/raid1/www/Hosts/bankrupt/TCR_Public/220412.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, April 12, 2022, Vol. 26, No. 101
Headlines
1917 HEIGHTS: May 17 Hearing on Disclosure Statement
4L TOPCO: S&P Downgrades ICR to 'CCC' on Tight Liquidity
58 YORK PARTNERS: Arnick to Give $50K for 100% of Interests
78-80 ST. MARKS: Maverick Asks Court to Bankrupt Building Owner
975 WALTON BRONX: Says Nonmonetary Defaults Curable
AB ROBINSON: Unsecured Claims to Get 20% Under Plan
ADVANTAGE MANAGEMENT: Beaver Dam, Waupun Facilities Hit Chapter 11
ALTO MAIPO: Blank Rome, Quinn Emanuel Represent Tort Claimants
BOY SCOUTS: Archbishop of Agana Objection Still Unresolved
CAMELOT US: Moody's Rates New $750MM Secured First Lien Debt 'B1'
CASCADES INC: S&P Alters Outlook to Stable, Affirms 'BB-' ICR
CDK GLOBAL: Moody's Puts 'Ba1' CFR Under Review for Downgrade
CHERRY MAN: Court OKs Deal on Cash Collateral Access
CHOBANI LLC: Moody's Confirms 'B3' CFR & Alters Outlook to Stable
CHURCH OF THE DISCIPLES: Unsecureds Get Prorata From DIP Account
CLASSIC CATERING: Court Approves Disclosure Statement
COMPREHENSIVE CENTER: Hits Chapter 11 Bankruptcy Protection
CORINTHIAN COMMUNICATIONS: Seeks Chapter 11 Bankruptcy
COTTAGE GROVE: Seeks Cash Collateral Access Thru May 1
CPI CARD: S&P Upgrades ICR to 'B' on Strong Operating Performance
CRR INC: Seeks Chapter 11 Bankruptcy Protection
DEERFIELD DAKOTA: $225MM Loan Add-on No Impact on Moody's B3 CFR
DIOCESE OF CAMDEN: Cross, Ava Law Represent Sexual Abuse Surviors
DIOCESE OF CAMDEN: JJS Represents Sexual Abuse Claimants
DIOCESE OF CAMDEN: Must Reveal Accused Priests Names, Says Judge
DIOCESE OF CAMDEN: Siedman, et al. Represent RAM Law Claimants
EBERHARDT PARTNERSHIP: Seeks Cash Collateral Accesss
ENRAMADA PROPERTIES: Unsecureds Will be Paid From Assets
ENTRAVISION COMMUNICATIONS: S&P Ups ICR to 'B+', Outlook Stable
ES1 LLC: Unsecureds to Get 100 Cents on Dollar in Plan
EVE & CO: Files Under CCAA, Launches Sale Process
FORE MACHINE: Unsecureds Will Not Receive Any Distribution
INSPIRED ENTERTAINMENT: Fitch Alters Outlook on 'B-' IDR to Pos.
JAGUAR DISTRIBUTION: Unsecureds Will Recover 10.5% Under Plan
JOHNSON & JOHNSON: 'Texas Two-Step' Bankruptcy Strategy in Doubt
JUST ENERGY: CCAA Stay Period Extended to April 22, 2022
LATAM AIRLINES: Judge Garrity to Decide $1.3 Bil. Claim Dispute
LONGHORN JUNCTION: HRE Completes Bankruptcy Sales on Eight Tracts
LOUISIANA CRANE: Disclosures Inadequate, Mack Financial Say
LUCKIN COFFEE: Successfully Completes Financial Restructuring
MARS INTERMEDIATE: S&P Assigns 'B' ICR, Outlook Stable
MY LOVE OF CARE: Files for Chapter 11 Bankruptcy
NEENAH FOUNDRY: Moody's Withdraws Caa1 CFR Amid Debt Repayment
NESV ICE: SHS Says Plan Disclosures Inadequate
OCTAVE MUSIC: Moody's Assigns B2 CFR & Rates New 1st Lien Debt B1
PARNASSUS PREPARATORY SCHOOL: S&P Raises Rev Bonds Rating to 'BB+'
PBJAK LLC: Seeks to Use Cash Collateral
PINE COUNTRY: Seeks Chapter 11 Bankruptcy Protection
POSTMEDIA NETWORK: Moody's Ups CFR to Caa2 & Secured Notes to B1
PURIM HOLDING: Files for Chapter 11 Protection
ROCKALL ENERGY: Chapter 11 Plan Confirmation Set for May 13
SENIOR CARE LIVING: Gets Court Nod to Use Cash Thru May 11
SINCLAIR TELEVISION: S&P Rates New $750MM Secured Term Loan 'B+'
SIRVA WORLDWIDE: Moody's Hikes CFR to B3 & First Lien Debt to B2
STRIKE LLC: Amends Unsecureds Claims Pay Details
STRIKE LLC: May 17 Plan & Disclosure Hearing Set
SUMMIT FINANCIAL: Court OKs Deal on Cash Access Thru June 30
TA TT BUYER: S&P Assigns 'B-' Issuer Credit Rating, Outlook Stable
[^] Large Companies with Insolvent Balance Sheet
*********
1917 HEIGHTS: May 17 Hearing on Disclosure Statement
----------------------------------------------------
Judge Eduardo Rodriguez has entered an order that the hearing to
consider the approval of the Disclosure Statement of 1917 Heights
Hospital, LLC will be held at the United States Courthouse, Bob
Casey Federal Building, Courtroom#402, 515 Rusk Avenue, Houston,
Texas, on May 17, 2022 at 11:00 a.m.
May 10, 2022, is fixed as the last day for filing and serving
written objections to the Disclosure Statement.
About 1917 Heights Hospital
1917 Heights Hospital, LLC, sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. S.D. Tex. Case No. 21-31811) on June 1,
2021. In its petition, the Debtor listed $100 million to $500
million in assets and $10 million to $50 million in liabilities.
Dr. Dharmesh Patel, manager, signed the petition.
Judge Eduardo V. Rodriguez oversees the case.
Hughes Watters Askanase, LLP is the Debtor's bankruptcy counsel.
4L TOPCO: S&P Downgrades ICR to 'CCC' on Tight Liquidity
--------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on 4L Holdings
Corp. the borrower of the company's debt and U.S.-based provider of
consumer electronic devices aftermarket lifecycle services, 4L
Topco Corp., doing business as Reconext (formerly Clover
Technologies), its guarantor and parent company, to 'CCC' from
'CCC+' and its issue-level rating on the company's first-lien term
loan to 'CCC+' from 'B-'.
The negative outlook reflects the risk of a downgrade if we expect
a payment default or a restructuring transaction.
S&P said, "The downgrade reflects 4L Topco Corp.'s tepid recovery
leading to elevated leverage, continued free cash flow deficits,
and deteriorating liquidity, factors we expect could persist well
into 2022. We continue to view 4L Topco's capital structure as
unsustainable. Although the company's top line grew by about 15%
year to date (ended the third quarter of 2021) compared with the
previous year, its margin profile, albeit better than the previous
year is shrinking with negligible EBITDA. Adjusted leverage was
well over 10x as of the last 12 months (LTM) ended Sept. 30, 2021,
above our previous expectations for S&P Global Ratings-adjusted
leverage in the high-4x to low-5x area. At the same time, the
company's charges related to its restructuring topped $15 million,
resulting in steeper cash flow deficits. We do not anticipate any
material improvement in performance in the upcoming year.
"We now assess 4L Topco's liquidity as less than adequate because
the company faces debt amortization step-ups and refinancing risks
for its 2023 ABL maturity. As of the third quarter of 2021, the
company's cash balance had fallen short of our expectations, down
by one-third of its 2020 levels. We anticipate that the company
will have about $12 million-$15 million of unrestricted cash on its
balance sheet and about $6 million of availability under its ABL
revolving line of credit at year-end 2021. We expect that the
company will have ongoing liquidity requirements to fund its
working capital needs and because the mandatory amortization on its
first-lien term loan steps up to 4% in 2022. We believe volatility
in the macroeconomic environment and the company's sustained cash
flow deficits will continue to pressure Reconext's credit metrics.
This leads us to believe the company faces elevated refinancing
risk with its revolver maturing in August 2023. These
characteristics lead us to believe that the company could pursue a
restructuring or debt exchange that we view as tantamount to a
default.
"We expect the company's operating performance to remain pressured
over the coming year. The company faces heightened operational
risks as it works on its recovery from its 2020 bankruptcy and its
smaller operating scale since the divestiture from its Imaging and
Telecom businesses. Ongoing macroeconomic environment challenges
relating costs inflation, and a tight labor market will continue to
pressure the company's bottom line. We also expect intensified
competition in its marketplace, given the fragmented nature of the
marketplace. Therefore, pricing pressures stemming from
competition, labor supply challenges, and high wages are likely to
continue into the coming year, limiting the company's ability to
win new customers and pass on its increasing costs to its
customers.
"The negative outlook reflects the possibility that we could lower
our ratings over the next 12 months if we expected a payment
default or a restructuring transaction we considered distressed. In
this scenario, ongoing cash flow deficits continue to further
constrain liquidity, leading us to believe the company could face
difficulties refinancing its ABL revolving credit facility due in
August 2023 in a timely manner."
S&P could lower its ratings on 4L Topco by one or more notches if:
-- Liquidity deteriorated further, leading S&P to believe a
covenant breach, default, or distressed exchange were likely; or
-- The company had difficulties refinancing its ABL revolver in a
timely manner.
S&P could raise its ratings on 4L Topco Corp. if it believed the
likelihood of default had declined. This could occur if:
-- Operating performance and cash flow improved such that the
company maintained adequate room under its $10 million liquidity
covenant; and
-- The company addressed its upcoming debt maturity through a
refinancing or maturity extension, such that S&P would not consider
it a distressed exchange or restructuring.
ESG credit indicators: E-2, S-2, G-4 (See below)
S&P said, "ESG factors have an overall moderately negative
influence on our ratings for 4L Topco Corp. The G-4 indicator
reflects that governance factors are a very negative consideration
in our credit analysis of 4L Topco. We believe its governance and
management have contributed to its weak operating results and lack
of strategic direction. The company continues to face execution and
implementation risk given the ongoing restructuring plans,
acquisitions, and strategic pivots, in its post-bankruptcy
structure."
58 YORK PARTNERS: Arnick to Give $50K for 100% of Interests
-----------------------------------------------------------
58 York Partners, LLC, submitted a Chapter 11 Plan of
Reorganization and a Disclosure Statement.
The Debtor is a single asset real estate company with real property
located at 58 8S York Road in Hatboro, PA 19040. The Debtor values
the Property at $1,975,000. The Debtor has a lease with a
restaurant at the location operated by Bernie's of Hatboro, LLC.
Due to COVID-19 pandemic, the Debtor was unable to meet existing
obligations to its secured creditor, Berkshire Bank, and filed for
chapter 11 bankruptcy protection in order to preserve operations
for the benefit of its creditors.
The Debtor will continue operations and assume its lease with
Bernie's of Hatboro, LLC.
Under the Plan, Class 1 Unsecured Claims total $3,900,000. The
Debtor avers that the only potential unsecured claim is that of
Berkshire Bank, which is also secured by non-debtor real estate and
assets equal to the amount of the Berkshire Unsecured Claim. The
Plan will distribute $0.00 on account of the unsecured claim, as
such claim is full secured by other collateral. Class 1 is
impaired.
Class 2 Interest Holders are impaired. All existing membership
interests will be cancelled.
Class 3 Secured Claim of Berkshire Bank is impaired. Berkshire
Bank has a secured claim consisting of two components, a first
mortgage of $1.890 million and a judgment lien of $85,486.
Therefore Class 3 will be P1.975 million which will be paid with an
equal interest and principal payment based on a 20-25-year
amortization with interest at 3.75 percent per annum. The Class 3
claim will mature 5 years from the Effective Date.
The Plan will be funded by ongoing operations of the Debtor and its
lease with Bernie's of Hatboro, LLC. Arnick Equities, LLC, will
infuse $50,000 into the Debtor in exchange for 100% of the newly
issued membership interests.
Attorneys for the Debtor:
Albert A. Ciardi, III, Esq.
Daniel S. Siedman, Esq.
CIARDI CIARDI & ASTIN
1905 Spruce Street,
Philadelphia, PA 19103
Telephone: (215) 557-3550
Facsimile: (215) 557-3551
E-mail: aciardi@ciardilaw.com
dsiedman@ciardilaw.com
A copy of the Disclosure Statement dated April 1, 2022, is
available at https://bit.ly/3qZyUfP from PacerMonitor.com.
About 58 York Partners
Philadelphia-based 58 York Partners, LLC filed a petition for
Chapter 11 protection (Bankr. E.D. Pa. Case No. 21-12907) on Oct.
27, 2021, listing as much as $10 million in both assets and
liabilities. Judge Ashely M. Chan oversees the case. The Debtor
tapped Ciardi Ciardi & Astin as legal counsel.
78-80 ST. MARKS: Maverick Asks Court to Bankrupt Building Owner
---------------------------------------------------------------
Becky Yerak of The Wall Street Journal reports that Maverick Real
Estate asked for the appointment of a trustee or the forced
liquidation of a Manhattan property that houses Theatre 80, a
tavern and a gangster museum.
Maverick, a New York City real-estate lender, alleged mismanagement
and self-dealing at a bankrupt off-Broadway theater venue and
called for an independent trustee to oversee its financial
restructuring.
Maverick Real Estate Partners on Monday sought to convert the
property owner's bankruptcy case to a chapter 7 liquidation or,
alternatively, to install a chapter 11 trustee to help collect on
$9.1 million in secured mortgage debt.
About 78-80 St. Marks Place
78-80 St. Marks Place LLC is the owner of a historic Manhattan
property that houses a gangster museum, a tavern, and Theatre 80.
78-80 St. Marks Place LLC sought Chapter 11 bankruptcy protection
(Bankr. S.D.N.Y. Case No. 21-12139) on Dec. 29, 2021. In the
petition filed by Lawrence V. Otway, sole member, 78-80 St. Marks
Place LLC estimated assets between $10 million and $50 million and
liabilities between $1 million and $10 million. The case is
assigned to Honorable Judge Martin Glenn. Andrew R. Gottesman, of
Mintz & Gold, LLP, is the Debtor's counsel.
975 WALTON BRONX: Says Nonmonetary Defaults Curable
---------------------------------------------------
975 Walton Bronx LLC submitted a response to the objection of the
Debtor's secured mortgage creditor, Walton Improvement Group (the
"Current Lender").
Subject to the Court's views, the parties have agreed to devote the
upcoming hearing for argument on the fundamental legal issue of
whether the Debtor's nonmonetary defaults are completely incurable
as a matter of law under any circumstances, and whether, regardless
of the scope of the Currently Lender's actual knowledge, waiver
principles can never apply.
The Debtor does not view that there are any absolute impediments to
cure (albeit the costs might be higher than projected). However,
the first question is whether a cure is theoretically possible.
Pending this determination, the balance of the related cure issues
(particularly calculation of a proper cure amount) can be decided
on another day. If the Debtor cannot cure, then the proper amount
of the cure is moot, and the Debtor will move on to the alternate
cramdown scenarios.
The Current Lender alleges that the non-monetary defaults are
absolutely incurable, and cannot be waived, regardless of the
knowledge of Investors Bank and the Current Lender and the terms of
the notices of default that were issued.
By contrast, the Debtor submits that even if a waiver cannot be
established, it can still cure because a change of control is
permitted under the Investors Loan Agreement subject to consent and
discretion. Because the Debtor has the ability to invoke a control
process, principles of good faith and fair dealing come into play
to at least temper absolute rejection.
Indeed, the alleged inability to cure as presented by the Current
Lender turns on absolutes. The Current Lender argues that the
provisions in the Investors Loan Agreement absolutely bar a change
in control, and its rights cannot be waived. The Debtor, on the
other hand, contends that there are no absolutes under either the
_____ or in bankruptcy. Thus, even without waiver, the provisions
of the Investors Loan Agreement provide a mechanism for the change
in control, and any rights held by Investors Bank and the Current
Lender relating to the implementation of that process are not
subject to fiat.
Attorneys for the Debtor:
Kevin J. Nash, Esq.
GOLDBERG WEPRIN
FINKEL GOLDSTEIN LLP
1501 Broadway, 22nd Floor
New York, New York 10036
Tel: (212) 221-5700
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.
AB ROBINSON: Unsecured Claims to Get 20% Under Plan
---------------------------------------------------
AB Robinson Trucking Inc. submitted a Second Amended Subchapter V
Plan of Reorganization.
The Debtor is proposing a four-year plan that pays its tax debt and
secured debt in full and pays its Unsecured Creditors 20 percent of
their claims. The Plan provides for monthly payments of
approximately $2500.00.
Under the Plan, Class Four Unsecured Claims total $278,425. Class
Four will receive Pro Rata payment of 20% of the Allowed Amount of
their Claims, with no interest, in 12 Quarterly Disbursements in
the amount of $3,480.30 each. The first Quarterly Disbursement will
be made by the Debtor on the First Quarterly Disbursement Date.
Thereafter, the Debtor will make a Quarterly Disbursement to the
Class Four Creditors on March 30, June 30, September 30 and
December 30 of each Plan year until twenty percent of the Class
Four Claims is paid. The total amount distributed under the Plan to
Class Four Creditors will be $55,684.94.
The Debtor reserves the right to complete its payment obligation
under the Plan to the Class Four Creditors, at any time, and in
less than 12 Quarterly Disbursements by making deposits into the
Disbursement Account that total the amount required to pay the
holders of Class Four Claims 20% of the Allowed Amount of their
Claims and distributing that amount Pro Rata to the holders of the
Class Four Claims. Class Four is impaired.
Class Five Small Unsecured Claims total $5,852.50. Class Five is
Small Unsecured Claims and includes any Unsecured Claim that is
less than the amount of $1,500 or is voluntarily reduced to the
amount of $1,500 by the holder of the Claim. Class Five will
receive Pro Rata payment of 20% of the Allowed Amount of their
Claims without interest on the Effective Date. Therefore, Class
Five Creditors will receive Pro Rata payment of $1,170 on the
Effective Date. Class Five is impaired.
The payments to the Creditors under the Plan will be funded by the
net operating income generated by the Reorganized Debtor.
Attorney for the Debtor:
Karen J. Porter, Esq.
PORTER LAW NETWORK
230 West Monroe, Suite 240
Chicago, Illinois 60606
Tel: (312) 372-4400
Fax: (312) 4160
A copy of the Plan dated April 1, 2022, is available at
https://bit.ly/36TmxLs from PacerMonitor.com.
About AB Robinson Trucking
AB Robinson Trucking, Inc. filed its voluntary petition for Chapter
11 protection (Bankr. N.D. Ill. Case No. 21-11021) on Sept. 24,
2021, listing as much as $500,000 in both assets and liabilities.
Judge Donald R. Cassling oversees the case.
Karen J. Porter, Esq., at Porter Law Network and the Law Offices of
Glenda J. Gray, serve as the Debtor's legal counsel. William R.
Gray of Dearborn LaSalle Advisors, Inc., is the Debtor's
accountant.
ADVANTAGE MANAGEMENT: Beaver Dam, Waupun Facilities Hit Chapter 11
------------------------------------------------------------------
Real estate company Advantage Management Beaver Dam, LLC and
affiliates filed for chapter 11 protection.
Management Beaver Dam operates a healthcare facility located in
Beaver Dam, Wisconsin, that provides assistant living, residences
and limited medical services to the elderly persons, including
those suffering from advanced dementia and Alzheimer's disease. It
leases the facility from Beaver Dam Holdings.
Management Waupun and Waupun Holdings provide the same services and
lease structure as Management Beaver Dam and Beaver Dam Holdings.
Management Beaver Dam and Management Waupun currently have a total
of 53 residents: 22 at Beaver Dam and 31 at Waupun. They operate
under the trade name, "Prairie Ridge Assisted Living." The sole
member of each Debtor is Michael S. Eisenga. Mr. Eisenga's father,
David Eisenga, is the authorized representative for the Debtors.
The Covid-19 global pandemic hit assisted living facilities hard.
The Debtors' occupancy declined, reducing gross revenue. Mandates,
including masks, quarantines, Covid-19 testing and payroll overtime
due to staff shortages all led to increased costs.
The second and third waves of the pandemic exacerbated the
problems. Collectively and including debt service payments, the
facilities face a monthly shortage of approximately $48,000.
Unless the Debtors sought protection under chapter 11 they risked
the ability to continue providing assisted living services to their
residents.
The Debtors have the same secured lender: KeyBank National
Association. Beaver Dam Holdings owes approximately $4.4 million
and Waupun Holdings owes approximately $7.4 million. The loans are
secured by mortgages on the facilities and security interests in
substantially all the personal property of each operating entity.
According to court documents, Advantage Management Beaver Dam
estimates between 50 and 99 unsecured creditors. The petition
states that funds will be available to unsecured creditors.
About Advantage Management Beaver Dam
Advantage Management Beaver Dam LLC, doing business as Prairie
Ridge Assisted Living, is a Single Asset Real Estate (as defined in
11 U.S.C. Sec. 101(51B)).
Advantage Management Beaver Dam, LLC and affiliates, including
Advantage Management Waupun, LLC, BDW Holdings Beaver Dam, LLC, and
BDW Holdings Waupun, LLC, filed for chapter 11 protection (Bankr.
E.D. Wis. Lead Case No. 22-21438) on April 4, 2022. In the
petition filed by David Eissenga, as chief restructuring officer,
Advantage Management Beaver Dam estimated assets between $50,000
and $100,000 and liabilities between $1 million and $10 million.
Evan Schmit, of Kerkman & Dunn, is the Debtor's counsel.
ALTO MAIPO: Blank Rome, Quinn Emanuel Represent Tort Claimants
--------------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firms of Blank Rome and Quinn Emanuel Urquhart & Sullivan,
LLP submitted a verified statement to disclose that they are
representing the Ad Hoc Committee of Tort Claimants in the Chapter
11 cases of Alto Maipo Delaware LLC, et al.
On April 5, 2022, certain water rights tort claimant creditors of
Alto Maipo retained Quinn Emanuel Urquhart and Sullivan LLP as
counsel to represent them in connection with the Debtors'
restructuring. The Ad Hoc Committee subsequently retained Blank
Rome as Delaware counsel.
Quinn Emanuel represents only the Ad Hoc Committee and does not
represent or purport to represent any entities other than the Ad
Hoc Committee in connection with Debtors' chapter 11 cases.
Further, as of the date of this Verified Statement, Bank Rome
represents only the Ad Hoc Committee and does not represent or
purport to represent any entities other than the Ad Hoc Committee
in connection with Debtors' chapter 11 cases. In addition, the Ad
Hoc Committee, both collectively and through its individual
members, does not represent or purport to represent any other
entities in connection with Debtors' chapter 11 cases.
As of April 5, 2022, members of the Ad Hoc Committee and their
disclosable economic interests are:
Comunidad de Aguas Canal El Manzano
Camino al Volcan #11.323
San Jose de Maipo Chile
* $1,000,000,000 in water-rights-related tort claims and
contract claims
Gemma Contreras Bustamante
Los Maquis 301, el Manzano,
San Jose de Maipo, Santiago
Chile
* $25,000,000 in water-rights-related tort claims
Christian Becker Matkovic
Camino Al Volcan 16829
San Jose de Maipo
Region Metropolitana Chile
* $80,000,000 in water-rights-related tort claims
Maite Birke Abaroa
Los Retamos 0327 Las Vertientes,
San Jose de Maipo Chile
* $2,000,000,000 in water-rights-related tort claims
Bruno Bercic
Camino Al Volcan 9831
El Manzano, San Jose de Maipo
Region Metropolitana Chile
* $80,000,000 in water-rights-related tort claims
The Ad Hoc Committee, through its undersigned counsel, reserves its
right to supplement and/or amend this Verified Statement in
accordance with the requirements set forth in Bankruptcy Rule 2019
at any future time.
Counsel for the Ad Hoc Committee of Tort Claimants can be reached
at:
BLANK ROME
Stanley B. Tarr, Esq.
1201 N. Market Street
Suite 800
Wilmington, DE 19801
Telephone: 302.425.6479
Facsimile: 302.428.5104
E-mail: stanley.tarr@blankrome.com
Michael B. Schaedle, Esq.
One Logan Square
130 North 18th Street
Philadelphia, PA 19103
Telephone: 215.569.5762
E-mail: schaedle@blankrome.com
- and -
QUINN EMANUEL URQUHART & SULLIVAN, LLP
Patricia Tomasco, Esq.
Joanna D. Caytas, Esq.
711 Louisiana Street, Suite 500
Houston, TX 77002
Telephone: 713.221.7000
Facsimile: 713.221.7100
E-mail: pattytomasco@quinnemanuel.com
joannacaytas@quinnemanuel.com
A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/3uuA2Kk and https://bit.ly/3rfEcUB
About Alto Maipo
Alto Maipo owns the Alto Maipo Hydroelectric Project, outside
Santiago, Chile, which is currently under construction. The
project comprises two run-of-the-river plants with a combined
installed capacity of 531 megawatts. The run-of-the-river project
is a joint venture between U.S. utility subsidiary AES Gener and
Chilean mining company Antofagasta Minerals (AMSA).
Alto Maipo Delaware LLC and Alto Maipo SpA sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 21-11507) on Nov. 17,
2021. Javier Dib, board president and chief restructuring officer,
signed the petitions. At the time of the filing, Alto Maipo
Delaware LLC estimated between $1 billion and $10 billion in both
assets and liabilities.
The cases are handled by Judge Karen B. Owens.
The Debtors tapped Young Conaway Stargatt & Taylor, LLP and Cleary
Gottlieb Steen & Hamilton LLP as legal counsel; Nelson Contador
Abogados & Consultores SpA as local Chilean counsel; AlixPartners,
LLP as financial advisor; and Lazard Freres & Co. LLC and Lazard
Chile SpA as investment banker. Prime Clerk, LLC is the claims,
noticing and administrative agent.
BOY SCOUTS: Archbishop of Agana Objection Still Unresolved
----------------------------------------------------------
Archbishop of Agaña, a Corporation Sole, Chapter 11
Debtor-in-Possession, District Court of Guam, Territory of Guam,
Bankruptcy Division, Case 19-00010 filed a Notice clarifying and
confirming that its objection to the Boy Scouts of America and
Delaware BSA, LLC's Second Modified Fifth Amended Chapter 11 Plan
of Reorganization remains open and unresolved.
Archbishop of Agana points out that the Catholic Committee
Objection has been withdrawn. Nevertheless, the Archbishop of Agana
does not support confirmation of the Plan and will not withdraw its
Plan objections. The Archbishop of Agaña does not consent to the
Plan's proposed release of the Archbishop of Agaña's rights under
insurance policies issued by the Settling Insurance Companies. The
Archbishop of Agaña objects to the proposed policy buybacks, and
objects to the Plan's injunctions and releases of the Archbishop of
Agaña's claims against the Settling Insurers for coverage under
policies issued by the Settling Insurance Companies. The Archbishop
of Agaña joins the Plan objections made by the Guam Committee in
this regard and reiterates its own Plan objections.
Counsel for Archbishop of Agana:
Charles J. Brown, III, Esq.
GELLERT SCALI BUSENKELL & BROWN LLC
1201 N. Orange Street, 3rd Floor
Wilmington, DE 19801
Tel: 302-425-5813
Fax: 302-425-5814
E-mail: cbrown@gsbblaw.com
About Boy Scouts of America
The Boy Scouts of America -- https://www.scouting.org/ -- is a
federally chartered non-profit corporation under title 36 of the
United States Code. Founded in 1910 and chartered by an act of
Congress in 1916, the BSA's mission is to train youth in
responsible citizenship, character development, and self-reliance
through participation in a wide range of outdoor activities,
educational programs, and, at older age levels, career-oriented
programs in partnership with community organizations. Its national
headquarters is located in Irving, Texas.
The Boy Scouts of America and affiliate Delaware BSA, LLC, sought
Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10343) on
Feb. 18, 2020, to deal with sexual abuse claims.
Boy Scouts of America was estimated to have $1 billion to $10
billion in assets and at least $500 million in liabilities as of
the bankruptcy filing.
The Debtors have tapped Sidley Austin LLP as their bankruptcy
counsel, Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel,
and Alvarez & Marsal North America, LLC, as financial advisor.
Omni Agent Solutions is the claims agent.
The U.S. Trustee for Region 3 appointed a tort claimants' committee
and an unsecured creditors' committee on March 5, 2020. The tort
claimants' committee is represented by Pachulski Stang Ziehl &
Jones, LLP, while the unsecured creditors' committee is represented
by Kramer Levin Naftalis & Frankel, LLP.
CAMELOT US: Moody's Rates New $750MM Secured First Lien Debt 'B1'
-----------------------------------------------------------------
Moody's Investors Service has assigned a B1 rating to Camelot US
Acquisition LLC's new $750 million senior secured first-lien
revolving credit facility (RCF) maturing 2027. Camelot UK Holdco
Limited's ("Camelot Holdco") B2 Corporate Family Rating and stable
outlook remain unchanged.
The new RCF replaces the existing $350 million RCF maturing in 2024
(the "2024 RCF") and will have a swing maturity to 2026 if Camelot
Holdco's term loans, which mature in 2026, are not refinanced
before then. The new RCF will be priced off of SOFR rather than
LIBOR, and will be issued by the same borrower/co-borrower
entities, secured by the same collateral package and guaranteed by
the same guarantors as the 2024 RCF.
Following is a summary of the rating action:
Assignment:
Issuer: Camelot US Acquisition LLC (Co-Borrower: Camelot UK Bidco
Limited)
$750 Million Gtd Senior Secured First-Lien Revolving Credit
Facility due March 2027, Assigned B1 (LGD3)
The assigned rating is subject to review of final documentation and
no material change in the size, terms and conditions of the
transaction as advised to Moody's. Moody's will withdraw the B1
rating on the 2024 RCF.
Camelot US Acquisition LLC is an indirect wholly-owned holding
company of Camelot Holdco, which is a guarantor of the senior
credit facilities and the highest entity of the restricted group
under the credit agreement governing the senior credit facilities.
Camelot Holdco is a wholly-owned direct subsidiary of Clarivate plc
("Clarivate" or the "company"), which is the entity that is owned
by public shareholders and files the group's consolidated financial
statements. Clarivate is a holding company with no material assets
other than the capital stock of its subsidiaries, and conducts
substantially all of its operations through its subsidiaries.
Though Clarivate is not an issuer or guarantor of the existing debt
instruments or notes, the company's consolidated financial
condition and results of operations substantially reflect the
financial condition and results of operations of Camelot Holdco.
RATINGS RATIONALE
Moody's views the refinancing favorably given the credit facility's
maturity extension and upsize, which enhances financial flexibility
given Clarivate's increased scale as a result of M&A activity over
the past two years (i.e., ProQuest LLC, CPA Global and DRG). The
transaction is credit neutral because there is no change to the
company's leverage and cash flow metrics.
Camelot Holdco's B2 CFR is supported by Clarivate plc's leading
global market positions across its core scientific/academic
research and intellectual property businesses. The rating also
considers the high proportion of subscription-based recurring
revenue (>80% of revenue) and high switching costs derived from
Clarivate's proprietary data extraction methodology, which
facilitates development of value-added databases that are
considered the "gold-standard" among its clients. Given that its
mission-critical subscription products are embedded in customers'
core operations and research workflows, customer renewals and
retention rates on a weighted average basis have remained above
90%. Clarivate also benefits from good diversification across end
markets, geography and customers and relatively high EBITDA margins
in the 40% range (Moody's adjusted, excluding one-time cash items).
The company's low net working capital and "asset-lite" operating
model facilitates a high conversion of EBITDA to positive free cash
flow (FCF).
Factors that weigh on the rating include Clarivate's moderately
high financial leverage and organic revenue growth that can be
negatively influenced by transactional revenue declines. During the
height of the pandemic, transactional revenue was vulnerable to
reduced client demand, however growth in subscription revenue was
able to partially offset this. Clarivate faces competitive
challenges from industry players that are amassing scale as well as
new technology entrants, and regulatory changes that could restrict
access to data. Low single-digit percentage revenue growth at North
American universities coupled with consolidation across the
pharmaceutical industry could lead to customer budget constraints.
The rating is also influenced by governance risks related to
private equity ownership, such as sizable debt-financed
distributions or growth-enhancing acquisitions, which could pose
integration challenges and lead to volatile credit metrics.
Somewhat offsetting this is Clarivate's historical use of equity to
help fund large acquisitions, which Moody's expect to continue.
The stable outlook reflects Moody's view that Clarivate's business
model and operating profitability will remain fairly resilient,
experience mid-single digit organic revenue and EBITDA growth and
generate solid FCF over the next 12-18 months. Moody's expects the
company will expand market share from new client wins and penetrate
further into existing accounts. Moody's projects that Clarivate
will maintain good liquidity, continue to use a prudent mix of
equity and debt to finance future M&A and use FCF to reduce pro
forma leverage to a target of around 4.5x net debt to EBITDA
(as-reported), equivalent to approximately 5x-5.5x gross leverage
on a Moody's adjusted basis).
Over the next 12-15 months, Moody's expects good liquidity
supported by positive FCF generation in the range of 5%-10% of
total debt (Moody's adjusted), solid cash levels (unrestricted cash
balances totaled $431 million at December 31, 2021) and access to
the new $750 million RCF.
Though Clarivate's shares trade publicly, several private equity
sponsors collectively own about 38% of Clarivate. Consequently,
Moody's expects the company's financial strategy to be somewhat
aggressive given that equity sponsors have a tendency to tolerate
high leverage and favor high capital return strategies for limited
partners. Clarivate's governance risk is elevated as a result of
sponsor ownership, particularly in view of the highly-leveraged
balance sheet. Management's financial strategy, capital allocation,
credibility and track record are influenced by the equity sponsors'
demonstrated desire to use debt, mitigated by the prudent issuance
of equity to help fund the purchase of past acquisitions.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
Ratings could be upgraded if Clarivate demonstrates organic revenue
growth in the mid-single digit percentage range and EBITDA
expansion that leads to consistent and growing free cash flow
generation of at least 6% of total debt (Moody's adjusted).
Additionally, upward rating pressure could occur if total debt to
EBITDA is sustained below 4.5x (Moody's adjusted) and the company
exhibits prudent financial policies and a good liquidity profile.
Ratings could be downgraded if total debt to EBITDA was sustained
above 6.5x (Moody's adjusted) or free cash flow were to materially
weaken below 2% of total debt (Moody's adjusted) due to
deterioration in operating performance. Market share erosion,
liquidity deterioration, significant client losses or if Clarivate
engages in debt-financed acquisitions or shareholder distributions
resulting in leverage sustained above Moody's downgrade threshold
could also result in ratings pressure.
Headquartered in Philadelphia, PA, Camelot UK Holdco Limited is a
wholly-owned subsidiary of Clarivate plc, which provides
comprehensive intellectual property and scientific information,
decision support tools and services that enable academia,
corporations, governments and the legal community to discover,
protect and commercialize content, ideas and brands. Formerly the
Intellectual Property & Science unit of Thomson Reuters
Corporation, Clarivate was a carve-out purchased by Onex and Baring
Asia for approximately $3.55 billion in October 2016. Following the
May 2019 merger with Churchill Capital Corp., a special purpose
acquisition company (SPAC), Clarivate operates as a publicly traded
company. Revenue for the fiscal year ended December 31, 2021 was
just under $1.9 billion.
The principal methodology used in this rating was Business and
Consumer Services published in November 2021.
CASCADES INC: S&P Alters Outlook to Stable, Affirms 'BB-' ICR
-------------------------------------------------------------
S&P Global Ratings revised the outlook on Cascades Inc. to stable
from positive and affirmed all of its ratings, including its 'BB-'
long-term issuer credit rating, on the company.
S&P said, "The stable outlook reflects our expectation that
Cascades will improve its credit measures this year, including
leverage in the low-3x area, with higher cash flow generation
sufficient to cover elevated growth-related capital spending in
2022.
"The outlook revision primarily reflects our view of the increased
uncertainty regarding Cascades' ability to generate credit measures
commensurate with a higher rating. We believe there is reduced
visibility for Cascades to generate and sustain credit measures
commensurate with a higher rating following weaker-than-expected
operating results in 2021. The company faced materially higher
costs and lower productivity linked to the COVID-19 pandemic, and
we believe inflationary pressures will remain a headwind this year.
We now expect the company will be more reliant on higher realized
packaging prices to generate earnings and credit measure
improvement this year. In addition, we believe meaningful growth in
its cash flow from operations is likely necessary to fund peak
capital expenditures (capex), mainly related to Cascades' Bear
Island mill conversion, without incurring incremental debt.
"Our outlook on the rating was positive for close to 12 months, and
we require more time to assess the prospects for Cascades to
maintain leverage below 3x over the long term. The company's
adjusted debt to EBITDA was well above our estimates in 2021, at
3.7x, compared with our expectation in the low-2x area. While
certain cost pressures, namely from transportation, energy, and raw
materials, might be temporary, this level of underperformance
highlights the potential volatility of the company's credit
measures.
"We estimate Cascades' leverage at just over 3x this year and lower
in 2023, which we consider strong for the rating. Our forecasts are
underpinned by steady growth earnings and cash flow growth, with no
material change in the company's net debt position. We believe the
demand for Cascades' packaging products will remain solid and
support higher realized prices for containerboard (by far the
company's largest share of earnings) this year. In our view, the
negative effects from the pandemic, including lower productivity
and shipments, should eventually ease through 2022."
However, it is unclear if price increases will be sufficient to
offset cost pressures and expand the company's earnings. Cascades'
estimated operating results and credit measures are highly
sensitive to relatively modest changes in our assumptions, as
demonstrated in 2021. For example, slower-than-expected economic
growth (which could emerge from the ongoing Ukraine-Russia
conflict) and/or capacity additions could limit the extent of price
appreciation. In addition, the price of Cascades' key raw
materials, notably old corrugated containers (OCC), is volatile
and, for the most part, unpredictable.
S&P said, "Our business risk assessment is unchanged, but Cascades'
operating breadth has narrowed. We believe the company's cash flow
and profitability will become increasingly sensitive to
containerboard market fundamental due to the challenges its tissue
business faces. EBITDA from Cascades' tissue segment materially
weakened to negligible levels in 2021, mainly due to the effects
(direct and indirect) of the pandemic. We previously assumed the
tissue business would remain a meaningful share (about 25%) of
consolidated EBITDA, but this is no longer the case. While the
reopening of economies should support higher volumes and an
improvement in operating results from last year (with limited
additional capital requirements due to its relatively modern
facilities), the timing of an eventual material rebound is
unknown.
"We now consider Cascades to be more dependent on its
containerboard business to spur improvement in prospective earnings
and cash flow due to the tissue challenges that followed its exit
from European boxboard (sale of Reno de Medici S.p.A) last year.
The proportion of earnings and cash flow from this segment could
further increase once Bear Island starts production. We acknowledge
that Bear Island's capacity should improve the company's
profitability, given the high-quality, low-basis-weight recycled
containerboard expected from this facility. However, the company's
business now exhibits a modestly higher degree of risk associated
with lower earnings diversification. As a result, we have slightly
tightened our threshold for an upgrade to below 3x, from
approaching 3x or lower, over the long term.
"Financial policies appear supportive, but a degree of uncertainty
remains. We believe Cascades is committed to leverage well below
historical average levels, and targets reported net debt to EBITDA
of 2.0x-2.5x by the end of 2024. The company also recently unveiled
a strategic plan for 2022-2024 that incorporates a meaningful
increase in revenue and margin expansion in its containerboard,
specialty products, and tissue segments. We believe Cascades'
financial objectives are achievable but will depend on prevailing
realized prices and unit costs, as noted. For example, Cascades
estimates that a US$15 per short ton (/st) change in the price of
brown grade packaging raw materials (mainly OCC) can affect EBITDA
by C$28 million (about 7% of 2021 adjusted EBITDA) and its average
OCC cost increased by C$66/st (over 100%) year over year in 2021.
In addition, the company expects first production from Bear Island
by the end of this year, but we consider the potential for delays
and/or further increase in development costs for the conversion.
"The stable outlook reflects our expectation that the company will
improve its credit measures this year, including leverage in the
low-3x area. We believe higher realized prices, particularly for
containerboard, should mitigate the impact of inflationary
headwinds on earnings. In addition, we estimate higher cash flow
generation will be sufficient to cover elevated capital spending in
2022, limiting the potential for incremental debt to fund the Bear
Island conversion project.
"We could lower the rating if, over the next 12 months, we expect
leverage to trend toward 5x, with limited prospects of improvement.
In our view, this could occur if EBITDA and cash flow generation
materially weaken, likely from lower margins associated with higher
input costs and/or lower selling prices in containerboard. In this
scenario, we would expect Cascades to maintain strong liquidity.
Leverage could also increase above our threshold if capex increases
materially beyond our expectations, or the company raises debt to
fund acquisitions.
"We could upgrade Cascades within the next 12 months if we expect
the company will generate and sustain leverage below 3x in the long
term. In our view, this would likely follow earnings and cash flow
modestly stronger than our estimates this year, with reduced risk
of prospective margin compression or higher debt that could
materially increase leverage over the next couple of years. In
addition, lower perceived risks associated with the development of
the company's Bear Island conversion project could also contribute
to an upgrade."
CDK GLOBAL: Moody's Puts 'Ba1' CFR Under Review for Downgrade
-------------------------------------------------------------
Moody's Investors Service placed the ratings of CDK Global, Inc. on
review for downgrade following the announcement that the company
has entered into a definitive agreement to be acquired by
Brookfield Business Partners. The ratings affected by the review
for downgrade include the Ba1 corporate family rating, Ba1-PD
probability of default rating, and the Ba1 senior unsecured rating.
The outlook is revised to ratings under review from stable. The
SGL-2 rating is unchanged at this time.
Brookfield will commence a tender offer to acquire all of the
outstanding shares of CDK for $54.87/share, a total equity value of
$6.4 billion and an enterprise value of $8.3 billion owing to $1.9
billion of existing debt. CDK's unsecured notes contain a change of
control provision where holders can put the notes back to the
company at 101% should they decide to exercise the option. The sale
agreement has been unanimously approved by CDK's Board of Directors
and is expected to close in the third quarter of 2022, subject to
customary closing conditions and regulatory approvals, after which
CDK's common stock will no longer be public on the Nasdaq. The
post-transaction capital structure of the company that will operate
as a private company is yet to be determined.
Moody's has placed the ratings of CDK on review for downgrade
because ownership under a private equity sponsor is expected to
lead to a more aggressive financial policy and more highly
leveraged capital structure.
On Review for Downgrade:
Issuer: CDK Global, Inc.
Corporate Family Rating, Placed on Review for Downgrade, currently
Ba1
Probability of Default Rating, Placed on Review for Downgrade,
currently Ba1-PD
Senior Unsecured Regular Bond/Debenture, Placed on Review for
Downgrade, currently Ba1 (LGD4)
Outlook Actions:
Issuer: CDK Global, Inc.
Outlook, Changed To Rating Under Review From Stable
RATINGS RATIONALE/FACTORS THAT COULD LEAD TO AN UPGRADE OR
DOWNGRADE OF THE RATINGS
Moody's review will consider: 1) strategic and financial policy
changes, including capital structure changes; and 2) the forward
prospects for the company's financial performance.
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
CDK Global, Inc., headquartered in Hoffman Estates, IL, is a
leading provider of integrated data and technology solutions to the
automotive, heavy truck, recreation and heavy equipment industries.
The company provides software solutions to dealers and original
equipment manufacturers in North America, serving roughly 15,000
retail locations. The company generated roughly $1.7 billion in
revenue for the twelve months ended December 31, 2021.
CHERRY MAN: Court OKs Deal on Cash Collateral Access
----------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California,
Los Angeles Division, has approved the Stipulation for Adequate
Protection and Use Of Cash Collateral between Cherry Man
Industries, Inc. and the U.S. Small Business Administration filed
on March 24, 2022.
The Court approved the Stipulation, provided that any use of cash
collateral is also subject to any additional limitations based on
interests in addition to the SBA's interests that may be asserted
in any cash collateral.
The parties agree the Debtor may use the SBA cash collateral
through June 30, 2022, or until the parties enter into an amended
Stipulation or a consensual Chapter 11 Plan, or until the case is
converted or dismissed, whichever first occurs.
The Debtor represents to the SBA it will make no additional or
unauthorized use of the cash collateral retroactive from the SBA
Loan date until June 30, 2022, or the entry of an Order Confirming
the Debtor's Plan of Reorganization, whichever occurs earlier, for
ordinary and necessary expenses.
As adequate protection, retroactive to the Petition Date, the SBA
will receive a replacement lien on all post-petition revenues of
the Debtor to the same extent, priority and validity that its lien
attached to the cash collateral. The scope of the replacement lien
is limited to the amount (if any) that cash collateral diminishes
post-petition as a result of the Debtor's post-petition use of cash
collateral. The replacement lien is valid, perfected and
enforceable and will not be subject to dispute, avoidance, or
subordination, and the replacement lien need not be subject to
additional recording. The SBA is authorized to file a certified
copy of the cash collateral order and any other necessary and
related documents to further perfect its lien.
The SBA will be entitled to a super-priority claim over the life of
the Debtor's bankruptcy case, pursuant to 11 U.S.C. section 503(b),
507(a)(2) and 507(b), which claim will be limited to any diminution
in the value of the SBA's collateral, pursuant to the SBA Loan, as
a result of the Debtor's use of cash collateral on a post-petition
basis.
A copy of the order is available at https://bit.ly/3NZulfd from
PacerMonitor.com.
A copy of the stipulation is available at https://bit.ly/3NP6hf0
from PacerMonitor.com.
About Cherry Man Industries
Cherry Man Industries, Inc., a company in El Segundo, Calif.,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
C.D. Calif. Case No. 22-11471) on March 17, 2022, listing $100
million to $500 million in assets and $10 million to $50 million in
liabilities. Frank Lin, president of Cherry Man Industries, signed
the petition.
Cherry Man was started in 2002 by Frank Lin. It is one of the
largest nationwide importers and distributors of office furniture
case goods. It is headquartered in El Segundo, California, with
five distribution centers across the United States.
Judge Neil W. Bason oversees the case.
The Law Offices of Michael Jay Berger serves as the Debtor's legal
counsel.
An official committee of unsecured creditors has been appointed in
the case.
CHOBANI LLC: Moody's Confirms 'B3' CFR & Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Investors Service confirmed Chobani, LLC's Corporate Family
Rating at B3, and its Probability of Default Rating at B3-PD. At
the same time, Moody's affirmed the B1 rating on the company's
senior secured first lien bank credit facility, B1 rating on the
senior secured notes, and Caa2 rating on the senior unsecured
notes. The outlook is stable. This concludes the review for upgrade
commenced on July 22, 2021 following Chobani's filing of a
confidential registration statement for a proposed initial public
offering (IPO).
The confirmation of Chobani's B3 CFR reflects the company's delayed
IPO transaction given current challenging public equity market
conditions. The company filed a registration statement for a
planned IPO, which was made public on November 2021, and
anticipated it would use net proceeds to repay debt. However,
unfavorable public equity market conditions in 2022 has delayed the
closing of the planned IPO. Governance considerations include that
the company remains privately held with high ownership
concentration, and the company's high leverage. Chobani will
continue to monitor market conditions and anticipates it will
update its IPO filing if market conditions improve.
The confirmation and ratings affirmation also reflects Chobani's
high financial leverage and Moody's expectations that debt/EBITDA
leverage will remain high over the next 12-18 months. The company
reported strong year-over-year revenue growth of 17% in fiscal 2021
ending December 25, 2021, driven by strong product and cream sales
supported by continued strong market share across its product
categories. However, Moody's adjusted EBITDA margin contracted in
fiscal 2021, pressured by logistics and commodity inflation that
was partially offset by pricing actions during the fourth quarter
period. As a result, Chobani's leverage is high with debt/EBITDA at
7.5x at end of fiscal 2021. In addition, the company reported
negative free cash flows in fiscal 2021, constrained by high
capital expenditures to fund production capacity expansion. Moody's
believes the reinvestment enhances earnings potential and expects
Chobani's revenue and EBITDA growth in fiscal 2022 will also
benefit from recent price increases that the company anticipates
will help offset cost inflation, and continued share gains.
However, Moody's also expects the EBITDA margin will continue to be
pressured by cost inflation particularly in milk and
transportation, and free cash flows will continued to be
constrained by elevated capital expenditures in 2022. As a result,
Moody's projects Chobani's debt/EBITDA leverage to remain above
7.0x over the next 12-18 months.
Moody's took the following rating actions:
Confirmations:
Issuer: Chobani, LLC
Corporate Family Rating, Confirmed at B3
Probability of Default Rating, Confirmed at B3-PD
Affirmations:
Issuer: Chobani, LLC
Gtd Senior Secured 1st Lien Term Loan B, Affirmed B1 (LGD3)
Gtd Senior Secured 1st Lien Revolving Credit Facility, Affirmed B1
(LGD3)
Gtd Senior Secured Regular Bond/Debenture, Affirmed B1 (LGD3)
Gtd Senior Unsecured Regular Bond/Debenture, Affirmed Caa2 (LGD5)
Outlook Actions:
Issuer: Chobani, LLC
Outlook, Changed To Stable From Rating Under Review
RATINGS RATIONALE
Chobani's B3 CFR broadly reflects its high financial leverage,
significant exposure to dairy price volatility, and high
concentration in the U.S. Greek yogurt category, which
pre-coronavirus suffered sales volume declines from 2015 to 2019
and increasing competition. The ratings reflect high execution risk
associated with Chobani's high-paced innovation strategy, which is
a key component of its plan for driving sales and earnings growth,
margin expansion and financial deleveraging. Chobani has high
governance risks, reflecting concentrated control by the founder
who also holds key senior executive roles including the CEO and
chairman positions. Chobani's credit profile is supported by a good
EBITDA margin, good innovation, and the strong asset value of the
Chobani brand that holds a leading position in the $4 billion U.S.
Greek yogurt category. The company's adequate liquidity reflects
Moody's expectation for negative free cash flow over the next 12
months, constrained by continued high growth capital expenditures
and a high interest burden. Liquidity is supported by Chobani's
undrawn $150 million revolver due 2024 and access to an undrawn $75
million trade facility as of the end of fiscal 2021, which provide
financial flexibility to fund investments over the next 12 months.
Chobani is moderately exposed to environmental risks such as water
and land use, as well as energy and emissions impacts related to
milk production and other plant-based milk ingredients. Changes to
farming and environmental laws could increase input costs. However,
cost increases can typically be passed on to the consumer. The
company is also moderately exposed to waste and pollution risks
related to the use of single-serve packaging. However, Chobani
reports that 50% of its product packaging is recyclable,
compostable, biodegradable or made with recycled content.
Social considerations include that Chobani is moderately exposed to
responsible production risks related to the sourcing and handling
of milk and other food ingredients and the inherent exposure to
product recalls. Social considerations also include the consumer
trend towards health and wellness and that Chobani focuses on
simple/natural food products.
Chobani has highly negative governance risks primarily related to
the risks associated with the company's financial strategy that
includes operating with high leverage. The company is also highly
exposed to board structure and policies risks related to its high
ownership concentration because the founder, who is also CEO,
chairman and 80% owner of the company, maintains executive and
operational control of Chobani and the majority of its board seats.
Healthcare of Ontario Pension Plan (HOOPP) purchased its 20% equity
stake in 2018 from a private equity investor. Governance
considerations of the potential future IPO are likely positive and
include the broader ownership post-IPO, the anticipated lower
financial leverage, and the company's financial policies following
the IPO.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The stable outlook reflects Moody's expectations that Chobani will
maintain leverage in the low-to-mid 7x over the next 12-18 months,
as revenue and EBITDA growth benefit from continued strong market
share and price increases. The stable outlook also reflects Moody's
expectations that the company will maintain at least adequate
liquidity over the next 12 months, supported by Moody's
expectations that the company will have good availability on its
$150 million revolver.
The ratings could be upgraded if Chobani sustainably grows earnings
supported by consistent revenue and EBITDA margin expansion,
sustains debt/EBITDA below 7.0x and generates consistent positive
free cash flows.
The ratings could be downgraded if the company's operating results
deteriorate highlighted by revenue declines or significant EBITDA
margin deterioration, if debt/EBITDA is sustained above 8.0x, or if
free cash flows remain negative past the capacity expansion
investment period. The ratings could also be downgraded if
liquidity deteriorates for any reasons, including high reliance on
the revolver facility.
Chobani, LLC, based in New Berlin, New York, is a leading
manufacturer of Greek and traditional yogurt, as well as other
dairy and non-dairy milk products sold under the "Chobani" master
brand. Chobani's annual revenue is approximately $1.6 billion. The
company is 80% owned by CEO and founder Hamdi Ulukaya and 20% owned
by Healthcare Of Ontario Pension Plan (HOOPP).
The principal methodology used in these ratings was Consumer
Packaged Goods Methodology published in February 2020.
CHURCH OF THE DISCIPLES: Unsecureds Get Prorata From DIP Account
----------------------------------------------------------------
Church of the Disciples submitted a Chapter 11 Plan of
Reorganization and a Disclosure Statement.
A hearing on the adequacy of the Disclosure Statement is slated for
May 18, 2022.
The Debtor is a non-profit entity and is the owner of the land and
building known as 4906 Harford Road, Baltimore, MD 21214 and the
adjacent lot on the southwest side of Shirey Avenue (the
"Property"). The Property is utilized as a Church. The Property is
subject to two deeds of trust held by lender Worthington
Alternative Capital, LLC. After the Lender scheduled a foreclosure
sale with respect to the Property, the Debtor made the decision to
file a Chapter 11 bankruptcy to allow it to reorganize its
financial affairs.
Class 3 General Unsecured Claims will each receive such holder's
Pro Rata share of the distributions from the DIP Account, in
accordance with Article VII of the Plan until either (a) such
holder has received 5% of the Class 3 claim or (b) the DIP Account
is without further assets to distribute. No holder of a Class 3
claim shall receive a distribution greater than the amount of such
holder's Allowed Claim. The Class 3 claims are impaired.
Church of the Disciples' assets consist primarily of the Real
Property. The value of the Real Property is unknown at this time.
On or before the Effective Date, the Debtor will, if not already
done, open an account to be entitled the "Church of the Disciples
DIP Account." The Debtor will deposit its revenues the DIP
Account.
Proceeds from the recovery of any Avoidable Transfers will also be
deposited into the DIP Account. The Debtor is not currently aware
of any Avoidable Transfers.
The Debtor will reserve from the DIP Account sufficient funds to
pay the anticipated expenses incurred and to be incurred in the
discharge of its duties set forth in the Plan, including reserving
funds for taxes, if any, which may be become due. Wherever the Plan
requires payment in full of a particular class of claims, including
Administrative Expenses, as a prerequisite to any payment of
another class of claims, the Debtor may satisfy such condition by
reserving the full amount sought by the holder(s) of such claim(s)
for distribution, if required, at a later date.
Attorney for the Church of the Disciples:
Aryeh E. Stein, Esq.
MERIDIAN LAW, LLC
1212 Reisterstown Road
Baltimore, MD 21208
Tel: (443) 326-6011
A copy of the Disclosure Statement dated April 1, 2022, is
available at https://bit.ly/3r2f57v from PacerMonitor.com.
About Church of the Disciples
Church of the Disciples, which owns a church at Harford Road,
Baltimore, Maryland, filed a petition for Chapter 11 protection
(Bankr. D. Md. Case No. 20-18368) on Sept. 11, 2020, listing up to
$50,000 in assets and up to $100,000 in liabilities. John B.
William, pastor, signed the petition.
Judge Michelle M. Harner oversees the case.
The Debtor tapped Meridian Law, LLC, as legal counsel.
CLASSIC CATERING: Court Approves Disclosure Statement
-----------------------------------------------------
Judge James J. Robinson has entered an order approving the First
Amended Disclosure Statement of Classic Catering Inc.
A telephonic hearing on confirmation of the Amended Plan of
Reorganization will be held on May 19, 2022, at 10:00 o'clock a.m.,
this Court's local time. The hearing will be held via an AT&T
call−in number.
Any and all objections to confirmation of the Amended Plan of
Reorganization must be in writing and must be filed with the Clerk
on or before May 12, 2022.
Acceptances or rejections of the Amended Plan of Reorganization
must be filed and served on or before May 5, 2022.
The deadline for achieving confirmation to the Amended Plan of
Reorganization was extended by separate order through May 20,
2022.
Prepared by:
Harry P. Long
Post Office Box 1468
Anniston, Alabama 36202
Tel: (256) 237-3266
E-mail: hlonglegal8@gmail.com
About Classic Catering
Classic Catering, Inc., sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 21-40569-11) on
June 9, 2021. In the petition signed by Cathryn L. Mashburn,
secretary, the Debtor disclosed up to $100,000 in assets and up to
$500,000 in liabilities.
Judge James J. Robinson oversees the case.
Harry P. Long, Esq., at the Law Offices of Harry P. Long, LLC, is
the Debtor's counsel.
COMPREHENSIVE CENTER: Hits Chapter 11 Bankruptcy Protection
-----------------------------------------------------------
Comprehensive Center LLC, a healthcare company that provides
rehabilitation services, sought Chapter 11 protection.
According to a court filing, Comprehensive Center estimates between
1 and 49 unsecured creditors, including DiamStar Realty Corp, NY
State Insurance Fund, and Southeast Grand Street Guild. The
petition states that funds will be available to unsecured
creditors.
A meeting of creditors under 11 U.S.C. Sec. 341(a) is slated for
May 9, 2022, at 3:00 p.m. at Office of UST.
About Comprehensive Center
The Comprehensive Center, LLC, provides rehabilitation services.
The Company offers pain management, counseling, sensory integration
program, speech and language, physical, and occupational therapy.
Comprehensive Center LLC filed for chapter 11 protection (Bankr.
S.D.N.Y. Case No. 22-10427) on April 5, 2022. In the petition
filed by Nosson R. Sklar, as president, Comprehensive Center
estimated assets of up to $50,000 and liabilities of $100,000 to
$500,000. This case has been assigned to Judge Michael E. Wiles.
Gabriel Del Virginia, Esq., of Law Offices of Gabriel Del Virginia,
is the Debtor's counsel.
CORINTHIAN COMMUNICATIONS: Seeks Chapter 11 Bankruptcy
------------------------------------------------------
Corinthian Communications, Inc., filed for chapter 11 protection.
Since 1979, the Debtor has been providing bookkeeping and payroll
for a media buying and trading company.
During COVID-19, the Debtor was unable to use its office location,
and as such, under the terms of the lease, the Debtor believes that
it does not have to pay rent. The Debtor's landlord disputes the
Debtor's interpretation of the lease and asserts that the Debtor
owes it $1,030,342. The Debtor disputes such amount and such
amount, if valid, is unsecured debt.
The landlord commenced an action to evict the Debtor and for rent
landlord asserts is owing. This rental obligation, coupled with
the effects of COVID, are the main reasons for the Debtor’s
filing of the Chapter 11 case.
The Debtor does not have secured debt.
By this chapter 11 process, the Debtor intends to restructure its
debt obligations pursuant to a plan of reorganization, while at the
same time, exploring strategic alternatives.
According to court filing, Corinthian Communications estimates
between 1 and 49 unsecured creditors. The petition states that
funds will not be available to unsecured creditors.
A teleconference meeting of creditors under 11 U.S.C. Sec. 341(a)
is slated for May 5, 2022, at 1:00 p.m. at Office of UST.
About Corinthian Communications
Corinthian Communications Inc. is a media buying and planning
company in New York.
On April 4, 2022, Corinthian Communications filed for chapter 11
protection (Bankr. S.D.N.Y. Case No. 22-10425). In the petition
signed by Larry Miller, as president, Corinthian estimated assets
between $100,000 and $500,000 and estimated liabilities between $1
million and $10 million. Eric H. Horn, of A.Y Strauss LLC, is the
Debtor's counsel.
COTTAGE GROVE: Seeks Cash Collateral Access Thru May 1
------------------------------------------------------
Cottage Grove Center, LLC asks the U.S. Bankruptcy Court for the
District of Oregon for authority to use cash collateral on an
interim basis in the maximum amount of $5,281 through May 1, 2022.
The Debtor needs to use the rents to continue operation of their
business.
A preliminary hearing on the matter is scheduled for April 14, 2022
at 2:30 p.m.
The secured creditors with an interest in the cash collateral are
Del Toro Loan Servicing, Inc. who holds the 1st, 2nd and 3rd Trust
Deeds with various beneficiaries; and Michael P. Miller. Del Toro
has an assignment of rent recorded with Lane County recorder.
As and for adequate protection pursuant to 11 U.S.C. sections 361,
363, and 364, the Secured Creditors will be granted a security
interest and replacement lien, dollar for dollar, in all of the
Post-Petition accounts and rent receivables to replace their
security interest and liens in collateral to the extent of
Pre-Petition cash collateral utilized by Debtor during the pendency
of the bankruptcy proceeding.
A copy of the motion and the Debtor's budget for the period from
April to October 2022 is available at https://bit.ly/3xlgH0l from
PacerMonitor.com.
The Debtor projects $7,853 in total income and $6,781 in total
expenses.
About Cottage Grover Center
Cottage Grove Center LLC is a Single Asset Real Estate (as defined
in 11 U.S.C. Section 101(51B)).
Cottage Grove Center sought Chapter 11 bankruptcy protection
(Bankr. D. Ore. Case No. 22-60332) on March 24, 2022. In the
petition filed by Richard J. Gordon as managing member, Cottage
Grove Center listed estimated assets up to $50,000 and estimated
liabilities between $1 million and $10 million. Ted A. Troutman,
Esq., at Troutman Law Firm P.C., is the Debtor's counsel.
CPI CARD: S&P Upgrades ICR to 'B' on Strong Operating Performance
-----------------------------------------------------------------
S&P Global Ratings raising our issuer credit rating to 'B' from
'B-' because S&P expects CPI Card Group Inc.'s leverage will remain
below our previously established upgrade threshold in the low-5x
area.
At the same time, S&P is raising its ratings on the senior secured
debt to 'B' from 'B-'.
S&P said, "The stable outlook reflects our view that CPI's adjusted
leverage will remain below the low-5.0x area and free operating
cashflow (FOCF) to debt will be least 5% on a sustained basis. The
stable outlook also reflects our view that CPI's operating
performance will benefit from the normal credit and debit card
renewal cycles and the ongoing transition to contactless cards over
the next 12-24 months."
"The upgrade on CPI reflects the company's strong operating
performance over the past 12 months, with organic revenue growth
across all its business segments driving adjusted leverage below
our upgrade threshold for the rating. We now expect the company
will keep leverage below the low-5.0x area on a sustained basis,
while maintaining FOCF to debt of at least 5%."
Demand for contactless cards remained strong in 2021, which
increased volumes. Additionally, growth in the company's
higher-margin sustainable offerings such as cards made from
recovered ocean-bound plastic kept pricing levels strong. The
company's prepaid debit card segment also benefited from new
clients as well as a surge in inventory replenishment in 2021 as
retailers sought to increase inventory levels to support the growth
in demand driven by the economic recovery.
S&P said, "We expect adjusted leverage will be between 4.0x and
-4.5x in 2022 and 2023. We expect CPI's revenue to grow in 2022,
largely driven by continued demand for contactless and eco-friendly
cards, partially offset by declines in prepaid debit cards to
normalized levels. However, we forecast some pressure on margins
driven by higher costs associated with inventory procurement and
labor-related wage inflation. We expect CPI will be able to
increase prices over 2022 which could provide some margin
protection, but we don't forecast this to be enough to fully offset
the impact to EBITDA margins.
"We believe CPI has procured sufficient inventory to support its
forecasts for demand in 2022, however, we also expect working
capital to be a use of cash in 2022, mainly as companies
proactively build up inventory to support potential additional
customer demands amidst the uncertainties created by global supply
chain issues.
"We expect demand for new debit and credit cards will continue to
support steady revenue growth in 2022, including the ongoing
transition to contactless and eco-friendly cards.We forecast card
replacement demand to continue into 2022, primarily driven by the
financial industry's ongoing transition to contactless cards. About
40% of the industry has fully converted to contactless cards,
leaving additional room for growth over the next few years. CPI
primarily serves smaller and regional banks, where the transition
to contactless cards has been slower, but with the same positive
growth trends. Contactless cards and the company's eco-friendly
ocean-bound plastic cards are also higher priced products, which we
expect to support pricing and drive revenue growth over the next 12
months.
"The company's pre-paid segment's operating performance will
moderate in 2022 after a robust 2021 driven largely by large
inventory replenishments in the year that we don't expect will
continue in 2022. However, the segment has benefited from new
client wins over the past year that should keep operating
performance stronger than pre-COVID.
"We believe CPI's financial policy will keep leverage below the
low-5.0x area.CPI has indicated that its current cash flow priority
will continue to be debt repayment, before pursuing strategic
acquisitions or shareholder distributions, which could include
share repurchases. We have not forecasted any potential
acquisitions or shareholder distributions over the next 12 months.
"The stable outlook reflects our view that CPI's adjusted leverage
will between 4.0x – 4.5x area and free operating cash flow
(FOCF)-to-debt will be least 5% over the next 12 months. The stable
outlook also reflects our view that CPI's operating performance
will benefit from the normal credit and debit card renewal cycles
and the ongoing transition to contactless cards over the next 12
– 24 months.
"We could lower our ratings on CPI if we expect the company's
adjusted leverage to rise above the low 5.0x area while FOCF to
debt declines below 5% on a sustained basis."
This could occur if:
-- CPI pursues a more aggressive financial policy that prioritizes
debt-funded acquisitions and/or distributions over de-leveraging,
which keeps credit metrics elevated
-- Operating performance deteriorates due to
slower-than-forecasted growth from reduced uptake of higher-priced
products and/or intense competition impairs the company's pricing
and volumes
S&P could raise its ratings on CPI if it expects adjusted leverage
to decline and remain in the low-4.0x area and FOCF -to debt to
rise and remain above 10%.
S&P's upside scenario would also need to incorporate the following
two factors:
-- CPI indicates a financial policy that supports keeping credit
metrics at this level, even when considering shareholder
distributions and/or acquisitions
-- The company demonstrates a track record of maintaining revenue
and EBITDA growth while being able to maintain pricing and volume
amid a competitive landscape either through revenue diversification
and/or strong product differentiation
CRR INC: Seeks Chapter 11 Bankruptcy Protection
-----------------------------------------------
CRR Inc. filed for chapter 11 protection in the District of
Maryland.
CRR is a single asset real estate. It owns the property at 909
Ednor Road, Silver Spring, Maryland. It estimates that the
property is worth $635,100. Its liabilities total $525,000.
According to court documents, CRR Inc. has 2 secured creditors,
namely Select Portfolio ServicingInc and Orlan, PCATTN: James.
About CRR Inc.
CRR Inc. -- http://www.crrfacilities.com/-- is a company that
specializes in commercial cooking, preparation, refrigeration
equipment and HVAC repairs - gas, steam, electric, refrigeration
and HVAC.
CRR, Inc., filed for chapter 11 protection (Bankr. D. Md. Case No.
22-11786) on April 5, 2022. In the petition filed by Calvin
Baltimore, as president, CRR Inc. estimated assets and liabilities
between $500,000 and $1 million. This case has been assigned to
Judge Thomas J. Catliota. William C. Johnson, Jr., of The Johnson
Law Group, LLC, is the Debtor's counsel.
DEERFIELD DAKOTA: $225MM Loan Add-on No Impact on Moody's B3 CFR
----------------------------------------------------------------
Moody's Investors Service said that Deerfield Dakota Holding, LLC's
(dba "Kroll", formerly "Duff & Phelps") $225 million term loan
issuance does not affect the ratings. The incremental term loan is
an add-on to the company's $2.3 billion senior secured first lien
term loan due 2027 and will be used to repay the current $130
million revolver draw and to provide liquidity to the balance
sheet. The current draw on the revolving credit facility, along
with cash on the balance sheet, was used to fund the acquisition of
Resolver Inc. ("Resolver"), a cloud-based software provider of
cyber security tools, which closed in March 2022. The transaction
is credit negative as it resets leverage above 8.0x (Moody's
adjusted, including partial credit to pro forma adjustments), but
it is in line with Moody's expectation that Kroll will continue to
employ aggressive financial policies to fund M&A. Ratings remain
unchanged at this time.
The acquisition of Resolver will complement Kroll's cyber security
practice by incorporating a cloud platform focused on cyber risk.
Its capabilities include incident and investigation management,
identification and reporting of business risks, compliance
efficiency and other tools. Resolver will join previously acquired
Redscan Cyber Security Ltd. ("Redscan") and Security Compass
Advisory Inc.'s ("security Compass") assets within Kroll's cyber
risk segment. The software platform incorporates a
subscription-based revenue stream that will contribute to increase
Kroll's non-cyclical assets. Cross-selling to Kroll's client base
will enable growth opportunities. However, the high acquisition
multiple increases leverage and dilutes Kroll's profitability in a
competitive market segment with larger providers of risk management
solutions.
The B3 corporate family rating reflects Kroll's highly leveraged
capital structure with pro forma debt/EBITDA above 8.0x as of
December 2021 (Moody's adjusted). Intense competition, weak free
cash flow to debt and the expectation for aggressive financial
policies and debt-funded M&A also weigh on the credit. The firm's
appetite for debt has resulted in periods of very high debt/EBITDA
after acquisitions. However, Kroll's track record over the years of
successfully integrating acquisitions and reducing leverage below
7.0x after very high closing levels mitigates the risk.
Historically, Kroll has focused on advisory and consulting targets
with similar business profiles and human capital characteristics as
the company's legacy business. Recent acquisitions have
incorporated technology-enabled services and software assets, which
provide stable revenue streams but command very high valuation
multiples and increase integration risks. The recent acquisitions
of Redscan and Security Compass in 2021, along with Resolver in
March 2022 have created a new business segment focused on cyber
risk solutions.
Kroll benefits from an established franchise as a provider of a
broad range of financial advisory, risk management, bankruptcy
solutions, valuation, governance, and cyber services to a
diversified client base. Well-known brands, such as Duff & Phelps,
and an entrenched network of customer relationships provide revenue
stability. While the majority of client fees are not contractually
recurring, a large proportion of existing assignments require
periodic reviews, resulting in predictable contributions to
revenue. Over the years, Kroll has materially reduced its reliance
on cyclical corporate finance advisory fees through acquisitions.
The majority of revenue is now derived from non-cyclical or
counter-cyclical sources, which helped Kroll sustain a strong 9.7%
pro forma growth rate in 2020, despite the economic downturn caused
by COVID-19. Moody's expect the firm will continue to diversify its
revenue base through M&A.
Deerfield Dakota Holding, LLC is the holding company of Kroll (aka
Duff & Phelps), a global consulting and business services firm.
Kroll operates in five main business segments: valuation and
corporate finance; governance and risk advisory; cyber risk;
business services; and digital. The company generated approximately
$1.6 billion of pro forma revenue in 2021. The company was acquired
in April 2020 by private equity sponsors Stone Point Capital
(majority owner) and Further Global. Former owner Permira also
maintained a minority stake.
DIOCESE OF CAMDEN: Cross, Ava Law Represent Sexual Abuse Surviors
-----------------------------------------------------------------
In the Chapter 11 cases of The Diocese of Camden, New Jersey, the
law firms of Cross & Simon, LLC and AVA Law Group provided notice
under Rule 2019 of the Federal Rules of Bankruptcy Procedure, to
disclose that they are representing the Sexual Abuse Survivor
Claimants.
Due to confidentiality, each Claimant has been identified by their
Survivor Proof of Claim number assigned by the Clerk of the Court.
The names and addresses of the confidential claimants are available
to permitted parties who have executed a confidentiality agreement
and have access to the Survivor Proof of Claim Forms. See Order
Establishing Deadline for Filing Proofs of Claim and Approving the
Form and Manner of Notice Thereof [Docket No. 409] and Stipulation
and Consent Order Regarding Insurer Access to Filed Survivor Proofs
of Claim [Docket No. 605].
Pursuant to the individual retainer agreements, AVA was
individually retained by each Claimant listed in Exhibit A to
pursue claims for damages against the Debtor as a result of sexual
abuse. This includes representing and acting on behalf of each
Claimant in these bankruptcy proceedings. Exemplar copies of each
form of engagement agreement authorizing AVA to act on behalf of
each Claimant and providing for the payment of AVA's fees and costs
are attached hereto. The form of engagement agreement pertaining to
each Claimant is indicated on Exhibit A. AVA’s interest relative
to each Claimant is outlined in the exemplar engagement agreements
and set forth by New Jersey Court Rule 1:21-7.
Each Claimant maintains an individual economic interest against the
Debtor that has been disclosed in the Survivor Proof of Claim
Forms.
The information set forth in this disclosure is intended only to
comply with Bankruptcy Rule 2019 and not for any other purpose.
Counsel for AVA Law Group, Inc. can be reached at:
CROSS & SIMON, LLC
Kevin S. Mann, Esq.
1105 North Market Street, Suite 901
Wilmington, DE 19801
Telephone: (302) 777-4200
Facsimile: (302) 777-4224
E-mail: kmann@crosslaw.com
- and -
Andrew Van Arsdale, Esq.
AVA Law Group, Inc.
3667 Voltaire Street
San Diego, CA 92106
Telephone: (866) 428-2529
E-mail: andrew@avalaw.com
A copy of the Rule 2019 filing is available at
https://bit.ly/3LYrQrZ at no extra charge.
About The Diocese of Camden, NJ
The Diocese of Camden, New Jersey is a nonprofit religious
corporation organized pursuant to Title 16 of the Revised Statutes
of New Jersey. The Diocese is the secular legal embodiment of the
Roman Catholic Diocese of Camden, a juridic person recognized under
Canon Law.
The Diocese of Camden sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.N.J. Case No. 20-21257) on Oct. 1, 2020.
The petition was signed by Reverend Robert E. Hughes, vicar General
and vice president. At the time of the filing, the Debtor had total
assets of $53,575,365 and liabilities of $25,727,209. Judge
Jerrold N. Poslusny Jr. oversees the case. McManimon, Scotland &
Baumann, LLC, is the Debtor's legal counsel.
DIOCESE OF CAMDEN: JJS Represents Sexual Abuse Claimants
--------------------------------------------------------
In the Chapter 11 cases of The Diocese of Camden, New Jersey, the
law firm of Janet, Janet & Suggs, LLC submitted a verified
statement under Rule 2019 of the Federal Rules of Bankruptcy
Procedure, to disclose that it is representing the Sexual Abuse
Claimants.
Due to confidentiality, each Claimant listed in Exhibit A has been
identified by their Sexual Abuse Proof of Claim Form number
assigned by the Clerk of Court. The names and addresses of the
confidential Claimants are available to permitted parties who have
executed a confidentiality agreement and have access to the Sexual
Abuse Claim Forms.
Pursuant to individual fee agreements, JJS was individually
retained by each Claimant listed in Exhibit A to pursue claims for
damages against the Diocese of Camden, New Jersey as a result of
sexual abuse. This includes representing and acting on behalf of
each Claimant in the bankruptcy case.
Each Claimant maintains an individual economic interest against the
Debtor Diocese of Camden, New Jersey that has been disclosed in the
Sexual Abuse Survivor Proof of Claim Forms or will be disclosed in
the future.
Counsel for Claimants can be reached at:
JANET, JANET & SUGGS, LLC
Brenda A. Harkavy, Esq.
Executive Centre at Hooks Lane
4 Reservoir Circle
Suite 200
Baltimore, MD 21208
Telephone: 410-653-3200
Facsimile: 410-653-9030
E-mail: bharkavy@jjsjustice.com
A copy of the Rule 2019 filing is available at
https://bit.ly/3LYrQrZ at no extra charge.
About The Diocese of Camden, NJ
The Diocese of Camden, New Jersey is a nonprofit religious
corporation organized pursuant to Title 16 of the Revised Statutes
of New Jersey. The Diocese is the secular legal embodiment of the
Roman Catholic Diocese of Camden, a juridic person recognized under
Canon Law.
The Diocese of Camden sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.N.J. Case No. 20-21257) on Oct. 1, 2020.
The petition was signed by Reverend Robert E. Hughes, vicar General
and vice president. At the time of the filing, the Debtor had
total assets of $53,575,365 and liabilities of $25,727,209. Judge
Jerrold N. Poslusny Jr. oversees the case. McManimon, Scotland &
Baumann, LLC, is the Debtor's legal counsel.
DIOCESE OF CAMDEN: Must Reveal Accused Priests Names, Says Judge
----------------------------------------------------------------
James Nani of Bloomberg Law reports that a bankruptcy judge ruled
that the Diocese of Camden in New Jersey must release the names of
dozens of priests and others who have been accused of sexual
misconduct as part of its Chapter 11 case.
Judge Jerrold N. Poslusny of the U.S. Bankruptcy Court for the
District of New Jersey at a hearing Thursday overruled objections
from the diocese and insurers to keep sealed documents that contain
the names of priests and others accused of misconduct by sexual
abuse survivors.
Poslusny ordered emails and diocese records related to memos,
letters, and internal actions or investigations to be released.
About The Diocese of Camden, NJ
The Diocese of Camden, New Jersey is a nonprofit religious
corporation organized pursuant to Title 16 of the Revised Statutes
of New Jersey. The Diocese is the secular legal embodiment of the
Roman Catholic Diocese of Camden, a juridic person recognized under
Canon Law.
The Diocese of Camden sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.N.J. Case No. 20-21257) on Oct. 1, 2020.
The petition was signed by Reverend Robert E. Hughes, vicar General
and vice president. At the time of the filing, the Debtor had
total assets of $53,575,365 and liabilities of $25,727,209. Judge
Jerrold N. Poslusny Jr. oversees the case. McManimon, Scotland &
Baumann, LLC, is the Debtor's legal counsel.
DIOCESE OF CAMDEN: Siedman, et al. Represent RAM Law Claimants
--------------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firm of Seidman & Pincus LLC, Rebenack, Aronow & Mascolo,
LLP and PFAU Cochran Vertetis Amala, PLLC submitted a verified
statement to disclose that they are representing the RAM Law
Claimants in the Chapter 11 cases of The Diocese of Camden, New
Jersey.
Each of the clients set forth on Exhibit 1 hereto has retained
Rebenack, Aronow & Macolo, LLP and Pfau Cochran Vertetis Amala PLLC
to represent him as litigation counsel in connection with, among
other things, abuse claims against the Debtor and other third-party
defendants. Due to confidentiality, each of the RAM Law Clients
listed in Exhibit 1 has been identified by their Sexual Abuse Proof
of Claim Form number assigned by the Clerk of Court. The name and
address of each of the confidential RAM Law Clients is available to
permitted parties who have executed a confidentiality agreement and
have access to the Sexual Abuse Claim Forms.
Each of the RAM Law Clients maintains an individual economic
interest against the Debtor Diocese of Camden, New Jersey that has
been disclosed in the Sexual Abuse Survivor Proof of Claim Forms or
will be disclosed in the future. Exhibit 1 sets forth the nature
and amount of the disclosable economic interests held by each of
the RAM Law Clients in relation to the Debtor as of April 4, 2022,
and the other information required to be disclosed by Bankruptcy
Rule 2019.
True and correct copies of exemplar engagement agreements between
RAM Law, PCVA and the RAM Law Clients are attached hereto as
Exhibit 2. Please note that the individual engagement agreements
set forth the identities of the applicable abuser(s) in the first
paragraph of section 1 thereof.
RAM Law and PCVA contacted Jeffrey A. Kramer of Seidman & Pincus,
LLC regarding representation as bankruptcy counsel in connection
with the Chapter 11 cases on or about March 15, 2022. On behalf of
the RAM Law Claimants, RAM Law and PCVA executed an hourly-rate
engagement agreement with Seidman dated and effective as of March
15, 2022, on April 4, 2022. A true and correct copy of the
engagement agreement between RAM Law, PCVA, and Seidman is attached
hereto as Exhibit 3.
RAM Law, PCVA, and Seidman do not represent the interests of, and
are not fiduciaries for, any abuse claimant, other creditor, party
in interest, or other entity that has not signed an engagement
agreement with RAM Law, PCVA, or Seidman, as applicable.
Counsel to RAM Law Claimants can be reached at:
SEIDMAN & PINCUS LLC
Jeffrey A. Kramer, Esq.
777 Terrace Avenue, Suite 508
Hasbrouck Heights, NJ 07604
Telephone: (201) 473-0047
E-mail: jk@seidmanllc.com
REBENACK, ARONOW & MASCOLO, LLP
J. Silvio Mascolo, Esq.
111 Livingston Avenue
New Brunswick, NJ 08901
Telephone: (732) 247-3600
E-mail: jmascolo@ram.law
- and -
PFAU COCHRAN VERTETIS AMALA, PLLC
Michael T. Pfau, Esq.
Jason P. Amala, Esq.
403 Columbia St., Suite 500
Seattle, WA 98104
Telephone: (206) 451-8260
E-mail: michael@pcvalaw.com
jason@pcvalaw.com
A copy of the Rule 2019 filing is available at
https://bit.ly/3LYrQrZ at no extra charge.
About The Diocese of Camden, NJ
The Diocese of Camden, New Jersey is a nonprofit religious
corporation organized pursuant to Title 16 of the Revised Statutes
of New Jersey. The Diocese is the secular legal embodiment of the
Roman Catholic Diocese of Camden, a juridic person recognized under
Canon Law.
The Diocese of Camden sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.N.J. Case No. 20-21257) on Oct. 1, 2020.
The petition was signed by Reverend Robert E. Hughes, vicar General
and vice president. At the time of the filing, the Debtor had total
assets of $53,575,365 and liabilities of $25,727,209. Judge
Jerrold N. Poslusny Jr. oversees the case. McManimon, Scotland &
Baumann, LLC, is the Debtor's legal counsel.
EBERHARDT PARTNERSHIP: Seeks Cash Collateral Accesss
----------------------------------------------------
Eberhardt Partnership asks the U.S. Bankruptcy Court for the
Northern District of California, San Jose Division, for authority
to use the cash collateral of JPMorgan Chase and provide adequate
protection.
The Debtor proposes to use cash collateral to pay for the normal
operating expenses of the business including a draw of not to
exceed $6,000/month for Fran Eberhardt and a draw of $2,000/month
for Ian Eberhardt.
At the time of the filing of the petition, the Debtor's assets
consisted of cash in its Meriwest checking accounts, accounts
receivable, inventory, office furniture, a computer and fax
machine, warehouse fixtures, machinery and a 2013 Nissan Van. Chase
has a UCC lien encumbering these assets. It loan is guaranteed by
the SBA. Ascentium Capital, LLC also has three purchase money loans
secured by a UCC-1 filing on machinery. Yet to continue
operations, debtor needs to use the inventory, receivables and
money generated from machinery to make payroll, pay rent , pay for
new inventory and generally, for operations.
As adequate protection, the Debtor intends to offer JPMorgan Chase
a replacement lien for the use of its cash collateral on
post-petition receivables and revenue and to pay it adequate
protection payments on the scheduled secured amount of $160,512 of
$1,187 per month. Authority for use of cash collateral is
requested until the case is confirmed, converted, dismissed or
there is a default with failure to cure.
It is unclear if Ascentium Capital, LLC has a blanket UCC-1 lien,
the Debtor, as a condition of use of cash collateral, is prepared
to make Ascentium Capital, LLC adequate protection payments.
The Debtor proposes to provide all secured creditors holding a
blanket UCC-1 a replacement lien for the use of all pre-petition
cash collateral that is used by granting these secured creditors a
lien in post-petition receivables and cash. Hence, these creditors'
equity position would not be impaired. The Creditors will have the
same priority in such replacement lien as these creditors had
pre-petition.
Further, the Debtor proposes to pay secured creditors, as adequate
protection, $1,187.29 per month to JP Morgan Case and $632.79
($303.74 + $25.31 + $303.74) to Ascentium Capital, LLC with
payments commencing the 15th day of the month following entry of
order on the motion or such other distribution that may be agreed
to by the parties or ordered by the Court.
The Debtor proposes that the payments, absent further Court order,
continue until the sooner of confirmation, dismissal, conversion or
the failure to cure a default after 10 days written notice to
Debtor and Debtor's counsel.
A copy of the motion is available at https://bit.ly/3v4JSls from
PacerMonitor.com.
About Eberhardt Partnership
Eberhardt Partnership sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bakr. N.D. Cal. Case No. 22-50291) on April
6, 2022. In the petition filed by Franes Eberhardt, general
partner, the Debtor disclosed up to $500,000 in assets and up to $1
million in liabilities.
Lars Fuller, Esq. at The Fuller Law Firm, PC is the Debtor's
counsel.
ENRAMADA PROPERTIES: Unsecureds Will be Paid From Assets
--------------------------------------------------------
Enramada Properties, LLC, et al., submitted a Fourth Amended Plan
of Reorganization.
The Debtors will have the power and authority to settle and
compromise a disputed claim with court approval and compliance with
FRBP 9019 unless the amount allowed by the compromise does not
exceed $10,000, in which case court approval is not necessary.
The Plan will treat General Unsecured Creditors (Classes 4(a),
4(b), 4(c) and 4(d)) as follows:
* Class 4(a): A creditor whose allowed claim is $2,500 or less
or who elects to reduce its allowed claim to $2,500 will receive a
single payment equal to 100% of its allowed claim on the Effective
Date of the Plan. Class 4(a) claims total $5,516. Virtually all of
the Class 4(a) claims belong to Novoa. Novoa will contribute future
income to pay the claims of Classes 4(a).
* Class 4(b): This class consists of general unsecured claims
filed in both the Enramada and Novoa bankruptcy cases. Class 4(b)
claims total $401,059. Debtors will contribute the full amount of
the net proceeds from the sale of the Lanfranco Property, the
Pogosian settlement proceeds and future income from both Debtors to
pay the claims of Class 4(b). Class 4(b) members will be paid 60%
of their allowed claims. Members of this class include but are not
limited to the amount of a secured creditor's claim in excess of
the secured claim unless the holder of a secured claim makes a
timely and valid Section 1111(b) election. Should that occur, the
claim shall be treated as a secured claim notwithstanding Section
506(a).
* Class 4(c): This class consists of claims by general unsecured
creditors of the Enramada bankruptcy case only. There are not
presently any Class 4(c) claims. The class is listed in case any
such claims are discovered. Enramada will contribute the full
amount of the net proceeds from the sale of the Lanfranco Property
and future income to pay the claims of Classes 4(c). Members of
this class include but are not limited to the amount of a secured
creditor's claim in excess of the secured claim unless the holder
of a secured claim makes a timely and valid Section 1111(b)
election. Should that occur, the claim shall be treated as a
secured claim notwithstanding Section 506(a).
* Class 4(d): This class consists of claims by general unsecured
creditors in the Novoa bankruptcy case only. Class 4(d) claims
total $327,189. Novoa will contribute the full amount of the net
proceeds from the Pogosian settlement proceeds and future income to
pay the claims of 6 Class 4(d). Class 4(d) members will be paid 60%
of their allowed claims.
Enramada intends to make payments required under the Plan from
available cash: Enramada projects it will have $26,878 cash
available on the Effective Date, from sale of assets, and future
disposable income: Enramada estimates that projected monthly
disposable income available to creditors for the 7-year period
following confirmation will average approximately $1,700.
Novoa intends to make payments required under the Plan from
available cash: Enramada projects it will have $198,054 cash
available on the Effective Date and from future disposable income:
Enramada estimates that projected monthly disposable income
available to creditors for the 7-year period following confirmation
will average approximately $7,000 and other sources of funding:
Castro New Value Contribution.
Attorneys for the Debtors:
Andrew S. Bisom, Esq.
THE BISOM LAW GROUP
300 Spectrum Center Drive, Ste. 1575
Irvine, CA 92618
Telephone: (714) 643-8900
Facsimile: (714) 643-8901
E-mail: abisom@bisomlaw.com
- and -
Fritz J. Firman, Esq.
WEBER FIRMAN
1503 South Coast Dr., Ste. 209
Costa Mesa, CA 92626
Telephone: (714) 433-7185
E-mail: firmanweber@yahoo.com
A copy of the Plan dated Apri 1, 2022, is available at
https://bit.ly/3LEYYVr from PacerMonitor.com.
About Enramada Properties
Enramada Properties, LLC, based in Whittier, California, holds a
joint tenancy interest in a property located in Los Angeles,
California valued at $325,000. It also owns two real properties in
Whittier having an aggregate current value of $1.1 million.
Enramada Properties filed for Chapter 11 bankruptcy (Bankr. C.D.
Cal. Case No. 19-19869) on Aug. 22, 2019. In the petition signed
by Sylvia Novoa, managing member, the Debtor listed total assets of
$1,429,000 against total liabilities of $1,724,414. The Hon. Julia
W. Brand oversees the case. Andrew S. Bisom, Esq., at The Bison
Law Group, serves as the Debtor's bankruptcy counsel.
ENTRAVISION COMMUNICATIONS: S&P Ups ICR to 'B+', Outlook Stable
---------------------------------------------------------------
S&P Global Ratings raised the issuer credit rating on Entravision
Communications Corp. to 'B+' from 'B'. At the same time, S&P raised
the issue-level rating on the senior secured debt to 'BB-' from
'B+'.
The stable outlook reflects S&P's expectation that digital revenue
will continue to be the main driver of revenue and EBITDA growth
and that the company will continue to prioritize using its cash for
acquisitions. It also reflects its expectation that leverage will
remain well below 4x.
Leverage will remain below 4x despite an appetite for further
acquisitions. Despite an aggressive financial policy, the company's
average eight-quarter leverage declined to about 3.2x as of Dec.
31, 2021, due to the acquisition of the remaining 51% of Cisneros
and better-than-expected profitability in its radio segment. S&P
said, "We expect digital EBITDA growth in 2022 will offset declines
in its traditional TV broadcast business from the loss of
affiliation agreements with Univision in the D.C., Orlando, and
Tampa markets, and lead to overall consolidated EBITDA growth. This
growth, combined with declining contingent consideration
liabilities (included in our adjusted debt calculation), will cause
leverage to decline to around 3x in 2022 and then likely below 3x
in 2023. S&P said, "We believe the company will continue to use its
cash balance ($185.1 million as of Dec. 31, 2021) to acquire assets
that will increase its scale in the digital advertising industry
given its acquisitive history. Additionally, we expect the company
will increasingly prioritize shareholder-rewarding activities such
as share repurchases and dividends."
Acquisitions have greatly accelerated Entravision's digital EBITDA
growth, but expose the company to potential earnings volatility.
Entravision completed three acquisitions in 2021, all in the
digital commercial partnership segment where it represents large
global digital platforms in emerging markets. These businesses have
short-term contracts with large digital media companies such as
Meta Platforms Inc., Spotify, TikTok, and Twitter. Entravision
depends on maintaining and renewing these contracts for the
exclusive right to sell advertising inventory on those platforms in
certain emerging markets. If any of these larger media companies
decide to move their business to another partner, or if they begin
to build out their own in-house capabilities, it could
significantly impair Entravision's profitability. S&P said, "We
expect digital revenue to contribute over 75% of consolidated
revenue and over 35% of consolidated EBITDA in 2022. The digital
marketing business will continue to grow much faster than
Entravision's TV or Radio businesses, but the diversification
benefit is somewhat tempered by our view that the earnings from the
digital marketing businesses could be volatile. We believe there
will continue to be significant execution risks associated with
scaling its digital businesses."
Entravision's broadcast businesses are exposed to secular declines.
Entravision's total TV revenue growth is lower than the industry
average because stable retransmission revenue is a lower percentage
of overall revenue. Entravision receives a mid-single-digit percent
annual contractual increase in retransmission rates while the
industry's retransmission rates are growing at twice that rate or
more. S&P said, "Our industry forecast assumes total pay-TV
subscribers (including both legacy and virtual pay-TV subscribers)
will decline 6%-7% over the next two years as consumers continue
moving to streaming video alternatives. We do not expect that
Entravision's rate increases will be sufficient to offset the
declines in total subs over our forecast period and believe
Entravision's TV revenue will decline at a low-single-digit percent
rate, averaging the impact from political revenue, over our
forecast."
S&P said, "The radio segment grew roughly 25% in 2021, faster than
we expected, and has now recovered in excess of 2019 levels.
Additionally, the company significantly reduced its operating costs
in the segment such that broadcast radio EBITDA margin increased to
about 32%. We expect the improvement in profitability to carry
forward into the forecasted years, with the segment maintaining an
EBITDA margin in the low-30% area. The recovery in radio provides
incremental EBITDA and diversification away from TV EBITDA in our
forecast. However, we still expect core broadcast radio advertising
to resume its secular decline at a low-single-digit annual percent
rate beginning in 2023.
"The stable outlook reflects our expectation that digital revenue
will continue to be the main driver of revenue and EBITDA growth
and that the company will continue to prioritize using its cash for
growth acquisitions. It also reflects our expectation that leverage
will stay well below 4x."
S&P could lower the rating if it expects leverage to increase and
remain above 4x. This could occur if:
-- Declines in Entravision's core advertising business
significantly outpace the EBITDA growth from the digital segment;
-- Failures to renew contracts in its digital segment cause sudden
declines in revenue and EBITDA; or
-- The company pursues large debt-financed acquisitions.
While unlikely at this time, S&P could raise the rating if:
-- The company returns to sustained positive organic core revenue
growth in the TV segment;
-- It scales, diversifies, and improves the profitability of its
digital segment such that consolidated EBITDA margin remains well
above 10%; and
-- S&P expected the company to maintain leverage well below 3x.
ESG credit indicators: E-2, S-2, G-3
ES1 LLC: Unsecureds to Get 100 Cents on Dollar in Plan
------------------------------------------------------
ES1, LLC, submitted a Plan of Reorganization.
This Plan of Reorganization under chapter 11 of the Bankruptcy Code
proposes to pay creditors of ES1, LLC from the liquidation of
rental properties owned by the Debtor.
Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately 100 cents on the dollar.
Class 4 The Unsecured Claim of the US Small Business Administration
- COVID-19 Economic Injury Disaster Loan (EIDL) totaling
$30,000.00. Following the sale of the third property and full
satisfaction of the claims in Classes 1, 2, and 3, Creditor shall
receive a distribution of up to 100% of the allowed claim, within
30 days of the closing of the third property, no more than 9 months
following the effective date of this Plan. Unsecured will recover
100% of their claims. Class 4 is impaired.
Class 5 The Unsecured Claim of the US Small Business Administration
– Paycheck Protection Program totaling $100,000.00. Class 5 is
subject to offset by the $100,000 in a Wells Fargo Account seized
on May 29, 2020, by the United States of America. The Civil
Forfeiture Order was entered January 21, 2022. No additional
distribution will be made to this Creditor through this Plan of
Reorganization. The claim is wholly satisfied by the Civil
Forfeiture funds. Class 5 is impaired.
Class 6 All other unsecured claims against ES1, LLC. The Claims Bar
Date in this case was established as January 7, 2022. Upon
information and belief, Debtor asserts that there are no other
unsecured claims against the Debtor. However, should any claims
become known after January 7, 2022 and confirmation of this Plan,
the Debtor will make a distribution to the unsecured creditors of
up to 100% of their claims in a pro rata distribution of the
remaining funds brought into the estate from the liquidation of its
assets. Claims submitted after confirmation of this Plan will be
disallowed and no distribution will be made. As of March 31, 2022,
no additional unsecured claims have been filed claims with the
Court or otherwise come to the attention of the Debtor.
Accordingly, Debtor does not anticipate any distributions to this
Class as it has no members. Class 6 is unimpaired.
The Debtor intends to liquidate the following real properties, for
the highest and best offer received:
515 S Donovan St., Seattle, WA 98108 having a fair market value of
$575,000.00.
10080 Des Moines Memorial Dr. S Seattle, WA 98168 having a fair
market value of $585,000.00.
10816 5th Ave. S Seattle, WA 98168 having a fair market value of
$565,000.00.
This Plan provides for a comprehensive treatment of all creditors
of ES1, LLC through a sale of their three current rental
properties. The Debtor intends to sell these properties for the
highest and best offer received. Pre-confirmation, the properties
were under contract by Thomas Howell for Revest Strategies, LLC,
for with the sales price equal to the Fair Market Value listed
above. The existing contracts will be rejected, but the Debtor does
intend to pursue sale of the properties to Revest Strategies, LLC.
The contracts will be rewritten to reflect certain conditions of
sale described herein. Should those contracts fail to come to
fruition, the properties will be placed on the open market and
other offers solicited. These sales will be made through cash
and/or traditional financing – No seller financed down payment
assistance will be offered at this time. Upon closing, the net
proceeds immediately available to the estate totals $1,725,000.00,
less closing costs, for an anticipated net to the estate of
$1,569,750.00. The sales will not close simultaneously.
Attorney for the Plan Proponent:
Kathryn P. Scordato, Esq.
A copy of the Plan dated April 1, 2022, is available at
https://bit.ly/379HZLY from PacerMonitor.com.
About ES1 LLC
ES1, LLC, filed a petition for Chapter 11 protection (Bankr. W.D.
Wash. Case No. 21-12109) on Nov. 19, 2021, listing up to $10
million in assets and liabilities. Eric Shibley, manager, signed
the petition.
Judge Christopher M. Alston oversees the case.
The Debtor tapped Kathryn Scordato, Esq., at Vortman & Feinstein,
as its legal counsel.
EVE & CO: Files Under CCAA, Launches Sale Process
-------------------------------------------------
Eve & Co Incorporated and its subsidiaries, Natural MedCo Ltd.
("NMC") and Eve & Co International Holdings Ltd. (collectively, the
"Eve Group") announce an update on their proceedings under the
Companies' Creditors Arrangement Act (the "CCAA").
On March 25, 2022, the Ontario Superior Court of Justice
(Commercial List) (the "Court") granted an initial order (the
"Initial Order") pursuant to the CCAA to the Eve Group. BDO Canada
Limited was appointed monitor of the Eve Group (in such capacity,
the "Monitor"). On April 1, 2022, the Initial Order was amended and
restated by the Court and an order was granted authorizing the Eve
Group to undertake a sale and investment solicitation process
("SISP") for the sale of, or investment in, all or part of the
assets, shares or business operations of the Eve Group
(collectively, the "Property").
The Monitor, in consultation with the Eve Group, is soliciting
offers that may include one or more of a recapitalization,
arrangement or other form of investment in, or reorganization of,
the business and affairs of the Eve Group as a going concern, or a
purchase of all or part of the Property.
Information regarding the SISP can be obtained by visiting the
Monitor's website:
https://www.bdo.ca/en-ca/extranets/eve-co-incorporated-and-natural-medco-ltd/,
or by contacting the Monitor's office at (519) 953-0753 or
mfinnegan@bdo.ca. Non-binding letters of interest are due by no
later 5:00 p.m. EST on July 29, 2022.
About Eve & Co
Eve & Co (NEX: EVE.H) (OTCQX: EEVVF), through its wholly-owned
subsidiary NMC, holds cultivation and processing licences under the
Cannabis Act (Canada) for the production and sale of various
cannabis products, including dried cannabis, cannabis plants and
extraction of cannabis oil and has received its European Union
certificate of Good Manufacturing Practice. NMC was Canada's first
female-founded licensed producer of medicinal marijuana and
received its cultivation licence from Health Canada in 2016. Eve &
Co is led by a team of agricultural experts and has a licensed
1,000,000 square foot greenhouse located in Strathroy, Ontario. The
Company's website can be visited at http://www.evecannabis.ca/
FORE MACHINE: Unsecureds Will Not Receive Any Distribution
----------------------------------------------------------
Fore Machine, LLC, et al., submitted a Disclosure Statement.
As of the Petition Date, the Liquidating Debtors and the
Reorganizing Debtor (together, the "Fore Aero Debtors") have funded
debt consisting of approximately $21,000,000.00 plus prepetition
interest, fees, expenses, and other amounts arising in respect of
such obligations existing immediately prior to the Petition Date
(the "Prepetition Obligations"), and approximately $993,822 in
equipment financing. The Fore Aero Debtors had two primary
components: (i) Machine's operations and (ii) Aero Component's
operations.
On the Petition Date, to implement a comprehensive financial
restructuring of the Reorganizing Debtor's funded debt and to
liquidate the Liquidating Debtors in a manner that will maximize
recoveries for the Fore Aero Debtors' stakeholders, the
Reorganizing Debtor and the Liquidating Debtors commenced chapter
11 cases (the "Chapter 11 Cases") in the Bankruptcy Court. The Fore
Aero Debtors sought joint administration of the Chapter 11 Cases
for procedural purposes, and filed, among other things, (i) the
Plan, (ii) this Disclosure Statement, (iii) a Plan of
Reorganization for the Reorganizing Debtor, (iv) a disclosure
statement for the Reorganizing Debtor (the "Reorganizing Debtor
Disclosure Statement" and together with this Disclosure Statement,
the "Fore Aero Disclosure Statements").
Among other things, the Plan and RSA contemplate the following:
* the liquidation and wind-down of the Liquidating Debtors will
be funded with a new debtor in possession financing facility (the
"DIP Facility") provided by Newspring and Southfield, in their
capacities as DIP lenders (in such capacities, the "DIP Lenders")
that will have a principal amount of up to $2.5 million;
* the Prepetition Lenders will consent to the use of their
prepetition cash collateral in exchange for certain adequate
protection as set forth in the DIP and Cash Collateral Motion;
* all Allowed Secured Claims, Allowed Priority Claims,
Professional Claims, Administrative Claims, and DIP Facility Claims
will be paid in full in Cash or receive such other treatment that
renders such Claims unimpaired under the Bankruptcy Code.
* the Prepetition Secured Lender Claims shall be Allowed in the
aggregate principal amount of $19,500,000.00, plus all accrued and
unpaid reasonable and documented fees and expenses of the
Prepetition Lenders and the Prepetition Agent (the "Prepetition
Obligations"). On the Effective Date, pursuant to the RSA and the
Plan, in full and final satisfaction, compromise, settlement,
release, and discharge of, and in exchange for, its Allowed
Prepetition Secured Lender Claims, the Prepetition Secured Lenders
shall be entitled to receive payment of all Available Cash, up to
the total amount of the Prepetition Obligations. The difference
between the Available Cash funded pursuant to the Liquidating Plan
and $19,500,000.00 shall be funded pursuant to the Capital Equity
Investment being made under Reorganizing Debtors' Plan such that
the Prepetition Lenders shall receive no less than $19,500,000.00.
In addition, each Prepetition Lender and the Prepetition Agent
shall retain its right to the Consenting Stakeholder
Indemnifications;
* each Allowed General Unsecured Claim, Intercompany Claim, and
Equity Interest shall be canceled, released, and extinguished as of
the Effective Date, and will be of no further force or effect, and
holders of such Claims will not receive any distribution on account
of such Allowed Claims, Class 4A, 4B, 4C General Unsecured Claims
are impaired;
* each Executory Contract and Unexpired Lease shall be deemed
rejected, without the need for any further notice to or action,
order, or approval of the Bankruptcy Court, as of the Effective
Date under sections 365 and 1123 of the Bankruptcy Code, unless
such Executory Contract and Unexpired Lease: (i) has been
previously rejected by the Liquidating Debtors, (ii) as of the
Effective Date is subject to a pending motion to assume such
Executory Contract or Unexpired Lease; (iii) is a contract,
release, or other agreement or document entered into in connection
with the Plan; or (iv) is a D&O Policy or an insurance policy;
* on the Effective Date: (i) all of the Debtor Affiliates shall
be merged into Holdings and the Plan Administrator may dissolve
such Debtor Affiliates and complete the winding up of such Debtor
Affiliates without the necessity for any other or further actions
to be taken by or on behalf of such dissolving Liquidating Debtor
or its members or manager or any payments to be made in connection
therewith, other than the filing of a certificate of dissolution
with the appropriate governmental authorities; (ii) all assets of
the Debtor Affiliates shall be transferred to Holdings, and all
claims filed or scheduled in the Affiliated Debtors' cases shall be
deemed to have been filed in the Chapter 11 Case of Holdings; and
(iii) the Chapter 11 Cases of the Debtor Affiliates shall be
closed. In the discretion of the Liquidating Debtors, after the
Effective Date, the Plan Administrator may engage in any other
transaction in furtherance of the Liquidating Plan. Any such
transactions may be effective as of the Effective Date pursuant to
the Confirmation Order without any further action by the members,
managers, or directors of any of the Liquidating Debtors;
* on the Effective Date, by virtue of entry of the Confirmation
Order, all actions contemplated by the Liquidating Plan (including
any action to be undertaken by the Plan Administrator) shall be
deemed authorized, approved, and, to the extent taken prior to the
Effective Date, ratified without any requirement for further action
by holders of Claims or Interests, the Liquidating Debtors, or any
other Entity or Person. All matters provided for in the Liquidating
Plan involving the corporate structure of the Liquidating Debtors,
and any corporate action required by the Liquidating Debtors in
connection therewith, shall be deemed to have occurred and shall be
in effect, without any requirement of further action by the
Liquidating Debtors or the Liquidating Debtors' Estates.
The Plan is designed to accomplish the orderly liquidation of the
Debtors' Estates and Distribution of the proceeds of such
liquidation to the beneficiaries of the Estates.
Proposed Counsel to the Debtors and Debtors in Possession:
Katherine A. Preston, Esq.
WINSTON & STRAWN LLP
800 Capitol Street, Suite 2400
Houston, Texas 77002
Tel: (713) 651-2600
Fax: (713) 651-2700
E-mail: kpreston@winston.com
Timothy W. Walsh, Esq.
James T. Bentley, Esq.
Emma Fleming, Esq.
WINSTON & STRAWN LLP
200 Park Avenue
New York, NY 10166-4193
Tel: (212) 294-6700
Fax: (212) 294-4700
E-mail: twalsh@winston.com
jbentley@winston.com
efleming@winston.com
A copy of the Disclosure Statement dated Apr. 1, 2022, is available
at https://bit.ly/38eGDjt from Stretto, the claims agent.
About Fore Machine, LLC
Fore Machine, LLC manufactures aircraft engines and engine parts.
Fore Machine and its affiliates Aero Components, LLC, Fore Aero
Holdings, LLC, and Fore Capital Holding, LLC, sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead
Case No. 22-40487-11) on March 7, 2022. The cases are jointly
administered. In the petitions signed by Jens Verloop, chief
financial officer, Fore Machine disclosed up to $50 million in
both
assets and liabilities.
Katherine A. Preston, Esq., at Winston & Strawn LLP, is the
Debtor's counsel.
Stevens & Lee, led by Robert Lapowsky, Esq., represents the lenders
NewSpring Mezzanine Capital III, L.P. and Southfield Mezzanine
Capital, L.P.
INSPIRED ENTERTAINMENT: Fitch Alters Outlook on 'B-' IDR to Pos.
----------------------------------------------------------------
Fitch Ratings has revised Inspired Entertainment, Inc.'s (Inspired)
Outlook to Positive from Stable. Its Long-Term Issuer Default
Rating (IDR) has been affirmed at 'B-' and its senior secured debt
instrument ratings at 'B' with a Recovery Rating of 'RR3'.
The Positive Outlook reflects Inspired's ability to deleverage to
levels more consistent with 'B' rating over the next two years,
notwithstanding some execution risks such as contract renewals,
high inflation and the UK Gambling Act Review, which could all have
a material negative impact.
The 'B-' IDR reflect the company's moderate size in a fragmented
industry, limited geographic diversification, high exposure to
land-based operations, and continued regulatory pressure. It also
encapsulates expected funds from operations (FFO) adjusted gross
leverage of around 4.5x-5.0x over the next two years, the
rebuilding of the company's liquidity headroom, and positive free
cash flow (FCF) starting from 2022.
Stronger-than-expected trading and/or reduction of debt would have
a positive impact on the rating. Fitch's rating case assumes that
contracts are renewed on the back of Inspired's strong record.
KEY RATING DRIVERS
Strong Post-Pandemic Recovery: Fitch's expects Inspired's EBITDA to
recover to around USD90 million in 2022, following
stronger-than-expected trading across all of its segments in 2021.
Performance in 2022 should benefit from the launch of Inspired's
new cabinet, lifting of pandemic restrictions in Italy and Greece,
and opportunities in north America. Fitch anticipates healthy
profitability with an FFO margin around 19% and an FCF margin of
around 3% in 2022.
Reducing Leverage: Fitch forecasts 2022 FFO-adjusted gross leverage
at 4.5x-5.0x in 2022-2023, which is close to Fitch's upgrade
sensitivity threshold, and trending lower in 2023. Further rating
trajectory, as Inspired meets its target net debt/EBITDA at 3.0x in
2022, will depend on capital allocation between funding growth or
reducing net debt through a build-up of cash on balance sheet or
debt prepayment. Material debt-funded acquisitions, larger than the
recent acquisition of Sportech, could alter the deleveraging path,
potentially increasing refinancing risk.
Intact Business Model: Fitch views Inspired's business model as
intact despite the pandemic. Inspired has established itself in the
global gaming sector as an innovative and reliable provider of
virtual, mobile and server-based games. This enables it to win new
medium-term contracts for the supply of technology and the
management of online games and virtual sports-betting in its
markets, supporting medium-term cash flow visibility.
Concentration Risks: The rating reflects Inspired's modest size,
geographic concentration, with the UK contributing a significant
71% of revenue in 2021, and high, albeit reducing, customer
concentration. Contracts coming up for renewals are somewhat
mitigated by long-term relationships, sticky contracts and a
history of successful extensions. Fitch's rating case assumes
renewal of existing contracts at broadly comparable terms.
Execution Risks Remain: Fitch expects Inspired to accelerate capex
in 2022, as it catches up with delayed spend during pandemic to
support its growth. Fitch sees some uncertainty from a high
inflationary environment hitting discretionary spend, potentially
with fewer UK staycations than in 2021, continued closures of
retail gaming venues, and a long-term trend of declining pub
estates. Fitch has incorporated some negative impact from the UK
Gambling Act Review via slower growth in customer numbers, slightly
lower revenue per customer and lower net win rates.
Changing Segment Mix: Fitch believes that long-term revenue growth
will be supported by continued growth of Inspired's virtual online
and interactive segments (combined 27% of 2021 revenue),
benefitting from growth in online betting and gaming, and a growing
customer base. Fitch expects lower hardware sales on a shrinking UK
estate and reduced participation revenue as contracts come up for
renewal. Tighter regulation for virtual and interactive gaming
represents a risk, as illustrated by an ESG Relevance Score of
'4'.
DERIVATION SUMMARY
Inspired is a moderately-sized B2B gaming technology company, with
higher EBITDAR margin and FFO capabilities than that of its larger
peer Intralot S.A. (CCC), which was downgraded in December 2021 due
to its loss of Maltese operations and heightened refinancing risk.
Inspired also has lower leverage through the cycle than Intralot
under its current capital structure.
Inspired is considerably smaller and has weaker profitability than
its global peers such as International Game Technology plc (IGT)
and Scientific Games Corp. BB(EXP). This, along with limited
financial flexibility, constrains Inspired's ability to compete
should these larger groups decide on aggressive marketing and
pricing policies. Inspired has a strong presence in the
fast-growing gaming software market in a diverse number of
countries.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
-- Revenue around USD290 million in 2022, followed by a moderate
single-digit decline in 2023 and low single-digit growth to
2026;
-- EBITDA margin of 31%-32% over 2022-2026;
-- Annual capex of around USD30 million over 2023-2026;
-- No drawings under a GBP20 million revolving credit facility
(RCF);
-- No dividends or acquisitions over the next four years;
-- GBP/USD at 1.35 over the next four years.
Key Recovery Rating Assumptions
Fitch assumes that Inspired would be deemed a going-concern (GC) in
bankruptcy and that it would be re-organised rather than
liquidated.
The GC EBITDA estimate reflects Fitch's view of a sustainable,
post-reorganisation EBITDA level upon which Fitch bases the
enterprise valuation (EV). In Fitch's bespoke GC recovery analysis
Fitch considered an estimated post-restructuring EBITDA available
to creditors of around USD55 million, compared with USD53 million
previously, reflecting Fitch's assumptions of stronger current
business fundamentals, due to the sustainable development of online
and interactive segments, offset by a forecast 1.35 GBP/USD
exchange rate (previously 1.4). In Fitch's view, reintroduced
prolonged closing of betting venues coupled with economic downturn
and/or with adverse regulatory changes could result in bankruptcy.
Fitch applied a distressed EV/ EBITDA multiple of 5x, in line with
the mid-point Fitch uses for the corporate portfolio outside of the
US. In Fitch's view, the high intangible value of Inspired's brands
and high switching cost for customers leading to satisfactory
customer turnover is offset by the moderate size of the company
combined with regulatory pressure on gaming operators. This
multiple is aligned with that of comparable companies in the same
sector.
As per Fitch's criteria, the GBP20 million super senior secured
RCF, assumed fully drawn at default, ranks ahead of the GBP235
million senior secured notes.
After deducting 10% for administrative claims, Fitch's principal
waterfall analysis generated a ranked recovery in the 'RR3' band,
indicating a 'B' instrument rating. The waterfall analysis output
percentage on current metrics and assumptions is 70%, at the high
end of the 'RR3' band.
RATING SENSITIVITIES
Factor that could, individually or collectively, lead to positive
rating action/upgrade:
-- Growth in scale and EBITDA expansion, while maintaining FFO
fixed-charge coverage above 3.0x; FCF margin in high single
digits; and FFO adjusted gross leverage below 5.0x or total
adjusted gross debt/ EBITDAR below 4.5x on a sustained basis.
Factors that could, individually or collectively, lead to outlook
being revised to stable:
-- FCF margin remaining at low single digits, due for instance to
moderate impact of the UK Gambling Act Review or renewal of
some contracts on more onerous terms, preventing profitability
improvement;
-- Failure to deleverage consistently below 5.0x (FFO-adjusted
gross leverage) or 4.5x (total adjusted gross debt/ EBITDAR).
Factors that could, individually or collectively, lead to
downgrade:
-- Weaker-than-expected profitability due to loss of contracts or
weaker terms of contracts, and more negative impact from UK
Gambling Act Review than incorporated in Fitch's rating case
and/or lack of control on cost;
-- Failure to achieve breakeven FCF;
-- Continued cash drain leading to a tightening liquidity
position;
-- FFO-adjusted gross leverage above 6.5x beyond 2022 or total
adjusted gross debt/ EBITDAR above 6.0x.
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 Headroom Re-built: Inspired has no maturities outstanding
until 2026, which provides limited pressure on liquidity. Liquidity
is also supported by an undrawn RCF of around USD27 million (GBP20
million), and forecast positive single-digit FCF margins. However,
failure to address refinancing risk by 2025 could lead to rapid
credit-profile deterioration as Fitch does not expect internal cash
flow generation to be sufficient to cover debt maturities.
ISSUER PROFILE
Inspired is a global B2B gaming technology company. It provides
content, platform and other services to online and land-based
regulated lottery, betting and gaming operators worldwide. It is
involved across the gaming machine value chain from manufacturing
to distribution and management.
ESG CONSIDERATIONS
Inspired has an ESG Relevance Score of '4' for customer welfare -
fair messaging, privacy & data security due to increasing
regulatory scrutiny on the sector, amid a greater awareness around
social implications of gaming addiction and an increasing focus on
responsible gaming. This factor has a negative impact on the credit
profile and is relevant to the rating in conjunction with other
factors.
Except for the matters discussed above, the highest level of ESG
credit relevance, if present, is a score of 3. This means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity(ies), either due to their nature or to the way in which
they are being managed by the entity(ies).
JAGUAR DISTRIBUTION: Unsecureds Will Recover 10.5% Under Plan
-------------------------------------------------------------
Jaguar Distribution Corp. submitted a Plan and a Disclosure
Statement.
Prior to the Petition Date, the Debtor continued its efforts to
prepare for a sale of substantially all of the Debtor's assets used
in connection with its business, including, without limitation,
Debtor's existing portfolio of active licensed film and television
titles, accounts receivable, intellectual property, accounts, books
and records, prepaid expense, deposits, archived databases,
accounting history data, subscription portal and motion picture
licenses and locate a stalking horse bidder. In that regard,
shortly before the Case was filed, the Debtor entered into an asset
purchase agreement with Ricochet Digital Media, LLC ("Ricochet")
for the sale of substantially all of its intellectual property
assets and film distribution assets.
Responses to the Sale Motion were filed by creditors and licensors
of the Debtor, all of which were resolved prior to the hearing on
the Sale Motion, subject to the reservations of rights of those
creditors and licensors.
On October 9, 2020, during the hearing on the Sale Motion, the
Debtor conducted an auction with respect to its intellectual
property assets and film distribution assets. The winning bid at
the conclusion of the auction was Ricochet. The terms were set
forth in a third amended asset purchase agreement, with Forest Road
as the backup bidder. The third amended asset purchase agreement
provided, among other things, for the sale of the Debtor's
intellectual property assets and film distribution assets (with
some exclusions) to Ricochet for a $30,000 cash payment to be paid
on or before the closing date, 80% of the collected accounts
receivables, and 25% of the net proceeds of new accounts
receivables actually collected by Ricochet, to be paid on a
quarterly basis within 30 days after the end of each quarter.
The Sale Order was entered on October 15, 2020 and the sale closed
on or about November 2, 2020.
The assets of the Estate include the Debtor's Cash on hand as of
the Effective Date, which will be transferred to the Liquidating
Trust as of the Effective Date, proceeds from the investment of
such Cash, and any Causes of Action and Avoidance Actions.
The Debtor believes that there are no Secured Claims in this Case.
All remaining assets are unencumbered and available for
distribution to Holders of Allowed Administrative Expense Claims
and Claims in the order of their priority.
Class 2 General Unsecured Claims that are not Convenience Claims.
Entities known or believed by the Debtor to hold or otherwise
assert Class 2 Claims. Allowed Class 2 Claims will be transferred
to the Liquidating Trust. Unless otherwise agreed by the Holder of
a Class 2 Claim, each Holder of a Class 2 Claim will be paid pro
rata from funds received by the Liquidating Trust after payment of
U.S. Trustee Fees, Professional Fee Claims, Licensor Administrative
Expense Claims, Other Administrative Expense Claims, Priority Tax
Claims, Class 1 Claims, and the expense of administration of the
Liquidating Trust. Creditors will recover 10.5% of their claims.
Class 2 is impaired.
Pursuant to the Sale Order, the Debtor sold substantially all
assets of the Estate to Ricochet. Under the APA, Ricochet is
required to transmit to the Estate a portion of accounts
receivables that were included in the sale. After the Effective
Date, Ricochet will transmit payments to the Liquidating Trustee.
The Plan Confirmation Hearing will be on May 26, 2022 at 10:00 a.m.
in Courtroom 303 21041 Burbank Boulevard Woodland Hills, California
via ZOOM.
The Bankruptcy Court has directed that objections (together with
all evidence and declarations), if any, to confirmation of the Plan
must be filed and served so they are received on or before May 11,
2022.
Voting instructions are contained in section VI.B. of this
Disclosure Statement, as well as on the ballot you received in
connection with this Disclosure Statement. To be counted, your
original ballot must be actually received on April 27, 2022.
Attorneys for Debtor Jaguar Distribution Corp.:
John N. Tedford, IV, Esq.
Zev Shechtman, Esq.
Aaron E. De Leest, Esq.
DANNING, GILL, ISRAEL & KRASNOFF, LLP
1901 Avenue of the Stars, Suite 450
Los Angeles, California 90067-6006
Telephone: (310) 277-0077
Facsimile: (310) 277-5735
E-mail: jtedford@DanningGill.com
zs@DanningGill.com
adeleest@DanningGill.com
A copy of the Disclosure Statement dated April 1, 2022, is
available at https://bit.ly/36MCRxD from PacerMonitor.com.
About Jaguar Distribution Corp.
Established in 1982, Jaguar Distribution Corp. --
http://www.jaguardc.com/-- is a distributor of independent films
to the worldwide in-flight marketplace.
Jaguar Distribution sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. C.D. Cal. Case No. 20-11358) on July 31,
2020. In its petition, the Debtor disclosed total assets of
$1,768,195 and total liabilities of $9,018,419. James Wong, chief
restructuring officer, signed the petition.
Judge Martin R. Barash oversees the case.
Danning, Gill, Israel & Krasnoff, LLP and Greg Seigel, CPA serve as
the Debtor's legal counsel and accountant, respectively.
The U.S. Trustee for Region 16 appointed an official committee of
unsecured creditors on Aug. 21, 2020. The committee is represented
by SulmeyerKupetz, A Professional Corporation.
JOHNSON & JOHNSON: 'Texas Two-Step' Bankruptcy Strategy in Doubt
----------------------------------------------------------------
James Nani of Bloomberg Law reports that a corporate strategy that
gained attention in a Johnson & Johnson spinoff's bankruptcy
continues to face uncertainty despite a refusal to dismiss the
Chapter 11 case.
The maneuver, known as the Texas Two-Step because of its reliance
on Texas corporate law, involves a company spinning off a unit and
transferring its tort liability to that unit. The spinoff is then
put into bankruptcy to manage that liability without putting the
assets of the original company into play.
New Jersey bankruptcy Judge Michael Kaplan refused to dismiss J&J
talc liability spinoff LTL Management LLC’s Chapter 11 case,
finding it wasn’t filed in bad faith. That decision is on appeal
to the U.S. Court of Appeals for the Third Circuit.
But a North Carolina bankruptcy judge last week called the Texas
Two-Step into question, allowing a group of asbestos victims to
continue a lawsuit seeking to undermine a reverse merger in a
separate bankruptcy case.
The victims are seeking "substantive consolidation," which would
merge the assets of debtors Aldrich Pump LLC and Murray Boiler LLC
with those related to industrial manufacturer Trane Technologies
Plc, which isn’t in bankruptcy. Doing so effectively would
nullify the Texas Two-Step maneuver that Trane used when it created
Aldrich Pump and Murray Boiler and placed them in bankruptcy.
The North Carolina decision and others like it suggest that the
Texas Two-Step strategy may not hold up in all courts, said Charles
Tatelbaum, an attorney with Tripp Scott PA who specializes in
business-restructuring cases.
"It reinforces the lack of confidence that a lot of us have in the
propriety and it's just one more chink in the armor," Tatelbaum
said. "I don't think the one decision alone does it. But it’s
verbalizing what a lot of people think: that it isn't right."
Not Bound
Judge J. Craig Whitley of the U.S. Bankruptcy Court for the Western
District of North Carolina didn't rule on the merits of
consolidation in denying Aldrich Pump and Murray Boiler's motion to
dismiss on April 1, 2022. But Whitley also said he's not bound by
Kaplan’s decision in the J&J case.
"Bankruptcy judge opinions vary across the land on a variety of
fronts and no one here is going to be relying on a bankruptcy
judge's opinion," Whitley said during a hearing. "The challenges to
the merger are going to get resolved higher up, either by an
appellate court, maybe the Supreme Court, maybe they get resolved
in Congress," he said.
Last month, Whitley also gave the green light for an asbestos
victim group to proceed with a lawsuit to consolidate the assets of
building material maker CertainTeed LLC with those of its bankrupt
spinoff unit, DBMP LLC.
Whitley was "dead-on" in not being bound by Kaplan's decision, said
Mark Lanier of the Lanier Law Firm, a plaintiffs' lawyer who
represents asbestos victims.
"Bankruptcy can be a black hole for claims, and it is a good thing
that judges don't automatically let one or two dictate results all
around the country," he said.
The decisions allow asbestos victims to "peek behind the curtain"
to find the "true motivations" behind the divisive mergers, said
Jon Ruckdeschel of Ruckdeschel Law Firm LLC, an attorney with
experience litigating asbestos cases.
Those victims eventually could pursue claims to undo the Texas
Two-Step and bring the parent companies' assets into the bankruptcy
case, creating a larger pool for recovery, he said. Meanwhile,
asbestos victims can probe the details of the spinoffs' creation
during discovery, he said.
"If successful, these claims could force the profitable parents to
put their entire company into bankruptcy if they want the benefits
of bankruptcy," Ruckdeschel said.
'Rare Equitable Remedy'
But Whitley's decision isn’t a complete victory for the asbestos
victims, said Anthony Casey, a business law, finance, and corporate
bankruptcy professor at the University of Chicago Law School. The
judge is only letting the case proceed and hasn’t made a decision
on the merits, he said.
The ruling also could just be a strategy to put pressure on both
sides to reach an agreement, Casey said.
"Substantive consolidation is supposed to be a rare equitable
remedy and these are odd cases for substantive consolidation," he
said. "Courts often stress the rarity point saying it is an extreme
remedy."
Analysts have said the J&J ruling raises the odds that other
companies facing costly product-liability claims could pursue the
same reverse-merger bankruptcy strategy.
But even the J&J case continues to raise doubts.
Kaplan didn’t rule on all matters regarding the Texas-Two Step,
just that its use wasn't sufficient grounds to dismiss the case for
lack of good faith, said Melissa Jacoby, a bankruptcy law professor
at the University of North Carolina at Chapel Hill.
The judge also allowed the appeal to go straight to the Third
Circuit because of the question's importance.
"The opinion had a rosy outlook about bankruptcy being a good place
to resolve the talc liability issues, but that doesn’t preclude
other types of challenges," Jacoby said.
With Kaplan's decision heading to the Third Circuit and Whitley
saying an appeals court or Congress must weigh in, the propriety of
the Texas Two-Step may be in doubt for some time.
"The main take away is that we have a long way to go before these
issues are finally resolved," Casey said.
JUST ENERGY: CCAA Stay Period Extended to April 22, 2022
--------------------------------------------------------
Just Energy Group Inc., a retail energy provider specializing in
electricity and natural gas commodities and bringing energy
efficient solutions, carbon offsets and renewable energy options to
customers, disclosed that the Ontario Superior Court of Justice
(Commercial List) (the "Court") has approved the extension of the
stay period under the Companies' Creditors Arrangement Act(Canada)
("CCAA") to April 22, 2022 (the "Stay Extension").
The Stay Extension allows the Company to continue to operate in the
ordinary course of business while pursuing a restructuring plan
with its key stakeholders.
As previously reported, FTI Consulting Canada Inc. (the "Monitor")
is overseeing the Company's CCAA proceedings as the court-appointed
Monitor. Further information regarding the CCAA proceedings is
available at the Monitor's website at
http://cfcanada.fticonsulting.com/justenergy.Information regarding
the CCAA proceedings can also be obtained by calling the Monitor's
hotline at 416-649-8127 or 1-844-669-6340 or by email at
justenergy@fticonsulting.com.
About Just Energy
Just Energy Group Inc. (TSX:JE; NYSE:JE) --
https//www.justenergy.com/ -- is a retail energy provider
specializing in electricity and natural gas commodities and
bringing energy efficient solutions and renewable energy options to
customers. Currently operating in the United States and Canada,
Just Energy serves residential and commercial customers. Just
Energy is the parent company of Amigo Energy, Filter Group Inc.,
Hudson Energy, Interactive Energy Group, Tara Energy, and
terrapass.
On March 9, 2021, Just Energy Group Inc., Just Energy Corp.,
Ontario Energy Commodities Inc., Universal Energy Corporation, Just
Energy Finance Canada ULC, Hudson Energy Canada Corp., Just
Management Corp., Just Energy Finance Holding Inc., 11929747 Canada
Inc., 12175592 Canada Inc., JE Services Holdco I Inc., JE Services
Holdco II Inc., 8704104 Canada Inc., Just Energy Advanced Solutions
Corp., Just Energy (U.S.) Corp., Just Energy Illinois Corp, Just
Energy Indiana Corp., Just Energy Massachusetts Corp., Just Energy
New York Corp., Just Energy Texas I Corp., Just Energy, LLC, Just
Energy Pennsylvania Corp., Just Energy Michigan Corp., Just Energy
Solutions Inc., Hudson Energy Services LLC, Hudson Energy Corp.,
Interactive Energy Group LLC, Hudson Parent Holdings LLC, Drag
Marketing LLC, Just Energy Advanced Solutions LLC, Fulcrum Retail
Energy LLC, Fulcrum Retail Holdings LLC, Tara Energy, LLC, Just
Energy Marketing Corp., Just Energy Connecticut Corp., Just Energy
Limited, Just Solar Holdings Corp., and Just Energy (Finance)
Hungary ZRT filed for protection under the Companies' Creditors
Arrangement Act ("CCAA") before the Ontario Superior Court of
Justice (Commercial List).
Just Energy Group Inc. and its affiliates filed petitions under
Chapter 15 of the Bankruptcy Code in the United States (Bankr. S.D.
Tex. Lead Case No. 21-30823) on March 9, 2021, to seek recognition
of the Canadian proceedings.
FTI Consulting Canada Inc. has consented to act as monitor in the
CCAA proceeding. BMO Capital Markets has been engaged as financial
advisor, Osler, Hoskin & Harcourt LLP and Fasken Martineau DuMoulin
LLP are legal advisors in Canada, Kirkland & Ellis LLP and Jackson
Walker LLP are legal advisors in the United States.
LATAM AIRLINES: Judge Garrity to Decide $1.3 Bil. Claim Dispute
---------------------------------------------------------------
Jeremy Hill, writing for Bloomberg News, reports that U.S.
Bankruptcy Judge James Garrity will rule this second week of April
2022 on a dispute between Latam Airlines and some of its creditors
over a $1.3 billion inter-company claim, he said in a hearing.
The Chilean airline's official unsecured creditor group is trying
to block one unit of Latam from collecting $1.3 billion from
another unit, arguing the claim is not a valid debt and would lead
to unfair recoveries for some creditors.
Holders of certain unsecured Latam bonds would get a higher
recovery than standard unsecured creditors because of the claim,
according to lawyers for the dissenting creditor panel.
About LATAM Airlines
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.
LATAM Airlines Group S.A. 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 Airlines Group S.A. 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 general
bankruptcy counsel; FTI Consulting as restructuring advisor; and
Togut, Segal & Segal LLP and Claro & Cia in Chile as special
counsel. Prime Clerk LLC is the claims agent.
LONGHORN JUNCTION: HRE Completes Bankruptcy Sales on Eight Tracts
-----------------------------------------------------------------
Amid harrowing market conditions at the height of the Coronavirus
pandemic, Hilco Real Estate, LLC (HRE) successfully completed
bankruptcy sales on eight of ten tracts within the 173± acre prime
interstate development, known as Longhorn Junction (BK Case
#19-10883, HRE Retained 1/13/2020). The parcels sit along I-35,
just north of Austin's Central Business District in Georgetown,
Texas.
Georgetown has become one of the nation's top ten fastest-growing
cities with a burgeoning population of over 76,000 residents, a 57%
increase from 2010, attracted to the area by a combination of
affordable housing, low taxes and proximity to major employers like
Dell, Apple, Tesla and Samsung. Longhorn Junction is ideally
located on the south side of Georgetown, bordered on the east by
FM-1460, on the west by I-35 and on the north by SE Inner Loop,
which recently had the Southwest Bypass completed. The Bypass
provides easy access to prime retail and area attractions,
including Round Rock Premium Outlets, Kalahari Resort waterpark and
Dell Diamond sports stadium. Austin is also home to several major
headquarters as well as four universities, all of which contribute
to its growing popularity.
The development suffered numerous setbacks throughout the
bankruptcy process; including COVID-19, the filing of a second
Chapter 11 Petition, the strict calendar milestones set within the
court-approved bankruptcy plan as well as the need for expert
witness and testimony throughout the bankruptcy. Despite these
various challenges, HRE exceeded expectations through its
implementation of an effective, customized sales solution, its deep
understanding of bankruptcy and its national outreach to
knowledgeable, sophisticated buyers.
HRE aggressively marketed the properties nationally throughout the
pandemic, resulting in 35 offers and closing over $35,000,000 to
date.
Jeff Azuse, senior vice president at HRE, stated, "This sale
perfectly illustrates the strength of the Hilco Real Estate
platform. This property had the unfortunate stigma of languishing
on the market for some time with little activity. Combine this
historic perception with two bankruptcies and a global pandemic and
most would have thrown their hands up and walked away. Instead, HRE
rolled up their sleeves and got to work. Our national marketing
campaign reached buyers from coast to coast, as well as groups in
Canada, Mexico and beyond. So, when developer confidence started to
come back, we were well positioned to leverage the recent upswing
in the Austin market."
"By mid-2022, site preparation will begin on several of the
recently closed tracts," said Steve Madura, senior vice president
at HRE. "Uses include a nationally-recognized charter school,
regional brewery with restaurant and music venue, state-of-the-art
auto repair facility, hotel, travel center and approximately
1,000,000 square feet of Class-A industrial/logistics buildings."
Madura continued, "In the next few years, we estimate this
development to bring over 1,000 quality jobs to the City of
Georgetown."
In light of these extraordinary efforts, HRE has been awarded three
additional sales and advisory assignments from this client.
To learn more about the services HRE offers or for advisory service
for any ongoing bankruptcy, please visit Hilco Real Estate, LLC or
call (855) 755-2300.
About Hilco Real Estate
Hilco Real Estate ("HRE"), a Hilco Global company
(HilcoGlobal.com), is headquartered in Northbrook, Illinois (USA).
HRE is a national provider of strategic real estate disposition
services. Acting as an agent or principal, HRE uses its experience
to advise and execute strategies to assist clients in deriving the
maximum value from their real estate assets. By leveraging
multi-faceted sales strategies & techniques, aggressive
repositioning and restructuring experience, a vast and motivated
network of buyers and sellers, and substantial access to capital,
HRE exceeds expectations even in the most complex transactions.
About Longhorn Junction
SC Williams, LLC owns approximately 4.2 acres of land at 5331
Williams Drive at the entrance to the Sun City senior living
development in the City of Georgetown, Williamson County, Texas.
Longhorn Junction Land and Cattle Company, LLC owns approximately
204.6 acres on the southeast intersection of SE Inner Loop and
Interstate 35 (with additional acreage along Blue Springs Blvd and
FM 1460) in City of Georgetown Williamson County, Texas.
Longhorn Junction and SC Williams previously sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Lead Case
No. 19-10883) on July 2, 2019. The Court on March 19, 2020,
confirmed the Debtors' Plan. The Debtors' Confirmed Plan came
during the initial days of the COVID-19 pandemic. The Debtors did
not make the second quarterly payment due to secured creditor
Romspen Mortgage Limited Partnership on Nov. 30, 2020, and
defaulted on the payment terms of the Confirmed Plan.
Longhorn Junction and SC Williams again sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Lead Case No.
21-10003) on Jan. 4, 2021. At the time of the filing, Longhorn
Junction disclosed assets of between $10 million and $50 million
and liabilities of the same range. SC Williams had estimated
assets of between $1 million and $10 million and liabilities of
between $10 million and $50 million. Judge Tony M. Davis oversees
the cases.
In the recent cases, the Debtors tapped Hayward PLLC and Hilco Real
Estate Auctions, LLC as their legal counsel and real estate
advisor, respectively.
LOUISIANA CRANE: Disclosures Inadequate, Mack Financial Say
-----------------------------------------------------------
Mack Financial Services, a Division of VFS US LLC, who object to
the Louisiana Crane & Construction, L.L.C.'s Disclosure Statement.
Mack Financial points out that the Disclosure Statement Improperly
Values the Mack Financial collateral. In its Disclosure Statement,
the Debtor values the Collateral at $175,000. The Debtor and Mack
Financial agreed to a valuation of $196,000.00 for the Mack
Financial Collateral. The failure of the Debtor to provide the
correct valuation of the Mack Financial Collateral is misleading to
creditors who are voting on a plan.
Mack Financial asserts that the Disclosure Statement fails to
account for Mack Financial's Adequate Protection Order. Despite
entering into an Agreed Order Regarding Adequate Protection, the
Disclosure Statement is devoid of any mention of the Order. In
fact, the Disclosure Statement states that the Debtor and Mack
Financial are still negotiating an adequate protection order. The
failure of the Debtor to provide the information is misleading to
creditors who are voting on a plan.
Moreover, Mack Financial complains that the Disclosure Statement
fails to provide the proper Liquidation Analysis. Similar to the
Adequate Protection information, the Liquidation Analysis fails to
include the valuation of Mack Financial Collateral and Mack
Financial's Proof of Claim. The failure of the Debtor to provide
the information is misleading to creditors who are voting on a
plan.
Counsel for Mack Financial Services, a division of VFS US, LLC:
Scott R. Cheatham. Esq.
ADAMS AND REESE LLP
701 Poydras Street, Suite 4500
New Orleans, LA 70139
Tel: 504-581-3234
Fax: 504-566-0210
E-mail: scott.cheatham@arlaw.com
About Louisiana Crane
Louisiana Crane & Construction, LLC, is a Eunice, La.-based
supplier of traditional crane services and general oilfield
construction, pipeline, plant maintenance, rotating equipment, and
millwright services.
Louisiana Crane & Construction sought protection under Chapter 11
of the Bankruptcy Code (Bankr. W.D. La. Case No. 21-50198) on April
6, 2021. At the time of the filing, the Debtor had between $10
million and $50 million in both assets and liabilities. Judge John
W. Kolwe oversees the case. Heller, Draper & Horn, LLC is the
Debtor's legal counsel.
LUCKIN COFFEE: Successfully Completes Financial Restructuring
-------------------------------------------------------------
Luckin Coffee Inc. on April 11, 2022, announced the successful
completion of the restructuring of its financial indebtedness and
its emergence from the bankruptcy proceeding commenced with respect
to the Company as debtor under chapter 15 of title 11 of the United
States Code (the "Chapter 15 Case").
"[Mon]day marks a new beginning for Luckin Coffee," said Dr. Jinyi
Guo, Chairman and Chief Executive Officer of the Company. "Luckin
Coffee utilized the Chapter 15 process to effectuate the
restructuring of its financial indebtedness in the United States.
As we have emerged from this process successfully with the support
of our creditors, we are confident that Luckin Coffee is well
positioned for long term growth and creation of stakeholder
value."
Dr. Guo continued, "We are thankful to all of our stakeholders for
helping us achieve this positive outcome and become a stronger
company. In particular, I would like to express my sincere
gratitude to our leadership and management team for their
unwavering commitment, even during challenging times, and to our
employees and retail partners for their hard work and dedication.
We will endeavor to continuously enhance our governance and
internal controls and improve our product and service offerings."
As previously announced, a final report was filed with the United
States Bankruptcy Court for the Southern District of New York (the
"Bankruptcy Court") on March 4, 2022 requesting the entry of an
order to close the Chapter 15 Case. As detailed in the final
report, the Company previously obtained recognition and enforcement
of its Cayman Islands scheme of arrangement under chapter 15 of
title 11 of the United States Code and successfully restructured
its financial indebtedness pursuant to such scheme.1 No objections
were filed to the motion to close the Chapter 15 Case, and the
Bankruptcy Court entered an order granting this request on April 8,
2022.
The entry of the Bankruptcy Court's order marks the formal closure
of the Company's U.S. bankruptcy proceedings. As previously
announced, the winding up petition (as amended) in respect of the
Company has been dismissed and the Company's provisional
liquidation proceedings were also brought to a successful close
pursuant to an order of the Grand Court of the Cayman Islands dated
February 25, 2022. Accordingly, the Company is no longer subject to
bankruptcy or insolvency proceedings in any jurisdiction.
In connection with the Company's debt restructuring, Luckin Coffee
is advised by Davis Polk & Wardwell LLP as legal counsel, Harney
Westwood & Riegels as Cayman Islands legal counsel and Houlihan
Lokey as financial advisor.
About Luckin Coffee
Luckin Coffee Inc. (OTC: LKNCY), was a Xiamen, Fujian-based coffee
chain.
In July 2020, Luckin Coffee called in liquidators to oversee a
corporate restructuring and negotiate with creditors to salvage its
business, less than four months after shocking the market with a
US$300 million accounting fraud, South China Morning Post says.
The Company hired Houlihan Lokey as financial advisers to implement
a workout with creditors. The start-up company also named Alexander
Lawson of Alvarez & Marsal Cayman Islands and Tiffany Wong Wing Sze
of Alvarez & Marsal Asia to act as "light-touch" joint provisional
liquidators (JPLs) under a Cayman Islands court order, it said in a
regulatory filing in New York.
The move was in response to a winding-up petition by an undisclosed
creditor.
The Joint Provisional Liquidators of Luckin Coffee, Alexander
Lawson of Alvarez & Marsal Cayman Islands Limited and Wing Sze
Tiffany Wong of Alvarez & Marsal Asia Limited, on Feb. 5, 2021,
filed a verified petition under chapter 15 of title 11 of the
United States Code with the United States Bankruptcy Court for the
Southern District of New York. The Chapter 15 Petition seeks, among
other things, recognition in the United States of the Company's
provisional liquidation pending before the Grand Court of the
Cayman Islands, Financial Services Division, Cause No. 157 of 2020
(ASCJ) and related relief.
MARS INTERMEDIATE: S&P Assigns 'B' ICR, Outlook Stable
------------------------------------------------------
S&P Global Ratings assigned its 'B' issuer credit rating to Mars
Intermediate Ltd. (d/b/a VXI Global Solutions; VXI), reflecting its
limited operating size and scope and high initial leverage.
S&P said, "We also assigned our 'B' issue-level rating and '3'
recovery rating to the proposed senior secured debt, reflecting
average recovery prospects in the event of a payment default.
"The stable outlook reflects our expectation for mid-single-digit
percent organic revenue growth and relatively stable EBITDA margins
in the high-teen percents over the next year, resulting in leverage
in the low-5x area by the end of 2022 with moderate improvement the
following year."
Los Angeles-based customer support and business process outsourcing
(BPO) provider Mars Intermediate Ltd. (d/b/a VXI Global Solutions;
VXI) expects to be acquired by Bain Capital Private Equity Asia
from Carlyle Group for a total purchase price of approximately $1.2
billion.
S&P said, "Our ratings on VXI reflect the company's small scale in
the fragmented and volume-driven customer experience BPO industry,
which is characterized by low switching costs, limited barriers to
entry, and limited revenue visibility. The company exhibits high
customer concentration with the top five accounting for 55% of 2021
revenues, mostly large telecommunication operators. These risks are
partially offset by its blue-chip customer base with various repeat
work orders, recognizable position in the China market, software
capabilities, and substantial offshore capabilities for operational
flexibility. Following the transaction, we expect leverage in the
5x area with a starting cash balance of $40 million at transaction
close. We expect limited capital expenditure requirements resulting
in free cash flow (FCF) for the year 2022 of about $40 million."
The company has limited scale and scope in the competitive BPO
industry. VXI offers customer experience services through voice,
chat, e-mail, text, digital, and self-service automation, available
at 43 locations in 20 languages. Such versatility opens
opportunities to provide both offshore and nearshore services at
scale. While VXI has developed apps leveraging artificial
intelligence and provide multilanguage services, it is clearly
outsized by the industry's top players, which can compete more
effectively on price. Higher wallet share in hypergrowth (over 10%)
clients not only contributed to an expanding revenue base, it also
increased reliance on the performance of those concentrated
clients, such as highly competitive technology and telecom
providers.
VXI's strategy has driven long-term customer relationships despite
contractual commitments that are often 45-90 days. Contracts for
VXI's customer experience services can vary in terms. A mix of per
headcount, per hour, and per connected minute is applied dependent
on a client's operating environment. VXI frequently initiates new
client interactions through its CX Advisory services, which develop
multiyear customer experience plans. Where applicable, VXI can
customize and/or build applicable technology. With a long-term
approach, VXI has maintained several top client relationships for
over a decade. However, VXI is neither the exclusive nor
sole-source vendor, meaning continuous recompetes for volume
commitments for three months or less.
S&P said, "We expect favorable industry conditions for scaled
customer engagement companies. While BPO Americas remains the
largest of its segments, VXI expects growth to remain tempered at
about 5%. We expect BPO China, a key stronghold, to allow for
additional growth opportunities, albeit at a lower margin. We think
scaled companies can expand their focus beyond traditional call
centers and offer digital customer experience to grab more share
and expand into adjacent verticals. While COVID-19 social
distancing protocols forced many employees to work remotely in
places such as China, infrastructure, broadband access, and a
stable power grid allow more flexibility than the Philippines and
Latin America during times of stress. This increases VXI's offshore
operational flexibility. We believe longer term this could lead to
real estate reductions or optimization initiatives for margin
expansion.
"We expect VXI's adjusted EBITDA margins to remain stable through
our forecast period. In the BPO business, EBITDA margins often
indicate the complexity and value of the services provided along
with operating leverage. VXI's ability to offer multilanguage
services including value-added nonvoice digital services and its
large offshore operation can raise EBITDA margins as the business
scale. Over the next year, we expect EBITDA margin to remain in the
high-teen percents as the company delivers more even growth across
the U.S. and China. The BPO Americas business largely benefits from
its offshore and near-shore capabilities and operates at higher
margins than BPO China. BPO China functions as an onshore offering
for China-based clients operating at lower margins, limiting
substantial overall margin expansion.
"The stable outlook reflects our expectation that VXI will maintain
leverage of about 5x and free operating cash flow (FOCF) to debt in
the mid-single-digit percent area over the next 12 months with
moderate improvement in the following year. This is based on our
view that VXI will deliver organic revenue growth from a
combination of ramp-up of new customer wins and modest growth in
wallet share of its client base. We expect it to sustain EBITDA
margins in the high-teen percents."
S&P could lower its ratings if:
-- Operating difficulties such as service deterioration lead to
customer losses or margin compression due to competitive industry
dynamics, such that leverage sustains above 6x or FCF to debt
sustains in the low- to mid-single-digit percents; or
-- The company adopts an aggressive financial policy led by
debt-financed dividends or poorly timed acquisitions, sustaining
leverage above 6x or FCF to debt in the low- to mid-single-digit
percents.
While unlikely over the next 12 months, S&P could consider an
upgrade if VXI:
-- Delivers consistent organic revenue growth and maintains stable
EBITDA margins;
-- Significantly diversifies customer and end market exposure;
and
-- Reduces and sustains leverage down to about 4x and demonstrates
a commitment to stay there.
ESG credit indicators: E-2, S-3, G-3
S&P said, "Social factors are a moderately negative consideration
in our credit rating analysis of VXI, reflecting the potential for
personal data and security breaches. We see these as risks for
customer relationship management (CRM) service providers in
general. Such risks could arise through increased regulatory
oversight and fines or reputational damage, affecting a firm's
competitive advantage. That said, we do not assess VXI as
demonstrating company-specific weaknesses in the processing of
large volumes of client data relative to other CRM providers.
Governance is a moderately negative consideration, as it is for
most rated entities owned by private-equity sponsors. We believe
the company's highly leveraged financial risk profile points to
corporate decision-making that prioritizes the interests of
controlling owners." This also reflects private-equity sponsors'
generally finite holding periods and focus on maximizing
shareholder returns.
MY LOVE OF CARE: Files for Chapter 11 Bankruptcy
------------------------------------------------
My Love of Care Home Health Services LLC has sought bankruptcy
protection in Ohio.
My Love of Care Home Health Services is a registered nurse provider
that primarily provides quality and affordable home health services
to customers.
According to court documents, the Debtor estimates between 1 and 49
unsecured creditors, including DMKA LLC, Liberty FundingSolutions,
and Loan Me. The Petition states that funds will be available to
unsecured creditors.
A meeting of creditors under 11 U.S.C. Sec. 341(a) is slated for
May 5, 2022, at 1:00 p.m. at Office of UST.
About My Love of Care Home Health Services
On April 5, 2022 Health Care Business My Love of Care Home Health
Services LLC filed for chapter 11 protection (Bankr. N.D. Ohio Case
No. 22-30454). In the petition filed by Lorena Gail Dodds, as
managing member, My Love estimated assets up to $50,000 and
estimated liabilities between $500,001 and $1 million. Steven L.
Diller, of Diller and Rice, LLC, is the Debtor's counsel.
NEENAH FOUNDRY: Moody's Withdraws Caa1 CFR Amid Debt Repayment
--------------------------------------------------------------
Moody's Investors Service has withdrawn all ratings on Neenah
Foundry Company including the Caa1 corporate family rating, the
Caa1-PD probability of default rating and the Caa2 senior secured
rating. The negative outlook was also withdrawn.
Neenah amended its credit agreement in October 2021 to help fund
the acquisition of US Foundry and its affiliate Eagle Metal
Processing and Recycling. With this transaction, the existing term
loan was settled and a new, unrated $150 million term loan was put
in place.
Moody's took the following actions on Neenah Foundry Company:
Withdrawals:
Corporate Family Rating, Withdrawn, previously rated Caa1
Probability of Default Rating, Withdrawn, previously rated
Caa1-PD
Senior Secured Term Loan B, Withdrawn, previously rated Caa2
(LGD4)
Outlook Action:
Outlook, Changed To Rating Withdrawn From Negative
RATINGS RATIONALE
The October 2021 amendment replaced the existing term loan
(originally $120 million), therefore Neenah no longer has rated
debt outstanding.
Neenah Foundry Company manufactures grey and ductile iron castings
and forged components for sale to industrial and municipal
customers. Industrial castings are custom engineered and produced
for customers in several industries, including medium and
heavy-duty trucks, farm equipment and construction equipment.
Neenah Foundry Company is a wholly owned subsidiary of Neenah
Enterprises, Inc., which is controlled by private investment funds
affiliated with GoldenTree Asset Management. Revenue for the latest
twelve months ended December 31, 2021 was approximately $380
million.
NESV ICE: SHS Says Plan Disclosures Inadequate
----------------------------------------------
SHS ACK, LLC ("SHS") objects to the approval of the Amended
Disclosure Statement filed by debtors NESV Ice, LLC et al., Shubh
Patel, LLC ("Patel") and Ashcroft Sullivan Sports Village Lender,
LLC ("Ashcroft Sullivan") (collectively referred to as the "Plan
Proponents"). The Amended Disclosure Statement should not be
approved because it does not provide adequate information as
required by 11 U.S.C. Section 1125(a) and because the Amended Plan
is patently unconfirmable.
The Amended Disclosure Statement should not be approved because it
fails to provide even the most fundamental information required by
11 U.S.C. Section 1125 including: (i) an actual valuation of the
Debtors' assets; (ii) an actual description of the treatment of the
claims in these cases under the Amended Plan; and (iii) details
regarding the effect of the Amended Plan's injunction provision on
third parties' obligations owed to SHS, namely the Debtors'
principal Ajax 5Cap NESV, LLC ("Ajax") and their manager Stuart
Silberberg ("Mr. Silberberg").
The Amended Disclosure Statement is also deficient because: (a) the
letter from ESMSYS PVT LTD ("ESMSYS") attached thereto raises more
questions than it answers regarding the funding and actual
characterization and/or details of the Plan Loan or Plan Payment;
(b) the Amended Disclosure Statement does not contain an actual
liquidation analysis; and (c) the Amended Disclosure Statement does
not account for, or even contemplate, SHS being awarded
post-petition interest or attorneys' fees under 11 U.S.C. Section
506(b) notwithstanding the fact that the Plan Proponents assert
that SHS is oversecured. Relatedly, the Amended Disclosure
Statement does not account for, address or contemplate the
possibility that SHS is undersecured and the various ramifications
of that possibility.
The Court should further decline to approve the Amended Disclosure
Statement because the Amended Plan is patently unconfirmable in
that it: (i) proposes to partially and conditionally, consolidate
these estates, without providing any legal basis for this relief,
solely for the purpose of circumventing the voting requirements of
11 U.S.C. Section 1129(a)(10); (ii) relies on wildly inaccurate and
unachievable projected revenues generated by the Ice Rink that,
even if believed, will result in the Debtors being unable to fund
the plan by no later than the fourth month following the Effective
Date; and (iii) will not receive the requisite votes from an
impaired class of creditors of each of these estates. In fact, the
Amended Plan, and specifically its treatment of Plan Proponent
Ashcroft Sullivan, is a transparent attempt to manipulate the
Bankruptcy Code to compensate a party who does not actually have an
allowable claim against these Debtors and to use that purported
insider creditor as the only impaired accepting class under the
Amended Plan.
As further evidence of the Plan Proponents' desperate attempt to
save this hopelessly unconfirmable plan, they now seek to
consolidate these estates "for the purposes of implementing the
Plan and satisfying Allowed Claims" only. However, the Plan
Proponents have not separately moved for consolidation. They have
not provided any legal authority for this request or even attempted
to set forth facts that could substantiate such a dramatic remedy
and therefore the Court should not grant this request.
In effect, the Debtors are requesting that the Court allow all of
Ice's creditors to assert claims against the other debtors, against
whom they do not have claims, in the hopes of garnering the
requisite votes from an impaired creditor class in those cases.
However, this proposed partial conditional consolidation is wholly
unsupported by the Bankruptcy Code. Moreover, actual substantive
consolidation is similarly not appropriate in these cases and where
consolidation is sought through a plan, as opposed to a motion,
such a request must garner an accepting vote from "each class of
each of debtors' creditors, counted before consolidation." Clearly,
the Plan Proponents cannot obtain a unanimous acceptance of the
proposed consolidation herein.
In fact, even if the Plan Proponents had brought a separate motion
to consolidate these various estates, the relief requested would
have been inappropriate because the assets and liabilities
attendant to these 7 estates are easily distinguished and the
requested consolidation is obviously being employed by the Plan
Proponents to create an impaired accepting class of creditors in
the non-Ice Debtors' cases. Conspicuously absent from the Amended
Disclosure Statement is any mention of a costs savings or other
legitimate benefit to be realized by the creditors of these estates
from the proposed consolidation. No such benefit exists. Clearly,
paying the creditors of one estate using the assets of another
simply because the Debtors do not want to sell their real estate is
not a legitimate basis upon which this Court can order substantive
consolidation. Thus, because the Amended Plan cannot be confirmed
as proposed, the Court should not approve the Amended Disclosure
Statement.
The Plan Proponents also continue to conceal the fact that 3 days
after the Petition Date Ice obtained possession of approximately
$179,000.00 from Ajax that comprised of the proceeds of its
pre-petition preference payments to Ajax in clear violation of the
Bankruptcy Code. Instead of maintaining control over these funds
and disclosing them to the creditors and the Court, Ice and its
control persons, i.e., Jason Hebert and Mr. Silberberg, who are
also officers of Ajax, transferred those monies, post-petition and
without Court approval, back to Ajax. The Plan Proponents' refusal
to disclose these facts is telling given that Mr. Silberberg, who
has a pecuniary interest in ensuring that Ajax maintained control
of these monies to pay for his legal defense costs, has now been
disclosed as a member of the "oversight board" for the reorganized
debtors. This is the very same "board" that is slated to oversee
the pursuit of avoidance actions on behalf of unsecured creditors,
some of which actions are likely to be directed towards the board
members themselves or entities they control.
Clearly, given his refusal over the first 6 months of this case to
return the money that he caused to be fraudulently transferred from
NESV Ice to Ajax within weeks of the Petition Date, and that he
gave back to Ajax post-petition instead of holding it until further
order of this Court, Mr. Silberberg has no intention to act as a
fiduciary for these bankruptcy estates. For this additional reason
the Court should deny allowance of the Amended Disclosure Statement
and immediately appoint a Chapter 11 Trustee herein or convert
these cases.
Attorney for the SHS ACK, LLC:
Thomas H. Curran, Esq.
Peter Antonelli, Esq.
Christopher Marks, Esq.
CURRAN ANTONELLI, LLP
Ten Post Office Square, Suite 800 South
Boston, MA 02109
Tel: (617) 207-8670
Fax: (617) 850-9001
E-mail: tcurran@curranantonelli.com
pantonelli@curranantonelli.com
cmarks@curranantonelli.com
About NESV Ice, LLC
NESV Ice, LLC and affiliates NESV Swim, LLC, NESV Field, LLC, NESV
Hotel, LLC, NESV Tennis, LLC, NESV Land, LLC, and NESV Land East,
LLC, offer fitness and sports training services.
NESV Ice, et al., sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Mass. Lead Case No. 21-11226) on Aug.
26, 2021. The petitions were signed by Stuart Silberberg as
manager.
Judge Christopher J. Panos oversees the cases.
William McMahon, Esq., at Downes McMahon LLP is the Debtors'
counsel.
OCTAVE MUSIC: Moody's Assigns B2 CFR & Rates New 1st Lien Debt B1
-----------------------------------------------------------------
Moody's Investors Service has assigned to The Octave Music Group,
Inc. (New) (d/b/a "TouchTunes" or the "company") a B2 Corporate
Family Rating and B2-PD Probability of Default Rating. In
connection with this rating action, Moody's assigned B1 ratings to
the proposed $40 million revolving credit facility and $385 million
senior secured first-lien term loan. The rating outlook is stable.
Net proceeds from the new term loan together with proceeds from a
new unrated $102.5 million 8-year second-lien term loan and
combined with new cash equity from private equity sponsor TA
Associates will be used to purchase TouchTunes from the company's
previous sponsor, Searchlight Capital Partners, L.P., via a
leveraged buyout. The existing $205.1 million outstanding senior
secured term loan B due 2025 and $25 million RCF due 2024 (the
"Existing Credit Facilities") were fully repaid and extinguished at
closing on April 1, 2022. TA TT Buyer, LLC, an indirect holding
company of The Octave Music Group, Inc. (New), will be the initial
borrower of the new credit facilities. Shortly after transaction
closing, TA TT Buyer, LLC will likely merge into The Octave Music
Group, Inc. (New), which will likely become the surviving entity
and post-closing borrower. The new credit facilities will benefit
from a downstream guarantee from TA TT Midco, LLC, an indirect
parent holding company of the borrower.
Following is a summary of the rating actions:
Assignment:
Issuer: The Octave Music Group, Inc. (New) (d/b/a "TouchTunes")
Corporate Family Rating, Assigned B2
Probability of Default Rating, Assigned B2-PD
$40 Million Gtd Senior Secured First-Lien Revolving Credit
Facility due 2027, Assigned B1 (LGD3)
$385 Million Gtd Senior Secured First-Lien Term Loan due 2029,
Assigned B1 (LGD3)
Outlook Actions:
Issuer: The Octave Music Group, Inc. (New) (d/b/a "TouchTunes")
Outlook, Assigned Stable
The assigned ratings are subject to review of final documentation
and no material change to the size, terms and conditions of the
transaction as advised to Moody's. Upon Moody's receipt of the
notice that TA TT Buyer, LLC has merged into The Octave Music
Group, Inc. (New) and payoff letter evidencing full repayment and
extinguishment of the Existing Credit Facilities residing at the
existing borrowing entity, Moody's will rename the existing
borrower as The Octave Music Group, Inc. (Old) and withdraw the
existing borrower's CFR, PDR and outlook, as well as the Existing
Credit Facilities' B2 ratings.
RATINGS RATIONALE
TouchTunes' B2 CFR reflects the company's: (i) market leadership
position with the largest network of geographically diversified
digitally connected jukeboxes in North America; (ii) barriers to
entry that stem from its highly fragmented network of 2,500+
independent operators with high retention rates (>98%), patented
technology and cumulative R&D spend; (iii) low jukebox-related
capital expenditures given that the operator network is responsible
for all installation, repair and maintenance of the installed
fleet; (iv) good cash flow dynamics from increasing mobile
penetration and increased premium song pricing initiatives, which
facilitated positive free cash flow (FCF) during the pandemic (FY
2020 and FY 2021); (v) reoccurring jukebox music revenue supported
by rising average weekly gross sales per jukebox, resurgent average
active jukebox volumes and potential for relatively less consumer
sensitivity to rising inflation given that active users' average
monthly jukebox spend accounts for a small percentage of monthly
income; and (vi) long-standing relationships with major labels,
publishers and performance rights organizations (PROs) that provide
music content via multi-year licensing agreements. Last year's sale
of the PlayNetwork background music division is credit positive
given that asset's increasing business challenges.
The B2 rating is constrained by TouchTunes': (i) high initial pro
forma financial leverage in the 7x area (as calculated by Moody's);
(ii) small revenue base; (iii) exposure to discretionary spend from
consumer and small-to-medium sized (SMB) bars and restaurants, as
well as increasing inflationary pressures and inventory supply
constraints that could lead to slower revenue growth and margin
pressure; (iv) potential negative spillover on economic growth from
a prolonged Russia-Ukraine conflict; (v) potential return to
pre-pandemic flat-to-declining jukebox unit volume growth over the
rating horizon due to permanent closure of some restaurants and
bars in the wake of the pandemic, slow return of low-earning
locations and customer traffic pressures longer-term; and (vi)
ownership by a private equity sponsor, which poses governance
risks.
The stable outlook reflects Moody's view that momentum from the
reopened economies combined with strong pent-up demand for visiting
social gathering venues such as bars and restaurants where
TouchTunes' jukeboxes are located, will continue to produce
increased out-of-home mobility and support growth in user activity
and engagement. The outlook acknowledges the investments that
TouchTunes has made to expand its interactive jukebox presence and
focus on premium song pricing initiatives. Moody's expects the
company will continue to effectively manage operating expenses and
maintain positive organic revenue growth in 2022, albeit
potentially slowing compared to 2021. The outlook considers Moody's
current macroeconomic view, which projects US GDP growth will
decelerate to 3.7% in 2022 (3.6% globally) and 2.5% in 2023 (3.0%
globally). The Euro area and UK are expected to slow to 2.8% growth
this year. Moody's forecasts US inflation will remain high at 4.2%
in 2022, decreasing from 7.9% yoy recorded in February 2022, while
UK inflation will end the year at 6.2%.
Over the next 12-15 months, Moody's expects TouchTunes will
maintain good liquidity supported by projected FCF in the $10 - $20
million range and sufficient cash balances (cash totaled roughly
$61 million at September 30, 2021; around $10 million pro forma for
the transaction). Given the "asset-lite" model with low capex
requirements, the company produced approximately $31 million in FCF
for the LTM period ended September 30, 2021. External liquidity is
supported by a new $40 million RCF, which Moody's expects will be
undrawn at closing and remain unused over the succeeding 12 months.
The new first-lien term loan will be covenant-lite and have a
mandatory 1% amortization per annum (i.e., $3.85 million), which
Moody's expects TouchTunes will pay via internal cash sources.
As a pending portfolio company of private equity sponsor TA
Associates, Moody's expects the company's financial strategy to be
relatively aggressive and governance risk to be elevated given that
equity sponsors have a tendency to tolerate high leverage and favor
high capital return strategies.
STRUCTURAL CONSIDERATIONS
As proposed in the most recent marketing term sheet, the new credit
facilities are expected to provide covenant flexibility that if
utilized could negatively impact creditors. Notable terms include
the following:
Incremental debt capacity up to the greater of $77 million and 100%
of Consolidated EBITDA calculated on a LTM basis; and (i) any
unused amounts under the General Debt Basket minus any amounts
incurred under the fixed incremental amount in the Second Lien
Facility and any amounts incurred under the fixed amount basket of
the Ratio Debt basket or the Ratio Acquisitions Debt basket under
the First Lien Facility (collectively, the "First Lien Fixed
Incremental Amount"); plus (ii) an unlimited amount of additional
pari passu credit facilities so long as the pro forma Consolidated
First Lien Net Leverage Ratio (as defined) does not exceed the
greater of (x) 5x and (y) in the case of the First Lien Incremental
Facility used to fund a permitted acquisition or investment, the
Consolidated First Lien Net Leverage Ratio in effect immediately
prior to such incurrence. Additional debt is permitted for
incremental facilities that are: (A) secured on a junior lien basis
to the First Lien Term Loans so long as either the pro forma: (i)
Consolidated Senior Secured Net Leverage Ratio (as defined) does
not exceed the greater of (x) 6.3x and (y) when the First Lien
Incremental Facility is used to fund a permitted acquisition or
investment, the Consolidated Senior Secured Net Leverage Ratio in
effect immediately prior to such incurrence; or (ii) Interest
Coverage Ratio (as defined) is not less than the lesser of (x)
1.75x and (y) when the First Lien Incremental Facility is used to
fund a permitted acquisition or investment, the Interest Coverage
Ratio in effect immediately prior to such incurrence; and (B)
secured on a junior basis to the Second Lien Facility or unsecured
so long as either the pro forma: (i) Consolidated Net Leverage
Ratio (as defined) does not exceed the greater of (x) 6.8x and (y)
when the First Lien Incremental Facility is used to fund a
permitted acquisition or investment, the Consolidated Net Leverage
Ratio in effect immediately prior to such incurrence; or (ii)
Interest Coverage Ratio is not less than the lesser of (x) 1.75x
and (y) when the First Lien Incremental Facility is used to fund a
permitted acquisition or investment, the Interest Coverage Ratio in
effect immediately prior to such incurrence. Incremental debt
amounts up to the greater of $77 million and 100% of Consolidated
EBITDA calculated on a LTM basis may be incurred with an earlier
maturity date than the First Lien Term Loan Facility.
There are no express "blocker" provisions which prohibit the
transfer of specified assets to unrestricted subsidiaries; such
transfers are permitted subject to carve-out capacity and other
conditions.
With respect to the First Lien Facilities, all direct or indirect
wholly-owned domestic subsidiaries will provide unconditional joint
and several guarantees on a senior secured first-lien basis. All
subsidiaries of the borrower will be restricted subsidiaries,
however borrower may designate any subsidiary of the borrower as an
unrestricted subsidiary subject to compliance of applicable
covenants so long as no event of default will exist or result
thereafter. Non-wholly-owned subsidiaries are not required to
provide guarantees; dividends or transfers resulting in partial
ownership of subsidiary guarantors could jeopardize guarantees,
with no explicit protective provisions limiting such guarantee
releases.
There are no express protective provisions prohibiting an
up-tiering transaction.
The proposed terms and the final terms of the credit agreement may
be materially different.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
A ratings upgrade could occur if TouchTunes exhibits revenue growth
and EBITDA margin expansion that lead to a sustained reduction in
total debt to EBITDA leverage below 4.25x (Moody's adjusted) and
free cash flow to adjusted debt of at least 7%. The company would
also need to maintain a good liquidity position and continue to
exhibit prudent financial policies. Ratings could experience
downward pressure if total debt to EBITDA leverage is sustained
above 6.5x (Moody's adjusted) or EBITDA growth is insufficient to
maintain positive free cash flow to debt of at least 2% (Moody's
adjusted).
Headquartered in New York, N.Y., The Octave Music Group, Inc. (New)
(d/b/a "TouchTunes") is a privately-owned leading provider of
out-of-home digital-based music distribution to businesses through
its interactive music and entertainment jukeboxes, with a total
global installed base of roughly 64,000+ units featured in bars,
restaurants, retail stores, hospitality establishments and other
locations across North America (approximately 58,000 units) and
Europe (approximately 6,000 units, mainly in the UK). TouchTunes
maintains a network of over 2,500 jukebox operators in North
America who install the equipment in local venues and take
responsibility for maintenance, promotion, service and support. Net
revenue totaled roughly $189 million for the LTM ended September
30, 2021 (inclusive of PlayNetwork revenue).
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
PARNASSUS PREPARATORY SCHOOL: S&P Raises Rev Bonds Rating to 'BB+'
------------------------------------------------------------------
S&P Global Ratings raised its rating to 'BB+' from 'BB' on Ham
Lake, Minn.'s series 2016A and 2016B charter school lease revenue
bonds, issued for Parnassus Preparatory School. The outlook is
stable.
"The upgrade reflects our view of the school's improved financial
performance in fiscal years 2020 and 2021, moderating debt burden,
steady demand profile, and growing cash position," said S&P Global
Ratings credit analyst Mikayla Mahan. S&P expects Parnassus to
produce positive operations on a full-accrual basis in fiscal 2022,
although more modest than fiscal 2021 results, supporting maximum
annual debt service (MADS) coverage in line with the higher
rating.
The school's total debt outstanding as of June 30, 2021, was about
$26 million, consisting solely of the series 2016 bonds. Prior to
July 1, 2021, the series 2016 bonds were a general obligation of CS
Property Parnassus LLC, a building company that is a single-purpose
entity created exclusively to acquire, own, and lease facilities on
behalf of Parnassus. On July 1, 2021, CS Property Parnassus LLC
assigned all rights of the series 2016 bonds to Parnassus Building
Co., an affiliated nonprofit building corporation which is
classified as a 501(c)(3) tax-exempt organization created
exclusively to acquire, own, and lease facilities on behalf of
Parnassus. On the formation of Parnassus Building Co., the fiscal
year-end of the building company was changed from Dec. 31 to June
30 to enhance financial reporting consistency. As a result, 18
months of financial activity (Jan. 1, 2020 through June 30, 2021)
for the building company is included in the school's 2021 audited
financial statement.
The bonds are still secured by a first-mortgage lien on the project
property and a security interest in the lease payments made by the
school to the building company using state lease aid. They are
further secured by a gross pledge of the school's per-pupil state
aid and certain federal pass-through payments from the state, as
well as a fully funded debt service reserve. Bond covenants include
a debt service coverage (DSC) requirement of 1.1x and a liquidity
covenant of 45 days' cash on hand. The school continues to meet
these bond covenants.
S&P said, "We assessed Parnassus' enterprise profile as adequate,
characterized by its historically robust enrollment increases,
which we believe will moderate as the school has reached its
facility capacity; strong academics relative to the local school
district and state; and a capable management team. We assessed
Parnassus' financial profile as adequate as well, based on its
improved margins, MADS coverage, liquidity position and debt
burden, though the school does remain highly leveraged. We believe
that these combined credit factors lead to an anchor of 'bbb-'.
Holistically, we view the school's MADS coverage and cash position
more commensurate with lower rated peers, leading to an issue
credit rating of 'BB+'."
"The stable outlook reflects our opinion that Parnassus will
continue to produce positive operations, supporting a stable MADS
coverage and a cash position commensurate with 'BB+' rated peers,"
added Ms. Mahan.
S&P said, "We view the risks posed by COVID-19 to public health and
safety as an elevated social risk for the charter school sector
under our environmental, social, and governance (ESG) factors due
to potential effects 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. Despite the elevated social risk, we
consider the school's environmental and governance risks in line
with our view of the sector as a whole."
PBJAK LLC: Seeks to Use Cash Collateral
---------------------------------------
PBJAK LLC asks the U.S. Bankruptcy Court for the District of
Colorado for authority to use cash collateral and provide adequate
protection.
The Debtor requires the use of cash collateral to preserve its
assets, maximize the value of the bankruptcy estate and afford the
best opportunity to effectively reorganize up to and through the
confirmation of a plan of reorganization.
Paragon Bank asserts an interest in the Debtor's cash collateral in
the amount of $854,000.
The Debtor has no accounts receivable as of the petition date. The
Debtor desires to use equipment currently in its possession to
operate the business. The Debtor proposes that the equipment, along
with a working capital/line of credit available from Bozena Zofia
Jakubczyk, will sustain it until such time the Debtor realizes a
consistent revenue stream. Without use of the equipment, the
Debtor's operations will remain limited, possibly result in a
piecemeal liquidation, the foreclosure of the real property, and
eliminate the likelihood of recovery by holders of allowed
unsecured claims within the bankruptcy case.
PBJAK says the Court may find that the Debtor realizes a consistent
revenue stream, which adequately protects Paragon Bank against any
diminished value of its security interests in the cash collateral.
Paragon is further secured by the real property located at 702
Manitou Avenue. Its estimated value is $972,813, giving Paragon a
substantial "equity cushion." Therefore, the Debtor adequately
protects against the diminution in the value of the Creditor's
security interest, as consideration for immediate and future use of
cash collateral, by and through as follows:
a. Grant a replacement lien and security interest against the
Debtor's post-petition assets with the same priority and validity
as Paragon had prior to the filing of the petition;
b. Comply with spending and operational controls including,
but not limited to, maintaining adequate insurance coverage on
personal property and expend cash collateral solely for ordinary
business expenses; and
c. Use cash collateral in accordance with the Operating
Projections.
About PBJAK LLC
PBJAK LLC sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Colo. Case No. 22-11149) on April 5, 2022. In the
petition signed by Pawel L. Jakubczyk, member, the Debtor disclosed
up to $10 million in assets and up to $1 million in liabilities.
Stephen Berken, Esq., at Berken Cloyes, PC is the Debtor's
counsel.
PINE COUNTRY: Seeks Chapter 11 Bankruptcy Protection
----------------------------------------------------
Real estate property management company Pine Country, LLC, filed
for chapter 11 protection, without stating a reason.
According to court filings, Pine Country LLC has one unsecured
creditor, namely Total LenderSolutions Inc. The petition states
that funds will be available to unsecured creditors.
A telephonic meeting of creditors under 11 U.S.C. Sec. 341(a) is
slated for May 3, 2022, at 9:15 a.m. at Office of UST.
About Pine Country
Pine Country LLC is a Los Angeles-based real estate property
management company.
Pine Country LLC sought Chapter 11 protection (Bankr. C.D. Cal.
Case No. 22-11899)on April 5, 2022. In the petition filed by Hassan
Kobaissi, Pine Country LLC estimated assets and liabilities between
$0 and $50,000. The case is assigned to Honorable Judge Deborah J.
Saltzman. Matthew Abbasi, of Abbasi Law Corporation, is the
Debtor's counsel.
POSTMEDIA NETWORK: Moody's Ups CFR to Caa2 & Secured Notes to B1
----------------------------------------------------------------
Moody's Investors Service upgraded Postmedia Network Inc.'s
corporate family rating to Caa2 from Caa3, probability of default
rating to Caa2-PD/LD from Caa3-PD and senior secured notes rating
to B1 from B3. The speculative grade liquidity rating remains
SGL-3. The outlook is stable. This concludes the review that was
initiated on February 24, 2022.
The rating action follows the closure of the transaction announced
in February 2022 whereby Postmedia will repay C$15 million under
its first lien notes and issue shares to debtholders while
simultaneously extending the maturities of both its first and
second lien notes to February 2027 and August 2027, respectively.
The company has also closed the acquisition of Brunswick News Inc.
("BNI") for C$16 million, funded with a combination of cash (C$7.5
million) and equity.
The terms of the financing extension represent a distressed
exchange, constituting an event of default under Moody's
definition. Likewise, Moody's has appended the /LD limited default
indicator on Postmedia's PDR for the duration of one business day.
The upgrade of Postmedia's CFR and PDR reflects the resolution of
near-term refinancing risk, with longer-dated maturities providing
Postmedia some additional runway to implement a strategy to stem
declining EBITDA.
Upgrades:
Issuer: Postmedia Network Inc.
Corporate Family Rating, Upgraded to Caa2 from Caa3
Probability of Default Rating, Upgraded to Caa2-PD/LD from
Caa3-PD
Senior Secured Regular Bond/Debenture, Upgraded to B1 (LGD1) from
B3 (LGD1)
Outlook Actions:
Issuer: Postmedia Network Inc.
Outlook, Changed To Stable From Rating Under Review
RATINGS RATIONALE
Postmedia's CFR is constrained by: (1) very high leverage (11x as
of LTM Nov-21, rising toward 15x in 2023) as the PIK notes balance
grows, leading to an untenable capital structure; (2) challenges
regaining earnings momentum following steep pandemic induced
revenue declines; (3) ongoing secular decline in the traditional
newspaper business, which still accounts for nearly 75% of
revenues; and (4) competitive pressure in digital media given low
barriers to entry and dominant global players. The company benefits
from: (1) its leading position in the Canadian newspaper market
with well-known brands; (2) track record for achieving cost
reductions that keep pace with falling revenues; (3) Moody's
expectation for moderate growth from the emerging parcel business,
supported by the BNI acquisition, and potential momentum from
favorable legislation providing additional revenue and bargaining
power with competitors; and (4) adequate liquidity, including the
extension of its C$15 million asset-back revolving credit facility
to October 2025 as part of the current transaction.
Postmedia has adequate liquidity (SGL-3). Pro-forma for the
transaction, sources total about C$40 million, consisting of cash
on hand of $26 million and full availability under the C$15 million
asset back revolving credit facility due October 2025.Uses of cash
over the next twelve months through November 2022 will include
negative free cash flow of about $5 million. Postmedia has limited
alternative liquidity because individual asset sale proceeds must
be used to repay the first lien notes, with no reinvestment
provision.
Pro-forma for the transaction, Postmedia's two classes of debt
include the B1 first lien notes due February 2027 (C$48 million
outstanding at transaction close), and ii) unrated second lien PIK
notes due August 2027. The B1 rating on the first lien notes is
four notches above the Caa2 CFR, reflecting their priority ranking
to and significant cushion provided by the second lien notes.
The stable outlook reflects Moody's expectation that Postmedia will
maintain adequate liquidity through 2023 despite deteriorating
credit metrics.
ESG Considerations
Postmedia's has a Credit Impact Score of CIS-5, reflecting that ESG
considerations have a very highly negative impact on the current
rating, primarily due to social and governance risks. Postmedia has
limited resources to adjust to evolving demographic and societal
trends as digital services disrupt print media, and likewise social
risks will continue to weigh heavily on its rating. Governance
risks pressure the rating due to the company's track record of
distressed exchanges.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Postmedia's ratings could be downgraded if liquidity deteriorates
or the risk of default increases.
The ratings could be upgraded if leverage improved such that the
likelihood of the company restructuring its debt was minimal, and
if liquidity remained adequate.
Postmedia Network Inc., headquartered in Toronto, is the largest
publisher of daily newspapers in Canada. Publications include
National Post, Toronto Sun, Vancouver Sun, Montreal Gazette, Ottawa
Citizen, Calgary Herald, Edmonton Journal, and Windsor Star.
The principal methodology used in these ratings was Media published
in June 2021.
PURIM HOLDING: Files for Chapter 11 Protection
----------------------------------------------
Purim Holding, LLC, filed for chapter 11 protection.
According to a court filing, the Debtor's property located at 13611
12 Vanowen Avenue, Van Nuys, California 91405 (the "Property") was
affected by court orders obtained by Liberty Bank.
Specifically, on March 10, 2022 the Hon. Scott Yun entered an Order
Granting Motion for Relief From the Automatic Stay Under 11 U.S.C.
Sec. 362 in the case In re: Lucille Marie Ortega, a Chapter 7
bankruptcy case no. 6:22-bk-10428-SY (the "Ortega Order"). On
March 15, the Court entered an Order Granting Motion for Relief
From the Automatic Stay Under 11 U.S.C. Sec. 362 in the case In re:
Esteban Jimenez, Jr., a Chapter 7 bankruptcy case no.
9:22-bk-10084-MB (the "Jimenez Order").
The Debtor filed its Petition on April 4, 2022 and notified
creditor Liberty Bank of the filing. Creditor Liberty Bank,
relying on the Ortega and Jimenez Orders, conducted a sale of the
Property on April 5, 2022.
Although the Property was not purchased by a third party, the
Property went back to Liberty as an OREO ("Other Real Estate
Owned"). Liberty intends to sell the Property to a third party who
was the highest bidder at the foreclosure sale if the bidder is
able to come up with the money within the
16 next 15 days.
The petition states funds will be available to Unsecured
Creditors.
A telephonic meeting of creditors under 11 U.S.C. Sec. 341(a) is
slated for April 28, 2022, at 10:00 a.m. at Office of UST.
About Purim Holding LLC
On April 5, 2022 Purim Holding, LLC filed for chapter 11 protection
(Bankr. C.D. Cal. Case No. 22-10400). In the petition filed by
Arash Soleimany, as managing member, Purim Holding estimated assets
and liabilities between $1 million and $10 million. This case has
been assigned to Martin R. Barash. Michael Jay Berger, of the Law
Offices of Michael J. Berger, is the Debtor's counsel.
ROCKALL ENERGY: Chapter 11 Plan Confirmation Set for May 13
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas
scheduled a hearing to consider approval of the adequacy of the
Disclosure Statement explaining the Joint Prepackaged Chapter 11
Plan dated March 10, 2022, filed by Rockall Energy Holdings LLC and
its debtor-affiliates, and confirmation of that plan on May 13,
2022, at 9:30 a.m. (CT), at the Courthouse, Courtroom 128, 501 W.
Tenth Street, Forth Worth, Texas 76102. Objections to the approval
of the disclosure statement and confirmation of the plan, if any,
must be filed no later than 5:00 p.m. (CT) on May 6, 2022.
As reported by the Troubled Company Reporter on March 16, 2022, the
Debtors filed with the U.S. Bankruptcy Court for the Northern
District of Texas a Disclosure Statement for Joint Prepackaged
Chapter 11 Plan dated March 10, 2022.
Rockall is a multi-faceted oil and gas company with an E&P business
currently operating in over 100,000 net acres split between the
Williston Basin in North Dakota -- the Northern Assets and the Salt
Basin plays in Mississippi and Louisiana -- the Southern Assets.
The Plan, which is the result of significant arms'-length
negotiations with the Debtors' key creditor constituents, provides
for the marketing and sale process to sell any or all of the
Debtors' assets to continue after the Petition Date, with the goal
of achieving the highest recoveries possible for all stakeholders.
The sale process and Plan are supported by the Consenting Creditors
-- who are willing sellers -- but who have also agreed to support a
back-up equitization alternative pursuant to the Plan if the sale
process does not yield satisfactory bids. The Debtors are
commencing solicitation of the Plan with the support of the
Consenting Creditors -- the Holders of 100% of the outstanding
principal amount of the Class 3 Secured Parties Claims -- who on
the date hereof entered into the Restructuring Support Agreement.
After extensive, arm's-length negotiations, the Company, the Term
Loan Lenders, the Term Loan Agent, and Shell agreed on the terms
of
a consensual in-court sale process, with a backup alternative
equitization, and entered into the Restructuring Support
Agreement.
Certain key elements of the Restructuring Support Agreement and
Plan include:
* the Company agrees to run a value-maximizing Sales Process
and, if a Payout Event occurs, the Company will sell any portions
of its assets in a sale consummated via the Plan;
* the Consenting Creditors agree to vote in favor of the Plan
and, if no Payout Event occurs, the Secured Parties Claims would
convert to equity in Reorganized Rockall (or potentially be
partially satisfied in cash if a sale of less than all assets
occurs);
* as part of the Sales Process, the Company will seek
rejection of the Steel Reef Contracts to enable a competitive and
robust Sales Process that maximizes the potential value of the
Company's assets;
* the DIP Lenders agree to provide the Company with a senior
secured superpriority credit facility in an aggregate principal
amount of at least $17 million of new money term loans, of which $5
million shall be available on an interim basis and the remaining
$12 million shall be available on a final basis;
* the Holders of General Unsecured Claims and Rockall Equity
Interests shall not receive any distribution unless all senior
Claims are paid in full or otherwise treated as Unimpaired as a
result of the Sales Process; and
* the Company and the Consenting Creditors agree that,
notwithstanding anything in the Restructuring Support Agreement,
the Company and the Term Loan Lenders may terminate the
Restructuring Support Agreement in certain circumstances,
including, with respect to the Company, to the extent necessary to
comply with their fiduciary duties under applicable law.
Class 4 consists of all General Unsecured Claims. Holders of
General Unsecured Claims shall not receive any distribution on
account of such General Unsecured Claims unless all senior Claims,
including all Class 1 Other Priority Claims, Class 2 Other Secured
Claims, and Class 3 Secured Parties Claims, are paid in full or
otherwise as agreed by the Holders of Claims in such Classes or are
treated as Unimpaired. On the Effective Date, in the event that
there are no proceeds from the Sale Process available for payment
of Class 4 General Unsecured Claims, all General Unsecured Claims
shall be cancelled, released, discharged, and extinguished. The
allowed unsecured claims total $27,509,057. This Class will
receive a distribution of 0% of their allowed claims.
On or prior to the Effective Date, the Liquidation Trust shall be
established in accordance with the Liquidation Trust Agreement for
the purpose of liquidating the Liquidation Trust Assets, resolving
all Disputed Claims to the extent related to the Liquidation Trust
Assets, making all distributions of the proceeds of the Liquidation
Trust Assets to Holders of Allowed Claims in accordance with the
terms of the Plan and otherwise implementing the Plan.
On the Effective Date, the Debtors or the Reorganized Debtors, as
applicable, shall make all distributions required to be made under
the Plan, including funding the Claims Reserve and the Professional
Fee Escrow Account, using Cash on hand as of the Effective Date,
including Cash from operations and the proceeds of borrowings under
the DIP Facility to the extent permitted by the terms of the DIP
Credit Agreement.
All remaining Cash on hand as of the Effective Date, after payment
of all distributions required to be made on the Effective Date,
including Cash from operations and the proceeds of borrowings under
the DIP Facility, but excluding the Cash funded into the Claims
Reserve and the Professional Fee Escrow Account, shall be retained
by or transferred to, as applicable, the Reorganized Debtors.
A full-text copy of the Disclosure Statement dated March 10, 2022,
is available at https://bit.ly/3q2XEn4 from PacerMonitor.com at no
charge.
Proposed Attorneys for the Debtors:
Michael A. Garza
Matthew J. Pyeatt
Trevor G. Spears
2001 Ross Ave., Suite 3900
Dallas, TX 75201
David S. Meyer
George R. Howard
Lauren R. Kanzer
1114 Avenue of the Americas, 32nd Floor
New York, NY 10036
VINSON & ELKINS LLP
About Rockall Energy Holdings
Rockall Energy Holdings is a mid-sized oil exploration and
production company.
Rockall Energy and its affiliates sought Chapter 11 bankruptcy
protection (Bank. N.D. Tex. Lead Case No. 22-90000) on March 9,
2022. In the petition filed by David Mirkin, as chief financial
officer, Rockall Energy Holdings estimated assets and debt between
$100 million and $500 million.
The cases are handled by Honorable Judge Mark X. Mullin.
The Debtors tapped VINSON & ELKINS LLP as counsel; LAZARD FRERES &
CO., LLC as investment banker; and ANKURA CONSULTING GROUP, LLC, as
restructuring advisor. STRETTO, INC., is the claims agent.
SENIOR CARE LIVING: Gets Court Nod to Use Cash Thru May 11
----------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida, Tampa
Division, authorized Senior Care Living VII, LLLC to use cash
collateral on an interim basis in accordance with the budget, with
a 10% variance.
The Debtor is permitted to use cash collateral until the earlier of
May 11, 2022, or the Debtor's ability to use cash collateral
terminates as the result of the occurrence of a Termination Event,
but only on the terms of the Interim Order. The Debtor's cash
collateral access will be limited solely to the amounts, times, and
categories of expenses listed in the Budget.
Validus Senior Living will remain as manager of the Debtor's
assisted living facility.
As adequate protection of the Trustee' interests in its collateral,
the Trustee will have a valid, perfected, and enforceable
replacement lien and security interest in all assets of the Debtor
existing on or after the Petition Date of the same type as set
forth in the Bond Documents.
The Debtor will provide, or will cause Validus to provide, the
Trustee with (a) a weekly census of residents residing at the ALF
and (b) a weekly summary of all receipts and disbursements as
compared to the Budget. The Weekly Reporting will be provided to
the Trustee by 5:00 p.m. E.T. on the second business day of each
week with respect to the week ending the prior Friday.
The Debtor will maintain insurance coverage for its property in
accordance with the obligations under the loan and security
documents with the Trustee. Debtor will provide proof of insurance
upon written request.
A termination event will be deemed to have occurred three days
after written notice sent by the Trustee to the Debtor, its
counsel, and the United States Trustee of the occurrence of any of
the following pursuant to the Order:
a. The Debtor fails to comply with the Budget (subject to the
Permitted Variance) and terms governing the Budget;
b. The Debtor terminates Validus as manager of the ALF and/or
fails to satisfy its postpetition payment obligations to Validus;
or
c. The Debtor fails to comply with, keep, observe, or perform
any of its agreements or undertakings under the Interim Order.
A further hearing on the matter is scheduled for May 11 at 2 p.m.
A copy of the order is available at https://bit.ly/3x7vb3I from
PacerMonitor.com.
About Senior Care Living VII
Senior Care Living VII, LLC sought Chapter 11 bankruptcy protection
(Bankr. M.D. Fla. Lead Case No. 22-00103) on Jan. 10, 2022, listing
up to $50 million in both assets and liabilities.
Judge Caryl E. Delano oversees the case.
Michael C. Markham, Esq., at Johnson Pope Bokor Ruppel & Burns, LLP
is the Debtor's legal counsel while SC&H Group, Inc. serves as the
Debtor's financial advisor.
SINCLAIR TELEVISION: S&P Rates New $750MM Secured Term Loan 'B+'
----------------------------------------------------------------
S&P Global Ratings assigned its 'B+' issue-level rating and '2'
recovery rating to the proposed $750 million senior secured term
loan maturing in 2029 issued by Sinclair Broadcast Group Inc.'s
(SBG) subsidiary Sinclair Television Group Inc. (STG).
STG plans to use the proceeds from the proposed term loan to
refinance its existing senior secured term loan B-1 tranche
maturing in 2024 ($379 million outstanding) and redeem its 5.875%
senior unsecured notes due 2026 ($348 million outstanding).
S&P said, "The '2' recovery rating indicates our expectation for
substantial (70%-90%; rounded estimate: 75%) recovery for lenders
in the event of a payment default. We expect recovery prospects for
existing secured lenders will modestly decline as a result of the
proposed transaction due to the higher amount of secured debt in
the capital structure.
"Our 'B' issuer credit rating and stable outlook on Sinclair remain
unchanged. The stable outlook reflects our expectation that STG's
broadcast TV stations will continue to provide SBG with a stable
source of cash flow, despite continued operational challenges at
the regional sports networks owned by SBG's subsidiary Diamond
Sports Group."
SIRVA WORLDWIDE: Moody's Hikes CFR to B3 & First Lien Debt to B2
----------------------------------------------------------------
Moody's Investors Service upgraded SIRVA Worldwide, Inc.'s ratings,
including its Corporate Family Rating to B3 from Caa1 and its
Probability of Default Rating to B3-PD from Caa1-PD. Moody's also
upgraded the instrument ratings on SIRVA's senior secured first
lien debt to B2 from B3 and ratings on the senior secured second
lien rating to Caa2 from Caa3. The outlook remains stable.
The rating actions are based on improving business conditions for
the corporate relocation and moving market as volumes continue to
recover from pandemic lows in 2020. Moody's expects relocation and
moving volumes to improve incrementally this year and next year as
restrictions and uncertainty related to the pandemic abate. SIRVA
has a diversified global business with most of its earnings coming
from North America. Moody's expects revenue to grow this year with
higher volumes in in North America and International relocation,
and leverage (Moody's adjusted) will decline to 7.4x by the end of
this year, based on this growth and stable EBITDA margins. A social
factor under Moody's ESG framework is a rating action driver since
the improvement in operating performance is due in part to the
abatement of the coronavirus pandemic.
The following ratings/assessments are affected by the action:
Upgrades:
Issuer: SIRVA Worldwide, Inc.
Corporate Family Rating, Upgraded to B3 from Caa1
Gtd Senior Secured 1st Lien Bank Credit Facility, Upgraded to B2
(LGD3) from B3 (LGD3)
Gtd Senior Secured 2nd Lien Bank Credit Facility, Upgraded to Caa2
(LGD5) from Caa3 (LGD5)
Outlook Actions:
Issuer: SIRVA Worldwide, Inc.
Outlook, Remains Stable
RATINGS RATIONALE
SIRVA's B3 CFR broadly reflects its elevated leverage (Moody's
adjusted debt/EBITDA of 8.8x as of the end of September 2021 and
expected leverage of 8.2x as of the end of 2021, weak free cash
flow and inherent cyclicality that is dependent on corporate
relocation and moving volumes. The company is also exposed to the
housing market due to the nature of the contracts it has with
clients where SIRVA takes on home selling and purchasing risk for
relocating employees. The company's healthy liquidity position is a
key mitigant to the weak credit metrics over the next 12 months.
Moody's expects the company to have good liquidity for the next
12-18 months that includes availability under its $60 million
revolver, existing cash on the balance sheet ($50 million at the
end of 2021) and availability under the securitization facility.
Exposure to changes in corporate demand and budgets for relocating
employees contributes to the cyclicality of the business, which is
further worsened by its exposure to real estate, though this
exposure is significantly lower than at historic levels and is
capped by the credit agreement. SIRVA's governance is characterized
by an aggressive financial policy, indicated by its very high
leverage. In addition, the expectation of modest free cash flow for
this year constrains the rating.
The company's integrated service offerings and global market
presence provides a competitive advantage to support its diverse
customer base including large blue-chip customers. It maintains a
high client retention rate of above 95%. The company's customer
base spans different sectors and most of them have an international
presence and engage in M&A transactions frequently, which can lead
to movement in personnel. The diversity of sectors also exposes the
company to growth and expansion trends that may be more prevalent
in certain sectors (such as technology and healthcare) as compared
to other sectors that are not expanding as much. The company's
relocation segment provides end to end services for the employees
that are relocating domestically and internationally. In the moving
segment, the large moving agent network operated through a
franchise model supports low capital expenditures and a modest
fixed cost base, providing flexibility to adjust operations to
shifts in demand volumes. The credit benefits from a highly
variable cost structure where the company can pass on cost
increases to the client. The largest costs in the business include
costs to buy and sell homes for the employee and transportation
costs. During the pandemic the company was able to quickly flex its
corporate costs to reduce general and administrative costs to
preserve liquidity.
The stable outlook reflects Moody's view that relocation and moving
volumes will continue to improve as the quarters progress this
year. During the pandemic the company saw volumes in corporate
relocation drop by approximately a third as companies put
relocation on hold. The moving segment for non-corporate customers
and military however did not see such a steep drop as domestic
moving still occurred. Expectations are for non-corporate and
military shipments to remain stable this year. Overall Moody's
expects revenue to grow in the low single digits this year on a
year-over-year basis and free cash flow to be positive. Leverage is
expected to decline to 7.4x by the end of 2022. Free cash flow to
debt is weak and is expected to be around 3%.
Liquidity is good based on an unrestricted cash balance of roughly
$50 million as of year-end 2021, an undrawn $60 million first lien
revolver due 2023 and positive free cash flow in the $20 million
area over the next 12 months. In addition, the company has a $225
million A/R securitization facility that has approximately $140
million in availability and that is used for pass-through expenses
related to the relocation segment. Moody's anticipates adequate
cushion under the first lien net leverage springing financial
covenant, which applies only when revolver utilization is above 35%
and is set at 5.9x.
The company's $60 million senior secured first lien revolver due
2023 and $396 million first lien term loan due 2025 are each rated
B2, one notch above the Corporate Family Rating (CFR), and reflects
their priority lien on collateral (substantially all domestic
assets excluding the securitization facility) relative to the $109
million senior secured second lien term loan due 2026, which is
rated Caa2, two notches below the CFR. The first lien instrument
ratings reflect a one notch downgrade override to the LGD
model-implied outcome. The override reflects the uncertainty of
loss absorption support from the trade payables in a default
scenario. SIRVA, Inc. has established two special purpose vehicles
to be the borrowers of the securitization facility and the
warehouse lines. These facilities are non-recourse to SIRVA, Inc.
and SIRVA Worldwide, Inc.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be downgraded if the company's revenue and
earnings decline due to loss of clients or market share, if
debt/EBITDA (Moody's adjusted and including securitization debt)
does not decline from current levels or free cash flow to debt
approaches break-even. Further deterioration in liquidity,
including negative free cash and increased revolver usage could
also lead to a downgrade.
The ratings could be upgraded if there is continued growth in
revenue and relocation and moving volumes pick up significantly
that then leads to earnings and free cash flow improvement. The
ratings could also be upgraded if debt/EBITDA (Moody's adjusted and
including securitization and mortgage warehouse debt) is sustained
below 5.0x and free cash flow to debt remains above 8%.
SIRVA, headquartered in Oakbrook Terrace, Illinois, provides
outsourced relocation and moving services to the corporate,
consumer, and government sectors. The company operates in three
main segments: North America Relocation, North America Moving and
Rest of the World (includes moving and relocation). Service revenue
for fiscal 2021 was $1.66 billion. The company is owned by
affiliates of Madison Dearborn Partners, LLC (MDP).
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
STRIKE LLC: Amends Unsecureds Claims Pay Details
------------------------------------------------
Strike, LLC, and its Affiliated Debtors submitted a Modified
Combined Disclosure Statement and Joint Chapter 11 Plan of
Liquidation dated April 5, 2022.
The Plan is a liquidating plan. Pursuant to prior orders of the
Bankruptcy Court, the Debtors conducted a competitive court
supervised marketing process and sold substantially all of their
assets to Strike Acquisition LLC (n/k/a Strike Holdco LLC), an
affiliate of American Industrial Partners.
The Plan provides for the satisfaction in full of all senior
claims, including Allowed Administrative Claims, Allowed Priority
Tax Claims, Allowed Priority Non-Tax Claims, and Allowed Secured
Claims. Holders of General Unsecured Claims will receive interests
in a Liquidating Trust that will administer and liquidate all
remaining property of the Debtors.
Under the Plan, Class 3 General Unsecured Claims total $314.8
million to $357.4 million. Each Holder of an Allowed General
Unsecured Claim, except for the AIP Parties, shall only receive its
Pro Rata share of the Class A Trust Interests without regard to the
particular Debtor against which such Claim is Allowed. The AIP
Parties shall only receive Class B Trust Interests on account of
such AIP Parties' Prepetition Junior Loan Claims without regard to
the particular Debtor against which such Claims are Allowed. For
the avoidance of doubt, under the Plan, Holders of Allowed General
Unsecured Claims shall only receive Liquidating Trust Interests as
provided:
* Class A Trust Interests shall entitle the Holders of such
interests to receive their pro rata share of Liquidating Trust
Proceeds pursuant to the terms of this Plan and the Liquidating
Trust Agreement; provided, that (a) prior to satisfaction of the
GUC Threshold Distribution Condition, such pro rata share shall be
calculated as the proportion that a Class A Trust Interest bears to
the aggregate amount of all Class A Trust Interests, and (b) after
satisfaction of the GUC Threshold Distribution Condition, such pro
rata share shall be calculated as the proportion that a Class A
Trust Interest bears to the aggregate amount of all Class A Trust
Interests and Class B Trust Interests distributed pursuant to the
Plan.
* Class B Trust Interests shall entitle the Holders of such
interests to receive a Distribution under the Plan to the extent
that GUC Threshold Distribution Condition is satisfied, in which
case, such Holders shall receive their pro rata share of
Liquidating Trust Proceeds pursuant to the terms of this Plan and
the Liquidating Trust Agreement; provided, that such pro rata share
shall be calculated as the proportion that a Class B Trust Interest
bears to the aggregate amount of all Class A Trust Interests and
Class B Trust Interests distributed pursuant to the Plan.
* No Holder of an Allowed General Unsecured Claim shall
receive a recovery that exceeds one hundred percent (100%) of the
Allowed amount of its General Unsecured Claim.
Non-AIP Parties estimated recoveries of allowed claims or interests
is 1.2% to 2.7% plus Distributions, if any, from Liquidating Trust
Proceeds, including proceeds of Preserved Estate Claims. AIP
Parties estimated recoveries of allowed claims or interests is 0%
plus Distributions, if any, from Liquidating Trust Proceeds
including proceeds of Preserved Estate Claims, after the aggregate
recovery to all other Allowed General Unsecured Claims exceeds 7.5%
of such other Allowed General Unsecured Claims.
The Debtors sold substantially all of their assets to the Purchaser
on February 14, 2022. Pursuant to the Sale Documents, the Debtors
retained any assets that were not acquired by the Purchaser,
including certain litigation claims (other than the Purchased
Claims) and certain funds to wind down their operations and make
Distributions to creditors. On the Effective Date, the Liquidating
Trust will be created and the Debtors will transfer the Liquidating
Trust Assets, including the Preserved Estate Claims, to the
Liquidating Trust.
The Liquidating Trust Assets, including the net proceeds, if any,
from the prosecution of Preserved Estate Claims, will be
distributed to creditors as set forth in the Plan and Disclosure
Statement and the Liquidating Trust Agreement. Pursuant to the
Global Settlement, the AIP Parties have agreed to waive their
receipt of any recoveries on account of their General Unsecured
Claims under the Plan until an agreed upon threshold recovery is
achieved by other Holders of Allowed General Unsecured Claims,
which will provide other Holders of Allowed General Unsecured
Claims a larger portion of the available Distributions.
On the Effective Date, the Debtors shall make Distributions in
accordance with the Plan to Holders of Allowed Administrative
Claims, Allowed Priority Tax Claims, Allowed Priority Non-Tax
Claims, and Allowed Secured Claims that are due and payable as of
the Effective Date using Cash on hand. Upon completion of such
Distributions, on the Effective Date, the Debtors shall transfer to
the Liquidating Trust all remaining Cash, the Preserved Estate
Claims, and other Liquidating Trust Assets (if any); provided that
the Liquidating Trustee shall use such Cash to fund the Liquidating
Trust Reserve. After the Effective Date, the Liquidating Trustee
shall make Distributions from the Liquidating Trust Assets on
account of Allowed Claims in accordance with the Plan and
Liquidating Trust Agreement.
Counsel to the Debtors:
Matthew D. Cavenaugh, Esq.
Kristhy Peguero, Esq.
Genevieve Graham, Esq.
JACKSON WALKER LLP
1401 McKinney Street, Suite 1900
Houston, Texas 77010
Tel: (713) 752-4200
Fax: (713) 752-4221
E-mail: mcavenaugh@jw.com
kpeguero@jw.com
ggraham@jw.com
- and -
Thomas E. Lauria, Esq.
Matthew C. Brown, Esq.
Fan B. He, Esq.
Gregory L. Warren, Esq.
Nicolas Abbattista, Esq.
WHITE & CASE LLP
200 South Biscayne Boulevard, Suite 900
Miami, FL 33131
Tel: (305) 371-2700
E-mail: tlauria@whitecase.com
mbrown@whitecase.com
fhe@whitecase.com
gregory.warren@whitecase.com
nick.abbattista@whitecase.com
Andrew F. O'Neill, Esq.
111 South Wacker Drive, Suite 5100
Chicago, IL 60606
Tel: (312) 881-5400
E-mail: aoneill@whitecase.com
Charles Koster, Esq.
609 Main Street, Suite 2900
Houston, TX 77002
Tel: (713) 496-9700
E-mail: charles.koster@whitecase.com
Aaron Colodny, Esq.
R.J. Szuba, Esq.
555 South Flower Street, Suite 2700
Los Angeles, CA 90071
Tel: (213) 620-7700
E-mail: aaron.colodny@whitecase.com
rj.szuba@whitecase.com
About Strike LLC
Strike, LLC -- http://www.strikeusa.com/-- is a full-service
pipeline, facilities, and energy infrastructure solutions provider.
Headquartered in The Woodlands, Texas, Strike partners closely with
clients all across North America, safely and successfully
delivering a full range of integrated engineering, construction,
maintenance, integrity, and specialty services that span the entire
oil and gas life cycle.
Strike and its affiliates sought Chapter 11 protection (Bankr. S.D.
Tex. Lead Case No. 21-90054) on Dec. 6, 2021. In the petitions
signed by CFO Sean Gore, Strike listed as much as $500 million in
both assets and liabilities.
The cases are handled by Judge David R. Jones.
The Debtors tapped Jackson Walker LLP and White & Case LLP as legal
counsels; Opportune, LLP as financial advisor; and Opportune
Partners, LLC as investment banker. Epiq Corporate Restructuring,
LLC is the claims agent.
The U.S. Trustee for Region 7 appointed an official committee of
unsecured creditors on Dec. 15, 2021. The committee is represented
by Marty Brimmage, Esq.
STRIKE LLC: May 17 Plan & Disclosure Hearing Set
------------------------------------------------
Strike, LLC and its Affiliated Debtors filed with the U.S.
Bankruptcy Court for the Southern District of Texas an emergency
motion for entry of an order conditionally approving the Disclosure
Statement.
On April 5, 2022, Judge David R. Jones conditionally approved the
Disclosure Statement and ordered that:
* May 17, 2022 at 2:00 p.m. is the Combined Hearing on the
final approval of the Disclosure Statement and confirmation of the
Plan.
* May 9, 2022 at 5:00 p.m. is fixed as the last day to file
objections confirmation of the Plan and final approval of the
Disclosure Statement.
* May 9, 2022 at 5:00 p.m. is fixed as the last day to submit
ballots to be counted as votes.
Counsel to the Debtors:
Matthew D. Cavenaugh, Esq.
Kristhy Peguero, Esq.
Genevieve Graham, Esq.
JACKSON WALKER LLP
1401 McKinney Street, Suite 1900
Houston, Texas 77010
Tel: (713) 752-4200
Fax: (713) 752-4221
E-mail: mcavenaugh@jw.com
kpeguero@jw.com
ggraham@jw.com
- and -
Thomas E. Lauria, Esq.
Matthew C. Brown, Esq.
Fan B. He, Esq.
Gregory L. Warren, Esq.
Nicolas Abbattista, Esq.
WHITE & CASE LLP
200 South Biscayne Boulevard, Suite 900
Miami, FL 33131
Tel: (305) 371-2700
E-mail: tlauria@whitecase.com
mbrown@whitecase.com
fhe@whitecase.com
gregory.warren@whitecase.com
nick.abbattista@whitecase.com
Andrew F. O'Neill, Esq.
111 South Wacker Drive, Suite 5100
Chicago, IL 60606
Tel: (312) 881-5400
E-mail: aoneill@whitecase.com
Charles Koster, Esq.
609 Main Street, Suite 2900
Houston, TX 77002
Tel: (713) 496-9700
E-mail: charles.koster@whitecase.com
Aaron Colodny, Esq.
R.J. Szuba, Esq.
555 South Flower Street, Suite 2700
Los Angeles, CA 90071
Tel: (213) 620-7700
E-mail: aaron.colodny@whitecase.com
rj.szuba@whitecase.com
About Strike LLC
Strike, LLC -- http://www.strikeusa.com/-- is a full-service
pipeline, facilities, and energy infrastructure solutions provider.
Headquartered in The Woodlands, Texas, Strike partners closely with
clients all across North America, safely and successfully
delivering a full range of integrated engineering, construction,
maintenance, integrity, and specialty services that span the entire
oil and gas life cycle.
Strike and its affiliates sought Chapter 11 protection (Bankr. S.D.
Tex. Lead Case No. 21-90054) on Dec. 6, 2021. In the petitions
signed by CFO Sean Gore, Strike listed as much as $500 million in
both assets and liabilities.
The cases are handled by Judge David R. Jones.
The Debtors tapped Jackson Walker LLP and White & Case LLP as legal
counsels; Opportune, LLP as financial advisor; and Opportune
Partners, LLC as investment banker. Epiq Corporate Restructuring,
LLC is the claims agent.
The U.S. Trustee for Region 7 appointed an official committee of
unsecured creditors on Dec. 15, 2021. The committee is represented
by Marty Brimmage, Esq.
SUMMIT FINANCIAL: Court OKs Deal on Cash Access Thru June 30
------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California,
Santa Ana Division, approved the Third Stipulation for Continued
Use of Cash Collateral Through and Including June 30, 2022, entered
into by Summit Financial, Inc., CalPrivate Bank and the U.S. Small
Business Administration.
The Court approved the Stipulation in its entirety, and the Debtor
may continue using cash collateral from April 1 through and
including June 30, pursuant to the Revised Budget and pursuant to
the same terms and conditions that were approved by the Court in
its Second Cash Collateral Order.
As provided in the Stipulation, all other terms and conditions of
the Second Cash Collateral Order will remain in full force and
effect.
The secured creditors, solely to the extent of any diminution in
the value of the cash collateral, will receive replacement liens in
assets of the same kind, type, and nature as the collateral in
which the secured creditors held a lien that are acquired after the
Petition Date, and the proceeds thereof, to the same extent,
validity, and priority as any lien held by the secured creditor in
such Assets as of the Petition Date, though all rights of the
Debtor to challenge the extent, validity, and priority of any
asserted lien or liens are hereby reserved.
The Debtor will pay CalPrivate Bank its contractual monthly payment
at $8,950.32 per month.
Beginning in May 2022, the Debtor will pay the SBA its contractual
monthly payment at $731 per month.
A copy of the order is available at https://bit.ly/3jmGxZi from
PacerMonitor.com.
About Summit Financial, Inc.
Summit Financial, Inc., which operates six high-end luxury nail
salons in Southern California, sought Chapter 11 protection (Bankr.
C.D. Cal. Case No. 21-12276) on September 18, 2021. On the
Petition Date, the Debtor estimated $100,000 to $500,000 in assets
and $1,000,000 to $10,000,000 in liabilities. The petition was
signed by Hao Tang as chief executive officer.
The Honorable Scott C. Clarkson presides over the case.
Arent Fox LLP is the Debtor's counsel.
TA TT BUYER: S&P Assigns 'B-' Issuer Credit Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings assigned its 'B-' issuer credit rating to TA TT
Buyer LLC (TouchTunes), reflecting high leverage from the
acquisition. S&P assigned its 'B-' issue-level rating and '3'
recovery rating (rounded estimate: 60%) to the company's proposed
first-lien term loan.
The stable outlook on TouchTunes reflects S&P's expectation that
the company will continue to generate positive albeit modest free
operating cash flow (FOCF) and maintain high S&P Global
Ratings'-adjusted leverage over the next 12 months.
The rating reflects a significant increase in TouchTune's S&P
Global Ratings'-adjusted leverage following TA Associates'
acquisition.
Private-equity sponsor TA Associates acquired The Octave Music
Group Inc.
TouchTunes is issuing debt to partially fund this transaction,
which closed on April 1, 2022.
The proposed debt refinancing consists of a $40 million revolving
credit facility, a $385 million first-lien term loan, and a $102.5
million second-lien term loan (not rated). TA TT Buyer LLC is
borrower and Octave is a wholly owned subsidiary and guarantor of
the credit facilities.
The acquisition will significantly increase the company's debt
burden and will push leverage up to about 8.9x pro forma for
transaction financing. S&P expects leverage will remain above 6x
for the next 24 months. Higher EBITDA from net revenue growth
should allow the company to offset its higher interest burden and
generate positive cash flows. The 'B-' issuer credit rating on
TouchTunes also reflects its limited scale and scope, supplier
concentration, and limited geographic diversity, partially offset
by its leading market position in the digital jukebox industry.
Recovering foot traffic and mobile adoption have helped drive
revenue growth.
Since the beginning of 2021, U.S. cities and states have gradually
eased their pandemic-related restrictions on public gatherings due
to increasing vaccination numbers and steadily declining COVID-19
infection rates. These easing restrictions, combined with strong
consumer demand for social gatherings, have boosted patronage at
bars and restaurants that utilize Touchtunes digital jukeboxes.
Usage has improved substantially since the depths of the pandemic
in 2020. In the third quarter of 2021, the total number of active
jukeboxes was 94% of pre-pandemic levels and gross sales per
jukebox (a measure of usage per machine and price per play) was
steadily above that of comparable 2019 periods. S&P said, "In our
view, this period of strong usage speaks to pent-up demand for
social gatherings and entertainment as patrons returned to bars and
restaurants after social distancing during 2020. Further,
increasing mobile adoption provides revenue growth drive by a
better mix of higher-credit songs and higher use of premium
options, such as fast pass. In our view, this favorable net revenue
trend should continue through 2022 as consumer demand for social
engagements remains high, and infection and hospitalization remain
low, benefiting from high vaccination rates in the U.S."
The divestiture of PlayNetwork and cost reduction initiatives
should help support EBITDA growth.
S&P said, "We view TouchTunes' sale of its PlayNetwork segment as
favorable for credit quality given our expectation that PlayNetwork
would have a slower recovery in earnings from the pandemic, and
minimal EBITDA contribution in 2021 and 2022. Year-to-date positive
revenue trends for TouchTunes' products and services, combined with
the company's cost actions over the past 12 months, have resulted
in substantially better EBITDA and cash flow generation for the
first three quarters of 2021 relative to the same period the prior
year. We expect this trend will continue through 2022 as the
company's revenue base continues to climb beyond pre-pandemic
levels, paced by growth in monthly active mobile users and
increases in paid play volume. We expect greater interest costs and
taxes to absorb a meaningful portion of the improving cash flows
such that the company's FOCF to debt will likely remain in the 3%
to 5% range in 2022 and 2023 comparable to 3.1% in 2020.
"Our stable outlook reflects our expectation that TouchTunes will
continue to generate positive free cash flow over the next 12
months despite the significant increase in its debt and related
interest costs. We expect its revenue and EBITDA generation will
continue to recover leading to leverage in the low-7x area and FOCF
to debt of 4.5% in 2022.
"We could lower the rating if we expect revenue pressures stemming
from a combination of reduced foot traffic in bars, competitive
losses, or lower user engagement resulting in lower margins, higher
leverage, and liquidity pressures such that the company generates
negative cash flows and we view its capital structure as
unsustainable.
"We could raise the issuer credit rating if the company is able to
improve and sustain S&P Global Ratings'-adjusted debt to EBITDA of
less than 6x (including future dividends and acquisitions) and
maintain FOCF to debt well above 5%. This scenario would likely
result from strong operating performance translating into improved
free cash flow generation that is used to repay debt."
ESG credit indicators: E-2, S-2, G-3
S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of TouchTunes, as is
the case for most rated entities owned by private-equity sponsors.
We believe the company's highly leveraged financial risk profile
points to corporate decision-making that prioritizes the interests
of controlling owners. This also reflects generally finite holding
periods and a focus on maximizing shareholder returns."
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- -------
7GC & CO HOLD-A VII US 231.2 (19.0) 0.1
7GC & CO HOLDING VIIAU US 231.2 (19.0) 0.1
ACCELERATE DIAGN AXDX* MM 83.0 (35.1) 66.4
AEMETIS INC DW51 GR 160.8 (120.2) (44.6)
AEMETIS INC AMTX US 160.8 (120.2) (44.6)
AEMETIS INC AMTXGEUR EZ 160.8 (120.2) (44.6)
AEMETIS INC AMTXGEUR EU 160.8 (120.2) (44.6)
AEMETIS INC DW51 GZ 160.8 (120.2) (44.6)
AEMETIS INC DW51 TH 160.8 (120.2) (44.6)
AEMETIS INC DW51 QT 160.8 (120.2) (44.6)
AERIE PHARMACEUT AERIEUR EU 431.4 (17.3) 230.7
AERIE PHARMACEUT 0P0 GR 431.4 (17.3) 230.7
AERIE PHARMACEUT 0P0 TH 431.4 (17.3) 230.7
AERIE PHARMACEUT 0P0 QT 431.4 (17.3) 230.7
AERIE PHARMACEUT AERI US 431.4 (17.3) 230.7
AERIE PHARMACEUT 0P0 GZ 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 15PA GZ 33,215.0 (870.9) (1,945.5)
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 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 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 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 ALTR AV 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 PHM7 GZ 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 MO CI 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 MOEUR EZ 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 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 AH9 GR 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 GZ 10,821.5 (1,789.5) 82.4
AMC ENTERTAINMEN AH9 SW 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 66,467.0 (7,340.0) (1,670.0)
AMERICAN AIRLINE A1G GR 66,467.0 (7,340.0) (1,670.0)
AMERICAN AIRLINE AAL* MM 66,467.0 (7,340.0) (1,670.0)
AMERICAN AIRLINE AAL US 66,467.0 (7,340.0) (1,670.0)
AMERICAN AIRLINE A1G TH 66,467.0 (7,340.0) (1,670.0)
AMERICAN AIRLINE A1G GZ 66,467.0 (7,340.0) (1,670.0)
AMERICAN AIRLINE AAL11EUR EU 66,467.0 (7,340.0) (1,670.0)
AMERICAN AIRLINE AAL AV 66,467.0 (7,340.0) (1,670.0)
AMERICAN AIRLINE AAL TE 66,467.0 (7,340.0) (1,670.0)
AMERICAN AIRLINE A1G SW 66,467.0 (7,340.0) (1,670.0)
AMERICAN AIRLINE 0HE6 LI 66,467.0 (7,340.0) (1,670.0)
AMERICAN AIRLINE AAL11EUR EZ 66,467.0 (7,340.0) (1,670.0)
AMERICAN AIRLINE A1G QT 66,467.0 (7,340.0) (1,670.0)
AMERICAN AIRLINE AAL-RM RM 66,467.0 (7,340.0) (1,670.0)
AMERICAN AIRLINE AAL_KZ KZ 66,467.0 (7,340.0) (1,670.0)
AMPLIFY ENERGY C AMPY US 455.1 (64.8) (39.4)
AMPLIFY ENERGY C 2OQ TH 455.1 (64.8) (39.4)
AMPLIFY ENERGY C MPO2EUR EU 455.1 (64.8) (39.4)
AMPLIFY ENERGY C 2OQ GR 455.1 (64.8) (39.4)
AMPLIFY ENERGY C MPO2EUR EZ 455.1 (64.8) (39.4)
AMPLIFY ENERGY C 2OQ GZ 455.1 (64.8) (39.4)
AMPLIFY ENERGY C 2OQ QT 455.1 (64.8) (39.4)
APA CORP APA US 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 APA11EUR EU 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 2S3 QT 13,303.0 (5.0) 263.0
APA CORP - BDR A1PA34 BZ 13,303.0 (5.0) 263.0
ARCH BIOPARTNERS ARCH CN 1.5 (4.0) (0.7)
ARCH BIOPARTNERS ACHFF US 1.5 (4.0) (0.7)
ARENA GROUP HOLD AREN US 174.0 (37.8) (38.7)
ASCENT SOLAR TEC ASTI US 12.8 (2.8) 3.8
ATLAS TECHNICAL ATCX US 420.5 (151.5) 81.3
AUTOZONE INC AZO US 14,078.5 (3,137.5) (1,780.9)
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 AZ5 GZ 14,078.5 (3,137.5) (1,780.9)
AUTOZONE INC AZOEUR EZ 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 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-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 CAR* MM 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 CAR2EUR EU 22,600.0 (209.0) (561.0)
AVIS BUDGET GROU CUCA QT 22,600.0 (209.0) (561.0)
AVIS BUDGET GROU CUCA GZ 22,600.0 (209.0) (561.0)
BANYAN ACQUISI-A BYN US 0.4 (0.0) (0.4)
BANYAN ACQUISITI BYN/U US 0.4 (0.0) (0.4)
BATH & BODY WORK LTD0 GR 6,026.0 (1,517.0) 1,719.0
BATH & BODY WORK BBWI US 6,026.0 (1,517.0) 1,719.0
BATH & BODY WORK LTD0 TH 6,026.0 (1,517.0) 1,719.0
BATH & BODY WORK BBWI* MM 6,026.0 (1,517.0) 1,719.0
BATH & BODY WORK LTD0 QT 6,026.0 (1,517.0) 1,719.0
BATH & BODY WORK LBEUR EZ 6,026.0 (1,517.0) 1,719.0
BATH & BODY WORK BBWI AV 6,026.0 (1,517.0) 1,719.0
BATH & BODY WORK LBEUR EU 6,026.0 (1,517.0) 1,719.0
BATH & BODY WORK LTD0 GZ 6,026.0 (1,517.0) 1,719.0
BATH & BODY WORK BBWI-RM RM 6,026.0 (1,517.0) 1,719.0
BATTERY FUTURE A BFAC/U US 3.5 (0.2) 0.0
BATTERY FUTURE-A BFAC US 3.5 (0.2) 0.0
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 BVF GR 29,202.0 (34.0) 409.0
BAUSCH HEALTH CO BVF GZ 29,202.0 (34.0) 409.0
BAUSCH HEALTH CO BVF TH 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
BAUSCH HEALTH CO VRX1EUR EZ 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
BELLRING BRAND-A BR6 TH 600.6 (46.9) 151.9
BELLRING BRAND-A BRBR1EUR EU 600.6 (46.9) 151.9
BELLRING BRANDS BRBR US 600.6 (46.9) 151.9
BELLRING BRANDS D51 TH 600.6 (46.9) 151.9
BELLRING BRANDS BRBR2EUR EU 600.6 (46.9) 151.9
BELLRING BRANDS D51 GR 600.6 (46.9) 151.9
BELLRING BRANDS D51 QT 600.6 (46.9) 151.9
BELLRING INTERME 1998018D US 600.6 (46.9) 151.9
BELLRING INTERME BR6 GR 600.6 (46.9) 151.9
BELLRING INTERME BR6 GZ 600.6 (46.9) 151.9
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 BCRXEUR EU 588.2 (107.0) 462.4
BIOCRYST PHARM BO1 QT 588.2 (107.0) 462.4
BIOCRYST PHARM BCRX* MM 588.2 (107.0) 462.4
BIOCRYST PHARM BCRXEUR EZ 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 BAD AR 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/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 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 GR 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 BA-RM RM 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 BA AV 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 BAUSD SW 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 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 BCO QT 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
BOMBARDIER INC-B BBDBN MM 12,764.0 (3,089.0) 713.0
BOSTON PIZZA R-U BPF-U CN 154.8 (260.5) (17.4)
BOSTON PIZZA R-U BPZZF US 154.8 (260.5) (17.4)
BOXED INC BOXD US 231.6 (1.6) 53.5
BRIDGEBIO PHARMA 2CL GR 1,012.8 (865.6) 753.8
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
BRIDGEMARQ REAL BRE CN 78.6 (56.5) 6.9
BRIGHTSPHERE INV 2B9 GR 714.8 (17.6) 0.0
BRIGHTSPHERE INV BSIGEUR EU 714.8 (17.6) 0.0
BRIGHTSPHERE INV BSIG US 714.8 (17.6) 0.0
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 QT 2,457.3 (327.4) (348.8)
BRINKER INTL EAT2EUR EU 2,457.3 (327.4) (348.8)
BRINKER INTL BKJ TH 2,457.3 (327.4) (348.8)
BROOKFIELD INF-A BIPC US 10,086.0 (1,424.0) (4,187.0)
BROOKFIELD INF-A BIPC CN 10,086.0 (1,424.0) (4,187.0)
BRP INC/CA-SUB V B15A GR 5,030.9 (132.8) 48.7
BRP INC/CA-SUB V DOOO US 5,030.9 (132.8) 48.7
BRP INC/CA-SUB V DOO CN 5,030.9 (132.8) 48.7
BRP INC/CA-SUB V B15A GZ 5,030.9 (132.8) 48.7
BRP INC/CA-SUB V DOOEUR EU 5,030.9 (132.8) 48.7
BRP INC/CA-SUB V B15A TH 5,030.9 (132.8) 48.7
CACTUS ACQUISITI CCTS US 0.2 (0.3) (0.3)
CACTUS ACQUISITI CCTSU 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 572.4 (141.9) 72.6
CENTRUS ENERGY-A 4CU GR 572.4 (141.9) 72.6
CENTRUS ENERGY-A LEU US 572.4 (141.9) 72.6
CENTRUS ENERGY-A LEUEUR EU 572.4 (141.9) 72.6
CENTRUS ENERGY-A 4CU GZ 572.4 (141.9) 72.6
CF ACQUISITION-A CFVI US 300.7 290.4 (1.0)
CF ACQUISITON VI CFVIU US 300.7 290.4 (1.0)
CHENIERE ENERGY CHQ1 TH 39,258.0 (33.0) 363.0
CHENIERE ENERGY CHQ1 SW 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 LNG* MM 39,258.0 (33.0) 363.0
CHENIERE ENERGY LNG2EUR EU 39,258.0 (33.0) 363.0
CHENIERE ENERGY CHQ1 QT 39,258.0 (33.0) 363.0
CHENIERE ENERGY LNG2EUR EZ 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) 0.0
CHOICE CONSOLIDA CDXXF US 173.8 (3.3) 0.0
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 CGXEUR EU 2,114.8 (219.7) (414.4)
CINEPLEX INC CX0 TH 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
COEPTIS THERAPEU COEP US 0.2 (0.6) (0.6)
COGENT COMMUNICA OGM1 GR 984.6 (373.1) 328.6
COGENT COMMUNICA CCOI US 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
COMPOSECURE INC CMPO US 131.4 (407.6) 17.8
CONSENSUS CLOUD CCSI US 559.6 (333.8) 20.7
CONSILIUM ACQUIS CSLMU US 0.5 (0.0) 0.0
CONSILIUM ACQUIS CSLM US 0.5 (0.0) 0.0
COVEO SOLUTIONS CVO CN 346.2 266.4 199.0
CPI CARD GROUP I PMTS US 268.1 (121.0) 80.9
DECARBONIZATIO-A DCRD US 320.5 (43.4) (5.3)
DECARBONIZATION DCRDU US 320.5 (43.4) (5.3)
DELEK LOGISTICS DKL US 935.1 (104.0) (73.8)
DELL TECHN-C DELL US 92,735.0 (1,580.0) (11,186.0)
DELL TECHN-C DELL1EUR EZ 92,735.0 (1,580.0) (11,186.0)
DELL TECHN-C 12DA TH 92,735.0 (1,580.0) (11,186.0)
DELL TECHN-C 12DA GZ 92,735.0 (1,580.0) (11,186.0)
DELL TECHN-C 12DA GR 92,735.0 (1,580.0) (11,186.0)
DELL TECHN-C DELL1EUR EU 92,735.0 (1,580.0) (11,186.0)
DELL TECHN-C DELLC* MM 92,735.0 (1,580.0) (11,186.0)
DELL TECHN-C 12DA QT 92,735.0 (1,580.0) (11,186.0)
DELL TECHN-C DELL AV 92,735.0 (1,580.0) (11,186.0)
DELL TECHN-C DELL-RM RM 92,735.0 (1,580.0) (11,186.0)
DELL TECHN-C-BDR D1EL34 BZ 92,735.0 (1,580.0) (11,186.0)
DENNY'S CORP DENN US 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 TH 435.5 (65.3) (28.3)
DENNY'S CORP DE8 GZ 435.5 (65.3) (28.3)
DIEBOLD NIXDORF DBD SW 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 DBDEUR EU 3,507.2 (837.0) 137.9
DIEBOLD NIXDORF DBD TH 3,507.2 (837.0) 137.9
DIEBOLD NIXDORF DBDEUR EZ 3,507.2 (837.0) 137.9
DIEBOLD NIXDORF DBD QT 3,507.2 (837.0) 137.9
DIEBOLD NIXDORF DBD GZ 3,507.2 (837.0) 137.9
DIGITAL MEDIA-A DMS US 246.6 (47.8) 16.4
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 US 0.5 (0.1) (0.5)
DMY TECHNOLOGY G DMYS/U US 0.5 (0.1) (0.5)
DOLLARAMA INC DR3 GR 4,063.6 (66.0) (194.5)
DOLLARAMA INC DLMAF US 4,063.6 (66.0) (194.5)
DOLLARAMA INC DOL CN 4,063.6 (66.0) (194.5)
DOLLARAMA INC DR3 GZ 4,063.6 (66.0) (194.5)
DOLLARAMA INC DOLEUR EU 4,063.6 (66.0) (194.5)
DOLLARAMA INC DR3 TH 4,063.6 (66.0) (194.5)
DOLLARAMA INC DR3 QT 4,063.6 (66.0) (194.5)
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 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 EZV QT 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 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 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 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 346.4 (29.7) (29.7)
EAST RESOURCES-A ERES US 346.4 (29.7) (29.7)
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 ESPREUR EZ 381.6 (196.9) 255.6
ESPERION THERAPE 0ET GR 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)
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 FRI QT 1,463.3 (538.3) 140.2
FAIR ISAAC CORP FICOEUR EU 1,463.3 (538.3) 140.2
FAIR ISAAC CORP FICO1* MM 1,463.3 (538.3) 140.2
FAIR ISAAC CORP FICOEUR EZ 1,463.3 (538.3) 140.2
FARADAY FUTURE I FFIE US 229.9 (9.4) (2.4)
FERRELLGAS PAR-B FGPRB US 1,820.1 (150.6) 301.7
FERRELLGAS-LP FGPR US 1,820.1 (150.6) 301.7
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 421.8 (60.6) (81.7)
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 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 GOGOEUR EZ 647.7 (320.2) 61.4
GOGO INC G0G QT 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 257.8 (21.9) 94.1
GOLDEN NUGGET ON LCA2EUR EU 257.8 (21.9) 94.1
GOLDEN NUGGET ON 5ZU TH 257.8 (21.9) 94.1
GOOSEHEAD INSU-A GSHD US 267.8 (69.2) 20.0
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 2OX TH 267.8 (69.2) 20.0
GOOSEHEAD INSU-A 2OX QT 267.8 (69.2) 20.0
GREENSKY INC-A GSKY US 1,188.8 (28.2) 401.0
H&R BLOCK INC HRB TH 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 HRBCHF SW 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 HRBEUR EZ 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
HEALTH ASSURAN-A HAAC US 0.1 0.0 (0.0)
HEALTH ASSURANCE HAACU US 0.1 0.0 (0.0)
HERBALIFE NUTRIT HLF US 2,819.8 (1,391.5) 351.4
HERBALIFE NUTRIT HOO GR 2,819.8 (1,391.5) 351.4
HERBALIFE NUTRIT HOO GZ 2,819.8 (1,391.5) 351.4
HERBALIFE NUTRIT HOO TH 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
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)
HEWLETT-CEDEAR HPQ 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 GR 15,441.0 (819.0) (148.0)
HILTON WORLDWIDE HI91 TH 15,441.0 (819.0) (148.0)
HILTON WORLDWIDE HLT* MM 15,441.0 (819.0) (148.0)
HILTON WORLDWIDE HLT US 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 HI91 TE 15,441.0 (819.0) (148.0)
HILTON WORLDWIDE HI91 QT 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 HDI GZ 71,876.0 (1,696.0) 362.0
HOME DEPOT INC HD AV 71,876.0 (1,696.0) 362.0
HOME DEPOT INC HD CI 71,876.0 (1,696.0) 362.0
HOME DEPOT INC HDUSD SW 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 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 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 HDC AR 71,876.0 (1,696.0) 362.0
HOME DEPOT-CED HD AR 71,876.0 (1,696.0) 362.0
HOME DEPOT-CED HDD AR 71,876.0 (1,696.0) 362.0
HORIZON ACQUIS-A HZON US 525.6 (36.9) (1.9)
HORIZON ACQUISIT HZON/U US 525.6 (36.9) (1.9)
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 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 7HP TH 38,912.0 (2,328.0) (7,767.0)
HP INC HPQ* MM 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 HPQ CI 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 EZ 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 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-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 IBRX US 468.9 (243.9) (34.6)
IMMUNITYBIO INC 26CA GR 468.9 (243.9) (34.6)
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 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 TH 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 GR 315.5 (11.1) 220.3
IMPINJ INC PIEUR EU 315.5 (11.1) 220.3
INFINITE AC-CL A NFNT US 283.2 (8.4) 1.0
INFINITE ACQUISI NFNT/U US 283.2 (8.4) 1.0
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 4U8 GR 331.7 (78.0) 44.9
INSPIRED ENTERTA INSEEUR EU 331.7 (78.0) 44.9
INSPIRED ENTERTA INSE US 331.7 (78.0) 44.9
INSTADOSE PHARMA INSD US 0.0 (0.2) (0.2)
INTERCEPT PHARMA I4P TH 527.0 (184.0) 335.5
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 GZ 527.0 (184.0) 335.5
INTERSECT ENT IN XENTEUR EU 146.9 (69.1) 48.8
INTERSECT ENT IN XENT US 146.9 (69.1) 48.8
INTERSECT ENT IN 7IN GR 146.9 (69.1) 48.8
J. JILL INC JILL US 451.8 (44.7) (15.5)
JACK IN THE BOX JACK US 1,758.6 (786.1) (115.4)
JACK IN THE BOX JBX GR 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 EU 1,758.6 (786.1) (115.4)
JAGUAR GLOBAL JGGCU US 0.4 (0.0) (0.4)
JAGUAR GLOBAL -A JGGC US 0.4 (0.0) (0.4)
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 GR 305.3 (79.7) 201.9
KARYOPHARM THERA 25K TH 305.3 (79.7) 201.9
KARYOPHARM THERA KPTI US 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 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)
KIMBELL TIGER-A TGR US 0.6 (0.3) (0.3)
L BRANDS INC-BDR B1BW34 BZ 6,026.0 (1,517.0) 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
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 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 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 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
MADISON SQUARE G MS8 GR 1,349.4 (209.6) (233.2)
MADISON SQUARE G MSG1EUR EU 1,349.4 (209.6) (233.2)
MADISON SQUARE G MSGS US 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)
MANNKIND CORP MNKD US 321.2 (209.3) 171.4
MANNKIND CORP NNFN TH 321.2 (209.3) 171.4
MANNKIND CORP NNFN GR 321.2 (209.3) 171.4
MANNKIND CORP NNFN QT 321.2 (209.3) 171.4
MANNKIND CORP MNKDEUR EU 321.2 (209.3) 171.4
MANNKIND CORP MNKDEUR EZ 321.2 (209.3) 171.4
MANNKIND CORP NNFN GZ 321.2 (209.3) 171.4
MARKETWISE INC MKTW US 421.6 (405.3) (149.1)
MARTIN MIDSTREAM MMLP US 579.9 (48.0) 69.6
MASON INDUS-CL A MIT US 501.7 (33.0) 1.1
MASON INDUSTRIAL MIT/U US 501.7 (33.0) 1.1
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 MTCH1* MM 5,063.3 (194.6) 50.0
MATCH GROUP INC 4MGN TH 5,063.3 (194.6) 50.0
MATCH GROUP INC 4MGN GR 5,063.3 (194.6) 50.0
MATCH GROUP INC 4MGN QT 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 0JZ7 LI 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) 0.0
MBIA INC MBI US 4,696.0 (300.0) 0.0
MBIA INC MBJ GR 4,696.0 (300.0) 0.0
MBIA INC MBI1EUR EU 4,696.0 (300.0) 0.0
MBIA INC MBI1EUR EZ 4,696.0 (300.0) 0.0
MBIA INC MBJ QT 4,696.0 (300.0) 0.0
MBIA INC MBJ GZ 4,696.0 (300.0) 0.0
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 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 MCD AV 53,854.3 (4,601.0) 3,128.5
MCDONALDS CORP MCD CI 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 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 MDO QT 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 MCK GZ 63,708.0 (787.0) (954.0)
MCKESSON CORP MCK1EUR EZ 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-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)
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 TH 4,476.5 (185.0) (4.8)
MONEYGRAM INTERN MGIEUR EU 4,476.5 (185.0) (4.8)
MONEYGRAM INTERN 9M1N QT 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 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 MTLA QT 12,189.0 (23.0) 1,349.0
MOTOROLA SOLUTIO MSI-RM RM 12,189.0 (23.0) 1,349.0
MSCI INC MSCI US 5,506.7 (163.5) 892.5
MSCI INC 3HM GR 5,506.7 (163.5) 892.5
MSCI INC 3HM SW 5,506.7 (163.5) 892.5
MSCI INC 3HM QT 5,506.7 (163.5) 892.5
MSCI INC 3HM GZ 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
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
NEIGHBOUR-SUBRCT NBLY/R CN 558.2 344.7 53.5
NEIGHBOURLY PHAR NBLY CN 558.2 344.7 53.5
NEW ENG RLTY-LP NEN US 356.9 (49.3) 0.0
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 SYMCEUR EU 6,873.0 (98.0) (726.0)
NORTONLIFELOCK I SYM GZ 6,873.0 (98.0) (726.0)
NORTONLIFELOCK I SYMC AV 6,873.0 (98.0) (726.0)
NORTONLIFELOCK I NLOK* MM 6,873.0 (98.0) (726.0)
NORTONLIFELOCK I SYM SW 6,873.0 (98.0) (726.0)
NORTONLIFELOCK I SYMCEUR EZ 6,873.0 (98.0) (726.0)
NORTONLIFELOCK I SYM QT 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 NVV1 SW 2,576.8 (351.7) (235.2)
NOVAVAX INC NVAX* MM 2,576.8 (351.7) (235.2)
NOVAVAX INC NVV1 GZ 2,576.8 (351.7) (235.2)
NOVAVAX INC NVAXUSD EU 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 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 NTNX US 2,315.6 (725.6) 494.7
NUTANIX INC - A NTNXEUR EZ 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 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 ORLY AV 11,718.7 (66.4) (1,370.4)
O'REILLY AUTOMOT ORLY US 11,718.7 (66.4) (1,370.4)
O'REILLY AUTOMOT OM6 GR 11,718.7 (66.4) (1,370.4)
O'REILLY AUTOMOT ORLY* MM 11,718.7 (66.4) (1,370.4)
O'REILLY AUTOMOT ORLYEUR EZ 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-RM RM 11,718.7 (66.4) (1,370.4)
ORACLE BDR ORCL34 BZ 108,644.0 (8,211.0) 10,842.0
ORACLE CO-CEDEAR ORCLC AR 108,644.0 (8,211.0) 10,842.0
ORACLE CO-CEDEAR ORCL AR 108,644.0 (8,211.0) 10,842.0
ORACLE CO-CEDEAR ORCLD AR 108,644.0 (8,211.0) 10,842.0
ORACLE CORP ORCL US 108,644.0 (8,211.0) 10,842.0
ORACLE CORP ORC GR 108,644.0 (8,211.0) 10,842.0
ORACLE CORP ORC TH 108,644.0 (8,211.0) 10,842.0
ORACLE CORP ORCL TE 108,644.0 (8,211.0) 10,842.0
ORACLE CORP ORCL* MM 108,644.0 (8,211.0) 10,842.0
ORACLE CORP 0R1Z LN 108,644.0 (8,211.0) 10,842.0
ORACLE CORP ORCL AV 108,644.0 (8,211.0) 10,842.0
ORACLE CORP ORC GZ 108,644.0 (8,211.0) 10,842.0
ORACLE CORP ORCL CI 108,644.0 (8,211.0) 10,842.0
ORACLE CORP ORCLUSD SW 108,644.0 (8,211.0) 10,842.0
ORACLE CORP ORCLUSD EU 108,644.0 (8,211.0) 10,842.0
ORACLE CORP ORCLEUR EZ 108,644.0 (8,211.0) 10,842.0
ORACLE CORP ORCLUSD EZ 108,644.0 (8,211.0) 10,842.0
ORACLE CORP ORCL SW 108,644.0 (8,211.0) 10,842.0
ORACLE CORP ORCLEUR EU 108,644.0 (8,211.0) 10,842.0
ORACLE CORP ORC QT 108,644.0 (8,211.0) 10,842.0
ORACLE CORP ORCLCL CI 108,644.0 (8,211.0) 10,842.0
ORACLE CORP ORCL-RM RM 108,644.0 (8,211.0) 10,842.0
ORGANON & CO OGN US 10,681.0 (1,508.0) 1,163.0
ORGANON & CO 7XP TH 10,681.0 (1,508.0) 1,163.0
ORGANON & CO OGN-WEUR EU 10,681.0 (1,508.0) 1,163.0
ORGANON & CO OGN* MM 10,681.0 (1,508.0) 1,163.0
ORGANON & CO 7XP GR 10,681.0 (1,508.0) 1,163.0
ORGANON & CO 7XP GZ 10,681.0 (1,508.0) 1,163.0
ORGANON & CO 7XP QT 10,681.0 (1,508.0) 1,163.0
ORGANON & CO OGN-RM RM 10,681.0 (1,508.0) 1,163.0
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 OTIS* MM 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 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
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 PP1 QT 885.7 (167.0) (32.4)
PAPAYA GROWTH -A PPYA US 0.0 0.0 0.0
PAPAYA GROWTH OP PPYAU US 0.0 0.0 0.0
PAPAYA GROWTH OP CC40 GR 0.0 0.0 0.0
PAPAYA GROWTH OP PPYAUEUR EU 0.0 0.0 0.0
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 4I1 GR 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 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 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 0M8V LN 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 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 PM* MM 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 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 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 PLNT1EUR EZ 2,016.0 (642.8) 485.8
PLANET FITNESS-A 3PL GZ 2,016.0 (642.8) 485.8
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)
POTBELLY CORP PTB QT 253.2 (2.4) (41.8)
PRIME IMPACT A-A PIAI US 325.0 (19.8) 0.3
PRIME IMPACT ACQ PIAI/U US 325.0 (19.8) 0.3
PROJECT ENERGY R PEGRU US 0.7 (0.0) (0.7)
PROJECT ENERGY R PEGR US 0.7 (0.0) (0.7)
RADIUS HEALTH IN RDUS US 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 RDUSEUR EZ 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)
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)
RYMAN HOSPITALIT 4RH GR 3,580.5 (22.4) 45.3
RYMAN HOSPITALIT RHP US 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 SABR US 5,291.3 (499.7) 685.8
SABRE CORP 19S TH 5,291.3 (499.7) 685.8
SABRE CORP 19S GR 5,291.3 (499.7) 685.8
SABRE CORP 19S SW 5,291.3 (499.7) 685.8
SABRE CORP 19S QT 5,291.3 (499.7) 685.8
SABRE CORP SABREUR EU 5,291.3 (499.7) 685.8
SABRE CORP SABREUR EZ 5,291.3 (499.7) 685.8
SABRE CORP 19S GZ 5,291.3 (499.7) 685.8
SBA COMM CORP 4SB GZ 9,801.7 (5,266.2) (1.9)
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 SBACEUR EU 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 EZ 9,801.7 (5,266.2) (1.9)
SBA COMM CORP SBAC* MM 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 EU 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
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 W2L QT 2,610.3 (33.9) 195.4
SEAWORLD ENTERTA SEASEUR EU 2,610.3 (33.9) 195.4
SEAWORLD ENTERTA W2L GZ 2,610.3 (33.9) 195.4
SHELL MIDSTREAM SHLX US 2,318.0 (493.0) (24.0)
SHOALS TECHNOL-A SHLS US 426.4 (7.5) 61.9
SHOALS TECHNOL-A SHLS-RM RM 426.4 (7.5) 61.9
SILVER SPIKE-A SPKC/U CN 128.5 (10.0) 1.0
SINCLAIR BROAD-A SBTA GR 12,541.0 (1,509.0) 1,269.0
SINCLAIR BROAD-A SBGI US 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 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 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 SIRI AV 10,274.0 (2,625.0) (1,800.0)
SIRIUS XM HOLDIN SIRIEUR EZ 10,274.0 (2,625.0) (1,800.0)
SIRIUS XM HOLDIN RDO QT 10,274.0 (2,625.0) (1,800.0)
SIX FLAGS ENTERT 6FE GR 2,968.6 (460.1) 52.8
SIX FLAGS ENTERT SIXEUR EU 2,968.6 (460.1) 52.8
SIX FLAGS ENTERT SIX US 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 SL2 GR 919.5 (425.0) (699.2)
SLEEP NUMBER COR SNBR US 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 12.0 (0.1) 8.8
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 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* MM 28,833.9 (8,450.3) (1,666.0)
STARBUCKS CORP SRB GZ 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 SBUX US 28,833.9 (8,450.3) (1,666.0)
STARBUCKS CORP SBUX CI 28,833.9 (8,450.3) (1,666.0)
STARBUCKS CORP SBUXUSD SW 28,833.9 (8,450.3) (1,666.0)
STARBUCKS CORP SBUX PE 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 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-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 SNDX US 449.7 (135.3) 427.7
SYNDAX PHARMACEU SNDXEUR EU 449.7 (135.3) 427.7
SYNDAX PHARMACEU 1T3 GR 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
TALON 1 ACQUIS-A TOAC US 0.4 (0.0) (0.4)
TALON 1 ACQUISIT TOACU US 0.4 (0.0) (0.4)
TORRID HOLDINGS CURV US 578.5 (258.3) (76.1)
TRANSAT A.T. TRZBF US 1,899.8 (429.6) 37.6
TRANSAT A.T. TRZ CN 1,899.8 (429.6) 37.6
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 T7D QT 19,242.0 (2,626.0) 5,593.0
TRANSDIGM GROUP TDGEUR EU 19,242.0 (2,626.0) 5,593.0
TRANSDIGM GROUP TDGEUR EZ 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 TNL US 6,588.0 (794.0) 688.0
TRAVEL + LEISURE WD5A GR 6,588.0 (794.0) 688.0
TRAVEL + LEISURE WD5A TH 6,588.0 (794.0) 688.0
TRAVEL + LEISURE 0M1K LI 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 GZ 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 TUP1EUR EZ 1,255.4 (207.1) 92.3
TUPPERWARE BRAND TUP QT 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 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 UISCHF 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) 0.0
UNITI GROUP INC 8XC GR 4,809.2 (2,113.8) 0.0
UNITI GROUP INC 8XC TH 4,809.2 (2,113.8) 0.0
UNITI GROUP INC 8XC GZ 4,809.2 (2,113.8) 0.0
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 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 QT 871.1 (841.6) 306.5
VECTOR GROUP LTD VGR GZ 871.1 (841.6) 306.5
VERISIGN INC VRS TH 1,983.8 (1,260.5) 194.7
VERISIGN INC VRS GR 1,983.8 (1,260.5) 194.7
VERISIGN INC VRSN US 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 VRSN* MM 1,983.8 (1,260.5) 194.7
VERISIGN INC VRSNEUR EZ 1,983.8 (1,260.5) 194.7
VERISIGN INC VRS QT 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-BDR V2MW34 BZ 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 VMW US 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 VMW* MM 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)
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)
W&T OFFSHORE INC WTI US 1,193.2 (247.2) 33.9
W&T OFFSHORE INC UWV GR 1,193.2 (247.2) 33.9
W&T OFFSHORE INC UWV SW 1,193.2 (247.2) 33.9
W&T OFFSHORE INC WTI1EUR EU 1,193.2 (247.2) 33.9
W&T OFFSHORE INC UWV TH 1,193.2 (247.2) 33.9
W&T OFFSHORE INC UWV GZ 1,193.2 (247.2) 33.9
WAYFAIR INC- A W US 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 QT 4,570.0 (1,619.0) 795.0
WAYFAIR INC- A WEUR EU 4,570.0 (1,619.0) 795.0
WAYFAIR INC- A 1WF GZ 4,570.0 (1,619.0) 795.0
WAYFAIR INC- A WEUR EZ 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- BDR W2YF34 BZ 4,570.0 (1,619.0) 795.0
WEBER INC - A WEBR US 1,690.9 (169.4) 91.7
WEWORK INC-CL A WE US 21,756.2 (1,413.4) (661.3)
WEWORK INC-CL A 9WE GR 21,756.2 (1,413.4) (661.3)
WEWORK INC-CL A 9WE TH 21,756.2 (1,413.4) (661.3)
WEWORK INC-CL A WE1EUR EU 21,756.2 (1,413.4) (661.3)
WEWORK INC-CL A 9WE QT 21,756.2 (1,413.4) (661.3)
WEWORK INC-CL A 9WE GZ 21,756.2 (1,413.4) (661.3)
WEWORK INC-CL A WE* MM 21,756.2 (1,413.4) (661.3)
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 WW6 TH 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 WTWEUR EU 1,428.9 (456.4) 42.0
WW INTERNATIONAL WW6 QT 1,428.9 (456.4) 42.0
WW INTERNATIONAL WW-RM RM 1,428.9 (456.4) 42.0
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 GR 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 WYNNUSD EU 12,530.8 (836.2) 1,588.0
WYNN RESORTS LTD WYNNEUR EZ 12,530.8 (836.2) 1,588.0
WYNN RESORTS LTD WYR QT 12,530.8 (836.2) 1,588.0
WYNN RESORTS LTD WYNN-RM RM 12,530.8 (836.2) 1,588.0
YELLOW CORP YEL GR 2,425.6 (363.5) 219.4
YELLOW CORP YEL1 TH 2,425.6 (363.5) 219.4
YELLOW CORP YELL US 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 YRCWEUR EZ 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 YUM* MM 5,966.0 (8,373.0) 117.0
YUM! BRANDS INC TGR GZ 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 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 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-RM RM 5,966.0 (8,373.0) 117.0
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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.
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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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $975 for 6 months delivered via
e-mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each. For subscription information, contact Peter A.
Chapman at 215-945-7000.
*** End of Transmission ***