/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/220414.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, April 14, 2022, Vol. 26, No. 103 Headlines 152 S IRVING: May 12 Hearing on Disclosure Statement 3I AVI LLC: Case Summary & 20 Largest Unsecured Creditors 5TH STREET PARKING: Case Summary & Four Unsecured Creditors ACCESS DIRECT: Case Summary & 10 Unsecured Creditors AERO SHADE: Updates Administrative Claims Pay Details AL GCX HOLDINGS: Moody's Assigns First Time Ba3 Corp Family Rating ALTO MAIPO: Unsecured Claims Unimpaired in Plan AMN HEALTHCARE: S&P Alters Outlook to Positive, Affirms 'BB' ICR ASTROTECH CORP: Appoints Jaime Hinojosa as Chief Financial Officer BAMC DEVELOPMENT: Case Summary & 10 Unsecured Creditors BEAR COMMUNICATIONS: Debtor Will Liquidate to Pay Claims BEP ULTERRA: S&P Upgrades ICR to 'B-', Outlook Stable BLACK NEWS CHANNEL: Wins Cash Collateral Access Thru April 19 BLD REALTY: Seeks to Hire C. Conde & Assoc. as Legal Counsel BOND FOUNDRY: Unsecureds Will Get 40% Under Plan BOY SCOUTS: Future Liability Releases at Bankruptcy Plan's Center BRISTOL PROPERTIES: Disclosures and Plan Due June 6 BYRNA TECHNOLOGIES: Incurs $3.2 Million Net Loss in First Quarter CREATD INC: Incurs $37.4 Million Net Loss in 2021 CRESTWOOD EQUITY: S&P Upgrades ICR to 'BB' on Acquisition of Oasis CVS CREDIT: Moody's Lowers Rating on Series A-2 Certs to B2 CYTOSORBENTS CORP: Appoints Jiny Kim to Board of Directors DUNN PAPER: S&P Downgrades ICR to 'D' on Missed Interest Payments EL JEBOWL: May 26 Plan Confirmation Hearing Set ESCADA AMERICA: Wins Cash Collateral Access Thru April 27 GUILDWORKS LLC: Wins Cash Collateral Access Thru May 8 H-CYTE INC: Transfers Headquarters to Tampa, Fla. ION GEOPHYSICAL: Case Summary & 30 Largest Unsecured Creditors ION GEOPHYSICAL: Files for Chapter 11 With Plan Deal JAFFAN INTERNATIONAL: Wins Cash Collateral Access Thru April 19 L.E.E. PROPERTY: Has Until May 31 to File Plan & Disclosures LTL MANAGEMENT: Bankruptcy Shield Doesn't Stop Suit Worker's Suit M2 SYSTEMS: Unsecureds to Get Share of Income for 3 Years MAPLE LEAF: Has Deal on Cash Collateral Access MARS INTERMEDIATE: Moody's Assigns First Time 'B3' CFR MITNICK CORPORATE: Moody's Assigns B3 CFR Amid TA Associates Deal ONDAS HOLDINGS: Completes Acquisition of Ardenna Assets PG&E CORP: Dodges Criminal Charges By Paying $55M for 2 Wildfires PUERTO RICO: PREPA Debt Dispute to Be Mediated by Bankruptcy Judges QUEEN ELIZABETH: April 29 Plan Confirmation Hearing Set SIRIUS XM: S&P Affirms 'BB' Rating on Senior Unsecured Notes SONEV CONSTRUCTION: Seeks to Hire CFO Solutions as Accountant SONEV CONSTRUCTION: Taps Parsons Behle & Latimer as Legal Counsel SOUTHGATE TOWN: Bid for Interim Cash Collateral Access Denied SUNGARD AS: Wins Interim OK on Cash Collateral Access, DIP Loans SUNGARD AVAILABILITY: To Borrow $41M to Fund 2nd Bankruptcy TAB RESTAURANT: Unsecureds to Split $12K in Consensual Plan TALEN ENERGY: Seeks Up to $1 Bil. to Finance Bankruptcy TEXOMA AUTO: Wins Cash Collateral Access Thru May 11 TRIUMPH GROUP: Streamlines Organizational Structure VIZIENT INC: S&P Raises ICR to 'BB+', Outlook Stable [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 152 S IRVING: May 12 Hearing on Disclosure Statement ---------------------------------------------------- The Court has entered an order that the hearing on the adequacy of the Disclosure Statement of 152 S Irving CG LLC will be held before the Honorable Kathryn C. Ferguson on May 12, 2022 at 2:00 p.m. in Courtroom No. 2, Clarkson S. Fisher Courthouse, 402 East State Street, Trenton, NJ 08608. Written objections to the adequacy of the Disclosure Statement must be filed and served no later than 14 days prior to the hearing before this Court. Notice of said hearing must be sent by the Clerk of the Bankruptcy Court at least 28 days prior to the hearing date. 3I AVI LLC: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: 3i AVI, LLC d/b/a Black Widow Imaging 121 Reiters Ridge Foristell, MO 63348 Business Description: 3i AVI specializes in automated digital imaging solutions and advertising. Chapter 11 Petition Date: April 12, 2022 Court: United States Bankruptcy Court Eastern District of Missouri Case No.: 22-41053 Debtor's Counsel: David M. Dare, Esq. HERREN, DARE & STREETT 439 S. Kirkwood Road, Suite 204 St. Louis, MO 63122 Tel: 314-965-3373 Fax: 314-965-2225 Email: hdsstl@hdsstl.com Total Assets: $61,420,000 Total Liabilities: $159,339 The petition was signed by Jason Hauk as managing member. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/7DV3QPQ/3i_AVI_LLC__moebke-22-41053__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. Charles Elbert Business $7,594 8235 Forsyth Blvd. Suite 700 Saint Louis, MO 63105 2. Chris Boytek Wages $2,750 4818 Deermoss Way Jacksonville, FL 32217 3. Chris Dillow Wages $1,500 13826 Wesst Rd. Westfield, IN 46074 4. Colin Helper Wages $1,600 8 Brooker Ct. Saint Peters, MO 63376 5. Darren Kemper Wages $5,769 117 Dover Rd. Noblesville, IN 46060 6. Evan Lalo Wages $3,846 164 West 18th Street Holland, MI 49423 7. Gabriel Turner Wages $2,115 20-39 32nd Street Astoria, NY 11105 8. Gayleen Sizemore Wages $3,250 105 Brookshire Creek Wentzville, MO 63385 9. General Motors 2020 Chevrolet $5,621 Corporation Silverado PO Box 78143 Phoenix, AZ 85062-8143 10. Gerard Atienza Wages $2,500 5 Concord Trail Ct. Saint Peters, MO 63376 11. Lisa Voyles Wages $2,307 321 Ratz Drive Granite City, IL 62040 12. Liv Vitale Wages $3,500 4501 Hold Road Wentzville, MO 63385 13. Lou Laste Wages $2,500 2472 Jett Ferry Road Suite 400 Atlanta, GA 30338 14. Matt Schreiber Wages $4,135 HC 65 Box 196 Pie Town, NM 87827 15. Matt Sherill Wages $3,461 6930 Emmons Drive O Fallon, MO 63368 16. Mike Kearny Wages $3,500 3220 Stowe Landing Saint Charles, MO 63301 17. Robert Hernandez Wages $2,500 Colombia 1223A Puerto Vallarta 45380, Mexico 18. Sarah Scronce Wages $2,500 16 Robin Hood Drive Troy, MO 63379 19. Timothy Grimes Wages $3,461 938 Kingsridge Ct. Ballwin, MO 63021 20. UHY Advisors Business $27,365 PO Box 72217 Cleveland, OH 44192 5TH STREET PARKING: Case Summary & Four Unsecured Creditors ----------------------------------------------------------- Debtor: 5th Street Parking LLC 132 East 43rd Street, Suite 714 New York, NY 10017 Business Description: 5th Street Parking LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: April 12, 2022 Court: United States Bankruptcy Court Southern District of New York Case No.: 22-10456 Debtor's Counsel: Julio E. Portilla, Esq. LAW OFFICE OF JULIO E. PORTILLA, P.C. 555 Fifth Avenue, 17th Floor New York, NY 10017 Tel: (212) 365-0292 Fax: (212) 365-4417 Email: jp@julioportillalaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Mylene Liggett as member. A full-text copy of the petition containing, among other items, a list of the Debtor's four unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/PJ3RTNQ/5th_Street_Parking_LLC__nysbke-22-10456__0001.0.pdf?mcid=tGE4TAMA ACCESS DIRECT: Case Summary & 10 Unsecured Creditors ---------------------------------------------------- Debtor: Access Direct Mail, Inc. 2330 Industrial Blvd. Sarasota, FL 34234 Chapter 11 Petition Date: April 13, 2022 Court: United States Bankruptcy Court Middle District of Florida Case No.: 22-01482 Debtor's Counsel: Melody D. Genson, Esq. LAW OFFICES OF MELODY GENSON 2750 Ringling Blvd. Suite 3 Sarasota, FL 34237 Tel: 9413655870 E-mail: melodygenson@verizon.net Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Dori Ann Giglio as president. A full-text copy of the petition containing, among other items, a list of the Debtor's 10 unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/SFNAK4Q/Access_Direct_Mail_Inc__flmbke-22-01482__0001.0.pdf?mcid=tGE4TAMA AERO SHADE: Updates Administrative Claims Pay Details ----------------------------------------------------- Aero Shade Technologies, Inc., submitted a Second Amended Plan of Reorganization dated April 7, 2022. The administrative claimants include the Debtor's attorney and the Office of the U.S. Trustee. It is anticipated that total fees for counsel to the Debtor will be approximately $120,000.00 (estimated through closure of the case), fees for the account will be $7,500.00 and fees due to St. Lucie County will be $19,480.00. In addition, Jean-Francois Manchec shall be paid a lump sum payment of $28,419.28 for his services to the Debtor as its Vice President managing the day-to-day operations of the business from September 29, 2021 through December 31, 2021, $2,000 per week for thirteen (13) weeks and expenses of $2,419.28. This Court previously awarded officer compensation to Mr. Manchec from January 1, 2022 through confirmation at $2,000.00 per week through closure of this case. Like in the prior iteration of the Plan, general unsecured claims after the filing of the objections total the amount of $24,322.54. These claims shall be paid in full at the rate of $4,053.76 per month for six (6) months. In the event the objections filed by the Debtor are overruled, the payment to this class will be revised to ensure all General Unsecured Claims are paid in full. The payments to this Class will commence on the Effective Date of the Plan. There shall be no distribution to the equity holders of the Debtors under the confirmed Plan and no dividends to this class of claimants. The equity shareholders shall retain their currently held equity interest in the Debtors. The creditors will be paid from the current and the projected future income received of the Debtor. The Debtor submits that there will be sufficient income to make all distributions pursuant to the Plan on the secured claims and pay all unsecured claims in full. A full-text copy of the Second Amended Plan dated April 7, 2022, is available at https://bit.ly/3O7O4cT from PacerMonitor.com at no charge. Attorneys for the Debtor: Craig I. Kelley, Esq. KELLEY, FULTON & KAPLAN, P.L. 1665 Palm Beach Lakes Blvd., The Forum - Suite 1000 West Palm Beach, Florida 33401 Telephone: (561) 491-1200 Facsimile: (561) 684-3773 About Aero Shade Technologies Aero Shade Technologies, Inc., designs and manufactures sun protection and light shades for the aerospace industry. It entered into a lease agreement in 2009 for the lease of a facility owned by St. Lucie County. Aero Shade Technologies sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 21-13573) on April 15, 2021, disclosing up to $50,000 in both assets and liabilities. Judge Mindy A. Mora oversees the case. Kelley Fulton & Kaplan, P.L. and Ackerman Rodgers, CPA, PLLC serve as the Debtor's legal counsel and accountant, respectively. AL GCX HOLDINGS: Moody's Assigns First Time Ba3 Corp Family Rating ------------------------------------------------------------------ Moody's Investors Service assigned first time ratings to AL GCX Holdings, LLC, including a Ba3 Corporate Family Rating, a Ba3-PD Probability of Default Rating and a Ba3 rating to its proposed $630 million secured Term Loan B due 2029. The rating outlook is stable. AL GCX will use the debt proceeds along with $259 million of equity contribution from a fund managed by ArcLight Capital Partners LLC (such fund, "ArcLight", unrated) to acquire a 25% interest in the Gulf Coast Express Pipeline ("GCX" or "the pipeline"). GCX is a 450 mile long natural gas pipeline with 2.02 billion cubic feet per day (Bcf/d) of takeaway capacity that transports natural gas from the Permian Basin to Gulf Coast markets. The pipeline was built at a total cost of roughly $1.8 billion, put in service in September 2019, and should generate roughly $320 million in annual EBITDA going forward. On February 3, 2022, AL GCX entered into an agreement with Targa Resources Corp. (Targa, Baa3 stable) to acquire Targa's 25% non-operated interest in the pipeline for $857 million. AL GCX is wholly-owned by ArcLight and was formed to acquire Targa's interest in the pipeline. Assignments: Issuer: AL GCX Holdings, LLC Corporate Family Rating, Assigned Ba3 Probability of Default Rating, Assigned Ba3-PD Senior Secured Term Loan B, Assigned Ba3 (LGD4) Outlook Actions: Issuer: AL GCX Holdings, LLC Outlook, Assigned Stable RATINGS RATIONALE AL GCX's Ba3 CFR is supported by its highly stable cash flow underpinned by the 100% take-or-pay contracts (minimum volume commitments, MVCs) of the Gulf Coast Express pipeline that transports natural gas from the highly prolific and low-cost Permian Basin to various US Gulf Coast markets. More than two-thirds of GCX's projected revenue will come from investment-grade shippers with a weighted average remaining contract life of 7.5 years and most shippers having renewal options at contract expiration in late 2029. Additionally, GCX is jointly owned by highly rated companies that are also key shippers on the pipeline, including Kinder Morgan, Inc. as the operator (Baa2 stable, 34% ownership interest in GCX), DCP Midstream, LP (Ba1 stable, 25%) and Altus Midstream (16%) which is now part of a larger midstream company - Kinetik Holdings Inc. (unrated). The CFR is restrained by AL GCX's singular asset concentration, small scale relative to higher rated pipeline companies and high initial leverage. Notwithstanding the stability, high shipper quality and excellent location of the underlying pipeline, AL GCX will carry a heavy debt load with Debt/EBITDA exceeding 7x and Funds From Operations (FFO)/debt near 12% after the first full year of operation based on its proportionate share of GCX's distribution of about $80 million per annum. While the GCX pipeline is debt-free today, AL GCX is structurally subordinated to the operating pipeline entity, which has to cover all of its costs before distributing cash to its partners, which AL GCX then will use to cover its own operating and interest expenses as well as its required debt amortizations. From a governance perspective, AL GCX will have the ability to elect one of the four Board members, and AL GCX will retain the "Initial Member" rights from Targa allowing it to exercise good control over all major decisions involving the pipeline, including debt incurrence, distribution policy, transfer of ownership, and growth spending. The ratings also reflect the incorporation of the Minority Holding Companies Methodology as a secondary methodology into the analysis of AL GCX. The methodology describes the general principles for assessing entities such as AL GCX whose activities are limited to owning non-controlling interests in non-financial corporate entities. Considerations discussed in the methodology include subordination risk between the non-controlling owner and the underlying operating company, the stability of the operating company's distributions and coverage, and the extent of the non-controlling owner's influence on the governance of the operating company. The secured Term Loan is rated Ba3, same as the Ba3 CFR, reflecting a single class of debt with no other priority-claim debt present ahead of the Term Loan in AL GCX's capital structure. AL GCX will have adequate liquidity through 2023 based on fairly predictable distributions from GCX. Although AL GCX will not have a revolving credit facility, the company should be able to maintain a small cash balance to cover any unplanned operating expenses and will have a debt service reserve account backed by a $25 million letter of credit facility. The holding company is entirely dependent on cash distributions from GCX to service its debt and to support any sponsor distributions. Excess liquidity will be swept into mandatory Term Loan B debt prepayments based on preset debt/EBITDA levels. The Term Loan B requires the maintenance of a 1.1x minimum debt service coverage ratio covenant, which Moody's anticipates will be met by an acceptable margin. The stable outlook reflects GCX's fully contracted and highly predictable cash flow profile and Moody's expectation of declining financial leverage over time. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS If debt/EBITDA declines near 5x with FFO/debt approaching 20% alongside a strong contractual position, a rating upgrade could be considered. A downgrade could occur should the credit quality of GCX's contracted shippers deteriorates, remaining contract term shortens significantly, or if FFO/debt cannot be sustained above 10%. The principal methodology used in these ratings was Natural Gas Pipelines published in July 2018. AL GCX Holdings, LLC is an ArcLight backed holding company that owns a 25% non-operated interest in the Gulf Coast Express natural gas pipeline in Texas. ALTO MAIPO: Unsecured Claims Unimpaired in Plan ----------------------------------------------- Judge Karen B. Owens has entered an order approving the Disclosure Statement of Alto Maipo Delaware LLC, et al. The Plan confirmation hearing will be held on May 13, 2022 at 10:30 a.m. (ET). Objections to confirmation of the Plan, if any, must be filed and served no later than May 5, 2022 at 4:00 p.m. (ET). The Debtors, or any other party supporting confirmation of the Plan, may file responses to any Plan Objection (or any other pleading in support of confirmation of the Plan) on or before May 9, 2022 at 4:00 p.m. (ET). The Plan Supplement must be filed and served no later than April 27, 2022. The Assumed Executory Contracts and Unexpired Leases Schedule and the AES Andes Equity Contribution Agreement must be filed no later than April 21, 2022. The deadline by which all Ballots must be properly executed, completed, and actually received by the Voting Agent shall be May 5, 2022 at 5:00 p.m. (ET). On or before May 9, 2022 at 4:00 p.m. (ET), the Voting Agent will file a voting report, verifying the results of its voting tabulations reflecting the votes cast to accept or reject the Plan. The Debtors shall distribute, or cause to be distributed, by first-class mail, to all Holders of Claims and Interests in the Non-Voting Classes a Non-Voting Package, consisting of (i) the Confirmation Hearing Notice; (ii) the Disclosure Statement (together with all exhibits thereto, including the Plan); and (iii) the Notice of Non-Voting Status (including the Opt-In Form), provided, however, that on the Solicitation Date, the Debtors shall cause the Voting Agent to serve the Confirmation Notice on Holders of Claims in Classes 1, 5 and 6. Nothing herein shall be interpreted as requiring the Debtors to distribute Notices of Non-Voting Packages to Holders of Class 7 Intercompany Claims. Plan and Disclosure Statement Alto Maipo Delaware LLC, et al., submitted a Plan and a Disclosure Statement. The Plan reflects all material terms of a revised version of the pre-negotiated restructuring that was agreed among the Debtors and certain of their major stakeholders, evidenced by the Restructuring Support Agreement dated April 1, 2022, in Exhibit E in the same document. The anticipated benefits of the Plan include, without limitation: * Approximately $2.1 billion in restructured obligations (the "New and A&R Obligations"), which shall include the Working Capital Facility, the Amended & Restated Secured Exit Financing Facility, the 1L Secured Obligations, the Amended & Restated 2L Secured Obligations and the New Common Equity; * The exchange or payment of the up to $50 million DIP Credit Facility with the proceeds of an Amended & Restated Secured Exit Financing Facility; * Unimpairment of general unsecured creditors, with allowed General Unsecured Claims to be satisfied by contributions from AES Andes; and * The prospect of expeditious emergence from Chapter 11. The Plan provides for a comprehensive restructuring of the Debtors' prepetition obligations, preserves the going-concern value of the Debtors' business, and maximizes creditor recoveries. The Plan provides for the treatment of Claims against and Interests in the Debtors through, among other things, the following: * Each Holder of an Allowed Administrative Claim shall receive in full and final satisfaction of its Allowed Administrative Claim an amount of Cash equal to the unpaid portion of such Allowed Administrative Claim; * Each Holder of an Allowed Professional Fee Claim shall receive payment in Cash of the reasonable and documented legal, professional, or other fees and expenses related to implementation of the Plan and Consummation incurred by such Debtor or Reorganized Debtor (as applicable); * Each Holder of an Allowed Alto Maipo Senior Secured Obligation shall receive, without setoff or recoupment by any Debtor or Reorganized Debtor, its Pro Rata Share of the 1L Secured Obligations and Amended & Restated 2L Secured Obligations, provided, however, that Strabag's Pro Rata Share of such secured notes shall be held in escrow pending satisfaction of all conditions to payment of the Supplier Deferred Payment; * Each Holder of an Allowed Secured Claim shall receive, at the option of the Debtors, either (i) Cash in an amount equal to such Allowed Secured Claim or (ii) the collateral securing such Allowed Secured Claim, on or as soon as reasonably practicable after the later of the date such Claim is Allowed and the Effective Date; * Each Holder of an Allowed Priority Claim shall receive treatment in a manner consistent with section 1129(a)(9) of the Bankruptcy Code; * Each Holder of an Allowed General Unsecured Claim totaling $149,000 shall have its Claim paid in full in cash, funded by a cash contribution by AES Andes of up to $300,000.00. That certain contingent and unliquidated General Unsecured Claim shall survive unimpaired. Remaining General Unsecured Claims shall be disallowed and expunged and/or estimated at zero for distribution purposes, or be resolved and released pursuant to the terms of the Plan. The claim is unimpaired and creditors will recover 100% of their claims; * All Allowed DIP Claims shall be exchanged for, or paid with the proceeds of, the Amended & Restated Secured Exit Financing Facility, and, in consideration for, inter alia, the impairment of the DIP Claims, certain contributions to the Borrower for the payment in full in cash of certain allowed unsecured claims, and for their agreement to pay up to $10 million to satisfy certain other claims to the extent set forth in the Plan Term Sheet, AES Andes or its designee shall receive the New Common Equity, as provided for in the Restructuring Term Sheet; * In consideration of Strabag's Other Claims that are Allowed, Strabag shall be entitled to payment as described in Section 3.3(f)(ii) of the Plan (less any payments on account of any such items made prior to the Effective Date); * Each Holder of an Allowed Intercompany Claim shall have its Claim: (a) Reinstated or (b) cancelled, released, and extinguished and without any distribution, in each case, at the Company's election with the consent of the Required Consenting Creditors; * Each Holder of an Existing Equity Interest shall have such Interest cancelled, released, and discharged and without any distribution, in each case, at the Company's election and to the extent permitted under applicable law. In order to effectuate such cancellation, release and discharge, as of the Effective Date, Strabag shall, upon request and at the direction of the Debtors or the Reorganized Debtors, re-deliver its shares to AES Andes or such other entity as is designated by AES Andes. The Debtors shall fund distributions under the Plan with (1) Cash on hand, including Cash from operations; (2) the Amended & Restated Secured Obligations; and (3) contributions made by AES Andes to the extent set forth in the Plan (which item (3) shall, for the avoidance of doubt, include (i) the maximum $10 million contribution to be made by AES Andes to satisfy any potential judgment, order, or settlement in connection with the Parque Arenas Unsecured Claim and/or to satisfy the Volcan Cure/Claim Amount, and (ii) the contributions of AES Andes in an amount of up to $300,000 for the payment in full in Cash of the allowed General Unsecured Claims). Counsel for Debtors and Debtors in Possession: Pauline K. Morgan, Esq. Sean T. Greecher, Esq. S. Alexander Faris, Esq. YOUNG CONAWAY STARGATT & TAYLOR, LLP Rodney Square, 1000 North King Street Wilmington, Delaware 19801 Telephone: (302) 571-6600 Fax: (302) 571-1253 Email: pmorgan@ycst.com sgreecher@ycst.com afaris@ycst.com - and - Richard J. Cooper, Esq. Luke A. Barefoot, Esq. Jack Massey, Esq. CLEARY GOTTLIEB STEEN & HAMILTON LLP One Liberty Plaza New York, New York 10006 Telephone: (212) 225-2000 Fax: (212) 225-3999 Email: rcooper@cgsh.com lbarefoot@cgsh.com jamassey@cgsh.com A copy of the Order dated Apr. 6, 2022, is available at https://bit.ly/3ra0wPu from PacerMonitor.com. A copy of the Disclosure Statement dated April 6, 2022, is available at https://bit.ly/3LLqgte from PacerMonitor.com. 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. AMN HEALTHCARE: S&P Alters Outlook to Positive, Affirms 'BB' ICR ---------------------------------------------------------------- S&P Global Ratings revised its outlook on U.S. health care staffing and workforce solutions provider AMN Healthcare Services Inc. to positive from stable and affirmed its 'BB' issuer credit rating. S&P's 'BBB-' issue-level and '1' recovery ratings on the company's senior secured debt and 'BB-' issue-level and '5' recovery ratings on its unsecured debt remain unchanged. S&P said, "The positive outlook reflects our expectation that despite uncertainty around bill rates, AMN will benefit from further growth and maturation of its business, supported by stronger demand due to severe labor challenges and its market position and leadership in the industry. We believe the company's disciplined growth strategy through acquisitions will keep leverage under 2.5x." Ongoing strong demand for all of AMN's segments due to structural changes in health care amid labor challenges has lowered the cyclicality risk of its core nursing business. Starting concurrently with the pandemic in early March 2020, bill rates and wages for nurses increased significantly due to the urgent need to quickly fill positions and demand for hazard pay. Bill rates for the industry have been modestly easing from the peak in 2021 and early 2022. S&P said, "Still, we assume that for the foreseeable future bill rates will remain above pre-pandemic levels due to significant labor challenges that include retirements due to the high average age of the nursing pool, nurses leaving the industry due to burnout, and a shortage of credentialed nurses. We believe that AMN's strong market position helps it provide skilled nurses and its ability to use technology to provide an entire suite of workforce solutions to its clients, along with inherent industry challenges, benefitted its position compared to smaller players." The company has evolved from a traditional staffing company to a workforce solutions provider. AMN provides a broad array of services and workforce solutions through managed services programs (MSPs), and vendor management systems (VMS), providing medical language interpretation services, predictive labor analytics, workforce optimization technology and consulting, clinical labor scheduling, recruitment process outsourcing, revenue cycle solutions, and credentialing software services. It also has strong digital health capabilities, with AMN Passport and AMN Cares. The company has added value to its offerings by providing some intermediary services and by filling its customers' orders with its own or a third party's health care professionals. It has also increased higher-margin and more stable workforce solutions offerings in its portfolio through multiple acquisitions. The company has also converted a significant percentage of the revenue from its nurse, allied, and locum tenens customers to exclusive contracts to diversify itself from cyclical nurse staffing business. S&P said, "We believe AMN will maintain leverage below 2.5x, including acquisitions. Very strong business demand in 2021 resulted in leverage declining to 1.5x from 3.5x, significantly below our earlier estimate. We believe the business will remain stronger than pre-pandemic, and coupled with AMN's technological ability to fulfil the increased demand, this will drive margin higher than our earlier estimates. AMN has publicly committed to maintain a leverage target of 2.0x-2.5x and we believe it will pursue acquisitions or share buybacks. AMN did prioritize deleveraging over the past 12 months after the back-to-back acquisitions of Stratus Video in 2020 and Advanced Medical Personnel Services Inc. However, we expect AMN to pursue acquisitions in 2022 in either core nursing or technology to enhance its business. AMN's lower leverage and strong cash flow provides it with enough cushion in case bill rates decline more than our expectations. Still, if acquisitions or share buybacks aren't very aggressive, it's possible leverage could remain below this range." Key risks include providers finding solutions that avoid expensive travel nurses, and possible regulatory efforts to cap bill rates. Providers generally rely on temporary staff as it gives some flexibility and control over their workforce. During the pandemic, providers had little choice and had to pay much higher bill rates for temporary nurses. Bill rates for the industry are trending modestly lower and providers are seeking innovative ways to lower these costs or manage services to limit temporary staff. S&P expects the industry to remain volatile and with much uncertainty on where the bill rates will settle in the near to medium term as providers search for new ways to reduce health care expenses. Moreover, there have been some suggestions of possible regulatory actions to curb high bill rates as the cost becomes a burden for many providers. S&P said, "The positive outlook on AMN reflects our expectation that the business will continue to mature, that demand remains strong, and that it will continue to increase EBITDA and generate significant cash flow. We believe the improved business profile will likely support adjusted leverage below 2.5x even if the company pursues moderate debt-financed acquisitions or share buybacks." S&P could revise the outlook to stable if: -- The company pursues aggressive debt-financed acquisitions and does not remain committed to maintaining leverage below 2.5x or due to worse business prospects or a significant increase in debt due to a shift in financial policy. -- Margins drop over 200 basis points due to higher payments to nurses or an adverse pricing environment. -- AMN experiences an unforeseen operating issue that results in significant customer losses and a sharp contraction in EBITDA leading to negligible free cash flow. S&P said, "We could raise the rating if we believe that AMN's business will remain strong, and that the resultant benefits (including lower cyclicality), will allow it to mitigate rate declines, regulatory hurdles, or recession risks. This scenario includes the company's willingness to maintain adjusted leverage below 2.5x, including a disciplined approach towards acquisitions or share buybacks." ASTROTECH CORP: Appoints Jaime Hinojosa as Chief Financial Officer ------------------------------------------------------------------ Astrotech Corporation appointed Jaime Hinojosa, 40, as chief financial officer, treasurer and secretary of the Company, effective as of April 15, 2022. Mr. Hinojosa will perform the functions of the Company's principal financial officer. The Board of Directors of the Company has not yet determined the compensation payable to Mr. Hinojosa in connection with the commencement of his new roles as chief financial officer, treasurer and secretary of the Company. Mr. Hinojosa joined Astrotech in 2015 and has served as the Company's corporate controller since 2019. His previous roles with the Company include director of finance from 2017 to 2019 and assistant controller from 2015 to 2017. Prior to joining Astrotech, Mr. Hinojosa worked as an accounting manager for O'Reilly Auto Parts (NASDAQ: ORLY) from 2010 to 2015 and gained public accounting experience as an Audit Manager at Burton McCumber & Cortez, LLP from 2005 to 2010. Mr. Hinojosa is a Certified Public Accountant and brings significant finance and public accounting knowledge to the Company. On March 31, 2022, Eric Stober informed the Company of his resignation from his positions as the Company's secretary, treasurer and chief financial officer, effective April 15, 2022. Mr. Stober's resignation is not in connection with any disagreement with the Company on any matter relating to the Company's operations, policies, or practices. About Astrotech Astrotech Corporation (NASDAQ: ASTC) -- http://www.astrotechcorp.com-- is a mass spectrometry company that launches, manages, and commercializes scalable companies based on its innovative core technology through its wholly-owned subsidiaries. 1st Detect develops, manufactures, and sells trace detectors for use in the security and detection market. AgLAB is developing chemical analyzers for use in the agriculture market. BreathTech is developing a breath analysis tool to provide early detection of lung diseases. Astrotech is headquartered in Austin, Texas. Astrotech reported a net loss of $7.60 million for the year ended June 30, 2021, a net loss of $8.31 million for the year ended June 30, 2020, and a net loss of $7.53 million for the year ended June 30, 2019. For the six months ended Dec. 31, 2021, the Company reported a net loss of $4.21 million. As of Dec. 31, 2021, the Company had $60.38 million in total assets, $2.83 million in total liabilities, and $57.55 million in total stockholders' equity. BAMC DEVELOPMENT: Case Summary & 10 Unsecured Creditors ------------------------------------------------------- Debtor: BAMC Development Holding, LLC 303 S Melville Ave Tampa, FL 33609-1734 Business Description: BAMC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). The Debtor is the fee simple owner of a real property located at 212 S Freement Ave, Tampa, FL, having an estimated value of $400,000. Chapter 11 Petition Date: April 13, 2022 Court: United States Bankruptcy Court Middle District of Florida Case No.: 22-01487 Debtor's Counsel: Leon Williamson, Esq. LAW OFFICE OF LEON A. WILLIAMSON, JR. P.A. 306 S Plant Ave Ste B Tampa, FL 33606-2323 Tel: (813) 253-3109 E-mail: leon@lwilliamsonlaw.com Total Assets: $414,564 Total Liabilities: $7,512,933 The petition was signed by Thomas Ortiz as managing member. A full-text copy of the petition containing, among other items, a list of the Debtor's 10 unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/4E74KWY/BAMC_Property_Holding_LLC__flmbke-22-01487__0001.0.pdf?mcid=tGE4TAMA BEAR COMMUNICATIONS: Debtor Will Liquidate to Pay Claims -------------------------------------------------------- Bear Communications, LLC, and the Official Committee of Unsecured Creditors submitted a Plan and a Disclosure Statement. The Debtor estimated the total value of all of its assets at $21,487,940 on its Schedule/AB, which amount includes an estimated $18,224,205 of accounts receivable and $2,300,582.78 of machinery, equipment, and vehicles. The Debtor's estimated value of total assets also includes an account receivable and a breach of contract claim against Verizon Sourcing, LLC each valued at $12,250,946.00. Verizon disputes such claim. The Debtor is in the process of selling substantially all of its machinery, equipment, vehicles, and other personal property in accordance with orders of the Bankruptcy Court authorizing such sales. The Debtor determined in the exercise of its business judgment that, given the Debtor's financial condition, lack of available liquidity and/or financing, and future contract prospects, that it would be difficult for the Debtor to reorganize and continue its business as a going concern through the Chapter 11 Case. It therefore wound-down operations and sought authority from the Bankruptcy Court to sell substantially all of its equipment and personal property assets. The Bankruptcy Court authorized the Debtor to move forward with such sales through Orders granting the Debtor's several motions to sell property of the bankruptcy estate. The Bankruptcy Court further authorized the Debtor to retain and employ Richie Bros. Auctioneers (America) Inc. (the "Auctioneer") as Auctioneer to assist the Debtor's with their marketing and sale processes and to conduct auctions for the sale of the Debtor's assets. Cash proceeds from the sale of the Debtor's assets are being held on behalf of the estate in an escrow account at Central Bank pending further order(s) of the Bankruptcy Court authorizing distribution of such proceeds. Among other things, the Plan will provide for the conveyance of the Debtor's remaining Assets, Causes of Action, to the Liquidating Trust, and for the Liquidating Trustee to liquidate such Assets and distribute the proceeds therefrom to holders of Allowed Claims in accordance with the terms of the Plan. The Debtor identified general unsecured creditors on its Schedule F and amended in the Chapter 11 Case as having General Unsecured Claims against the Debtor in the total amount of approximately $61,135,000. Of that amount, approximately $44 million represented a scheduled General Unsecured Claim of Verizon, which is subject to dispute. Upon a preliminary analysis of the Debtor's Schedules and proofs of claim filed by general unsecured creditors in the Chapter 11 Case, the Proponents believe that the total amount of General Unsecured Claims asserted against the Debtor is approximately $39 million, excluding any General Unsecured Claim asserted by Verizon. The total amount of Allowed General Unsecured Claims will be subject to determination through the claims administration process. Recently, the Proponents have negotiated with the holders of Tort Claims and certain holders of General Unsecured Claims for entry of orders modifying the automatic stay to allow the holders of such claims to pursue insurance proceeds and/or bonds. In exchange, the holders of these claims will waiver all or some of their claims against the Debtor's bankruptcy estate. This should significantly reduce the pool of Allowed General Unsecured Claims and improve recoveries for this Class. Under the Plan, holders of Class 5 Other General Unsecured Claims will receive after payment of the Allowed Administrative Claims, Allowed Statutory Fees, Allowed Priority Tax Claims, Allowed Fee Claims, Allowed Class 1 Other Priority Claims and Liquidating Trust Expenses, along with holders of Allowed Class 3 Claims and Allowed Class 4 Claims, their Pro Rata share of available Liquidating Trust Assets. Verizon hereby stipulates that its Class 5 Other General Unsecured Claims which are covered by insurance ("Insured Claims") shall not constitute Class 5 Other General Unsecured Claims, but instead will be pursued in state court litigation and paid only from insurance proceeds pursuant to settlement or judgment in such litigation. Verizon's Class 5 Other General Unsecured Claims which are not covered by insurance shall be Allowed and no longer subject to objection in the amount of $37,500,000. On account of its Allowed Class 5 Other General Unsecured Claim Verizon shall receive: no more than 50% of the first $3,000,000 distributed by the Liquidating Trust to creditors holding Class 3, Class 4 and Class 5 Claims; and a pari passu distribution on a pro rata basis with all other holders of Class 3, Class 4 and Class 5 Claims only for the Liquidating Trust's aggregate distributions for these Claims in the amount of $3,000,000.01 and above. Verizon expressly reserves, and does not release or waive, and shall be permitted to pursue all of its Insured Claims and Cross-Claims covered by any Insurance Policies insuring the Debtor in connection with the Wisconsin state court Consolidated Actions captioned as Abigail Barr v. VC Tech, Inc., et al., Case No. 2018CV3332 and in accordance with the March 8, 2022 Bankruptcy Court order. Class 5 is impaired. Counsel to the Debtor: W. Thomas Gilman, Esq. Nicholas R. Grillot, Esq. HINKLE LAW FIRM LLC 1617 N. Waterfront Parkway, Ste. 400 Wichita, Kansas 67206 Email: tgilman@hinklaw.com ngrillot@hinklaw.com Counsel to the Committee: James R. Irving, Esq. Christopher B. Madden, Esq. DENTONS BINGHAM GREENBAUM LLP 3500 PNC Tower, 101 S. Fifth Street Louisville, KY 40202 Telephone: (502) 587-3606 Email: james.irving@dentons.com chris.madden@dentons.com Robert Hammeke, Esq. DENTONS US LLP 4520 Main Street, Suite 1100 Kansas City, MO 64111 Telephone: (816) 460-2457 Email: robert.hammeke@dentons.com Sam J. Alberts, Esq. David F. Cook, Esq. DENTONS US LLP 1900 K Street, NW Washington, DC 20006 Telephone: (202) 321-0777 Email: sam.alberts@dentons.com david.f.cook@dentons.com A copy of the Disclosure Statement dated April 6, 2022, is available at https://bit.ly/3NVYbBy from PacerMonitor.com. About Bear Communications Lawrence, Kan.-based Bear Communications, LLC -- http://www.bearcommunications.net/-- is a communications contractor offering aerial construction, underground construction, splicing, subscriber drop placement, residential and commercial installations, residential and commercial wiring, consulting, and testing services. Bear Communications filed its voluntary petition for Chapter 11 protection (Bankr. D. Kan. Case No. 21-10495) on May 28, 2021, disclosing total assets of up to $50 million and total liabilities of up to $100 million. Judge Dale L. Somers presides over the case. W. Thomas Gilman, Esq., at Hinkle Law Firm LLC, represents the Debtor as legal counsel. The U.S. Trustee for Region 20 appointed an official committee of unsecured creditors in the Debtor's case on June 29, 2021. The committee is represented by Robert Hammeke, Esq., at Dentons US LLP. BEP ULTERRA: S&P Upgrades ICR to 'B-', Outlook Stable ----------------------------------------------------- S&P Global Ratings raised its issuer credit rating on BEP Ulterra Holdings Inc., a Fort Worth-based oil and gas drill bit provider, to 'B-' from 'CCC+'. S&P also raised its issue-level rating on the company's term loan due 2025 to 'B-' from 'CCC+'. The recovery rating on this debt is unchanged at '3', reflecting its expectations for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of payment default. S&P said, "The stable outlook reflects our expectation that Ulterra's operating results will continue to benefit from the strong commodity backdrop and oilfield services demand, which will result in positive free cash flow and improved leverage. We forecast funds from operations (FFO) to debt of 25%-30% over the next two years with approximately 3.0x debt to EBITDA." Market conditions have improved substantially and lower-cost, short-cycle land drilling activity has been the preferred investment choice for upstream operators. S&P said, "As a result of strong crude oil and natural gas prices, domestic and international rig counts--direct revenue drivers for Ulterra--continue to march higher. We expect this revenue tailwind will continue through 2022 and estimate the company's variable cost structure will be somewhat resilient in the face of inflationary pressures related to labor and materials which are subject to annual contracts. We expect increased activity levels will improve fleet utilization and provide for some degree of pricing power. We forecast funds from operation (FFO) to debt of 25%-30% over the next two years with approximately 3.0x debt to EBITDA. "We expect Ulterra to generate modest positive free cash flow in 2022 and 2023. "Based on improving operating results, and our expectation that the company will maintain disciplined capital spending and manage working capital, we expect Ulterra to generate modest positive free cash flow in 2022 and 2023. We expect the company to use cash for scheduled debt amortization and excess cash to repay a portion of its $400 million term loan due 2025. Although our base case does not include shareholder returns or acquisitions, we believe any potential acquisition would be executed in a leverage-neutral manner. "The stable outlook reflects our expectation that Ulterra's operating results will continue to benefit from the strong commodity backdrop, which will reduce leverage while generating free cash flow. We expect the priority for free cash flow to be debt reduction, and any acquisitions to be made on a leverage neutral basis. We forecast Ulterra's FFO to debt of 25%-30% over the next two years with approximately 3.0x debt to EBITDA. "We could lower the rating if we consider the company's capital structure to be unsustainable, or if liquidity significantly deteriorates. This would most likely occur if crude oil and natural gas prices weaken causing demand for drill bits to decline substantially, or if the company pursued an aggressive acquisition strategy or a shareholder return policy that resulted in higher leverage. "We could raise the rating if the company materially increased scale to levels more consistent with higher-rated peers, while generating positive free cash flow." ESG credit indicators: E-4, S-2, G-3 S&P said, "Environmental factors are a negative consideration in our credit rating analysis of Ulterra due to our expectation that the energy transition will result in lower demand for services and equipment such as drill bits as accelerating adoption of renewable energy sources lowers demand for fossil fuels. Additionally, the industry faces an increasingly challenging regulatory environment, both domestically and internationally, that could further affect Ulterra's operations. Governance is a moderately negative consideration, 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 the controlling owners. This also reflects the generally finite holding periods and a focus on maximizing shareholder returns." BLACK NEWS CHANNEL: Wins Cash Collateral Access Thru April 19 ------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Florida, Tallahassee Division, has authorized Black News Channel, LLC to use cash collateral on an emergency basis, in accordance with the budget, with a 10% variance. The Debtor said it needed emergency authorization to use cash collateral to pay pre-petition wages and amounts due to independent contractors, and for the Debtor's operations to continue through April 15, 2022. In exchange for this emergency use of cash collateral, Busey Bank is granted a replacement lien in and upon all of the categories and types of collateral in which it held a security interest and lien as of the Petition Date to the same extent, validity and priority that it held as of the Petition Date. The Debtor will maintain insurance coverage for the Prepetition Collateral in accordance with any of its obligations under any loan and security documents. It will be an event of default if the Debtor exceeds the Variance without the prior written consent of the Prepetition Lender, which consent will not be unreasonably withheld; provided, however, in the event of a default, the Debtor's authority to use cash collateral will continue until the Prepetition Lender obtains an order by appropriate motion after notice and hearing requiring the Debtor to cease using cash collateral. A copy of the order is available at https://bit.ly/3JyJWPq from PacerMonitor.com. * * * A preliminary hearing on the matter was held April 12, 2022. The preliminary hearing was continued to April 19 at 1 p.m. Eastern Time. About Black News Channel Black News Channel is a news network and the only provider of 24/7 multiplatform programming dedicated to covering the unique perspectives, challenges and successes of Black and Brown communities. Black News Channel sought Chapter 11 bankruptcy protection (Bankr. N.D. Fla. Case No. 22-40087) on March 28, 2022. In the petition signed by Maureen Brown, vice president of finance, it listed estimated assets between $10 million and $50 million and estimated liabilities between $10 million and $50 million. Judge Karen K. Specie oversees the case. Richard R. Thames, Esq., at Thames Markey, P.A., is the Debtor's counsel. BLD REALTY: Seeks to Hire C. Conde & Assoc. as Legal Counsel ------------------------------------------------------------ BLD Realty, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire C. Conde & Assoc. to serve as its legal counsel in its Chapter 11 case. The firm's services include: a. advising the Debtor with respect to its duties, powers and responsibilities in the bankruptcy case under the laws of the U.S. and Puerto Rico; b. advising the Debtor to determine whether a reorganization is feasible and, if not, helping the Debtor in the orderly liquidation of its assets; c. assisting the Debtor in negotiations with creditors for the purpose of arranging the orderly liquidation of assets and proposing a viable plan of reorganization; d. preparing legal papers; e. appearing before the bankruptcy court or any court in which the Debtor asserts a claim interest or defense directly or indirectly related to the bankruptcy case; f. provide all notary services; and g. performing other necessary legal services. The firm's hourly rates are as follows: Carmen Conde Torres, Esq. $350 per hour Associates $300 per hour Junior Attorney $275 per hour Clerical Services $150 per hour The firm will also seek reimbursement for out-of-pocket expenses. The retainer fee is $15,000. Carmen Conde Torres, Esq., a partner at C. Conde & Assoc., disclosed in a court filing that her firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. C. Conde & Assoc. can be reached at: Carmen D. Conde Torres, Esq. C. Conde & Assoc. 254 San Jose Street, 5th Floor Old San Juan, PR 00901-1523 Tel: (787) 729-2900 Fax: (787) 729-2203 Email: condecarmen@condelaw.com About BLD Realty BLD Realty, Inc. is the fee simple owner of two real properties located at Barrio Espinosa in Vega Alta, P.R., having an aggregate value of $1.34 million. The company is based in Guaynabo, P.R. BLD Realty filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.P.R. Case No. 22-00802) on March 24, 2022, listing $1,900,571 in assets and $3,834,736 in liabilities. Roberto Santos Ramos serves as Subchapter V trustee. Carmen D. Conde Torres, Esq., at C. Conde & Assoc. serves as the Debtor's legal counsel. BOND FOUNDRY: Unsecureds Will Get 40% Under Plan ------------------------------------------------ Judge Lisa G. Beckerman has entered an order approving the Disclosure Statement of Bond Foundry, LLC. May 25, 2022, at 10:00 a.m. (EDT), or as soon thereafter as counsel may heard, is fixed for a telephonic hearing through www.court-solutions.com on confirmation of the Plan, before the Honorable Lisa G. Beckerman, at the United States Bankruptcy Court, One Bowling Green, New York, New York 10004. May 16, 2022 at 5:00 p.m. (EDT) is fixed as the last day for filing and serving written objections to confirmation of the Plan. May 16, 2022 at 5:00 p.m. (EDT) is fixed as the last day for submitting written acceptances or rejections to the Plan. Ballots indicating acceptance or rejection of the Plan must be received on or before May 16, 2022, at 5:00 p.m. (EDT). Chapter 11 Plan Bond Foundry, LLC, submitted an Amended Disclosure Statement. The Debtor Landlord are parties to the Lease dated as of September 14, 2018 covering 27,000 square feet on the second floor (the "Premises") of the Foundry Building at 310 Comal Street, Austin, Texas (the "Building"). By motion dated May 31, 2021, the Debtor sought entry of an order authorizing the Debtor to assume the Lease. The Debtor determined, in the exercise of its business judgment, that it would be in the Debtor's best interest to assume the Lease. The reason is simple: the Debtor's business is contingent upon the Lease, and on an operating basis, the Debtor believes it will resume implementation of its business plan, which was in its early stages when the pandemic struck. Accordingly, by assuming the Lease the Debtor can grow its business and generate cash flow to pay creditors, and, ultimately, make a profit for its parent company. On February 17, 2022, the Court entered a stipulated order (the "February 17 Order") acknowledging the Debtor's assumption of the Lease effective January 31, 2022. Under the Plan, Class 2 General Unsecured Claims total $3,131,625. $371,542 of this amount represents Coworkers LLC parent company debt and $2,515,000 represents Baruch Singer investor debt. The class will receive payment in Cash of 12 equal monthly installments commencing on September 1, 2022, for a total of 40% of the Allowed Amount of each Claim. Coworkrs and Mr. Singer have agreed to defer payment until after Plan payments are made and the Debtor is otherwise able to afford payment. Class 2 is impaired. Effective Date payments under the Plan will be paid from capital to be contributed by the Interest Holders. The Interest Holder will cause $250,000 to be placed in escrow with Debtor's counsel before the Confirmation Hearing to fund Effective Date payments. Post Confirmation payments will be paid from the Debtor's net operating income. Attorneys for the Debtor: Mark A. Frankel, Esq. BACKENROTH FRANKEL & KRINSKY, LLP 800 Third Avenue New York, New York 10022 Telephone: (212) 593-1100 Facsimile: (212) 644-0544 A copy of the Order dated April 6, 2022, is available at https://bit.ly/3x9bVTq from PacerMonitor.com. A copy of the Disclosure Statement dated April 6, 2022, is available at https://bit.ly/3LSlOZY from PacerMonitor.com. About Bond Foundry Bond Foundry, LLC, a New York-based company that engaged in activities related to real estate, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 20-11793) on Aug. 2, 2020. At the time of the filing, the Debtor disclosed $1 million to $10 million in both assets and liabilities. Judge Shelley C. Chapman, who previously oversees the case, is replaced by Judge Lisa G. Beckerman. The Debtor tapped Backenroth Frankel & Krinsky, LLP as its legal counsel, and G.C. Realty Advisors, LLC as its restructuring advisor. David Goldwasser of Backenroth is the chief restructuring officer. BOY SCOUTS: Future Liability Releases at Bankruptcy Plan's Center ----------------------------------------------------------------- Randall Chase of The Associated Press reports that protecting local Boy Scouts of America councils and troop sponsoring organizations from future liability for child sex abuse claims is critical to the national group's reorganization plan, BSA attorneys told a Delaware bankruptcy judge Tuesday, April 12, 2022. Attorneys opposing the plan countered that liability releases for non-debtor third parties are neither fair nor necessary, and that they infringe on the rights of abuse survivors to seek compensation for their abuse. The Boy Scouts, based in Irving, Texas, petitioned for bankruptcy protection in February 2020, seeking to halt hundreds of individual lawsuits and create a settlement trust for abuse victims. Although the organization faced about 275 lawsuits at the time, more than 82,000 sexual abuse claims have been filed in the bankruptcy case. The reorganization plan calls for the Boys Scouts and its 250 local councils, along with settling insurance companies and troop sponsoring organizations, to contribute some $2.6 billion in cash and property and assign their insurance rights to a settlement trust fund for abuse victims. More than half that money would come from the BSA’s two largest insurers, Century Indemnity Co. and The Hartford. Those companies would contribute $800 million and $787 million, respectively. In exchange, the parties contributing to the settlement trust would be released from further liability for sexual abuse claims dating back decades. The local BSA councils are not debtors in the bankruptcy, but Boy Scouts attorney Jessica Lauria argued that they are inextricably intertwined with the national organization and deserve to be protected from future lawsuits in exchange for contributing to the compensation fund. "There can be no doubt that there is an identity of interests, and frankly an extreme interconnectedness, between the local councils and the national organization," Lauria said. Sponsoring organizations similarly are closely tied to BSA and local councils and critical to their operations, she added. Richard Mason, an attorney for the local councils, told Judge Laura Selber Silverstein that without the liability releases, the compensation fund "basically evaporates." Absent approval of the BSA’s plan, the local councils would face "massive litigation" and would be forced to seek bankruptcy protection themselves, endangering the future of Scouting and the ability of abuse survivors to obtain compensation, Mason added. But opponents questioned why the liability releases for local councils and sponsoring organization are needed in order for the BSA to emerge from bankruptcy. They noted that the Boy Scouts proposed a plan last year under which the settlement trust would be funded only by the national organization, and only for claims made against it. Under that plan, the councils and local sponsoring organizations would make no contribution and would have no protection from liability for abuse claims. "Debtors said that was workable, feasible," Silverstein noted. "So why is it necessary to have this elaborate, interconnected, intertwined plan for the Boy Scouts?" Lauria replied that "BSA-only plan" may have been feasible when first proposed, but that it was never "optimal." She also noted that the BSA has spent some $100 million more on professional fees in the bankruptcy since then and can't afford to fund a settlement trust on its own at this point. Edwin Caldie, an attorney representing scores of alleged abuse victims in Guam, argued that the BSA's current plan unfairly strips them of their rights to pursue abuse claims against Catholic church officials. The Guam group includes creditors with claims against the Archdiocese of Agana, which sought bankruptcy protection in 2019 amid a flood of child sex abuse claims. Many of those claims involve the late priest Louis Brouillard, who was also a BSA Scoutmaster and who was accused of molesting more than 100 children. The BSA plan would channel claims against the Guam diocese into the proposed BSA settlement trust without the consent of survivors and unfairly deprive them of the ability to pursue BSA insurance policies, Caldie said. Caldie accused the settling insurers of using "extortionist" tactics in negotiations with the Boy Scouts to obtain liability releases to which they would not be entitled under the policies they issued. He also rejected the notion that a relatively small number of survivors should not be allowed to interfere with approval of a reorganization plan supported by tens of thousands of other claimants. "From a common sense perspective, the BSA made a decision to shun and silence survivors of child sexual assault for decades and did not report their perpetrators for decades," Caldie said." The Guam survivors are not terribly comfortable with 'greater good' arguments now, especially made buy the BSA." Closing arguments on whether the judge should approve the BSA plan are expected to conclude Wednesday, April 13, 2022. 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. BRISTOL PROPERTIES: Disclosures and Plan Due June 6 --------------------------------------------------- Judge Diane Finkle has entered an order that Bristol Properties LLC must file a Disclosure Statement and Plan by June 6, 2022, which deadline will not be extended by the Court. About Bristol Properties Bristol Properties LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.R.I. Case No. 21-10619) on Aug. 11, 2021, disclosing up to $10 million in assets and up to $500,000 in liabilities. James McGown, president, signed the petition. Judge Diane Finkle oversees the case. The Debtor tapped Lisa A. Geremia, Esq., at Geremia & DeMarco, Ltd. as legal counsel and Julie Cvek Curley, Esq., at Kirby Aisner & Curley LLP as special counsel. BYRNA TECHNOLOGIES: Incurs $3.2 Million Net Loss in First Quarter ----------------------------------------------------------------- Byrna Technologies Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $3.22 million on $7.98 million of net revenue for the three months ended Feb. 28, 2022, compared to a net loss of $272,000 on $8.89 million of net revenue for the three months ended Feb. 28, 2021. As of Feb. 28, 2022, the Company had $70.50 million in total assets, $9.10 million in total liabilities, and $61.41 million in total stockholders' equity. Cash and balances of restricted cash as of Feb. 28, 2022 totaled $44.7 million a decrease of $11.6 million from $56.3 million as of Nov. 30, 2021. There was $0 of current restricted cash at Feb. 28, 2022 as compared to $0.1 million for the period ended Nov. 30, 2021. Cash used in operating activities was $8.4 million for the three months ended Feb. 28, 2022 compared to cash used in operations of $5.7 million during the prior year period. Cash used in investing activities was $0.9 million for the three months ended Feb. 28, 2022, compared to $0.03 million for the three months ended Feb. 28, 2021. This was all attributable to purchases of property and equipment. Cash used by financing activities was $2.3 million during the three months ended Feb. 28, 2022, compared to cash provided of $0.1 million for the three months ended Feb. 28, 2021. The three months ended Feb. 28, 2022 amount was comprised primarily of the stock repurchase of $2.7 million, offset by proceeds from stock option exercises totaling $0.4 million. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/0001354866/000143774922008411/byrn20220228_10q.htm About Byrna Technologies Headquartered in Byrna Technologies Inc. -- www.byrna.com -- develops, manufactures, and sells non-lethal ammunition and security devices. These products are used by the military, correctional services, police agencies, private security and consumers. Byrna Technologies reported net loss of $3.28 million for the year ended Nov. 30, 2021, a net loss of $12.55 million for the year ended Nov. 30, 2020, a net loss of $4.41 million for the fiscal year ended Nov. 30, 2019, a net loss of $2.15 million for the fiscal year ended Nov. 30, 2018, and a net loss of $2.8 million for the fiscal year ended Nov. 30, 2017. As of Nov. 30, 2021, the Company had $75.31 million in total assets, $9.22 million in total liabilities, and $66.10 million in total stockholders' equity. CREATD INC: Incurs $37.4 Million Net Loss in 2021 ------------------------------------------------- Creatd, Inc. filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing a net loss of $37.38 million on $4.30 million of net revenue for the year ended Dec. 31, 2021, compared to a net loss of $24.21 million on $1.21 million of net revenue for the year ended Dec. 31, 2020. The Company reported a net loss of $8.04 million for the year ended Dec. 31, 2019. As of Dec. 31, 2021, the Company had $9.17 million in total assets, $5.49 million in total liabilities, and $3.69 million in stockholders' equity. As of Dec. 31, 2021, the Company had an accumulated deficit of $109.6 million and net cash used in operating activities of $21.1 million for the reporting period then ended. CreatD stated, "There can be no assurances that we will be able to achieve a level of revenues adequate to generate sufficient cash flow from operations or obtain funding or additional financing through private placements, public offerings and/or bank financing necessary to support our working capital requirements. To the extent that funds generated from any private placements, public offerings and/or bank financing are insufficient, we will have to raise additional working capital and no assurance can be given that additional financing will be available, or if available, will be on acceptable terms. These conditions raise substantial doubt about our ability to continue as a going concern. If adequate working capital is not available, we may be forced to discontinue operations, which would cause investors to lose their entire investment." A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/0001357671/000121390022018351/f10k2021_creatdinc.htm About Creatd Inc. Headquartered in Fort Lee, NJ, Creatd, Inc. -- https://creatd.com -- is a creator-first technology company and the parent company of the Vocal platform. Its mission is to empower creators, entrepreneurs, and brands through technology and partnership. The Company accomplishes this through Creatd's three main business pillars: Vocal Ventures, Creatd Partners, and its newest initiative, Recreatd. CRESTWOOD EQUITY: S&P Upgrades ICR to 'BB' on Acquisition of Oasis ------------------------------------------------------------------ S&P Global Ratings raised its issuer credit rating on Houston–based master limited partnership (MLP) Crestwood Equity Partners L.P.'s (CEQP) to 'BB' from 'BB-'. S&P said, "At the same time, we raised our issue-level rating on its senior notes to 'BB' from 'BB-' and our rating on its preferred stock to 'B' from 'B-'. Our '4' recovery rating on the senior notes is unchanged, indicating our expectation for average (30%-50%; rounded estimate: 45%) recovery in the event of a payment default. "The stable outlook reflects our view that CEQP will increase the scale of its operations while maintaining leverage of 4.0x in 2022 and 3.5x in 2023." The upgrade reflects CEQP's improved credit metrics due to its acquisition of OMP. S&P said, "Our base-case scenario assumes the company increases its S&P Global Ratings-adjusted EBITDA by 40%-45% to about $850 million in 2022. We also expect CEQP's leverage will decline to the 3.5x-4.0x range in 2022 and 2023 from 4.7x the previous year. In February 2022, the company closed its acquisition of OMP, which it funded with $1 billion of new equity, including the assumption of OMP's $450 million of senior notes and a $218 million revolving credit facility (RCF). The transaction increased CEQP's dedicated acreage in the Williston Basin to 535,000 acres from 150,000 acres. We view OMP's natural gas and crude oil gathering and processing assets, as well as its water disposal assets, as highly complementary to CEQP's existing asset base. "We expect CEQP to continue increasing its scale given the favorable commodity price environment. "We recently raised our forecast for West Texas Intermediate (WTI) crude oil prices to $80 per barrel (/bbl) for the remainder of 2022 and $65/bbl in 2023. Given this revision, we now also expect higher natural gas and natural gas liquids (NGL) prices in 2022 and 2023. As such, we anticipate the volume of drilling activity on CEQP's dedicated acreage will continue to rise, enabling it to increase its EBITDA by the low- to mid-single digit percent area in 2023 and 2024." CEQP is well positioned to generate strong liquidity, which it could use to delever. S&P said, "We expect the company to spend about $200 million on capital projects and distribute about $250 million to its shareholders this year. However, we project CEQP could generate up to $190 million of discretionary cash flow, which it could use to repay its outstanding debt. We also expect the company's sources of liquidity to be more than 3x its uses in 2022 and 2023." The acquisition exposes CEQP to volumetric risk associated with Oasis Petroleum. The acquired business derives more than 90% of its revenue from acreage dedication contracts in the Williston Basin, which indicates that a prolonged period of weak commodity prices could reduce its cash flows. S&P said, "In addition, most of OMP's contracts are with Oasis Petroleum Inc., which emerged from bankruptcy in 2020 and we view as having weaker credit quality due to its relatively small size and concentration in the Williston Basin. Given OMP cash flow concentration with Oasis Petroleum, we believe the performance of its assets depends on Oasis Petroleum's performance." S&P said, "The stable outlook on CEQP reflects our expectation that, following its acquisition of OMP in February 2022, it will materially increase the scale of its operations while generating strong discretionary cash flow and maintaining leverage of about 4.0x in 2022 and 3.5x 2023. We also anticipate a favorable commodity price environment will support production in CEQP's dedicated acreage and its throughput volumes." S&P could take a negative rating action on CEQP if its leverage approaches 4.5x. This could occur due to: -- Lower-than-expected realized acquisition synergies; -- Weak gathering and processing volumes; or -- A debt-financed increase in its distributions or equity buybacks. While unlikely during the next 12 months, S&P could raise its rating on CEQP if it increases the scale of its operations while reducing its S&P Global Ratings-adjusted leverage below 3.5x. ESG credit indicators: E-3; S-2; G-2 Environmental factors are a moderately negative consideration in S&P's credit rating analysis of CEQP, which operates natural gas and crude gathering and processing, storage, transportation, and marketing businesses. This is due to the increasing environmental regulations targeting greenhouse gas (GHG) emissions facing the broader midstream energy sector. Over the longer term, the company may face the risk of declining volumes due to reduced drilling activity or demand stemming from the ongoing transition to renewable energy sources. CVS CREDIT: Moody's Lowers Rating on Series A-2 Certs to B2 ----------------------------------------------------------- Moody's Investors Service has downgraded the rating on one outstanding class in CVS Credit Lease Backed Pass-Through Certificates, Series A-1 and Series A-2. Series A-2, Downgraded to B2; previously on Sep 16, 2021 Downgraded to Ba3 RATINGS RATIONALE The downgrade to B2 reflects the rising balloon default risk at the certificate's final distribution date in January 2023. The properties are subject to a fully bondable triple net lease guaranteed by CVS Health Corporation (Moody's senior unsecured debt rating Baa2, stable outlook) that expires in January 2023. The lease maturity coincides with the maturity date of the certificates and CVS's lease obligations are not sufficient to repay the A-2 Certificate principal in full. The mortgages securing the notes are not cross defaulted and the balloon payment is insured by residual value insurance policies provided by the residual value insurance policy provider, Arrowood Indemnity Company (formerly known as Royal Indemnity Company), which is unrated by Moody's. During the fourth quarter of 2021, CVS announced plans to close approximately 900 stores between 2022 and 2024 which may impact the ability of certain loans to payoff if CVS were to vacate the related property. Additionally, Moody's previously identified two non-defeased properties in which CVS is no longer in occupancy. The rating on the A-2 Certificate is lower than CVS's rating due to the size of the loan balance at maturity relative to the value of the collateral assuming the existing tenant is no longer in occupancy (the dark value). The value of the properties, significant loan amortization and presence of the residual insurance provider would likely lead to significant recovery of the balloon balance in the event of maturity default. The transaction was originally supported by 96 single-tenant, stand-alone retail buildings leased to CVS. Loans related to fifty properties have defeated and the notes are secured by US government securities. FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING: The ratings of Credit Tenant Lease (CTL) deals are primarily based on the senior unsecured debt rating (or the corporate family rating) of the tenants leasing the real estate collateral supporting the bonds. Other factors that are also considered are Moody's dark value of the collateral (value based on the property being vacant or dark), which is used to determine a recovery rate upon a loan's default and the rating of the residual insurance provider, if applicable. Factors that may cause an upgrade of the ratings include an upgrade in the rating of the corporate tenant or significant loan paydowns or amortization which results in a lower loan to dark value ratio. Factors that may cause a downgrade of the ratings include a downgrade in the rating of the corporate tenant. METHODOLOGY UNDERLYING THE RATING ACTION The principal methodology used in this rating was "Moody's Approach to Rating Credit Tenant Lease and Comparable Lease Financings" published in June 2020. CYTOSORBENTS CORP: Appoints Jiny Kim to Board of Directors ---------------------------------------------------------- CytoSorbents Corporation has appointed Jiny Kim, MBA to its Board of Directors as a new independent director, effective immediately, for a term expiring at the Company's 2022 Annual Meeting, scheduled for June 7, 2022, at which time Ms. Kim is expected to stand for re-election. Al Kraus, Chairman of the Board of CytoSorbents stated, "We are pleased to welcome Jiny as our new independent Board director. She has an extensive background in the medical device industry, with an impressive set of skills, experiences, and perspectives in U.S. and international commercialization, sales, marketing, and business development from leadership roles at market-leading companies like Zimmer Biomet, LivaNova, and Ethicon/Johnson & Johnson. She is expected to further strengthen and diversify the Board at a critical juncture for the Company as we target U.S. expansion and further international growth, and be invaluable in helping to guide the Company to the next level." Jiny Kim is currently vice president, Smart Implants, Technology & Data Solutions at Zimmer Biomet. In this role, she is responsible for leading the end-to-end program and product management for Zimmer Biomet's "Smart Implant" technology, including product development, data development, and market development. In addition, she is leading the launch of Persona IQ, a first to market smart knee implant in the U.S. Prior to Zimmer Biomet, Ms. Kim held the position of vice president of Global Marketing, Neuromodulation and Depression at LivaNova, where she led key initiatives in clinical and commercial areas to maximize the asset value globally. At Ethicon, Johnson & Johnson Medical Devices, she held multiple roles including in U.S. Sales and Marketing, Business Development (Licensing and Acquisition), and Strategic Global Marketing where she launched and managed significant brands through their full lifecycle. Ms. Kim also held multiple global marketing roles at Edwards Lifesciences in the Critical Care space. She began her medical device career as a post-MBA Operating Room-based Clinical Sales Representative in the Los Angeles territory for Ethicon Biosurgery. Prior to her career in the medical device industry, Ms. Kim held positions as a financial analyst in private equity and in management consulting. "I am thrilled to join the CytoSorbents Board of Directors and to be part of a values-led company that is helping to save lives with the use of its blood purification technology in critical care and cardiac surgery. It is an honor to join the Board at such a pivotal stage in the Company's history, and I am looking forward to working with the Board and management to broaden access to CytoSorbents' unique technology globally, and particularly in the United States, the world's largest medical device market," said Ms. Kim. Dr. Phillip Chan, chief executive officer of CytoSorbents commented, "On behalf of the entire Company, we are excited to add Jiny to the Board of Directors and to benefit from her knowledge and keen insight on a wide variety of topics. Of great relevance, Jiny is currently launching the Persona IQ Smart Knee implant in the U.S., which includes an FDA Breakthrough Device Designated component, and will have timely and valuable experience as we look to do the same with DrugSorb-ATR in the U.S. upon completion of our pivotal U.S. STAR-T and STAR-D trials, and potential future FDA marketing approval." Ms. Kim earned her MBA from the MIT Sloan School of Management and is a Fulbright Scholar. She graduated Cum Laude with dual undergraduate degrees from the University of Pennsylvania in Economics (The Wharton School) and Political Science. For her service on the Board, Ms. Kim will receive the same compensation that is provided from time to time to Company directors who are not employees. The Board has not determined as of the date of this report the Board committees, if any, on which Ms. Kim will serve. About CytoSorbents Based in Monmouth Junction, New Jersey, CytoSorbents Corporation is engaged in critical care immunotherapy, specializing in blood purification. Its flagship product, CytoSorb, is approved in the European Union with distribution in more than 70 countries around the world as an extracorporeal cytokine adsorber designed to reduce the "cytokine storm" or "cytokine release syndrome" seen in common critical illnesses that may result in massive inflammation, organ failure and patient death. Cytosorbents reported a net loss of $24.56 million for the year ended Dec. 31, 2021, a net loss of $7.84 million for the year ended Dec. 31, 2020, a net loss of $19.26 million for the year ended Dec. 31, 2019, and a net loss of $17.21 million for the year ended Dec. 31, 2018. As of Dec. 31, 2021, the Company had $89.52 million in total assets, $26.94 million in total liabilities, and $62.58 million in total stockholders' equity. DUNN PAPER: S&P Downgrades ICR to 'D' on Missed Interest Payments ----------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on U.S.-based specialty paper and tissue manufacturer Dunn Paper Holdings Inc. to 'D' from 'CCC'. At the same time, S&P lowered its issue ratings on its first-lien credit facilities, which includes its $30 million revolving credit facility (RCF) and $285 million first-lien term loan, and its $65 million second-lien term loan to 'D' from 'CCC' and 'CC', respectively. Dunn Paper did not pay the interest on its first- and second-lien term loans due March 31, 2022. Dunn Paper Holdings Inc. entered into a forbearance agreement with its first lien lenders whereby such lenders agreed to, among other things, forbear from exercising remedies with respect to a missed interest payment under the credit agreement until May 15, 2022 or the date on which certain other customary termination events occur. However, because the interest payments were not made within the five-day grace period allowed under its credit agreement, S&P Global Ratings considers the missed interest payments a default. EL JEBOWL: May 26 Plan Confirmation Hearing Set ----------------------------------------------- On April 1, 2022, debtor El Jebowl, LLC filed with the U.S. Bankruptcy Court for the District of Colorado a Subchapter V Plan of Reorganization. On April 7, 2022, Judge Thomas B. McNamara ordered that: * May 12, 2022 is fixed as the last day for holders of all claims or interest to submit ballots accepting or rejecting the Plan. * May 12, 2022 is fixed as the last day to submit any objection to confirmation of the Plan. * April 26, 2022 is fixed as the last day for a class of secured creditors to make the election under 11 U.S.C. § 1111(b)(2). * May 19, 2022 is fixed as the last day for the counsel for the Debtor to prepare and file a summary report on the ballots. * May 26, 2022, at 2:30 p.m., in the United States Bankruptcy Court for the District of Colorado, Courtroom E, U.S. Custom House, 721 19th Street, Denver, Colorado is the hearing for consideration of confirmation of the Plan. A copy of the order dated April 7, 2022, is available at https://bit.ly/3rp7XlO from PacerMonitor.com at no charge. About El Jebowl LLC El Jebowl, LLC sought Chapter 11 protection (Bankr. D. Colo. Case No. 22-10004) on Jan. 2, 2022, listing up to $100,000 in assets and up to $500,000 in liabilities. Judge Thomas B. McNamara oversees the case. The Law Offices of Kevin S. Neiman, PC and Wadsworth Garber Warner Conrardy, PC serve as the Debtor's bankruptcy counsels. Sumrall & Bondy, PC is tapped to provide professional tax and accounting services. Veritex Community Bank, as lender, is represented by Markus Williams Young & Hunsicker LLC. ESCADA AMERICA: Wins Cash Collateral Access Thru April 27 --------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, authorized Escada America LLC to use cash collateral on an interim basis in accordance with the budget, with a 15% variance, through April 27, 2022. As adequate protection for the use of cash collateral, Eden Roc International, LLC, Mega International, LLC, and Escada Sourcing and Production, LLC will have replacement liens to the same validity, priority, and extent as their respective liens existed as of the Petition Date. The Court said the automatic stay pursuant to Fed.R.Bankr.P. 6004 is waived. A further hearing on the matter is scheduled for April 27 at 10 a.m. A copy of the order is available at https://bit.ly/3O9woxp from PacerMonitor.com. About Escada America Escada America owns and operates a clothing store in New York. Escada America sought Chapter 11 bankruptcy protection (Bankr. C.D. Cal. Case No. 22-10266) on Jan. 18, 2022. In the petition filed by Kevin Walsh, director of finance, Escada America estimated assets and liabilities between $1 million and $10 million. The case is handled by the Honorable Judge Sheri Bluebond. John Patrick M. Fritz, Esq., of LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P., is the Debtor's counsel. GUILDWORKS LLC: Wins Cash Collateral Access Thru May 8 ------------------------------------------------------ The U.S. Bankruptcy Court for the District of Oregon has authorized Guildworks, LLC to use up to $476,173 in cash collateral on an interim basis for the period of April 11, 2022 through May 8, 2022 in accordance with the budget, with a 15% variance. The Debtor requires the use of cash collateral to maintain the going concern value of its business. The parties that may claim a lien in the Debtor's cash collateral are Business Impact NW, the U.S. Small Business Administration, Biz Fund, LLC, and Union Funding. As adequate protection for any diminution in value of BINW and Union's interests in its prepetition collateral, and post-petition interest, costs and fees, if any, and as security for the Post-petition Indebtedness, and to the extent that the cash collateral is utilized by the Debtor, for the purposes of providing adequate protection within the meaning of Bankruptcy Code sections 361 and 363, the Secured Parties are granted valid and perfected replacement security interests in, and liens on, the same type of postpetition assets in which the Secured Parties holds valid and perfected liens prior to the Petition Date to the same extent, validity and priority as existed on the prepetition collateral. The Adequate Protection Liens will constitute perfected liens on all of the Collateral as to which the Secured Parties held a valid and perfected lien as of the Petition Date to the same extent, validity and priority as existed on the Prepetition Collateral. As further adequate protection for the Debtor's use of cash collateral, starting on April 1, 2022, the Debtor will make a monthly payment to BINW of $2,000 and to Union of $2,000. These adequate protection payments will be applied to the Debtor's obligations to each such creditor in accordance with the existing agreements between it and the Debtor, without application of any default interest provisions that may be claimed to be applicable due to the Debtor's bankruptcy filing. The final hearing on the matter is scheduled for May 4, 2022 at 1:30 p.m. A copy of the order is available at https://bit.ly/37Ifyov from PacerMonitor.com. About Guildworks LLC Guildworks LLC is a Portland, Oregon-based company that engages in the full-service design, manufacture and installation of temporary and permanent fabric structures. Guildworks LLC and affiliate, Guildworks-Works LLC, sought Chapter 11 bankruptcy protection (Bankr. D. Ore. Case No. 22-30388) on March 14, 2022. In the petition filed by Mark C. Ricketts, as member, Guildworks LLC estimated total assets between $100,000 and $500,000 and liabilities between $50 million and $100 million. The cases are handled by Honorable Judge Teresa H. Pearson. Troy Sexton, Esq., at Motschenbacher & Blattner, LLP, is the Debtors' counsel. H-CYTE INC: Transfers Headquarters to Tampa, Fla. ------------------------------------------------- H-Cyte, Inc. moved its headquarters to 2202 N. West Shore Blvd., Suite 200, Tampa, FL 33607. The Company's telephone number remains the same: (844) 633-6839. About H-CYTE Inc. Headquartered in Tampa, Florida, H-CYTE -- http://www.HCYTE.com-- is a hybrid-biopharmaceutical company dedicated to developing and delivering new treatments for patients with chronic respiratory and pulmonary disorders. H-Cyte reported a net loss of $4.80 million for the year ended Dec. 31, 2021, compared to a net loss of $6.46 million on $2.15 million of revenues for the year ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $321,405 in total assets, $4.98 million in total liabilities, and a total stockholders' deficit of $4.66 million. Tampa, Florida-based Frazier & Deeter, LLC, the Company's auditor since 2018, issued a "going concern" qualification in its report dated Feb. 25, 2022, citing that he Company has negative working capital, has an accumulated deficit, has a history of significant operating losses and has a history of negative operating cash flow. These factors raise substantial doubt about the Company's ability to continue as a going concern. ION GEOPHYSICAL: Case Summary & 30 Largest Unsecured Creditors -------------------------------------------------------------- Lead Debtor: Ion Geophysical Corporation 4203 Yoakum Blvd. Suite 100 Houston, TX 77006 Business Description: ION Geophysical Corporation is an innovative, asset-light global technology company that delivers data-driven decision- making offerings to offshore energy and maritime operations markets. Chapter 11 Petition Date: April 12, 2022 Court: United States Bankruptcy Court Southern District of Texas Four affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Ion Geophysical Corporation (Lead Case) 22-30987 GX Technology Corporation 22-90030 I/O Marine Systems Inc. 22-90029 Ion Exploration Products (U.S.A.), Inc. 22-90031 Judge: Hon. Marvin Isgur Debtors' Counsel: Katherine A. Preston, Esq. WINSTON & STRAWN LLP Houston, Texas 800 Capitol St., Suite 2400 Houston, Texas 77002 Tel: (713) 651-2600 Fax: (713) 651-2700 Email: kpreston@winston.com - and - Timothy W. Walsh, Esq. 200 Park Avenue New York, New York 10166 Tel: (212) 294-6700 Fax: (212) 294-4700 E-mail: twwalsh@winston.com - and - Daniel J. McGuire, Esq. 35 W. Wacker Drive Chicago, Illinois 60601-9703 Tel: (312) 558-3733 Fax: (312) 558-5700 Email: dmcguire@winston.com Debtors' Financial Consultant: FTI CONSULTING, INC. Debtors' Investment Banker: PERELLA WEINBERG PARTNERS LP Debtors' Notice & Claims Agent: EPIQ CORPORATE RESTRUCTURING, LLC Total Assets as of Feb. 28, 2022: $35,951,483 Total Debts as of Feb. 28, 2022: $166,929,323 The petitions were signed by Mike Morrison, authorized signatory. A full-text copy of Ion Geophysical's petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/YHMKTAI/ION_Geophysical_Corporation__txsbke-22-30987__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. Cobra Acquisition Services SA Revenue Share $10,350,552 5555 San Felipe Claim Suite 2100 Houston, TX 77056 Contact: Scott Whitsell, President Tel: 405-608-6007 Email: marcus.pullicino@cobracorp.com 2. Shearwater Geoservices Ltd. Revenue Share $9,915,982 Brockbourne House Claim 77 Mount Ephraim Turnbridge Wells TN4 8BS United Kingdom Contact: Andreas Hvending Aubert, CFO Tel: 440129390-3296 Email: info@shearwatergeo.com 3. Wilmington Savings Fund Unsecured Notes $7,999,447 Society, FSB 409 Silverside Rd Ste 100 Wilmington, DE 19809-1771 Contact: Patrick J. Healy, SVP/Director Tel: 302-888-7420 Email: phealy@wsfsbank.com 4. National Oil Corporation Royalty Claim $3,516,561 PO Box 2655-5335 Tripoli, Libya Contact: God Willimg M Mustafa Abdulla, President Tel: 21821444-6181 Email: info@noc.ly.com 5. Sociedade Nacional De Royalty Claim $3,238,812 Combusiveis de Angola Empresa Publica Edificio Sede Da Sonangol Luanda 1316 Angola Contact: Sebastiao Pai Querido Gaspar Martins, CEO Tel: +244222334448 Email: secretariageral@sonangol.co.ao 6. PGS Geophysical AS Revenue Share $2,797,345 PO Box 251 Claim Lolleaker NO216 Lilleakerveiein 4C Oslo NO216 Norway Contact: Rune O Pedersen President & CEO Tel: +4767526400 281509800 Email: info@pgs.com 7. BGP Inc., China Natl Revenue Share $2,664,050 Petroleum Corp Claim No. 189 Fanyang Middle Road Zhouzhou City, Hebei Province 072750 China Contact: Huang Lu Tel: 861081201850 863123736738 Email: marketing@bgp.com.cn 8. PKY-2101 Citywest 3&4 LP Trade Claim $2,564,940 City West Place III PO Box 742835 Atlanta, GA 30374-2835 Contact: A. Noni Holmes - Kidd, SVP/CAO/Gen Counsel Tel: 407-650-0593 281-822-3800 Email: info@pky.com; nhholmes-kidd@pky.com citywestplace@pky.com 9. Directorate General of Royalty Claim $2,214,752 Hydrocarbons 4th & 11th FL, Hindustan Times 18-20 Kastura Gandhi Marg New Delhi, India Contact: D.K Rawat, V.K. Sibal Tel: 0120-2472000 Fax: 0120-2472049 Email: hodlegal@dghindia.gov.in dg@dghindia.gov.in 10. Joint-Stock Company Trade Claim $1,947,627 Sevmoreftegeofizika 17 Karl Marx St Murmansk 183025 Russia Contact: Aleksandr Afanasencov, Chairman of the Board Tel: +78152704646 Email: smng@rusgeology.ru 11. Tanzania Petroleum Royalty Claim $1,665,473 Development Corp PO Box 2774 Dar Es Salaam Tanzania Contact: Prof Sufian H Bukurura, Chairperson Tel: +255222200113/4; +255222200112 Email: info@tpdc.co.tz 12. Office Des Mines Et Des Royalty Claim $1,306,789 Industries Strategiques De Lenergie, De Petrole Et Des Ressources Hydrauliques Batiment C, 3 Eme Etage Pont De Gue-Gue Libriville 1172 Gabon Contact: Alian-Claude Bilie-By-Nze Tel: +24124101731091 Email: ucp_piaepal18@yahoo.com 13. TGS Geophysical Company Revenue Share $1,247,807 (UK) Limited Claim 1 The Crescent Surbiton KT6 4BN United Kingdom Contact: Kristian Johansen, CEO Tel: +4401483730201 Email: kristianj@a2d.com 14. The Government of Kenya Royalty Claim $1,127,604 Harambee House Parliament Roadharambee Avenue Nairobi 00100 Kenya Contact: Uhuru Kenyatta, CGH, President & Director Tel: 25420222-7411 Email: csenate@partliament.go.ke 15. Ministere Du Petrole Et Des Royalty Claim $1,029,052 Hydocarbures (DGH) Sciam Building, 5th FL 63 Avenue Merchand BP V 42 Abidjan Ivory Coast Contact: Sylvain Momoadjamo Minister Tel: 22520213871; 22520214129 Email: info@dghstatistiques.ci 16. Angola Geoscience Royalty Claim $1,024,799 Services, Ltda Bairro Maianga, Zona 5 Luanda, Angola Contact: Horacio Fortunato Tel: (+244) 945 840 890 Email: hdf.ags@gmail.com 17. Instituto Nacional De Petroleo Royalty Claim $926,379 Predio Montepio 341 / 2 Andar Maputo, Mozambique Contact: Natalia Camba, Director Tel: +25821248300 Email: info@inp.gov.mz 18. Government of Barbados Royalty Claim $767,584 Halborn Circle Fontabell, Barbados Contact: Mia Amor Mottley, Prime Minister or Hon Kerri D Symmonds Minister of Energy Tel: 12465355300; 12465352500; 12622222222 Email: pspmo@barbados.gov.bb; minister@energy.gov.bb 19. Mabon Limited Royalty Claim $722,633 29, Sanusi Fafunwa Street Lagos, Nigeria Contact: Engir. Boniface Madubunyi, CEO and Chairperson Tel: 2341461-6295 Email: info@mabonltd.com 20. National Petroleum Royalty Claim $655,811 Corporation of Namibia (Proprietary) Limited Petroleum House 1 Aviation Rd Windhoek, Namibia Contact: Immanuel Mulunga Tel: +264-264120450 Fax: +264 61 5061/92 Email: info@namcor.com.na 21. GWL Overseas Ltd Royalty Claim $655,065 311 Shoreham Street Sheffield S. Yorkshire S2 4FA United Kingdom Contact: Alexandra Kazakou, Director Tel: 3572581-7181 22. Dolphin Geophysical AS Revenue Share $569,112 Brockbourne House77 Claim Mount Ephraiam Turnbridge Wells TN4 8GN United Kingdom Contact: Atle Jacobsen, CEO Tel: +4755387500 23. Government of the Republic Royalty Claim $522,281 of Trinidad and Tobago Ministry of Energy 1 Wrightson Road Port of Spain Trinidad and Tobago Contact: Hon Stuart Young Minister of Energy Tel: 868225-4334 Email: info@energy.gov.it; syoung@energy.gov.it 24. Digital Greenspoint LP Trade Claim $511,848 c/o Digital Realty Trust PO Box 840182 Dallas, TX 75284-0182 Contact: Andrew Power, President/CFO Tel: 737-281-0101 Email: apower@digitalrealty.com; customersuccessteam@digitalrealty.com 25. Dorsey & Whitney LLP Trade Claim $465,896 PO Box 1680 Minneapolis, MN 55480-1680 Contact: Patrick Lutter, COO Tel: 612-340-2600 612-492-5173 Email: lutter.patrick@dorsey.com 26. Upstream Energy Services S.A. Royalty Claim $438,576 Esmerelda 155, 7 Piso Oficina 39 Buenos Aires Argentina Contact: Roberto R.I. Aguirre Tel: +54 11 5648 6580 Email: r_aguirre@upstream.com.ar 27. Houston NFL Holdings, LP Trade Claim $396,900 2 NRG Park Houston, TX 77054 Contact: Cal McNair, CEO Tel: 888-849-4839 Fax: 832-667-2191 Email: ticketing@houstontexans.com 28. North African Geophysical Royalty Claim $385,699 Exploration Company PO Box 11141 Tripoli, Libya Contact: Jamal Harari Tel: +218 21 563 4670/4 Email: nageco@nageco.com 29. Tracer Technologies Inc. Trade Claim $344,026 20 Assembly Square Drive Somerville, MA 02145 Contact: Fraser M Walsh Tel: 617-776-6410 Fax: 617-776-6425 Email: sales@tracer-eco.com 30. Government of Grenada Royalty Claim $308,462 Ministerial Complex 6th FL St Georges, Grenada Contact: Dr The Right Hon. Keith Mitchell Tel: +14734402255 +14734402265 Email: primeminister@gov.gd; lmsec@gov.gd ION GEOPHYSICAL: Files for Chapter 11 With Plan Deal ---------------------------------------------------- ION Geophysical Corporation (NYSE: IO) and certain affiliates on April 12, 2022, announced that, after evaluating a variety of strategic alternatives, it has filed for voluntary Chapter 11 relief in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division as it explores a value-maximizing transaction that will strengthen the Company's balance sheet and position ION for sustained future success. In connection with the Chapter 11 filing, ION entered into a Restructuring Support Agreement (the "RSA") with the lenders under its Credit Agreement and holders of approximately 80% of its 2025 Notes, whereby the parties agreed to support the Company's Chapter 11 plan of reorganization. The Company and the consenting creditors that are parties to the RSA have agreed to the terms of a comprehensive restructuring, including the Plan premised on (i) a debt-for-equity exchange paired with the potential sale of certain assets to one or more third parties or (ii) a sale of substantially all of its assets. Under the terms of the RSA, ION will continue its ongoing solicitation of interest from third parties in potential sale transactions involving the Company designed to maximize the value of the Company's assets through an open and transparent process that enables interested buyers to submit bids for assets. The Company has also secured $2.5 million in debtor-in-possession financing that, along with normal operating cash flows, should support operations during the process. Therefore, ION expects to continue delivering excellent service quality with little to no expected disruption to clients. The Company has filed a number of customary motions with the Bankruptcy Court seeking authority to continue operations in the ordinary course, including, but not limited to, paying employees and continuing existing benefit programs without interruption and meeting go-forward commitments to customers, suppliers, employees, and other stakeholders. These motions are typical in the Chapter 11 process and ION anticipates that they will be heard and approved in the first few days of the Chapter 11 case. Additional information about ION's Chapter 11 case can be found at https://dm.epiq11.com/IONGeo or by calling ION's claims agent at (855) 604-1746 (toll-free in the U.S. or Canada) or (503) 597-7702 (for parties outside the U.S.) or by sending an email to: iongeoinfo@epiqglobal.com. Please also refer to the Company’s form 8-K that will be filed with the SEC. About ION Geophysical Corp. Headquartered in Houston, Texas, ION (NYSE: IO) -- http://www.iongeo.com-- is an innovative, asset light global technology company that delivers powerful data-driven decision-making offerings to offshore energy, ports and defense industries. The Company is entering a fourth industrial revolution where technology is fundamentally changing how decisions are made. The Company provides its services and products through two business segments -- E&P Technology & Services and Operations Optimization. Ion Geophysical Corp. and its affiliates sought Chapter 11 bankruptcy protection (Bankr. S.D. Tex. Lead Case No. 22-30987) on April 12, 2022. In the petition filed by Mike Morrison, as authorized signatory, Ion Geophysical estimated assets between $10 million and $50 million and estimated liabilities between $100 million and $500 million. The cases are assigned to Honorable Judge Bankruptcy Judge Christopher M. Lopez. WINSTON & STRAWN LLP, is the Debtor's counsel. FTI CONSULTING, INC., is the financial consultant and PERELLA WEINBERG PARTNERS LP is the investment banker. EPIQ CORPORATE RESTRUCTURING, LLC is the claims agent. JAFFAN INTERNATIONAL: Wins Cash Collateral Access Thru April 19 --------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, authorized Jaffan International, LLC to use the cash collateral of US Foods, Inc. and Syndimate 2017 LP on a further interim basis through April 19, 2022. The Debtor is permitted to use cash collateral to pay amounts expressly authorized by the Court, one-quarter of the current and necessary expenses set forth in the budget plus an amount not to exceed 10% for each line item, and additional amounts as may be expressly approved in writing by the Secured Creditors. Moreover, the Debtor is authorized to make monthly adequate protection payments to The Tamm Corporation, Inc. in the regular contractual amount of $1,633. The Tamm Corporation's claim is secured by a first position lien on the Debtor's 4COP liquor license. As adequate protection, the Secured Creditors will have perfected post-petition liens against cash collateral to the same extent and with the same validity and priority as the prepetition liens, without the need to file or execute any document as may otherwise be required under applicable non-bankruptcy law. The Debtor will also maintain insurance coverage for its property in accordance with the obligations under the loan and security documents with the Secured Creditors. The continued hearing on the matter is scheduled for April 19 at 9:30 a.m. A copy of the order and the Debtor's budget for the period from February to July 2022 is available at https://bit.ly/3rjsND6 from PacerMonitor.com. The Debtor projects $30,800 in gross profit and $25,254 in total operating expenses in April 2022. About Jaffan International, LLC Jaffan International, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-00459) on February 4, 2022. In the petition signed by Ahmad Maher AlJaffan, managing member, the Debtor disclosed up to $500,000 in both assets and liabilities. Judge Roberta A. Colton oversees the case. Buddy D. Ford, Esq., at Buddy D. Ford, P.A. is the Debtor's counsel. L.E.E. PROPERTY: Has Until May 31 to File Plan & Disclosures ------------------------------------------------------------ Judge Michael G. Williamson has entered an order within which Debtor L.E.E. Property Enterprises, LLC shall file a Plan and Disclosure Statement on or before May 31, 2022. A copy of the order dated April 7, 2022, is available at https://bit.ly/36cxQhv from PacerMonitor.com at no charge. About L.E.E. Property Enterprises L.E.E. Property Enterprises, LLC filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 22-00705) on Feb. 23, 2022, listing as much as $1 million in both assets and liabilities. Judge Michael G. Williamson oversees the case. The Debtor is represented by David W. Steen, P.A. LTL MANAGEMENT: Bankruptcy Shield Doesn't Stop Suit Worker's Suit ----------------------------------------------------------------- Steven Church, writing for Bloomberg News, reports that a federal judge ruled Johnson & Johnson can't use its baby powder bankruptcy to prevent a lawsuit that accuses the company of hiding evidence that its industrial talc operation exposed workers to the toxic material asbestos. The judge overseeing the bankruptcy case of LTL Management sided with the family of a man who sued J&J in 1986. The man agreed to drop his lawsuit after the company produced sworn testimony claiming no tests ever showed J&J's industrial talc contained asbestos, according to court documents. He died in 1994. About Johnson & Johnson Johnson & Johnson is an American multinational corporation founded in 1886 that develops medical devices, pharmaceuticals, and consumer packaged goods. It is the world's largest and most broadly based healthcare company. Johnson & Johnson is headquartered in New Brunswick, New Jersey, the consumer division being located in Skillman, New Jersey. The corporation includes some 250 subsidiary companies with operations in 60 countries and products sold in over 175 countries. The corporation had worldwide sales of $82.6 billion in 2020. About LTL Management LTL Management, LLC, is a subsidiary of Johnson & Johnson (J&J), which was formed to manage and defend thousands of talc-related claims and oversee the operations of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue streams, including royalty revenue streams based on third-party sales of LACTAID, MYLANTA/MYLICON and ROGAINE products. LTL Management filed a petition for Chapter 11 protection (Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov. 16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time of the filing, the Debtor was estimated to have $1 billion to $10 billion in both assets and liabilities. The Debtor tapped Jones Day and Rayburn Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon LLP as special counsel; McCarter & English, LLP as litigation consultant; Bates White, LLC as financial consultant; and AlixPartners, LLP as restructuring advisor. Epiq Corporate Restructuring, LLC, is the claims agent. An official committee of talc claimants was formed in the Debtor's Chapter 11 case on Nov. 9, 2021. On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9 reconstituted the talc claimants' committee and appointed two separate committees: (i) the official committee of talc claimants I, which represents ovarian cancer claimants, and (ii) the official committee of talc claimants II, which represents mesothelioma claimants. The official committee of talc claimants I tapped Genova Burns LLC, Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its legal counsel. Meanwhile, the official committee of talc claimants II is represented by the law firms of Cooley LLP, Bailey Glasser LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and Sherman Silverstein Kohl Rose & Podolsky P.A. M2 SYSTEMS: Unsecureds to Get Share of Income for 3 Years --------------------------------------------------------- M2 Systems Corporation filed with the U.S. Bankruptcy Court for the Middle District of Florida a Plan of Reorganization dated April 7, 2022. Debtor is a computer software development company which develops software solutions for use in the transportation, financial, healthcare and telecommunications industries, among others. The Debtor's software systems are utilized by ADS (Alliance Data Systems), Fiserv, and JP Morgan Chase Bank (UK). Debtor conducts its operations from leased office space located at 600 Northlake Blvd., Suite 130, Altamonte Springs, Florida 32701. With increasing payments coming due to M2's other unsecured creditors and with Chase demanding payment on account of a loan the Debtor does not believe it should have to pay, Debtor filed a voluntary petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code to preserve its assets, address disputed claims, and restructure its balance sheet for sustained future operations with no staffing losses. Class 1 consists of all Allowed General Unsecured Claims against the Debtor. In full satisfaction of their Allowed Class 1 General Unsecured Claims, Holders of Class 1 Claims shall receive annual pro rata distributions of the Debtor's Disposable Income on June 30th of each year over a term of 3 years from the Effective Date after Administrative Claims, Priority Claims are satisfied in full. The first Distribution of Disposable Income (if any) under the Plan will occur on June 30, 2023. In addition to the receipt of Debtor's Disposable Income, Class 1 Claimholders shall receive a pro rata share of the net proceeds recovered from all Causes of Action after payment of professional fees and costs associated with such collection efforts, and after Administrative Claims, Priority Claims are paid in full. The maximum Distribution to Class 1 Claimholders shall be equal to the total amount of all Allowed Class 1 General Unsecured Claims. Class 1 is Impaired. Class 2 consists of all equity interests in M2 Systems Corporation. Class 2 Interest Holders shall retain their respective Interests in M2 Systems Corporation in the same proportions such Interest were held as of the Petition Date (i.e., 67% Interest to Michael A. Muscato; and 33% Interest to Joseph W. Adams. Class 6 is Unimpaired. The Plan contemplates the Debtor will continue to manage and operate its business in the ordinary course, but with restructured debt obligations. It is anticipated that the Debtor's continued operations, which mainly involve providing technical support pursuant to software service contracts, will be sufficient to make the Plan Payments. Funds generated from the Debtor's operations through the Effective Date will be used for Plan Payments; however, the Debtor's cash on hand as of Confirmation will be available for payment of Administrative Expenses. A full-text copy of the Plan of Reorganization dated April 7, 2022, is available at https://bit.ly/3KHWOEt from PacerMonitor.com at no charge. Attorneys for the Debtor: Daniel A. Velasquez, Esq. Latham, Luna, Eden & Beaudine, LLP 201 S. Orange Ave., Suite 1400 Orlando, FL 32801 Telephone: 407-481-5800 Fax: 407-481-5801 Email: jluna@lathamluna.com About M2 Systems Corporation M2 Systems Corporation -- https://www.m2-corp.com/ -- provides computer automated solutions for practical business problems utilizing technology serving the financial, healthcare, retail, security, transportation, logistics and telecommunications industries. M2 Systems sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-00666) on Feb. 23, 2022, listing up to $1 million in assets and up to $10 million in liabilities. Joseph W. Adams, chief executive officer and director, signed the petition. Judge Grace E. Robson oversees the case. Daniel A. Velasquez, Esq. at Latham, Shuker, Eden & Beaudine, LLP is the Debtor's bankruptcy counsel. MAPLE LEAF: Has Deal on Cash Collateral Access ---------------------------------------------- Maple Leaf, Inc., its secured creditor Wisconsin Bank & Trust, and interested party Capital Dude, LLC have advised the U.S. Bankruptcy Court for the Western District of Wisconsin that they have reached an agreement regarding the Debtor's use of cash collateral and now desire to memorialize the terms of this agreement into an agreed order. The parties agreed that the Debtor will be entitled to use cash collateral and, in exchange, will grant adequate protection. The Debtor and Capital Dude agree the terms of the Stipulation and the Agreed Order are without prejudice or binding effect to final plan treatment of Capital Dude, and that the Order will not constitute a determination of the nature of its transaction with the Debtor. The Debtor acknowledges Capital Dude expressly reserves all rights and arguments. The proposed Agreed Order tracks most of the material provisions of the interim order entered by the Court on March 31, 2022, with a few updates. The Agreed Order provides that the Debtor will increase its monthly payment to the Bank to $28,530 beginning with the payment due in April 2022, of which $10,000 will be paid from a portion of the rent due Grant Properties. Grant Properties will receive the remaining $6,000. The Agreed Order further provides that Capital Dude will receive monthly payments of $4,000 beginning with a payment due the week ending April 16, 2022. Capital Dude and the Bank agree to refrain from any actions to collect from any guarantors or co-debtors unless and until (a) the Termination Date of the Agreed Order, or any extension(s) thereto, (b) an Event of Default is not cured within the time permitted under the Agreed Order, or (c) with respect to the Bank, if the Bank does not receive the $420,000 cash payment from the closing on the real estate owned by Joel and Jamie Grant on or before April 16, 2022. In light of the stipulation, the parties request the final hearing set for April 20, 2022 be removed from the Court's calendar. A copy of the stipulation is available at https://bit.ly/38KB4K2 from PacerMonitor.com. About Maple Leaf, Inc. Maple Leaf, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Court (Bankr. W.D. Wis. Case No. 3-22-10420) on March 25, 2022. In the petition signed by Joel Grant, president, the Debtor disclosed up to $10 million in both assets and liabilities. Craig E. Stevenson, Esq. at DeWitt LLP is the Debtor's counsel. Wisconsin Bank and Trust, as secured creditor, is represented by: David J. Van Lieshout, Esq. Van Lieshout Law Office P.O. Box 186 Little Chute, WI 54140-0186 Tel: 920-788-0800 Fax: 920-788.0907 Email: davevl@littlechutelaw.com jonathanv@littlechutelaw.com Capital Dude, LLC, as interested party, is represented by: Shanna M. Kaminski, Esq. Kaminski Law, PLLC P.O. Box 725220 Berkley, MI 48072 Tel: (248) 462-7111 Email: skaminski@kaminskilawpllc.com MARS INTERMEDIATE: Moody's Assigns First Time 'B3' CFR ------------------------------------------------------ Moody's Investors Service assigned first time ratings to Mars Intermediate Limited ("VXI", d/b/a "VXI Global Solutions"), including a corporate family rating at B3 and a probability of default rating at B3-PD. Concurrently, Moody's assigned a B3 rating to the proposed senior secured first lien credit facility of VXI's subsidiary Mars US Holdco, LLC ("Mars US") and co-borrower Mars Investment Holdings, Limited ("Mars Investment"), comprised of a $615 million term loan due 2029 and an undrawn $75 million revolver expiring in 2027. The outlook is stable. The proceeds from this debt issuance, combined with $40 million in unsecured vendor notes and an equity contribution, will be used to finance the purchase of VXI by affiliates of private equity sponsor Bain Capital Private Equity Asia ("BCPE"). Collectively, Moody's regards VXI's high pro forma debt leverage and the company's concentrated equity ownership by BCPE and VXI's founder, as well as a complex organizational structure, as a governance risk under Moody's ESG framework and a key driver of the credit rating action. Assignments: Issuer: Mars Intermediate Limited Corporate Family Rating, Assigned B3 Probability of Default Rating, Assigned B3-PD Issuer: Mars US Holdco, L.L.C. Gtd Senior Secured 1st Lien Term Loan B, Assigned B3 (LGD3) Gtd Senior Secured 1st Lien Revolving Bank Credit Facility, Assigned B3 (LGD3) Outlook: Issuer: Mars Intermediate Limited Outlook is Stable Issuer: Mars US Holdco, L.L.C. Outlook is 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. RATINGS RATIONALE VXI's B3 CFR is principally constrained by the company's high debt leverage of nearly 7x FY2021 EBITDA (Moody's adjusted and pro forma for the proposed transactions), corporate governance concerns related to the company's concentrated equity ownership by BCPE and its founder, and a complex organizational structure comprised of an array of internationally based operating units. While Moody's expect EBITDA growth to principally drive modest deleveraging towards the 6x level by the end of 2023, potential dividends or debt funded acquisitions present re-leveraging risk. The company's credit quality is also negatively impacted by the highly competitive nature of the customer management contact center industry in which VXI operates including potential pressure from larger rivals such as Sitel Group S.A. (B1 stable). Additional credit risk is presented by VXI's narrow vertical market focus predominantly on the media, telecommunications, and technology sectors and significant customer concentration, with five clients representing about half of FY2021 revenue. These risk factors are somewhat mitigated by the company's large, global operating scale, a particularly strong market presence in China (approximately 23% of revenue) for customer management contact center solutions, and the differentiation provided by VXI's Symbio software suite, which is complementary to the company's core service offerings. Additionally, VXI's credit profile benefits from a highly recurring revenue base, longstanding relationships with a high-quality set of customers, and high client retention rates which collectively provide solid top-line visibility. VXI's credit quality is also supported by its good liquidity, EBIT/interest expense expected to exceed 2.5x, and annual free cash flow generation approaching 5% of total debt. VXI's good liquidity profile is supported by the company's pro forma cash balance of $40 million following the completion of BCPE's purchase and Moody's expectation of approximately $30 million in free cash flow in 2022. Free cash flow should comfortably cover just over $6 million of annual required term loan amortization. VXI's liquidity is further bolstered by the undrawn $75 million revolving credit facility. The company's term loans are not subject to financial covenants, but the revolving credit facility is expected to include a springing maximum net senior secured first lien leverage ratio covenant which will be applicable only when the drawn revolver loans are 35% ($26.3 million) or greater of the $75 million total facility size. Moody's expects VXI to maintain ample cushion under its financial covenant if it is measured over the next 12-18 months. The B3 ratings assigned to the proposed senior secured credit facility reflect VXI's B3-PD PDR and a loss given default ("LGD") assessment of LGD3. The first lien ratings are consistent with the B3 CFR as the credit facility accounts for the preponderance of VXI's debt structure. The credit facility is secured by the assets of the borrower and benefit from secured guarantees of VXI and each existing and subsequently acquired direct or indirect U.S. restricted subsidiary of Mars US and Mars Investment, as defined by the credit agreement. As proposed, the new credit facility is expected to provide covenant flexibility that if utilized could negatively impact creditors. Notable terms include incremental debt capacity, which can be incurred up to the greater of $117 million and 100% of pro forma Adjusted EBITDA, plus unlimited amounts subject to 5.25x first lien net leverage ratio (if pari passu secured). Amounts up to the greater of $117 million and 100% of Adjusted EBITDA may be incurred with an earlier maturity date than the initial term loans. 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. 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 credit facilities allow unused restricted payment, junior debt prepayment and investment capacities from numerous carve-outs to be reallocated to increase debt incurrence, investment and restricted payments capacities. The proposed terms and the final terms of the credit agreement may be materially different. The stable outlook reflects Moody's expectation that VXI's revenue will increase on an organic basis by mid-single-digit percentage over the coming 12-18 months. Profitability margin pressures during this period relating to expectations of an unfavorable mix shift in VXI's business in China and the potential for rising price competition will result in modest EBITDA gains. The company's debt/EBITDA (Moody's adjusted) is expected to decline at a modest pace, approaching the 6x level by the end of 2023. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The rating could be upgraded if VXI's debt/EBITDA leverage is sustained below 5x and annual free cash flow to debt is sustained above 5% while the company maintains stable margins and improves its business and customer diversification. The rating could be downgraded if VXI's operating performance declines materially due to major customer losses or other competitive pressures, causing the incurrence of free cash flow deficits and weakened liquidity and a meaningful increase in debt/EBITDA from current levels. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. VXI, headquartered in Los Angeles, California, is a worldwide provider of outsourced contact center and related customer relationship management services and software solutions principally to clients in the media, telecommunications, and technology sectors. Moody's forecasts that the company will generate sales of approximately $770 million in 2022. MITNICK CORPORATE: Moody's Assigns B3 CFR Amid TA Associates Deal ----------------------------------------------------------------- Moody's Investors Service assigned a B3 Corporate Family Rating and B3-PD Probability of Default Rating to Mitnick Corporate Purchaser, Inc. (dba Veracode) following the acquisition by private equity firm TA Associates. Concurrently, Moody's assigned a B2 rating to the proposed $580 million senior secured first lien term loan and the $75 million revolving credit facility. The rating outlook is stable. Net proceeds from the first lien term loan, the $235 million second lien term loan (unrated) and new cash equity will be used to acquire the majority ownership of Veracode from private equity firm Thoma Bravo. The $75 million first lien revolving credit facility is expected to be undrawn at close (and post transaction). Upon the full repayment of debt at the close of the transaction, the CFR, PDR and existing debt instrument ratings for the company under Thoma Bravo ownership will be withdrawn. Assignments: Issuer: Mitnick Corporate Purchaser, Inc. Corporate Family Rating, Assigned B3 Probability of Default Rating, Assigned B3-PD Gtd Senior Secured 1st Lien Term Loan, Assigned B2 (LGD3) Gtd Senior Secured 1st Lien Revolving Credit Facility, Assigned B2 (LGD3) Outlook Actions: Issuer: Mitnick Corporate Purchaser, Inc. RATINGS RATIONALE Veracode's B3 CFR reflects the company's high pro-forma leverage of around 8x debt/cash EBITDA (Moody's adjusted, including the change in deferred revenue and stock based compensation, and the expensing of capitalized sales commissions and software development costs), small business scale, and exposure to the fragmented and highly competitive application security market. Moody's anticipates that Veracode's private equity owner will pursue aggressive financial policies, a key ESG consideration, that will sustain high leverage levels. Moody's also expects that Veracode will be looking to expand its product portfolio through M&A and seek out consolidation opportunities that result in elevated integration risks and increased debt levels. The rating is supported by Veracode's leading position in the application security market and its comprehensive portfolio of application security testing services. The company benefits from strong organic growth potential driven by secular factors, such as the increasing number of enterprise applications and rising cybersecurity concerns. However, Moody's expects that given Veracode's focus on profitable growth, overall revenue growth will be in the high single to low teens percentage range over the next 12-18 months, slower than the double digit rate growth over the last 3 years. The majority of the company's revenue is generated on a recurring SaaS and subscription basis, which coupled with solid gross retention rates of around 87% provide good revenue and cash flow predictability. Veracode's liquidity is expected to be good, supported by $20 million of cash at the close of the transaction, full availability under a proposed $75 million revolver, and Moody's expectation for $40 - $45 million of free cash flow over the next 12 months. Veracode's cash flow exhibits some seasonality as a significant portion of company's renewals occur in December and March quarters (fiscal Q3 and Q4, respectively). Capital expenditures are modest while the annual term loan amortization is $5.8 million. The proposed revolver is expected to contain a maximum first lien net leverage ratio financial covenant set at 9.0x, which springs at 40% utilization. The stable outlook reflects Moody's expectation for organic revenue and earnings growth in the high single to low teens digit percentage range over the next 12-18 months, with leverage declining to around 7x debt/cash EBITDA and free cash flow to debt in the mid-single digit range. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Veracode continues to grow revenue organically and maintains more conservative financial policy with leverage sustained below 7x debt/cash EBITDA and free cash flow to debt exceeding 5%. The ratings could be downgraded if revenue or EBITDA decline, liquidity weakens or free cash flow is expected to be negative on other than a temporary basis. The proposed $580 million senior secured first lien term loan due 2029 and $75 million senior secured revolving credit facility due 2027 are rated B2, one notch above the B3 CFR, reflecting the debt's most senior position in the capital structure ahead of the $235 million senior secured second lien term loan (unrated). As proposed, the new credit facility is 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 $105 million and 100% of pro forma consolidated EBITDA, plus unused capacity reallocated from the general debt basket, the general restricted payment basket or the available amount basket, plus unlimited amounts subject to 5.5x pro forma first lien net leverage or leverage neutral incurrence (if pari passu secured). Amounts up to the greater of $105 million and 100% of pro forma consolidated EBITDA, plus any amounts reallocated from the general debt basket, along with any indebtedness that consists of term A loans, or is incurred in connection with a permitted acquisition, investment or dividend recapitalization may be incurred with an earlier maturity date than the initial term loans. 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. 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 some limitations on up-tiering transactions, including consent of each adversely affected lender for amendments that subordinate the payment obligations and/or waterfall provisions to any other indebtedness and/or subordinate the liens securing the obligations to any other indebtedness. The credit facilities allow restricted payments capacity from numerous carve-outs to be reallocated to increase debt incurrence capacity, including the ratio-based restricted payments basket, general restricted payments basket, general restricted debt payments basket, general investment basket, stock buyback carve-out, and carve-outs for dividends from IPO proceeds and post-IPO market cap. The credit facilities include EBITDA add-backs for (x) research and development expenditures, and (y) increased pricing or volume initiatives or expected new customer agreements [believed to be realized within 36 months, subject to a 25% cap]. The proposed terms and the final terms of the credit agreement may be materially different. The principal methodology used in these ratings was Software Industry published in August 2018. Headquartered in Burlington, MA, Veracode is a global provider of application security software and services. The company offers solutions across static, dynamic, software composition and interactive testing, serving over 2,600 customers across a wide range of industries. Veracode is being acquired by TA Associates from Thoma Bravo for a total purchase price of $2.5 billion. For the LTM period ended December 31, 2021 the company generated $272 million of revenue. ONDAS HOLDINGS: Completes Acquisition of Ardenna Assets ------------------------------------------------------- Ondas Holdings Inc., through its wholly-owned subsidiaries, Ondas Networks Inc. and American Robotics, Inc., has completed the previously announced acquisition of the assets of Ardenna, a provider of image processing and machine learning software solutions for rail infrastructure monitoring and inspections. With this acquisition, American Robotics' best-in-class automated drone platform will leverage Ardenna's Rail-Inspector advanced analytics software to accelerate growth within the rail industry. As part of Ondas and American Robotics rail data solutions, Ardenna's market leading rail track inspection analytics will be offered to rail customers by American Robotics as an automated data solution integrated with the Scout System or as a stand-alone data analytics service. "We are pleased to close the Ardenna asset acquisition and bring Rail-inspector and Ardenna's data science team into the fold," said Reese Mozer, CEO and co-founder of American Robotics. "We look forward to providing critical inspection services to our rail customers which help them run train operations more efficiently and safely." About Ondas Holdings Inc. Ondas Holdings Inc., is a provider of private wireless data and drone solutions through its wholly owned subsidiaries Ondas Networks Inc. and American Robotics, Inc. Ondas Networks is a developer of proprietary, software-based wireless broadband technology for large established and emerging industrial markets. Ondas Networks' standards-based (802.16s), multi-patented, software-defined radio FullMAX platform enables Mission-Critical IoT (MC-IoT) applications by overcoming the bandwidth limitations of today's legacy private licensed wireless networks. Ondas Networks' customer end markets include railroads, utilities, oil and gas, transportation, aviation (including drone operators) and government entities whose demands span a wide range of mission critical applications. American Robotics designs, develops, and markets industrial drone solutions for rugged, real-world environments. AR's Scout System is a highly automated, AI-powered drone system capable of continuous, remote operation and is marketed as a "drone-in-a-box" turnkey data solution service under a Robot-as-a-Service (RAAS) business model. The Scout System is the first drone system approved by the FAA for automated operation beyond-visual-line-of-sight (BVLOS) without a human operator on-site. Ondas Networks and American Robotics together provide users in rail, agriculture, utilities and critical infrastructure markets with improved connectivity and data collection capabilities. Ondas Holdings reported a net loss of $15.02 million for the year ended Dec. 31, 2021, a net loss of $13.48 million for the year ended Dec. 31, 2020, a net loss of $19.39 million for the year ended Dec. 31, 2019, and a net loss of $12.10 million for the year ended Dec. 31, 2018. As of Dec. 31, 2021, the Company had $117.44 million in total assets, $5.20 million in total liabilities, and $112.23 million in total stockholders' equity. PG&E CORP: Dodges Criminal Charges By Paying $55M for 2 Wildfires ----------------------------------------------------------------- Joel Rosenblatt of Bloomberg Law reports that PG&E Corp. agreed to pay $55 million to avoid criminal prosecutions for two big wildfires including the second-biggest in California history. Under a settlement with district attorneys representing six counties in the area, no criminal charges will be filed from last year's near-record large Dixie Fire, and a criminal complaint stemming from the 2019 Kincade Fire will be dismissed, the company said Monday, April 11, 2022, in a statement. The utility is still fighting charges in Shasta County, including involuntary manslaughter, over yet another wildfire in 2020 that killed four people. PG&E shares were down 5.5% at 2:21 p.m. in New York. About PG&E Corporation PG&E Corporation (NYSE: PCG) -- http://www.pgecorp.com/-- is a Fortune 200 energy-based holding company, headquartered in San Francisco. It is the parent company of Pacific Gas and Electric Company, an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California. PG&E Corporation and its regulated utility subsidiary, Pacific Gas and Electric Company, faced extraordinary challenges relating to a series of catastrophic wildfires that occurred in Northern California in 2017 and 2018. The utility faced an estimated $30 billion in potential liability damages from California's deadliest wildfires of 2017 and 2018. On Jan. 29, 2019, PG&E Corp. and its primary operating subsidiary, Pacific Gas and Electric Company, filed voluntary Chapter 11 petitions (Bankr. N.D. Cal. Lead Case No. 19-30088). As of Sept. 30, 2018, the Debtors, on a consolidated basis, had reported $71.4 billion in assets on a book value basis and $51.7 billion in liabilities on a book value basis. Weil, Gotshal & Manges LLP and Cravath, Swaine & Moore LLP served as PG&E's legal counsel, Lazard as its investment banker and AlixPartners, LLP as the restructuring advisor to PG&E. Prime Clerk LLC is the claims and noticing agent. PG&E has appointed James A. Mesterharm, a managing director at AlixPartners, LLP, and an authorized representative of AP Services, LLC, to serve as Chief Restructuring Officer. In addition, PG&E appointed John Boken also a Managing Director at AlixPartners and an authorized representative of APS, to serve as Deputy Chief Restructuring Officer. Morrison & Foerster LLP served as the Debtors' special regulatory counsel. Munger Tolles & Olson LLP also served as special counsel. The Office of the U.S. Trustee appointed an official committee of creditors on Feb. 12, 2019. The Committee retained Milbank LLP as counsel; FTI Consulting, Inc., as financial advisor; Centerview Partners LLC as investment banker; and Epiq Corporate Restructuring, LLC as claims and noticing agent. On Feb. 15, 2019, the U.S. trustee appointed an official committee of tort claimants. The tort claimants' committee is represented by Baker & Hostetler LLP. PUERTO RICO: PREPA Debt Dispute to Be Mediated by Bankruptcy Judges ------------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that Puerto Rico utility, Puerto Rico Electric Power Authority (PREPA), debt spat will be mediated by a panel of Southern District of New York bankruptcy judges. A panel of U.S. bankruptcy judges from New York and Delaware will mediate discussions for restructuring Puerto Rico's estimated $9 billion electric utility, PREPA, debt after a 2019 deal unraveled earlier this 2022. The three judges will collectively mediate discussions to develop a plan of adjustment and resolve related litigation involving the Puerto Rico Electric Power Authority and various groups of creditors, according to an April 8 order from Judge Laura Taylor Swain in the U.S. District Court for the District of Puerto Rico. The panel members are Judges Shelley C. Chapman and Robert D. Drain of the U.S. Bankruptcy Court. About Puerto Rico Puerto Rico is a self-governing commonwealth in association with the United States that's facing a massive bond debt of $70 billion, a 68% debt-to-GDP ratio and negative economic growth in nine of the last 10 years. The Commonwealth of Puerto Rico has sought bankruptcy protection, aiming to restructure its massive $74 billion debt-load and $49 billion in pension obligations. The debt restructuring petition was filed by Puerto Rico's financial oversight board in U.S. District Court in Puerto Rico (Case No. 17-01578) on May 3, 2017, and was made under Title III of 2016's U.S. Congressional rescue law known as the Puerto Rico Oversight, Management, and Economic Stability Act ('PROMESA'). The Financial Oversight and Management Board later commenced Title III cases for the Puerto Rico Sales Tax Financing Corporation (COFINA) on May 5, 2017, and the Employees Retirement System (ERS) and the Puerto Rico Highways and Transportation Authority (HTA) on May 21, 2017. On July 2, 2017, a Title III case was commenced for the Puerto Rico Electric Power Authority ("PREPA"). U.S. Chief Justice John Roberts has appointed U.S. District Judge Laura Taylor Swain to oversee the Title III cases. The Honorable Judith Dein, a United States Magistrate Judge for the District of Massachusetts, has been designated to preside over matters that may be referred to her by Judge Swain, including discovery disputes, and management of other pretrial proceedings. Joint administration of the Title III cases, under Lead Case No. 17-3283, was granted on June 29, 2017. The Oversight Board has hired as advisors, Proskauer Rose LLP and O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic consultant, Citigroup Global Markets, as municipal investment banker, and Ernst & Young, as financial advisor. Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M. Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at O'Neill & Borges are on-board as attorneys. McKinsey & Co. is the Board's strategic consultant, Ernst & Young is the Board's financial advisor, and Citigroup Global Markets Inc. is the Board's municipal investment banker. Prime Clerk LLC is the claims and noticing agent. Prime Clerk maintains a case web site at https://cases.primeclerk.com/puertorico Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA, and PREPA. O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico Fiscal Agency and Financial Advisory Authority (AAFAF), the agency responsible for negotiations with bondholders. The Oversight Board named Professor Nancy B. Rapoport as fee examiner and to chair a committee to review professionals' fees. * * * The two Title III plans of adjustment have been confirmed to date, for the Commonwealth and COFINA debtors. QUEEN ELIZABETH: April 29 Plan Confirmation Hearing Set ------------------------------------------------------- Queen Elizabeth Realty Corp. filed with the U.S. Bankruptcy Court for the Eastern District of New York a Second Amended Disclosure Statement and Second Amended Plan. On April 7, 2022, Judge Robert E. Grossman approved the Disclosure Statement and ordered that: * April 29, 2022 at 10 a.m., in the United States Bankruptcy Court for the Eastern District of New York, 290 Federal Plaza, Central Islip, New York 11722 is the hearing to consider confirmation of the Plan. * April 22, 2022 at 4:00 p.m. is fixed as the last day to submit all ballots voting in favor of or against the Plan. * April 22, 2022 at 5:00 p.m. is fixed as the last day to file any objections to the Plan. * April 26, 2022, at 12:00 noon is fixed as the last day for the Counsel for the Debtor to file a ballot tally and an affidavit in support of confirmation. A copy of the order dated April 7, 2022, is available at https://bit.ly/3O3GTlQ from PacerMonitor.com at no charge. About Queen Elizabeth Realty Corp. Queen Elizabeth Realty Corp. is primarily engaged in renting and leasing real estate properties. Queen Elizabeth Realty Corp. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 20-73327) on Nov. 3, 2020. At the time of the filing, the Debtor estimated assets of less than $50,000 and liabilities of between $10 million and $50 million. Judge Robert E. Grossman oversees the case. Rosen & Kantrow, PLLC represents the Debtor. SIRIUS XM: S&P Affirms 'BB' Rating on Senior Unsecured Notes ------------------------------------------------------------ S&P Global Ratings revised its recovery rating on Sirius XM Radio Inc.'s senior unsecured notes to '4' from '3' and affirmed its 'BB' issue-level rating. This revision follows the company's issuance of a new $500 million senior secured term loan (not rated), which reduced the collateral value available for its existing unsecured noteholders in a default scenario. The '4' recovery rating indicates its expectation for average (30%-50%; rounded estimate: 45%) recovery of principal in the event of a payment default. S&P said, "We expect Sirius XM will use the proceeds from the new term loan to repay a portion of the outstanding borrowings under its $1.75 billion revolving credit facility, which it borrowed from to fund a special dividend totaling approximately $1.0 billion in February 2022. "Our 'BBB-' issue-level rating and '1' recovery rating on the company's senior secured revolving credit facility remains unchanged. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- Sirius XM Radio Inc. is the borrower of a $1.75 billion senior secured revolving credit facility maturing in 2026, a $500 million senior secured term loan maturing in 2024 (not rated), and $8.8 billion of senior unsecured notes with maturities of 2026-2031. -- Sirius XM Radio Inc.'s wholly owned subsidiary, Pandora Media LLC, is the borrower of $193 million of 1.75% convertible senior unsecured notes due 2023 (not rated). -- The revolving credit facility and term loan are secured by a lien on substantially all of Sirius XM Radio Inc.'s assets and those of its material domestic subsidiaries (subject to certain exceptions). -- The revolving credit facility, term loan, and senior unsecured notes are guaranteed by certain of Sirius XM Radio Inc.'s material domestic subsidiaries, including Pandora Media LLC and its subsidiaries. -- Pandora Media LLC guarantees Sirius XM Radio Inc.'s senior unsecured notes but Sirius XM Radio Inc. does not guarantee Pandora Media LLC's convertible senior unsecured notes. Therefore, Pandora Media LLC's convertible senior unsecured notes are structurally subordinated to Sirius XM Radio Inc.'s senior unsecured notes. However, Sirius XM Holdings Inc. guarantees the performance and financial obligations of Pandora Media LLC's convertible senior unsecured notes. Simulated default assumptions -- S&P's simulated default scenario contemplates a default occurring in 2027 due to a combination of the following factors: sharply lower auto sales or the nonrenewal of its distribution agreements with automakers; elevated subscriber churn; increased competition from free or alternative media distribution channels; and the nonrenewal of key programming contracts upon expiration. -- Other default assumptions include an 85% draw on the revolving credit facility, LIBOR is 2.5%, the spread on the revolving credit facility and term loan rises to 5% as covenant amendments are obtained, and all debt amounts include six months of prepetition interest. -- S&P values Sirius XM on a going-concern basis using a 6.5x multiple of its projected emergence EBITDA, which is 0.5x higher than the multiples S&P uses for other radio broadcasters its rates to reflect the company's large size and high percentage of recurring subscription revenue. Simplified waterfall -- EBITDA at emergence: $1 billion -- EBITDA multiple: 6.5x -- Gross recovery value: $6.6 billion -- Net recovery value for waterfall after administrative expenses (5%): $6.3 billion -- Estimated senior secured debt: $2.1 billion -- Value available for senior secured debt: $6.3 billion --Recovery expectations: 90%-100% (rounded estimate: 95%) -- Estimated senior unsecured debt: $8.9 billion -- Value available for senior unsecured debt: $4.2 billion --Recovery expectations: 30%-50% (rounded estimate: 45%) SONEV CONSTRUCTION: Seeks to Hire CFO Solutions as Accountant ------------------------------------------------------------- SoNev Construction, LLC seeks approval from the U.S. Bankruptcy Court for the District of Utah to hire CFO Solutions LLC, doing business as Ampleo, as its accountant and financial advisor. The firm's services include: (a) preparing financial disclosures; (b) assisting the Debtor in the prosecution of avoidance actions; (c) assisting the Debtor and its legal counsel in determining, litigating and settling claims; (d) assisting the Debtor in the preparation of monthly operating reports; (e) assisting the Debtor in its liquidity, financial, operational and strategic planning, including the development of a strategy in Chapter 11; (f) assisting the Debtor in the preparation of a liquidation analysis; (g) assisting in the development and negotiation of a plan reorganization for the Debtor; (h) assisting the Debtor in the administration of its bankruptcy case; (i) providing support in the development of a cash flow budget; (j) preparing tax returns; and (k) other tax work, which may include sales and use tax returns, income tax returns and State Nexus studies. The hourly rates charged by the firm for its services are as follows: Matt McKinlay $305 per hour Cheryl Adams $225 per hour As disclosed in court filings, Ampleo is a "disinterested person" within the meaning of Bankruptcy Code Section 101(14). The firm can be reached through: Matthew R. McKinlay CFO Solutions, LLC dba Ampleo 13601 W. McMillan Rd. #102 PMB 320 Boise, ID 83713 Phone: 208-724-2257 About SoNev Construction SoNev Construction, LLC offers surface mining solutions to the Southern Utah area. The company is based in Cedar City, Utah. SoNev Construction filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Utah Case No. 22-21037) on March 25, 2022, listing as much as $10 million in both assets and liabilities. D. Ray Strong serves as Subchapter V trustee. Judge William T. Thurman presides over the case. The Debtor tapped Parsons Behle & Latimer as legal counsel and CFO Solutions LLC, doing business as Ampleo, as accountant and financial advisor. SONEV CONSTRUCTION: Taps Parsons Behle & Latimer as Legal Counsel ----------------------------------------------------------------- SoNev Construction, LLC seeks approval from the U.S. Bankruptcy Court for the District of Utah to hire Parsons Behle & Latimer to serve as legal counsel in its Chapter 11 case. The firm's services will include: (a) advising the Debtor and taking necessary actions at the Debtor's direction to protect the estate, including the defense of any actions commenced against the Debtor, the negotiation of disputes in which the Debtor is involved, and the preparation of objections to claims filed against the estate; (b) preparing legal papers; (c) taking all necessary actions in connection with a Chapter 11 plan of reorganization, disclosure statement and all related documents; (d) taking all necessary actions in connection with the Debtor's reorganization and operations, including documentation; and (e) other legal services necessary to administer the Debtor's Chapter 11 case. The hourly rates charged by the firm's attorneys and paralegals are as follows: Brian M. Rothschild, Shareholder $400 Darren Neilson, Of Counsel $350 Simeon J. Brown, Associate $300 Angalee Draidfort, Paralegal $200 Brian Rothschild, Esq., a partner at Parsons Behle & Latimer, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Parsons Behle can be reached at: Brian M. Rothschild, Esq. Christina W. Hardesty, Esq. Parsons Behle & Latimer 350 Memorial Drive, Suite 300 Idaho Falls, ID 83402 Tel: (208) 562-4900 Fax: (208) 562-4901 Email: BRothschild@parsonsbehle.com CHardesty@parsonsbehle.com About SoNev Construction SoNev Construction, LLC offers surface mining solutions to the Southern Utah area. The company is based in Cedar City, Utah. SoNev Construction filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Utah Case No. 22-21037) on March 25, 2022, listing as much as $10 million in both assets and liabilities. D. Ray Strong serves as Subchapter V trustee. Judge William T. Thurman presides over the case. The Debtor tapped Parsons Behle & Latimer as legal counsel and CFO Solutions LLC, doing business as Ampleo, as accountant and financial advisor. SOUTHGATE TOWN: Bid for Interim Cash Collateral Access Denied ------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of California denied the motion of Southgate Town & Terrance Homes, Inc. for authority to use cash collateral. The motion is denied due to these procedural and service issues: A. Violation of local rules: 1. The motion aggregates the motion and supporting exhibits, Mot., ECF No. 27; 2. exhibits in support of motions must be filed as separate documents, LBR 9004-2(d)(1) B. insufficient service: 1. Service upon that creditor must be made under Federal Rule of Civil Procedure 7004, Fed. R. Bankr. P. 4001(b)(1)(A); 2. Service on the State of California of any municipal corporation or other governmental organization thereof must be made in the manner specified by state law, Fed. R. Bankr. P. 7004(b)(6); 3. California has provided specific instructions for service of a public entity: (a) A summons may be served on a public entity by delivering a copy of the summons and of the complaint to the clerk, secretary, president, presiding officer, or other head of its governing body. (b) As used in this section, "public entity" includes the state and any office, department, division, bureau, board, commission, or agency of the state, the Regents of the University of California, a county, city, district, public authority, public agency, and any other political subdivision or public corporation in this state. Cal. Code of Civil Proc. 416.50 (emphasis added); 4. The Debtor has served the entity (without specification of such an officer or other head of its governing body) and the Office of the Attorney General. Certificate of Service, ECF No. 30; and 5. Service is insufficient as a matter of law. A copy of the order is available at https://bit.ly/3JszhG8 from PacerMonitor.com. About Southgate Town and Terrace Homes Southgate Town and Terrace Homes Inc. is a limited equity housing cooperative per CA Civil Code Section 817. It is a resident-owned affordable housing community in South Sac, California. Southgate Town and Terrace Homes sought Chapter 11 bankruptcy protection (Bankr. E.D. Cal. Case No. 22-20632) on March 16, 2022. In the petition filed by Mirza Baig, as president, Southgate Town and Terrace Homes estimated assets between $1 million and $10 million and liabilities of the same range. The case is handled by Honorable Judge Fredrick E. Clement. Stephen Reynolds, Esq., at Reynolds Law Corporation, is the Debtor's counsel. SUNGARD AS: Wins Interim OK on Cash Collateral Access, DIP Loans ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, authorized Sungard AS New Holdings, LLC and its debtor-affiliates to use cash collateral on an interim basis and obtain postpetition financing. The Debtors have obtained a $50 million postpetition revolving credit facility among Sungard AS New Holdings III, LLC, as borrower, Sungard AS New Holdings II, LLC, as guarantor, and all other Debtors other than Sungard AS New Holdings, LLC (TopCo), as additional borrowers or guarantors, and PNC Bank, National Association, as administrative agent under the ABL DIP Facility. Pursuant to the Interim DIP Order, $13.5 million of the Debtors' Cash maintained in a deposit account with and controlled by the Prepetition ABL Agent will be repaid to the ABL Lenders upon entry of the Interim DIP Order and applied on a dollar-for-dollar basis as a permanent reduction to the Maximum Revolving Advance Amount, subject to the rights of third parties to challenge the ABL DIP Lenders' liens and interests. The Debtors also have obtained a new money delayed-draw term loan facility consisting of (1) $41.15 million in new money loans available from and after entry of the Interim Order in accordance with the terms of the Approved Budget and an additional $54.15 million in new money loans available from and after entry of the Final Order. About $16.33 million of the "Final Term Loan DIP Amount" will be available only in the event of an extension of the maturity date. Acquiom Agency Services LLC, serves as administrative agent and collateral agent under the Term Loan DIP Facility and the lenders party thereto from time to time. The Debtors will use the proceeds of the DIP Facilities and cash collateral to: (a) repay in full, in cash, a prepetition bridge facility; (b) use $13.5 million of the Prepetition ABL Lenders' cash collateral to reduce the Prepetition ABL Obligations; (c) pay the principal, interest, fees, expenses and other amounts payable and reimbursable under the DIP Documents or this Interim Order as such become due, including, without limitation, commitment fees and the fees and disbursements of the DIP Professionals; (d) make permitted adequate protection payments as specified in the Interim Order or the DIP Term Sheets; and (e) provide financing for working capital and other general corporate purposes, including for bankruptcy-related costs and expenses, all to the extent provided in, and in accordance with, the Approved Budget, the Interim Order and the DIP Documents. As of the Petition Date, pursuant to the Prepetition ABL Documents, the Debtors were indebted to the Prepetition ABL Secured Parties for loans and advances in the aggregate principal amount of $29 million outstanding and letters of credit issued and outstanding in the approximate aggregate amount of $11.05 million under the Prepetition ABL Credit Documents, together with accrued and unpaid interest, any fees, expenses and disbursements. As of the Petition Date, pursuant to the Prepetition 1L Term Loan Documents, the Prepetition 1L Term Loan Obligors were indebted and jointly and severally liable to the Prepetition 1L Term Loan Secured Parties in the aggregate principal amount outstanding under the Prepetition 1L Term Loan Documents of approximately $108 million, together with accrued and unpaid interest, any fees, expenses and disbursements. The Prepetition 1L Term Loan Obligations include $7 million of principal plus accrued interest, premiums (if any), costs, fees, expenses and other obligations incurred pursuant to the Amendment No. 2 to Credit Agreement, dated as of April 7, 2022. As of the Petition Date, pursuant to (i) the Prepetition New 2L Term Loan Documents, the Prepetition New 2L Term Loan Obligors were indebted to the Prepetition New 2L Term Loan Secured Parties in the aggregate principal amount outstanding under the Prepetition New 2L Term Loan Documents of approximately $277.66 million and (ii) the Prepetition Existing 2L Term Loan Documents, the Prepetition Existing 2L Term Loan Obligors were indebted and jointly and severally liable to the Prepetition Existing 2L Term Loan Secured Parties in the aggregate principal amount outstanding under the Prepetition Existing 2L Term Loan Documents of approximately $8.9 million. Proceeds of the Term Loan DIP Facility may be used to support the UK administration process of Sungard AS UK in an amount not to exceed $10 million, with the prior written consent of the Required Term Loan DIP Lenders. As adequate protection, the Prepetition ABL Agent will receive, for the benefit of the Prepetition ABL Secured Parties and the Prepetition 1L Term Loan Agent will receive, for the benefit of the Prepetition 1L Term Loan Secured Parties continuing valid, binding, enforceable and perfected postpetition replacement liens, administrative superpriority expense claims in each of the Chapter 11 Cases (other than in the Chapter 11 Case of TopCo), and monthly reimbursement payments of reasonable fees and expenses. A final hearing on the matter is scheduled for May 11, 2022 at 10:30 a.m. A copy of the order is available at https://bit.ly/3O4Yjid from PacerMonitor.com. About Sungard AS New Holdings, LLC Sungard AS New Holdings, LLC and affiliates provide disaster recovery services, colocation and network services, cloud and managed services and workplace recovery to customers in North America, Europe and Asi. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Court (Bankr. S.D. Tex. Case No. 22-90018) on April 11, 2022. In the petition signed by Michael K. Robinson, as chief executive officer and president, the Debtor disclosed up to $1 billion in both assets and liabilities. Judge David R. Jones oversees the case. Sungard Availability Services (UK) Limited, an indirect subsidiary of Holdings, entered into administration in the UK on March 25, 2022. Meanwhile, Sungard Canada filed an application for recognition in Canada under the Companies Creditors' Arrangement Act of its Chapter 11 case. Akin Gump Strauss Hauer & Feld LLP and Jackson Walker serve as legal counsel to the Chapter 11 Debtors. Cassels Brock & Blackwell LLP, serves as their Canadian legal counsel. DH Capital, LLC and Houlihan Lokey, Inc., act as investment bankers. FTI Consulting, Inc. serves as financial and restructuring advisor. Alvarez & Marsal Canada Inc., serves as Canadian Court-appointed Information Officer and is represented by Bennett Jones LLP as counsel in connection with the Canadian Proceedings. Kroll Restructuring Administration LLC serves as notice and claims agent. Proskauer Rose LLP and Gray Reed & McGraw LLP serve as counsel to Acquiom Agency Services LLC, the Term Loan DIP agent, and Term Loan DIP lenders. PNC Bank, National Association, serves as administrative agent and collateral agent, under the DIP ABL facility. PNC is represented by Thompson Coburn Hahn & Hessen LLP as counsel. SUNGARD AVAILABILITY: To Borrow $41M to Fund 2nd Bankruptcy ----------------------------------------------------------- Steven Church, writing for Bloomberg News, reports that Sungard Availability Services LP, a technology company that helps its corporate clients recover from disasters, won temporary permission to borrow about $41 million to start its second bankruptcy in three years. U.S. Bankruptcy Judge David Jones approved the loan during a court hearing held by video on Tuesday, April 12, 2022, in Houston. The company will return to court next month to make the interim permission permanent and to get approval for a term loan of as much as $285.9 million and an asset-backed loan of up to $50 million, according to court papers. The company previously filed bankruptcy in 2019. About Sungard AS New Holdings LLC Sungard Availability Services is Wayne, Pennsylvania-based information-technology services provider owned by Angelo Gordon, Blackstone Credit, FS/KKR Advisor LLC and Carlyle Group Inc. Sungard Availability Services sought Chapter 11 bankruptcy protection (Bankr. S.D. Tex. Case No. 22-90018) on April 11, 2022. In the petition filed by Sungard Availability Services LP, as Chief Executive Officer and President of Sungard AS New Holdings, LLC, listed estimated assets and liabilities up to $1 billion each. The case is assigned to Honorable Judge Judge David Jones. The Debtor's counsels are Philip Dublin, Meredith Lahaie, Marty Brimmage, Lacy Lawrence and Zach Lanier of Akin Gump Strauss Hauer & Feld; and Matthew Cavenaugh, Jennifer Wertz and Rebecca Blake Chaikin of Jackson Walker. TAB RESTAURANT: Unsecureds to Split $12K in Consensual Plan ----------------------------------------------------------- Tab Restaurant Group, LLC, filed with the U.S. Bankruptcy Court for the Middle District of Florida a Plan of Reorganization dated April 7, 2022. The Debtor is a limited liability company organized under the laws of the State of Florida and authorized to transact business in Florida since August 14, 2018. 4. The Debtor has been in the restaurant business since its inception. Class 1 consists of the Secured Claim of Valley. This Claim is secured by a lien on the Valley Collateral. The Class 1 Secured Claim is $32,547.34. This Class is Impaired. On February 15, 2021, the Debtor filed a Motion to Determine Secures Status of Claim Held by Stone Bank, seeking to value the Stone Bank Collateral and seeking the entry of an order determining the amount of Stone Bank's secured claim to be $32,547.34, with the balance ($1,019,016.22) treated as an unsecured claim. Stone Bank has not responded to said Motion, and the Debtor expects the Court enter an order granting same. Accordingly, the Reorganized Debtor shall make 60 equal monthly payments of principal and interest of $606.78, which payment amount is calculated based upon amortizing the amount of the Allowed Secured Claim over a five year period at the 4.50% per annum. Class 2 consists of the Secured Claim of the SBA. The Class 2 Secured Claim is $0.00, the Claim of the SBA is wholly unsecured and shall be treated as a general unsecured claim under Class 3. This Class is Impaired. This class shall be treated pursuant to Class 3. Class 3 consists of the Allowed Unsecured Claims against the Debtor. This Class is Impaired. * Consensual Plan Treatment: The liquidation value or amount that unsecured creditors would receive in a hypothetical chapter 7 case is approximately $0.00. Accordingly, the Debtor proposes to pay unsecured creditors a pro rata portion of $12,000.00. Payments will be made in equal quarterly payments of $1,000.00. Payments shall commence on the fifteenth day of the month, on the first month that begins more than ninety days after the Effective Date and shall continue quarterly for eleven additional quarters. Pursuant to §1191, the value to be distributed to unsecured creditors is greater than the Debtor's projected disposable income to be received in the 3-year period beginning on the date that the first payment is due under the plan. * Nonconsensual Plan Treatment: The liquidation value or amount that unsecured creditors would receive in a hypothetical chapter 7 case is approximately $0.00. Accordingly, the Debtor proposes to pay unsecured creditors a pro rata portion of its Disposable Income. If the Debtor remains in possession, plan payments shall include the Subchapter V Trustee's administrative fee which will be billed hourly at the Subchapter V Trustee's then current allowable blended rate, which shall not exceed the Disposable Income. Plan Payments shall commence on the fifteenth day of the month, on the first month that is ninety days after the Effective Date and shall continue quarterly for eleven additional quarters. The initial estimated quarterly payment shall be $0.00. Class 4 consists of any and all membership interests and warrants currently issued or authorized in the Debtor. This Class is Unimpaired. Holders of a Class 4 interests shall retain their full equity interest in the same amounts, percentages, manner and structure as existed on the Petition Date. The Plan contemplates that the Reorganized Debtor will continue to operate the Debtor's business. Except as explicitly set forth in this Plan, all cash in excess of operating expenses generated from operation until the Effective Date will be used for Plan Payments or Plan implementation, cash on hand as of Confirmation shall be available for Administrative Expenses. A full-text copy of the Plan of Reorganization dated April 7, 2022, is available at https://bit.ly/3jAhx0O from PacerMonitor.com at no charge. Attorney for Debtor: Jeffrey S. Ainsworth, Esquire Fla. Bar No.: 060769 E-mail: jeff@bransonlaw.com Jacob D. Flentke, Esquire, of Counsel Florida Bar No.: 25482 E-mail: jacob@bransonlaw.com BransonLaw, PLLC 1501 E. Concord Street Orlando, Florida 32803 Telephone (407) 894-6834 Fax (407) 894-8559 About Tab Restaurant Group, LLC Tab Restaurant Group, LLC operates the Twisted Root Burger Co. restaurant located at 4270 Aloma Avenue, Winter Park, Florida. Tab Restaurant is a limited liability company organized under the laws of the State of Florida and authorized to transact business in Florida since August 14, 2018. Tab Restaurant sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 6:22-bk-00529) on February 15, 2022. In the petition signed by Glenn O. Pilson, managing member, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Grace E. Robson oversees the case. Jeffrey S. Ainsworth, Esq., at BransonLaw, PLLC is the Debtor's counsel. TALEN ENERGY: Seeks Up to $1 Bil. to Finance Bankruptcy ------------------------------------------------------- Rachel Butt and Eliza Ronalds-Hannon of Bloomberg News report that power producer Talen Energy Corp. is seeking as much as $1 billion in bankruptcy financing as some of its secured debt holders are preparing to sign confidentiality agreements this week to advance restructuring talks, according to people with knowledge of the situation. The Riverstone Holdings-backed company has been in talks with revolver lenders led by Citigroup Inc. to help fund its operations during a potential bankruptcy, said the people, who asked not to be identified because the talks are private. About Talen Energy Corp. Talen Energy Corporation is an independent power generation infrastructure company, headquartered in Allentown, Pennsylvania. Talen Energy Supply, LLC, is a company that operates utility networks, with a principal place of business in Allentown, Pennsylvania. About Talen Energy Supply Talen Energy Supply LLC is one of the largest competitive power generation and infrastructure companies in North America. TES owns and/or controls approximately 13,000 megawatts of generating capacity in wholesale U.S. power markets, principally in the Mid-Atlantic, Texas and Montana. Through its subsidiary, Cumulus Growth, Talen is developing a large-scale portfolio of renewable energy, battery storage, and digital infrastructure assets across its expansive footprint. TEXOMA AUTO: Wins Cash Collateral Access Thru May 11 ---------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division, authorized Texoma Auto Remarketing, LLC to use cash collateral on an interim basis and provide adequate protection. The Court said that through May 11, 2022, the Debtor is allowed to use the funds in the previously ordered-separate DIP account in accordance with the budget. As to vehicle purchases, the Debtor is allowed to purchase only new vehicles. All Account disbursements may be for only Budgeted items and are subject to Howard Spector's review and prior approval. The Debtor must give Mr. Spector and counsel for Stephen Rapp a written list of requested expense disbursements that the Debtor wants paid. Supporting third-party documents must accompany each requested disbursement item. Mr. Spector will have two business days to disapprove any budgeted expense or Debtor is authorized to disburse the funds. If Spector disapproves a disbursement, the Debtor will not pay that expense absent further order of the Court. Mr. Spector will submit detailed bill to the Court for approval. To the extent of any such interest, creditors are granted replacement lien pursuant to 11 U.S.C. section 552 in accordance with their existing priority. Any vehicle purchased under the Order will be property of the estate until sold. The Debtor is directed to maintain at least $1 million in general liability and automobile insurance coverage. The final hearing on the matter is scheduled for May 9 at 10 a.m. A copy of the order is available at https://bit.ly/37hldC6 from PacerMonitor.com. About Texoma Auto Remarketing Texoma Auto Remarketing, LLC, a company in Bonham, Texas, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Texas Case No. 22-40323) on March 15, 2022, listing up to $50,000 in assets and up to $10 million in liabilities. Dustin Ford, managing member, signed the petition. Judge Brenda T Rhoades presides over the case. Eric A. Liepins, PC represents the Debtor as legal counsel. TRIUMPH GROUP: Streamlines Organizational Structure --------------------------------------------------- Triumph Group announced a new streamlined organizational structure that will better reflect its "one company, many solutions" operating philosophy and enhance margins. "Triumph has undergone a significant transformation to reshape our program and business portfolio, creating a high-performance company. As we become a pure-play provider of systems and aftermarket services, we are reorganizing around our core operating companies and removing a layer of overhead to better serve the needs of our broad customer base," said Daniel J. Crowley, chairman, president and CEO of Triumph Group, Inc. "We look forward to accelerating our growth and delivering enhanced margins as we realize our full potential." Effective April 1, 2022, with the start of its fiscal year 2023, Triumph will reorganize its Systems and Support Business Unit into the following four product and service operating companies with the leaders of each joining the Senior Leadership Team: * Actuation Products & Services, led by Mike Boland * Systems, Electronics & Controls, led by Justin Wolfanger * Geared Solutions, led by Pete Gibson * Product Support, led by Jim Berberet Triumph's Mechanical Solutions business will combine with Actuation Products & Services given their common customers and shared focus on mechanical controls. Triumph's Interiors business will align under the Integrated Supply Chain and Operations organization led by Craig Cooper. Mr. Cooper is also responsible for closing the Stuart, Florida legacy structures divestiture transaction, which is on track to occur in the first quarter of fiscal year 2023. Scott Ledbetter, previously president of Actuation Products & Services, will assume a new role as vice president, Execution Assurance and become a member of the Senior Leadership Team. Mr. Ledbetter will partner with the operating companies to integrate Triumph's continuous improvement, lean, and program management functions for the benefit of all customers. In connection with these changes, Bill Kircher who served as executive vice president of Triumph Systems & Support, and Ian Reason who served as president of Mechanical Solutions, will leave Triumph to pursue other opportunities. In the interim, Mr. Kircher will serve as a strategic advisor to the CEO to help ensure a seamless transition. "Today's announcement demonstrates the deep bench of talent we have at Triumph. The addition of these Presidents to our Senior Leadership Team will foster direct collaboration between our business and functional leaders." Mr. Crowley continued, "We are grateful for Bill's and Ian's dedicated leadership and many contributions to our customers, our employees and our company." Triumph plans to launch a new corporate identity that reflects its evolution to a unified, "one company, many solutions" operating philosophy early in fiscal year 2023. Triumph intends to report financial results based on its current segment structure with additional details on its end markets. About Triumph Headquartered in Berwyn, Pennsylvania, Triumph Group, Inc. -- http://www.triumphgroup.com-- designs, engineers, manufactures, repairs and overhauls a broad portfolio of aerospace and defense systems, components and structures. The company serves the global aviation industry, including original equipment manufacturers and the full spectrum of military and commercial aircraft operators. For the nine months ended Dec. 31, 2021, the Company reported a net loss of $32.18 million. Triumph Group reported a net loss of $450.91 million for the year ended March 31, 2021, a net loss of $29.43 million for the year ended March 31, 2020, and a net loss of $327.14 million for the year ended March 31, 2019. * * * As reported by the TCR on Aug. 18, 2021, Moody's Investors Service upgraded its ratings for Triumph Group, Inc., including the company's corporate family rating to Caa2 from Caa3 and Probability of Default Rating to Caa2-PD from Caa3-PD. The upgrades reflect Moody's expectations for stronger operating performance that will result in a gradual improvement in credit metrics through 2023. In June 2020, S&P Global Ratings lowered its issuer credit rating on Triumph Group Inc. to 'CCC+' from 'B-'. VIZIENT INC: S&P Raises ICR to 'BB+', Outlook Stable ---------------------------------------------------- S&P Global Ratings raised the issuer credit rating on health care services company Vizient Inc. to 'BB+' from 'BB', and it assigned its 'BB+' issue-level ratings and '3' recovery ratings to the new first-lien debt. At the same time, S&P raised the issue-level ratings on existing first-lien debt to 'BB+', and it raised the issue-level ratings on existing unsecured notes to 'BB-'. S&P expects to withdraw the ratings on the existing debt when those tranches are repaid in full. S&P said, "The stable outlook reflects our expectation for growing GPO purchase volumes and growth in advisory services, leading to steady free cash flow generation and leverage sustaining below 2.5x. "Vizient's 2021 results exceeded our expectations, resulting in faster-than-expected deleveraging. In 2021 the company grew revenue 15%, benefitting from a rebound in organic growth following COVID-depressed volumes in 2020, growth in professional services, and contributions from the Intalere acquisition. This growth enabled the company to deliver EBITDA margins that were roughly flat from 2020 levels, despite increased employee salary and benefits costs. In addition to favorable operating results, the company divested its contract labor management (CLM) business in October 2021, which generated $256 million cash proceeds (in addition to a contingent earnout of up to $69 million to be received in 2022). Following strong performance and the CLM divestiture, S&P Global Ratings-adjusted debt to EBITDA improved to 2.0x as of Dec. 31, 2021. We now expect leverage to remain below 2.5x, even after considering the potential for future acquisitions." The proposed refinancing is net leverage neutral. The company intends to fully repay its existing term loan A, term loan B, and senior unsecured notes from proceeds of the new debt and from cash on the balance sheet. Although the transaction does not materially affect net leverage, there will be $380 million drop in total gross debt, modest interest cost savings, and a shift to 100% secured debt with the removal of the unsecured notes. S&P said, "We expect leverage to remain below 2.5x. We expect revenue growth from group purchasing organization (GPO) purchase volumes and advisory services will lead to continued steady free cash flow generation. We expect the company to pursue acquisitions as part of its strategy, but that spending levels will be in line with free cash flow so that incremental debt issuance is not required. In our base case we expect leverage to remain at about 2x in 2022, and we assume that most free cash flow is deployed to acquisition spending. "The stable outlook reflects our expectation for steady free cash flow generation, benefitting from growing GPO purchase volumes and growth in advisory services as Vizient emerges from the pandemic. The outlook also reflects our longer-term expectation that the company will continue acquisition activity while sustaining leverage below 2.5x. "We could lower the rating over the next 12 months if Vizient's operating results weaken or if acquisition activity is more aggressive than we anticipate, resulting in adjusted leverage increasing above 2.5x on a sustained basis. "Although unlikely over the next 12 months, we could raise the rating if the company's financial policy becomes more conservative such that leverage improves and remains below 1.5x. This would likely require the company to commit to maintaining leverage below this level." ESG Credit Indicators: E-2, S-2, G-2 ESG credit factors have no material influence on S&P's rating analysis for Vizient Inc. [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re First Choice Real Estate, LLC Bankr. M.D. Ala. Case No. 22-30592 Chapter 11 Petition filed April 5, 2022 See https://www.pacermonitor.com/view/A75AQKQ/First_Choice_Real_Estate_LLC__almbke-22-30592__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Linette Shahinian Bankr. C.D. Cal. Case No. 22-11911 Chapter 11 Petition filed April 5, 2022 In re Pine Country, LLC Bankr. C.D. Cal. Case No. 22-11899 Chapter 11 Petition filed April 5, 2022 See https://www.pacermonitor.com/view/XS2MZAQ/Pine_Country_LLC__cacbke-22-11899__0001.0.pdf?mcid=tGE4TAMA represented by: Matthew Abbasi, Esq. ABBASI LAW CORPORATION E-mail: matthew@malawgroup.com In re CRR, Inc. Bankr. D. Md. Case No. 22-11786 Chapter 11 Petition filed April 5, 2022 See https://www.pacermonitor.com/view/AF5S2WI/CRR_Inc__mdbke-22-11786__0001.0.pdf?mcid=tGE4TAMA represented by: William C. Johnson, Jr., Esq. THE JOHNSON LAW GROUP, LLC E-mail: William@JohnsonLG.Law In re 17 McGuiness LLC Bankr. E.D.N.Y. Case No. 22-40721 Chapter 11 Petition filed April 5, 2022 See https://www.pacermonitor.com/view/6CV3MOQ/17_McGuiness_LLC__nyebke-22-40721__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Comprehensive Center LLC Bankr. S.D.N.Y. Case No. 22-10427 Chapter 11 Petition filed April 5, 2022 See https://www.pacermonitor.com/view/3D2TPYA/Comprehensive_Center_LLC__nysbke-22-10427__0001.0.pdf?mcid=tGE4TAMA represented by: Gabriel Del Virginia, Esq. LAW OFFICE OF GABRIEL DEL VIRGINIA E-mail: gabriel.delvirginia@verizon.net In re My Love of Care Home Health Services LLC Bankr. N.D. Ohio Case No. 22-30454 Chapter 11 Petition filed April 5, 2022 See https://www.pacermonitor.com/view/56UOAPA/My_Love_of_Care_Home_Health_Services__ohnbke-22-30454__0001.0.pdf?mcid=tGE4TAMA represented by: Steven L. Diller, Esq. DILLER AND RICE, LLC E-mail: Steven@drlawllc.com; Kim@drlawllc.com; Eric@drlawllc.com In re Navco Shell, LLC Bankr. S.D. Ala. Case No. 22-10658 Chapter 11 Petition filed April 6, 2022 See https://www.pacermonitor.com/view/UE5TT2A/NAVCO_SHELL_LLC__alsbke-22-10658__0001.0.pdf?mcid=tGE4TAMA represented by: Robert M. Galloway, Esq. GALLOWAY, WETTERMARK & RUTTENS, LLP In re Cherie Wendy Teitelbaum Bankr. C.D. Cal. Case No. 22-10405 Chapter 11 Petition filed April 6, 2022 represented by: Gary Saunders, Esq. In re PWP Investments LLC Bankr. C.D. Cal. Case No. 22-11920 Chapter 11 Petition filed April 6, 2022 See https://www.pacermonitor.com/view/VRA2RQY/PWP_Investments_LLC__cacbke-22-11920__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Virginia Ruth Ramos Bankr. C.D. Cal. Case No. 22-11930 Chapter 11 Petition filed April 6, 2022 represented by: Sarah Cowan, Esq. In re Cow Creek Properties LLC Bankr. M.D. Fla. Case No. 22-00719 Chapter 11 Petition filed April 6, 2022 See https://www.pacermonitor.com/view/DXCMFHI/Cow_Creek_Properties_LLC__flmbke-22-00719__0001.0.pdf?mcid=tGE4TAMA represented by: Christopher W. Wickersham, Jr., Esq. LAW OFFICES OF C.W. WICERKSHAM JR., P.A. E-mail: pleadings@chriswickersham.com In re Zero to 60 Motorcars, LLC Bankr. D. Md. Case No. 22-11817 Chapter 11 Petition filed April 6, 2022 See https://www.pacermonitor.com/view/LQC5UOQ/Zero_to_60_Motorcars_LLC__mdbke-22-11817__0001.0.pdf?mcid=tGE4TAMA represented by: Steven L. Goldberg, Esq. MCNAMEE HOSEA, P.A. E-mail: sgoldberg@mhlawyers.com In re Lakes Industrial, LLC Bankr. E.D. Mich. Case No. 22-30541 Chapter 11 Petition filed April 6, 2022 See https://www.pacermonitor.com/view/WYQQF7Q/Lakes_Industrial_LLC__miebke-22-30541__0001.0.pdf?mcid=tGE4TAMA represented by: David W. Brown, Esq. LAW OFFICE OF DAVID W. BROWN PLLC E-mail: davidbrownlaw@live.com In re Troy Homes Inc. Bankr. E.D.N.Y. Case No. 22-40726 Chapter 11 Petition filed April 6, 2022 See https://www.pacermonitor.com/view/ZUO2QLA/Troy_Homes_Inc__nyebke-22-40726__0001.0.pdf?mcid=tGE4TAMA represented by: Michael Zimmerman, Esq. ZIMMERMAN LAW P.C. E-mail: Michael@zimmlaw.com In re Consolidated Wealth Holdings, Inc. Bankr. S.D. Tex. Case No. 22-90013 Chapter 11 Petition filed April 6, 2022 See https://www.pacermonitor.com/view/5IHDC2Q/Consolidated_Wealth_Holdings_Inc__txsbke-22-90013__0001.0.pdf?mcid=tGE4TAMA represented by: R. Hale Neilson, Esq. PARKINS LEE & RUBIO, LLP E-mail: hneilson@parkinslee.com In re American Liquor 524 Inc. Bankr. M.D. Fla. Case No. 22-01268 Chapter 11 Petition filed April 7, 2022 See https://www.pacermonitor.com/view/L3CPZMY/American_Liquor_524_Inc__flmbke-22-01268__0001.0.pdf?mcid=tGE4TAMA represented by: Aldo G. Bartolone, Esq. BARTOLONE LAW, PLLC E-mail: aldo@bartolonelaw.com In re Liquor 369 Inc. Bankr. M.D. Fla. Case No. 22-01269 Chapter 11 Petition filed April 7, 2022 See https://www.pacermonitor.com/view/NWDN5LY/Liquor_369_Inc__flmbke-22-01269__0001.0.pdf?mcid=tGE4TAMA represented by: Aldo G. Bartolone, Esq. BARTOLONE LAW, PLLC E-mail: aldo@bartolonelaw.com In re Melo Air, Inc. Bankr. M.D. Fla. Case No. 22-01394 Chapter 11 Petition filed April 7, 2022 See https://www.pacermonitor.com/view/4TFYYVA/Melo_Air_Inc__flmbke-22-01394__0001.0.pdf?mcid=tGE4TAMA represented by: Buddy D. Ford, Esq. BUDDY D. FORD, P.A. E-mail: All@tampaesq.com In re All Around Towing and Recovery, LLC Bankr. S.D. Ind. Case No. 22-90283 Chapter 11 Petition filed April 7, 2022 See https://www.pacermonitor.com/view/KKDTM7A/All_Around_Towing_and_Recovery__insbke-22-90283__0001.0.pdf?mcid=tGE4TAMA represented by: David M. Cantor, Esq. SEILLER WATERMAN LLC E-mail: cantor@derbycitylaw.com In re Moirai Realty & Insurance PLLC Bankr. D. Nev. Case No. 22-11213 Chapter 11 Petition filed April 7, 2022 See https://www.pacermonitor.com/view/A44J5YI/MOIRAI_REALTY__INSURANCE_PLLC__nvbke-22-11213__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re 201 Dermatology LLC Bankr. D.N.J. Case No. 22-12848 Chapter 11 Petition filed April 7, 2022 See https://www.pacermonitor.com/view/NMRL2ZA/201_Dermatology_LLC__njbke-22-12848__0001.0.pdf?mcid=tGE4TAMA represented by: Todd S. Cushner, Esq. CUSHNER & ASSOCIATES, P.C. E-mail: todd@cushnerlegal.com In re Glenn C. Mellusi Bankr. D.N.J. Case No. 22-12844 Chapter 11 Petition filed April 7, 2022 represented by: Melinda Middlebrooks, Esq. MIDDLEBROOKS SHAPIRO, P.C. In re Roka Refolding Warehousing, LLC Bankr. D.N.J. Case No. 22-12845 Chapter 11 Petition filed April 7, 2022 See https://www.pacermonitor.com/view/VE6K4WQ/Roka_Refolding_Warehousing_LLC__njbke-22-12845__0001.0.pdf?mcid=tGE4TAMA represented by: Tomas Espinosa, Esq. TOMAS ESPINOSA, ESQ. E-mail: te@lawespinosa.com In re James Goldman Bankr. S.D.N.Y. Case No. 22-35204 Chapter 11 Petition filed April 7, 2022 represented by: Anne Penachio, Esq. In re Eli Parada Bankr. E.D.N.Y. Case No. 22-40730 Chapter 11 Petition filed April 7, 2022 represented by: Alla Kachan, Esq. In re Kelvin Virgil Matthews and Rebecca Ruth Matthews Bankr. E.D.N.C. Case No. 22-00761 Chapter 11 Petition filed April 7, 2022 represented by: Danny Bradford, Esq. In re ProvenCrown Builders, LLC Bankr. N.D. Ill. Case No. 22-04099 Chapter 11 Petition filed April 8, 2022 See https://www.pacermonitor.com/view/IWKQDJI/ProvenCrown_Builders_LLC__ilnbke-22-04099__0001.0.pdf?mcid=tGE4TAMA represented by: Ben Schneider, Esq. SCHNEIDER & STONE E-mail: ben@windycitylawgroup.com In re 7 Dollars & Up Clothing Inc. Bankr. S.D.N.Y. Case No. 22-10441 Chapter 11 Petition filed April 8, 2022 See https://www.pacermonitor.com/view/DV35WCY/7_Dollars__Up_Clothing_Inc__nysbke-22-10441__0001.0.pdf?mcid=tGE4TAMA represented by: Bruce Weiner, Esq. ROSENBERG MUSSO & WEINER, LLP E-mail: courts@nybankruptcy.net In re George Sariotis and Cindy Sariotis Bankr. D.N.J. Case No. 22-12916 Chapter 11 Petition filed April 10, 2022 represented by: Geoffrey Neumann, Esq. In re Richard Martinez Bankr. D.N.J. Case No. 22-12928 Chapter 11 Petition filed April 11, 2022 represented by: Bruce Radowitz, Esq. In re Stain-Less, Inc. Bankr. E.D.N.Y. Case No. 22-70689 Chapter 11 Petition filed April 8, 2022 See https://www.pacermonitor.com/view/LA3AV6I/Stain-Less_Inc__nyebke-22-70689__0001.0.pdf?mcid=tGE4TAMA represented by: Robert L. Rattet, Esq. DAVIDOFF HUTCHER & CITRON LLP E-mail: rlr@dhclegal.com In re My Island Visa, Inc. Bankr. E.D.N.Y. Case No. 22-70707 Chapter 11 Petition filed April 11, 2022 See https://www.pacermonitor.com/view/4TAEOMQ/My_Island_Visa_Inc__nyebke-22-70707__0001.0.pdf?mcid=tGE4TAMA represented by: Ronald D. Weiss, Esq. RONALD D. WEISS, P.C. E-mail: weiss@ny-bankruptcy.com In re Happy Paws and Spa, Inc. Bankr. E.D.N.Y. Case No. 22-40754 Chapter 11 Petition filed April 11, 2022 See https://www.pacermonitor.com/view/OI7NAQY/NA_NA__nyebke-22-40754__0001.0.pdf?mcid=tGE4TAMA represented by: Elio Forcina, Esq. ELIO FORCINA, ATTORNEY AT LAW E-mail: forcinalaw@gmail.com ********* 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. 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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 ***