes and
value-added features to traditional products to address consumer
needs.
Limited Diversification, Small Scale to Competitors: Reynolds lacks
a similar size and breadth of portfolio to that of its largest
competitors, with performance largely driven by two brands,
Reynolds and Hefty, generating approximately 50% of total combined
sales. The Clorox Company (competing brand, Glad), with LTM revenue
and EBITDA of $7.3 billion and $1.5 billion respectively (versus
Reynolds' LTM revenue and EBITDA of $3.6 billion and $604 million,
respectively), offers a similar and substitutable suite of waste
bag products but has a better-diversified portfolio of other
household brands that includes cleaning agents, personal care,
health and wellness, and packaged foods. Clorox additionally has
the advantage of a significant global presence, whereas Reynolds
generates 99% of sales within the United States.
Pandemic Boosted Demand, Volatile Earnings: As the coronavirus
pandemic unfolded, Reynolds experienced a surge in demand across
all segments, with increased consumption at home. 2020 net sales
grew nearly 8% (driven by volumes) to $3.3 billion, followed by a
9% yoy increase in 2021 net sales (driven by price increases) to
$3.6 billion. While Fitch expects sales growth to decelerate
somewhat in 2022 driven by some dampening in volumes, recently
implemented double-digit price increases are expected to help
sustain revenues around $3.8 billion.
However, Reynolds' exposure to volatile aluminum and resin
(together accounting for approximately 67% of its raw material
costs) has meaningfully impacted earnings and pressured margins.
Although the company has implemented four rounds of price
increases, Fitch forecasts 2022 EBITDA margin of mid-15%,
recovering to mid-17% by 2024, below pre-pandemic levels of a
low-20% range, given outsourcing of some production to meet high
demand, possible mix shifts, an expectation for SG&A to return to
historic levels of investment, as well as the potential
reintroduction of promotions and trade discounts. Nonetheless,
Fitch anticipates that EBITDA may recover to pre-pandemic levels of
around $650 million by 2023, underscoring Reynold's core stable
business, notwithstanding temporary disruptions due to input cost
volatility.
High FCF Conversion: Through substantial vertical integration,
continued innovation, cost savings, and effective pricing, Reynolds
has generated strong cash flows. Capital intensity is expected to
be around 4% annually as the company builds on capacity,
manufacturing, and automation capabilities. Fitch expects dividends
to approximate $200 million per year. Although 2022 FCF could be
modestly pressured given forecasts of lower EBITDA, Fitch expects
FCF generation over 2023-2025 to be strong at approximately $100
million to $150 million annually. Fitch anticipates Reynolds will
utilize its FCF toward debt repayment, reinvestment in its business
and opportunistic bolt-on acquisitions.
Deleveraging Capacity, Articulated Financial Policy: Reynolds has
consistently delevered since emerging from its 2020 IPO; through
2020 and 2021, the company made $300 million of voluntary term loan
prepayment, demonstrating both willingness and capacity to delever
towards its public commitment of a net debt leverage target of 2.0x
to 2.5x -- which translates to Fitch-calculated gross leverage
(total debt/EBITDA) of about 2.5x to 3.0x. Fitch expects that the
company will reduce Fitch-calculated leverage (total debt/EBITDA)
from 3.5x in 2021 to the low-3x area over the next 24 months, given
strong cash flows and EBITDA recovery.
Parent Subsidiary Linkage: Fitch's analysis includes a weak
parent/strong subsidiary approach between the parent and its
subsidiary Reynolds Consumer Products, LLC. Fitch assesses the
quality of the overall linkage as high that results in an
equalization of IDRs across the corporate structure.
DERIVATION SUMMARY
Reynolds' 'BB+'/Stable rating reflects its leading market position
in the categories in which it participates, its strong innovation
pipeline, and Fitch's expectation that Reynolds will reduce
Fitch-calculated leverage (total debt/EBITDA) to the low-3x area
over the next 24 months, given strong cash flows and EBITDA
recovery. The company's exposure to raw material prices resulted in
recent earnings volatility and a meaningful contraction in its
margins. Fitch expects EBITDA margins to recover gradually to a
mid-17% level by 2024, with price increases and easing of commodity
pressures. The rating also considers Reynolds' limited scale and
diversification compared against its larger, well capitalized CPG
competitors.
Similarly rated credits in Fitch's consumer portfolio include
Newell Brands Inc (BB+/Stable), Levi Brands Inc (BB+/Stable),
Tempur Sealy International Inc. (BB+/Stable), ACCO Brands
Corporation (BB/Stable), and Central Garden & Pet Company
(BB/Stable).
Newell Brands Inc's 'BB+'/Stable rating reflects Fitch's
expectation that EBITDA will stabilize in the $1.3 billion-$1.4
billion range beginning 2021, similar to 2019/2020 levels, with
gross debt/EBITDA trending toward mid-3x in 2021 from 4.4x in 2019
on continued debt reduction. Increased confidence in Newell's
ability to sustain low single digit organic sales growth and EBITDA
growth of at least low single digits to $1.5 billion, along with
continued debt reduction, given the company's reduced net
debt/EBITDA target of 2.5x, could lead to a ratings upgrade.
Risks to ratings include sustained weakness in core sales growth
and EBITDA margin pressure given the ongoing gross margin
challenges in a number of categories, investments required to
support its brands and potential disruption and costs related to
its new supply chain initiatives.
Levi Strauss & Co's IDR of 'BB+'/Stable reflects the company's
position as one of the world's largest branded apparel
manufacturers, with broad channel and geographic exposure, while
also considering the company's narrow focus on the Levi brand and
in bottoms. The company benefits from its broad distribution across
department stores, specialty, mass, and discount, in addition to
self-distribution (nearly 40% of sales are generated from
company-operated stores and its online presence) which somewhat
mitigates secular challenges in the U.S. mid-tier apparel
industry.
The company's financial profile has improved over time from a focus
on expense management and more stable constant currency revenue
growth, yielding expectations of adjusted leverage (adjusted
debt/EBITDAR, capitalizing leases at 8.0x) trending below 3.5x.
Tempur Sealy International, Inc.'s (TPX) 'BB+'/Stable rating
reflects its leading market position as a vertically integrated
global bedding company with well-known, established brands across a
wide variety of price points anchored by the Tempur-Pedic brand
that are distributed across a number of wholesale and direct
channels. The ratings are tempered by the single product focus in a
highly competitive, fragmented market that can be exposed to
potential pullbacks in discretionary consumer spending during
periods of macroeconomic weakness. Fitch projects TPX will maintain
long-term gross leverage in the low-2x range.
ACCO Brands Corporation's 'BB'/Stable rating reflects the company's
good position in the global office and business products industry.
The ratings are constrained by secular challenges in the office
products industry in North America, Europe and Australia. The
company has taken steps over the last few years to manage costs
given pressures on U.S. organic growth and has executed well on
diversifying its customer base toward higher-growth, higher-margin
channels in North America as well as acquisitions in
better-performing categories and international markets. The rating
also reflects ACCO's good balance sheet management, which has led
to gross leverage trending around 3.0x over time.
Central Garden & Pet Company's 'BB'/ Stable rating reflects the
company's strong market positions within the pet and lawn and
garden segments, ample liquidity including robust FCF and moderate
leverage offset by limited scale with EBITDA in the low $300
million range. While Central could give back some of the strong
revenue gains over the past two fiscal years as consumer behavior
normalizes post-pandemic, Fitch expects modest organic revenue
growth over the long term supplemented by acquisitions, with EBITDA
margins in the 10% area and annual FCF of $100 million to $200
million. Over time, Fitch expects the company to manage leverage
within its targeted range of 3.0x to 3.5x.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include::
-- 2022 sales are expected to increase nearly 8% to $3.8 billion,
as double-digit price increases are partially offset by some
volume declines. Growth is expected to be in low single digits
thereafter, given its low-growth, mature markets;
-- EBITDA is expected to be around $590 million in 2022 versus
$604 million in 2021 and grow to $700 million by 2025. EBITDA
margins may contract to mid-teens in 2022 due to substantial
inflationary pressures, in particular, heightened aluminum and
resin prices. Fitch does not anticipate a return to pre
pandemic margins in the near-to-medium term, given outsourcing
of some production to meet high demand, possible mix shifts,
an expectation for SG&A to return to historic levels of
investment, as well as the potential reintroduction of
promotions and trade discounts;
-- Although 2022 FCF could be modestly pressured given forecasts
of lower EBITDA, Fitch expects FCF generation over 2023-2025
to be strong at approximately $100 million to $150 million
annually, on account of EBITDA recovery, reflecting capex at
4% of sales and annual dividends of around $200 million. Fitch
expects Reynolds could deploy cash toward debt repayment and
reinvestment in business to support organic growth, with bolt
on acquisitions being a secondary focus;
-- Leverage (total debt/EBITDA) is anticipated to remain at mid
3x level in 2022, given EBITDA decline, offsetting benefits of
continued debt paydown. Leverage could decline to a low 3x
area by 2023, supported by EBITDA growth, coupled with
repayment on its term loan.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- An upgrade could be considered if the company exhibited low
single digit organic growth such that EBITDA approached $700
million yielding gross leverage (total debt/EBITDA) below
3.0x;
-- Alternatively, should Reynolds undertake portfolio actions
that materially increased scale above $1 billion in EBITDA,
Fitch could upgrade Reynolds to 'BBB-' if gross leverage is
sustained under 3.5x.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Gross leverage (total debt/EBITDA) sustained above 4.0x as a
result of financial performance below Fitch's expectations
yielding EBITDA sustained trending towards the low $500
million;
-- A change in financial policy or transformative debt funded
acquisition absent a clear path to deleveraging to below 4.0x
within 24 months of acquisition close, could also lead to
negative rating actions.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity: As of Dec. 31, 2021, Reynolds had total
liquidity of $406 million, including cash and cash equivalents of
$164 million and $242 million available under its $250 million
secured revolving credit facility due in February 2025, net of $8
million of LOCs outstanding.
In addition to the revolver, the company's capital structure
includes a $2.475 billion first lien secured term loan facility
maturing in February 2027. Through 2020 and 2021, the company made
a total voluntary prepayment of $300 million towards the term loan,
leaving approximately $2.1 billion in principal remaining as of
Dec. 31, 2021.
Reynolds' term loan and revolver are guaranteed by wholly owned
domestic subsidiaries as well as Reynold Consumer Products Inc.,
and secured by a first priority pledge of all equity interests held
by the borrower and guarantors, and priority security interest in
all other assets.
Recovery Considerations: Fitch has assigned Recovery Ratings (RRs)
to the various debt tranches in accordance with Fitch criteria,
which allows for the assignment of RRs for issuers with IDRs in the
'BB' category. Given the distance to default, RRs in the 'BB'
category are not computed by bespoke analysis. Instead, they serve
as a label to reflect an estimate of the risk of these instruments
relative to other instruments in the entity's capital structure.
Fitch has assigned the first-lien credit facilities (term loan and
revolver) a 'BBB-'/'RR1' rating, indicating outstanding recovery
prospects post default.
ISSUER PROFILE
Reynolds Consumer Products, Inc. produces and sells products across
three broadly defined categories: cooking products, waste and
storage products, and tableware -- under brands such as Reynolds
and Hefty as well as store brands. The product portfolio includes
aluminum foil, wraps, disposable bakeware, trash bags, food storage
bags and disposable tableware.
SUMMARY OF FINANCIAL ADJUSTMENTS
Summary of Financial Statement Adjustments:
Historical and projected EBITDA is adjusted to add back non-cash
stock-based compensation and exclude non-recurring charges.
ESG Considerations:
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
ROBERT EARL PRESSLER, III: Selling Lafayette Property for $525K
---------------------------------------------------------------
Robert Earl Pressler, III, asks the U.S. Bankruptcy Court for the
Western District of Louisiana to authorize the private sale of
immovable property located at 152 Queensbury Drive, in Lafayette,
Louisiana 70508-5421, to Lindsey and Justin Dugas for $525,000,
cash, pursuant to their Purchase Agreement, free and clear of
liens, claims interests, and other encumbrances.
The Queensbury Property is described as "That certain lot of
ground, together with all buildings and improvements and the
component parts thereof, situated in Sections 24 and/or 25 and/or
86 and/or 89, nos, R4E, Lafayette Parish, Louisiana, and being
known and designated as LOT 80 of WALKER’S LAKE PHASE I, said lot
having such measurements, boundaries, configurations and dimensions
as are more fully shown and described on that certain plat of
survey prepared by Comeaux Engineering & Consulting dated March 29,
2006, revised July 18, 2006, a copy of which is attached to that
certain act filed under Entry No. 2006-33123, records of Lafayette
Parish, Louisiana, which plat of survey is made a part hereof by
reference thereto. Said lot bears the municipal address of 152
Queensberry Drive, Lafayette, Louisiana 70508. Being the same
property acquired by Robert Earl Pressler, III and Jennifer Lynn
DeJean Pressler from L.J. Trahan Builder, Inc. by act of Cash Sale
dated September 16, 2011 and filed under Entry No. 2011-36569,
records of Lafayette Parish, Louisiana."
The salient terms of the proposed sale are:
a. Assets to be Purchased: The Queensbury Property described,
which residential real property located in Lafayette, LA, and any
movable property described in the purchase agreement.
b. Sellers: Robert Earl Pressler, III, and his non-filing
spouse, Jennifer DeJean Pressler
c. Purchasers: Lindsey and Justin Dugas
d. Excluded Assets: None
e. Purchase Price: $525,000 in cash.
f. Break-up Fee None.
g. Asset Purchase Agreement: Subject to Court approval, the
Debtor, his non-filing spouse, and the Purchasers have entered into
a purchase agreement.
Upon information and belief, the Queensbury Property is subject to
three mortgages. PNC Bank holds a valid first-priority mortgage in
the approximate amount of $288,000. Gulf Coast Bank holds valid
second and third priority mortgages. The Debtor is not aware of any
other valid and enforceable mortgages or Liens affecting the
Queensbury Property. Upon information and belief, the PNC Bank
Mortgage, Gulf Coast Bank Mortgages and the Easements represent all
of the Liens and Claims against the Queensbury Property.
It appears that the Internal Revenue Service filed a Notice of
Federal Tax Lien on Sept. 4, 2019. This IRS' tax lien was satisfied
with financing from JD Bank. Upon information and belief, the IRS
no longer holds a valid, perfected and enforceable tax lien upon
and against the Queensbury Property.
The Debtor does not intend to sell the Queensbury Property free and
clear of the Easements ("Excluded Interests"). The present sale
would be free and clear of the PNC Bank Mortgage and Gulf Coast
Bank Mortgages, with an estimated $495,000 attaching to proceeds of
the sale.
It requests that the Court authorizes and directs the Clerk of
Lafayette Parish, LA and/or other public officials to cancel and
release the Queensbury Property from the effect of all liens and
encumbrances shown in the public records.
The Debtor request he be authorized to surcharge the proceeds of
the sale for all reasonable fees and expenses incurred by the
estate in the preservation, sale and disposition of the Queensbury
Property.
To satisfy the liens and security interests described, the Debtor
proposes distributing the proceeds of the sale as follows:
A. First, to PNC Bank in satisfaction of PNC Bank Mortgage in
the approximate amount of $288,000;
B. Second, a surcharge in the approximate amount of $30,000
for all reasonable fees and expenses incurred by Debtor’s estate
in the preservation, sale and disposition of the Queensbury
Property, including, but not limited to: i. $26,500 to the Debtor's
realtor, Lesley Beyt, in satisfaction of her commission; ii. $1,250
for prorated real estate taxes attributable to the Debtor’s
estate; and iii. $2,500 for expenses related to closing, including,
but not limited to, out-of-pocket expenses, recordation charges,
cancellation charges and other costs attributable to the Debtor's
estate; and
C. Third, to Gulf Coast Bank in satisfaction of its Liens in
the approximate amount of $207,000.
The Debtor requests the Court to abrogate the 14-day stay imposed
by FED. R. BANKR. P. 6004(h). The Purchasers are highly motivated
and desire to close the sale as soon as possible. The purchase
agreement was executed on Feb. 10, 2022. The parties wish to close
by March 31, 2022.
In order to facilitate as smooth and swift closing, the Debtor
further requests that from the proceeds at the closing of the sale
of the Queensbury Property the closing notary, as an agent of the
Debtor's estate, be authorized to make payment of any and all
necessary costs of the sale paid by the Sellers at closing,
including cancellation charges, recordation charges, real estate
taxes and other closing costs attributable to the estate.
The Debtor further requests that any outstanding real estate taxes
owed and outstanding on the Queensbury Property through the closing
date be paid by the closing notary at closing from the sale
proceeds, with the Purchasers to be responsible for real estate
taxes accruing on or after the closing date.
A copy of the Purchase Agreement is available at
https://tinyurl.com/92n54hux from PacerMonitor.com free of charge.
Robert Earl Pressler, III sought Chapter 11 protection (Bankr. W.D.
La. Case No. 22-50047) on Jan. 26, 2022. The Debtor tapped Ryan
Richmond, Esq., as counsel.
ROBINSON TRUCKING: Seeks to Hire Buckmiller Boyette as Attorney
---------------------------------------------------------------
Robinson Trucking of Brunswick County, Inc. seeks approval from the
U.S. Bankruptcy Court for the Eastern District of North Carolina to
employ Buckmiller, Boyette & Frost, PLLC as its attorneys.
The firm will assist the Debtor with reorganizing and restructuring
their current, long-term, and outstanding obligations and debts to
creditors, and represent it in connection with the preparation,
filing, prosecution, and consummation of the Bankruptcy Case before
the Bankruptcy Court and in connection with any matters necessary
or attendant thereto.
The firm will be paid at these rates:
Matthew W. Buckmiller $350
Blake Y. Boyette $330
Joseph Z. Frost $330
The firm will receive a retainer in the amount of $8,500.
As disclosed in the court filings, Buckmiller does not hold or
represent an interest adverse to the Debtor or the bankruptcy
estate, and is disinterested within the meaning of Sec. 327(a) of
the Bankruptcy Code.
The firm can be reached through:
Blake Y. Boyette, Esq.
BUCKMILLER, BOYETTE & FROST, PLLC
4700 Six Forks Road, Suite 150
Raleigh, NC 27609
Tel: (919) 296-5040
Fax: (919) 977-7101
E-mail: bboyette@bbflawfirm.com
About Robinson Trucking
of Brunswick County, Inc.
Robinson Trucking of Brunswick County, Inc. sought protection for
relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C.
Case No. 22-00314) on Feb. 11, 2022, listing $100,001 to $500,000
in both assets and liabilities. Blake Y. Boyette, Esq. at
Buckmiller, Boyette & Frost, PLLC serves as the Debtor's counsel.
ROCKDALE MARCELLUS: Tilden Seeks Claims Reconciliation
------------------------------------------------------
Tilden Marcellus, LLC, filed a reservation of rights and, to the
extent necessary, limited objection to the First Amended Combined
Disclosure Statement and Plan of Liquidation of Rockdale Marcellus
Holdings, LLC and Rockdale Marcellus, LLC.
Tilden says there are significant issues being raised in suits
filed against Tilden, including but not limited to, the Principle
and Brubacher Actions, which implicate the common management of
Tilden and Rockdale, common obligations and vendors' beliefs
concerning the extension of credit on a consolidated basis, and
whether obligations were incurred in Tilden's name or on behalf of
Tilden without consideration to or consent of Tilden. Tilden and
Rockdale have various overlapping professionals, vendors and
contract counterparties, and certain creditors serve on both
Official Committees of Unsecured Creditors for the Debtors and
Tilden.
Given their overlapping creditors and those creditors' views, there
is the potential that certain creditors may obtain a recovery from
the Debtors under the Combined Plan and Disclosure Statement and
also seek a recovery in Tilden's bankruptcy case based on the same
claim.
Considering all of the foregoing, as raised in the Claim, there
should be cooperation and reconciliation of claims between Tilden
and the Debtors to ensure no double counting of claims and to
assess whether there should be a consolidation of the Debtors' and
Tilden's estates before any distributions are made to Holders of
Allowed Claims. Tilden intends to propose a process to exchange
information, reconcile claims and reach an agreement with the
Debtors by court order, mediation or otherwise before distributions
are required to be made under the Combined Plan and Disclosure
Statement.
Thus, while Tilden does not oppose the preliminary approval of the
Combined Plan and Disclosure Statement and does not seek to impede
the Debtors' plan confirmation process unnecessarily, it objects to
the confirmation of Combined Plan and Disclosure Statement to the
extent the Combined Plan and Disclosure Statement seeks to
compromise the Claim and the concerns raised in this Reservation of
Rights are not resolved. Further, Tilden reserves and preserves all
of its rights with respect to the confirmation of the Combined Plan
and Disclosure Statement, including, without limitation, the right
to object to any aspect or provision of the Combined Plan and
Disclosure Statement and proposed order confirming the Combined
Plan and Disclosure Statement and the right to amend and/or
supplement this Reservation of Rights.
Counsel to Tilden Marcellus, LLC:
Beverly Weiss Manne, Esq.
TUCKER ARENSBERG, P.C.
1500 One PPG Place
Pittsburgh, Pennsylvania 15222
Telephone: (412) 566-1212
Facsimile: (717) 232-6802
E-mail: bmanne@tuckerlaw.com
- and -
Robert J. Dehney, Eaq.
MORRIS, NICHOLS, ARSHT & TUNNELL LLP
1201 N. Market St., 16th Floor, PO Box 1347
Wilmington, DE 19899-1347
Telephone: (302) 658-9200
Facsimile: (302) 658-3989
E-mail: rdehney@morrisnichols.com
About Rockdale Marcellus
Rockdale Marcellus is a northeast Pennsylvania natural gas driller.
It owns and operates 66 producing wells on 42,897 net acres in
three northeast Pennsylvania counties.
On Sept. 21, 2021, Rockdale Marcellus, LLC and Rockdale Marcellus
Holdings, LLC filed petitions for Chapter 11 protection (Bankr.
W.D. Pa. Lead Case No. 21-22080). The Debtors' cases have been
assigned to Judge Gregory L. Taddonio.
Rockdale Marcellus, LLC listed $100 million to $500 million in
assets and liabilities as of the bankruptcy filing.
The Debtors tapped Reed Smith, LLP, as bankruptcy counsel; Quinn
Emanuel Urquhart & Sullivan, LLP, as special litigation counsel;
Houlihan Lokey Capital, Inc., as financial advisor and investment
banker; and Huron Consulting Services, LLC as restructuring
advisor. John C. DiDonato, managing director at Huron, serves as
the Debtors' chief restructuring officer. Epiq is the claims and
noticing agent and administrative agent.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee of unsecured creditors in the Debtors' Chapter 11 cases
on Oct. 1, 2021. The committee tapped Pachulski Stang Ziehl &
Jones, LLP, as lead bankruptcy counsel; Whiteford Taylor & Preston,
LLP as local counsel; and Riveron RTS, LLC, as financial advisor.
About Tilden Marcellus
Tilden Marcellus, LLC is a Texas limited liability oil and gas
production company, which owns and previously operated certain
working interests in more than 27,000 net leasehold acres within
Potter County and Tioga County, Pa., with over 50 wells previously
in production.
Tilden Marcellus sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Penn. Case No. 22-20212) on Feb. 4,
2022. In the petition signed by Jeffrey T. Varsalone, chief
restructuring officer, the Debtor disclosed up to $50 million in
both assets and liabilities.
Judge Gregory L. Taddonio oversees the case.
Morris, Nichols, Arsht and Tunnel, LLP and Tucker Arensberg, PC
serves as the Debtor's lead bankrupcy counsel and local counsel,
respectively. Epiq Corporate Restructuring, LLC is the notice,
claims and balloting agent and administrative advisor.
White Oak Global Advisors, LLC, as the DIP agent and the
prepetition agent, is represented by:
Daren S. Klein, Esq.
David Schiff, Esq.
Jarett Erickson, Esq.
Davis Polk & Wardwell LLP
450 Lexington Avenue
New York, NY 10017
Email: darren.klein@davispolk.com
david.schiff@davispolk.com
jarret.erickson@davispolk.com
- and -
Mike Proctor, Esq.
Bowles Rice LLP
1800 Main Street, Suite 200
Canonsburg, PA 15317
Email: mproctor@bowlesrice.com
RSP PITTSBURGH: Unsecureds Will Get 10% of Claims in 72 Months
--------------------------------------------------------------
RSP Pittsburgh, Inc., filed with the U.S. Bankruptcy Court for the
Western District of Pennsylvania a Disclosure Statement to
accompany Chapter 11 Small Business Plan dated March 3, 2022.
Debtor filed the Chapter 11 case to stay a mortgage foreclosure
action pending in the Court of Common Pleas of Allegheny County.
The Debtor's plan for future operations will concentrate on real
estate development and maintaining commercial leases on properties
that are owned by the company. Currently the Debtor's two
properties generate approximately $5,000.00 per month in rental
proceeds. These funds and any future lease agreements associated
with real estate owned by the Debtor will be used to fund the plan.
At this time, the rental proceeds will not be sufficient to fund
the plan. Debtor's principal owner, Mr. Prasad Bandhu, will provide
capital contributions to the Debtor to maintain the funding
requirements under the plan.
All classes under the plan, secured, priority, and unsecured, will
be paid from the cash flow generated from the Debtor's rental
properties. The Debtor's principal, Mr. Prasad Bandhu, will provide
additional capital contributions as necessary to fund the plan.
Class 2(a) are secured claims associated with the property located
at 1925 East Carson Street, Pittsburgh, PA 15203. Class 2(a)
creditors shall receive a pro rata monthly payment over a seventy
two (72) month period until paid in full. Class 2(a) shall receive
nine percent (9%) of their allowed claims. Class 2(a) claims are
not impaired under the Plan.
Class 2(b) are secured claims associated with the property located
at 834 Washington Road, Pittsburgh, PA 15222. The secured claims
associated with this property have been determined by the court
pursuant to an Order under Section 506 of the Bankruptcy Code.
Class 2(b) creditors shall receive approximately $150,000.00 to be
allocated according to their pro rata share as set forth under the
final Section 506 Order by the Court. Pro rata payments shall be
made over a 72 month period, until paid in full. Class 2(b)
creditors shall receive nine percent (9%) on their allowed claims.
Class 2(b) claimants are not impaired under the plan.
Class 3 consists of Priority Tax Creditors. Priority claims shall
be paid over a seventy-two (72) month period until paid in full.
Class 3 claimants will receive 100% on their allowed claims. Class
3 creditors shall receive 9% interest on their allowed claims.
Class 3 claimants are not impaired under the plan.
Class 4 consists of Unsecured Creditors. Class 4 creditors shall
receive ten percent (10%) of their claims over a seventytwo (72)
month period, paid on a quarterly basis. Class 4 creditors will not
receive any interest on their claims. Class 4 is impaired under the
plan.
Estimated Allowable Unsecured Claims total $664,500.00.
Class 5 consists of Equity Security Holders. Equity security
holders shall not receive any payments under the plan until all
creditors are paid in full, according to their treatment under the
plan.
A full-text copy of the Disclosure Statement dated March 3, 2022,
is available at https://bit.ly/3IPHTHf from PacerMonitor.com at no
charge.
Debtor's Counsel:
Dennis J. Spyra, Esq.
1711 Lincoln Way
White Oak, PA 15131
Phone: 412-673-5228
Email: attorneyspyra@dennisspyra.com
About RSP Pittsburgh
RSP Pittsburgh, Inc. filed a petition for Chapter 11 protection
(Bankr. W.D. Pa. Case No. 21-21968) on Sept. 7, 2021, listing as
much as $500,000 in both assets and liabilities. Judge Carlota M.
Bohm oversees the case. Dennis J. Spyra, Esq., is the Debtor's
bankruptcy attorney.
SANUWAVE HEALTH: Incurs $4.25 Million Net Loss in Third Quarter
---------------------------------------------------------------
SANUWAVE Health, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $4.25 million on $3.73 million of total revenue for the three
months ended Sept. 30, 2021, compared to a net loss of $12.64
million on $1.37 million of total revenue for the three months
ended Sept. 30, 2020.
For the nine months ended Sept. 30, 2021, the Company reported a
net loss of $17.80 million on $8.75 million of total revenue
compared to a net loss of $19.27 million on $1.60 million of total
revenue for the nine months ended Sept. 30, 2020.
As of Sept. 30, 2021, the Company had $19.18 million in total
assets, $48.69 million in total liabilities, and a total
stockholders' deficit of $29.50 million.
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1417663/000114036122007122/brhc10034286_10q.htm
About SANUWAVE Health
Headquartered in Suwanee, Georgia, SANUWAVE Health, Inc.
(OTCQB:SNWV) -- http://www.SANUWAVE.com-- is a shock wave
technology company using a patented system of noninvasive,
high-energy, acoustic shock waves for regenerative medicine and
other applications. The Company's initial focus is regenerative
medicine utilizing noninvasive, acoustic shock waves to produce a
biological response resulting in the body healing itself through
the repair and regeneration of tissue, musculoskeletal, and
vascular structures.
SANUWAVE reported a net loss of $30.94 million for the year ended
Dec. 31, 2020, compared to a net loss of $10.43 million for the
year ended Dec. 31, 2019. As of June 30, 2021, the Company had
$19.74 million in total assets, $44.99 million in total
liabilities, and a total stockholders' deficit of $25.25 million.
New York, NY-based Marcum LLP, the Company's auditor since 2018,
issued a "going concern" qualification in its report dated Oct. 21,
2021, citing that the Company has violated its debt covenants,
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.
SARATOGA & NORTH: Gets $3.33 Mil. From Trackage Sale in Auction
---------------------------------------------------------------
Trains.com reports that some 30 miles of New York rail line
formerly operated by the Saratoga & North Creek Railroad has been
sold for $3.33 million to a couple whose company plans to ship
titanium ore from a mine on the route.
The Albany Times Union reports Doc N Duchess Rails LLC, owned by
Carol and John McClean-Wright, outbid two competitors in a
bankruptcy auction held in by a Denver court for the San Luis & Rio
Grande Railroad and subsidiary Saratoga & North Creek, former Iowa
Pacific Holdings properties that went into receivership in 2019.
Carol McClean-Wright told the newspaper that, with the backing of
financial partners, the company has rail equipment and is in the
process of buying a mine at Tahawaus, N.Y., from Mitchell Stone
Products. The site has been mined for iron and titanium in the past
but currently serves as a gravel pit; McClean-Wright said there is
titanium that can be extracted from tailings at the site.
Doc N Duchess outbid Revolution Rail, which had entered a
stalking-horse bid of $700,000 in January 2022 and has operated a
rail-bike attraction on the route, and the Sierra Railroad. McClean
said the new owners would try to work with Revolution to allow the
rail-bike operation to continue.
About Saratoga & North Creek Railway
Saratoga & North Creek Railway was a heritage railway that started
operation in July 2011. Passenger operations stopped on April 7,
2018, and the final revenue freight train to remove stored tank
cars operated in May 2018.
Saratoga & North Creeks Railway sought Chapter 11 bankruptcy
protection (Bankr. D. Colo. Case No. 20-12313) on March 20, 2020.
In its petition, Saratoga & North Creek Railway listed estimated
assets between $1,000,001 and $10 million and estimated liabilities
between.$1,000,001 to $10 million. The case is handled by Honorable
Judge Thomas B Mcnamara. Jennifer M Salisbury, of Markus Williams
Young & Hunsicker LLC, is the Debtor's counsel.
ST. JOHNS PROFESSIONAL: Voluntary Chapter 11 Case Summary
---------------------------------------------------------
Debtor: St. Johns Professional Center, LLC
150 Warren Cir. Ste. #1
c/o Adam J. Kohl
Saint Johns, FL 32259
Business Description: The Debtor is primarily engaged in renting
and leasing real estate properties.
Chapter 11 Petition Date: March 6, 2022
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 22-00466
Debtor's Counsel: Bryan Mickler, Esq.
LAW OFFICES OF MICKLER & MICKLER, LLP
5452 Arlington Expy.
Jacksonville, FL 32211
Tel: (904) 725-0822
E-mail: bkmickler@planlaw.com
Total Assets: $1,524,514
Total Liabilities: $1,290,268
The petition was signed by Adam J. Kohl as manager.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/AIWAMQA/ST_JOHNS_PROFESSIONAL_CENTER_LLC__flmbke-22-00466__0001.0.pdf?mcid=tGE4TAMA
TAB RESTAURANT: Wins Cash Collateral Access Thru April 7
--------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida,
Orlando Division, has authorized Tab Restaurant Group, LLC to use
cash collateral on an interim basis through April 7, 2022, and
provide adequate protection to Stone Bank and the U.S. Small
Business Administration.
The Court held that, subject to the provisions of the Order, the
Debtor is authorized to use cash collateral to pay amounts
expressly authorized by the Court, including payments to the United
States Trustee for quarterly fees, the current and necessary
expenses set forth in the budget, and additional amounts as may be
expressly approved in writing by Creditors within 48 hours of the
Debtor's request. The Debtor will be entitled to prompt court
hearings on any disputed proposed expenditures.
As adequate protection, the Creditors will have a perfected
post-petition lien against cash collateral to the same extent and
with the same validity and priority as the pre-petition lien,
without the need to file or execute any documents as may otherwise
be required under applicable nonbankruptcy law.
The Debtor will maintain insurance coverage for its property in
accordance with the obligations under the loan and security
documents with Creditors.
A continued preliminary hearing on the matter is scheduled for
April 7 at 2 p.m.
A copy of the order and the Debtor's budget for the period from
February to July 2022 is available at https://bit.ly/3Cquqn7 from
PacerMonitor.com.
The Debtor projects $405,000 in gross sales and $275,221 in total
operating expenses for the said period.
About Tab Restaurant Group, LLC
Tab Restaurant Group, LLC operates the Twisted Root Burger Co.
restaurant located at 4270 Aloma Avenue, Winter Park, Florida. Tab
Restaurant is a limited liability company organized under the laws
of the State of Florida and authorized to transact business in
Florida since August 14, 2018.
Tab Restaurant sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 6:22-bk-00529) on
February 15, 2022. In the petition signed by Glenn O. Pilson,
managing member, the Debtor disclosed up to $50,000 in assets and
up to $10 million in liabilities.
Judge Grace E. Robson oversees the case.
Jeffrey S. Ainsworth, Esq., at BransonLaw, PLLC is the Debtor's
counsel.
TEX-GAS HOLDINGS: Unsecureds Will be Paid in Full
-------------------------------------------------
Tex-Gas Holdings, LLC, submitted a First Amended Disclosure
Statement explaining its Chapter 11 Plan.
Generally, If the Plan is confirmed by the Bankruptcy Court and
consummated, (1) Allowed Administrative Claims and Priority Non-Tax
Claims will be paid in cash in full; (2) Allowed Ad Valorem Claims
of Taxing Authorities will be paid in full in cash on the Effective
Date, or when they are due (by the tenant); (3) Allowed Secured
Claims of the Debtor's lender will be paid by delivery of secured
first lien promissory note from the Reorganized Debtor for
$4,546,999, with interest at the prime rate plus 4.75%; (4) Allowed
Unsecured Claims will be paid in full with interest in equal
quarterly installments, beginning twelve months after the Effective
Date or the date that such claims become Allowed Claims; and (5)
the current equity holder will maintain its equity interest in the
Reorganized Debtor.
Under the Plan, Class 3 Allowed Unsecured Claims totaling $88,000.
The Holders of Allowed Unsecured Class 3 Claims will be paid in
full with interest in equal quarterly installments, beginning on
the later of first day of the twelfth month from the Effective
Date, or the date such Claims become Allowed Claims, through the
sixtieth month from the Filing Date. Class 3 is unimpaired.
Cash on hand, collection of rents from the EFG Lease, and the
Equity Contribution will be used to pay Administrative and other
Claims as required by the Plan.
Attorneys for the Debtor
T. Josh Judd, Esq.
Patrick Kelly, Esq.
1885 Saint James Place, 15th Floor
Houston, Texas 77056
Telephone: (713) 977-8686
Facsimile: (713) 977-5395
A copy of the Disclosure Statement dated Feb. 25, 2022, is
available at https://bit.ly/3vpwKZP from PacerMonitor.com.
About Tex-Gas Holdings
Tex-Gas Holdings, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Texas Case No. 21-80092) on June 1,
2021. Elroy D. Fimrite, president of Tex-Gas Holdings, signed the
petition. In the petition, the Debtor disclosed assets of between
$1 million and $10 million and liabilities of the same range. Judge
Jeffrey P. Norman oversees the case. Andrews Myers, P.C., is the
Debtor's legal counsel.
THE GALLEY: Amends Plan to Include Seile Secured Claims Pay Details
-------------------------------------------------------------------
The Galley filed with the U.S. Bankruptcy Court for the District of
Maine a First Amended Plan of Reorganization with Incorporated
Adequate Disclosures dated March 3, 2022.
IEC is an employee-owned cooperative formed under the laws of the
State of Maine. IEC is the sole stockholder of The Galley. IEC and
The Galley, in their present form and with their present primary
assets, were established through a transaction in which stock and
assets were acquired from the former owner, Seile, on or about June
2014.
IEC and The Galley, after consultation with their advisors,
including Bernstein Shur Sawyer & Nelson, P.A., Eaton Peabody, and
Spinglass Management Group, LLC, determined to commence their
chapter 11 cases to stabilize and improve IEC and The Galley's
balance sheets, bifurcate some of their significant prepetition
debt, and optimize the value of their estates for the benefit of
all parties in interest through a chapter 11 debt restructuring
under the Small Business Reorganization Act.
As part of IEC and The Galley's pre-filing diligence and
preparation for the chapter 11 cases, they also negotiated and
entered into the RSA with NCB, CEI, and CFNE. Under the RSA, NCB,
CEI, and CFNE have agreed to provide exit financing in the form of
refinancing their Allowed Secured Claims, among other significant
benefits for IEC, The Galley, and their estates. The terms of the
refinancing are set forth in the RSA Term Sheet.
As a small business debtor proceeding under the Small Business
Reorganization Act, The Galley seeks to reorganize through this
Plan by restructuring its debt obligations so that it will achieve
sufficient cash flow to satisfy operational expenses, critical
capital improvement projects, and payment obligations under the
Plan. IEC, as an affiliate of the Galley, also is undergoing a
thorough operational review and improvement plan with Spinglass
Management Group, LLC as part of IEC's efforts toward exiting its
chapter 11 case as a financially viable and healthy company, which,
in turn, will benefit The Galley and the Estate.
On January 19, 2022, the Debtors, Seile, the Consenting Lenders,
and the Subchapter V Trustee participated in voluntary, non-binding
mediation with the Honorable Chief Judge Peter G. Cary under D. Me.
LBR 9019-2(b) (the "Court-annexed ADR") to resolve certain
objections filed by Seile related to confirmation. Following the
Court-annexed ADR, the Debtors, the Consenting Lenders, and Seile
reached a settlement of Seile's confirmation objections. The terms
of that settlement are enclosed in the term sheet (the "Settlement
Term Sheet"). As a result of the settlement, Seile has agreed to,
among other things, withdraw his objections to confirmation and
vote in favor of the Plan.
Class Nine shall consist of all Allowed Unsecured Claims against
The Galley, which shall include, but is not limited to any Allowed
Claim held by the IRS against The Galley arising under or relating
to the Affordable Care Act, including any Employer Shared
Responsibility Payment. The Class Nine Claims are impaired. Based
on: (i) The Galley's Schedules E/F, (ii) the proofs of Claim filed
before the Bar Date, and (iii) the Settlement Term Sheet, there are
no Allowed Unsecured Claims in Class Nine. However, in the event
that an Allowed Unsecured Claim is later determined by a Final
Order to exist as to The Galley, such Allowed Unsecured Claim shall
be classified in Class Nine and shall not receive any payment under
the Plan. The Galley has no Projected Net Disposable Income in the
three (3) years following the Effective Date. The Class Nine Claims
shall not accrue or be paid interest. For the avoidance of doubt,
in accordance with the Settlement Term Sheet, Seile shall not hold
an Unsecured Claim against The Galley or its Estate. The Holders of
Claims in Class Nine are entitled to vote on the Plan.
Class Ten shall consist of all Interests in The Galley, which such
Interests are held by IEC as sole stockholder. The Interests in
Class Ten are unimpaired. The Holders of Interests in Class Ten
shall retain their Interests under this Plan. The Holders of
Interests in Class Ten are not entitled to vote on the Plan and are
deemed to accept the Plan pursuant to § 1126(f) of the Bankruptcy
Code.
Class Eleven shall consist of the Seile Secured Claim. The Claims
in Class Eleven are impaired. In full and final satisfaction of the
Class Eleven Claims, the Seile Secured Claim (as defined in the
Settlement Term Sheet) in the original principal amount of
$450,000.00 shall be satisfied in accordance with the Settlement
Term Sheet and the ancillary documents referred to therein,
including the new mortgage and promissory note between The Galley
and Seile. The Class Eleven Claim shall be secured by a Lien on the
Galley Real Estate junior to the Liens of the Consenting Lenders.
For the avoidance of doubt, the Seile Secured Claim shall be the
only Claim held by Seile against The Galley or its Estate under
this Plan. The Holder of the Claim in Class Eleven is entitled to
vote on the Plan.
The payments required under the Plan shall be made primarily from
the following sources: (a) cash on hand; (b) the proceeds generated
from the ongoing operation of The Galley's businesses; (c) the
proceeds of any Causes of Action and Claims which The Galley and/or
the Estate have brought and/or may elect to bring, including
without limitation, any proceeds of such Causes of Action; and (d)
the proceeds of the sale of the Assets. Plan obligations also shall
be funded through the exit financing including as to the Consenting
Lenders.
A full-text copy of the First Amended Plan of Reorganization dated
March 3, 2022, is available at https://bit.ly/3Kqygiu from
PacerMonitor.com at no charge.
Debtor's Counsel: Adam Prescott, Esq.
BERNSTEIN SHUR SAWYER & NELSON, P.A.
100 Middle Street
P.O. Box 9729
Portland, ME 04101
Tel: 207-774-1200
Email: aprescott@bernsteinshur.com
About The Galley
Stonington, Maine-based The Galley filed Chapter 11 Petition
(Bankr. D. Maine Case No. 21-10254) on September 23, 2021. Judge
Michael A. Fagone oversees the case. Adam Prescott, Esq. of
BERNSTEIN SHUR SAWYER & NELSON, P.A. is the Debtor's Counsel.
In the petition signed by Kristy Wiberg, president, the Debtor
disclosed $1 million to $10 million in assets and liabilities.
The Debtor listed Verne C. Seile as its sole unsecured creditor
holding a claim of $1,941,361.
TITLE QUEST: March 30 Hearing on Plan & Disclosures
---------------------------------------------------
Judge Peter D. Russin has entered an order conditionally approving
the Disclosure Statement of Title Quest Investments, LLC.
The hearing on final approval of the Disclosure Statement and
confirmation of the Plan will be on Wednesday, March 30, 2022 at
1:30 p.m. The hearing will be conducted by Video Conference by Zoom
for Government.
Friday, March 25, 2022, fixed as the last day for filing and
serving written objections to the Disclosure Statement and
confirmation of the Plan (three business days before the
Confirmation Hearing).
The last day for filing and serving objections to claims is on
Wednesday, March 16, 2022.
Wednesday, March 23, 2022, is fixed as the last day for filing
written acceptances or rejections of the Plan (seven days before
hearing on confirmation of the plan).
Submitted by:
Chad T. Van Horn, Esq.
VAN HORN LAW GROUP, P.A.
500 N.E. 4th Street, Suite 200
Fort Lauderdale, FL 33301
Telephone: (954) 765-3166
Facsimile: (954) 756-7103
Email: Chad@cvhlawgroup.com
About Title Quest Investments
Title Quest Investments LLC --
http://www.titlequestinvestments.com/-- which operates in Pembroke
Pines, Florida, is in the business of reviewing real estate title,
issuing insurance policies, facilitating real estate closings, and
recording documents related to real estate transactions.
The company filed a Chapter 11 petition (Bankr. S.D. Fla. Case No.
21-17969) on Aug. 17, 2021.
On the Petition Date, the Debtor was estimated to have $50,000 to
$100,000 in assets and $500,000 to $1,000,000 in liabilities.
Elizabeth Questell, managing member, signed the petition.
Judge Peter D. Russin oversees the case.
Van Horn Law Group, P.A., is the Debtor's counsel.
TRI-WIRE ENGINEERING: Wins Cash Collateral Access Thru April 30
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Massachusetts,
Eastern Division, has authorized Tri-Wire Engineering Solutions,
Inc. to use cash collateral for the period from February 27 through
April 30, 2022 pursuant to the Updated Budget, on the terms and
conditions set forth in, and subject in all respets to the Existing
Order dated December 29, 2021.
The Updated Budget will, for the covered period, constitute the
"Wind-Down Budget" for purposes of the Existing Order.
The Existing Order remains in full force and effect, as extended by
the Order for the Extension Period.
A copy of the order is available at https://bit.ly/35KPet1 from
PacerMonitor.com.
About Tri-Wire Engineering Solutions, Inc.
Tri-Wire Engineering Solutions, Inc. -- https://www.triwire.net/ --
provides installation, construction, maintenance and other
technical support services to cable and telecommunications
companies throughout North America. Tri-Wire Engineering was
formed in 1999 and is headquartered in Tewksbury, Mass.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Mass. Case No. 21-11322 on September 13,
2021. In the petition filed by Ruben V. Klein, president, the
Debtor disclosed up to $10 million in assets and up to $50 million
in liabilities.
Casner & Edwards, LLP is the Debtor's counsel. Gentzler Henrich &
Associates LLC is the financial advisor and turnaround consultant.
SSG Advisors, LLC serves as investment banker.
TRIDENT BRANDS: Delays Filing of 2021 Annual Report
---------------------------------------------------
Trident Brands Incorporated filed a Form 12b-25 with the Securities
and Exchange Commission notifying the delay in the filing of its
Annual Report on Form 10-K for the period ended Nov. 30, 2021.
The company is unable to file, without unreasonable effort and
expense, its Form 10-K Annual Report because its auditor has not
completed its review of the Form 10-K. The Form 10-K will be filed
on or before the 15th calendar day following the prescribed due
date of the company's Form 10-K.
The company anticipates that its loss from operations for the year
ended Nov. 30, 2021 will be approximately $2 million compared with
a net loss from operations of approximately $4.3 million in the
comparable prior period. The approximate $2.3 million decrease in
loss from operations was due primarily to an approximate $2.5
million decrease in general and administrative expense, partially
offset by a decrease in gross margin due to an approximate $650,000
decrease in revenue.
About Trident Brands
Based in Brookfield, Wisconsin, Trident Brands Incorporated, f/k/a
Sandfield Ventures Corp., was initially formed to engage in the
acquisition, exploration and development of natural resource
properties, but has since transitioned and is now focused on
branded consumer products and food ingredients. The Company is in
the early growth stage and has commenced commercial activities
following a period of organization and development of its business
plan.
Trident Brands reported a net loss of $5.39 million for the 12
months ended Nov. 30, 2020, compared to a net loss of $12.22
million for the 12 months ended Nov. 30, 2019. As of Aug. 31,
2021, the Company had $1.61 million in total assets, $31.59 million
in total liabilities, and a total stockholders' deficit of $29.97
million.
MaloneBailey, LLP, in Houston, Texas, the Company's auditor since
2015, issued a "going concern" qualification in its report dated
March 16, 2021, citing that the Company has suffered recurring
losses from operations and has a net capital deficiency that
raises substantial doubt about its ability to continue as a going
concern.
VENCHUR INVESTMENTS: Wins Cash Collateral Access Thru April 7
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida,
Orlando Division, has authorized Venchur Investments, LLC to use
cash collateral on an interim basis in accordance with the budget
through April 7, 2022, and provide adequate protection to Celtic
Bank Corporation and, to the extent necessary, Supersonic Funding.
The Debtor is permitted to pay amounts expressly authorized by the
Court, including payments to the U.S. Trustee for quarterly fees,
the current and necessary expenses set forth in the budget, and
additional amounts as may be expressly approved in writing by
Creditor.
Celtic Bank and Supersonic will have a perfected post-petition lien
against cash collateral to the same extent and with the same
validity and priority as the pre-petition lien, without the need to
file or execute any documents as may otherwise be required under
applicable non-bankruptcy law.
The Debtor will also maintain insurance coverage for its property
in accordance with the obligations under the loan and security
documents with Secured Creditors.
A continued preliminary hearing on the matter is scheduled for
April 7 at 2:30 p.m.
A copy of the order and the Debtor's budget for the period from
March to August 2022 is available for free at
https://bit.ly/35QgA12 from PacerMonitor.com.
The Debtor projects $265,000 in gross sales and $140,200 in total
operating expenses for the period.
About Venchur Investments, LLC
Venchur Investments, LLC operates a restaurant, bar, and event
space at its principal location at premises located at 3231
Edgewater Drive, Orlando, Florida 32804.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 6:22-bk-00539) on
February 15, 2022. In the petition signed by Pasquale Semeraro,
managing member, the Debtor disclosed up to $50,000 in assets and
up to $500,000 in liabilities.
Jeffrey S. Ainsworth, Esq., at BransonLaw, PLLC, represents the
Debtor as counsel.
VETERAN HOLDINGS: Court Approves Disclosures and Confirms Plan
--------------------------------------------------------------
Judge Elizabeth S. Stong has entered an order finally approving the
Disclosure Statement and confirming the Plan of Veteran Holdings NY
LLC.
Any and all objections to the Disclosure Statement and the Plan not
previously resolved or withdrawn, whether filed or not, are
overruled.
The Veterans Center Purchase and Sale Agreement provided the funds
to pay the Plan Funding Obligations. The Veterans Center Purchase
and Sale Agreement was negotiated, proposed and entered into by the
Debtor, Veterans Center, and South to East without collusion, in
good faith and from arm's-length bargaining positions. Veterans
Center is not an "insider" of the Debtor, as that term is defined
in Bankruptcy Code section 101(31). Neither the Debtor, South to
East, nor Veterans Center have engaged in any conduct that would
cause or permit the Veterans Center Purchase and Sale Agreement to
be avoided.
That the Debtor is authorized to assume the Veterans Holdings
Contract of Sale pursuant to 11 U.S.C. section 365 (a) and all
defaults under such contract shall be deemed cured by payment of
the purchase price as provided for in such contract of sale at
closing.
That the transaction contemplated by the Veterans Center Purchase
and Sale Agreement is authorized and the Veterans Center Purchase
and Sale Agreement is approved; and the Debtor is authorized to
close under the Veterans Center Purchase and Sale Agreement
contemporaneously with the Veterans Holdings Contract of Sale and
make the proceeds of such sale available to pay the Plan Funding
Obligations.
About Veteran Holdings NY
Veteran Holdings NY LLC, a real estate business in Brooklyn, New
York, filed its voluntary petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 22-40052) on Jan. 12,
2022. Pearl Schwartz, managing member, signed the petition. At the
time of the filing, the Debtor disclosed $10 million to $50 million
in both assets and liabilities.
Judge Elizabeth S. Stong oversees the case.
The Debtor tapped Robinson Brog Leinwand Greene Genovese & Gluck PC
as legal counsel and Abraham Neuhaus, LLC as special real estate
counsel.
WHIDBEY ISLAND PHD: Moody's Lowers 2013 GOULT Bonds to Ba2
----------------------------------------------------------
Moody's Investors Service has downgraded to Ba2 from Baa3 Whidbey
Island Public Hospital District, WA's (d.b.a. Whidbey Health)
Unlimited Tax General Obligation (GOULT) Bonds, 2013, affecting
$44.9 million. At the same time, Moody's downgraded to B3 from Ba2
the hospital's Limited Tax General Obligation Bonds (GOLT), 2012
and 2009, affecting $12.3 million. Concurrently, the outlook has
been revised from negative and the ratings have been placed under
review for downgrade.
RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR
DOWNGRADE OF THE RATINGS
The downgrade of the GOULT bonds to Ba2 and the GOLT bonds to B3
and the placement of these ratings under review for downgrade
primarily reflects the hospital's severe liquidity challenges.
These challenges have arisen over the past several months, despite
recent voter approval of higher taxes, and now pose a threat to
bondholders and other creditors. Unless the district is able to
secure an approximate $17 million loan or line of credit, it is
unlikely that the hospital will be able to make payroll after March
18 through mid-May, when new property tax revenue from a
voter-approved levy lid lift comes in, or repay a $6.8M outstanding
LOC related to BANs with Heritage Bank due June 1, 2022. The
hospital's ability to secure a loan is also highly speculative
given its material financial stress. Management is actively
pursuing multiple sources of near-term liquidity, though the
outcome and terms of these discussions are uncertain. Unless the
hospital secures this additional liquidity, Moody's believes the
district is at immediate risk of becoming insolvent and filing for
Chapter 11 bankruptcy. The review for possible downgrade will
consider the near-term impact of attempts to gain access to
liquidity, as well as priority of payments to creditors should the
district file for bankruptcy.
The downgrade and placement of these ratings under review for
downgrade also incorporates material governance risks associated
with management turnover, impaired financial reporting, delayed
audits and material weaknesses identified by auditors and a recent
vote of no-confidence by medial staff in the CEO/CFO, COO and
Hospital Attorney. The review for possible downgrade will also
consider the district's ability to produce accurate and reliable
financial reporting going forward. The board has appointed an
Interim CFO as of January and has fired its prior CEO/CFO, Ron
Telles, as of February. On February 25, the board selected
HealthTechS3, a hospital management services company, to recruit a
permanent CEO and CFO and conduct a variety of SWAT and
operational/financial analyses. The board is still negotiating the
contract with HealthTechS3 and pending once this contact is
finalized, a contractor from HealthTechS3 is expected to serve as
Interim CEO.
The Ba2 GOULT rating reflects Moody's expectation that debt service
for the district's GOULT bonds will continue to be paid regardless
of the financial stress of the hospital. The GOULT bonds benefit
from an unlimited tax levy that is collected only for repayment of
the bonds. The county collects and remits these property taxes
directly to the trustee for the GOULT bonds, which is a notable
security enhancement for the GOULT bonds, though this is not
covenanted or contractual, which weakens the added value. The Ba2
rating additionally incorporates the district's large and growing
tax base, average wealth and income levels and the stabilizing
presence of Naval Air Station Whidbey Island. Debt liabilities are
relatively modest for a local government and pension liabilities
are minimal.
The B3 GOLT rating reflects the general credit characteristics of
the hospital district, as well as the full faith and credit pledge
of the district. The four-notch distinction between the GOULT and
GOLT bonds reflects Moody's projections of insufficient operating
revenue to cover expenses in the near term, and the likelihood of
bankruptcy should the hospital fail to secure additional liquidity
in the next several weeks. The GOLT bonds are paid through all
available operating revenues, including the "regular" operating
levy.
LEGAL SECURITY
The district's GOULT bonds are backed by an unlimited ad valorem
tax pledge.
The district's GOLT bonds are backed by the district's full faith
and credit, and are paid from all available general operating
revenues, including the operating property tax levy.
PROFILE
Whidbey Island Public Hospital District, doing business as Whidbey
Health, operates a critical access hospital, seven satellite
clinics, an ambulance service and a few related other healthcare
services on Whidbey Island in Puget Sound, 65 miles north of
Seattle. The district serves a population of about 67,000 residents
or about 81% of the population of Island County, WA (Aa2).
METHODOLOGY
The principal methodology used in these ratings was US Local
Government General Obligation Debt published in January 2021.
WHITE RABBIT: Wins Cash Collateral Access Thru March 29
-------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Washington at
Vancouver has authorized White Rabbit Ventures, Inc., dba Matrix
Roofing, and Home Solutions dba Matrix Roof+Home to use cash
collateral on an interim basis in accordance with the budget
through March 29, 2022.
The U.S. Small Business Administration is granted a replacement
lien in the Debtor's post-petition assets, to the same extent,
validity, and priority it had in the Debtor's pre-petition assets,
excluding any security interests in avoidance actions pursuant to
sections 506(c), 544, 545, 547, 548, and 549 of the Bankruptcy
Code, and without prejudice to the ability of the Debtor or its
creditors to contest the amount, validity and priority of the
replacement lien.
A continued hearing on the matter is scheduled for March 22 at 9
a.m. by telephone.
A copy of the order and the Debtor's budget is available at
https://bit.ly/3CelJvP from PacerMonitor.com.
The Debtor projects 213,704 in total cost of goods/expenses.
About White Rabbit Ventures, Inc.
White Rabbit Ventures, Inc. sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 22-40173-MJH)
on February 14, 2022. In the petition signed by Wendy J. Marvin,
chief executive officer, the Debtor disclosed up to $1 million in
assets and up to $10 million in liabilities.
Judge Mary Jo Heston oversees the case.
Geoffrey Groshong, Esq., at Groshong Law PLLC is the Debtor's
counsel.
WILLIAM TAGG: Selling Interest in Seacrest Property for $3.6-Mil.
-----------------------------------------------------------------
William Tagg asks the U.S. Bankruptcy Court for the Western
District of Tennessee to authorize the sale of his 8% interest in
Charleston Builders II, Inc.'s real property located at 8718 East
County Highway 30a, Unit A, in Seacrest, Florida 32461, to Promac
Engineering, LLC, for $3.6 million.
The Debtor has stated that he has an 8% interest in the entity know
as Charleston II Builders, Inc.
The Debtor has filed a Plan with the Court and has explained
through his counsel that a successful addressing or retirement of
the debt and expenses in the case will require the disposition of
the Property. By agreement with the rest of the ownership group of
that corporation the sales proceeds are anticipated to be directed
to pay the debts in the case.
The Debtor has obtained a contract for $3.6 million for that unit,
in which he has an 8% interest.
The Debtor believes that the Contract is fair and reasonable in all
respects and should be approved by the Court. Whatever direction
this case takes, a dismissal, a conversion, a confirmation, and/or
any other possible disposition, the closing of the contract is in
the interest of all of the parties in the case. A closing date is
hoped for on March 21, 2022 and therefore an expedited hearing is
requested with respect to the Motion.
A copy of the Contract is available at https://tinyurl.com/yc55jrb9
from PacerMonitor.com free of charge.
William Tagg sought Chapter 11 protection (Bankr. W.D. Tenn. Case
No. 21-23424) on Oct. 18, 2021. The Debtor tapped Ted Jones, Esq.,
as counsel.
ZOHAR FUNDS: MBIA Blasts Tilton's Suit to Subordinate Claims
------------------------------------------------------------
Jeff Montgomery of Law360 reports that MBIA Insurance Corp. told a
Delaware bankruptcy judge Thursday, March 3, 2022, that business
turnaround architect Lynn Tilton failed to show MBIA did anything
wrong in its multiyear effort to recover hundreds of millions paid
out in the wake of the breakdown of the distressed-debt empire
built by Tilton, creator of the so-called Zohar funds.
The remarks came during arguments on dismissal of an adversary suit
Tilton filed in the bankruptcy of Zohar fund noteholders. Tilton's
suit targets creditors and other parties who wrested control of the
funds from her and won an order for a sell-off of companies
formerly controlled by Tilton.
About the Zohar Funds
New York-based Patriarch Partners, LLC, is a private equity firm
specializing in acquisition, buyouts, and turnaround investment in
distressed American companies and brands. Patriarch Partners was
founded by Lynn Tilton in 2000. Lynn Tilton and her affiliates held
substantial equity stakes in portfolio companies, which include
iconic American manufacturing companies with tens of thousands of
employees.
The Zohar funds were created to raise money through selling a form
of notes called collateralized loan obligations to investors that
was then used to extend loans to dozens of distressed mid-size
companies, often in connection with the acquisition of those
companies out of bankruptcy.
Patriarch bought "distressed" companies via funding from a series
of collateralized loan obligations (CLOs) marketed through
Patriarch via its $2.5 billion "Zohar" funds. Tilton placed the
funds into bankruptcy in 2018 in an attempt to keep Patriarch's
portfolio from being liquidated by Zohar creditors including bond
insurer MBIA, which insured $1 billion worth of Zohar notes.
Combined debt of the funds is estimated at $1.7 billion.
Zohar CDO 2003-1, Zohar CDO 2003-1 Corp., Zohar II 2005-1, Limited,
Zohar II 2005-1 Corp., Zohar III, Limited, and Zohar III, Corp.
(collectively, the "Zohar Funds"), sought protection under Chapter
11 of the Bankruptcy Code (Bankr. D. Del. Case Nos. 18-10512 to
18-10517) on March 11, 2018. In the petition signed by Lynn Tilton,
director, the Debtors were estimated to have $1 billion to $10
billion in assets and $500 million to $1 billion in liabilities.
Young Conaway Stargatt & Taylor, LLP, is the Debtors' bankruptcy
counsel.
[*] New Bankruptcy Filings Rise in February 2022
------------------------------------------------
Epiq, a global technology-enabled services leader to the legal
services industry and corporations, released February 2022
bankruptcy filing statistics from its new Epiq Bankruptcy Analytics
platform. Overall, February 2022 new filings were 26,985 across all
chapters, up 3.2% from January 2022 which had 26,155 new filings.
Total commercial filings across all chapters were 1,420, down 5.4%
over January 2022, which had 1,501 new filings. Overall, the total
number of open bankruptcy cases in the U.S. fell month-over-month
by 1.1%, down to 714,866 at the end of February compared to 723,725
open cases at the end of January 2022.
Chapter 7 individual bankruptcies had 15,196 new filings in
February, up 1.1% over January 2022, which had 14,295 new filings.
So far in 2022, Chapter 7 individual bankruptcy filings are down
29.9% with 29,491 over the first two months in 2021, which had
42,079 new filings. In February 2022, the top five states with new
Chapter 7 filings were California (1,744), Florida (1,248),
Illinois (887), Michigan (811), and Ohio (793).
Chapter 13 individual bankruptcies had 10,306 new filings in
February, flat from January 2022, which had 10,345. In February
2022, the U.S. Southeast region continued to lead new Chapter 13
filings with Georgia (1,040), Alabama (791), Tennessee (712), and
Florida (701) leading the way as the largest states with filing
activity.
Chapter 11 commercial filings, including Sub Chapter V, had a total
of 203 new filings in February, down 10.8% over January 2022 which
had 225. Of these, 93 were Sub Chapter V, up 16.5% from 80 the
prior month. These small business filings are a key metric to watch
as we exit the pandemic and government aid ceases.
"Although February 2022 new bankruptcy filings continue to be well
below pre-pandemic levels, chapter 7s are up and chapter 13
individual filings remained flat month-over-month, even with
February having three less days than January," said Chris Kruse,
senior vice president of Epiq Bankruptcy Technology. "We are
watching these trends closely."
Monthly bankruptcy statistics, trends and insights are provided by
Epiq Bankruptcy Analytics, a new subscription-based service that
makes accessing Epiq's comprehensive bankruptcy dataset easier than
ever. The service is the first to provide legal and bankruptcy
professionals with daily updates to filing information from across
93 U.S. bankruptcy courts dating back to 2007, resulting in
powerful, data-backed insights about the bankruptcy market. Learn
more at https://bankruptcy.epiqglobal.com/analytics.
[*] Upstream Gas and Oil Bankruptcy Wave Is Over in U.S.
--------------------------------------------------------
Bankruptcy filings in the U.S. oil and gas industry plummeted in
2021, sustaining a trend that took hold early in the year as
commodity prices recovered, according to law firm Haynes and Boone
LLP's latest report tracking those filings, The Houston Business
Journal reported.
That low filing rate should carry on through 2022, said Buddy
Clark, co-chair of the firm's energy practice group.
"Bankruptcies haven't stopped," Clark said. "It's just that the
rate, volume and size of bankruptcies will be significantly reduced
in 2022, at least for the (oil and gas) industry."
Cycling through
Haynes and Boone has tracked upstream and midstream bankruptcies
since 2015, but the firm has decided to end the report for the
foreseeable future.
"The wave of bankruptcies we saw that started in 2015 is over,"
Clark said.
Generally, industry observers should expect to see a wave of
bankruptcies about six months to one year after crude oil prices
start trending down, Clark said.
Lately, energy commodities prices have been rising sharply,
especially after Russia invaded Ukraine in late February 2022. The
Texas crude oil futures benchmark WTI reached a more than 10-year
high of $115 per barrel on March 4. That's up from the lower $90s
per barrel in mid-February 2022. The benchmark was $75 per barrel
when the year began.
"The cycles are monotonously repetitive," Clark said. "What happens
is that prices start to run up. Everybody jumps into the business:
invests in it, loans money against it, takes greater risks than are
prudent. Inevitably, with all that activity, there's excess
production, prices collapse, and you go through a bankruptcy
cycle."
Because lenders held back from big investments in upstream in 2020
and 2021, if prices dropped tomorrow, there might not be enough
debt to trigger the wave, Clark said. But the more companies that
weather the storm of low prices, the more there are left to
increase production — potentially triggering a real bankruptcy
wave down the road.
Smoother waters
Among oil and gas producers that filed for Chapter 11 protection in
2021, their combined debt was $2.1 billion -- by far the lowest
annual total in years, according to Haynes and Boone. The last
time bankrupt producers' debt was close to that low was 2017, when
aggregate debt among filers was $8.5 billion.
In 2021, distressed oil field services companies brought even more
debt to the courts than producers did: an aggregate of $10.6
billion. That's down from $45 billion filed in 2020, the highest
total tracked by Haynes and Boone. The other two years with higher
total OFS bankruptcy debt than 2021 were 2016 and 2017, with $13.5
billion and $35.25 billion, respectively.
Of the 20 U.S. oil and gas production companies that filed for
bankruptcy protection in 2021, four filed in the Southern District
of Texas court in Houston, according to Haynes and Boone's report.
Since 2015, annual filings had averaged 39 companies seeking
bankruptcy protection each year.
Thirty-six services companies filed for bankruptcy in 2021, down
only slightly from the yearly average of 42. However, $9.1 billion
of the total OFS debt came from the Seadrill and Basic Energy
Services bankruptcies, Haynes and Boone said.
The filing trends among E&Ps and oil field services were also
reflected in the midstream sector, though the midstream totals were
far lower. The four midstream companies that declared bankruptcy in
2021 brought just $8.26 million in debt to the courts. That's down
from $690 million in aggregate debt that midstream companies filed
in 2020 and the lowest of any year tracked by Haynes and Boone.
Since 2015, only four years have seen debt from midstream
bankruptcies total more than $1 billion, peaking at $12.8 billion
in 2016.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- -------
ACCELERATE DIAGN AXDX* MM 81.2 (39.7) 64.0
AEMETIS INC DW51 GR 147.0 (132.1) (57.6)
AEMETIS INC AMTX US 147.0 (132.1) (57.6)
AEMETIS INC AMTXGEUR EU 147.0 (132.1) (57.6)
AEMETIS INC AMTXGEUR EZ 147.0 (132.1) (57.6)
AEMETIS INC DW51 GZ 147.0 (132.1) (57.6)
AEMETIS INC DW51 TH 147.0 (132.1) (57.6)
AEMETIS INC DW51 QT 147.0 (132.1) (57.6)
AERIE PHARMACEUT 0P0 TH 431.4 (17.3) 230.7
AERIE PHARMACEUT 0P0 QT 431.4 (17.3) 230.7
AERIE PHARMACEUT 0P0 GZ 431.4 (17.3) 230.7
AERIE PHARMACEUT AERI US 431.4 (17.3) 230.7
AERIE PHARMACEUT AERIEUR EU 431.4 (17.3) 230.7
AERIE PHARMACEUT 0P0 GR 431.4 (17.3) 230.7
ALPHA CAPITAL -A ASPC US 231.1 212.7 1.0
ALPHA CAPITAL AC ASPCU US 231.1 212.7 1.0
ALTENERGY ACQU-A AEAE US 0.5 (0.1) (0.1)
ALTENERGY ACQUIS AEAEU US 0.5 (0.1) (0.1)
ALTICE USA INC-A ATUS US 33,215.0 (870.9) (1,945.5)
ALTICE USA INC-A 15PA GR 33,215.0 (870.9) (1,945.5)
ALTICE USA INC-A 15PA TH 33,215.0 (870.9) (1,945.5)
ALTICE USA INC-A ATUSEUR EU 33,215.0 (870.9) (1,945.5)
ALTICE USA INC-A 15PA GZ 33,215.0 (870.9) (1,945.5)
ALTICE USA INC-A ATUS* MM 33,215.0 (870.9) (1,945.5)
ALTICE USA INC-A ATUS-RM RM 33,215.0 (870.9) (1,945.5)
ALTIRA GP-CEDEAR MOC AR 39,523.0 (1,606.0) (2,496.0)
ALTIRA GP-CEDEAR MOD AR 39,523.0 (1,606.0) (2,496.0)
ALTIRA GP-CEDEAR MO AR 39,523.0 (1,606.0) (2,496.0)
ALTRIA GROUP INC MO* MM 39,523.0 (1,606.0) (2,496.0)
ALTRIA GROUP INC MOEUR EU 39,523.0 (1,606.0) (2,496.0)
ALTRIA GROUP INC MO US 39,523.0 (1,606.0) (2,496.0)
ALTRIA GROUP INC MO SW 39,523.0 (1,606.0) (2,496.0)
ALTRIA GROUP INC PHM7 TH 39,523.0 (1,606.0) (2,496.0)
ALTRIA GROUP INC MO TE 39,523.0 (1,606.0) (2,496.0)
ALTRIA GROUP INC PHM7 QT 39,523.0 (1,606.0) (2,496.0)
ALTRIA GROUP INC PHM7 GR 39,523.0 (1,606.0) (2,496.0)
ALTRIA GROUP INC 0R31 LI 39,523.0 (1,606.0) (2,496.0)
ALTRIA GROUP INC ALTR AV 39,523.0 (1,606.0) (2,496.0)
ALTRIA GROUP INC MOUSD SW 39,523.0 (1,606.0) (2,496.0)
ALTRIA GROUP INC PHM7 GZ 39,523.0 (1,606.0) (2,496.0)
ALTRIA GROUP INC MOEUR EZ 39,523.0 (1,606.0) (2,496.0)
ALTRIA GROUP INC MO CI 39,523.0 (1,606.0) (2,496.0)
ALTRIA GROUP INC MO-RM RM 39,523.0 (1,606.0) (2,496.0)
ALTRIA GROUP-BDR MOOO34 BZ 39,523.0 (1,606.0) (2,496.0)
AMC ENTERTAINMEN AMC US 10,821.5 (1,789.5) 82.4
AMC ENTERTAINMEN AMC4EUR EU 10,821.5 (1,789.5) 82.4
AMC ENTERTAINMEN AMC* MM 10,821.5 (1,789.5) 82.4
AMC ENTERTAINMEN AH9 TH 10,821.5 (1,789.5) 82.4
AMC ENTERTAINMEN AH9 QT 10,821.5 (1,789.5) 82.4
AMC ENTERTAINMEN AH9 GR 10,821.5 (1,789.5) 82.4
AMC ENTERTAINMEN AH9 GZ 10,821.5 (1,789.5) 82.4
AMC ENTERTAINMEN AMC-RM RM 10,821.5 (1,789.5) 82.4
AMC ENTERTAINMEN A2MC34 BZ 10,821.5 (1,789.5) 82.4
AMERICAN AIR-BDR AALL34 BZ 66,442.0 (7,340.0) (1,669.0)
AMERICAN AIRLINE A1G QT 66,442.0 (7,340.0) (1,669.0)
AMERICAN AIRLINE AAL11EUR EU 66,442.0 (7,340.0) (1,669.0)
AMERICAN AIRLINE AAL AV 66,442.0 (7,340.0) (1,669.0)
AMERICAN AIRLINE AAL TE 66,442.0 (7,340.0) (1,669.0)
AMERICAN AIRLINE A1G SW 66,442.0 (7,340.0) (1,669.0)
AMERICAN AIRLINE 0HE6 LI 66,442.0 (7,340.0) (1,669.0)
AMERICAN AIRLINE A1G GZ 66,442.0 (7,340.0) (1,669.0)
AMERICAN AIRLINE AAL11EUR EZ 66,442.0 (7,340.0) (1,669.0)
AMERICAN AIRLINE AAL US 66,442.0 (7,340.0) (1,669.0)
AMERICAN AIRLINE AAL* MM 66,442.0 (7,340.0) (1,669.0)
AMERICAN AIRLINE A1G GR 66,442.0 (7,340.0) (1,669.0)
AMERICAN AIRLINE A1G TH 66,442.0 (7,340.0) (1,669.0)
AMERICAN AIRLINE AAL-RM RM 66,442.0 (7,340.0) (1,669.0)
AMERICAN AIRLINE AAL_KZ KZ 66,442.0 (7,340.0) (1,669.0)
AMPLIFY ENERGY C MPO2EUR EZ 405.9 (100.2) (69.3)
AMPLIFY ENERGY C 2OQ TH 405.9 (100.2) (69.3)
AMPLIFY ENERGY C AMPY US 405.9 (100.2) (69.3)
AMPLIFY ENERGY C MPO2EUR EU 405.9 (100.2) (69.3)
AMPLIFY ENERGY C 2OQ GR 405.9 (100.2) (69.3)
AMPLIFY ENERGY C 2OQ GZ 405.9 (100.2) (69.3)
AMPLIFY ENERGY C 2OQ QT 405.9 (100.2) (69.3)
APA CORP APA US 13,303.0 (5.0) 263.0
APA CORP APA11EUR EU 13,303.0 (5.0) 263.0
APA CORP APA* MM 13,303.0 (5.0) 263.0
APA CORP 2S3 GR 13,303.0 (5.0) 263.0
APA CORP 2S3 TH 13,303.0 (5.0) 263.0
APA CORP 2S3 GZ 13,303.0 (5.0) 263.0
APA CORP APA-RM RM 13,303.0 (5.0) 263.0
APA CORP - BDR A1PA34 BZ 13,303.0 (5.0) 263.0
ARCH BIOPARTNERS ARCH CN 2.7 (3.9) (0.5)
ARCHIMEDES TECH ATSPU US 133.8 133.5 0.6
ARCHIMEDES- SUB ATSPT US 133.8 133.5 0.6
ASCENT SOLAR TEC ASTI US 11.4 (4.6) 1.8
ATLAS TECHNICAL ATCX US 420.1 (144.9) 103.2
AUSTERLITZ ACQ-A AUS US 692.9 614.7 (5.4)
AUSTERLITZ ACQUI AUS/U US 692.9 614.7 (5.4)
AUTOZONE INC AZ5 GR 14,078.5 (3,137.5) (1,780.9)
AUTOZONE INC AZ5 TH 14,078.5 (3,137.5) (1,780.9)
AUTOZONE INC AZOEUR EU 14,078.5 (3,137.5) (1,780.9)
AUTOZONE INC AZ5 QT 14,078.5 (3,137.5) (1,780.9)
AUTOZONE INC AZO US 14,078.5 (3,137.5) (1,780.9)
AUTOZONE INC AZOEUR EZ 14,078.5 (3,137.5) (1,780.9)
AUTOZONE INC AZ5 GZ 14,078.5 (3,137.5) (1,780.9)
AUTOZONE INC AZO AV 14,078.5 (3,137.5) (1,780.9)
AUTOZONE INC AZ5 TE 14,078.5 (3,137.5) (1,780.9)
AUTOZONE INC AZO* MM 14,078.5 (3,137.5) (1,780.9)
AUTOZONE INC AZO-RM RM 14,078.5 (3,137.5) (1,780.9)
AUTOZONE INC-BDR AZOI34 BZ 14,078.5 (3,137.5) (1,780.9)
AVID TECHNOLOGY AVID US 274.0 (124.1) (14.8)
AVID TECHNOLOGY AVD GR 274.0 (124.1) (14.8)
AVID TECHNOLOGY AVD TH 274.0 (124.1) (14.8)
AVID TECHNOLOGY AVD GZ 274.0 (124.1) (14.8)
AVIS BUD-CEDEAR CAR AR 22,600.0 (209.0) (561.0)
AVIS BUDGET GROU CUCA GR 22,600.0 (209.0) (561.0)
AVIS BUDGET GROU CAR US 22,600.0 (209.0) (561.0)
AVIS BUDGET GROU CUCA QT 22,600.0 (209.0) (561.0)
AVIS BUDGET GROU CAR2EUR EU 22,600.0 (209.0) (561.0)
AVIS BUDGET GROU CAR2EUR EZ 22,600.0 (209.0) (561.0)
AVIS BUDGET GROU CUCA TH 22,600.0 (209.0) (561.0)
AVIS BUDGET GROU CAR* MM 22,600.0 (209.0) (561.0)
AVIS BUDGET GROU CUCA GZ 22,600.0 (209.0) (561.0)
BANYAN ACQUISITI BYN/U US 0.4 (0.0) (0.4)
BATH & BODY WORK LTD0 GR 6,026.1 (1,516.9) 1,719.0
BATH & BODY WORK BBWI US 6,026.1 (1,516.9) 1,719.0
BATH & BODY WORK LTD0 TH 6,026.1 (1,516.9) 1,719.0
BATH & BODY WORK LBEUR EU 6,026.1 (1,516.9) 1,719.0
BATH & BODY WORK LBEUR EZ 6,026.1 (1,516.9) 1,719.0
BATH & BODY WORK BBWI* MM 6,026.1 (1,516.9) 1,719.0
BATH & BODY WORK LTD0 QT 6,026.1 (1,516.9) 1,719.0
BATH & BODY WORK BBWI AV 6,026.1 (1,516.9) 1,719.0
BATH & BODY WORK LTD0 GZ 6,026.1 (1,516.9) 1,719.0
BATH & BODY WORK BBWI-RM RM 6,026.1 (1,516.9) 1,719.0
BAUSCH HEALTH CO BVF GR 29,202.0 (34.0) 409.0
BAUSCH HEALTH CO BHC CN 29,202.0 (34.0) 409.0
BAUSCH HEALTH CO BHC US 29,202.0 (34.0) 409.0
BAUSCH HEALTH CO VRX SW 29,202.0 (34.0) 409.0
BAUSCH HEALTH CO BHCN MM 29,202.0 (34.0) 409.0
BAUSCH HEALTH CO BVF TH 29,202.0 (34.0) 409.0
BAUSCH HEALTH CO BVF GZ 29,202.0 (34.0) 409.0
BAUSCH HEALTH CO VRX1EUR EZ 29,202.0 (34.0) 409.0
BAUSCH HEALTH CO VRX1EUR EU 29,202.0 (34.0) 409.0
BAUSCH HEALTH CO BVF QT 29,202.0 (34.0) 409.0
BELLRING BRAND-A BRBR US 600.6 (46.9) 151.9
BELLRING BRAND-A BR6 TH 600.6 (46.9) 151.9
BELLRING BRAND-A BR6 GR 600.6 (46.9) 151.9
BELLRING BRAND-A BR6 GZ 600.6 (46.9) 151.9
BELLRING BRAND-A BRBR1EUR EU 600.6 (46.9) 151.9
BIGBEAR.AI HOLDI BBAI US 360.3 344.9 (1.1)
BIGBEAR.AI HOLDI 28K1 GR 360.3 344.9 (1.1)
BIGBEAR.AI HOLDI GIG2EUR EU 360.3 344.9 (1.1)
BIGBEAR.AI HOLDI 28K1 GZ 360.3 344.9 (1.1)
BIOCRYST PHARM BCRX US 588.2 (107.0) 462.4
BIOCRYST PHARM BO1 GR 588.2 (107.0) 462.4
BIOCRYST PHARM BO1 TH 588.2 (107.0) 462.4
BIOCRYST PHARM BO1 SW 588.2 (107.0) 462.4
BIOCRYST PHARM BCRXEUR EZ 588.2 (107.0) 462.4
BIOCRYST PHARM BO1 QT 588.2 (107.0) 462.4
BIOCRYST PHARM BCRXEUR EU 588.2 (107.0) 462.4
BIOCRYST PHARM BCRX* MM 588.2 (107.0) 462.4
BIOHAVEN PHARMAC BHVN US 1,077.2 (683.0) 342.1
BIOHAVEN PHARMAC 2VN GR 1,077.2 (683.0) 342.1
BIOHAVEN PHARMAC BHVNEUR EU 1,077.2 (683.0) 342.1
BIOHAVEN PHARMAC 2VN TH 1,077.2 (683.0) 342.1
BLUEACACIA LTD BLEUU US 254.7 (7.8) (7.8)
BLUEACACIA LTD-A BLEU US 254.7 (7.8) (7.8)
BOEING CO-BDR BOEI34 BZ 138,552.0 (14,846.0) 26,674.0
BOEING CO-CED BA AR 138,552.0 (14,846.0) 26,674.0
BOEING CO-CED BAD AR 138,552.0 (14,846.0) 26,674.0
BOEING CO/THE BAEUR EU 138,552.0 (14,846.0) 26,674.0
BOEING CO/THE BA EU 138,552.0 (14,846.0) 26,674.0
BOEING CO/THE BCO GR 138,552.0 (14,846.0) 26,674.0
BOEING CO/THE BOE LN 138,552.0 (14,846.0) 26,674.0
BOEING CO/THE BCO TH 138,552.0 (14,846.0) 26,674.0
BOEING CO/THE BA PE 138,552.0 (14,846.0) 26,674.0
BOEING CO/THE BOEI BB 138,552.0 (14,846.0) 26,674.0
BOEING CO/THE BA US 138,552.0 (14,846.0) 26,674.0
BOEING CO/THE BA SW 138,552.0 (14,846.0) 26,674.0
BOEING CO/THE BA* MM 138,552.0 (14,846.0) 26,674.0
BOEING CO/THE BA TE 138,552.0 (14,846.0) 26,674.0
BOEING CO/THE BCO QT 138,552.0 (14,846.0) 26,674.0
BOEING CO/THE BA-RM RM 138,552.0 (14,846.0) 26,674.0
BOEING CO/THE BA AV 138,552.0 (14,846.0) 26,674.0
BOEING CO/THE BAUSD SW 138,552.0 (14,846.0) 26,674.0
BOEING CO/THE BCO GZ 138,552.0 (14,846.0) 26,674.0
BOEING CO/THE BAEUR EZ 138,552.0 (14,846.0) 26,674.0
BOEING CO/THE BA EZ 138,552.0 (14,846.0) 26,674.0
BOEING CO/THE BA CI 138,552.0 (14,846.0) 26,674.0
BOEING CO/THE BCOD PO 138,552.0 (14,846.0) 26,674.0
BOEING CO/THE BACL CI 138,552.0 (14,846.0) 26,674.0
BOEING CO/THE BA_KZ KZ 138,552.0 (14,846.0) 26,674.0
BOEING CO/THE TR TCXBOE AU 138,552.0 (14,846.0) 26,674.0
BOMBARDIER INC-B BBDBN MM 12,764.0 (3,089.0) 713.0
BRIDGEBIO PHARMA 2CL GZ 1,012.8 (865.6) 753.8
BRIDGEBIO PHARMA BBIOEUR EU 1,012.8 (865.6) 753.8
BRIDGEBIO PHARMA 2CL TH 1,012.8 (865.6) 753.8
BRIDGEBIO PHARMA BBIO US 1,012.8 (865.6) 753.8
BRIDGEBIO PHARMA 2CL GR 1,012.8 (865.6) 753.8
BRIDGEMARQ REAL BRE CN 84.3 (55.8) 9.9
BRIGHTSPHERE INV 2B9 GR 714.8 (17.6) -
BRIGHTSPHERE INV BSIGEUR EU 714.8 (17.6) -
BRIGHTSPHERE INV BSIG US 714.8 (17.6) -
BRINKER INTL BKJ GR 2,457.3 (327.4) (348.8)
BRINKER INTL EAT US 2,457.3 (327.4) (348.8)
BRINKER INTL BKJ TH 2,457.3 (327.4) (348.8)
BRINKER INTL BKJ QT 2,457.3 (327.4) (348.8)
BRINKER INTL EAT2EUR EU 2,457.3 (327.4) (348.8)
BRINKER INTL EAT2EUR EZ 2,457.3 (327.4) (348.8)
BROOKFIELD INF-A BIPC US 9,176.0 (1,148.0) (2,097.0)
BROOKFIELD INF-A BIPC CN 9,176.0 (1,148.0) (2,097.0)
BRP INC/CA-SUB V B15A GZ 4,572.6 (226.8) 252.5
BRP INC/CA-SUB V DOOEUR EU 4,572.6 (226.8) 252.5
BRP INC/CA-SUB V DOO CN 4,572.6 (226.8) 252.5
BRP INC/CA-SUB V B15A GR 4,572.6 (226.8) 252.5
BRP INC/CA-SUB V DOOO US 4,572.6 (226.8) 252.5
BRP INC/CA-SUB V B15A TH 4,572.6 (226.8) 252.5
CACTUS ACQUISITI CCTSU US 0.2 (0.3) (0.3)
CACTUS ACQUISITI CCTS US 0.2 (0.3) (0.3)
CALUMET SPECIALT CLMT US 2,127.9 (385.1) (267.2)
CEDAR FAIR LP FUN US 2,313.0 (698.5) (117.9)
CENTRUS ENERGY-A 4CU TH 487.2 (229.1) 79.0
CENTRUS ENERGY-A 4CU GR 487.2 (229.1) 79.0
CENTRUS ENERGY-A LEUEUR EU 487.2 (229.1) 79.0
CENTRUS ENERGY-A LEU US 487.2 (229.1) 79.0
CENTRUS ENERGY-A 4CU GZ 487.2 (229.1) 79.0
CHENIERE ENERGY CHQ1 TH 39,258.0 (33.0) 363.0
CHENIERE ENERGY LNG US 39,258.0 (33.0) 363.0
CHENIERE ENERGY CHQ1 GR 39,258.0 (33.0) 363.0
CHENIERE ENERGY CHQ1 SW 39,258.0 (33.0) 363.0
CHENIERE ENERGY LNG* MM 39,258.0 (33.0) 363.0
CHENIERE ENERGY LNG2EUR EZ 39,258.0 (33.0) 363.0
CHENIERE ENERGY CHQ1 QT 39,258.0 (33.0) 363.0
CHENIERE ENERGY LNG2EUR EU 39,258.0 (33.0) 363.0
CHENIERE ENERGY CHQ1 GZ 39,258.0 (33.0) 363.0
CHOICE CONSOLIDA CDXX-U/U CN 173.8 (3.3) -
CHOICE CONSOLIDA CDXXF US 173.8 (3.3) -
CINEPLEX INC CX0 GR 2,114.8 (219.7) (414.4)
CINEPLEX INC CPXGF US 2,114.8 (219.7) (414.4)
CINEPLEX INC CGX CN 2,114.8 (219.7) (414.4)
CINEPLEX INC CX0 TH 2,114.8 (219.7) (414.4)
CINEPLEX INC CGXEUR EU 2,114.8 (219.7) (414.4)
CINEPLEX INC CGXN MM 2,114.8 (219.7) (414.4)
CINEPLEX INC CX0 GZ 2,114.8 (219.7) (414.4)
CLEAR CHANNEL OU CCO US 5,299.4 (3,194.0) 21.6
CLEAR CHANNEL OU C7C1 GR 5,299.4 (3,194.0) 21.6
CLEAR CHANNEL OU CCO1EUR EU 5,299.4 (3,194.0) 21.6
COGENT COMMUNICA CCOI US 984.6 (373.1) 328.6
COGENT COMMUNICA OGM1 GR 984.6 (373.1) 328.6
COGENT COMMUNICA CCOIEUR EU 984.6 (373.1) 328.6
COGENT COMMUNICA CCOI* MM 984.6 (373.1) 328.6
COMMUNITY HEALTH CYH US 15,217.0 (810.0) 1,115.0
COMMUNITY HEALTH CG5 GR 15,217.0 (810.0) 1,115.0
COMMUNITY HEALTH CG5 QT 15,217.0 (810.0) 1,115.0
COMMUNITY HEALTH CYH1EUR EU 15,217.0 (810.0) 1,115.0
COMMUNITY HEALTH CG5 TH 15,217.0 (810.0) 1,115.0
COMMUNITY HEALTH CG5 GZ 15,217.0 (810.0) 1,115.0
COVEO SOLUTIONS CVO CN 346.2 266.4 199.0
CRIXUS BH3 ACQ-A BHAC US 0.3 (0.0) (0.3)
CRIXUS BH3 ACQUI BHACU US 0.3 (0.0) (0.3)
D2L INC DTOL CN 123.1 (201.4) (224.6)
DAY ONE BIOPHARM DAWN US 289.8 (127.5) 297.3
DECARBONIZATIO-A DCRD US 321.4 (57.0) 0.9
DECARBONIZATION DCRDU US 321.4 (57.0) 0.9
DELEK LOGISTICS DKL US 935.1 (104.0) (73.8)
DELL TECHN-C DELL US 92,659.0 (1,580.0) (11,186.0)
DELL TECHN-C DELL1EUR EZ 92,659.0 (1,580.0) (11,186.0)
DELL TECHN-C 12DA TH 92,659.0 (1,580.0) (11,186.0)
DELL TECHN-C 12DA GR 92,659.0 (1,580.0) (11,186.0)
DELL TECHN-C 12DA GZ 92,659.0 (1,580.0) (11,186.0)
DELL TECHN-C DELL1EUR EU 92,659.0 (1,580.0) (11,186.0)
DELL TECHN-C DELLC* MM 92,659.0 (1,580.0) (11,186.0)
DELL TECHN-C 12DA QT 92,659.0 (1,580.0) (11,186.0)
DELL TECHN-C DELL AV 92,659.0 (1,580.0) (11,186.0)
DELL TECHN-C DELL-RM RM 92,659.0 (1,580.0) (11,186.0)
DELL TECHN-C-BDR D1EL34 BZ 92,659.0 (1,580.0) (11,186.0)
DENNY'S CORP DENN US 435.5 (65.3) (28.3)
DENNY'S CORP DE8 TH 435.5 (65.3) (28.3)
DENNY'S CORP DENNEUR EU 435.5 (65.3) (28.3)
DENNY'S CORP DE8 GR 435.5 (65.3) (28.3)
DENNY'S CORP DE8 GZ 435.5 (65.3) (28.3)
DIALOGUE HEALTH CARE CN 142.0 126.1 112.3
DIEBOLD NIXDORF DBD QT 3,507.2 (837.0) 137.9
DIEBOLD NIXDORF DBD GR 3,507.2 (837.0) 137.9
DIEBOLD NIXDORF DBD US 3,507.2 (837.0) 137.9
DIEBOLD NIXDORF DBD SW 3,507.2 (837.0) 137.9
DIEBOLD NIXDORF DBDEUR EU 3,507.2 (837.0) 137.9
DIEBOLD NIXDORF DBDEUR EZ 3,507.2 (837.0) 137.9
DIEBOLD NIXDORF DBD TH 3,507.2 (837.0) 137.9
DIEBOLD NIXDORF DBD GZ 3,507.2 (837.0) 137.9
DINE BRANDS GLOB IHP GR 1,999.4 (242.8) 163.6
DINE BRANDS GLOB DIN US 1,999.4 (242.8) 163.6
DINE BRANDS GLOB IHP TH 1,999.4 (242.8) 163.6
DINE BRANDS GLOB IHP GZ 1,999.4 (242.8) 163.6
DMY TECHNOLOGY G DMYS/U US 0.5 (0.1) (0.5)
DMY TECHNOLOGY G DMYS US 0.5 (0.1) (0.5)
DOMINO'S P - BDR D2PZ34 BZ 1,671.8 (4,209.5) 269.8
DOMINO'S PIZZA EZV GR 1,671.8 (4,209.5) 269.8
DOMINO'S PIZZA DPZ US 1,671.8 (4,209.5) 269.8
DOMINO'S PIZZA EZV TH 1,671.8 (4,209.5) 269.8
DOMINO'S PIZZA EZV QT 1,671.8 (4,209.5) 269.8
DOMINO'S PIZZA DPZEUR EU 1,671.8 (4,209.5) 269.8
DOMINO'S PIZZA EZV GZ 1,671.8 (4,209.5) 269.8
DOMINO'S PIZZA DPZEUR EZ 1,671.8 (4,209.5) 269.8
DOMINO'S PIZZA DPZ AV 1,671.8 (4,209.5) 269.8
DOMINO'S PIZZA DPZ* MM 1,671.8 (4,209.5) 269.8
DOMINO'S PIZZA DPZ-RM RM 1,671.8 (4,209.5) 269.8
DOMO INC- CL B DOMO US 244.6 (126.0) (63.4)
DOMO INC- CL B 1ON GR 244.6 (126.0) (63.4)
DOMO INC- CL B DOMOEUR EU 244.6 (126.0) (63.4)
DOMO INC- CL B 1ON GZ 244.6 (126.0) (63.4)
DOMO INC- CL B 1ON TH 244.6 (126.0) (63.4)
DROPBOX INC-A DBX US 3,091.3 (293.9) 674.0
DROPBOX INC-A 1Q5 GR 3,091.3 (293.9) 674.0
DROPBOX INC-A 1Q5 SW 3,091.3 (293.9) 674.0
DROPBOX INC-A 1Q5 TH 3,091.3 (293.9) 674.0
DROPBOX INC-A 1Q5 QT 3,091.3 (293.9) 674.0
DROPBOX INC-A DBXEUR EU 3,091.3 (293.9) 674.0
DROPBOX INC-A DBX AV 3,091.3 (293.9) 674.0
DROPBOX INC-A DBXEUR EZ 3,091.3 (293.9) 674.0
DROPBOX INC-A DBX* MM 3,091.3 (293.9) 674.0
DROPBOX INC-A 1Q5 GZ 3,091.3 (293.9) 674.0
DROPBOX INC-A DBX-RM RM 3,091.3 (293.9) 674.0
EAST RESOURCES A ERESU US 345.3 (40.5) (40.5)
EAST RESOURCES-A ERES US 345.3 (40.5) (40.5)
EFFECTOR THERAPE EFTR US 59.9 (7.7) 12.6
EFFECTOR THERAPE EFTREUR EU 59.9 (7.7) 12.6
EFFECTOR THERAPE LWK1 TH 59.9 (7.7) 12.6
EFFECTOR THERAPE LWK1 GR 59.9 (7.7) 12.6
ENFUSION INC - A ENFN US 49.6 (59.8) 19.2
ESPERION THERAPE 0ET GR 381.6 (196.9) 255.6
ESPERION THERAPE ESPREUR EZ 381.6 (196.9) 255.6
ESPERION THERAPE ESPR US 381.6 (196.9) 255.6
ESPERION THERAPE 0ET TH 381.6 (196.9) 255.6
ESPERION THERAPE ESPREUR EU 381.6 (196.9) 255.6
ESPERION THERAPE 0ET QT 381.6 (196.9) 255.6
ESPERION THERAPE 0ET GZ 381.6 (196.9) 255.6
EXCELFIN ACQUI-A XFIN US 0.4 (0.2) (0.6)
EXCELFIN ACQUISI XFINU US 0.4 (0.2) (0.6)
EXPRESS INC EXPR US 1,324.1 (8.2) (112.7)
EXPRESS INC 02Z TH 1,324.1 (8.2) (112.7)
EXPRESS INC 02Z GR 1,324.1 (8.2) (112.7)
EXPRESS INC EXPREUR EU 1,324.1 (8.2) (112.7)
EXPRESS INC 02Z QT 1,324.1 (8.2) (112.7)
EXPRESS INC 02Z GZ 1,324.1 (8.2) (112.7)
F45 TRAINING HOL FXLV US 166.6 110.9 59.9
F45 TRAINING HOL 4OP GR 166.6 110.9 59.9
F45 TRAINING HOL FXLVEUR EU 166.6 110.9 59.9
F45 TRAINING HOL 4OP TH 166.6 110.9 59.9
F45 TRAINING HOL 4OP GZ 166.6 110.9 59.9
F45 TRAINING HOL 4OP QT 166.6 110.9 59.9
FAIR ISAAC - BDR F2IC34 BZ 1,463.3 (538.3) 140.2
FAIR ISAAC CORP FRI GR 1,463.3 (538.3) 140.2
FAIR ISAAC CORP FICO US 1,463.3 (538.3) 140.2
FAIR ISAAC CORP FRI GZ 1,463.3 (538.3) 140.2
FAIR ISAAC CORP FICO1* MM 1,463.3 (538.3) 140.2
FAIR ISAAC CORP FRI QT 1,463.3 (538.3) 140.2
FAIR ISAAC CORP FICOEUR EZ 1,463.3 (538.3) 140.2
FAIR ISAAC CORP FICOEUR EU 1,463.3 (538.3) 140.2
FARADAY FUTURE I FFIE US 229.9 (9.4) (2.4)
FERRELLGAS PAR-B FGPRB US 1,776.6 (196.4) 262.4
FERRELLGAS-LP FGPR US 1,776.6 (196.4) 262.4
FLUENCE ENERGY I FLNC US 1,482.7 778.1 679.0
FOREST ROAD AC-A FRXB US 351.3 (26.2) 0.9
FOREST ROAD ACQ FRXB/U US 351.3 (26.2) 0.9
GAMES & ESPORTS GEEXU US 0.6 (0.0) (0.5)
GAMES & ESPORTS GEEX US 0.6 (0.0) (0.5)
GCM GROSVENOR-A GCMG US 581.6 (55.8) 221.3
GLOBAL CLEAN ENE GCEH US 352.9 (53.4) (50.1)
GLOBAL SPAC -SUB GLSPT US 169.8 (11.0) (5.4)
GLOBAL SPAC PART GLSPU US 169.8 (11.0) (5.4)
GLOBAL TECHNOL-A GTAC US 1.3 (0.1) (0.6)
GLOBAL TECHNOLOG GTACU US 1.3 (0.1) (0.6)
GOGO INC GOGO US 647.7 (320.2) 61.4
GOGO INC G0G QT 647.7 (320.2) 61.4
GOGO INC G0G TH 647.7 (320.2) 61.4
GOGO INC GOGOEUR EU 647.7 (320.2) 61.4
GOGO INC G0G GR 647.7 (320.2) 61.4
GOGO INC G0G GZ 647.7 (320.2) 61.4
GOGREEN INVESTME GOGN/U US 0.3 (0.1) (0.3)
GOGREEN INVESTME GOGN US 0.3 (0.1) (0.3)
GOLDEN NUGGET ON GNOG US 289.0 (45.4) 106.9
GOLDEN NUGGET ON LCA2EUR EU 289.0 (45.4) 106.9
GOLDEN NUGGET ON 5ZU TH 289.0 (45.4) 106.9
GOOSEHEAD INSU-A 2OX GR 267.8 (69.2) 20.0
GOOSEHEAD INSU-A GSHDEUR EU 267.8 (69.2) 20.0
GOOSEHEAD INSU-A GSHD US 267.8 (69.2) 20.0
GOOSEHEAD INSU-A 2OX TH 267.8 (69.2) 20.0
GOOSEHEAD INSU-A 2OX QT 267.8 (69.2) 20.0
GORES HOLD VII-A GSEV US 551.9 515.7 (15.0)
GORES HOLDINGS V GSEVU US 551.9 515.7 (15.0)
GORES TECH-B GTPB US 461.7 425.9 (18.1)
GORES TECHNOLOGY GTPBU US 461.7 425.9 (18.1)
GRAPHITE BIO INC GRPH US 416.2 400.1 390.0
GREEN VISOR FI-A GVCI US 0.7 (0.1) (0.8)
GREEN VISOR FINA GVCIU US 0.7 (0.1) (0.8)
GREENSKY INC-A GSKY US 1,405.0 (74.5) 668.4
H&R BLOCK - BDR H1RB34 BZ 3,100.1 (372.7) 68.2
H&R BLOCK INC HRB US 3,100.1 (372.7) 68.2
H&R BLOCK INC HRB GR 3,100.1 (372.7) 68.2
H&R BLOCK INC HRB TH 3,100.1 (372.7) 68.2
H&R BLOCK INC HRBEUR EZ 3,100.1 (372.7) 68.2
H&R BLOCK INC HRB QT 3,100.1 (372.7) 68.2
H&R BLOCK INC HRBEUR EU 3,100.1 (372.7) 68.2
H&R BLOCK INC HRB GZ 3,100.1 (372.7) 68.2
H&R BLOCK INC HRB-RM RM 3,100.1 (372.7) 68.2
HERBALIFE NUTRIT HOO GR 2,819.8 (1,391.5) 351.4
HERBALIFE NUTRIT HLF US 2,819.8 (1,391.5) 351.4
HERBALIFE NUTRIT HLFEUR EU 2,819.8 (1,391.5) 351.4
HERBALIFE NUTRIT HOO QT 2,819.8 (1,391.5) 351.4
HERBALIFE NUTRIT HOO TH 2,819.8 (1,391.5) 351.4
HERBALIFE NUTRIT HOO GZ 2,819.8 (1,391.5) 351.4
HEWLETT-CEDEAR HPQ AR 38,912.0 (2,328.0) (7,767.0)
HEWLETT-CEDEAR HPQD AR 38,912.0 (2,328.0) (7,767.0)
HEWLETT-CEDEAR HPQC AR 38,912.0 (2,328.0) (7,767.0)
HILTON WORLD-BDR H1LT34 BZ 15,441.0 (819.0) (148.0)
HILTON WORLDWIDE HI91 QT 15,441.0 (819.0) (148.0)
HILTON WORLDWIDE HLT* MM 15,441.0 (819.0) (148.0)
HILTON WORLDWIDE HLTEUR EU 15,441.0 (819.0) (148.0)
HILTON WORLDWIDE HLTEUR EZ 15,441.0 (819.0) (148.0)
HILTON WORLDWIDE HLTW AV 15,441.0 (819.0) (148.0)
HILTON WORLDWIDE HLT US 15,441.0 (819.0) (148.0)
HILTON WORLDWIDE HI91 TE 15,441.0 (819.0) (148.0)
HILTON WORLDWIDE HI91 TH 15,441.0 (819.0) (148.0)
HILTON WORLDWIDE HI91 GR 15,441.0 (819.0) (148.0)
HILTON WORLDWIDE HI91 GZ 15,441.0 (819.0) (148.0)
HILTON WORLDWIDE HLT-RM RM 15,441.0 (819.0) (148.0)
HOME DEPOT - BDR HOME34 BZ 71,876.0 (1,696.0) 362.0
HOME DEPOT INC HD TE 71,876.0 (1,696.0) 362.0
HOME DEPOT INC HDI TH 71,876.0 (1,696.0) 362.0
HOME DEPOT INC HDI GR 71,876.0 (1,696.0) 362.0
HOME DEPOT INC HD US 71,876.0 (1,696.0) 362.0
HOME DEPOT INC HD* MM 71,876.0 (1,696.0) 362.0
HOME DEPOT INC HD SW 71,876.0 (1,696.0) 362.0
HOME DEPOT INC HDEUR EU 71,876.0 (1,696.0) 362.0
HOME DEPOT INC HDI QT 71,876.0 (1,696.0) 362.0
HOME DEPOT INC HD AV 71,876.0 (1,696.0) 362.0
HOME DEPOT INC HDUSD SW 71,876.0 (1,696.0) 362.0
HOME DEPOT INC HDI GZ 71,876.0 (1,696.0) 362.0
HOME DEPOT INC HDEUR EZ 71,876.0 (1,696.0) 362.0
HOME DEPOT INC 0R1G LN 71,876.0 (1,696.0) 362.0
HOME DEPOT INC HD CI 71,876.0 (1,696.0) 362.0
HOME DEPOT INC HDCL CI 71,876.0 (1,696.0) 362.0
HOME DEPOT INC HD-RM RM 71,876.0 (1,696.0) 362.0
HOME DEPOT-CED HDD AR 71,876.0 (1,696.0) 362.0
HOME DEPOT-CED HDC AR 71,876.0 (1,696.0) 362.0
HOME DEPOT-CED HD AR 71,876.0 (1,696.0) 362.0
HP COMPANY-BDR HPQB34 BZ 38,912.0 (2,328.0) (7,767.0)
HP INC HPQ TE 38,912.0 (2,328.0) (7,767.0)
HP INC 7HP TH 38,912.0 (2,328.0) (7,767.0)
HP INC 7HP GR 38,912.0 (2,328.0) (7,767.0)
HP INC HPQ US 38,912.0 (2,328.0) (7,767.0)
HP INC HPQ SW 38,912.0 (2,328.0) (7,767.0)
HP INC 7HP QT 38,912.0 (2,328.0) (7,767.0)
HP INC HPQ* MM 38,912.0 (2,328.0) (7,767.0)
HP INC HPQUSD SW 38,912.0 (2,328.0) (7,767.0)
HP INC HPQEUR EU 38,912.0 (2,328.0) (7,767.0)
HP INC 7HP GZ 38,912.0 (2,328.0) (7,767.0)
HP INC HPQEUR EZ 38,912.0 (2,328.0) (7,767.0)
HP INC HPQ CI 38,912.0 (2,328.0) (7,767.0)
HP INC HPQ AV 38,912.0 (2,328.0) (7,767.0)
HP INC HPQ-RM RM 38,912.0 (2,328.0) (7,767.0)
HPX CORP HPX US 253.9 (21.3) 0.4
HPX CORP HPX/U US 253.9 (21.3) 0.4
IMMUNITYBIO INC NK1EUR EU 468.9 (243.9) (34.6)
IMMUNITYBIO INC 26CA GZ 468.9 (243.9) (34.6)
IMMUNITYBIO INC NK1EUR EZ 468.9 (243.9) (34.6)
IMMUNITYBIO INC IBRX US 468.9 (243.9) (34.6)
IMMUNITYBIO INC 26CA GR 468.9 (243.9) (34.6)
IMMUNITYBIO INC 26CA TH 468.9 (243.9) (34.6)
IMMUNITYBIO INC 26CA QT 468.9 (243.9) (34.6)
IMPINJ INC PI US 315.5 (11.1) 220.3
IMPINJ INC 27J GZ 315.5 (11.1) 220.3
IMPINJ INC 27J QT 315.5 (11.1) 220.3
IMPINJ INC 27J TH 315.5 (11.1) 220.3
IMPINJ INC 27J GR 315.5 (11.1) 220.3
IMPINJ INC PIEUR EU 315.5 (11.1) 220.3
IMPINJ INC PIEUR EZ 315.5 (11.1) 220.3
INFINITE AC-CL A NFNT US 0.4 (0.1) (0.5)
INFINITE ACQUISI NFNT/U US 0.4 (0.1) (0.5)
INSEEGO CORP INO TH 215.8 (24.9) 52.8
INSEEGO CORP INO QT 215.8 (24.9) 52.8
INSEEGO CORP INSG US 215.8 (24.9) 52.8
INSEEGO CORP INO GR 215.8 (24.9) 52.8
INSEEGO CORP INSGEUR EU 215.8 (24.9) 52.8
INSEEGO CORP INSGEUR EZ 215.8 (24.9) 52.8
INSEEGO CORP INO GZ 215.8 (24.9) 52.8
INSEEGO CORP INSG-RM RM 215.8 (24.9) 52.8
INSPERITY INC NSP US 1,753.1 (1.8) 116.3
INSPERITY INC ASF GR 1,753.1 (1.8) 116.3
INSPIRED ENTERTA INSE US 303.8 (120.9) 14.7
INSPIRED ENTERTA 4U8 GR 303.8 (120.9) 14.7
INSPIRED ENTERTA INSEEUR EU 303.8 (120.9) 14.7
INSTADOSE PHARMA INSD US - (0.1) (0.1)
INTERCEPT PHARMA ICPT US 527.0 (184.0) 335.5
INTERCEPT PHARMA I4P GR 527.0 (184.0) 335.5
INTERCEPT PHARMA ICPT* MM 527.0 (184.0) 335.5
INTERCEPT PHARMA I4P TH 527.0 (184.0) 335.5
INTERCEPT PHARMA I4P GZ 527.0 (184.0) 335.5
JACK IN THE BOX JBX GR 1,758.6 (786.1) (115.4)
JACK IN THE BOX JACK US 1,758.6 (786.1) (115.4)
JACK IN THE BOX JACK1EUR EU 1,758.6 (786.1) (115.4)
JACK IN THE BOX JBX GZ 1,758.6 (786.1) (115.4)
JACK IN THE BOX JBX QT 1,758.6 (786.1) (115.4)
JACK IN THE BOX JACK1EUR EZ 1,758.6 (786.1) (115.4)
JAGUAR GLOBAL JGGCU US 0.4 (0.0) (0.3)
JOSEMARIA RESOUR NGQSEK EZ 69.4 (2.4) (27.6)
JOSEMARIA RESOUR JOSES I2 69.4 (2.4) (27.6)
JOSEMARIA RESOUR JOSE SS 69.4 (2.4) (27.6)
JOSEMARIA RESOUR NGQSEK EU 69.4 (2.4) (27.6)
JOSEMARIA RESOUR JOSES EB 69.4 (2.4) (27.6)
JOSEMARIA RESOUR JOSES IX 69.4 (2.4) (27.6)
JUNIPER II COR-A JUN US 12.5 (0.0) (0.4)
JUNIPER II CORP JUN/U US 12.5 (0.0) (0.4)
KARYOPHARM THERA 25K TH 305.3 (79.7) 201.9
KARYOPHARM THERA 25K QT 305.3 (79.7) 201.9
KARYOPHARM THERA 25K GZ 305.3 (79.7) 201.9
KARYOPHARM THERA KPTI US 305.3 (79.7) 201.9
KARYOPHARM THERA 25K GR 305.3 (79.7) 201.9
KARYOPHARM THERA KPTIEUR EU 305.3 (79.7) 201.9
KENSINGTON CAPIT KCAC/U US 0.1 (0.0) (0.0)
KIMBELL TIGER AC TGR/U US 0.6 (0.3) (0.3)
KL ACQUISI-CLS A KLAQ US 288.6 267.7 0.7
KL ACQUISITION C KLAQU US 288.6 267.7 0.7
L BRANDS INC-BDR B1BW34 BZ 6,026.1 (1,516.9) 1,719.0
LDH GROWTH C-A LDHA US 232.6 216.7 2.1
LDH GROWTH CORP LDHAU US 232.6 216.7 2.1
LENNOX INTL INC LXI GR 2,171.9 (269.0) 348.3
LENNOX INTL INC LII US 2,171.9 (269.0) 348.3
LENNOX INTL INC LII* MM 2,171.9 (269.0) 348.3
LENNOX INTL INC LXI TH 2,171.9 (269.0) 348.3
LENNOX INTL INC LII1EUR EU 2,171.9 (269.0) 348.3
LESLIE'S INC LESL US 811.3 (381.3) 121.3
LESLIE'S INC LE3 GR 811.3 (381.3) 121.3
LESLIE'S INC LESLEUR EU 811.3 (381.3) 121.3
LESLIE'S INC LE3 TH 811.3 (381.3) 121.3
LESLIE'S INC LE3 QT 811.3 (381.3) 121.3
LIFESPEAK INC LSPK CN 83.9 54.0 67.5
LIFESPEAK INC 81F GR 83.9 54.0 67.5
LIFESPEAK INC LSPKEUR EU 83.9 54.0 67.5
LOWE'S COS INC LOW US 44,640.0 (4,816.0) 392.0
LOWE'S COS INC LWE GR 44,640.0 (4,816.0) 392.0
LOWE'S COS INC LWE TH 44,640.0 (4,816.0) 392.0
LOWE'S COS INC LWE GZ 44,640.0 (4,816.0) 392.0
LOWE'S COS INC LOW* MM 44,640.0 (4,816.0) 392.0
LOWE'S COS INC LOWE AV 44,640.0 (4,816.0) 392.0
LOWE'S COS INC LOWEUR EZ 44,640.0 (4,816.0) 392.0
LOWE'S COS INC LWE QT 44,640.0 (4,816.0) 392.0
LOWE'S COS INC LOWEUR EU 44,640.0 (4,816.0) 392.0
LOWE'S COS INC LWE TE 44,640.0 (4,816.0) 392.0
LOWE'S COS INC LOW-RM RM 44,640.0 (4,816.0) 392.0
LOWE'S COS-BDR LOWC34 BZ 44,640.0 (4,816.0) 392.0
LULU'S FASHION L LVLU US 145.3 (19.9) (81.2)
MADISON SQUARE G MSGS US 1,349.4 (209.6) (233.2)
MADISON SQUARE G MSG1EUR EU 1,349.4 (209.6) (233.2)
MADISON SQUARE G MS8 GR 1,349.4 (209.6) (233.2)
MADISON SQUARE G MS8 TH 1,349.4 (209.6) (233.2)
MADISON SQUARE G MS8 QT 1,349.4 (209.6) (233.2)
MADISON SQUARE G MS8 GZ 1,349.4 (209.6) (233.2)
MAGNET FORENSICS MAGT CN 148.9 86.7 82.3
MAGNET FORENSICS 91T GR 148.9 86.7 82.3
MAGNET FORENSICS MAGTEUR EU 148.9 86.7 82.3
MAGNET FORENSICS MAGTF US 148.9 86.7 82.3
MANNKIND CORP MNKD US 321.2 (209.3) 171.4
MARKETWISE INC MKTW US 403.4 (441.9) (198.5)
MASON INDUS-CL A MIT US 502.3 (33.8) 1.7
MASON INDUSTRIAL MIT/U US 502.3 (33.8) 1.7
MATCH GROUP -BDR M1TC34 BZ 5,063.3 (194.6) 50.0
MATCH GROUP INC MTCH US 5,063.3 (194.6) 50.0
MATCH GROUP INC 4MGN TH 5,063.3 (194.6) 50.0
MATCH GROUP INC MTCH1* MM 5,063.3 (194.6) 50.0
MATCH GROUP INC 4MGN QT 5,063.3 (194.6) 50.0
MATCH GROUP INC 4MGN GR 5,063.3 (194.6) 50.0
MATCH GROUP INC MTC2 AV 5,063.3 (194.6) 50.0
MATCH GROUP INC 4MGN GZ 5,063.3 (194.6) 50.0
MATCH GROUP INC MTCH-RM RM 5,063.3 (194.6) 50.0
MBIA INC MBJ TH 4,696.0 (300.0) -
MBIA INC MBI US 4,696.0 (300.0) -
MBIA INC MBJ GR 4,696.0 (300.0) -
MBIA INC MBJ QT 4,696.0 (300.0) -
MBIA INC MBI1EUR EU 4,696.0 (300.0) -
MBIA INC MBJ GZ 4,696.0 (300.0) -
MCAFEE CORP - A MCFE US 3,422.0 (1,619.0) (282.0)
MCAFEE CORP - A MC7 GR 3,422.0 (1,619.0) (282.0)
MCAFEE CORP - A MCFEEUR EU 3,422.0 (1,619.0) (282.0)
MCAFEE CORP - A MC7 TH 3,422.0 (1,619.0) (282.0)
MCDONALD'S CORP TCXMCD AU 53,854.3 (4,601.0) 3,128.5
MCDONALDS - BDR MCDC34 BZ 53,854.3 (4,601.0) 3,128.5
MCDONALDS CORP MDO TH 53,854.3 (4,601.0) 3,128.5
MCDONALDS CORP MCD SW 53,854.3 (4,601.0) 3,128.5
MCDONALDS CORP MCD US 53,854.3 (4,601.0) 3,128.5
MCDONALDS CORP MDO GR 53,854.3 (4,601.0) 3,128.5
MCDONALDS CORP MCD* MM 53,854.3 (4,601.0) 3,128.5
MCDONALDS CORP MCD TE 53,854.3 (4,601.0) 3,128.5
MCDONALDS CORP MDO QT 53,854.3 (4,601.0) 3,128.5
MCDONALDS CORP MCD AV 53,854.3 (4,601.0) 3,128.5
MCDONALDS CORP MCDUSD SW 53,854.3 (4,601.0) 3,128.5
MCDONALDS CORP MCDEUR EU 53,854.3 (4,601.0) 3,128.5
MCDONALDS CORP MDO GZ 53,854.3 (4,601.0) 3,128.5
MCDONALDS CORP MCDEUR EZ 53,854.3 (4,601.0) 3,128.5
MCDONALDS CORP 0R16 LN 53,854.3 (4,601.0) 3,128.5
MCDONALDS CORP MCD CI 53,854.3 (4,601.0) 3,128.5
MCDONALDS CORP MCD-RM RM 53,854.3 (4,601.0) 3,128.5
MCDONALDS CORP MCDCL CI 53,854.3 (4,601.0) 3,128.5
MCDONALDS-CEDEAR MCD AR 53,854.3 (4,601.0) 3,128.5
MCDONALDS-CEDEAR MCDC AR 53,854.3 (4,601.0) 3,128.5
MCDONALDS-CEDEAR MCDD AR 53,854.3 (4,601.0) 3,128.5
MCKESSON CORP MCK GR 63,708.0 (787.0) (954.0)
MCKESSON CORP MCK US 63,708.0 (787.0) (954.0)
MCKESSON CORP MCK* MM 63,708.0 (787.0) (954.0)
MCKESSON CORP MCK TH 63,708.0 (787.0) (954.0)
MCKESSON CORP MCK1EUR EU 63,708.0 (787.0) (954.0)
MCKESSON CORP MCK QT 63,708.0 (787.0) (954.0)
MCKESSON CORP MCK GZ 63,708.0 (787.0) (954.0)
MCKESSON CORP MCK1EUR EZ 63,708.0 (787.0) (954.0)
MCKESSON CORP MCK-RM RM 63,708.0 (787.0) (954.0)
MCKESSON-BDR M1CK34 BZ 63,708.0 (787.0) (954.0)
MEDIAALPHA INC-A MAX US 289.8 (61.6) 52.9
MELI KASZEK PI-A MEKA US 10.7 (55.9) (6.6)
MEWCOURT ACQUISI NCACU US 0.2 (0.1) (0.3)
MINORITY EQUAL-A MEOA US 129.5 (18.8) 0.8
MINORITY EQUALIT MEOAU US 129.5 (18.8) 0.8
MONEYGRAM INTERN MGI US 4,476.5 (185.0) (4.8)
MONEYGRAM INTERN 9M1N GR 4,476.5 (185.0) (4.8)
MONEYGRAM INTERN 9M1N QT 4,476.5 (185.0) (4.8)
MONEYGRAM INTERN 9M1N TH 4,476.5 (185.0) (4.8)
MONEYGRAM INTERN MGIEUR EU 4,476.5 (185.0) (4.8)
MONEYGRAM INTERN MGIEUR EZ 4,476.5 (185.0) (4.8)
MOTOROLA SOL-BDR M1SI34 BZ 12,189.0 (23.0) 1,349.0
MOTOROLA SOL-CED MSI AR 12,189.0 (23.0) 1,349.0
MOTOROLA SOLUTIO MOT TE 12,189.0 (23.0) 1,349.0
MOTOROLA SOLUTIO MSI US 12,189.0 (23.0) 1,349.0
MOTOROLA SOLUTIO MTLA TH 12,189.0 (23.0) 1,349.0
MOTOROLA SOLUTIO MTLA GR 12,189.0 (23.0) 1,349.0
MOTOROLA SOLUTIO MTLA QT 12,189.0 (23.0) 1,349.0
MOTOROLA SOLUTIO MSI1EUR EU 12,189.0 (23.0) 1,349.0
MOTOROLA SOLUTIO MTLA GZ 12,189.0 (23.0) 1,349.0
MOTOROLA SOLUTIO MSI1EUR EZ 12,189.0 (23.0) 1,349.0
MOTOROLA SOLUTIO MOSI AV 12,189.0 (23.0) 1,349.0
MOTOROLA SOLUTIO MSI-RM RM 12,189.0 (23.0) 1,349.0
MSCI INC 3HM GR 5,506.7 (163.5) 892.5
MSCI INC MSCI US 5,506.7 (163.5) 892.5
MSCI INC 3HM SW 5,506.7 (163.5) 892.5
MSCI INC 3HM GZ 5,506.7 (163.5) 892.5
MSCI INC 3HM QT 5,506.7 (163.5) 892.5
MSCI INC MSCIEUR EZ 5,506.7 (163.5) 892.5
MSCI INC MSCI* MM 5,506.7 (163.5) 892.5
MSCI INC 3HM TH 5,506.7 (163.5) 892.5
MSCI INC MSCI AV 5,506.7 (163.5) 892.5
MSCI INC MSCI-RM RM 5,506.7 (163.5) 892.5
MSCI INC-BDR M1SC34 BZ 5,506.7 (163.5) 892.5
MUDRICK CAP ACQ MUDSU US 321.3 (33.8) (4.7)
MUDRICK CAPITA-A MUDS US 321.3 (33.8) (4.7)
N/A CC-RM RM 2,016.0 (642.8) 485.8
NATHANS FAMOUS NATH US 114.5 (55.3) 48.2
NATHANS FAMOUS NFA GR 114.5 (55.3) 48.2
NATHANS FAMOUS NATHEUR EU 114.5 (55.3) 48.2
NEIGHBOURLY PHAR NBLY CN 558.2 344.7 53.5
NEW ENG RLTY-LP NEN US 288.9 (44.8) -
NEWCOURT ACQ-A NCAC US 0.2 (0.1) (0.3)
NOBLE ROCK ACQ-A NRAC US 243.1 224.7 1.3
NOBLE ROCK ACQUI NRACU US 243.1 224.7 1.3
NORTONLIFEL- BDR S1YM34 BZ 6,873.0 (98.0) (726.0)
NORTONLIFELOCK I NLOK US 6,873.0 (98.0) (726.0)
NORTONLIFELOCK I SYM TH 6,873.0 (98.0) (726.0)
NORTONLIFELOCK I SYM GR 6,873.0 (98.0) (726.0)
NORTONLIFELOCK I SYMC TE 6,873.0 (98.0) (726.0)
NORTONLIFELOCK I SYM QT 6,873.0 (98.0) (726.0)
NORTONLIFELOCK I SYMC AV 6,873.0 (98.0) (726.0)
NORTONLIFELOCK I SYM SW 6,873.0 (98.0) (726.0)
NORTONLIFELOCK I NLOK* MM 6,873.0 (98.0) (726.0)
NORTONLIFELOCK I SYMCEUR EU 6,873.0 (98.0) (726.0)
NORTONLIFELOCK I SYM GZ 6,873.0 (98.0) (726.0)
NORTONLIFELOCK I SYMCEUR EZ 6,873.0 (98.0) (726.0)
NORTONLIFELOCK I NLOK-RM RM 6,873.0 (98.0) (726.0)
NOVAVAX INC NVV1 TH 2,576.8 (351.7) (235.2)
NOVAVAX INC NVAX* MM 2,576.8 (351.7) (235.2)
NOVAVAX INC NVV1 SW 2,576.8 (351.7) (235.2)
NOVAVAX INC NVV1 GR 2,576.8 (351.7) (235.2)
NOVAVAX INC NVAX US 2,576.8 (351.7) (235.2)
NOVAVAX INC NVAXUSD EU 2,576.8 (351.7) (235.2)
NOVAVAX INC NVV1 GZ 2,576.8 (351.7) (235.2)
NOVAVAX INC NVV1 QT 2,576.8 (351.7) (235.2)
NOVAVAX INC NVAXEUR EU 2,576.8 (351.7) (235.2)
NOVAVAX INC 0A3S LI 2,576.8 (351.7) (235.2)
NUTANIX INC - A 0NU GZ 2,315.6 (725.6) 494.7
NUTANIX INC - A 0NU GR 2,315.6 (725.6) 494.7
NUTANIX INC - A NTNXEUR EU 2,315.6 (725.6) 494.7
NUTANIX INC - A 0NU TH 2,315.6 (725.6) 494.7
NUTANIX INC - A 0NU QT 2,315.6 (725.6) 494.7
NUTANIX INC - A NTNXEUR EZ 2,315.6 (725.6) 494.7
NUTANIX INC - A NTNX US 2,315.6 (725.6) 494.7
NUTANIX INC - A NTNX-RM RM 2,315.6 (725.6) 494.7
NUTANIX INC-BDR N2TN34 BZ 2,315.6 (725.6) 494.7
O'REILLY AUT-BDR ORLY34 BZ 11,718.7 (66.4) (1,370.4)
O'REILLY AUTOMOT OM6 TH 11,718.7 (66.4) (1,370.4)
O'REILLY AUTOMOT OM6 QT 11,718.7 (66.4) (1,370.4)
O'REILLY AUTOMOT ORLY US 11,718.7 (66.4) (1,370.4)
O'REILLY AUTOMOT ORLY AV 11,718.7 (66.4) (1,370.4)
O'REILLY AUTOMOT OM6 GR 11,718.7 (66.4) (1,370.4)
O'REILLY AUTOMOT ORLYEUR EU 11,718.7 (66.4) (1,370.4)
O'REILLY AUTOMOT OM6 GZ 11,718.7 (66.4) (1,370.4)
O'REILLY AUTOMOT ORLYEUR EZ 11,718.7 (66.4) (1,370.4)
O'REILLY AUTOMOT ORLY* MM 11,718.7 (66.4) (1,370.4)
O'REILLY AUTOMOT ORLY-RM RM 11,718.7 (66.4) (1,370.4)
ORACLE BDR ORCL34 BZ 106,897.0 (9,658.0) 12,197.0
ORACLE CO-CEDEAR ORCLC AR 106,897.0 (9,658.0) 12,197.0
ORACLE CO-CEDEAR ORCL AR 106,897.0 (9,658.0) 12,197.0
ORACLE CO-CEDEAR ORCLD AR 106,897.0 (9,658.0) 12,197.0
ORACLE CORP ORCL* MM 106,897.0 (9,658.0) 12,197.0
ORACLE CORP ORC GR 106,897.0 (9,658.0) 12,197.0
ORACLE CORP ORCL US 106,897.0 (9,658.0) 12,197.0
ORACLE CORP ORC TH 106,897.0 (9,658.0) 12,197.0
ORACLE CORP ORCL TE 106,897.0 (9,658.0) 12,197.0
ORACLE CORP ORCL SW 106,897.0 (9,658.0) 12,197.0
ORACLE CORP ORCLEUR EU 106,897.0 (9,658.0) 12,197.0
ORACLE CORP ORC QT 106,897.0 (9,658.0) 12,197.0
ORACLE CORP 0R1Z LN 106,897.0 (9,658.0) 12,197.0
ORACLE CORP ORCL AV 106,897.0 (9,658.0) 12,197.0
ORACLE CORP ORCLUSD SW 106,897.0 (9,658.0) 12,197.0
ORACLE CORP ORC GZ 106,897.0 (9,658.0) 12,197.0
ORACLE CORP ORCLEUR EZ 106,897.0 (9,658.0) 12,197.0
ORACLE CORP ORCL CI 106,897.0 (9,658.0) 12,197.0
ORACLE CORP ORCLCL CI 106,897.0 (9,658.0) 12,197.0
ORACLE CORP ORCL-RM RM 106,897.0 (9,658.0) 12,197.0
ORACLE CORP TRAC TCXORC AU 106,897.0 (9,658.0) 12,197.0
ORGANON & CO OGN US 11,335.0 (1,618.0) 1,200.0
ORGANON & CO 7XP TH 11,335.0 (1,618.0) 1,200.0
ORGANON & CO OGN-WEUR EU 11,335.0 (1,618.0) 1,200.0
ORGANON & CO 7XP GR 11,335.0 (1,618.0) 1,200.0
ORGANON & CO OGN* MM 11,335.0 (1,618.0) 1,200.0
ORGANON & CO 7XP GZ 11,335.0 (1,618.0) 1,200.0
ORGANON & CO 7XP QT 11,335.0 (1,618.0) 1,200.0
ORGANON & CO OGN-RM RM 11,335.0 (1,618.0) 1,200.0
OTIS WORLDWI OTIS US 12,279.0 (2,984.0) 2,014.0
OTIS WORLDWI 4PG GR 12,279.0 (2,984.0) 2,014.0
OTIS WORLDWI 4PG GZ 12,279.0 (2,984.0) 2,014.0
OTIS WORLDWI OTISEUR EU 12,279.0 (2,984.0) 2,014.0
OTIS WORLDWI OTISEUR EZ 12,279.0 (2,984.0) 2,014.0
OTIS WORLDWI OTIS* MM 12,279.0 (2,984.0) 2,014.0
OTIS WORLDWI 4PG TH 12,279.0 (2,984.0) 2,014.0
OTIS WORLDWI 4PG QT 12,279.0 (2,984.0) 2,014.0
OTIS WORLDWI OTIS AV 12,279.0 (2,984.0) 2,014.0
OTIS WORLDWI OTIS-RM RM 12,279.0 (2,984.0) 2,014.0
OTIS WORLDWI-BDR O1TI34 BZ 12,279.0 (2,984.0) 2,014.0
PANAMERA HOLDING PHCI US 0.0 (0.0) (0.0)
PAPA JOHN'S INTL PP1 GR 885.7 (167.0) (32.4)
PAPA JOHN'S INTL PZZA US 885.7 (167.0) (32.4)
PAPA JOHN'S INTL PZZAEUR EU 885.7 (167.0) (32.4)
PAPA JOHN'S INTL PP1 GZ 885.7 (167.0) (32.4)
PAPA JOHN'S INTL PP1 TH 885.7 (167.0) (32.4)
PAPA JOHN'S INTL PZZAEUR EZ 885.7 (167.0) (32.4)
PAPA JOHN'S INTL PP1 QT 885.7 (167.0) (32.4)
PARATEK PHARMACE PRTK US 182.3 (105.0) 123.9
PARATEK PHARMACE N4CN GR 182.3 (105.0) 123.9
PARATEK PHARMACE N4CN GZ 182.3 (105.0) 123.9
PEPPERLIME HEA-A PEPL US 4.8 (0.0) (0.6)
PEPPERLIME HEALT PEPLU US 4.8 (0.0) (0.6)
PET VALU HOLDING PET CN 542.1 (152.2) 19.5
PHILIP MORRI-BDR PHMO34 BZ 41,290.0 (8,208.0) (1,538.0)
PHILIP MORRIS IN PM US 41,290.0 (8,208.0) (1,538.0)
PHILIP MORRIS IN 4I1 GR 41,290.0 (8,208.0) (1,538.0)
PHILIP MORRIS IN PM1CHF EU 41,290.0 (8,208.0) (1,538.0)
PHILIP MORRIS IN PM1 TE 41,290.0 (8,208.0) (1,538.0)
PHILIP MORRIS IN 4I1 TH 41,290.0 (8,208.0) (1,538.0)
PHILIP MORRIS IN PM1EUR EU 41,290.0 (8,208.0) (1,538.0)
PHILIP MORRIS IN PMI SW 41,290.0 (8,208.0) (1,538.0)
PHILIP MORRIS IN 4I1 QT 41,290.0 (8,208.0) (1,538.0)
PHILIP MORRIS IN 0M8V LN 41,290.0 (8,208.0) (1,538.0)
PHILIP MORRIS IN PMOR AV 41,290.0 (8,208.0) (1,538.0)
PHILIP MORRIS IN 4I1 GZ 41,290.0 (8,208.0) (1,538.0)
PHILIP MORRIS IN PM1CHF EZ 41,290.0 (8,208.0) (1,538.0)
PHILIP MORRIS IN PM1EUR EZ 41,290.0 (8,208.0) (1,538.0)
PHILIP MORRIS IN PMIZ IX 41,290.0 (8,208.0) (1,538.0)
PHILIP MORRIS IN PMIZ EB 41,290.0 (8,208.0) (1,538.0)
PHILIP MORRIS IN PM* MM 41,290.0 (8,208.0) (1,538.0)
PHILIP MORRIS IN PM-RM RM 41,290.0 (8,208.0) (1,538.0)
PLANET FITNESS I P2LN34 BZ 2,016.0 (642.8) 485.8
PLANET FITNESS-A 3PL QT 2,016.0 (642.8) 485.8
PLANET FITNESS-A PLNT1EUR EU 2,016.0 (642.8) 485.8
PLANET FITNESS-A PLNT1EUR EZ 2,016.0 (642.8) 485.8
PLANET FITNESS-A PLNT US 2,016.0 (642.8) 485.8
PLANET FITNESS-A 3PL TH 2,016.0 (642.8) 485.8
PLANET FITNESS-A 3PL GR 2,016.0 (642.8) 485.8
PLANET FITNESS-A 3PL GZ 2,016.0 (642.8) 485.8
POTBELLY CORP PTB QT 253.2 (2.4) (41.8)
POTBELLY CORP PBPBEUR EU 253.2 (2.4) (41.8)
POTBELLY CORP PBPB US 253.2 (2.4) (41.8)
POTBELLY CORP PTB GR 253.2 (2.4) (41.8)
PROJECT ENERGY R PEGRU US 0.7 (0.0) (0.7)
PROJECT ENERGY R PEGR US 0.7 (0.0) (0.7)
QUANERGY SYSTEMS QNGY US 278.1 (28.1) -
RADIUS HEALTH IN RDUS US 181.5 (252.3) 78.3
RADIUS HEALTH IN RDUSEUR EZ 181.5 (252.3) 78.3
RADIUS HEALTH IN 1R8 TH 181.5 (252.3) 78.3
RADIUS HEALTH IN 1R8 QT 181.5 (252.3) 78.3
RADIUS HEALTH IN RDUSEUR EU 181.5 (252.3) 78.3
RADIUS HEALTH IN 1R8 GR 181.5 (252.3) 78.3
RAPID7 INC R7D SW 1,296.0 (126.0) (35.9)
RAPID7 INC RPDEUR EU 1,296.0 (126.0) (35.9)
RAPID7 INC RPD US 1,296.0 (126.0) (35.9)
RAPID7 INC R7D GR 1,296.0 (126.0) (35.9)
RAPID7 INC R7D TH 1,296.0 (126.0) (35.9)
RAPID7 INC RPD* MM 1,296.0 (126.0) (35.9)
RAPID7 INC R7D GZ 1,296.0 (126.0) (35.9)
RAPID7 INC R7D QT 1,296.0 (126.0) (35.9)
REAL GOOD FOOD C RGF US 43.8 (52.3) (40.0)
RENT THE RUNWA-A RENT US 478.4 104.9 220.3
REVLON INC-A RVL1 GR 2,602.1 (1,857.2) 412.7
REVLON INC-A REV US 2,602.1 (1,857.2) 412.7
REVLON INC-A RVL1 TH 2,602.1 (1,857.2) 412.7
REVLON INC-A REVEUR EU 2,602.1 (1,857.2) 412.7
REVLON INC-A REV* MM 2,602.1 (1,857.2) 412.7
RIMINI STREET IN RMNI US 391.3 (80.4) (42.7)
RIMINI STREET IN 0QH GR 391.3 (80.4) (42.7)
RIMINI STREET IN RMNIEUR EU 391.3 (80.4) (42.7)
RIMINI STREET IN 0QH QT 391.3 (80.4) (42.7)
ROSE HILL ACQU-A ROSE US 0.4 (0.0) (0.4)
ROSE HILL ACQUIS ROSEU US 0.4 (0.0) (0.4)
RR DONNELLEY & S DLLN TH 3,131.4 (164.9) 487.8
RR DONNELLEY & S DLLN GR 3,131.4 (164.9) 487.8
RR DONNELLEY & S RRD US 3,131.4 (164.9) 487.8
RR DONNELLEY & S RRDEUR EU 3,131.4 (164.9) 487.8
RR DONNELLEY & S DLLN GZ 3,131.4 (164.9) 487.8
RYMAN HOSPITALIT RHP US 3,580.5 (22.4) 45.3
RYMAN HOSPITALIT 4RH GR 3,580.5 (22.4) 45.3
RYMAN HOSPITALIT RHPEUR EU 3,580.5 (22.4) 45.3
RYMAN HOSPITALIT 4RH TH 3,580.5 (22.4) 45.3
RYMAN HOSPITALIT 4RH QT 3,580.5 (22.4) 45.3
SABRE CORP 19S QT 5,291.3 (499.7) 685.8
SABRE CORP SABREUR EU 5,291.3 (499.7) 685.8
SABRE CORP SABR US 5,291.3 (499.7) 685.8
SABRE CORP 19S GR 5,291.3 (499.7) 685.8
SABRE CORP 19S TH 5,291.3 (499.7) 685.8
SABRE CORP 19S GZ 5,291.3 (499.7) 685.8
SBA COMM CORP 4SB GR 9,801.7 (5,266.2) (1.9)
SBA COMM CORP SBAC US 9,801.7 (5,266.2) (1.9)
SBA COMM CORP 4SB TH 9,801.7 (5,266.2) (1.9)
SBA COMM CORP 4SB GZ 9,801.7 (5,266.2) (1.9)
SBA COMM CORP SBACEUR EZ 9,801.7 (5,266.2) (1.9)
SBA COMM CORP 4SB QT 9,801.7 (5,266.2) (1.9)
SBA COMM CORP SBACEUR EU 9,801.7 (5,266.2) (1.9)
SBA COMM CORP SBAC* MM 9,801.7 (5,266.2) (1.9)
SBA COMMUN - BDR S1BA34 BZ 9,801.7 (5,266.2) (1.9)
SCIENTIFIC GAMES TJW TH 7,883.0 (2,106.0) 758.0
SCIENTIFIC GAMES TJW GZ 7,883.0 (2,106.0) 758.0
SCIENTIFIC GAMES SGMS US 7,883.0 (2,106.0) 758.0
SCIENTIFIC GAMES TJW GR 7,883.0 (2,106.0) 758.0
SCIENTIFIC GAMES SGMS1EUR EZ 7,883.0 (2,106.0) 758.0
SCIENTIFIC GAMES TJW QT 7,883.0 (2,106.0) 758.0
SCIENTIFIC GAMES SGMS1EUR EU 7,883.0 (2,106.0) 758.0
SCULPTOR ACQUI-A SCUA US 0.4 (0.0) (0.4)
SCULPTOR ACQUISI SCUA/U US 0.4 (0.0) (0.4)
SEAWORLD ENTERTA SEAS US 2,610.3 (33.9) 195.4
SEAWORLD ENTERTA W2L GR 2,610.3 (33.9) 195.4
SEAWORLD ENTERTA W2L TH 2,610.3 (33.9) 195.4
SEAWORLD ENTERTA SEASEUR EU 2,610.3 (33.9) 195.4
SHELL MIDSTREAM SHLX US 2,318.0 (493.0) (24.0)
SHOALS TECHNOL-A SHLS US 382.8 (11.1) 73.1
SHOALS TECHNOL-A SHLS-RM RM 382.8 (11.1) 73.1
SINCLAIR BROAD-A SBGI US 12,541.0 (1,509.0) 1,269.0
SINCLAIR BROAD-A SBTA GR 12,541.0 (1,509.0) 1,269.0
SINCLAIR BROAD-A SBGIEUR EU 12,541.0 (1,509.0) 1,269.0
SINCLAIR BROAD-A SBTA GZ 12,541.0 (1,509.0) 1,269.0
SINCLAIR BROAD-A SBGIEUR EZ 12,541.0 (1,509.0) 1,269.0
SINCLAIR BROAD-A SBTA TH 12,541.0 (1,509.0) 1,269.0
SINCLAIR BROAD-A SBTA QT 12,541.0 (1,509.0) 1,269.0
SIRIUS XM HO-BDR SRXM34 BZ 10,274.0 (2,625.0) (1,800.0)
SIRIUS XM HOLDIN RDO GR 10,274.0 (2,625.0) (1,800.0)
SIRIUS XM HOLDIN RDO TH 10,274.0 (2,625.0) (1,800.0)
SIRIUS XM HOLDIN SIRI US 10,274.0 (2,625.0) (1,800.0)
SIRIUS XM HOLDIN RDO QT 10,274.0 (2,625.0) (1,800.0)
SIRIUS XM HOLDIN SIRI AV 10,274.0 (2,625.0) (1,800.0)
SIRIUS XM HOLDIN SIRIEUR EU 10,274.0 (2,625.0) (1,800.0)
SIRIUS XM HOLDIN RDO GZ 10,274.0 (2,625.0) (1,800.0)
SIRIUS XM HOLDIN SIRIEUR EZ 10,274.0 (2,625.0) (1,800.0)
SIRNAOMICS LTD 2257 HK 110.2 (94.2) 11.0
SIX FLAGS ENTERT 6FE GR 2,968.6 (460.1) 52.8
SIX FLAGS ENTERT SIX US 2,968.6 (460.1) 52.8
SIX FLAGS ENTERT SIXEUR EU 2,968.6 (460.1) 52.8
SIX FLAGS ENTERT 6FE QT 2,968.6 (460.1) 52.8
SIX FLAGS ENTERT 6FE TH 2,968.6 (460.1) 52.8
SLEEP NUMBER COR SNBR US 919.5 (425.0) (699.2)
SLEEP NUMBER COR SL2 GR 919.5 (425.0) (699.2)
SLEEP NUMBER COR SNBREUR EU 919.5 (425.0) (699.2)
SLEEP NUMBER COR SL2 TH 919.5 (425.0) (699.2)
SLEEP NUMBER COR SL2 QT 919.5 (425.0) (699.2)
SLEEP NUMBER COR SL2 GZ 919.5 (425.0) (699.2)
SMILEDIRECTCLUB SDC* MM 794.6 (134.4) 289.5
SONIDA SENIOR LI SNDA US 674.2 (153.6) (186.5)
SONIDA SENIOR LI 13C0 GR 674.2 (153.6) (186.5)
SONIDA SENIOR LI CSU2EUR EU 674.2 (153.6) (186.5)
SONIDA SENIOR LI 13C0 GZ 674.2 (153.6) (186.5)
SPRAGUE RESOURCE SRLP US 1,418.3 (65.6) (99.3)
SQL TECHNOLOGIES SKYX US 7.0 (22.9) (19.6)
SQUARESPACE -BDR S2QS34 BZ 899.5 (13.5) (25.2)
SQUARESPACE IN-A SQSP US 899.5 (13.5) (25.2)
SQUARESPACE IN-A 8DT GR 899.5 (13.5) (25.2)
SQUARESPACE IN-A SQSPEUR EU 899.5 (13.5) (25.2)
SQUARESPACE IN-A 8DT GZ 899.5 (13.5) (25.2)
SQUARESPACE IN-A 8DT TH 899.5 (13.5) (25.2)
SQUARESPACE IN-A 8DT QT 899.5 (13.5) (25.2)
STARBUCKS CORP SBUX* MM 28,833.9 (8,450.3) (1,666.0)
STARBUCKS CORP SRB GR 28,833.9 (8,450.3) (1,666.0)
STARBUCKS CORP SRB TH 28,833.9 (8,450.3) (1,666.0)
STARBUCKS CORP SBUX SW 28,833.9 (8,450.3) (1,666.0)
STARBUCKS CORP SRB QT 28,833.9 (8,450.3) (1,666.0)
STARBUCKS CORP SBUX US 28,833.9 (8,450.3) (1,666.0)
STARBUCKS CORP SBUX AV 28,833.9 (8,450.3) (1,666.0)
STARBUCKS CORP SBUX TE 28,833.9 (8,450.3) (1,666.0)
STARBUCKS CORP SBUXEUR EU 28,833.9 (8,450.3) (1,666.0)
STARBUCKS CORP SBUX IM 28,833.9 (8,450.3) (1,666.0)
STARBUCKS CORP TCXSBU AU 28,833.9 (8,450.3) (1,666.0)
STARBUCKS CORP SBUXUSD SW 28,833.9 (8,450.3) (1,666.0)
STARBUCKS CORP SRB GZ 28,833.9 (8,450.3) (1,666.0)
STARBUCKS CORP SBUXEUR EZ 28,833.9 (8,450.3) (1,666.0)
STARBUCKS CORP 0QZH LI 28,833.9 (8,450.3) (1,666.0)
STARBUCKS CORP SBUX CI 28,833.9 (8,450.3) (1,666.0)
STARBUCKS CORP SBUX PE 28,833.9 (8,450.3) (1,666.0)
STARBUCKS CORP SBUX-RM RM 28,833.9 (8,450.3) (1,666.0)
STARBUCKS CORP SBUXCL CI 28,833.9 (8,450.3) (1,666.0)
STARBUCKS CORP SBUX_KZ KZ 28,833.9 (8,450.3) (1,666.0)
STARBUCKS-BDR SBUB34 BZ 28,833.9 (8,450.3) (1,666.0)
STARBUCKS-CEDEAR SBUX AR 28,833.9 (8,450.3) (1,666.0)
STARBUCKS-CEDEAR SBUXD AR 28,833.9 (8,450.3) (1,666.0)
SYNDAX PHARMACEU SNDXEUR EU 449.7 (135.3) 427.7
SYNDAX PHARMACEU 1T3 GR 449.7 (135.3) 427.7
SYNDAX PHARMACEU SNDX US 449.7 (135.3) 427.7
SYNDAX PHARMACEU 1T3 TH 449.7 (135.3) 427.7
SYNDAX PHARMACEU 1T3 QT 449.7 (135.3) 427.7
SYNDAX PHARMACEU 1T3 GZ 449.7 (135.3) 427.7
TAILWIND INTERNA TWNI/U US 347.0 (22.0) 1.1
TAILWIND INTERNA TWNI US 347.0 (22.0) 1.1
TALON 1 ACQUIS-A TOAC US 0.4 (0.0) (0.4)
TALON 1 ACQUISIT TOACU US 0.4 (0.0) (0.4)
TASTEMAKER ACQ-A TMKR US 279.5 254.3 0.4
TASTEMAKER ACQUI TMKRU US 279.5 254.3 0.4
THUNDER BRIDGE C TBCPU US 414.9 394.0 (5.6)
THUNDER BRIDGE-A TBCP US 414.9 394.0 (5.6)
TKB CRITICAL T-A USCT US 0.5 (0.0) (0.5)
TKB CRITICAL TEC USCTU US 0.5 (0.0) (0.5)
TORRID HOLDINGS CURV US 636.3 (214.6) (31.5)
TRANSAT A.T. TRZ CN 1,897.7 (315.1) 89.7
TRANSDIGM - BDR T1DG34 BZ 19,242.0 (2,626.0) 5,593.0
TRANSDIGM GROUP TDG US 19,242.0 (2,626.0) 5,593.0
TRANSDIGM GROUP T7D GR 19,242.0 (2,626.0) 5,593.0
TRANSDIGM GROUP TDG* MM 19,242.0 (2,626.0) 5,593.0
TRANSDIGM GROUP T7D TH 19,242.0 (2,626.0) 5,593.0
TRANSDIGM GROUP TDGEUR EZ 19,242.0 (2,626.0) 5,593.0
TRANSDIGM GROUP TDGEUR EU 19,242.0 (2,626.0) 5,593.0
TRANSDIGM GROUP T7D QT 19,242.0 (2,626.0) 5,593.0
TRANSDIGM GROUP TDG-RM RM 19,242.0 (2,626.0) 5,593.0
TRAVEL + LEISURE WD5A GR 6,588.0 (794.0) 688.0
TRAVEL + LEISURE WD5A TH 6,588.0 (794.0) 688.0
TRAVEL + LEISURE TNL US 6,588.0 (794.0) 688.0
TRAVEL + LEISURE 0M1K LI 6,588.0 (794.0) 688.0
TRAVEL + LEISURE WYNEUR EZ 6,588.0 (794.0) 688.0
TRAVEL + LEISURE WD5A QT 6,588.0 (794.0) 688.0
TRAVEL + LEISURE WYNEUR EU 6,588.0 (794.0) 688.0
TRAVEL + LEISURE WD5A GZ 6,588.0 (794.0) 688.0
TRISTAR ACQUISIT TRIS/U US 0.7 (0.1) (0.8)
TRISTAR ACQUISIT TRIS US 0.7 (0.1) (0.8)
TRIUMPH GROUP TG7 GR 1,752.5 (812.0) 365.1
TRIUMPH GROUP TGI US 1,752.5 (812.0) 365.1
TRIUMPH GROUP TG7 TH 1,752.5 (812.0) 365.1
TRIUMPH GROUP TGIEUR EU 1,752.5 (812.0) 365.1
TRIUMPH GROUP TG7 GZ 1,752.5 (812.0) 365.1
TUPPERWARE BRAND TUP GR 1,255.4 (207.1) 92.3
TUPPERWARE BRAND TUP US 1,255.4 (207.1) 92.3
TUPPERWARE BRAND TUP QT 1,255.4 (207.1) 92.3
TUPPERWARE BRAND TUP TH 1,255.4 (207.1) 92.3
TUPPERWARE BRAND TUP1EUR EU 1,255.4 (207.1) 92.3
TUPPERWARE BRAND TUP GZ 1,255.4 (207.1) 92.3
TUPPERWARE BRAND TUP1EUR EZ 1,255.4 (207.1) 92.3
UBIQUITI INC UI US 890.8 (4.2) 418.7
UBIQUITI INC 3UB GR 890.8 (4.2) 418.7
UBIQUITI INC UBNTEUR EU 890.8 (4.2) 418.7
UBIQUITI INC 3UB TH 890.8 (4.2) 418.7
UNISYS CORP UISCHF EU 2,419.5 (64.4) 380.5
UNISYS CORP USY1 TH 2,419.5 (64.4) 380.5
UNISYS CORP USY1 GR 2,419.5 (64.4) 380.5
UNISYS CORP UIS US 2,419.5 (64.4) 380.5
UNISYS CORP UIS1 SW 2,419.5 (64.4) 380.5
UNISYS CORP UISEUR EU 2,419.5 (64.4) 380.5
UNISYS CORP USY1 GZ 2,419.5 (64.4) 380.5
UNISYS CORP USY1 QT 2,419.5 (64.4) 380.5
UNISYS CORP UISEUR EZ 2,419.5 (64.4) 380.5
UNISYS CORP UISCHF EZ 2,419.5 (64.4) 380.5
UNITI GROUP INC UNIT US 4,809.2 (2,113.8) -
UNITI GROUP INC 8XC GR 4,809.2 (2,113.8) -
UNITI GROUP INC 8XC TH 4,809.2 (2,113.8) -
UNITI GROUP INC 8XC GZ 4,809.2 (2,113.8) -
VAXXINITY INC-A VAXX US 134.9 93.6 73.4
VECTOR GROUP LTD VGR US 871.1 (841.6) 306.5
VECTOR GROUP LTD VGR GR 871.1 (841.6) 306.5
VECTOR GROUP LTD VGR QT 871.1 (841.6) 306.5
VECTOR GROUP LTD VGREUR EU 871.1 (841.6) 306.5
VECTOR GROUP LTD VGREUR EZ 871.1 (841.6) 306.5
VECTOR GROUP LTD VGR TH 871.1 (841.6) 306.5
VECTOR GROUP LTD VGR GZ 871.1 (841.6) 306.5
VENTYX BIOSCIENC VTYX US 148.7 136.9 133.9
VERA THERAPEUTIC VERA US 91.2 85.5 85.7
VERISIGN INC VRS TH 1,983.8 (1,260.5) 194.7
VERISIGN INC VRSN US 1,983.8 (1,260.5) 194.7
VERISIGN INC VRS GR 1,983.8 (1,260.5) 194.7
VERISIGN INC VRS QT 1,983.8 (1,260.5) 194.7
VERISIGN INC VRSN* MM 1,983.8 (1,260.5) 194.7
VERISIGN INC VRSNEUR EU 1,983.8 (1,260.5) 194.7
VERISIGN INC VRS GZ 1,983.8 (1,260.5) 194.7
VERISIGN INC VRSNEUR EZ 1,983.8 (1,260.5) 194.7
VERISIGN INC VRSN-RM RM 1,983.8 (1,260.5) 194.7
VERISIGN INC-BDR VRSN34 BZ 1,983.8 (1,260.5) 194.7
VERISIGN-CEDEAR VRSN AR 1,983.8 (1,260.5) 194.7
VIVINT SMART HOM VVNT US 2,785.6 (1,740.1) (531.4)
VMWARE INC-CL A VMW US 28,676.0 (876.0) (1,685.0)
VMWARE INC-CL A BZF1 GR 28,676.0 (876.0) (1,685.0)
VMWARE INC-CL A BZF1 TH 28,676.0 (876.0) (1,685.0)
VMWARE INC-CL A VMWEUR EU 28,676.0 (876.0) (1,685.0)
VMWARE INC-CL A BZF1 QT 28,676.0 (876.0) (1,685.0)
VMWARE INC-CL A BZF1 SW 28,676.0 (876.0) (1,685.0)
VMWARE INC-CL A VMW* MM 28,676.0 (876.0) (1,685.0)
VMWARE INC-CL A BZF1 GZ 28,676.0 (876.0) (1,685.0)
VMWARE INC-CL A VMWEUR EZ 28,676.0 (876.0) (1,685.0)
VMWARE INC-CL A VMWA AV 28,676.0 (876.0) (1,685.0)
W&T OFFSHORE INC WTI US 1,243.3 (296.9) 2.8
W&T OFFSHORE INC UWV GR 1,243.3 (296.9) 2.8
W&T OFFSHORE INC UWV SW 1,243.3 (296.9) 2.8
W&T OFFSHORE INC WTI1EUR EU 1,243.3 (296.9) 2.8
W&T OFFSHORE INC UWV TH 1,243.3 (296.9) 2.8
W&T OFFSHORE INC UWV GZ 1,243.3 (296.9) 2.8
WALDENCAST ACQ-A WALD US 345.7 309.6 0.4
WALDENCAST ACQUI WALDU US 345.7 309.6 0.4
WARBURG PINCUS C WPCA/U US 285.7 (20.6) 1.5
WARBURG PINCUS-A WPCA US 285.7 (20.6) 1.5
WAVERLEY CAPIT-A WAVC US 217.2 (5.2) 2.3
WAVERLEY CAPITAL WAVC/U US 217.2 (5.2) 2.3
WAYFAIR INC- A W US 4,570.0 (1,619.0) 795.0
WAYFAIR INC- A 1WF GR 4,570.0 (1,619.0) 795.0
WAYFAIR INC- A 1WF TH 4,570.0 (1,619.0) 795.0
WAYFAIR INC- A WEUR EU 4,570.0 (1,619.0) 795.0
WAYFAIR INC- A W* MM 4,570.0 (1,619.0) 795.0
WAYFAIR INC- A 1WF GZ 4,570.0 (1,619.0) 795.0
WAYFAIR INC- A 1WF QT 4,570.0 (1,619.0) 795.0
WAYFAIR INC- A WEUR EZ 4,570.0 (1,619.0) 795.0
WAYFAIR INC- BDR W2YF34 BZ 4,570.0 (1,619.0) 795.0
WEBER INC - A WEBR US 1,690.9 (169.4) 91.7
WINGSTOP INC WING1EUR EU 249.2 (309.5) 30.5
WINGSTOP INC WING US 249.2 (309.5) 30.5
WINGSTOP INC EWG GR 249.2 (309.5) 30.5
WINGSTOP INC EWG GZ 249.2 (309.5) 30.5
WINMARK CORP WINA US 26.9 (39.1) 7.5
WINMARK CORP GBZ GR 26.9 (39.1) 7.5
WORLDWIDE WEBB A WWACU US 0.7 (0.0) (0.7)
WORLDWIDE WEBB-A WWAC US 0.7 (0.0) (0.7)
WW INTERNATIONAL WW US 1,428.9 (456.4) 42.0
WW INTERNATIONAL WW6 GR 1,428.9 (456.4) 42.0
WW INTERNATIONAL WTWEUR EU 1,428.9 (456.4) 42.0
WW INTERNATIONAL WW6 QT 1,428.9 (456.4) 42.0
WW INTERNATIONAL WW6 SW 1,428.9 (456.4) 42.0
WW INTERNATIONAL WW6 GZ 1,428.9 (456.4) 42.0
WW INTERNATIONAL WTWEUR EZ 1,428.9 (456.4) 42.0
WW INTERNATIONAL WTW AV 1,428.9 (456.4) 42.0
WW INTERNATIONAL WW6 TH 1,428.9 (456.4) 42.0
WW INTERNATIONAL WW-RM RM 1,428.9 (456.4) 42.0
WYNN RESORTS LTD WYR GR 12,530.8 (836.2) 1,588.0
WYNN RESORTS LTD WYR TH 12,530.8 (836.2) 1,588.0
WYNN RESORTS LTD WYNN* MM 12,530.8 (836.2) 1,588.0
WYNN RESORTS LTD WYNN US 12,530.8 (836.2) 1,588.0
WYNN RESORTS LTD WYR QT 12,530.8 (836.2) 1,588.0
WYNN RESORTS LTD WYNNUSD EU 12,530.8 (836.2) 1,588.0
WYNN RESORTS LTD WYNNEUR EU 12,530.8 (836.2) 1,588.0
WYNN RESORTS LTD WYR GZ 12,530.8 (836.2) 1,588.0
WYNN RESORTS LTD WYNNEUR EZ 12,530.8 (836.2) 1,588.0
WYNN RESORTS LTD WYNN-RM RM 12,530.8 (836.2) 1,588.0
WYNN RESORTS-BDR W1YN34 BZ 12,530.8 (836.2) 1,588.0
YELLOW CORP YEL GR 2,425.6 (363.5) 219.4
YELLOW CORP YELL US 2,425.6 (363.5) 219.4
YELLOW CORP YRCWEUR EZ 2,425.6 (363.5) 219.4
YELLOW CORP YEL QT 2,425.6 (363.5) 219.4
YELLOW CORP YRCWEUR EU 2,425.6 (363.5) 219.4
YELLOW CORP YEL1 TH 2,425.6 (363.5) 219.4
YELLOW CORP YEL GZ 2,425.6 (363.5) 219.4
YUM! BRANDS -BDR YUMR34 BZ 5,966.0 (8,373.0) 117.0
YUM! BRANDS INC TGR TH 5,966.0 (8,373.0) 117.0
YUM! BRANDS INC TGR GR 5,966.0 (8,373.0) 117.0
YUM! BRANDS INC YUMEUR EU 5,966.0 (8,373.0) 117.0
YUM! BRANDS INC TGR QT 5,966.0 (8,373.0) 117.0
YUM! BRANDS INC YUM SW 5,966.0 (8,373.0) 117.0
YUM! BRANDS INC YUM* MM 5,966.0 (8,373.0) 117.0
YUM! BRANDS INC YUM US 5,966.0 (8,373.0) 117.0
YUM! BRANDS INC YUMUSD SW 5,966.0 (8,373.0) 117.0
YUM! BRANDS INC TGR GZ 5,966.0 (8,373.0) 117.0
YUM! BRANDS INC YUMEUR EZ 5,966.0 (8,373.0) 117.0
YUM! BRANDS INC YUM AV 5,966.0 (8,373.0) 117.0
YUM! BRANDS INC TGR TE 5,966.0 (8,373.0) 117.0
YUM! BRANDS INC YUM-RM RM 5,966.0 (8,373.0) 117.0
*********
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., Philadelphia, Pa., USA.
Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante,
Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon,
Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and
Peter A. Chapman, Editors.
Copyright 2022. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
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*** End of Transmission ***