/raid1/www/Hosts/bankrupt/TCR_Public/220426.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Tuesday, April 26, 2022, Vol. 26, No. 115
Headlines
154 LENOX LLC: Files for Chapter 11 With Liquidating Plan
2111 ALBANY POST: Case Summary & Three Unsecured Creditors
3200 MYERS: Taps Real Estate Brokers to Sell Arkansas Properties
6TH AND SAN JACINTO: Trustee Taps Marcus & Millichap as Realtor
A.B.C. OF NORTH PALM BEACH: Seeks Bankruptcy Protection
A.B.C. OF NORTH PALM BEACH: Taps Mark S. Roher as Legal Counsel
ACCELER8 REAL ESTATE: Taps Armory Consulting as Financial Advisor
ACCELER8 REAL: Seeks to Hire Coldwell Banker as Real Estate Broker
ACTIVA RESOURCES: Taps Haas Petroleum Engineering Services
AIR CANADA: Moody's Affirms Ba3 CFR & Alters Outlook to Stable
ALIERA COMPANIES: Gets OK to Hire SeatonHill as Financial Advisor
ALTO MAIPO SPA: Invokes Chapter 11 Global Contract Fight Reach
AMERICAN LIQUOR 524: Bar, Liquor Store File for Chapter 11
AMIGO CONSTRUCTION: Seeks to Hire R&R Gonzalez as Tax Accountant
ARKANSAS HOUSE: Seeks to Hire Thompson & Associates as Accountant
AT HOME GROUP: S&P Alters Outlook to Negative, Affirms 'B' ICR
AVIENT CORP: Royal DSM Deal No Impact on Moody's Ba2 CFR
AVIENT CORP: S&P Alters Outlook to Negative, Affirms 'BB' ICR
BELDEN INC: Egan-Jones Keeps BB- Senior Unsecured Ratings
BGC PARTNERS: Egan-Jones Retains 'BB+' Senior Unsecured Ratings
BLACK PEARL: Case Summary & Nine Unsecured Creditors
BLUCORA INC: Egan-Jones Keeps 'B' Sr. Unsec. Debt Ratings
BLUE WAVE: Case Summary & Six Unsecured Creditors
BOY SCOUTS: Court Okays Sale of BSA Warehouse for $13.5 Million
BOY SCOUTS: Wants $15M Fees for Girl Scout Trademark Suit Win
BROOKDALE SENIOR: Egan-Jones Keeps CC Senior Unsecured Ratings
BUCKEYE TECHNOLOGIES: Egan-Jones Cuts Sr. Unsecured Ratings to BB-
CARROLL COUNTY ENERGY: S&P Cuts Sr. Secured Debt Rating to 'BB-'
CASABELLA CONTRACTING: Case Summary & 20 Top Unsecured Creditors
CCX INC: Seeks Approval to Hire SC&H Group as Investment Banker
CENTENNIAL RESOURCE: Moody's Ups CFR to B1 & Unsecured Notes to B2
CHICAGO AUTO: Gets OK to Hire Gregory K. Stern as Legal Counsel
CITY WIDE COMMUNITY: May 24 Plan Confirmation Hearing Set
CLEVELAND-CLIFFS INC: Egan-Jones Cuts Sr. Unsecured Ratings to BB-
COLLEGE DUDES: May Use Cash Collateral Thru May 15
COMMUNITY ECO: Exclusivity Period Extended to July 20
CORECIVIC INC: Egan-Jones Keeps BB+ Senior Unsecured Ratings
CRESCENT ENERGY: Moody's Alters Outlook on 'B1' CFR to Positive
CROWNROCK LP: S&P Alters Outlook to Positive, Affirms 'B+' ICR
CRYSTAL PACKAGING: Wins Cash Collateral Access on Final Basis
CYCLE FORCE: Unsecureds to Recover 1% to 20% in Liquidating Plan
DELIVER BUYER: Fortna Inc Deal No Impact on Moody's B3 CFR
DIEBOLD NIXDORF: Egan-Jones Keeps CCC Senior Unsecured Ratings
DSB CONSTRUCTION: Has Final OK on Cash Collateral Access
DUNN PAPER: Moody's Lowers CFR to Ca, Outlook Remains Negative
EBIX INC: Egan-Jones Keeps BB- Senior Unsecured Ratings
ENLINK MIDSTREAM: Moody's Ups CFR & Senior Unsecured Notes to Ba1
EQT CORP: Egan-Jones Hikes Senior Unsecured Ratings to B+
EQUINIX INC: Egan-Jones Retains BB- Senior Unsecured Ratings
EXPEDIA GROUP: Egan-Jones Keeps B+ Senior Unsecured Ratings
FIDELITY NATIONAL: Egan-Jones Keeps BB+ Senior Unsecured Ratings
FIVE STAR: Moody's Assigns First Time 'B3' Corporate Family Rating
FIX MY GADGET: Seeks Bankruptcy Protection in Illinois
GLATFERER CORP: Egan-Jones Keeps BB Senior Unsecured Ratings
GLOBAL TRAVEL: Gets OK to Tap Ver Ploeg & Marino as Special Counsel
GOODYEAR TIRE: Egan-Jones Keeps BB- Senior Unsecured Ratings
GREAT OAKS: S&P Alters Outlook to Positive, Affirms 'BB+' ICR
GREEN PLAINS: Egan-Jones Keeps B- Senior Unsecured Ratings
GWG HOLDINGS: Gets $10 Mil. Bankruptcy Lifeline Despite Concerns
HAJJAR BUSINESS: Amends Unsecured Creditors Claims Pay Details
HAMON HOLDINGS: Case Summary & 30 Largest Unsecured Creditors
HOWMET AEROSPACE: Egan-Jones Keeps BB Senior Unsecured Ratings
HOYOS INTEGRITY: Case Summary & 20 Largest Unsecured Creditors
II-VI INC: Egan-Jones Keeps BB+ Senior Unsecured Ratings
INFOW LLC: Chapter 11 Branded 'Illegitimate' Since Day One
INFOW LLC: Sandy Hook Families Skeptical of Bankruptcy Filing
INTELLIPHARMACEUTICS: Incurs $881K Net Loss in First Quarter
IRIDIUM COMMUNICATIONS: Egan-Jones Keeps B- Sr. Unsecured Ratings
J AND J PURCHASING: Taps Peter Kravitz of Province Partners as CRO
JAGUAR HEALTH: Inks Royalty Interest and Debt Amendments
KAISER ALUMINUM: Moody's Affirms Ba3 CFR, Outlook Remains Stable
KURNCZ FARMS: Exclusivity Period Extended to May 30
KURNCZ FARMS: Wins Cash Collateral Access
LAUREL APPAREL: Taps Weintraub & Selth as Bankruptcy Counsel
LAUTERBACH LABORATORIES: June 1 Plan & Disclosure Hearing Set
LIGHT & WONDER: Completes Debt Refinancing Transactions
LOUISIANA CRANE: Amends Commercial & Mack Financial Claims Pay
LUCCI RESTAURANT: Gets OK to Hire Golding Law Offices as Counsel
M 1 INDUSTRIES: Gets OK to Hire Thaler Law Firm as Counsel
MARIOTT INTERNATIONAL: Egan-Jones Keeps BB Sr. Unsecured Ratings
MEGA-PHILADELPHIA: Seeks to Hire Edelboim as Bankruptcy Counsel
MEGA-PHILADELPHIA: Taps KapilaMukamal as Financial Advisor
MERCER INTERNATIONAL: Egan-Jones Cuts Sr. Unsecured Ratings to BB-
MGM RESORTS: Egan-Jones Keeps CCC+ Senior Unsecured Ratings
MICHAEL KORS: Moody's Affirms Ba1 CFR & Alters Outlook to Positive
MIDWEST GAMING: S&P Alters Outlook to Stable, Affirms 'B+' ICR
MOSS CREEK: Moody's Hikes CFR to B2 & Senior Unsecured Notes to B3
MY ISLAND VISA INC: Files Chapter 11 Bankruptcy Protection
NEWPARK RESOURCES: Egan-Jones Keeps B- Senior Unsecured Ratings
NUANCE COMMUNICATIONS: Egan-Jones Withdraws B+ Sr. Unsec. Ratings
OASIS PETROLEUM: Egan-Jones Keeps BB- Senior Unsecured Ratings
OIL STATES: Egan-Jones Retains CCC+ Senior Unsecured Ratings
PARKLAND CORP: S&P Lowers Unsecured Debt Rating to 'BB-'
PBF ENERGY: Egan-Jones Hikes Senior Unsecured Ratings to CCC+
PG&E CORP: Egan-Jones Hikes Senior Unsecured Ratings to B+
PRECISION CASTPARTS: Egan-Jones Keeps B- Senior Unsecured Ratings
PRECISION DRILLING: Egan-Jones Keeps B- Senior Unsecured Ratings
PRECISION DRILLING: S&P Alters Outlook to Pos., Affirms 'B' ICR
PRINCESS PORT: Unsecureds Will Get 100% of Claims in 4 Months
PROS HOLDINGS: Egan-Jones Keeps CCC Senior Unsecured Ratings
PROVENCROWN BUILDERS: Files for Chapter 11 Bankruptcy Protection
RENTZEL PUMP: Seeks to Tap Blackwood Law Firm as Bankruptcy Counsel
RR DONELLEY: Egan-Jones Withdraws 'B-' Senior Unsecured Ratings
SAVANNAH CAPITAL: Seeks Chapter 11 Bankruptcy Protection
SCUNGIO BORST: Seeks to Tap Bochetto & Lentz as Litigation Counsel
SMITH TRUCKING: Seeks Approval to Hire KC Cohen as Legal Counsel
SONIC AUTOMOTIVE: Egan-Jones Retains BB+ Senior Unsecured Ratings
STAIN-LESS INC: Cedarwood Cleaners in Chapter 11 Bankruptcy
STATERA BIOPHARMA: Inks Strategic Agreement for Rights to Entolimod
STATERA BIOPHARMA: Tuner Stone & Company Resigns as Accountant
SUNPOWER CORP: Egan-Jones Keeps BB Senior Unsecured Ratings
SYSCO CORP: Egan-Jones Keeps BB Senior Unsecured Ratings
TENET HEALTHCARE: Egan-Jones Keeps B Senior Unsecured Ratings
TENNECO INC: Egan-Jones Keeps B+ Senior Unsecured Ratings
TEREX CORP: Egan-Jones Keeps BB Senior Unsecured Ratings
TRINITY INDUSTRIES: Egan-Jones Keeps B+ Senior Unsecured Ratings
TSM DEVELOPMENT: Unsecureds Will Get 12% of Claims in Plan
TWITTER INC: Egan-Jones Keeps BB- Senior Unsecured Ratings
UNDER ARMOUR: Egan-Jones Hikes Senior Unsecured Ratings to BB
US CELLULAR: Egan-Jones Keeps B+ Senior Unsecured Ratings
US SILICA: Egan-Jones Keeps CCC Senior Unsecured Ratings
VAIL RESORTS: Egan-Jones Keeps B+ Senior Unsecured Ratings
VAIL RESORTS: S&P Affirms 'BB' ICR on Strong 2022 Performance
VAMCO SHEET: Seeks to Expand Scope of Employment of Special Counsel
VORNADO REALTY: Egan-Jones Keeps BB+ Senior Unsecured Ratings
WATSONVILLE HOSPITAL: Exclusivity Period Extended to July 5
WC 511 BARTON: Trustee Seeks to Hire Marcus & Millichap as Realtor
WELLS ENTERPRISES: S&P Alters Outlook to Neg., Affirms 'B+' ICR
WESCO AIRCRAFT: S&P Downgrades ICR to 'SD' on Recapitalization
WESTBANK HOLDINGS: Says Fannie Mae Trustee Bid a Fishing Expedition
WHITING PETROLEUM: Egan-Jones Cuts Senior Unsecured Ratings to BB
[^] Large Companies with Insolvent Balance Sheet
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154 LENOX LLC: Files for Chapter 11 With Liquidating Plan
---------------------------------------------------------
Single Asset Real Estate 154 Lenox LLC filed for Chapter 11
protection with a proposed Chapter 11 Plan of Liquidation.
Under the Plan, the Debtor shall convey its property to to the
mortgagee free and clear of all Encumbrances in exchange for (i)
the mortgagee's agreement not to pursue any deficiency claim
against the Debtor (ii) the assumption of the liabilities and (iii)
the mortgagee's agreement to pay $150,000 to unsecured creditors
and all administrative expenses of the Debtor up to
$30,000.
Class 4 consists of all Unsecured Claims of the Debtor. The Debtor
has stipulated that Guy Gissin as Claims Trustee for holders of
various bonds or other debt instruments issued by Brookland Upreal
Limited, has an Allowed Claim of no less than $6,369,594.49. Other
claims scheduled by the Debtor are less than $60,000. Under the
Plan, on the Effective Date, the holders of Allowed Unsecured
Claims along with the holders of Class 3 Claims shall receive a pro
rata distribution of $150,000 in full satisfaction of such Allowed
Claims.
Gilad Real Estate Projects
The Debtor is one of many failed real estate projects run by Boaz
Gilad and funded by Israeli public bondholders and private
investors. The projects were structured such that Brookland Upreal
Limited, a British Virgin Islands company, owned several subsidiary
holding companies (the "Holding Companies"), which in turn owned
equity interests in project-level limited liability companies (the
"Project Companies"). 154 Lenox was one of the Project Companies.
The Project Companies were structured as investments wherein
outside investors became members in the Project Companies alongside
the Holding Companies.
To raise funds, Brookland issued publicly traded bonds on the Tel
Aviv Stock Exchange. Following a default on its bonds, Brookland's
bondholders commenced an insolvency proceeding commenced in Israel,
removing Gilad as an officer and manager of the projects. The
Israeli Court appointed both a Functionary to oversee the
insolvency process and Ronel Ben Dov as the Chief Restructuring
Officer for Brookland. Ephraim Diamond was appointed Brookland's
Associate Restructuring Officer and General Counsel. Following
resolution of a significant amount of inter-party claims, Brookland
filed a plan of reorganization with the Israeli Court (a "Hesder").
As part of the Hesder, Guy Gissin was appointed Claims Trustee on
behalf of Brookland's creditors and its settling equity partners.
The Claims Trustee has the authority to bring claims on behalf
Brookland's Creditors and settling equity investors.
The Debtor's main asset is the property located at 154 Lenox Road
in Brooklyn (the "Property") which was encumbered by two mortgages
and is a non-income producing construction site. One mortgage was
a purchase money mortgage; the second was a partially funded
construction mortgage. After Gilad relinquished control, the
Debtor attempted to sell the Property. Its efforts were initially
blocked by conflicts among the creditor/investor groups. After
these were resolved, the pandemic struck, freezing commercial
activity. The accumulating interest on the mortgages eventually
eroded all equity in the Property.
The Debtor believes that the mortgages on the property far exceed
its value and that the Plan, which will throw off $150,000 to
unsecured creditors, is the best and possibly only, way to provide
a dividend to unsecured creditors.
Following complex multi-party litigation, in 2019, the Brookland's
Bondholders, the Claims Trustee, the equity investors of the Debtor
and a third party claimant of the Debtor settled their differences,
whereby, the parties agreed that that in exchange for an allowed
judgment claim against the Debtor, the parties would contribute
their claim to the Claims Trust for the benefit of all of
Brookland's creditors. The judgement was stipulated to on February
8, 2021. In addition to the Property, the Debtor has two claims.
First, potential claims against Gilad. Second, an intercompany
receivable against one of its parent companies, New Upreal LLC.
After investigation, the Debtor has determined that these assets
have little to no chance of recovery. After investigation, the
Debtor has determined that the costs of formulating and pursuing
the claims outweigh any likely recovery. First, Gilad himself
filed for personal bankruptcy, scheduling in excess of $150,000,000
in debt and less than $10,000 in assets. Similarly, the
intercompany claim against New Upreal LLC, has no real recovery
value given the extensive investor claims asserted against that
entity.
Just prior to the Filing Date, the Debtor, Guy Gissin, as Claims
Trustee and the Mortgagee entered into Restructuring Support
Agreement whereby the Debtor agreed to file this Plan, Guy Gissin,
as Claims Trustee agreed to support it, and the Mortgagee agreed to
support this plan and fund it. This plan provides ,that in exchange
for the Property being transferred to New Owner (an entity to be
designated by the Mortgagee), the Mortgagee will pay all
administrative expenses (including U.S. trustee fees) up to $30,000
and $150,000 to pay unsecured creditors. The funding is
conditioned on the Plan being consummated by June 1, 2022. The
Mortgagee is motivated in this agreement by the expiration of NY
RPTL section 421-a tax incentives in June. In connection with the
agreement the Debtor has licensed Townhouse Builders Inc. to take
such action on behalf of the Debtor as is necessary to take
advantage of the tax abatement program. The Mortgagee has placed
$150,000 in escrow with the Debtor's attorney.
The Debtor believes there is no better alternative to this plan.
In a liquidation under chapter 7 a trustee would incur an
additional layer of administrative expenses; an auction sale of the
Property would not bring a price equal to the amount due the
Mortgagee—let alone another $150,000 to distribute to unsecured
creditors plus additional chapter 7 administration.
About 154 Lenox LLC
154 Lenox LLC is a Single Asset Real Estate (as defined in 11
U.S.C. Sec. 101(51B).
154 Lenox LLC filed for Chapter 11 protection (Bankr. E.D.N.Y. Case
No. 22-40736) on April 8, 2022. In the petition filed by Ephraim
Diamond, as chief restructuring officer, 154 Lenox LLC estimated
assets between $1 million and $10 million and estimated liabilities
between $10 million and $50 million.
The case is assigned to Honorable Judge Jil Mazer-Marino.
Isaac Nutovic, of Nutovic & Associates, is the Debtor's counsel.
A teleconference meeting of creditors under 11 U.S.C. Sec. 341(a)
is slated for May 16, 2022 at 10:00 A.M.
2111 ALBANY POST: Case Summary & Three Unsecured Creditors
----------------------------------------------------------
Debtor: 2111 Albany Post Road Corp.
2111 Albany Post Road
Montrose, NY 10548
Business Description: The Debtor owns a property located at
2111 Albany Post Road, Montrose, NY,
consisting of multi-family home, eight
bungalows, an office building, and
and an industrial property valued at $3
million.
Chapter 11 Petition Date: April 25, 2022
Court: United States Bankruptcy Court
Southern District of New York
Case No.: 22-22207
Debtor's Counsel: Anne Penachio, Esq.
PENACHIO MALARA, LLP
245 Main Street, Suite 450
White Plains, NY 10601
Tel: 914-946-2889
Email: frank@pmlawllp.com
Total Assets: $3,000,000
Total Liabilities: $800,000
The petition was signed by Laura Marcela Pignataro, owner and
president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's three unsecured creditors is available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/2WSLBUY/2111_Albany_Post_Road_Corp__nysbke-22-22207__0001.0.pdf?mcid=tGE4TAMA
3200 MYERS: Taps Real Estate Brokers to Sell Arkansas Properties
----------------------------------------------------------------
3200 Myers Street Partners, LLC seeks approval from the U.S.
Bankruptcy Court for the Central District of California to hire
real estate brokers, Hathaway Group and Tranzon Asset Strategies,
in connection with the sale of its real properties in Arkansas.
The Debtor has agreed to pay the firms a 5 percent commission for
their services. Hathaway Group will receive one-third of the
commission while the other firm will receive two-third.
As disclosed in court filings, Hathaway Group and Tranzon are
disinterested within the meaning of Section 101(14) of the
Bankruptcy Code.
The firms can be reached through:
Jeffrey Hathaway
Hathaway Group
2100 Riverdale Rd #100
Little Rock, AR 72202
Phone: +1 501-663-5400
Email: jeff@hathawaygroup.com
-- and --
Mike Walters
Tranzon Asset Strategies
9891 Irvine Center Dr Suite 200
Irvine, CA 92618
Phone: 949-727-9011/949-727-9036
Email: mwalters@tranzon.com
About 3200 Myers Street Partners
3200 Myers Street Partners, LLC, a company in Costa Mesa, Calif.,
filed a voluntary petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. C.D. Calif. Case No. 22-10057) on Jan. 14,
2022, listing as much as $10 million in both assets and
liabilities. Robert P. Mosier, chief restructuring officer, signed
the petition.
Judge Scott C. Clarkson oversees the case.
The Debtor tapped Goe Forsythe & Hodges, LLP as bankruptcy counsel;
A. Lavar Taylor, LLP and Cross, Gunter, Witherspoon & Galchus, P.C.
as special counsels; and Mosier & Company, Inc. as restructuring
advisor. Robert Mosier, president and chief executive officer of
Mosier & Company, serves as the Debtor's chief restructuring
officer.
6TH AND SAN JACINTO: Trustee Taps Marcus & Millichap as Realtor
---------------------------------------------------------------
Randolph Osherow, Chapter 11 trustee for 6th and San Jacinto, LLC,
seeks approval from the U.S. Bankruptcy Court for the Western
District of Texas to hire Marcus & Millichap to market for sale the
company's real property located at 222 E. 6th St., Austin, Texas.
The firm will get a 3 percent commission on the gross sales price
of the property.
In court papers, Kent Myers, senior vice president of Marcus &
Millichap, disclosed that his firm is a "disinterested person"
within the meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Kent P. Myers
Marcus & Millichap
9600 N. Mopac Expressway, Suite 300
Austin, TX 78759
Phone: (512) 338-7853
Email: kent.myers@marcusmillichap.com
About 6th and San Jacinto
6th and San Jacinto, LLC, a company in Austin, Texas, sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D.
Texas Case No. 21-10942) on Dec. 7, 2021, listing as much as $10
million in both assets and liabilities. Judge Tony M. Davis
oversees the case.
Mark H. Ralston, Esq., at Fishman Jackson Ronquillo, PLLC is the
Debtor's legal counsel.
A.B.C. OF NORTH PALM BEACH: Seeks Bankruptcy Protection
-------------------------------------------------------
A.B.C. of North Palm Beach Inc. filed for chapter 11 protection in
the Southern District of Florida.
According to court filings, A.B.C. of North Palm Beach estimates
between 1 and 49 unsecured creditors. The petition states that
funds will be available to unsecured creditors.
A telephonic meeting of creditors under 11 U.S.C. Sec. 341(a) is
slated for May 11, 2022 at 9:00 A.M.
About A.B.C. of North Palm Beach Inc.
A.B.C. of North Palm Beach Inc. is a for profit organization in
Florida.
A.B.C. of North Palm Beach Inc. filed for Chapter 11 protection
(Bankr. S.D. Fla. Case No. 22-12797) on April 10, 2022. In the
petition filed by My Tran, as president, A.B.C. estimated assets
between $1 million and $10 million and liabilities between $0 and
$50,000. The case is assigned to Honorable Judge Mindy A Mora.
Mark S. Roher, Esq., of the Law Office of Mark S. Roher, P.A., is
the Debtor's counsel.
A.B.C. OF NORTH PALM BEACH: Taps Mark S. Roher as Legal Counsel
---------------------------------------------------------------
A.B.C. of North Palm Beach, Inc., seeks approval from the U.S.
Bankruptcy Court for the Southern District of Florida to hire The
Law Office of Mark S. Roher, P.A. to serve as legal counsel in its
Chapter 11 case.
The firm's services include:
(a) advising the Debtor with respect to its powers and duties
in the continued management of its business operations;
(b) advising the Debtor with respect to its responsibilities
in complying with the U.S. Trustee's Operating Guidelines and
Reporting Requirements and with the rules of the court;
(c) preparing legal documents;
(d) protecting the interest of the Debtor in all matters
pending before the court; and
(e) representing the Debtor in negotiation with its creditors
in the preparation of a Chapter 11 plan.
The firm will be paid at the rate of $500 per hour and will be
reimbursed for work-related expenses.
Mark Roher, Esq., disclosed in a court filing that he and his firm
do not represent any interest adverse to the Debtor.
The firm can be reached at:
Mark S. Roher, Esq.
The Law Office of Mark S. Roher, P.A.
1806 N. Flamingo Road, Suite 300
Pembroke Pines, FL 33028
Telephone: (954) 353-2200
Email: mroher@markroherlaw.com
About A.B.C. of North Palm Beach
A.B.C. of North Palm Beach, Inc. sought protection under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-12797) on
April 10, 2022, listing up to $10 million in assets and up to
$50,000 in liabilities. Judge Mindy A. Mora oversees the case.
The Law Office of Mark S. Roher, P.A., is the Debtor's bankruptcy
counsel.
ACCELER8 REAL ESTATE: Taps Armory Consulting as Financial Advisor
-----------------------------------------------------------------
Acceler8 Real Estate Group, LLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of California to employ
Armory Consulting Co. as its financial advisor.
The firm's services include:
(a) providing oversight and assistance with the preparation of
schedules of assets and liabilities, statement of financial
affairs, monthly operating reports, and related compliance items;
(b) assisting in the development of a plan of reorganization
or other such bankruptcy plan;
(c) communicating and negotiating with the Debtor's various
constituencies towards achieving a plan or Chapter 11 bankruptcy
sale; and
(d) performing other services in connection with the Debtor's
bankruptcy.
The hourly rates of the firm's professionals are as follows:
James Wong $475
Staff $275
Armory Consulting previously received a retainer of $5,000 from SNS
Global USA, an entity unaffiliated with the Debtor. The retainer
will be returned to SNS Global upon approval of the Debtor's motion
for post-petition financing and receipt of the $10,000 retainer
from the Debtor.
James Wong, a principal at Armory Consulting, disclosed in a court
filing that his firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
James Wong
Armory Consulting Co.
3943 Irvine Blvd., Suite 253
Irvine, CA 92602
Telephone: (714) 222-5552
Email: jwong@armoryconsulting.com
About Acceler8 Real Estate Group
Acceler8 Real Estate Group, LLC is a Carlsbad, Calif.-based company
engaged in activities related to real estate.
Acceler8 Real Estate Group filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Calif. Case
No. 22-00165) on Jan. 28, 2022, listing up to $10 million in assets
and up to $1 million in liabilities. Richard Kofoed, chief
executive officer, signed the petition.
Judge Christopher B. Latham oversees the case.
The Debtor tapped Marc C. Forsythe, Esq., at Goe Forsythe & Hodges,
LLP as legal counsel and Armory Consulting Co. as financial
advisor.
ACCELER8 REAL: Seeks to Hire Coldwell Banker as Real Estate Broker
------------------------------------------------------------------
Acceler8 Real Estate Group, LLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of California to employ
Coldwell Banker Realty to market for sale its real property located
at 7524-26 Paseo Cristal, Carlsbad, Calif.
The firm will receive a commission equal to 5 percent of the
selling price.
As disclosed in court papers, Coldwell Banker is disinterested
within the meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Chuck Denton
Coldwell Banker Realty
1472 Encinitas Blvd
Encinitas, CA 92024
Tel: (760) 753-5616
Email: chuck.denton@cbrealty.com
About Acceler8 Real Estate Group
Acceler8 Real Estate Group, LLC is a Carlsbad, Calif.-based company
engaged in activities related to real estate.
Acceler8 Real Estate Group filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Calif. Case
No. 22-00165) on Jan. 28, 2022, listing up to $10 million in assets
and up to $1 million in liabilities. Richard Kofoed, chief
executive officer, signed the petition.
Judge Christopher B. Latham oversees the case.
The Debtor tapped Marc C. Forsythe, Esq., at Goe Forsythe & Hodges,
LLP as legal counsel and Armory Consulting Co. as financial
advisor.
ACTIVA RESOURCES: Taps Haas Petroleum Engineering Services
----------------------------------------------------------
Activa Resources, LLC and Tiva Resources, LLC seek approval from
the U.S. Bankruptcy Court for the Western District of Texas to
employ Haas Petroleum Engineering Services, Inc.
The Debtors require the assistance of a petroleum engineering firm
to conduct an audit of their oil and gas asset reserves in
accordance with the Society of Petroleum Engineer guidelines. Haas
Petroleum will be tasked to complete a forecast on at least the top
80 percent of the Debtors' assets in each reserve category, and
inspect lower valued forecasts in the aggregate.
Haas Petroleum will receive the sum of $15,000 as payment for its
services.
As disclosed in court filings, Haas Petroleum is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
J. Thaddeus Toups
Haas Petroleum Engineering Services, Inc.
750 North St. Paul Street, Suite 1750
Dallas, TX 75201
Tel: 214-754-7090
Email: Thad.Toups@haasengineering.com.
About Activa Resources and Tiva Resources
Activa Resources, LLC and Tiva Resources, LLC operate in the oil
and gas extraction industry. Both companies are based in San
Antonio, Texas.
Activa Resources and Tiva Resources sought protection under Chapter
11 of the Bankruptcy Code (Bankr. W.D. Texas Lead Case No.
22-50117) on Feb. 3, 2022. In the petitions signed by John Hayes,
president, Activa Resources disclosed as much as $50 million in
both assets and liabilities while Tiva Resources disclosed up to
$10 million in assets and up to $50 million in liabilities.
Judge Michael M. Parker oversees the cases.
The Debtors tapped Bernard R. Given II, Esq., at Loeb and Loeb LLP
as legal counsel, and Haynie & Company as accountant and auditor.
Donlin, Recano & Company, Inc. is the claims, noticing and
solicitation agent.
AIR CANADA: Moody's Affirms Ba3 CFR & Alters Outlook to Stable
--------------------------------------------------------------
Moody's Investors Service has changed Air Canada's ratings outlook
to stable from negative. At the same time, Moody's has affirmed Air
Canada's Ba3 Corporate Family Rating, Ba3-PD Probability of Default
rating, Ba2 senior secured notes rating, and Ba2 senior secured
term loan B rating. Moody's also affirmed its ratings on Air Canada
2013-1 Pass Through Trusts, Air Canada Series 2015-2 Pass Through
Trusts and Air Canada Series 2020-1 Pass Through Trusts. In
addition, Moody's upgraded the company's Air Canada Series 2017-1
Pass Through Trusts (together "EETCs"). The company's speculative
grade liquidity rating remains unchanged at SGL-2.
"The stabilization of the outlook and affirmation of the CFR
reflect Moody's view that Air Canada's credit metrics and
profitability will continue to recover towards 2019 levels despite
rising cost pressures" said Aziz Al Sammarai, Moody's Analyst.
"Moody's expects easing of government travel restrictions to
strengthen and support recovery in demand for air travel in Canada"
he added.
The actions reflect Moody's expectation that domestic and
international demand for air travel in Canada will continue its
recovery following easing of government restrictions. Moody's
assumes that Air Canada's 2022 capacity, measured by available seat
miles, will be approximately 72%-76% of 2019 capacity and will
likely improve towards 90% of 2019 capacity by the end of 2024.
Moody's expects the company's free cash flow (after lease payments)
to remain negative in 2022 but turn positive in 2023 supported by
further improvement in revenue and an assumption of lower oil
prices in 2023 versus 2022. Implicit in Moody's assumptions is that
borders in markets served by Air Canada will remain open for air
travel once travel restrictions are eased.
The affirmations or upgrade of the company's EETC ratings consider
the respective estimated loans-to-value (LTV) of each class of each
transaction and Moody's opinion of the importance of each aircraft
model to the company's network.
Affirmations:
Issuer: Air Canada
Corporate Family Rating, Affirmed Ba3
Probability of Default Rating, Affirmed Ba3-PD
Senior Secured Bank Credit Facility, Affirmed Ba2 (LGD3)
Senior Secured Regular Bond/Debenture, Affirmed Ba2 (LGD3)
Issuer: Air Canada 2013-1 Pass Through Trusts
Senior Secured Enhanced Equipment Trust, Affirmed Baa3
Issuer: Air Canada Series 2015-2 Pass Through Trusts
Senior Secured Enhanced Equipment Trust, Affirmed A3
Senior Secured Enhanced Equipment Trust, Affirmed Ba1
Senior Secured Enhanced Equipment Trust, Affirmed Baa2
Issuer: Air Canada Series 2020-1 Pass Through Trusts
Senior Secured Enhanced Equipment Trust, Affirmed Ba3
Upgrades:
Issuer: Air Canada Series 2017-1 Pass Through Trusts
Senior Secured Enhanced Equipment Trust, Upgraded to A2 from A3
Senior Secured Enhanced Equipment Trust, Upgraded to Baa3 from
Ba1
Senior Secured Enhanced Equipment Trust, Upgraded to Baa1 from
Baa2
Outlook Actions:
Issuer: Air Canada
Outlook, Changed To Stable From Negative
Issuer: Air Canada 2013-1 Pass Through Trusts
Outlook, Changed To Stable From Negative
Issuer: Air Canada Series 2015-2 Pass Through Trusts
Outlook, Changed To Stable From Negative
Issuer: Air Canada Series 2017-1 Pass Through Trusts
Outlook, Changed To Stable From Negative
Issuer: Air Canada Series 2020-1 Pass Through Trusts
Outlook, Changed To Stable From Negative
RATINGS RATIONALE
Air Canada (Ba3 stable) benefits from a leading position in the
duopolistic Canadian air travel market, which provides a solid
foundation to benefit from the industry's recovery from the
pandemic, including a strong rebound in visiting friends and
relatives and leisure air travel. The company also benefits from
good liquidity and Moody's expectation that credit metrics will
strengthens over the next 12-24 months. Longer-term, the continued
fleet transformation will improve the company's cost profile.
The company's credit profile is constrained by uncertainty related
to the pace of recovery in demand for air travel, especially on
international routes, exposure to fuel prices which could pressure
margins, and potential for increased competition in markets where
Air Canada operates.
Air Canada have good liquidity (SGL-2) over the next 12 to 18
months. The company's sources include cash and short-term
investments of about CAD8.8 billion at December 31, 2021. Air
Canada also has two committed credit facilities; a fully available
$600 million credit facility due in 2025 and CAD200 million credit
facility due in 2024. These sources will be more than sufficient to
fund approximately CAD150 million of negative free cash flow in
2022 (with positive free cash flow in 2023) and annual mandatory
debt and lease repayments of about CAD1 billion. Air Canada's
contractual covenants require a minimum cash reserves which Moody's
expects the company will continue to meet. Possible additional
liquidity could be provided by Air Canada's unencumbered asset pool
(excluding the value of Aeroplan and Air Canada Vacations) which
amounts to approximately CAD3.4 billion. Air Canada has debt
covenants, which are loan-to-security value measures in nature,
with which Moody's expects the company will remain in compliance.
The EETC ratings consider estimates of loan-to-value for each of
the transactions. Moody's believes the aircraft models that
comprise the collateral across these transactions will remain
important to Air Canada's network, which supports Moody's
expectation that the company would likely affirm these transactions
if it were to reorganize under Canadian bankruptcy and insolvency
law. The aircraft collateral are 777-300ERs (2013-1), 777-300ERs
and 787-9s (2015-2) and 737-8s and 787-9s (2017-1). The 787s and
737 MAXes are the most fuel efficient in the fleet; the 777-300ERs
have high seating density, and are used mainly on long haul flights
to Europe and Asia. These models provide emissions benefits as
well.
The stable outlook reflects Moody's expectation that Air Canada
will be able to withstand cost pressures, notably increased fuel
prices, while maintaining good liquidity over the next 12-18
months. Moody's also expects the company's credit metrics to
benefit from the continued recovery in air travel demand such that
debt/EBITDA will fall towards 5x and 4x in 2023 and 2024,
respectively.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if:
liquidity is maintained above CAD 5 billion
adjusted debt-to-EBITDA is likely to be sustained less than 4x,
and
retained cash flow to debt likely to exceed 15%.
The ratings could be downgraded if:
liquidity deteriorates, possibly from sustained negative free cash
flow
adjusted debt/EBITDA is likely to be sustained above 5x, or
retained cash flow to debt likely to be sustained below 10%.
Changes in EETC ratings can result from any changes in the
underlying credit quality or ratings of the company or Moody's
opinion of the importance of the aircraft collateral to the
operations. Changes in estimates of current and projected aircraft
market values, which will affect estimates of loan-to-value, could
also result in a change to EETC ratings.
The principal methodology used in rating Air Canada was Passenger
Airlines published in August 2021.
Air Canada is the largest provider of scheduled airline passenger
services within, and to and from Canada. Revenue in 2021 was CAD6.4
billion. The company is headquartered in Saint-Laurent, Quebec,
Canada.
ALIERA COMPANIES: Gets OK to Hire SeatonHill as Financial Advisor
-----------------------------------------------------------------
The Aliera Companies, Inc. and its affiliates received approval
from the U.S. Bankruptcy Court for the District of Delaware to
employ SeatonHill Partners, LP as their financial advisor.
The Debtors require a financial advisor to obtain information
necessary to prepare their bankruptcy schedules and statement of
financial affairs; respond to discovery requests; and provide
litigation support services, if needed.
SeatonHill will charge an hourly fee of $450 for professional
services and a standard 3 percent administrative fee, which covers
ancillary administrative costs such as technology, communication
and supplies.
J. Gregory Coffey, SeatonHill's chief operating officer, disclosed
in a court filing that his firm is disinterested within the meaning
of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
J. Gregory Coffey
SeatonHill Partners, LP
777 Main Street, Suite 600
Fort Worth, TX 76102
Phone: (817) 887-8435
About Aliera Companies
The Aliera Companies Inc. is focused on providing a full spectrum
of revolutionary options and services to a multitude of industries
that fit every need and budget. The company provides services to
support its subsidiaries which focus on the unique aspects of the
health care industry.
Plaintiffs in a case -- docketed as Hanna Albina and Austin
Willard, individually and on behalf of others similarly situated,
Plaintiffs, v. The Aliera Companies, Inc., Trinity Healthshare,
Inc. and Oneshare Health, LLC Unity Healthshare, LLC, Case No.
20-CV-00496, (E.D. Ky., Dec. 11, 2020) -- filed an involuntary
petition under Chapter 11 of the Bankruptcy Code against Aliera
(Bankr. D. Del. Case No. 21-11548) on Dec. 5, 2021.
Joseph H. Huston, Jr., Esq., of Stevens & Lee, P.C., is the
petitioners and plaintiffs' counsel.
On Dec. 21, 2021, Aliera filed a voluntary Chapter 11 petition
(Bankr. N.D. Ga. Case No. 21-59493), disclosing assets of $1
million to $10 million and liabilities of $500 million to $1
billion. Advevo LLC and three other Aliera affiliates -- Ensurian
Agency LLC, Tactic Edge Solutions LLC and USA Benefits &
Administrators LLC -- also filed voluntary Chapter 11 petitions on
Dec. 21, 2021.
On Jan. 25, 2022, the petitioning creditors obtained an order
granting their motion to transfer the voluntary Chapter 11 cases to
the Delaware Bankruptcy Court, which has been overseeing the
liquidation of Aliera's affiliated corporation, Trinity
Healthshare, Inc., now known as Sharity Ministries, Inc.
On Feb. 16, 2022, Judge John T. Dorsey of the Delaware Bankruptcy
Court ordered the consolidation of Aliera's voluntary Chapter 11
proceeding with the involuntary case filed by the petitioning
creditors (with Case No. 21-11548 being the surviving case number)
and terminated the company's voluntary proceeding.
Meanwhile, Judge Dorsey ordered the joint administration of the
involuntary proceeding and the four other voluntary cases filed by
the Aliera affiliates, with Case No. 21-11548 as the lead
bankruptcy case.
The Debtors tapped J. Robert Williamson, Esq., at Scroggins &
Williamson, P.C. and Monzack Mersky and Browder, PA as bankruptcy
counsels; SeatonHill Partners, LP as financial advisor; and Katie
Goodman, managing member of GGG Partners, LLC, as chief
liquidation officer. Epiq Corporate Restructuring, LLC is the
claims and noticing agent and administrative advisor.
The U.S. Trustee for Region 3 appointed an official committee of
unsecured creditors on Feb. 21, 2022. The committee is represented
by Greenberg Traurig, LLP.
ALTO MAIPO SPA: Invokes Chapter 11 Global Contract Fight Reach
--------------------------------------------------------------
Jeff Montgomery of Law360 reports that a bankrupt Chilean
hydropower project told a bankruptcy judge in Delaware Friday,
April 22, 2022, that a jurisdictional challenge by its largest
customer would upend the Bankruptcy Code's global reach in disputes
over a Chapter 11 debtor's property.
In a reply brief, Alto Maipo Delaware LLC and its affiliates told
U. S. Bankruptcy Judge Karen B. Owens that Minerva Los Pelambres
– a copper mine in north-central Chile – raised unsupportable
claims that the court must establish personal jurisdiction to keep
alive Alto Maipo's effort to assume a power purchase agreement with
the mine.
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.
AMERICAN LIQUOR 524: Bar, Liquor Store File for Chapter 11
----------------------------------------------------------
American Liquor 524 Inc. and an affiliate has sought bankruptcy
protection in Florida.
American Liquor 524 Inc. and Liquor 369 Inc. are co-dependent
entities. American Liquor owns the 4COP liquor license that allows
Liquor 369 to operate the liquor store while American Liquor
operates the bar.
These two entities also share space under a single commercial
lease. American Liquor and Liquor 369 jointly lease 4,000 square
feet of space in a commercial shopping plaza located at 2301 State
Road 524, Cocoa, Florida 32926.
American Liquor subdivided the 4,000 square feet so that Liquor 369
could operate the liquor store using 1,600 square feet and American
Liquor uses 2,400 square feet to operate the bar.
American Liquor and Liquor 369 also have common ownership, i.e.
Nilesh "Neil" Shastri is the sole officer and 100% owner of both
entities
American Liquor 524 Inc. estimates between 1 and 49 unsecured
creditors, including Andrew Epstein, Cocoa Commons Station LLC, and
Florida DBPR. The petition states that funds will be available to
unsecured creditors.
About American Liquor 524 Inc.
American Liquor 524 Inc is a Cocoa, Florida-based liquor store.
American Liquor 524 Inc. and affiliate Liquor 369 Inc. filed for
chapter 11 protection (Bankr. M.D. Fla. Case No. 22-01268 and
22-01269) on April 7. 2022. In the petition filed by Nilesh
Shastri, as president, American Liquor 524 estimated assets between
$0 and $50,000 and estimated liabilities between $500,000 and $1
million. The case is assigned to Honorable Judge Grace E. Robson.
Aldo G Bartolone, Jr., of Bartolone Law, PLLC, is the Debtors'
counsel.
AMIGO CONSTRUCTION: Seeks to Hire R&R Gonzalez as Tax Accountant
----------------------------------------------------------------
Amigo Construction, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Nevada to hire R&R Gonzalez & Associates
as its tax accountant.
The Debtor requires an accountant to prepare its 1120S U.S. returns
for 2019 and 2020 and thereafter, prepare the depreciation and
amortization schedules, and provide general tax consulting services
on an "as requested" basis.
R&R will be paid the sum of $1,000 for the preparation of tax
returns and an hourly fee of $150 for the other services.
As disclosed in court filings, R&R is a "disinterested person"
within the meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Ricardo Gonzalez
R&R Gonzalez & Associates
8620 S Eastern Ave
Las Vegas, NV, 89123-2836
Phone: (702) 558-5100
About Amigo Construction
Amigo Construction, LLC provides services to several
telecommunication companies like Verizon, Cox, and Mears to
establish new lines or renew existing underground lines utilized
for the Internet. It also provides asphalt paving and striping,
commercial concrete foundations and residential concrete
construction.
Amigo Construction sought protection for relief under Chapter 11 of
the Bankruptcy Code (Bankr. D. Nev. Case No. 21-15242) on Nov. 5,
2021, listing up to $500,000 in assets and up to $1 million in
liabilities. Judge Natalie M. Cox oversees the case.
Larson & Zirzow, LLC and R&R Gonzalez & Associates are the Debtor's
legal counsel and tax accountant, respectively.
ARKANSAS HOUSE: Seeks to Hire Thompson & Associates as Accountant
-----------------------------------------------------------------
Arkansas House Works, Inc. seeks approval from the U.S. Bankruptcy
Court for the Western District of Arkansas to employ Thompson &
Associates, PLLC as its accountant.
The Debtor requires an accountant to prepare its tax returns and
operating reports, and provide general accounting services.
Thompson & Associates will charge $200 per hour for its services.
As disclosed in court filings, Thompson & Associates is a
disinterested person within the meaning of Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Ben Thompson, CPA
Thompson & Associates, PLLC
1050 Connecticut Avenue, NW, Suite 500
Washington, DC 20036
Phone: 202-772-2039
Email: bthomp@conwaycorp.net
About Arkansas House Works
Arkansas House Works, Inc. filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. W.D. Ark. Case No.
22-70114) on Feb. 2, 2022, listing up to $50,000 in assets and up
to $1 million in liabilities. Beverly I. Brister, Esq., serves as
the Subchapter V trustee.
Judge Bianca M. Rucker oversees the case.
Marc Honey, Esq., at Honey Law Firm, P.A. and Thompson &
Associates, PLLC serve as the Debtor's legal counsel and
accountant, respectively.
AT HOME GROUP: S&P Alters Outlook to Negative, Affirms 'B' ICR
--------------------------------------------------------------
S&P Global Ratings revised its outlook on U.S.-based home decor
retailer At Home Group Inc. to negative from stable and affirmed
all its ratings, including its 'B' issuer credit rating on the
company.
S&P said, "The negative outlook reflects the potential for a lower
rating over the next 12 months if At Home's operating results face
greater pressure than we currently forecast and delay the rebound
in its earnings and leverage that we expect in fiscal 2024 (ending
January 2024).
"The outlook revision reflects At Home's weaker-than-expected
operating results due to higher supply chain costs stemming from
the difficult operating environment, which we expect will continue
this year. At Home's S&P Global Ratings-adjusted EBITDA margin
declined more than 850 basis points to below 20% for the fiscal
year ended Jan. 29, 2022, because the company's strategic decision
to pay shipping premiums to ensure inventory availability
exacerbated elevated freight costs. The high working capital use
contributed to significant cash burn during the fourth quarter
despite the company achieving positive comparable store sales
growth of 2.7%. We think the company's willingness to invest in
inventory could position it to take share from competitors facing
low in-stock rates. Nonetheless, we see significant risk that high
inflation will diminish consumer confidence and reduce demand for
highly discretionary categories such as home decor. Moreover, At
Home is stepping up its advertising spending in fiscal 2023 to
support brand awareness in a slowing economic environment. While we
acknowledge this has the potential to drive further market share
gains, we expect softening demand, elevated freight costs, and
higher labor expense to further compress the company's EBITDA
margin to the mid-teens percentage area over the next 12 months.
"To mitigate these headwinds, At Home is using pricing actions and
undertaking supply chain initiatives, including contracting
directly with freight carriers to increase capacity and secure more
favorable rates, as well as geographically diversifying its
supplier base. While we expect these actions to partially mitigate
some cost pressures, we believe performance remains vulnerable to
weakening macroeconomic conditions.
"We forecast elevated leverage and weak cash flow this year, with
improvements expected in fiscal 2024. We anticipate At Home's
adjusted leverage will approach 10x in fiscal 2023 as higher supply
chain costs persist, consumer demand for home decor weakens from
elevated levels experienced over the past two years, and the
company heavily invests in the business. Our forecast also
incorporates about $100 million of borrowings under the asset-based
lending revolving credit facility (ABL) at fiscal year-end 2023.
That said, we believe the company's good value proposition as a
low-cost player in a slowing economic environment, coupled with
gradually easing supply chain pressures, will lead to profitability
improving in fiscal 2024, enabling it to return leverage to the
mid- to high-6x area. We forecast flat free operating cash flow
(FOCF) (net of proceeds from sale leaseback transactions) in fiscal
2023 and 2024 as the company contends with higher operating costs
and lower consumer demand and as it continues to aggressively open
new stores, albeit at a slower pace than previously planned.
"In our view, the company's ability to slow store growth and
generate good levels of cash, as it did at the start of the
pandemic, should support sufficient liquidity under less favorable
operating conditions. In addition, the company reported $16 million
of cash on hand and nearly $300 million available under its
revolving credit facility as of January 2022, with no meaningful
maturities on the horizon.
"At Home's position as a value retailer should support reasonable
ongoing demand even in less favorable macroeconomic conditions. The
company's every-day-low-price (EDLP) strategy supports its
competitive position, particularly during weaker economic periods
as consumers look to trade down their purchases. We also believe
that demand for home decor will be supported by tailwinds such as
new home purchases and a more permanent hybrid work model that
results in greater time spent at home. However, the home decor
industry remains highly competitive and At Home's omnichannel
platform lags retail peers, despite expanding its online offerings
through the pandemic. In our view, the company will need to remain
focused on its omnichannel capabilities to effectively compete with
e-commerce retailers (such as Wayfair and Amazon) and larger peers
with extensive omnichannel platforms, including Walmart Inc. and
Target.
"The negative outlook reflects the possibility that we could
downgrade At Home if the difficult operating conditions we expect
this year intensified or persisted longer than we anticipate,
challenging the company's ability to restore credit metrics.
"We could lower the rating if At Home's operating performance
weakened more than we currently forecast, such that we no longer
saw a clear path for adjusted leverage to improve to the mid-6x
area. Under this scenario, the company would likely need to rely on
its revolver to fund new store growth." This could occur if:
-- Profitability continued to be pressured by rising inflationary
pressures, which resulted in higher operating costs for the
company; or
-- Consumer demand weakened more than expected as higher prices
continued to squeeze consumers' purchasing power, especially for
discretionary categories such as home decor.
S&P could revise the outlook to stable if it believed At Home were
on track to reduce leverage below 6.5x and it restores the ability
to fund store growth through internally generated cash flows. This
could occur if:
-- Operating pressures subsided and At Home strengthened margins
from fiscal 2022 in line with S&P's base case or better; or
-- Demand for At Home's product offering continued despite
weakening economic conditions due to the company's value
proposition or because inflationary pressures abated, leading to
greater consumer spending on discretionary categories.
ESG credit indicators: E-2, S-2, G-3
-- Governance structure
AVIENT CORP: Royal DSM Deal No Impact on Moody's Ba2 CFR
--------------------------------------------------------
Moody's Investors Service said that Avient Corporation's (Avient)
Ba2 Corporate Family Rating and stable outlook are not affected by
the announcement on April 20 to acquire Royal DSM N.V.'s (A3
stable) Protective Materials business (Dyneema) for $1.485 billion
in cash. Moody's views the acquisition as credit neutral. The
transaction increases balance sheet debt by roughly 75% and weakens
credit metrics. However, the acquisition will also strengthen the
company's business profile, improve margins and increase free cash
flow. The acquisition is expected to be funded with a new senior
secured term loan of $650 million, $740 million of senior unsecured
notes and the remainder with cash from its balance sheet. As a
result, adjusted Debt/EBITDA will increase to approximately 4.5x on
a pro forma basis from roughly 3.3x for the LTM period ending March
31, 2022. Moody's expects that Avient will be focused on reducing
debt after the acquisition and should be able to return metrics to
levels that will fully support the rating over the next 12-18
months.
Avient has demonstrated a very good track record of integrating
past acquisitions and deleveraging following M&A transactions,
including the recent purchase of Clariant Masterbatch in December
2019, which also added a significant amount of debt to the balance
sheet. Avient management has targeted net leverage of 2.2x by the
end of 2024, and is exploring the sale of its Distribution
business. The company intends to apply after-tax proceeds from the
divestiture towards repayment of the $600 million 5.25% senior
notes due 2023 and a portion of the new senior secured term loan.
Moody's believes the addition of Dyneema will complement Avient's
existing composites and fiber business, which is expected to see
EBITDA grow from $49 million to $180 million in 2022. Dyneema is an
ultra-high molecular weight polyethylene (UHMWPE) fiber that is
much stronger than steel, yet very light and has a number of
applications including personal protection for the military and law
enforcement, marine and infrastructure, and consumer products such
as apparel and footwear. Dyneema enjoys EBITDA margins in excess of
30%, which should be accretive to EBITDA margins for the composites
business.
Once the divestiture of the Distribution business is completed,
Avient's portfolio will be comprised entirely of specialty
solutions, which will further reduce its exposure to cyclical end
markets such as autos and construction. The transformation towards
becoming a specialty solutions chemical company should also allow
Avient to achieve above-average GDP growth in higher margin
markets.
Avient Corporation, headquartered in Avon Lake, Ohio, is a global
provider of customized polymers and services. Avient develops
performance enhancing additives, as well as liquid, fluoropolymer,
and silicone colorants. The company operates in three business
segments: 1) Color Additives & Inks 2) Specialty Engineered
Materials and 3) Distribution. Avient participates in a diverse
number of end markets including transportation, industrial,
healthcare, consumer and building & construction. Avient reported
revenue of approximately $4.8 billion for the fiscal year ended
December 31, 2021.
AVIENT CORP: S&P Alters Outlook to Negative, Affirms 'BB' ICR
-------------------------------------------------------------
S&P Global Ratings revised its outlook on Avient Corp. to negative
from stable and affirmed its 'BB' rating on the company.
S&P's negative outlook reflects an increase in debt leverage
post-Dyneema acquisition, and reflects uncertainty regarding the
timing and amount of proceeds from the company's Distribution
divestiture, which will be the primary source of funds for repaying
its 2023 notes which are now current.
Avient recently announced that it has entered into an agreement
with Royal DSM to purchase DSM's Protective Materials business
(Dyneema). The Dyneema business will expand Avient's existing
composites portfolio and add about $130 million of pro forma EBITDA
(about 30% EBITDA margins).
Avient also announced it is exploring a sale of its Distribution
business, with potential proceeds from the divestiture used to
delever below 3x debt to EBITDA on a company adjusted basis by year
end.
While the company's initial debt financing of the Dyneema
acquisition will lead to an increase in debt leverage, we believe
management remains committed to deleveraging.
S&P said, "If the timeline of the Distribution sale is extended, or
proceeds from the sale are lower than anticipated, we project that
S&P Global Ratings-adjusted funds from operations (FFO) to debt
will fall below our 20% downgrade threshold for the next 12 months
on a pro forma basis. We view this potential outcome as a key
credit risk, as it eliminates any cushion in credit metrics above
our current downgrade trigger. We also believe Avient is unlikely
to refinance its near-term note maturity as part of the Dyneema
transaction, and has stated that it could use proceeds from the
potential divestiture to repay the $600 million principal amount of
notes maturing in March 2023. In our view, this increases
refinancing risk, as the company may be forced to tap the capital
markets at an inopportune time if the divestiture does not proceed
as planned.
"In contrast to the Dyneema acquisition, about 60% of funding for
the company's 2020 Clariant Color acquisition was provided by
equity and cash from the 2019 sale of its Performance Products and
Solutions (PP&S) segment. Also, unlike the Clariant Color
acquisition, where Avient could realize significant cost synergies,
we do not expect cost savings to drive deleveraging post-Dyneema
acquisition. Despite the uncertainty regarding the ultimate timing
and value of divestiture proceeds, we believe management will
remain committed to maintaining leverage below 3.5x net debt to
EBITDA throughout the cycle. Additionally, Avient has a track
record of effectively integrating acquisitions, capturing targeted
synergies, and executing on its deleveraging targets, as evidenced
by its rapid deleveraging post-Clariant Color acquisition. The
company has also successfully realized $54 million of synergies
related to the Clariant acquisition, its largest to date, and
recently raised its total cost synergy expectations to $85 million.
We believe integration risk is lower with the Dyneema transaction,
particularly given the company's recent success in the integration
of Clariant Color. In the next 12 months we believe management's
focus will be on deleveraging, but we expect no change to the
company's stated long-term capital allocation policies. We
anticipate management will continue to use cash generated from
internal operations to grow its dividend, pursue bolt-on
acquisitions, and repurchase shares opportunistically."
The Dyneema acquisition and the potential sale of the company's
Distribution business will improve profitability and completes
Avient's transition to a pure-play specialty chemical company.
Avient's acquisition of Dyneema, and the potential divestiture of
its Distribution segment, are the latest in a series of
transactions that have transformed the company's portfolio over the
past decade. In addition to the recent announcements, Avient
acquired Fiber-Line in 2019, purchased Clariant's Masterbatch
business in 2020, and sold its lower-margin Performance Products
and Solutions (PP&S) segment in 2019. Pro forma for the
transactions, all of the company's EBITDA will now come from
higher-margin specialty applications, and S&P Global
Ratings-adjusted EBITDA margins should improve to 16%-18% on a pro
forma basis, from 10%-12% previously. Historically, the company's
Distribution business, with EBITDA margins around 6%, has impeded a
higher profitability assessment. However, the segment has generated
steady free cash flow over time, providing Avient with the capital
to fund higher growth opportunities elsewhere in its portfolio.
Although it has significantly higher capital requirements, S&P
expects Dyneema will improve Avient's overall profitability, as
well as replace a substantial portion of the free cash flow
generated by the company's legacy Distribution segment.
S&P said, "We also expect a moderate improvement in margins over
the coming two years as Avient continues its integration of
Clariant Color. EBITDA margins in the acquired business have
expanded by over 400 basis points since 2019 and total EBITDA
increased to $205 million in 2021 from $133 million in 2019. The
company's transition has also led to greater earnings contribution
from recession-resilient end markets including consumer, packaging,
and health care (about 57% of total 2021 sales). These end markets
only accounted for 22% of overall revenue before the 2008
recession, whereas the more volatile transportation, industrial,
and construction end-markets accounted for about 60% of sales.
About half of Dyneema's revenue comes from sales into personal
protection applications, where demand is less cyclical and
primarily driven by government spending. A more stable mix was key
to the company's performance in 2020, when new vehicle sales
declined substantially and industrial production contracted, while
health care, packaging, and consumer plastics demand remained
robust. The result was a relatively modest revenue contraction (5%
decrease) and a marginal increase in EBITDA (both metrics measured
on a pro forma basis).
"The negative outlook on Avient reflects our expectation that
credit metrics will deteriorate following acquisition close. If
both transactions close as envisioned, and proceeds from the sale
of the company's Distribution business are used to repay debt, we
would expect S&P Ratings-adjusted FFO to debt to drop toward the
lower end of the 20%-30% range, from about 27% at year-end 2021.
However, if the company does not sell its Distribution business, or
proceeds from the divestiture are lower than expected, weighted
average FFO to debt could fall below our 20% threshold over the
next 12 months. The outlook also reflects our expectation that,
post-acquisition, management will focus primarily on deleveraging
while maintaining a prudent approach to funding bolt-on
acquisitions and shareholder rewards. This policy should be
consistent with its target to maintain leverage below 3.5x net debt
to EBITDA throughout the entire cycle, and similar to the financial
policies pursued post-Clariant Color acquisition."
S&P could lower its issuer credit rating on Avient within the next
12 months if:
-- S&P expects weighted average FFO to debt to fall below 20% (on
a pro forma basis) for a sustained period. This would most likely
occur if the sale of the company's Distribution segment does not
occur over the next few quarters, if the proceeds from the sale are
less than we currently envision, or if proceeds are used for
anything other than debt repayment.
-- S&P's expectations for global growth deteriorate, while cost
inflation for the company's raw material inputs remains elevated.
Following the acquisition, and even after factoring in debt
repayment using divestiture proceeds, Avient has very little
cushion at the current rating, with vulnerability to even modest
demand downturns.
-- S&P could also lower the ratings within the next few months if
it does not believe the company has a definitive plan to address
its March 2023 note maturity.
S&P could revise its outlook to stable within the next 12 months
if:
-- The company completes the divestiture of its Distribution
business over the next few quarters, and the proceeds of the sale
are used primarily for debt repayment, such that weighted average
FFO to debt remains within the 20%-30% S&P expects at the current
'BB' rating.
-- The company's operating performance remains strong.
S&P revise its assessment of the company's business, specifically
relating to improved profitability and higher-margin growth
opportunities, post-acquisition.
BELDEN INC: Egan-Jones Keeps BB- Senior Unsecured Ratings
---------------------------------------------------------
Egan-Jones Ratings Company, on March 11, 2022, maintained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by Belden Inc.
Headquartered in St. Louis, Missouri, Belden Inc. designs,
manufactures, and markets cable, connectivity, and networking
products.
BGC PARTNERS: Egan-Jones Retains 'BB+' Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company, on March 17, 2022, maintained its 'BB+'
local currency senior unsecured ratings on debt issued by BGC
Partners, Inc.
Headquartered in New York, New York, BGC Partners, Inc. is a
brokerage and financial technology company.
BLACK PEARL: Case Summary & Nine Unsecured Creditors
----------------------------------------------------
Debtor: Black Pearl Exploration LLC
8524 Highway 6 North #115
Houston, TX 77095
Chapter 11 Petition Date: April 24, 2022
Court: United States Bankruptcy Court
Southern District of Texas
Case No.: 22-31073
Debtor's Counsel: John Akard Jr., Esq.
COPLEN & BANKS, P.C.
11111 McCracken, Suite A
Cypress, TX 77429
Tel: (832) 237-8600
E-mail: johnakard@attorney-cpa.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by R. Michael Looney, member/manager.
A full-text copy of the petition containing, among other items, a
list of the Debtor's nine unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/DKS5CZA/Black_Pearl_Exploration_LLC__txsbke-22-31073__0001.0.pdf?mcid=tGE4TAMA
BLUCORA INC: Egan-Jones Keeps 'B' Sr. Unsec. Debt Ratings
---------------------------------------------------------
Egan-Jones Ratings Company, on March 18, 2022, maintained its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by Blucora, Inc.
Headquartered in Irving, Texas, Blucora, Inc. is a provider of a
wide range of technology-enabled financial services to consumers,
small businesses and tax professionals through its subsidiaries.
BLUE WAVE: Case Summary & Six Unsecured Creditors
-------------------------------------------------
Debtor: Blue Wave Enterprise, LLC
624 7th St.
Imperial Beach, CA 91932
Business Description: Blue Wave primarily engaged in renting and
leasing real estate properties. The Debtor
is the fee simple owner of a real property
located in Imperial Beach, CA valued at
$8 million.
Chapter 11 Petition Date: April 24, 2022
Court: United States Bankruptcy Court
Southern District of California
Case No.: 22-01075
Judge: Hon. Christopher B. Latham
Debtor's Counsel: Michael R. Totaro, Esq.
TOTARO & SHANAHAN
P.O. Box 789
Pacific Palisades, CA 90272
Tel: (888) 425-2889
Fax: (310) 496-1260
Email: Ocbkatty@aol.com
Estimated Assets: $1 million to $10 million
Total Liabilities: $7,334,897
The petition was signed by David Brienza, managing member.
A full-text copy of the petition containing, among other items, a
list of the Debtor's six unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/7XU7ZSQ/Blue_Wave_Enterprise_LLC__casbke-22-01075__0001.0.pdf?mcid=tGE4TAMA
BOY SCOUTS: Court Okays Sale of BSA Warehouse for $13.5 Million
---------------------------------------------------------------
Randall Chase of the Associated Press reports that the judge
presiding over the Boy Scouts of America bankruptcy has approved
the organization's request to sell its warehouse and distribution
center in North Carolina for roughly $13.5 million and lease back
the property from the buyer.
The BSA wants to use some of the proceeds from the sale approved by
the court Friday , April 22, 2022, as part of its contribution to a
proposed $2.6 billion fund to compensate tens of thousands of men
who claim they were sexually abused as children while involved in
Scouting.
The judge presiding over the Boy Scouts of America bankruptcy has
approved the organization's request to sell its warehouse and
distribution center in North Carolina for roughly $13.5 million and
lease back the property from the buyer.
The BSA wants to use some of the proceeds from the sale approved by
the court Friday as part of its contribution to a proposed $2.6
billion fund to compensate tens of thousands of men who claim they
were sexually abused as children while involved in Scouting.
After a monthlong trial, Judge Laurie Selber Silverstein continues
to weigh whether to approve the Boy Scouts' reorganization plan.
The Boy Scouts of America sought bankruptcy protection in February
2020 to stave off a flood of lawsuits alleging child sexual abuse
by Scout leaders and volunteers over several decades. At the time,
the BSA was facing about 275 filed lawsuits and was aware of
roughly another 1,400 pending claims. But more than 82,200 abuse
claims have been submitted in the bankruptcy.
Attorneys for BSA insurers, including those that have since reached
settlements and now support the plan, have said the sheer volume of
claims is an indication of fraud and the result of aggressive
client solicitation by attorneys and for-profit claims
aggregators.
The reorganization plan calls for the BSA and its 250 local
councils, along with settling insurance companies and troop
sponsoring organizations, to contribute some $2.6 billion in cash
and property to a fund for abuse victims. In return, those entities
would be released from further liability, meaning they could not be
sued for Scout-related abuse claims.
At Friday's, April 22, 2022, hearing, Silverstein noted that the
findings that the BSA and plan proponents are asking her to make in
confirming the plan present her with issues that she has never
previously faced as a bankruptcy judge.
"Quite frankly, probably none of my previous rulings in eight years
really dealt with this particular type of issue, where there are
such extensive findings that people are asking me to make, and
where the findings are particularly controversial," she said.
When an attorney representing a group of insurers opposed to the
plan noted that the BSA had filed hundreds of pages of documents in
the wee hours Friday, April 22, 2022, morning with plan
modifications and revisions, the judge assured him that he would
have time to review and respond to them before she rules.
"You're not in danger of a forthcoming decision in the next few
days," said Silverstein. She must decide a host of controversial
and complex issues involving not just the Boy Scouts, but the BSA's
insurers, its 250 local councils, and tens of thousands of troop
sponsoring organizations.
Opposing insurers have argued that the plan violates their rights
under policies they issued, and that the findings that plan
supporters want Silverstein make would bind them to the proposed
trust distribution procedures and make it difficult to challenge
claim decisions. In an email, one attorney for abuse claimants
described such binding trust distribution procedures as a "Holy
Grail" that mass tort lawyers have been chasing for years. Insurers
say approval by the judge would set a dangerous precedent tort
lawyers would use to their advantage in future lawsuits.
Perhaps the most contentious issue, and the one most fraught with
legal difficulty, is whether third parties, including settling
insurers, local councils and troop sponsors, should be allowed to
escape future liability by contributing to the victims fund, or at
least not objecting to the plan.
Some survivors argue that releasing their claims against non-debtor
third parties without their consent violates their due process
rights. The U.S. bankruptcy trustee, the government's "watchdog" in
Chapter 11 bankruptcies, argues that such releases are not allowed
under the bankruptcy code.
Such nonconsensual third-party releases, spawned by asbestos and
product-liability cases, have been criticized as an
unconstitutional form of "bankruptcy grifting," where non-debtor
entities obtain benefits by joining with a debtor to resolve
mass-tort litigation in bankruptcy.
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.
BOY SCOUTS: Wants $15M Fees for Girl Scout Trademark Suit Win
-------------------------------------------------------------
Dorothy Atkins of Law360 reports that the Boy Scouts of America
asked a New York federal judge Thursday to approve $15.4 million in
legal fees for beating the Girl Scouts' trademark infringement
lawsuit challenging the Boy Scouts' use of genderless scouting
terms, arguing the case was launched as a "competitive ploy" and
warrants fees.
In a 27-page memo supporting its motion, the Boy Scouts argued that
the Girl Scouts of the United States of America's trademark claims
were "objectively unreasonable" from the outset, and even the judge
acknowledged in his summary judgment ruling.
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.
BROOKDALE SENIOR: Egan-Jones Keeps CC Senior Unsecured Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company on March 14, 2022, maintained its 'CC'
foreign currency and local currency senior unsecured ratings on
debt issued by Brookdale Senior Living Inc. EJR also maintained its
'C' rating on commercial paper issued by the Company.
Headquartered in Brentwood, Tennessee, Brookdale Senior Living Inc.
operates senior living facilities in the United States.
BUCKEYE TECHNOLOGIES: Egan-Jones Cuts Sr. Unsecured Ratings to BB-
------------------------------------------------------------------
Egan-Jones Ratings Company on March 15, 2022, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Buckeye Technologies Inc. to BB- from BB.
Headquartered in Memphis, Tennessee, Buckeye Technologies Inc.
manufactures and markets specialty cellulose and absorbent
products.
CARROLL COUNTY ENERGY: S&P Cuts Sr. Secured Debt Rating to 'BB-'
----------------------------------------------------------------
S&P Global Ratings lowered its issue-level rating on Carroll County
Energy LLC's (CCE) senior secured debt, including its term loan B
(TLB) and revolving credit facility (RCF), to 'BB-' from 'BB'. The
recovery rating is unchanged at '2', indicating its expectation for
substantial (70%-90%; rounded estimate: 75%) recovery in a default
scenario.
The stable outlook reflects S&P's expectation that CCE will
continue to generate sufficient cash flows, spurred by adequate
operational performance, that should result in a minimum debt
service coverage ratio (DSCR) of 1.43x in the post-refinancing
period.
CCE is a 700-megawatt (MW) combined-cycle natural gas-fired power
plant. The project is in Carroll County, Ohio, and dispatches into
the American Electric Power (AEP) zone of the PJM Interconnection.
The project is owned by AP Carroll County Holdings LLC (18%), San
Jacinto Carroll Holdings LLC (11.5%), 730 Carroll LLC (40%), Jera
Power U.S.A. Inc. (20%), and Ullico Infrastructure Carroll County
HoldCo LLC (10.5%).
Materially lower projected clearing prices will negatively affect
CCE's projected cash flows.
S&P said, "We now anticipate that capacity prices, particularly in
PJM, will be lower over the long term. This is material for CCE
because the project relies on capacity revenues at about 30% of its
gross margin. We now forecast a price of $45.00/MW-day for
2023-2024 and $55.00/MW-day for the 2024-2025 delivery years,
compared with our previous assumptions of $90.00/MW-day starting in
the 2023-2024 auction."
CCE's hedging in previous years at lower spark spreads should
negatively affect projected energy margin revenue for 2022.
S&P said, "We also anticipate that CCE's energy margin contribution
in the near term will be affected somewhat negatively by the
project's outstanding hedges for 2022 and 2023, which were set when
prices were weaker. As part of its risk management practices, CCE
has implemented a series of hedges, due for delivery in 2022 and
2023, at lower spark spreads. Given the elevated power pricing, we
anticipate that the hedges will likely result in some negative
settlements. However, although those hedges do not result in an
energy margin uplift under our base-case scenario given the
currently elevated power prices, they provide downside protection
in case of a significant downturn.
"At the same time, the hedges are resulting in collateral
requirements, which we view as being sufficiently met by CCE's
lien-based collateral capacity and availability on its RCF."
Lower projected cash flows, combined with modest sweep structure,
could result in higher refinancing risks.
S&P said, "Our projected lower cash flows, combined with a modest
sweep structure at 50% of excess cash flows, should result a
higher-than-previously forecast TLB balance at maturity. We now
expect about $337 million outstanding at maturity in February 2026,
which compares unfavorably with our previous expectation of $321
million.
"Under our revised base-case scenario, we project a minimum DSCR of
1.43x post refinancing, which is lower than our previous
expectation of 1.95x. At the same time, we view CCE's projected
financial performance as being sensitive to our modeling
assumptions, particularly long-term capacity prices. For example,
we project DSCRs pre-refinancing will be above 1.5x on a sustained
basis. We also believe a material rebound in projected capacity
prices or a sustained increase in spark spreads would be positive
for CCE's sweep profile.
"The stable outlook reflects our expectation that CCE will maintain
a minimum DSCR of 1.43x in the post-refinancing period, with an
average DSCR of 1.54x. Under current and forecast market conditions
in PJM, we project realized spark spreads of about $14.00-$16.00
per megawatt-hour (MWh) through 2023, with a capacity factor in the
80%-85% range over the next five years. Under these assumptions, we
now project $337 million debt outstanding at maturity in February
2026."
S&P could consider a negative rating action if CCE is unable to
maintain DSCR above 1.35x on a sustained basis or if realized cash
sweeps are far lower than its expectations. This could occur if:
-- Weaker realized spark spreads, lower PJM capacity prices, or
unfavorable hedge settlements for delivery year 2023/2024 and
beyond constrain liquidity;
-- Unplanned outages substantially affect generation;
-- Economic factors cause the power plants to dispatch materially
less than our base-case expectations; or
-- The project's excess cash flows do not translate into expected
debt paydowns.
S&P said, "Although unlikely in the near term, we could raise the
rating if we expect the project will maintain a minimum base-case
DSCR greater than 1.85x in all years, including the
post-refinancing period. We would expect such outcomes to
materialize only via significant improvement in spark spreads and
uncleared capacity prices in PJM's AEP zone and if the project can
continue to procure inexpensive fuel while maintaining adequate
liquidity."
CASABELLA CONTRACTING: Case Summary & 20 Top Unsecured Creditors
----------------------------------------------------------------
Debtor: Casabella Contracting of NY, Inc.
182 Lindsey Avenue
Buchanan, NY 10511
Chapter 11 Petition Date: April 25, 2022
Court: United States Bankruptcy Court
Southern District of New York
Case No.: 22-22205
Judge: Hon. Sean H. Lane
Debtor's Counsel: James J. Rufo, Esq.
LAW OFFICE OF JAMES J. RUFO
1133 Westchester Avenue W N202
West Harrison, NY 10604
Tel: (914) 600-7161
E-mail: jrufo@jamesrufolaw.com
Debtor's
Special
Litigation
Counsel: Charles A. Higgs, Esq.
Total Assets: $1,598,615
Total Liabilities: $4,042,751
The petition was signed by Laura Marcela Pignataro as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/PLC3Y5Q/Casabella_Contracting_of_NY_Inc__nysbke-22-22205__0001.0.pdf?mcid=tGE4TAMA
CCX INC: Seeks Approval to Hire SC&H Group as Investment Banker
---------------------------------------------------------------
CCX Inc. seeks approval from the U.S. Bankruptcy Court for the
District of Delaware to hire SC&H Group, Inc. as its investment
banker.
The firm will render these services:
a. undertake a study in order to better understand the
Debtor's business and inspect the assets of the business to
determine their physical condition;
b. identify potential buyers based on information to be
provided by the Debtor and make recommendations to prepare the
assets and the business for proper investigation by potential
buyers;
c. prepare an information memorandum or other materials about
the assets and the business for consideration by prospective
buyers, and prepare advertising letters, flier or similar sales
materials, which would include information regarding the assets, in
each case, based on information provided by the Debtor; and
d. provide assistance in transaction structuring and pricing
discussions with potential buyers, on an as-needed basis, in an
effort to guide the transaction to a satisfactory conclusion and
perform related services necessary to maximize the proceeds to be
realized in any transaction.
The firm is entitled to a transaction fee in connection with a
sale, which shall be the lesser of (i) $225,000 or (ii) 50 percent
of any cash portion of the total consideration payable in
connection with any definitive agreement.
As disclosed in court filings, SC&H is a "disinterested person"
within the meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Matthew LoCascio
SC&H Group, Inc.
910 Ridgebrook Rd.
Sparks, ND 21152
Phone: 410-403-1500
Email: mlocascio@schgroup.com
About CCX Inc.
CCX, Inc. is a Pennsylvania-based company that processes metal
alloys. It conducts business under the names Braeburn Alloy Steel
and Braeburn Alloy Steel Division CCX, Inc.
CCX filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. D. Del. Case No. 22-10252) on March 27,
2022. David M. Klauder serves as Subchapter V trustee.
In the petition signed by Francis X. Feeney, vice president, CCX
listed total assets of $1,735,342 and total liabilities of
$2,200,793 as of Feb. 26, 2022.
Judge Brendan Linehan Shannon oversees the case.
Eric J. Monzo, Esq., at Morris James, LLP and SC&H Group, Inc.
serve as the Debtor's legal counsel and financial advisor,
respectively. Stretto is the claims and noticing agent.
CENTENNIAL RESOURCE: Moody's Ups CFR to B1 & Unsecured Notes to B2
------------------------------------------------------------------
Moody's Investors Service upgraded Centennial Resource Production,
LLC's (CRP) Corporate Family Rating to B1 from B2 and Probability
of Default Rating to B1-PD from B2-PD. Concurrently, Moody's also
upgraded the ratings on its senior unsecured notes to B2 from B3.
The Speculative Grade Liquidity rating (SGL) was upgraded to SGL-1
from SGL-3. The outlook is stable.
"The upgrade of CRP's ratings reflects the company's positive free
cash flow generation as well as its improving liquidity position
and leverage metrics," said Elena Nadtotchi, Senior Vice President
at Moody's. "The upgrade is also supported by company's more
defined financial strategy with respect to financial leverage
targets and boosting shareholder returns."
Upgrades:
Issuer: Centennial Resource Production, LLC
Corporate Family Rating, Upgraded to B1 from B2
Probability of Default Rating, Upgraded to B1-PD from B2-PD
Speculative Grade Liquidity Rating, Upgraded to SGL-1 from SGL-3
Senior Unsecured Regular Bond/Debenture, Upgraded to B2 (LGD5)
from B3 (LGD5)
Outlook Actions:
Issuer: Centennial Resource Production, LLC
Outlook, Remains Stable
RATINGS RATIONALE
The upgrade of the CFR to B1 reflects CRP's improved credit
metrics, positive free cash flow generation, and very good
liquidity profile. Moody's expects that the company will increase
production above 65 Mboe/d, improve its RCF/debt above 75%, and
reduce E&P Debt/Production below $13,000 in 2022 even under more
conservative commodity price assumptions that fall within Moody's
medium term price bands. In 2022, Centennial could generate upwards
of $400 million of free cash flow in the current commodity price
environment. Capital expenditures are expected to increase by just
under a third as the company completes more wells compared to 2021
and inflationary pressures increase costs. The company's liquidity
profile is bolstered by free cash flow generation and the extension
of its senior secured revolving credit facility to 2027 (unrated),
and the increase of its elected commitments by $50 million to $750
million of which only $25 million was outstanding at the end of
2021.
Moody's expects the company to return a portion of free cash flow
to shareholders with its new 2-year $350 million share repurchase
program, however expected free cash flow generated in the current
commodity price environment in the same period far exceeds the
amount of the program. At medium term commodity pricing, Moody's
expects only a portion of the share repurchase authorization to be
utilized. Management's more defined strategy with regards to its
financial leverage target, production growth profile, and
shareholder returns through free cash flow led to a revision in the
Financial Strategy and Risk Management Governance category to 3
from 4 and a change to the overall Governance IPS to G-3 from G-4.
The ratings reflect CRP's low cost of operations, its high-quality
acreage in the core of the Delaware basin, as well as the
expectation of lower level of natural depletion, more in line with
established shale operators in the basin, that should allow CRP to
maintain production levels at the lower level of capital intensity.
The B1 CFR further reflects the single basin exposure, increasing
oil production mix, and earnings volatility on its majority
unhedged oil price exposure.
The stable outlook reflects Moody's expectation that CRP will
increase oil weighted production, fund operations and investment
needs internally, and generate positive free cash flow.
CRP's senior unsecured notes are rated B2, one notch below the B1
CFR. The rating on the notes reflects significant size of the
senior secured revolving credit facility and the effective
subordination of the unsecured notes to the secured obligation.
CRP's SGL-1 Speculative Grade Liquidity Rating reflects its very
good liquidity through mid-2023. The liquidity position is
supported by its free cash flow generation and senior secured ABL
facility maturing February 2027. The facility has a borrowing base
of $1.15 billion and $750 million commitments. As of December 31,
2021, CRP had $25 million outstanding however Moody's expect the
outstanding amount to be repaid in 1Q 2022 and do not expect
borrowings thereafter as funds from operations can cover its
increasing capital expenditures. The facility has two financial
covenants including a maximum debt/EBITDAX of 3.5x and minimum
current ratio of 1.0x. Moody's expects the company to remain well
in compliance with its financial covenants.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The upgrade of the CFR would require increased scale and consistent
free cash flow generation, with LFCR sustained above 2x, while
maintaining a solid leverage profile with RCF/debt above 40%.
The B1 CFR may be downgraded if leverage weakens with RCF/debt
below 25%, the company generates negative free cash flow, or its
liquidity position weakens.
The principal methodology used in these ratings was Independent
Exploration and Production published in August 2021.
CHICAGO AUTO: Gets OK to Hire Gregory K. Stern as Legal Counsel
---------------------------------------------------------------
Chicago Auto Credit Sales, Inc. received approval from the U.S.
Bankruptcy Court for the Northern District of Illinois to hire
Gregory K. Stern, P.C. to serve as legal counsel in its Chapter 11
case.
The firm's services include:
(a) reviewing the Debtor's schedules of assets and liabilities
and other relevant documents;
(b) preparing the Debtor's bankruptcy schedules, statement of
financial affairs and other documents;
(c) advising the Debtor of its powers and duties;
(d) preparing legal papers;
(f) negotiating with creditors and other parties, and
attending court hearings and meetings; and
(g) reviewing proofs of claim and soliciting creditors'
acceptances of the Debtor's Chapter 11 plan.
The hourly rates for the firm's attorneys are as follows:
Gregory Stern, Esq. $550
Dennis Quaid, Esq. $550
Monica O'Brien, Esq. $450
Rachel Sandler, Esq. $350
The firm received a pre-bankruptcy minimum fee in the amount of
$5,000.
As disclosed in court filings, the firm's attorneys do not
represent interests adverse to the Debtor and its estate in the
matters upon which they are to be employed.
The firm can be reached at:
Gregory K. Stern, Esq.
Dennis E. Quaid, Esq.
Monica C. O'Brien, Esq.
Rachel S. Sandler, Esq.
Gregory K. Stern, P.C.
53 West Jackson Boulevard, Suite 1442
Chicago, IL 60604
Phone: 312- 427-1558
Fax: 312- 427-1289
Email: greg@gregstern.com
dquaid3@gmail.com
monica@gregstern.com
About Chicago Auto Credit Sales
Chicago Auto Credit Sales, Inc. filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No.
22-03260) on March 22, 2022, listing up to $50,000 in assets and up
to $500,000 in liabilities. Ken Novak serves as Subchapter V
trustee.
Judge Janet S. Baer oversees the case.
Gregory K. Stern, P.C. is the Debtor's bankruptcy counsel.
CITY WIDE COMMUNITY: May 24 Plan Confirmation Hearing Set
---------------------------------------------------------
On April 9, 2022, City Wide Community Development Corporation et
al., filed with the U.S. Bankruptcy Court for the Northern District
of Texas a Second Amended Disclosure Statement as Modified
describing Second Amended Plan of Reorganization as Modified.
On April 19, 2022, Judge Michelle V. Larson approved the Disclosure
Statement and ordered that:
* May 20, 2022 at 12:00 noon is the deadline for filing
ballots accepting or rejecting the Plan.
* May 20, 2022 at 12:00 noon is the deadline for filing and
serving written objections to confirmation of the Plan and/or
objections to the assumption of executory contracts and proposed
cure.
* May 24, 2022 at 2:00 p.m. at 1100 Commerce Street, 14th
Floor, Dallas, Texas 75241 is the hearing on the confirmation of
the Plan.
A copy of the order dated April 19, 2022, is available at
https://bit.ly/394CGyg from PacerMonitor.com at no charge.
Counsel for the Consolidated Debtors:
Kevin S. Wiley, Sr., Esq.
WILEY LAW GROUP, PLLC
325 N. St. Paul Street, Suite 2250
Dallas, Texas 78201
Tel: (214) 537-9572
Fax: (972) 498-1117
E-mail kwiley@wileylawgroup.com
About City-Wide Community Development Corp.
City-Wide Community Development Corp. and affiliates are primarily
engaged in renting and leasing real estate properties.
City-Wide Community Development Corp. and affiliates Lancaster
Urban Village Residential, LLC and Lancaster Urban Village
Commercial, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 21-30847) on April
30, 2021. In the petitions signed by Sherman Roberts, president
and chief executive officer, the Debtors disclosed $12,026,657 in
assets and $10,332,946 in liabilities. Judge Michelle V. Larson
oversees the cases. Kevin S. Wiley, Sr., Esq. and Kevin S. Wiley,
Jr., Esq. at the Wiley Law Group, PLLC, are the Debtors' legal
counsel.
CLEVELAND-CLIFFS INC: Egan-Jones Cuts Sr. Unsecured Ratings to BB-
------------------------------------------------------------------
Egan-Jones Ratings Company on March 11, 2022, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Cleveland-Cliffs Inc. to BB- from B+.
Headquartered in Cleveland, Ohio, Cleveland-Cliffs Inc.
manufactures custom-made pellets and hot briquetted iron (HBI),
flat-rolled carbon steel, stainless, electrical, plate, tinplate
and long steel products, as well as carbon and stainless steel
tubing, hot and cold stamping and tooling.
COLLEGE DUDES: May Use Cash Collateral Thru May 15
--------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of North
Carolina, Raleigh Division, authorized College Dudes Help-U-Move
Inc. to use cash collateral for its post-petition necessary and
reasonable operating expenses for the period from April 15 through
May 15, 2022, as set forth in the budget, with a 10% variance.
The possible lienholders of the Debtor's cash collateral are RBR
Global, Expansion Capital Group, and QS Capital Partners.
Prior to the bankruptcy filing, one or more of the Secured
Creditors issued levies against funds held in the Debtor's bank
account at Fifth Third Bank and by its credit card processing
company Global Payment / Authorize.Net based on their perfected
security interests. The Debtor believes its bank account is
currently holding over $6,000 in estate funds and the merchant
servicer is holding over $16,000. These funds are cash collateral
and the release of the funds, irrespective of the Secured
Creditors' demands or perfected security interest, is part of the
relief requested by the Motion.
The terms and conditions of the Court Order provide adequate
protection of the interests, if any, of the Secured Creditors for
the Debtor's interim use of the cash collateral.
A further hearing on the matter is scheduled for May 10, 2022 at 1
p.m.
A copy of the order and the Debtor's budget for the period from
April 15 to May 15, 2022 is available at https://bit.ly/3k1KzXt
from PacerMonitor.com.
The Debtor projects $104,239 in total revenues and $114,454 in
total expenses for the period.
About College Dudes Help-U-Move, Inc.
College Dudes Help-U-Move, Inc. sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 22-00822-5)
on April 15, 2022. In the petition filed by Abraham Cannon, its
chief executive officer, the Debtor disclosed up to $50,000 in
assets and up to $500,000 in liabilities.
Judge Joseph N. Callaway oversees the case.
Travis Sasser, Esq., at Sasser Law Firm is the Debtor's counsel.
COMMUNITY ECO: Exclusivity Period Extended to July 20
-----------------------------------------------------
Community Eco Power, LLC and its affiliates obtained an order from
the U.S. Bankruptcy Court for the District of Massachusetts, which
extended the companies' exclusivity periods to file a Chapter 11
plan and solicit acceptances for the plan to July 20 and Sept. 19,
respectively.
The extension will give the companies more time to complete the
sale of their assets, which are considered critical steps in filing
a plan of liquidation.
Community Eco Springfield, an affiliate of Community Eco Power,
recently obtained court approval to sell its waste-to-energy
facility. Meanwhile, a court hearing on the proposed sale of
Community Eco Pittsfield's facility is scheduled for April 26.
"The debtors have made significant progress thus far to identify
two capable buyers for these specialized facilities, and other
interested parties will have an opportunity to submit better or
higher offers during the sale processes as well," said the
companies' lawyer, D. Sam Anderson, Esq., at Bernstein, Shur,
Sawyer and Nelson, PA.
"The debtors, therefore, require additional time to complete the
sale efforts before liquidating plans may be finalized and filed,"
Mr. Anderson said.
About Community Eco Power
Community Eco Power, LLC and affiliates, Community Eco Pittsfield,
LLC and Community Eco Springfield, LLC, sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Lead Case No.
21-30234) on June 25, 2021.
At the time of the filing, Community Eco Power disclosed up to
$50,000 in assets and up to $10 million in liabilities. Affiliates
Community Eco Pittsfield and Community Eco Springfield each
disclosed $1 million to $10 million in both assets and
liabilities.
The petitions were signed by Richard Fish, president and chief
executive officer.
Judge Elizabeth D. Katz oversees the cases.
D. Sam Anderson, Esq., Adam R. Prescott, Esq., and Kyle D. Smith,
Esq. at Bernstein, Shur, Sawyer and Nelson, PA, serve as the
Debtor's attorneys.
CORECIVIC INC: Egan-Jones Keeps BB+ Senior Unsecured Ratings
------------------------------------------------------------
Egan-Jones Ratings Company on March 11, 2022, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by CoreCivic, Inc.
Headquartered in Nashville, Tennessee, CoreCivic, Inc. provides
detention and corrections services to governmental agencies.
CRESCENT ENERGY: Moody's Alters Outlook on 'B1' CFR to Positive
---------------------------------------------------------------
Moody's Investors Service, changed Crescent Energy Finance LLC's
outlook to positive. Concurrently, Moody's affirmed Crescent's B1
Corporate Family Rating, its B1-PD Probability of Default Rating
and its B2 senior unsecured notes rating. Moody's also assigned
Crescent a Speculative Grade Liquidity (SGL) rating of SGL-2.
"Crescent's outlook change to positive is precipitated by the
company's Uinta Basin acquisition, which adds to the company's
scale and increases its operated production from the core Rockies
operating area. The integration of Uinta assets and continued
generation of significant free cash flow while maintaining its low
decline production base should benefit the company's credit
profile" commented Sreedhar Kona, Moody's Senior Analyst.
Assignments:
Issuer: Crescent Energy Finance LLC
Speculative Grade Liquidity Rating, Assigned SGL-2
Affirmations:
Issuer: Crescent Energy Finance LLC
Corporate Family Rating, Affirmed B1
Probability of Default Rating, Affirmed B1-PD
Senior Unsecured Regular Bond/Debenture, Affirmed B2 (LGD5)
Outlook Actions:
Issuer: Crescent Energy Finance LLC
Outlook, Changed To Positive From Stable
RATINGS RATIONALE
Crescent's B1 CFR is supported by the company's low debt leverage,
strong cash margins backed by its significant commodity hedge book
and Moody's expectation of substantial free cash flow generation in
2022. The company's merger with Contango Oil & Gas Company
(Contango) in December 2021, in an all-stock transaction to create
Crescent Energy Company (NYSE: CRGY), parent of Crescent, enhanced
the company's scale while maintaining its low leverage profile, and
turned parent company into a publicly traded entity. Furthermore,
the company's acquisition of Uinta Basin oil and gas assets in the
first quarter of 2022 significantly enhanced the company's scale,
increased the company's presence in the core Rockies region and
increased its percentage of operated acreage. However, the Uinta
Basin acquisition increased the company's priority debt
significantly as this transaction was initially funded on the
company's revolving credit facility. Moreover, the company's
business model prioritizes acquisitions to pursue growth and it
entails additional operational risks and to some extent financial
risks when the acquisitions are funded with debt.
Crescent has moderate exposure to Environmental, Social and
Governance (ESG) risks, reflected in its CIS-3 Credit Impact Score.
There is limited credit impact to date, but there is potential for
the carbon transition and demographic and societal trend risk
factors to cause greater future negative credit impact over time.
Crescent faces very high environmental risk. Upstream companies
will face increasing pressure over time, particularly oil
producers, as decarbonization efforts and the transition towards
cleaner energy continues. The company is also exposed to high risks
involving waste and pollution, water management and natural capital
while having moderate exposure to physical climate risks. Crescent
is also exposed to very high social risk, as growing public concern
around climate change, including air and water quality could lead
to stricter future regulations and higher costs. The company has
low to moderate exposure to other social risk factors such as human
capital, customer relations, health and safety, and responsible
production. Crescent has moderate governance risk, reflecting
financial policies involving leverage and capital allocation. The
company's conversion to a public company is fostering improved
disclosures and transparency to its corporate governance structure
through periodic filings.
Crescent's positive outlook reflects the company's substantial
scale and its ability to generate significant cash flow while
maintaining its low decline production from a diversified asset
base.
Crescent's $700 million senior unsecured notes due in 2026 are
rated B2, one-notch below the B1 CFR, reflecting the priority
ranking of the company's substantial $1.3 billion RBL facility due
in May 2025. Given the company's improving credit profile and the
evolving capital structure, Moody's views the B2 notes rating to be
more appropriate than the lower rating suggested under Moody's Loss
Given Default for Speculative-Grade Companies methodology.
Moody's expects Crescent to maintain good liquidity as reflected in
its SGL-2 rating. Pro forma for the closing of the Uinta Basin
acquisition, Crescent had about $400 million of liquidity largely
in the form of availability under its $1.3 billion RBL facility.
Crescent will fully fund its capital spending needs and debt
service through 2022 from its operating cash flow. Under the RBL
credit agreement, Crescent is required to maintain total net
debt/EBITDAX of less than 3.5x and a current ratio of greater than
1x. Moody's expects Crescent to maintain compliance with its
financial covenants well into 2023.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
A ratings upgrade could be considered if Crescent consistently
grows its production and proved developed reserves while generating
positive free cash flow and maintaining retained cash flow to debt
above 40% and leveraged full cycle ratio above 2x. Successful
integration of the Uinta assets and a track record of strong cash
flow generation from the acquired assets will also contribute to
the upgrade.
Factors that could lead to a downgrade include declining
production, a significant rise in debt or a deterioration of
liquidity. Retained cash flow to debt below 30% could also lead to
a ratings downgrade.
Crescent is a diversified independent exploration & production
company with a portfolio of oil, gas, minerals and midstream assets
in multiple basins across the Lower 48 states. An affiliate of KKR
& Co. Inc. provides management services to Crescent.
The principal methodology used in these ratings was Independent
Exploration and Production published in August 2021.
CROWNROCK LP: S&P Alters Outlook to Positive, Affirms 'B+' ICR
--------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' issuer credit rating on
Midland, Texas-based oil and gas exploration and production company
CrownRock L.P. and revised its rating outlook on the company to
positive from stable.
S&P said, "We affirmed our 'BB-' issue-level rating on the
company's unsecured debt. The '2' recovery rating is unchanged and
indicates our expectation for substantial (70%-90%; rounded
estimate: capped at 85%) recovery in the event of a payment
default.
"The positive outlook on CrownRock reflects our expectation that
over the next 12 months, it will likely continue to develop its
production and reserves to levels comparable with higher rated
peers. We also forecast the company will maintain average FFO to
debt of more than 60% over the next two years and expect excess
cash flow will likely be used to increase discretionary
distributions as well as debt reduction."
The positive outlook primarily reflects CrownRock's increasing
scale, with production growing more than 35% on a year-over-year
basis to 112 Mboe/d in 2021.
Similarly, its proved reserves have risen to 567 MMBoe at year-end
compared to 500 MMBoe in 2020. Expenditures also remained on
budget, and improved drilling efficiencies lowered the spud-to-spud
average to 12 days from 14.7 days in 2020. However, over half of
CrownRock's proved reserves remain undeveloped, and the company is
singularly concentrated in the Permian Basin--requiring a higher
level of future development capital and making operations highly
susceptible to unforeseen regional risks. S&P expects production to
continue to grow by mid-teens percentages this year and likely in
2023 as the company runs approximately five drilling rigs (these
will be re-contracted this year) and two completion crews--further
building on a footprint that spans more than 190,000 total net
acres in the Permian Basin. CrownRock's business risk profile is
also supported by its highly competitive cost structure, which
included lease operating expenses of $5.36/boe and total cash
operating costs of $8.42/boe in 2021.
S&P said, "We expect financial leverage to remain low, with excess
cash flow directed to discretionary distributions and debt
reduction.
"We estimate CrownRock will continue to exhibit solid leverage
metrics including average FFO to debt above 60% and debt to EBITDA
below 1x over the next two years at our current oil and gas price
assumptions. The company generated more than $525 million of free
operating cash flow in 2021, and we expect strong cash flow
generation again in 2022 and 2023 despite the potential impact of
below-market hedges on about 60% of anticipated oil production and
75% of natural gas production this year. We believe the excess cash
could be used for discretionary distributions and debt reduction,
which remains a focal point after last year's redemption of the
company's aeries A preferred units (which we had treated as debt)
for approximately $645 million. The next debt maturity of $1.185
billion is not until 2025, and the company has a substantial
liquidity position with an undrawn $700 million revolving credit
facility (outstanding borrowings were paid off after year-end) and
$157 million of cash on March 11, 2022.
"The positive outlook on CrownRock reflects our expectation that,
over the next 12 months, it will likely continue to develop its
production and reserves to levels comparable with higher-rated
peers. We also forecast the company will maintain average FFO to
debt of more than 60% over the next two years and expect excess
cash flow will likely be used to increase discretionary
distributions as well as debt reduction.
"We could revise the outlook to stable if CrownRock's scale
increased at a slower pace than we anticipated or if the company
outspent internally generated cash flow. This could occur if
commodity prices fell or if the company became more aggressive with
capital spending and discretionary distributions.
"We could raise our rating on CrownRock if it develops its asset
base and increases its developed reserve and production profile,
such that they are commensurate with those of its higher-rated
peers while operating within internally generated cash flow. The
company would also need to maintain adequate liquidity and FFO to
debt above 45%. This scenario could occur if commodity prices
remain in line with our expectations and the company increases its
production and further develops its acreage."
CRYSTAL PACKAGING: Wins Cash Collateral Access on Final Basis
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Colorado authorized
Crystal Packaging, Inc. to use cash collateral on a final basis in
accordance with the budget, with a 15% variance and provide
adequate protection.
As adequate protection, the parties with a properly perfected
security interest or ownership interest in cash collateral are
granted replacement lien on the proceeds of all post-petition
accounts to the extent that the use of cash collateral results in a
decrease in the value of such party's interest in the cash
collateral.
The Debtor will maintain adequate insurance coverage on all
personal property assets and adequately insure against any
potential loss.
The Debtor will provide periodic reports and information filed with
the Bankruptcy Court, including debtor-in-possession reports.
The hearing set for April 22, 2022 at 10 a.m. was vacated.
A copy of the order is available at https://bit.ly/3K0URli from
PacerMonitor.com.
About Crystal Packaging, Inc.
Crystal Packaging, Inc. is a specialty chemical and petroleum
contract packager and private label manufacturer in the Rocky
Mountain Region.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Colo. Case No. 22-10990) on March 26,
2022. In the petition signed by C. Scott Vincent, president, the
Debtor disclosed up to $10 million in both assets and liabilities.
Judge Elizabeth E. Brown oversees the case.
David V. Wadsworth, Esq., at Wadsworth Garber Warner Conrardy, PC
is the Debtor's counsel.
CYCLE FORCE: Unsecureds to Recover 1% to 20% in Liquidating Plan
----------------------------------------------------------------
Debtor Cycle Force Group, LLC and its Official Committee of
Unsecured Creditors filed with the U.S. Bankruptcy Court for the
Southern District of Iowa a First Amended Disclosure Statement with
respect to the Plan of Orderly Liquidation dated April 19, 2022.
Cycle Force Group ("CFG") was started by its President/CEO, Nyle
Nims, as Cycle Source Group in August 1998 in Yaphank, New York. In
2007, Cycle Source Group relocated from Yaphank, New York, to Ames,
Iowa.
The Plan is a plan of liquidation and will be funded by the
"Liquidating Trust Assets" consisting of, (a) the Cash held by the
Estate after taking into account Distributions made on the
Effective Date; (b) all Causes of Action; (c) all Privileged
Documents and communications of the Debtor; (d) all other assets of
the Debtor or of the Estate existing on the Effective Date after
giving effect to all Distributions required to be made as of or
prior to the Effective Date, including but not limited to all
books, records and files of the Debtor and of the Estate, in all
forms, including electronic and hard copy. The Plan also creates a
Liquidating Trust, which will be the mechanism through which Claims
will be adjudicated and distributions will be made as set forth in
the Plan.
On October 1, 2021, the Debtor filed a Motion for Orders (I)
Approving Bidding Procedures; (B) Scheduling the Time, Date, and
Form of Notice for the Auction and Sale Hearing and (C) Approving
Break-Up Fee; and (II)(A) Approving the Sale Free and Clear of
Liens, Claims, Interests, & Encumbrances; and (B) Authorizing
Assumption and Assignment or Rejection of Leases and Executory
Contracts (the "Sale Motion"). In the Sale Motion, the Debtor
sought to sell substantially all of its assets (the "Assets") at
Auction, pursuant to Bidding Procedures.
On December 20, 2021, a sale hearing was held to approve the sale
of the Assets to the Stalking Horse Bidder, Messingschlager,
pursuant to the APA, which included the assumption of certain of
the Debtor's consignment agreements. The Sale Order was entered on
December 27, 2021.
The Sale Order also approved certain releases and concessions among
the Debtor, the Committee, and Great Western Bank. Specifically,
the Sale Order approved the Closing Carve Out. The Closing Carve
Out is intended to: (i) fully pay any unimpaired Class of Claims on
the Effective Date in accordance with the Plan; (ii) fully pay any
other unclassified Claims that are entitled to be paid in full on
the Effective Date in accordance with the Plan; and (iii) fund the
Liquidating Trust with $70,000.00 to provide for the administration
of the Liquidating Trust and the pursuit of potential Causes of
Action.
Class 3 Claims consist of all General Unsecured Claims against the
Debtor. A Holder of an Allowed General Unsecured Claim shall
receive its Pro Rata Share of any remaining Liquidating Trust
Assets after providing for the payment in full of all Allowed
Secured Claims, Allowed Administrative Claims, Allowed Priority Tax
Claims and Allowed Other Priority Claims. Class 3 Claims are
Impaired by the Plan. The allowed unsecured claims total $6
million. This Class will receive a distribution of 1%-20%, subject
to the outcome of litigation brought by the Liquidating Trustee.
Class 4 Equity Interests consist of all Equity Interests in the
Debtor. Class 4 Equity Interests will be canceled, released, and
extinguished as of the Effective Date, and will be of no further
force or effect. The Holders of Class 4 Equity Interests are deemed
to have rejected the Plan and, therefore, are not entitled to vote
to accept or reject the Plan.
Cash and the other Liquidating Trust Assets shall be used to fund
the Distributions to Holders of Allowed Claims against the Debtor
in accordance with the treatment of such Claims provided in the
Plan.
A full-text copy of the First Amended Disclosure Statement dated
April 19, 2022, is available at https://bit.ly/3EGCBwo from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Jeffrey D. Goetz, Esq.,
Krystal R. Mikkilineni, Esq.
Bradshaw Fowler Proctor & Fairgrave P.C.
801 Grand Avenue, Suite 3700
Des Moines, IA 50309-8004
515-246-5880
515-246-5808 FAX
goetz.jeffrey@bradshawlaw.com
mikkilineni.krystal@bradshawlaw.com
Counsel for the Official Committee of Unsecured Creditors:
Ronald E. Gold, Esq.
A.J. Webb, Esq.
Frost Brown Todd, LLC
Great American Tower
301 East Fourth Street, Suite 3300
Cincinnati, OH 45202
Tel: (513) 651-6800
Fax: (513) 651-6981
Email: rgold@fbtlaw.com
awebb@fbtlaw.com
About Cycle Force Group
Ames, Iowa-based Cycle Force Group, LLC -- https://www.cyclefg.com
-- is a centrally located importer of bicycles, parts and
accessories serving all facets of the cycling industry including
independent retailers, mass retailers, sporting goods retailers,
e-commerce retailers, premium and incentive distributors and
jobbers and OEM customers worldwide.
Cycle Force Group filed a petition for Chapter 11 protection
(Bankr. S.D. Iowa Case No. 21-00571) on April 22, 2021, listing
$9,795,675 in total assets and $8,516,707 in total liabilities.
Nyle Nims, president and chief executive officer of Cycle Force
Group, signed the petition.
Judge Anita L. Shodeen oversees the case.
Bradshaw, Fowler, Proctor & Fairgrave PC represents the Debtor as
bankruptcy counsel. The Debtor also tapped CR3 Partners as
financial advisor, Miller & Co. as special counsel, and Ravinia
Capital LLC as investment banker.
The U.S. Trustee for Region 12 appointed an official committee of
unsecured creditors on May 7, 2021. Frost Brown Todd, LLC and
Cutler Law Firm, P.C. serve as the committee's bankruptcy counsel
and associate counsel, respectively.
Great Western Bank, a secured creditor, is represented by Jeffrey
W. Courter, Esq., at Nyemaster Goode, PC.
DELIVER BUYER: Fortna Inc Deal No Impact on Moody's B3 CFR
----------------------------------------------------------
Moody's Investors Service said that Deliver Buyer, Inc.'s B3
corporate family rating is unaffected by the company's private
equity owner's decision to combine it with Fortna, Inc. On April
18, private equity firm Thomas H. Lee Partners announced its
intention to combine Deliver Buyer, Inc. (d/b/a MHS Global) and
Fortna, Inc. (unrated), two of its portfolio companies. The
combination will expand scale and enhance product offerings, but
result in a significant increase in debt.
Deliver Buyer Inc. ("MHS"), headquartered in Louisville, Kentucky,
the parent company for Material Handling Systems Inc. and Santa
Rosa Systems LLC, designs, engineers, builds and installs conveyors
and automated sortation systems primarily for the parcel industry.
MHS generated $1.3 billion in total revenue for the twelve month
period ended September 30, 2021.
DIEBOLD NIXDORF: Egan-Jones Keeps CCC Senior Unsecured Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company on March 7, 2022, maintained its 'CCC'
foreign currency and local currency senior unsecured ratings on
debt issued by Diebold Nixdorf, Incorporated. EJR also maintained
its 'C' rating on commercial paper issued by the Company.
Headquartered in North Canton, Ohio, Diebold Nixdorf, Incorporated
provides automatic teller machines, financial, and point of sale
(POS) services.
DSB CONSTRUCTION: Has Final OK on Cash Collateral Access
--------------------------------------------------------
The U.S. Bankruptcy Court for the District of Utah has authorized
DSB Construction, LLC to use cash collateral on a final basis to
fund its ongoing business operations and for the purposes outlined
in its monthly budget.
The Debtor is authorized to accumulate funds to pay items as they
become due if not used in a particular month.
As previously reported by the Troubled Company Reporter, the cash
collateral is subject to a first position lien in favor of Zions
Bancorporation, National Association and a second position lien in
favor of the United States Small Business Administration, pursuant
to 11 U.S.C. sections 361 and 363.
The Debtor is permitted to make payments to the Lienholders
pursuant to its loan with Zions Bank, as clarified by a
Stipulation, and the SBA. The payments will constitute adequate
protection.
Zions Bank and the SBA, in their same respective position and
priority, are granted a replacement lien on all postpetition cash
and accounts receivable to the extent the Debtor collects and uses
prepetition accounts receivable.
A copy of the order is available at from https://bit.ly/3Katllk
PacerMonitor.com.
About DSB Construction
DSB Construction, LLC is a government contractor with specialized
expertise in design-build horizontal and vertical construction. The
company started out as an 8(a) certified disadvantaged business
entity and has developed a relationship with various governmental
entities since 2001. DSB currently services contracts with various
government agencies that require specialized knowledge and
reporting. It currently services contracts with various government
agencies, including the Department of Defense, the National Park
Service and the U.S. Postal Service. In order to fulfill its
obligations under these ongoing contracts, DSB subcontracts with
other service providers and purchases materials from suppliers on
an ongoing basis.
DSB sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. D. Utah Case No. 22-21040) on March 26, 2022. In the
petition signed by Lile M. Lavaki, its president, the Debtor
disclosed $1,555,783 in asset and $4,893,048 in liabilities.
Judge Joel T. Marker oversees the case.
Mark C. Rose, Esq. at McKay, Burton, and Thurman, PC is the
Debtor's counsel.
DUNN PAPER: Moody's Lowers CFR to Ca, Outlook Remains Negative
--------------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating of
Dunn Paper Holdings, Inc. to Ca from Caa3 and PDR to D-PD from
Caa3-PD. Moody's also downgraded the senior secured instrument
ratings. The rating outlook remains negative.
The downgrade of the probability of default rating to D-PD reflects
missed interest payment the company's first lien and second lien
term loans which was due on March 31, 2022 within the five day
grace period allowed under its credit agreement. Moody's views
missed interest payments a default.
Downgrades:
Issuer: Dunn Paper Holdings, Inc.
Corporate Family Rating, Downgraded to Ca from Caa3
Probability of Default Rating, Downgraded to D-PD from Caa3-PD
Senior Secured 2nd Lien Term Loan, Downgraded to C (LGD5) from Ca
(LGD5)
Senior Secured 1st Lien Term Loan, Downgraded to Ca (LGD3) from
Caa3 (LGD3)
Senior Secured Revolving Credit Facility, Downgraded to Ca (LGD3)
from Caa3 (LGD3)
Outlook Actions:
Issuer: Dunn Paper Holdings, Inc.
Outlook, Remains Negative
RATINGS RATIONALE
The downgrade to Ca reflects expectations for a debt restructuring
following a missed interest payment. The company is working with
its first lien lenders to restructure its debt. The downgrade also
reflects Moody's view of an average recovery on Dunn Paper's debt
given the value of the business and untenable capital structure.
The rating also reflects limited financial flexibility, given weak
liquidity and near-term maturities, and continued pressures from
rising pulp prices. As a small non-integrated producer of specialty
packaging paper and tissue, Dunn Paper has been negatively impacted
by rising pulp prices. Liquidity is weak as the company missed
interest payments beyond the grace period and has entered into a
forbearance agreement with its first lien lenders. The forbearance
agreement runs until May 15, 2022.
The negative outlook reflects an elevated level of risk to the debt
holders if the company is unable to achieve an agreement on debt
restructuring.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Factors that could lead to a downgrade include Moody's lowering its
view on expected recoveries, restructuring on a bankruptcy filing.
Factors that could lead to an upgrade include the company reducing
debt sufficiently to achieve a tenable capital structure with
improved liquidity.
The principal methodology used in these ratings was Paper and
Forest Products published in December 2021.
Headquartered in Alpharetta, GA, Dunn Paper manufactures a broad
range of lightweight food packaging paper as well as absorbency and
specialty tissue products. The company operates seven mills with
annual capacity of 270,000 tonnes of specialty paper and tissue
products. The company generated approximately $342 million of sales
for the twelve months ended September 30, 2021. The company is
privately owned (Arbor Investments acquired Dunn Paper in August
2016) and does not publicly disclose financial information.
EBIX INC: Egan-Jones Keeps BB- Senior Unsecured Ratings
-------------------------------------------------------
Egan-Jones Ratings Company, on March 18, 2022, maintained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by Ebix, Inc.
Headquartered in Atlanta, Georgia, supplies software and electronic
commerce solutions to the insurance industry.
ENLINK MIDSTREAM: Moody's Ups CFR & Senior Unsecured Notes to Ba1
-----------------------------------------------------------------
Moody's Investors Service upgraded EnLink Midstream, LLC's (ENLC)
Corporate Family Rating to Ba1 from Ba2, Probability of Default
Rating to Ba1-PD from Ba2-PD and senior unsecured notes rating to
Ba1 from Ba2. ENLC's Speculative Grade Liquidity (SGL) Rating
remains SGL-2. The rating outlook remains stable.
Moody's also upgraded ENLC's subsidiary, EnLink Midstream Partners,
LP's (ENLK, and collectively with ENLC, EnLink) senior unsecured
notes rating to Ba1 from Ba2 and perpetual preferred units rating
to Ba3 from B1. ENLK's rating outlook remains stable.
Concurrently, Moody's upgraded GIP III Stetson I, L.P.'s (GIP III
Stetson I) CFR to B2 from B3, PDR to B2-PD from B3-PD and the
senior secured term loan rating to B2 from B3. The term loan
borrowers are GIP III Stetson I and GIP III Stetson II, L.P. (GIP
III Stetson II, and collectively with GIP III Stetson I, GIP III
Stetson). The borrowers are jointly and severally liable with
respect to the term loan. The rating outlook remains stable.
"EnLink's upgrade reflects its improving leverage and track record
of robust operating cash flow, as well as reduced volumetric risk
due to stabilized E&P capital spending amid higher commodity
prices," said Amol Joshi, Moody's Vice President and Senior Credit
Officer. "The upgrade of GIP III Stetson I, which owns controlling
interests in EnLink, reflects the entity benefitting from higher
EnLink distributions even though its stand-alone leverage remains
high."
Upgrades:
Issuer: EnLink Midstream, LLC
Probability of Default Rating, Upgraded to Ba1-PD from Ba2-PD
Corporate Family Rating, Upgraded to Ba1 from Ba2
Senior Unsecured Notes, Upgraded to Ba1 (LGD4) from Ba2 (LGD4)
Issuer: EnLink Midstream Partners, LP
Senior Unsecured Notes, Upgraded to Ba1 (LGD4) from Ba2 (LGD4)
Pref. Stock Non-cumulative, Upgraded to Ba3 (LGD6) from B1 (LGD6)
Issuer: GIP III Stetson I, L.P.
Probability of Default Rating, Upgraded to B2-PD from B3-PD
Corporate Family Rating, Upgraded to B2 from B3
Senior Secured Term Loan, Upgraded to B2 (LGD4) from B3 (LGD4)
Outlook Actions:
Issuer: EnLink Midstream, LLC
Outlook, Remains Stable
Issuer: EnLink Midstream Partners, LP
Outlook, Remains Stable
Issuer: GIP III Stetson I, L.P.
Outlook, Remains Stable
RATINGS RATIONALE
EnLink is gradually growing operating cash flow, and this
supportive commodity price environment reduces volumetric risk in
some of its key basins while improving growth prospects. This
should lead to higher operating cash flow and improved resilience
due to sustainably lower leverage in 2022, resulting in the upgrade
of ENLC's CFR to Ba1. GIP III Stetson I's cash flow has improved
since EnLink's distribution increase, resulting in improved
interest coverage and the upgrade of its CFR to B2.
ENLC's Ba1 CFR reflects its high proportion of fee-based revenue
with cash flow visibility, but subject to meaningful volume risk.
While ENLC has increased its equity distributions, those are still
significantly below pre-pandemic levels resulting in solid
distribution coverage. Good distribution coverage implies that
EnLink retains a higher proportion of cash flow, alleviating the
pressure of seeking third party debt and dilutive equity to finance
capital spending. EnLink also has a diversified gathering &
processing (G&P) asset base, and the company self-funds its reduced
capital spending levels. The company has a large exposure to the
STACK, where it faces volume risk but mitigated by gradually
recovering drilling activity. EnLink also has significant exposure
to the mature Barnett Shale, where volume declines will also likely
reduce due to supportive natural gas prices. EnLink offsets such
volume risk through capital intensive growth in other regions such
as the Permian, leading to improved cash flow and credit metrics.
The majority of EnLink's 2022 capital spending will be focused in
the Permian Basin, followed by spending to enhance its Louisiana
and other assets. EnLink generates meaningful cash flow from Devon
Energy Corporation (Devon, Baa3 stable), and EnLink's rating
reflects such customer concentration risk.
This rating action reflects sustained improvement in EnLink's
leverage profile supported by largely fee-based revenue and
consistent free cash flow generation, which will bolster its
capacity to withstand negative credit impacts from carbon
transition risks. While financial performance of EnLink will
continue to be influenced by industry cycles, compared to
historical experience, Moody's expects future profitability and
cash flow in this sector to be less robust at the cycle peak and
worse at the cycle trough because global initiatives to limit
adverse impacts of climate change will constrain the use of
hydrocarbons and accelerate the shift to less environmentally
damaging energy sources. EnLink could benefit from its efforts to
build a carbon capture, transportation and sequestration business
around its Louisiana midstream assets.
ENLC's revolver and unsecured notes benefit from an upstream
guarantee from ENLK. However, ENLK's unsecured notes do not benefit
from downstream guarantees from ENLC or upstream guarantees from
operating subsidiaries. EnLink has all its assets at ENLK, and no
assets are expected to be held at ENLC, allowing pari passu
consideration for obligations at ENLC and ENLK. Furthermore, the
obligations of ENLK's subsidiaries are not material in size
relative to the unsecured notes to warrant notching below the CFR.
The unsecured notes are therefore rated in-line with the Ba1 CFR.
However, if the company were to hold material assets at ENLC,
ENLC's obligations will have a priority claim to those assets which
will pressure the ratings of ENLK's unsecured notes.
ENLC's SGL-2 rating reflects good liquidity, and EnLink should
generate positive free cash flow in 2022 supported by its lower
capital spending levels. The company is self-funding its capital
expenditures and has reduced its reliance on the capital markets.
ENLC has a $1.75 billion revolving credit facility (unrated), which
is guaranteed by ENLK and matures in January 2024. At December 31,
the company had $26 million of cash and $15 million outstanding
under its credit facility. The revolver has two material financial
covenants, a maximum consolidated leverage ratio of 5x (relaxed to
5.5x for the quarter of an acquisition and the following three
quarters) and a minimum consolidated interest coverage ratio of
2.5x. EnLink Midstream Funding, LLC, a bankruptcy-remote special
purpose entity that is an indirect subsidiary of ENLC, has an
accounts receivable securitization facility (AR Facility) with $350
million outstanding and scheduled to terminate in September 2024.
The AR Facility's covenants include a consolidated leverage ratio
covenant identical to the revolver. Moody's expects the company to
remain in covenant compliance into 2023. EnLink's nearest notes
maturity is its approximately $523 million unsecured notes maturing
in April 2024.
GIP III Stetson I's B2 CFR reflects its structural subordination to
the debt and preferred equity at EnLink, the company's standing as
a pure-play entity without any hard assets, and its high
stand-alone financial leverage. GIP III Stetson acquired Devon's
controlling interests in the EnLink companies in July 2018. GIP III
Stetson owns 100% interest in EnLink Midstream Manager (EMM,
unrated) and roughly 40% equity interest in ENLC pro forma for
ENLK's Series B preferred dilution. GIP III Stetson's ability to
service its debt is solely reliant on distributions from EnLink, a
distribution stream which is junior to EnLink's substantial
financing and operating requirements. GIP III Stetson's leverage on
a stand-alone basis is high primarily due to its reduced cash flow
due to EnLink's past distribution cut.
The B2 rating on the senior secured term loan is in line with GIP
III Stetson I's CFR, reflecting the term loan's first priority
claim on the ownership interests in EMM and ENLC and it being the
only debt outstanding at the company.
GIP III Stetson should have adequate liquidity, and GIP III
Stetson's cash flows have meaningfully improved following EnLink's
distribution increase. With limited administrative overhead, GIP
III Stetson does not have significant liquidity needs and it should
receive adequate distributions from EnLink to cover interest
expense and mandatory debt amortization. The financial maintenance
covenant is a minimum debt service coverage ratio of 1.1x. There is
a 1% mandatory amortization of the term loan per annum, which can
be satisfied by the excess cash flow sweep, and 75% excess cash
flow recapture when stand-alone leverage is above 5x but stepping
down to 50% when standalone leverage is equal to or less than 5x
and 0% when standalone leverage is equal to or less than 2.5x. The
alternate sources of liquidity are limited given that its ownership
interests secure the term loan. GIP III Stetson could sell ENLC
units but could be required to use part of the disposition proceeds
to prepay a portion of the term loan.
ENLC's and ENLK's outlooks are stable reflecting good liquidity and
distribution coverage.
GIP III Stetson I's rating outlook is stable, reflecting Moody's
expectation for adequate coverage of interest expense and mandatory
debt amortization.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
While Moody's does not expect the ratings to be upgraded in the
near-term, EnLink's ratings could be upgraded if its earnings
continue to grow, debt/EBITDA approaches 3.5x, consolidated
leverage (inclusive of GIP III Stetson debt) approaches 4x,
distribution coverage remains robust and its capital structure is
further simplified. When calculating credit metrics for purposes of
assessing the potential of a ratings upgrade, a portion of EnLink's
preferred equity will be included in Moody's adjusted debt.
EnLink's rating could be downgraded if the company's debt/EBITDA
exceeds 4.5x, consolidated leverage (inclusive of GIP III Stetson
debt) exceeds 5x or distribution coverage significantly
deteriorates. Weakness in GIP III Stetson's credit profile would
also pressure EnLink's rating.
GIP III Stetson I's rating could be upgraded if EnLink is upgraded
and stand-alone GIP III Stetson debt to EBITDA approaches 5x.
GIP III Stetson I's rating could be downgraded if EnLink's rating
is downgraded or stand-alone GIP III Stetson interest coverage
falls above 2x.
The principal methodology used in these ratings was Midstream
Energy published in February 2022.
EnLink Midstream, LLC is a publicly traded company engaged in
midstream energy services through its subsidiary EnLink Midstream
Partners, LP, including the gathering, processing, fractionation,
transportation and marketing of natural gas, natural gas liquids
and crude oil in several US regions, including in the STACK, Cana
and Arkoma Woodford Shales, Barnett Shale, Permian Basin and
Louisiana.
GIP III Stetson owns controlling interests in the EnLink companies.
EQT CORP: Egan-Jones Hikes Senior Unsecured Ratings to B+
---------------------------------------------------------
Egan-Jones Ratings Company on March 7, 2022, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by EQT Corporation to B+ from B.
Headquartered in Pittsburgh, Pennsylvania, EQT Corporation is an
integrated energy company with emphasis on Appalachian area
natural-gas supply, transmission, and distribution.
EQUINIX INC: Egan-Jones Retains BB- Senior Unsecured Ratings
------------------------------------------------------------
Egan-Jones Ratings Company, on March 16, 2022, maintained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by Equinix, Inc.
Headquartered in Redwood City, California, Equinix, Inc. operates
as a real estate investment trust.
EXPEDIA GROUP: Egan-Jones Keeps B+ Senior Unsecured Ratings
-----------------------------------------------------------
Egan-Jones Ratings Company, on March 8, 2022, maintained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by Expedia Group, Inc.
Headquartered in Seattle, Washington, Expedia Group, Inc. provides
online travel services for leisure and small business travelers.
FIDELITY NATIONAL: Egan-Jones Keeps BB+ Senior Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company on March 14, 2022, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Fidelity National Information Services, Inc.
Headquartered in Jacksonville, Florida, Fidelity National
Information Services, Inc. is a payment services provider.
FIVE STAR: Moody's Assigns First Time 'B3' Corporate Family Rating
------------------------------------------------------------------
Moody's Investors Service assigned a first time B3 Corporate Family
Rating and B3-PD Probability of Default Rating to Five Star Holding
LLC. Moody's also assigned a B2 rating to the company's first lien
credit facility consisting of a $100 million revolving credit
facility expiring in 2027 and a $630 million first lien term loan
maturing in 2029, and a Caa2 rating to the $250 million second lien
loan due in 2030. The outlook is stable. The proceeds from the term
loans will be used to finance the acquisition of Five Star by The
Jordan Company.
The assignment of the B3 Corporate Family Rating reflects Moody's
expectation that 2022 adjusted debt to EBITDA will decline to
around 6.3x from 7.5x at year end 2021 pro forma for the proposed
LBO financing. Moody's expects Five Star to benefit from a recently
completed extensive capital spending program to upgrade equipment
capabilities and generate operating efficiencies. Moody's also
anticipates the company to generate modest free cash flow in 2022
of around 3% FCF-to-debt and maintain good liquidity.
"Five Star's material science capabilities and vertical integration
of finished products, including recyclable resin inputs, provide
valuable customer solutions and support healthy EBITDA margins",
said Scott Manduca, Vice President at Moody's.
The stable outlook reflects the specialization of the company's
product offerings, expected consistent free cash flow, and
maintenance of good liquidity.
Assignments:
Issuer: Five Star Holding LLC
Corporate Family Rating, Assigned B3
Probability of Default Rating, Assigned B3-PD
Issuer: Five Star Lower Holding LLC
Senior Secured 1st Lien Revolving Credit Facility, Assigned B2
(LGD3)
Senior Secured 1st Lien Term Loan, Assigned B2 (LGD3)
Senior Secured 2nd Lien Term Loan, Assigned Caa2 (LGD5)
Outlook Actions:
Issuer: Five Star Holding LLC
Outlook, Assigned Stable
Issuer: Five Star Lower Holding LLC
Outlook, Assigned Stable
RATINGS RATIONALE
Five Star's B3 CFR reflects the extensive material science and
sustainability capabilities the company can implement to offer
valuable product solutions for customers that support healthy
EBITDA margins and create barriers to entry. The company's
vertically integrated, closed loop recycling capabilities produce
recyclable product offerings, create operating efficiencies, and
enable Five Star to meet stringent customer delivery needs. In
addition, more than 80% of the company's core end markets are
recession resistant including pet food, food & beverage, and
household products. The rating also reflects high pro forma
leverage post the acquisition by The Jordan Company, execution risk
in further investments to support organic growth and product mix
expansion, and inorganic growth through possible debt financed
acquisitions. While the company has virtually all business under
contract with resin pass through ability, some lag times are long
extending out 90 days.
Five Star Lower Holding LLC has good liquidity supported primarily
by its $100 million revolving credit facility expiring in 2027,
which contains a springing maturity net first lien leverage
covenant of 8.5x at 40% utilization capacity. Moody's do not expect
this covenant to be triggered over the next twelve months. The
facility will be undrawn at the close of the transaction.
The first lien revolving credit facility and term loan due 2027 and
2029, respectively, are rated B2, one notch higher than the B3 CFR.
This reflects the senior position in the capital structure with a
first priority lien on all assets of the company. The second lien
term loan matures in 2030 and is rated two notches below the B2 CFR
at Caa2.
The borrower is Five Star Lower Holding LLC, an intermediate
holding company with the audited financials at Five Star Holding
LLC. The facilities are unconditionally guaranteed on a senior
secured basis by substantially all of the company's direct and
indirect restricted subsidiaries.
Governance is a key ESG consideration given the private equity
ownership of the company and potential for aggressive financial
policy actions favoring shareholder interests over creditors.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be downgraded if there is a deterioration in
credit metrics or liquidity and aggressive financial policy actions
including large debt funded acquisitions or dividend distributions
are executed. Specifically, the ratings could be downgraded if
adjusted total debt to LTM EBITDA is sustained above 6.5x, free
cash flow to debt is negative, and EBITDA to interest expense is
sustained below 2.25x.
The ratings could be upgraded if good liquidity is maintained and
there is an improvement in credit metrics. Specifically, the
ratings could be upgraded if adjusted total debt to EBITDA is
sustained below 5.75x, free cash flow to debt is sustained above
2.75%, and EBITDA to interest expense is sustained above 3.0x.
The preliminary marketing term sheet contains certain covenants
pertaining to the term loan facility (consisting of 1st and 2nd
lien term loans) that are subject to change. Incremental first lien
term facilities may be issued under certain conditions so long at
the first lien net leverage ratio does not exceed 4.8x or is higher
than this ratio immediately prior to a permitted acquisition or
investment. The secured net leverage ratio cannot exceed 6.7x and
the total net leverage ratio must not exceed 7.2x. The interest
coverage ratio is not to be less than 2.0x. Prepayments of debt
from asset sales will be 100% with step downs to 50% and 0% if the
first lien net leverage ratio is equal to or less than 4.3x and
4.05x, respectively, on a pro forma basis. The company will have
the right to invest 100% of asset sale proceeds if such proceeds
are reinvested with eighteen months or if committed, the
reinvestment is completed within one hundred and eighty days after
the eighteen-month period. The term loans do not have any financial
covenants. The respective term loans will be secured by perfected
security interests in substantially all existing and after-acquired
real and personal property of the borrower and each guarantor
including, without limitation, 100% of the outstanding equity
interests subject to certain carve-outs.
Headquartered in Houston, Texas, Five Star is a fully integrated
flexible packaging manufacturer with expertise in film extrusion,
narrow and wide web printing, lamination, quad seal bag, and other
flexible structures. The company serves leading brands in recession
resistant end markets including pet food, food and beverage, and
household products.
The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass and Plastic Containers published in
December 2021.
FIX MY GADGET: Seeks Bankruptcy Protection in Illinois
------------------------------------------------------
Fix My Gadget Inc., operator of an electronic and mobile-device
repair shop, filed for bankruptcy protection in Illinois.
The Debtor has filed a motion to use cash collateral to address its
immediate cash needs, including payment for employees. The Debtor
believes that the Small Business Association holds a first
position, perfected security interest in substantially all of its
cash collateral.
According to court filings, Fix My Gadget estimates between 1 and
49 unsecured creditors, including Bank of America, Citibank, and
Fairbourne Properties. The petition states that funds will be
available to unsecured creditors.
About Fix My Gadget Inc.
Fix My Gadget, Inc. is a mobile phone repair shop in Peoria,
Illinois.
Fix My Gadget Inc. filed for Chapter 11 protection (Bankr. C.D.
Ill. Case No. 22-80201) on April 8, 2022. In the petition filed by
Larry Mikell, as president, Fix My Gadget Inc. estimated assets
between $0 and $50,000 and liabilities between $10 million and $50
million. The case is assigned to Honorable Judge Thomas L.
Perkins. Jeffrey Abbott, of Ostling & Associates Ltd., is the
Debtor's counsel.
GLATFERER CORP: Egan-Jones Keeps BB Senior Unsecured Ratings
------------------------------------------------------------
Egan-Jones Ratings Company on March 9, 2022, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Glatfelter Corporation.
Headquartered in Charlotte, North Carolina, Glatfelter Corporation
manufactures and supplies papers and engineered materials.
GLOBAL TRAVEL: Gets OK to Tap Ver Ploeg & Marino as Special Counsel
-------------------------------------------------------------------
Global Travel International, Inc. received approval from the U.S.
Bankruptcy Court for the Middle District of Florida to employ the
Law Firm of Ver Ploeg & Marino, P.A. as its special counsel.
The Debtor requires legal assistance with respect to its appeal of
judgment entered by a district court in GTI v. Mt. Vernon Fire
Insurance Company (Case No. 6:21-cv-716-GAP-GJK) on Dec. 22, 2021.
As disclosed in court filings, Ver Ploeg & Marino does not
represent interests adverse to the Debtor in the matters upon which
it is to be retained.
The firm can be reached through:
Robert Major, Esq.
Ver Ploeg & Marino, P.A.
Capital Plaza Two, Suite 790
301 East Pime Street
Orlando, FL 32801
Phone: (407) 380-9312
Fax: (407) 601-7905
Email: rmajor@vpm-legal.com
About Global Travel International
Global Travel International, Inc. furnishes travel information and
acts as agent in arranging tours, transportation, rental of cars,
and lodging for travelers. The company is based in Maitland, Fla.
Global Travel International filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
22-00438) on Feb. 7, 2022, listing as much as $10 million in both
assets and liabilities. Aaron R. Cohen serves as Subchapter V
trustee.
Judge Grace E. Robson oversees the case.
Latham Luna Eden & Beaudine, LLP and the Law Firm of Ver Ploeg &
Marino, P.A. serve as the Debtor's bankruptcy counsel and special
counsel, respectively.
GOODYEAR TIRE: Egan-Jones Keeps BB- Senior Unsecured Ratings
------------------------------------------------------------
Egan-Jones Ratings Company on March 14, 2022, maintained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by Goodyear Tire & Rubber Company.
Headquartered in Akron, Ohio, Goodyear Tire & Rubber Company
develops, manufactures, distributes, and sells tires for most
applications.
GREAT OAKS: S&P Alters Outlook to Positive, Affirms 'BB+' ICR
-------------------------------------------------------------
S&P Global Ratings revised its outlook to positive from stable and
affirmed its 'BB+' issuer credit rating (ICR) on Great Oaks Legacy
Charter School, N.J.
"The outlook revision reflects our view of continued enrollment
growth, solid demand, and improved financial metrics fueled both by
healthy operations in fiscal 2021 and lower-than-expected pro forma
maximum annual debt service (MADS) resulting in stronger MADS
coverage ratios and lower debt burden metrics," said S&P Global
Ratings credit analyst Jesse Brady. A higher rating is currently
precluded by liquidity metrics that are still more in line with
rating medians and those of similarly rated peers. S&P said, We do,
however, expect continued enrollment growth and surplus operations
in the near term that, when coupled with lower fixed costs, could
further increase unrestricted reserves and provide upward rating
potential. While Great Oaks has additional near-term financing
plans, we view these as manageable and expect it will sustain its
favorable financial trends."
S&P said, "We view the risks posed by COVID-19 to public health and
safety as an elevated social risk for the charter school sector
under our environmental, social, and governance (ESG) factors due
to potential impacts on per pupil funding beyond the near-term
support provided by additional federal relief, or if local demand
preferences shift toward home-school options amid the emergence of
COVID-19 variants, potentially affecting enrollment trends, which
could influence per pupil funding as a major revenue source for the
school. For Great Oaks, this risk has been somewhat mitigated by
continued enrollment growth through the pandemic, coupled with
steady funding from the state on a per pupil basis for fiscal years
2021 and 2022 and expectations for increased funding for fiscal
2023. We believe the school's environmental and governance risks
are in line with our view of the sector.
"We could consider a positive rating action should Great Oaks
continue to successfully execute its near-term growth and expansion
plans while sustaining improved lease-adjusted MADS coverage. In
addition, we would view positively continued growth in liquidity to
levels more in line with those of higher-rated peers.
"We could revise the outlook back to stable should Great Oaks fail
to meet its enrollment targets due to sustained operating deficits,
weakened MADS coverage, or a notable decline in days' cash.
Although no new issuance is planned, we would view any significant
additional debt negatively."
GREEN PLAINS: Egan-Jones Keeps B- Senior Unsecured Ratings
----------------------------------------------------------
Egan-Jones Ratings Company, on March 9, 2022, maintained its 'B-'
foreign currency and local currency senior unsecured ratings on
debt issued by Green Plains Inc. EJR also maintained its 'B-'
rating on commercial paper issued by the Company.
Headquartered in Omaha, Nebraska, Green Plains Inc. owns and
operates ethanol plants located in the Midwest U.S.
GWG HOLDINGS: Gets $10 Mil. Bankruptcy Lifeline Despite Concerns
----------------------------------------------------------------
Andrew Scurria of The Wall Street Journal reports that asset
manager GWG Holdings Inc. won court approval late Thursday, April
21, 2022, to tap $10 million in financing even after a bankruptcy
judge questioned the loan mechanics and suggested it had a better
offer on the table.
Judge Marvin Isgur of the U.S. Bankruptcy Court in Houston allowed
GWG to borrow the emergency loan from National Founders LP after
the lender agreed to sweeten some terms. GWG, known for selling
life-insurance bonds to individual investors, said in court papers
that it needed the lifeline to avoid an imminent liquidation after
filing for bankruptcy earlier this week.
About GWG Holdings Inc.
Headquartered in Dallas Texas, GWG Holdings, Inc., conducts its
life insurance secondary market business through a wholly-owned
subsidiary, GWG Life, LLC and GWG Life's wholly-owned
subsidiaries.
GWG Holdings Inc. and affiliates sought Chapter 11 bankruptcy
protection (Bankr. S.D. Tex. Case No. 22-90032) on April 20, 2022.
In the petition filed by Murray Holland, as president and chief
executive officer, GWG Holdings estimated assets between $1 billion
and $10 billion and estimated liabilities between $1 billion and
$10 billion.
The case is assigned to Honorable Bankruptcy Judge Marvin Isgur.
Charles Stephen Kelley, of Mayer Brown LLP, is the Debtor's
counsel.
HAJJAR BUSINESS: Amends Unsecured Creditors Claims Pay Details
--------------------------------------------------------------
Hajjar Business Holdings, LLC, and its Debtor Affiliates submitted
a Joint First Amended Chapter 11 Plan of Reorganization dated April
19, 2022.
This is a reorganizing plan. The plan proponent seeks to accomplish
payments under this Plan by satisfying Administrative Expense
Claims in full on the Effective Date or as otherwise agreed by
holders of such claims, satisfying the claim of the secured
creditor via settlement which, among other things, will permit the
Owner Debtors an ability to refinance within a certain time frame.
This Plan addresses only the Owner Debtors' reorganization. It is
the intent of the Operating Debtors, upon the refinancing, that
they will move to dismiss or convert their Chapter 11 cases.
Class 2 consists of General Unsecured Claims. Total amount of filed
Claims is approximately $482,360.67. If there are valid claims
against any of the Owner Debtors, these claims will be paid only
after the Secured Creditor is paid in accordance with the terms and
conditions of the Forbearance Agreement. If the Secured Creditor is
paid in accordance with the terms and conditions of the Forbearance
Agreement, then any holder of an Allowed General Unsecured Claim
will be paid in full, with postpetition interest accruing from the
Petition Dates to the date of payment.
All entities holding or claiming to hold an equity interest in and
to any of the Owner Debtors (or a security interest in such equity
interest) shall retain their equity and/or security interest (and
whatever rights such equity and/or security interest entails) and
nothing in this Plan shall impair, alter or affect such equity
and/or security interests in such equity interest.
The Estate of Bryan Massoud has a 30% equity interest in each of
Hajjar Medical Office Building of Fairlawn, LLC (8256), and
contends that it has a 30% equity interest in each of non-Debtor
HMOB of Fair Lawn Mezz, LLC and Debtor HMOB of Fair Lawn Owner, LLC
(0822), which notwithstanding anything to the contrary in the Plan,
said equity interests and/or claims and/or rights associated
therewith are hereby preserved and are not being impaired or
prejudiced by the Plan.
Jaecals I has a 50% equity interest in Hajjar Medical Office
Building of Wayne, LLC (2608) and contends that it has a 50% equity
interest in each of non-Debtor HMOB of Waynze Mezz, LLC and Debtor
HMOB of Wayne Owner, LLC (9177) which notwithstanding anything to
the contrary in the Plan, said equity interests and/or claims
and/or rights associated therewith are hereby preserved and are not
being impaired or prejudiced by the Plan.
Jaecals II has a 50% equity interest in Hajjar Medical Office
Building of Jersey City, LLC (6457) and contends that it has a 50%
equity interest in each of non Debtor HMOB of Jersey City Mezz, LLC
and Debtor HMOB of Jersey City Owner, LLC (8644), which
notwithstanding anything to the contary in the Plan, said equity
interests and/or claims and/or rights associated therewith are
preserved and are not being impaired or prejudiced by the Plan.
Jaecals III has a 25% equity interest in each of Hajjar Medical
Office Building of Glen Rock, LLC (2638) and contends that it has a
25% equity interest in each of non-Debtor HMOB of Glen Rock Mezz,
LLC and Debtor HMOB of Glen Rock Owner, LLC (4671), which
notwithstanding anything to the contrary in the Plan, said equity
interests and/or claims and/or rights associated therewith are
hereby preserved and are not being impaired or prejudiced by the
Plan.
The Owner Debtors and Secured Creditor have settled their issues,
providing a framework for exiting these Chapter 11 Cases. The terms
of the settlement are memorialized in the Forbearance Documents. As
set forth more fully in the Forbearance Agreement, the Forbearance
Agreement permits the Owner Debtors, so long as no Termination
Event occurs, during the Forbearance Period (as the same may be
extended in accordance with the terms of the Forbearance
Agreement), to pay the Payoff Amount in full.
The Forbearance Agreement also permits the Owner Debtors to extend
the Forbearance Period up to an additional 3 month period. As a
condition precedent to such extension, the Owner Debtors shall,
among other things, pay an extension fee of $300,000.00. In the
event the Payoff Amount is paid in full, the Secured Creditor
agrees to fund the balance of the Carve Out from these proceeds on
or shortly after the occurrence of the Payoff Date.
A full-text copy of the First Amended Plan dated April 19, 2022, is
available at https://bit.ly/3OALTP3 from PacerMonitor.com at no
charge.
Attorneys for Debtors:
McMANIMON, SCOTLAND & BAUMANN, LLC
75 Livingston Avenue, Suite 201
Roseland, NJ 07068
Tel: (973) 622-1800
Anthony Sodono, III, Esq.
Sari B. Placona, Esq.
E-mail: asodono@msbnj.com
splacona@msbnj.com
About Hajjar Business Holdings
Hajjar Business Holdings, LLC and 12 of its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J.
Case No. 20-12465) on Feb. 13, 2020.
At the time of filing, Hajjar Business Holdings was estimated to
have assets of between $100,000 to $500,000 and liabilities of
between $50 million to $100 million.
Judge John K. Sherwood oversees the Debtors' cases.
Anthony Sodono, III, Esq. and Sari B. Placona, Esq., at McManimon,
Scotland & Baumann, LLC, serve as counsel to the Debtors.
Wilmington Trust, as lender, is represented by Duane Morris LLP.
HAMON HOLDINGS: Case Summary & 30 Largest Unsecured Creditors
-------------------------------------------------------------
Lead Debtor: Hamon Holdings Corporation
46 E. Main St. Ste. 301
Somerville, NJ 08876
Business Description: The Hamon Group, engineering and contracting
company, is known in the following niche
markets: cooling systems, air quality
systems, chimneys, and heat recovery steam
generators.
Chapter 11 Petition Date: April 24, 2022
Court: United States Bankruptcy Court
District of Delaware
Six affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Hamon Holdings Corporation 22-10375
Hamon Corporation 22-10376
46 E. Main Street, Suite 301
Somerville, NJ 08876
Hamon Custodis, Inc. 22-10377
46 E. Main Street, Suite 301
Somerville, NJ 08876
Hamon Deltak, Inc. 22-10378
13330 12th Avenue North
Plymouth, MN 55441
Hamon Research-Cottrell, Inc. 22-10379
46 E. Main Street, Suite 301
Somerville, NJ 08876
Research-Cottrell Cooling, Inc. 22-10380
46 E. Main Street, Suite 301
Somerville, NJ 08876
Debtors'
Bankruptcy
Counsel: Jarret P. Hitchings, Esq.
Christopher M. Winter, Esq.
DUANE MORRIS LLP
1201 North Market Street
Suite 501
Wilmington, DE 19801
Tel: (302) 657-4900
Fax: (302) 657-4901
Email: JPHitchings@duanemorris.com
cmwinter@duanemorris.com
Debtors'
Claims,
Noticing &
Solicitation
Agent: BMC GROUP
Hamon Holdings'
Estimated Assets: $0 to $50,000
Hamon Holdings'
Estimated Liabilities: $0 to $50,000
Hamon Corporation's
Estimated Assets: $1 million to $10 million
Hamon Corporation's
Estimated Liabilities: $100,000 to $500,000
Hamon Custodis'
Estimated Assets: $1 million to $10 million
Hamon Custodis'
Estimated Liabilities: $500,000 to $1 million
Hamon Deltak's
Estimated Assets: $10 million to $50 million
Hamon Deltak's
Estimated Liabilities: $10 million to $50 million
Hamon Research-Cottrell's
Estimated Assets: $1 million to $10 million
Hamon Research-Cottrell's
Estimated Liabilities: $1 million to $10 million
Research-Cottrell Cooling's
Estimated Assets: $100,000 to $500,000
Research-Cottrell Cooling's
Estimated Liabilities: $100,000 to $500,000
The petitions were signed by Joseph DeMartino, vice president.
Full-text copies of the petitions are available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/FEHF6WA/Hamon_Holdings_Corporation__debke-22-10375__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/FOTO22Q/Hamon_Corporation__debke-22-10376__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/FUJSATY/Hamon_Custodis_Inc__debke-22-10377__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/F5ZCPKI/Hamon_Deltak_Inc__debke-22-10378__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/KGCNOHI/Hamon_Research-Cottrell_Inc__debke-22-10379__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/KMSDU5I/Research-Cottrell_Cooling_Inc__debke-22-10380__0001.0.pdf?mcid=tGE4TAMA
List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. PSP Industries Trade Debts $1,295,793
9885 Doerr Lane
Schertz, TX 78154-9408
2. Dai Dung Metallic Manufacture Trade Debts $603,102
Construct
Lot No. 38 Zone C, D1 Street
An Ha Industrial Park
Pham Van Hai Commune
Binh Chanh District
Ho Chi Minh City
Vietnam
3. Thermal Transfer Corporation Trade Debts $460,710
50 North Linden Street
Duquesne, PA 15110-1067
4. Certified Constructors Trade Debts $419,365
Service, Inc.
5330 Fairfield Drive
Crestview, FL 32536
5. Qingdao Pioneer Equipment Trade Debts $356,025
Manufacture Co
#567 Lanzhou East Road
Jiaozhou City, Shandong
China
6. PNC Bank N.A. PPP Loan $293,700
Two Tower Center Boulevard
East Brunswick, NJ 08816
7. NWL, Inc. $233,165
312 Rising Sun Road
Bordentown, NJ 08505
8. American Piping Products, Inc. Trade Debts $232,093
825 Maryville Centre Drive
Suite 310
Chesterfield, MO 63017
9. Metalline Inc. Trade Debts $230,216
1859 Terry Drive
Joliet, IL 60436
10. Emkay Engineering Trade Debts $224,770
Survey No. 36, Plot No. 9/1
K.N. Dhumal Nagar, Vasai East
Waliv, Maharshtra, IMH 401208
India
11. Marsh SA Trade Debts $222,885
Av. Hermann Debroux 2
Bruxelles 1160
Belgium
12. El Dorado Metals, Inc. Trade Debts $196,653
122 Pellizzari Place
El Dorado, AR 71730
13. AProjects NV (Belgium) Trade Debts $186,275
Indiestraat 2(X Jan Van
Gentstraat 1)
Antwerpen B2000
Belgium
14. Suzhou Hailu Heavy Trade Debts $180,000
Industry Co
No. 1 West People Road
Zhangjiagang, Jiangsu 215600
China
15. AMECC Mechanical Trade Debts $178,343
Construction JSC
Joint Stock Company
KM 35, Highway 10, Quoc Tuan
Commune
An Lao District
Hai Phong City
Vietnam
16. Economasters, LLC Trade Debts $150,345
3209 W. 21st St.
Tulsa, OK 74107
17. Optimus Industries LLC Trade Debts $141,956
5727 S Lewis Ave
Suite 600
Tulsa, OK 74105
18. Y.H.H. Marine Trade Debts $138,864
Engineering Pte Ltd
No. Kian Teck Crescent
Singapore 628880
Singapore
19. Forney Corporation Trade Debts $134,914
P.O. Box 205185
Dallas, TX 75320-5185
20. O'Connor Corporation Trade Debts $133,367
45 Industrial Drive
Canton, MA 02021
21. Effox-Flextor-Mader Inc. Trade Debts $126,235
9759 Inter Ocean Drive
Cincinnati, OH 45246
22. I&C Engineering Company Inc. Trade Debts $118,180
253 Low Street
Suite 212
Newburyport, MA 01950
23. Rose Fabricating & Trade Debts $101,700
Lndustrial Solutions
290 Industrial Road N
Covington, TN 38019
24. PPC USA, Inc. Trade Debts $84,974
363 North SAM Houston Parkway
East, Suite 700
Houston, TX 77060
25. Environex, Inc. Trade Debts $82,751
1 Great Valley Parkway, Ste 4
Malvern, PA 19355
26. Samson Fabrication Inc Trade Debts $79,506
P.O. Box 462
Waterloo, IA 50704-0462
27. Trenergy Inc. Trade Debts $79,456
81 Eastchester Ave.
St. Catharines, ON L2P 2Y8
Canada
28. A&B Electronics Co. Trade Debts $76,378
55 Maynesboro Street
Berlin, NH 03570
29. Shambaugh & Son LP Trade Debts $72,923
PO Box 1287
Fort Wayne, IN 46801
30. Eriez Manufacturing Co. Trade Debts $66,298
c/o PME Equipment Inc.
2200 Asbury Road
Erie, PA 16506-1440
HOWMET AEROSPACE: Egan-Jones Keeps BB Senior Unsecured Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company, on March 17, 2022, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Howmet Aerospace Inc.
Headquartered in Pittsburgh, Pennsylvania, Howmet Aerospace Inc.
provides engineered metal products.
HOYOS INTEGRITY: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Hoyos Integrity Corporation
1975 E. Sunrise Boulevard
Fort Lauderdale, FL 33304
Business Description: Hoyos Integrity is an information technology
company that specializes in the fields of
mobile, security, and technology.
Chapter 11 Petition Date: April 21, 2022
Court: United States Bankruptcy Court
District of Delaware
Case No.: 22-10365
Judge: Hon. Mary F. Walrath
Debtor's Counsel: Raymond H. Lemisch, Esq.
KLEHR HARRISON HARVEY BRANZBURG LLP
919 North Market Street, Suite 1000
Wilmington, DE 19801-3062
Tel: 302-426-1189
E-mail: rlemisch@klehr.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Frank Tobin as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/PRNY7JA/Hoyos_Integrity_Corporation__debke-22-10365__0001.0.pdf?mcid=tGE4TAMA
II-VI INC: Egan-Jones Keeps BB+ Senior Unsecured Ratings
--------------------------------------------------------
Egan-Jones Ratings Company on March 9, 2022, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by II-VI Incorporated.
Headquartered in Saxonburg, Pennsylvania, II-VI Incorporated
designs engineered materials and optoelectronic components.
INFOW LLC: Chapter 11 Branded 'Illegitimate' Since Day One
----------------------------------------------------------
Jeff Montgomery of Law360 reports that a bankruptcy case filed by
interests of conspiracy promoter Alex Jones stalled on the
launchpad in the Southern District of Texas on Friday, April 22,
2022, amid multiple objections to the legitimacy of the filing and
to the trust that would pay claims arising from the 2012 Sandy Hook
Elementary School massacre.
U.S. Bankruptcy Judge Joshua Searcy declined to hear formal motions
at a case-opening hearing -- scheduling a status conference for
April 29, 2022 instead -- after a string of concerns about the
proposal were raised by the Office of the U.S. Trustee, attorneys
for Jones' defamation victims and even the debtor's proposed
litigation trustees.
About InfoW LLC
InfoW LLC, also known as InfoWars, is an American far-right
conspiracy theory and fake news website that is owned by Alex
Jones. It is a lessor of nonfinancial intangible assets.
InfoW LLC sought Chapter 11 bankruptcy protection (Bankr. S.D. Tex.
Case No. 22-60020) on April 18, 2022 together with affiliates,
IWHealth, LLC and Prison Planet TV LLC. In the petition filed by W.
Marc Scwartz, as chief restructuring officer, InfoW LLC listed
estimated assets between $0 and $50,000 and estimated liabilities
between $1 million and $10 million.
The case is assigned to Honorable Bankruptcy Judge Christopher M.
Lopez.
Kyung Shik Lee, of Parkins Lee & Rubio LLP, is the Debtor's
counsel.
INFOW LLC: Sandy Hook Families Skeptical of Bankruptcy Filing
-------------------------------------------------------------
Daniel Jackson of the Courthouse News Service reports that the
families who won a defamation judgment against radio host Alex
Jones told a bankruptcy judge Friday, April 22, 2022, that they
intend to bring an emergency challenge against the petitions for
bankruptcy protection filed by Jones' companies.
"What are we doing here?" Randy Williams, an attorney for the
families, rhetorically asked at the hearing Friday, April 22, 2022.
contending that any procedural steps the court took would only
serve to legitimize the bankruptcy filings he considers
illegitimate.
Friday's proceedings streamed out over video conferencing software,
but Williams was there in the green-carpeted room packed with
attorneys to represent a group of individuals whose family members
died nearly a decade ago in the mass shooting at Sandy Hook
Elementary School in Newtown, Connecticut, and sued Jones when he
said the massacre was a hoax.
For years, the Sandy Hook families have been embroiled in
litigation with Jones, saying he defamed them when he falsely said
the 26 murdered children and teachers was a hoax, which caused them
to endure years of harassment.
Courts in Texas and Connecticut have already ruled that Jones is
liable to the Sandy Hook families thanks to sanctions issued in the
cases that caused Jones to lise by default judgment. In the case in
Connecticut, for instance, the judge said Jones failed to
repeatedly comply with discovery orders.
A trial in Texas was scheduled to begin Monday to determine what
damages Jones owes the families, while the case in Connecticut was
scheduled to move forward later this 2022.
But the bankruptcy petitions halted the proceedings.
On Monday, April 18, 2022, three businesses owned by Jones filed
for Chapter 11 bankruptcy protection: Infowars, Infowars Health and
Prison Planet TV. Attorneys for Jones filed emergency motions
asking the court to appoint two former bankruptcy judges as
trustees of a litigation settlement trust and authorize the hiring
of a chief restructuring officer.
At the hearing Friday, April 22, 2022, Bankruptcy Judge Christopher
Lopez made no ruling and instead scheduled a status conference for
next week.
Telling Williams that no motions would go forward at the hearing,
Lopez said he would consider any motions that are filed.
"I have a duty to consider the timing of those motions, but
somebody has to file something for me to consider it," Lopez said.
Earlier in the hearing, Lopez said he had some concerns about the
plan put forward by the three companies, namely, how third-party
contributors would fund the Chapter 11 cases.
Max Beatty, an attorney representing another group of Sandy Hook
families suing in Texas, argued that the filings were an attempt to
get a release for Alex Jones, to force settlements.
"Let me tell you, I think we have a sinister and unworthy purpose
here," Beatty said.
Kyung Lee, an attorney representing Jones’ three companies, said
he was proud of the bankruptcy plan put forward, saying he had
heard little more than complaining from the creditors.
"Yes, may have some warts on it and yes, may not be perfect," Lee
said, but it provided for equal sharing among the creditors.
Lee sees bankruptcy court as the proper venue to resolve the claims
of the Sandy Hook families because, unlike litigation against the
Catholic Church or the Boy Scouts, there are not millions of
dollars available to the Sandy Hook families.
About InfoW LLC
InfoW LLC, also known as InfoWars, is an American far-right
conspiracy theory and fake news website that is owned by Alex
Jones. It is a lessor of nonfinancial intangible assets.
InfoW LLC sought Chapter 11 bankruptcy protection (Bankr. S.D. Tex.
Case No. 22-60020) on April 18, 2022 together with affiliates,
IWHealth, LLC and Prison Planet TV LLC. In the petition filed by
W. Marc Scwartz, as chief restructuring officer, InfoW LLC listed
estimated assets between $0 and $50,000 and estimated liabilities
between $1 million and $10 million.
The case is assigned to Honorable Bankruptcy Judge Christopher M.
Lopez.
Kyung Shik Lee, of Parkins Lee & Rubio LLP, is the Debtor's
counsel.
INTELLIPHARMACEUTICS: Incurs $881K Net Loss in First Quarter
------------------------------------------------------------
Intellipharmaceutics International Inc. reported a net loss and
comprehensive loss of $880,972 on $83,411 of revenues for the three
months ended Feb. 28, 2022, compared to a net loss and
comprehensive loss of $924,566 on $0 of revneues for the three
months ended Feb. 28, 2021.
As of Feb. 28, 2022, the Company had $1.89 million in total assets,
$10.90 million in total liabilities, and a total stockholders'
deficit of $9.01 million.
The Company has incurred losses from operations since inception and
has an accumulated deficit of $103,122,677 as at Feb. 28, 2022
(Nov. 30, 2021 - $102,241,705). The Company has a working capital
deficiency of $10,080,713 as at Feb. 28, 2022 (Nov. 30, 2021 –
working capital deficiency of $9,149,327). The Company has funded
its research and development activities principally through the
issuance of securities, loans from related parties, funds from the
IPC Arrangement Agreement, and funds received under development
agreements. There is no certainty that such funding will be
available going forward. The Company said these conditions raise
substantial doubt about its ability to continue as a going concern
and realize its assets and pay its liabilities as they become due.
Intellipharmaceutics stated, "In order for the Company to continue
as a going concern and fund any significant expansion of its
operation or R&D activities, the Company will require significant
additional capital. Although there can be no assurances, such
funding may come from revenues from the sales of the Company's
generic Focalin XR (dexmethylphenidate hydrochloride
extended-release) capsules, from revenues from the sales of the
Company's generic Seroquel XR (quetiapine fumarate
extended-release) tablets and from potential partnering
opportunities. Other potential sources of capital may include
payments from licensing agreements, cost savings associated with
managing operating expense levels, other equity and/or debt
financings, and/or new strategic partnership agreements which fund
some or all costs of product development. The Company's ultimate
success will depend on whether its product candidates receive the
approval of the FDA, Health Canada, and the regulatory authorities
of the other countries in which its products are proposed to be
sold and whether it is able to successfully market approved
products. The Company cannot be certain that it will receive FDA,
Health Canada, or such other regulatory approval for any of its
current or future product candidates, or that it will reach the
level of sales and revenues necessary to achieve and sustain
profitability, or that the Company can secure other capital sources
on terms or in amounts sufficient to meet its needs, or at all.
"The availability of equity or debt financing will be affected by,
among other things, the results of the Company's R&D, its ability
to obtain regulatory approvals, its success in commercializing
approved products with its commercial partners and the market
acceptance of its products, the state of the capital markets
generally, the delisting from Nasdaq..., strategic alliance
agreements, and other relevant commercial considerations."
A full-text copy of the Form 6-K is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1474835/000165495422005012/ipii_ex992.htm
About Intellipharmaceutics
Intellipharmaceutics International Inc. is a pharmaceutical company
specializing in the research, development and manufacture of novel
and generic controlled-release and targeted-release oral solid
dosage drugs. The Company's patented Hypermatrix technology is a
multidimensional controlled-release drug delivery platform that can
be applied to a wide range of existing and new pharmaceuticals.
Intellipharmaceutics has developed several drug delivery systems
based on this technology platform, with a pipeline of products
(some of which have received FDA approval) in various stages of
development. The Company has ANDA and NDA 505(b)(2) drug product
candidates in its development pipeline. These include the
Company's abuse-deterrent oxycodone hydrochloride extended release
formulation ("Oxycodone ER") based on its proprietary nPODDDS novel
Point Of Divergence Drug Delivery System (for which an NDA has been
filed with the FDA), and Regabatin XR (pregabalin extended-release
capsules).
Intellipharmaceutics reported a net loss and comprehensive loss of
$5.14 million for the year ended Nov. 30, 2021, compared to a net
loss and comprehensive loss of $3.39 million for the year ended
Nov. 30, 2020. As of Nov. 30, 2021, the Company had $2.10 million
in total assets, $10.25 million in total liabilities, and
shareholders' deficiency of $8.16 million.
Toronto, Canada-based MNP LLP, the Company's auditor since 2016,
issued a "going concern" qualification in its report dated Feb. 28,
2022, citing that the Company has suffered recurring losses from
operations and has a net capital deficiency that raise substantial
doubt about its ability to continue as a going concern.
IRIDIUM COMMUNICATIONS: Egan-Jones Keeps B- Sr. Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company, on March 17, 2022, maintained its 'B-'
foreign currency and local currency senior unsecured ratings on
debt issued by Iridium Communications Inc. EJR also maintained its
'B' rating on commercial paper issued by the Company.
Headquartered in McLean, Virginia, Iridium Communications Inc.
offers mobile satellite communications services.
J AND J PURCHASING: Taps Peter Kravitz of Province Partners as CRO
------------------------------------------------------------------
J and J Purchasing, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Nevada to hire Peter Kravitz of Province
Partners, LLC as its chief restructuring officer.
The Debtor requires a restructuring advisor to:
a) disclose to the bankruptcy court any conflicts between the
Debtor and its affiliate, J & J Consulting Services, Inc., over the
course of the retention;
b) be the sole responsible party and signatory for each of the
Debtor's banking and financial accounts;
c) supervise and direct all action taken by the Debtor in its
Chapter 11 case;
d) locate and take possession and control of all assets of the
Debtor;
e) direct all business and operational matters of the Debtor;
f) act as the designated responsible person for the Debtor in
its case;
g) direct the preparation of all financial information
relative to the Debtor, including statements of financial affairs
and bankruptcy schedules required to be filed by the Debtor in the
case;
h) approve all cash disbursements;
i) direct the investigation of all misfeasance, malfeasance
and nonfeasance by persons that owe or owed duties to the Debtor,
including but not limited to insiders and affiliates;
j) direct all legal actions to protect the Debtor's bankruptcy
estate and interest of the creditors, including the prosecution of
all civil actions against insiders, affiliates and third parties;
k) cooperate with law enforcement, regulatory agencies and
their agents, and other persons enforcing state or federal police
power by providing information to their investigations, subject to
reasonableness and proportionality;
l) supervise and direct the management of the Debtor's
communications with creditors, investors, lenders and third
parties;
m) direct and approve the disposition of physical assets of
the Debtor in the ordinary course or with bankruptcy court
approval;
n) retain or terminate any employees, contractors or
professionals relative to the Debtor;
o) participate in meetings with third parties and their
respective representatives on all material matters related to the
Debtor;
p) hire any professionals for the Debtor;
q) communicate with the Debtor's legal counsel in any pending
or future legal matters involving the Debtor as a party in
interest, and negotiate resolution of any such matters;
r) pursue, settle, resolve or otherwise make all decisions
relative to any claim for or against the Debtor or any of its
affiliates, subject to such approvals as may be required by the
Bankruptcy Code;
s) communicate with any committees, investor groups,
creditors, lenders and the bankruptcy court, related to the
Debtor;
t) communicate with regulators relative to the activities of
the Debtor and its affiliates; and
u) take other actions necessary to fulfill its
responsibilities, including executing all necessary documentation.
The monthly fee for the services is $50,000.
As disclosed in court filings, Mr. Kravitz and his firm are
"disinterested" within the meaning of Section 101(14) of the
Bankruptcy Code.
The CRO can be reached at:
Peter Kravitz
Province Partners, LLC
2360 Corporate Circle, Suite 340
Henderson, NV 89074
Phone: +1 (702) 685-5555
Email: pkravtiz@provincefirm.com
About J and J Purchasing
A group of creditors, including Keith Ozawa, Anthony Bonifazio,
Brian Schumann, and Martin Keevin Cordova, filed an involuntary
petition under Chapter 11 of the Bankruptcy Code against J and J
Purchasing, LLC (Bankr. D, Nev. Case No. 22-10943) on March 17,
2022. The creditors are represented by Samuel A. Schwartz, Esq., at
Schwartz Law, PLLC.
Judge Mike K. Nakagawa presides over the case.
Garman Turner Gordon, LLP and Province Partners, LLC serve as the
Debtor's legal counsel and restructuring advisor, respectively.
Peter Kravitz of Province Partners is the Debtor's chief
restructuring officer.
JAGUAR HEALTH: Inks Royalty Interest and Debt Amendments
--------------------------------------------------------
Jaguar Health, Inc. entered into amendments to (i) the royalty
interest in the original principal amount of $12 million with Iliad
Research and Trading, L.P., (ii) the royalty interest in the
original principal amount of $12 million with Uptown Capital, LLC
(f/k/a Irving Park Capital, LLC) and (iii) the royalty interest in
the original principal amount of $10 million with Streeterville
Capital, LLC, pursuant to which the Company was granted the right
to exchange from time to time at the Company's sole discretion, all
or any portion of the Royalty Interests for shares of the Company's
common stock at a price per share equal to the Minimum Price (as
defined in Nasdaq Listing Rule 5635(d)) as of the date of the
applicable exchange. Under the Royalty Interest Global Amendments,
the Company's ability to exchange the Royalty Interests for shares
of the Company's common stock is subject to certain limitations,
including no exchange transaction to the extent the issuance of
shares in such exchange would result in the total cumulative number
of shares of the Company's common stock issued pursuant to the
Royalty Interests would exceed the requirements of The Nasdaq
Capital Market (including the rules related to the aggregation of
offerings under Nasdaq Listing Rule 5635(d) if applicable), unless
stockholder approval is obtained to issue more than the Exchange
Cap.
Debt Amendment
On April 14, 2022, the Company and Napo Pharmaceuticals, Inc., the
Company’s wholly-owned subsidiary, entered into an amendment to
the secured promissory note in the original principal amount of
$6,220,812.50 with Streeterville, pursuant to which the Borrower
was granted the right to exchange from time to time at Borrower's
sole discretion, all or any portion of the Note for shares of the
Company's common stock at a price per share equal to the Exchange
Price. Under the Note Global Amendment, the Borrower's ability to
exchange the Note for shares of the Company's common stock is
subject to certain limitations, including no exchange transaction
to the extent the issuance of shares in such exchange would result
in the total cumulative number of shares of the Company's common
stock issued pursuant to the Note would exceed the Exchange Cap,
unless stockholder approval is obtained to issue more than the
Exchange Cap.
About Jaguar Health
Jaguar Health, Inc. -- http://www.jaguar.health-- is a commercial
stage pharmaceuticals company focused on developing novel,
sustainably derived gastrointestinal products on a global basis.
The Company's wholly owned subsidiary, Napo Pharmaceuticals, Inc.,
focuses on developing and commercializing proprietary human
gastrointestinal pharmaceuticals for the global marketplace from
plants used traditionally in rainforest areas. Its Mytesi
(crofelemer) product is approved by the U.S. FDA for the
symptomatic relief of noninfectious diarrhea in adults with
HIV/AIDS on antiretroviral therapy.
Jaguar Health reported a net loss and comprehensive loss of $52.60
for the year ended Dec. 31, 2021, a net loss and comprehensive loss
of $33.81 million for the year ended Dec. 31, 2020, a net loss and
comprehensive loss of $38.54 million for the year ended Dec. 31,
2019, and a net loss of $32.15 million for the year ended Dec. 31,
2018. As of Dec. 31, 2021, the Company had $53.27 million in total
assets, $41.41 million in total liabilities, and $11.85 million in
total stockholders' equity.
KAISER ALUMINUM: Moody's Affirms Ba3 CFR, Outlook Remains Stable
----------------------------------------------------------------
Moody's Investors Service affirmed Kaiser Aluminum Corporation's
Ba3 Corporate Family Rating, a Ba3-PD probability of default rating
and a B1 rating of senior unsecured notes due 2028 and 2031.
Speculative Grade Rating remains SGL-1. The outlook is stable.
Affirmations:
Issuer: Kaiser Aluminum Corporation
Corporate Family Rating, Affirmed Ba3
Probability of Default Rating, Affirmed Ba3-PD
Senior Unsecured Regular Bond/Debenture, Affirmed B1 (LGD4)
Outlook Actions:
Issuer: Kaiser Aluminum Corporation
Outlook, Remains Stable
RATINGS RATIONALE
The ratings affirmation reflects Moody's expectations that, while
financial leverage is currently high for the rating, Kaiser's
credit profile will strengthen in the next 12-18 months driven by
improving fundamentals in the US automotive industry, full-year
contribution from the packaging business and the continued recovery
in the aerospace/high strength segment. Kaiser's Ba3 Corporate
Family Rating (CFR) reflects the robust market position of its
semi-fabricated aluminum mill products in the commercial aerospace
& defense, beverage and food packaging, automotive and general
industrial end markets, and its long-standing customer
relationships with airframe manufacturers, tier one automotive
suppliers and large metal service centers.
The credit rating is also supported by the company's recent
acquisition and integration of Warrick Rolling Mill assets, adding
a non-cyclical, consumer-centric aluminum can and food packaging
business that increased Kaiser's scale and improved its end-market
diversity. The company's strong liquidity position is a key
consideration supporting its credit profile. The company benefits
from the pricing model that allows it to pass through aluminum
costs on most of its sales through contracts that mitigates the
impact of aluminum price volatility. However, the credit profile is
constrained by currently high financial leverage, the company's
modest size and significant customer concentration.
Kaiser faced significant challenges in 2021 related to supply chain
issues, higher labor, energy and freight costs along with higher
Midwest transaction price and complex integration of the Warrick
mill, which resulted in increased operating costs, margin
contraction and working capital outflow. Kaiser's 2021 results were
below Moody's projections, with Moody's-adjusted EBITDA growth to
$192 million from about $152 million in the prior year coming from
the addition of the packaging business. Leverage of 5.8x remained
unchanged from FY2020 due to greater quantum of debt and is still
high for the rating. However, Moody's expect Kaiser earnings to
evidence material improvement in 2022 supported by improving
fundamentals in the automotive industry, full-year contribution
from the aluminum can and food packaging business, solid demand for
general engineering segment products and the continued recovery in
the aerospace/high strength end-markets, which should drive
pricing, volume growth and increase in value-added revenues.
Moody's forecast that EBITDA, as adjusted by Moody's, will rise to
about $230-250 million in 2022 and $320-330 million in 2023.
Leverage is expected to decline to about 4.5-4.7x in 2022 and
3.3-3.5x in 2023. Moody's also expect Kaiser to be free cash flow
negative in 2022 (after dividend payments) with all of the
operating cash flow absorbed by materially higher capex on the new
roll coat line at Warrick, Trentwood facility capex and other
growth initiatives. Kaiser's ample liquidity is expected to support
the projected cash burn without impacting its liquidity profile.
Moody's estimate that Kaiser will be return to positive free cash
generation in 2023.
The stable outlook reflects Moody's expectations that Kaiser's
performance will exhibit a solid rebound over the next 12 to 18
months and that the company will maintain a strong liquidity
profile. The stable outlook also assumes that leverage, measured as
Moody's-adjusted debt/EBITDA, will return to levels commensurate
with Ba3 rating or better in 2023.
Kaiser faces a number of ESG risks typical for a producer of
flat-rolled and extrusion aluminum products with respect to air
emissions, wastewater discharges, site remediation amongst others,
and is subject to many environmental laws and regulations in the
areas in which it operates. However, Kaiser is also a significant
user of aluminum scrap with recycled aluminum and other metals
accounting for more than 50% of all material used in its remelt and
casting operations. The addition of the aluminum packaging business
which typically has even higher recycling rates is expected to
further lower the energy intensity of the company's operations per
unit of production. Social risks are relatively acute with 66% of
the company's workforce unionized. The governance risk is below
average as the company has followed a balanced capital allocation
policy, remaining disciplined with M&A and shareholder returns.
Kaiser's SGL-1 speculative grade liquidity rating reflects its very
good liquidity profile supported by $261 million (as of March 31,
2021) in cash and $563 million available under the recently upsized
$575 million (previously, $375 million) asset-based revolver (ABL).
The ABL matures in April, 2027, subject to certain conditions. The
availability under the ABL is based on advances against eligible
accounts receivable and inventory. Moody's do not expect the
company to draw on the ABL and the company is expected to maintain
compliance with its covenant - a minimum fixed charge coverage
ratio covenant of 1.0:1.0, which is only applicable if borrowing
availability under the revolving credit facility is less than $46
million, which is less than 10% of the committed facility.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's would consider an upgrade of Kaiser's credit ratings if
leverage (adjusted debt/EBITDA) improves to below 3.5x, interest
coverage (adjusted EBIT/Interest) increases to above 3x and an
adjusted EBIT margin to above 7% on a sustained basis. Expectations
of sustainable positive Moody's adjusted free cash generation is
also a prerequisite the ratings upgrade.
Kaiser's ratings could be downgraded if liquidity, measured as cash
plus revolver availability, evidences a material deterioration, if
the company makes debt-financed acquisitions at aggressive
multiples or resumes its share repurchasing program before the
recovery in its key end-markets, return to Moody's adjusted free
cash flow generation and improvement in debt protection metrics.
Expectations of significantly prolonged production rate cuts by the
company's customers or an extended slump in the commercial
aerospace demand could lead to the negative pressure on the
ratings. Quantitatively, ratings could be downgraded if the
adjusted EBIT margin is expected to sustain below 5% and leverage
to remain above 4x.
The principal methodology used in these ratings was Steel published
in November 2021.
Kaiser Aluminum Corporation, based in Franklin, Tennessee,
currently operates 14 fabricating facilities throughout North
America (13 in the US, and 1 in Canada). Kaiser produces
value-added sheet, plate, extrusions, rod, bar, and tube primarily
for aerospace, automotive, and general engineering market segments
and aluminum sheet for packaging industry. The Company generated
$2.6 billion in revenues in 2021.
KURNCZ FARMS: Exclusivity Period Extended to May 30
---------------------------------------------------
Kurncz Farms, Inc. has been given more time to file its plan for
emerging from Chapter 11 protection.
Judge John Gregg of the U.S. Bankruptcy Court for the Western
District of Michigan extended the exclusivity periods for the
company to file a Chapter 11 plan and solicit acceptances for the
plan to May 30 and June 28, respectively.
The extension will give the company more time to complete its
negotiations regarding the terms of the plan with the Internal
Revenue Service, the official unsecured creditors' committee and
PNL Devine, LLC, which has a secured interest in the company's cash
collateral.
About Kurncz Farms
Kurncz Farms, Inc. is part of the cattle ranching and farming
industry. The company is based in Saint Johns, Mich.
Kurncz Farms sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. W.D. Mich. Case No. 21-02612) on Nov. 30, 2021,
listing as much as $10 million in both assets and liabilities.
Peter J. Kurncz, president of Kurncz Farms, signed the petition.
Susan M. Cook, Esq., at Warner Norcross + Judd, LLP and Barron
Business Consulting serve as the Debtor's legal counsel and
business consultant, respectively.
The U.S. Trustee for Region 17 appointed an official committee of
unsecured creditors in the Debtor's case on Nov. 22, 2021. The
committee is represented by Keller & Almassian, PLC.
KURNCZ FARMS: Wins Cash Collateral Access
-----------------------------------------
The U.S. Bankruptcy Court for the Western District of Michigan
authorized Kurncz Farms, Inc. to use cash collateral on a final
basis and provide adequate protection.
The Debtor has stipulated with PNL Devine, LLC, the Internal
Revenue Service, the Official Committee of Unsecured Creditors
appointed in the case, and the United States Trustee on the
Debtor's use of cash collateral of PNL and the IRS.
The Debtor is permitted to use cash collateral to fund payment of
normal and ordinary post-petition operating expenses as and when
incurred. The Debtor's actual expenses and cash expenditures may
not exceed more than 115% of the projected amounts set forth in the
budget (as provided to PNL, the Committee, the IRS, and the U.S.
Trustee) on an aggregate basis in any given week; provided,
however, to the extent any amounts permitted to be paid in
accordance with the budget during a week are not actually paid
during such week, the amounts may be paid during a subsequent
week.
Further, the Court said all milk proceeds under the Milk Assignment
as defined in the Motion must be divided between the Debtor and
PNL. PNL will receive $40,000 from each milk check and the
remaining amount will be paid directly to the Debtor. The $40,000
sent to PNL directly will be applied to the indebtedness due to PNL
in the following order: $3,156.52 to the Cattle Lease, 6.5%
interest accruing on the principal balances of the Note and New
Inputs Loan, and the remaining amount will be applied to principal
on the New Inputs Loan and then to principal on the Note.
As adequate protection, PNL will be granted continuing and
replacement security interests and liens in all of the Debtor's
post-petition property. The IRS will be granted continuing and
replacement security interests and liens in all of the Debtor's
post-petition property.
The Debtor's authority to use cash collateral will continue until
the earlier of: (a) the Debtor's failure to materially comply with
the terms contained in the Amended Final Order; (b) the appointment
of a chapter 11 trustee for the Debtor's estate; (c) the conversion
of the chapter 11 case to a proceeding under chapter 7; (d) the
entry of an Order dismissing the case without PNL's consent; (e)
the Debtor's defaults under the terms of the 2022 Input Loan; or
(f) upon plan confirmation.
All prepetition indebtedness and obligations, prepetition liens,
and all liens and claims granted pursuant to all cash collateral
interim orders entered in the case, including any adequate
protection liens and any adequate protection claims pursuant to 11
U.S.C. section 507(b), will be subordinate to (i) the fees of the
Clerk of the Bankruptcy Court and fees of the U.S. Trustee pursuant
to 28 U.S.C. section 1930(a); (ii) the fees and expenses incurred
by professionals retained by the Debtor up to $40,000 (net of
retainer) for the months of November 2021, December 2021, and
January 2022; (iii) the fees and expenses incurred by professionals
retained by the Committee up to $20,000 for the months of December
2021 and January 2022; (iv) the fees and expenses incurred by
professionals retained by the Debtor up to $20,000 each month
beginning February 2022; and (v) the fees and expenses incurred by
professionals retained by the Committee up to $10,000 each month
beginning February 2022.
A copy of the order is available at https://bit.ly/3Ov3GHx from
PacerMonitor.com.
About Kurncz Farms
Kurncz Farms, Inc. is part of the cattle ranching and farming
industry. The company is based in Saint Johns, Michigan.
Kurncz Farms sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. W.D. Mich. Case No. 21-02612) on Nov. 30, 2021,
listing as much as $10 million in both assets and liabilities.
Peter J. Kurncz, president of Kurncz Farms, signed the petition.
Judge John T. Gregg oversees the case.
Susan M. Cook, Esq., at Warner Norcross + Judd, LLP and Barron
Business Consulting serve as the Debtor's legal counsel and
business consultant, respectively.
The U.S. Trustee for Region 17 appointed an official committee of
unsecured creditors in the Debtor's case on Nov. 22, 2021. The
committee is represented by Varnum, LLP.
LAUREL APPAREL: Taps Weintraub & Selth as Bankruptcy Counsel
------------------------------------------------------------
Laurel Apparel Group, LLC seeks approval from the U.S. Bankruptcy
Court for the Central District of California to hire Weintraub &
Selth, APC to serve as legal counsel in its Chapter 11 case.
The firm's services include:
(a) advising the Debtor concerning its rights, powers, and
duties under Sections 1107 and 1108 of the Bankruptcy Code;
(b) advising the Debtor concerning all general administrative
matters in the bankruptcy case and dealings with the Office of the
United States Trustee;
(c) representing the Debtor at all court hearings unless it is
represented in that proceeding or hearing by a special counsel;
(d) preparing bankruptcy schedules and legal papers;
(e) advising the Debtor regarding matters of bankruptcy law,
including its rights and remedies with respect to assets of the
estate and creditor claims;
(f) representing the Debtor in all contested matters;
(g) representing the Debtor in any litigation commenced by, or
against, the Debtor, provided that such litigation is within the
firm's expertise and subject to a further engagement agreement with
the Debtor on terms acceptable to the Debtor and the firm;
(h) representing the Debtor in the negotiation, preparation
and implementation of a plan of reorganization;
(i) analyzing claims that have been filed in the bankruptcy
case;
(j) negotiating with creditors regarding the amount and
payment of claims;
(k) objecting to claims as may be appropriate; and
(l) performing all other necessary legal services for the
Debtor.
The firm's hourly rates are as follows:
Daniel J. Weintraub, Esq. $675 per hour
James R. Selth, Esq. $585 per hour
Paraprofessionals $250 per hour
Legal Assistants $175 per hour
The Debtor paid the firm $35,000 as a retainer fee.
Daniel Weintraub, Esq., the firm's attorney who will be providing
the services, disclosed in a court filing that he is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached at:
Daniel J. Weintraub, Esq.
Weintraub & Selth, APC
11766 Wilshire Boulevard, Suite 1170
Los Angeles, CA 90025
Tel: (310) 207-1494
Fax: (310) 442-0660
Email: dan@wsrlaw.net
About Laurel Apparel Group
Laurel Apparel Group, LLC is a Los Angeles-based company that
operates an apparel manufacturing business.
Laurel Apparel Group filed a petition under Chapter 11, Subchapter
V of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 22-11974) on
April 7, 2022, listing $425,882 in assets and $1,570,054 in
liabilities. Gregory K. Jones serves as Subchapter V trustee.
Judge Sheri Bluebond presides over case.
Daniel J. Weintraub, Esq., at Weintraub & Selth, APC is the
Debtor's legal counsel.
LAUTERBACH LABORATORIES: June 1 Plan & Disclosure Hearing Set
-------------------------------------------------------------
On April 4, 2022, debtor Lauterbach Laboratories, Inc., d/b/a
Lauterbach Dental Lab, Inc., filed with the U.S. Bankruptcy Court
for the Western District of Pennsylvania a Disclosure Statement and
Plan.
On April 19, 2022, Judge Thomas P. Agresti conditionally approved
the Disclosure Statement and ordered that:
* May 25, 2022, is fixed as the last day to submit all Ballots
accepting or rejecting the Plan.
* May 25, 2022, is fixed as the last day to file all
objections to the Disclosure Statement.
* June 1, 2022, at 01:30 p.m. is the final hearing on the
Disclosure Statement and Plan confirmation.
A copy of the order dated April 19, 2022, is available at
https://bit.ly/3rNWDji from PacerMonitor.com at no charge.
Debtor's Counsel:
Dennis J. Spyra, Esq.
Suite 400, 6000 Poplar Avenue
1711 Lincoln Way
White Oak, PA 15131
Tel.: 412-673-5228
Email: attorneyspyra@dennisspyra.com
About Lauterbach Dental
Lauterbach Dental Lab, Inc. filed a petition for Chapter 11
protection (Bankr. W.D. Pa. Case No. 21-22189) on Oct. 6, 2021,
listing as much as $50,000 in both assets and liabilities. Joseph
W. Lauterbach, president of Lauterbach Dental Lab, signed the
petition. The Debtor tapped Dennis J. Spyra, Esq., as legal
counsel.
LIGHT & WONDER: Completes Debt Refinancing Transactions
-------------------------------------------------------
Scientific Games Corporation, doing business as Light & Wonder,
achieved a major milestone in transforming and deleveraging its
balance sheet. The Company retired its existing $4.0 billion term
loan and redeemed $3.0 billion of its secured and unsecured notes
using proceeds from the divestiture of the Lottery Business and a
new $2.2 billion term loan facility. In conjunction with the new
term loan, the Company also entered into a new $750 million
revolving credit facility.
These actions reflect successful execution of Light & Wonder's
balanced and opportunistic approach to capital allocation which
prioritizes:
* Priority #1: Debt reduction to a target net debt leverage
ratio range of 2.5x to 3.5x, with today's announced actions
representing significant progress on this priority, reducing the
principal amount of debt outstanding by $4.8 billion. The Company
estimates an annualized cash interest savings of $225.0 million as
a result of these actions. In addition, the covenant-light nature
of the new term loan facility provides Light & Wonder with the
flexibility to execute on its capital allocation priorities.
Taking the refinancing transactions into account, combined with the
previously announced sale of its Lottery Business, the Company's
adjusted net debt reflecting refinancing transactions and the
Lottery Business sale and adjusted net debt leverage ratio
reflecting refinancing transactions and the Lottery Business sale
as of Dec. 31, 2021 would have been approximately $3.2 billion and
3.9x, compared to $8.2 billion and 6.2x reported as of Dec. 31,
2021, respectively.
* Priority #2: Share buy-backs to return substantial capital to
shareholders now and in the future, with the Company continuing to
actively repurchase shares under its $750 million share repurchase
authorization.
* Priority #3: Disciplined investment in key growth
opportunities, prioritizing using capital for buy-backs, debt
reduction and organic investments unless M&A delivers greater
long-term value.
"With the sale of our Lottery Business we are making rapid progress
executing on our strategy to transform our business," said Light &
Wonder Chief Executive Officer Barry Cottle. "We see tremendous
opportunity to create value for our shareholders and other
stakeholders by building great games and franchises to entertain
our players wherever and whenever they want to play. The steps we
are taking to strengthen our balance sheet will enhance our ability
to create value and the speed at which we can unlock that value and
achieve our vision of becoming the leading cross-platform global
game company."
Light & Wonder Chief Financial Officer Connie James added, "The
debt reduction and refinancing is yet another monumental milestone
in our efforts to strengthen our financial position and advance our
capital allocation strategy. We were very pleased with the
market's response to our debt transaction, which allowed us to
achieve favorable pricing and improve our credit ratings. This
transaction optimizes our capital structure and provides the
balance sheet integrity and financial flexibility to invest in
future growth. We are strongly positioned to drive tremendous
shareholder value."
Details of the Transaction
The new first lien term loan facility has a principal balance of
$2.2 billion maturing in 2029. Loans under the new first lien term
loan facility will, at the Company's option, initially bear
interest at either (i) Adjusted Term SOFR Rate (as defined in the
credit agreements), plus 3.00% or (ii) a base rate plus 2.00%.
The Company also successfully obtained commitments for a $750.0
million asset-based revolving credit facility maturing in 2027.
The new revolving credit facility replaced the Company's existing
$650.0 million revolving credit facility maturing in 2024. Loans
under the new revolving facility will, at the Company's option,
initially bear interest at either (i) Adjusted Term SOFR Rate (or
an alternative benchmark rate for non-US dollar borrowings), plus
2.00% or (ii) ABR plus 1.00%.
With the addition of the new term loan facility, the Company's
weighted average life of debt increased to approximately 6.4 years.
The new credit facility is secured by substantially all assets of
the Company and any of its existing or future material domestic
subsidiaries, subject to customary exceptions.
The proceeds of the new term loan facility, along with a portion of
the $5.0 billion of net after-tax cash proceeds of the sale of the
Company's Lottery Business, were used to prepay in full and
terminate all commitments under the Company's existing $4.0 billion
term loan facility maturing in 2024; to redeem in full its 5.000%
Senior Secured Notes due 2025, 3.375% Senior Secured Euro Notes due
2026, 5.500% Senior Unsecured Euro Notes due 2026, and 8.250%
Senior Unsecured Notes due 2026; and to pay accrued and unpaid
interest thereon plus any related premiums, fees and expenses.
Total principal amount of debt retired or refinanced was $7.0
billion.
About Light & Wonder
Scientific Games Corporation, doing business as Light & Wonder,
operates a cross-platform games and entertainment business. The
Company brings together over 5,600 employees from six continents to
connect content between land-based and digital channels.
Scientific Games reported net income of $390 million for the year
ended Dec. 31, 2021, a net loss of $548 million for the year ended
Dec. 31, 2020, a net loss of $118 million for the year ended Dec.
31, 2019, and a net loss of $352 million for the year ended Dec.
31, 2018. As of Dec. 31, 2021, the Company had $7.88 billion in
total assets, $9.99 billion in total liabilities, and a total
shareholders' deficit of $2.11 billion.
LOUISIANA CRANE: Amends Commercial & Mack Financial Claims Pay
--------------------------------------------------------------
Louisiana Crane & Construction, LLC, submitted a Fourth Amended
Disclosure Statement describing Second Amended Chapter 11 Plan of
Reorganization dated April 19, 2022.
The Plan contemplates payment of all Allowed Claims against the
Debtor utilizing the revenue from the ongoing operation of the
Debtor's business to make the payments set forth therein. The
holders of Membership Interests will be affected pursuant to the
Plan.
Class 3 consists of Commercial Credit totaling $475,000.00.
Beginning on the Payment Commencement Date, the Class 3 creditor
shall receive monthly payments to satisfy its Secured Claim based
upon a principal balance equal to the Secured Lender Value, an
interest rate equal to the Secured Lender Plan Rate and an
amortization in accordance with the Secured Lender Amortization.
Commercial Credit disputes the value set forth herein and believes
it is fully secured.
Class 6 consists of the Claim of Mack Financial Service totaling
$316,709.58. Class 6 is impaired under the Plan and is entitled to
vote on the Plan. Beginning on the Payment Commencement Date, the
Class 6 creditor shall receive monthly payments to satisfy its
Secured Claim based upon a principal balance equal to the Secured
Lender Value, an interest rate at the Secured Lender Plan Rate and
an amortization equal to the Secured Lender Amortization.
Like in the prior iteration of the Plan, holders of Class 15
General Unsecured Claims will receive their pro-rata share of the
Fund which will be funded based upon an amortization of 5 years.
Creditors in Class 15 will receive quarterly payments with the
first payment 90 days after the Effective Date of the Plan. The
estimated recovery is 10%. This is based upon an assumed Class 15
of $8,000,000 inclusive of deficiency claims of Classes 3 through
14. Class 15 is impaired.
The Cash required to be distributed under the Plan to the holders
of Allowed Administrative Claims and Allowed Claims on the
Effective Date (or on such later date when such Claims become
Allowed Claims) shall be provided by (i) the Cash held by the
Debtor on the Effective Date; (ii) the Reorganized Debtor's
operations; and (iii) the contribution made by the Class 16
Members.
A full-text copy of the Fourth Amended Disclosure Statement dated
April 19, 2022, is available at https://bit.ly/3vDv0uF from
PacerMonitor.com at no charge.
Counsel for the Debtor:
Douglas S. Draper, Esq.
Leslie A. Collins, Esq.
Greta M. Brouphy, Esq.
HELLER, DRAPER & HORN, L.L.C.
650 Poydras Street, Suite 2500
New Orleans, LA 70130
Tel: (504) 299-3300
Fax: (504) 299-3399
E-mail: ddraper@hellerdraper.com
lcollins@hellerdraper.com
gbrouphy@hellerdraper.com
About Louisiana Crane
Louisiana Crane & Construction, LLC, is a Eunice, La.-based
supplier of traditional crane services and general oilfield
construction, pipeline, plant maintenance, rotating equipment, and
millwright services.
Louisiana Crane & Construction sought protection under Chapter 11
of the Bankruptcy Code (Bankr. W.D. La. Case No. 21-50198) on April
6, 2021. At the time of the filing, the Debtor had between $10
million and $50 million in both assets and liabilities. Judge John
W. Kolwe oversees the case. Heller, Draper & Horn, LLC is the
Debtor's legal counsel.
LUCCI RESTAURANT: Gets OK to Hire Golding Law Offices as Counsel
----------------------------------------------------------------
Lucci Restaurant Group, LLC received approval from the U.S.
Bankruptcy Court for the Northern District of Illinois to hire The
Golding Law Offices, P.C. to serve as legal counsel in its Chapter
11 case.
The firm's services include:
a. advising the Debtor regarding its rights, powers and
duties;
b. assisting in the negotiation and formulation of a plan of
reorganization;
c. examining and investigating claims against the Debtor;
d. taking necessary actions with reference to the claims
asserted against the Debtor;
e. taking necessary actions to collect, recover or sell
property of the Debtor;
f. preparing legal papers;
g. assisting in obtaining refinancing of the Debtor's secured
debt;
h. assisting the Debtor in resolving issues with unions
impairing its reorganization; and
i. performing other necessary legal services for the Debtor.
Richard Golding, Esq., the lead attorney, charges an hourly fee of
$490 for his services. Other attorneys and paralegals charge $390
per hour and $190 per hour, respectively.
The firm received a retainer in the amount of $15,000.
Mr. Golding disclosed in a court filing that his firm and all its
employees are disinterested within the meaning of Section 101(14)
of the Bankruptcy Code.
The firm can be reached at:
Richard N. Golding, Esq.
The Golding Law Offices, P.C.
500 N. Dearborn Street, 2nd Floor
Chicago, IL 60654
Tel: (312) 832-7885
Email: rgolding@goldinglaw.net
About Lucci Restaurant Group
Lucci Restaurant Group, LLC, owner of a full-service restaurant in
Deerfield, Ill., filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. N.D. Ill. Case No. 22-03452) on March
25, 2022, listing up to $500,000 in assets and up to $10 million in
liabilities.
Judge David D. Cleary oversees the case.
Richard N. Golding, Esq., at The Golding Law Offices, P.C. serves
as the Debtor's legal counsel.
M 1 INDUSTRIES: Gets OK to Hire Thaler Law Firm as Counsel
----------------------------------------------------------
M 1 Industries, Inc. received approval from the U.S. Bankruptcy
Court for the Eastern District of New York to hire Thaler Law Firm,
PLLC to serve as legal counsel in its Chapter 11 case.
The firm's services include:
a. giving legal advice to the Debtor with respect to its
powers and duties in the continued management of its business and
property;
b. representing the Debtor before the bankruptcy court and at
all hearings on matters pertaining to its affairs, including
prosecuting and defending litigated matters that may arise during
the pendency of the Debtor's bankruptcy case;
c. assisting the Debtor in the preparation and negotiation
with its creditors of a plan of reorganization;
d. preparing legal papers; and
e. performing all other legal services for the Debtor.
The hourly rates charged by the firm for its services are as
follows:
Andrew M. Thaler $500
Associates $175 - $350
Paralegals $125 - $200
Legal Assistants $100
The firm received a retainer in the amount of $25,000, plus the
filing fee of $1,738.
Andrew Thaler, Esq., a member of Thaler Law Firm, disclosed in a
court filing that his firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm may be reached through:
Andrew M. Thaler, Esq.
Thaler Law Firm PLLC
675 Old Country Road
Westbury, NY 11590
Tel: (516)279-6700
Email: athaler@athalerlaw.com
About M 1 Industries
M 1 Industries Inc. filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 22-70500) on March
22, 2022, listing up to $1 million in assets and up to $500,000 in
liabilities. Ronald J. Friedman, Esq., serves as Subchapter V
trustee.
Judge Louis A. Scarcella presides over the case.
Andrew M. Thaler, Esq., at Thaler Law Firm, PLLC and Prager Metis
CPAs, LLC serve as the Debtor's legal counsel and accountant,
respectively.
MARIOTT INTERNATIONAL: Egan-Jones Keeps BB Sr. Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company on March 18, 2022, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Marriott International Inc.
Headquartered in Bethesda, Maryland, Marriott International Inc. of
Maryland is a worldwide operator and franchisor of hotels.
MEGA-PHILADELPHIA: Seeks to Hire Edelboim as Bankruptcy Counsel
---------------------------------------------------------------
Mega-Philadelphia, LLC and M.S. Acquisitions & Holdings, LLC seek
approval from the U.S. Bankruptcy Court for the Middle District of
Florida to hire Edelboim Lieberman Revah, PLLC to serve as legal
counsel in their Chapter 11 cases.
The firm's services include:
(a) advising the Debtors with respect to their powers and
duties in the continued management and operation of their business
and properties;
(b) attending meetings and negotiating with representatives of
creditors and other parties-in-interest, and advising on the
conduct of the cases, including all of the legal and administrative
requirements of operating in Chapter 11;
(c) advising the Debtors in connection with post-petition
financing arrangements and drafting documents relating thereto;
(d) taking all necessary action to protect and preserve the
Debtors' estates, including the prosecution of actions on their
behalf, the defense of any actions commenced against the estates,
negotiations concerning all litigation in which the Debtors may be
involved and objections to claims filed against the estates;
(e) preparing legal papers;
(f) negotiating and preparing a plan of reorganization, to the
extent necessary, and taking any necessary action to obtain
confirmation of the plan;
(g) attending meetings with third parties and participating in
negotiations;
(h) appearing before the bankruptcy court, any appellate
courts, and the Office of the U.S. Trustee; and
(i) performing all other necessary legal services for the
Debtors.
The firm received the following retainers and replenishments from
the Debtors:
-- $6,000 (from Mega-Philadelphia) and $6,000 (from M.S.
Acquisitions) on Sept. 28, 2021;
-- $15,000 (from Mega-Philadelphia) and $10,000 (from M.S.
Acquisitions) on Nov. 17, 2021;
-- $50,000 from Mega-Philadelphia on Dec. 21, 2021; and
-- $25,000 from M.S. Acquisitions on March 24, 2022.
As disclosed in court filings, Mega-Philadelphia is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Brett D. Lieberman, Esq.
Edelboim Lieberman Revah, PLLC
20200 W. Dixie Highway, Suite 905
Miami, FL 33180
Tel: (305) 768-9909
Fax: (305) 928-1114
Email: brett@elrolaw.com
About Mega-Philadelphia and
M.S. Acquisitions
Mega-Philadelphia, LLC is a music and radio station business that
provides radio broadcasting services in Philadelphia, South New
Jersey, and Atlantic City, N.J. Based in Naples, Fla.,
Mega-Philadelphia generates advertisement revenue through broadcast
radio and live promotional events. M.S. Acquisitions & Holdings,
LLC is the 100% owner and sole member of Mega-Philadelphia.
Mega-Philadelphia and M.S. Acquisitions filed petitions under
Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla.
Lead Case No. 22-00340) on March 25, 2022. Amy Denton Harris serves
as Subchapter V trustee.
In the petitions signed by Michael Sciore, chief executive officer,
Mega-Philadelphia listed $346,574 in assets and $2,285,961 in
liabilities while M.S. Acquisitions listed $196,427 in assets and
$5,526,926 in liabilities.
Judge Caryl E. Delano oversees the Debtors' cases.
Brett Lieberman, Esq., at Edelboim Lieberman Revah, PLLC and
KapilaMukamal, LLP serve as the Debtors' legal counsel and
financial advisor, respectively.
MEGA-PHILADELPHIA: Taps KapilaMukamal as Financial Advisor
----------------------------------------------------------
Mega-Philadelphia, LLC and M.S. Acquisitions & Holdings, LLC seek
approval from the U.S. Bankruptcy Court for the Middle District of
Florida to hire KapilaMukamal, LLP to serve as their financial
advisor.
The firm's services include:
(a) reviewing all financial information prepared by the
Debtors or their accountants, including but not limited to, a
review of the Debtors' assets and liabilities;
(b) reviewing the organizational structure and financial
relationships of the Debtors and their affiliates, including a
review of the books of such companies or persons as may be
requested;
(c) preparing and reviewing monthly operating reports and
proformas;
(d) preparing and reviewing financial budgets, projections,
project cost, and profitability estimates;
(e) reviewing the reporting of cash collateral;
(f) rendering restructuring and financial advice to the
Debtors;
(g) assisting the Debtors with the formulation of a plan of
reorganization, including tax ramifications;
(h) providing the Debtors with valuation services;
(i) assisting the Debtors with the preparation of a
liquidation analysis;
(j) analyzing the cash flows and profitability of the Debtors'
businesses.
(k) preparing tax returns, tax compliance filings, and related
matters;
(l) rendering financial advice concerning compensation of
employees, independent contractors and officers and other matters;
and
(m) other necessary financial advisory services.
The firm has requested a $12,500 retainer for its services.
As disclosed in court filings, KapilaMukamal is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Soneet R. Kapila, CPA
KapilaMukamal, LLP
1000 S. Federal Highway, Suite 200
Fort Lauderdale, FL 33316
Phone: +1 954-761-1011
Email: kapila@kapilamukamal.com
About Mega-Philadelphia and
M.S. Acquisitions
Mega-Philadelphia, LLC is a music and radio station business that
provides radio broadcasting services in Philadelphia, South New
Jersey, and Atlantic City, N.J. Based in Naples, Fla.,
Mega-Philadelphia generates advertisement revenue through broadcast
radio and live promotional events. M.S. Acquisitions & Holdings,
LLC is the 100% owner and sole member of Mega-Philadelphia.
Mega-Philadelphia and M.S. Acquisitions filed petitions under
Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla.
Lead Case No. 22-00340) on March 25, 2022. Amy Denton Harris serves
as Subchapter V trustee.
In the petitions signed by Michael Sciore, chief executive officer,
Mega-Philadelphia listed $346,574 in assets and $2,285,961 in
liabilities while M.S. Acquisitions listed $196,427 in assets and
$5,526,926 in liabilities.
Judge Caryl E. Delano oversees the Debtors' cases.
Brett Lieberman, Esq., at Edelboim Lieberman Revah, PLLC and
KapilaMukamal, LLP serve as the Debtors' legal counsel and
financial advisor, respectively.
MERCER INTERNATIONAL: Egan-Jones Cuts Sr. Unsecured Ratings to BB-
------------------------------------------------------------------
Egan-Jones Ratings Company on March 18, 2022, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Mercer International, Inc. to BB- from B.
Headquartered in Vancouver, Canada, Mercer International, Inc. owns
and operates three modern pulp mills.
MGM RESORTS: Egan-Jones Keeps CCC+ Senior Unsecured Ratings
-----------------------------------------------------------
Egan-Jones Ratings Company on March 11, 2022, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by MGM Resorts International to B- from CCC+. EJR also maintained
its 'CCC+' rating on commercial paper issued by the Company.
Headquartered in Las Vegas, Nevada, MGM Resorts International
operates gaming, hospitality, and entertainment resorts.
MICHAEL KORS: Moody's Affirms Ba1 CFR & Alters Outlook to Positive
------------------------------------------------------------------
Moody's Investors Service upgraded Michael Kors (USA), Inc. senior
unsecured notes to Ba1 from Ba2. All other ratings have been
affirmed including its Ba1 corporate family rating, Ba1 issuer
rating, and Ba1-PD probability of default rating. The speculative
grade liquidity rating remains unchanged at SGL-1. The outlook was
also changed to positive from stable.
"The upgrade of the senior unsecured notes reflects the release of
collateral that was formerly securing its senior credit facility
which leaves the notes pari passu with its bank debt," said Senior
Vice President, Christina Boni. "The positive outlook reflects
Michael Kors' recent improvement in operating performance at all of
its brands as well as its return to a senior unsecured capital
structure which better supports upward movement to an investment
grade rating," Boni added.
Upgrades:
Issuer: Michael Kors (USA), Inc.
Gtd. Senior Unsecured Regular Bond/Debenture, Upgraded to Ba1
(LGD4) from Ba2 (LGD5)
Affirmations:
Issuer: Michael Kors (USA), Inc.
Issuer Rating, Affirmed Ba1
Probability of Default Rating, Affirmed Ba1-PD
Corporate Family Rating, Affirmed Ba1
Outlook Actions:
Issuer: Michael Kors (USA), Inc.
Outlook, Changed To Positive From Stable
RATINGS RATIONALE
Michael Kors Ba1 corporate family rating reflects its ownership of
three well-known brands; Michael Kors, Versace and Jimmy Choo, and
their solid market position in the US and Western European women's
and men's luxury and accessible luxury apparel, footwear and
accessories markets. The company, with $5.4 billion of LTM Q3
FY2022 revenue, also has a growing focus on the Asia-Pacific
region. The rating is also supported by Michael Kors' strong credit
metrics and very good liquidity. Leverage, which is currently 1.9x,
is expected to continue to remain low as the luxury sector benefits
from an exposure to a higher end consumer and an increase in return
to work and occasions that contribute to demand. Nonetheless,
Michael Kors' rating is constrained by its narrow product mix. The
company has continued to improve its operating performance by
positioning Michael Kors toward a higher quality sales mix and
improving profitability at Versace and Jimmy Choo through a broader
product mix and execution.
The positive outlook reflects Michael Kors' ability to maintain
healthy operating margins coupled its consistent improvement in
operating performance across its brands. The positive outlook also
assumes a balanced financial strategy commiserate with an
investment grade rating.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Ratings could be upgraded if Michael Kors has sustained positive
operating income growth with consistent performance at all of its
brands and improved margins at Versace and Jimmy Choo while
maintaining a conservative financial policy with a clearly
articulated financial strategy and excellent liquidity.
Quantitative metrics include debt/EBITDA sustained below 2.5 times
and interest coverage above 5.5 times while maintaining an
unsecured capital structure.
Ratings could be downgraded to the extent organic sales growth and
operating income growth do not return to more stabilized levels or
liquidity deteriorates. Ratings could also be downgraded if
financial policies were to become more aggressive, such as
acquisitions or share repurchases that are debt financed.
Quantitative metrics include debt/ EBITDA sustained above 3.5 times
or EBIT/interest below 4.5 times.
Michael Kors (USA), Inc. is a wholly owned subsidiary of Capri
Holdings Limited, a global fashion luxury group. Its portfolio
consists of iconic brands, which include Michael Kors, Versace and
Jimmy Choo. Its brands cover the full spectrum of fashion luxury
categories including women's and men's accessories, footwear and
ready-to-wear as well as wearable technology, watches, jewelry,
eyewear, and a full line of fragrance products. Revenue is about
$5.4 billion.
The principal methodology used in these ratings was Retail
published in November 2021.
MIDWEST GAMING: S&P Alters Outlook to Stable, Affirms 'B+' ICR
--------------------------------------------------------------
S&P Global Ratings revised its rating outlook to stable from
negative and affirmed all ratings, including its 'B+' issuer credit
rating on Illinois-based Midwest Gaming Borrower LLC (MGB), the
Illinois-based owner and operator of Rivers Casino Des Plaines
(Rivers).
The stable outlook reflects S&P's expectation that MGB's adjusted
leverage in 2022 will improve to the low-3x area, which provides a
significant cushion relative to its 5x downgrade threshold to
absorb the likely impact of new competition in 2023.
MGB recovered faster than we expected in 2021, and the company has
significant leverage cushion compared to its 5x downgrade
threshold.
Despite stricter pandemic-related restrictions in the Chicagoland
market than in other regional gaming markets, MGB's Rivers' gross
gaming revenue (GGR) in 2021 was 2% higher than in 2019, compared
to S&P's forecast that it would only recover to 80%-95% of 2019
levels. Additionally, like many regional gaming operators, MGB
experienced significant margin expansion over both 2020 (when the
property was closed for portions of the year) and 2019.
Improvements to the company's cost structure included a reduction
in marketing spending, the elimination of loss-leading,
unprofitable operations (e.g., buffets, valet) at least
temporarily, and the new Illinois gaming tax rate structure
implemented in July 2020. The Illinois gaming expansion bill
lowered the table game tax rate, and provided that promotional play
of up to 20% of gaming revenue would not be taxed. As a result, MGB
ended 2021 with leverage of 3.6x compared to our prior expectation
of high 4x.
MGB's expansion, which opens in phases in 2022, should support
revenue and EBITDA growth in 2022. Rivers' GGR grew 39% in the
first quarter of 2022 compared to the same period last year. The
property is benefiting from a full quarter of operations as well as
the opening of a portion of the expansion project. In total, MGB's
expansion project will add approximately 850 additional gaming
positions. Notwithstanding the already high gaming supply in the
Chicagoland market, Rivers has achieved a significantly higher win
per unit per day (WPUPD) than competitors. S&P said, "We believe
this high WPUPD demonstrates that Rivers does not have enough
gaming positions to meet demand and has room to increase gaming
capacity and grow revenue and EBITDA, even though we expect WPUPD
will decline. Consequently, under our base-case forecast, we expect
the expansion will increase revenue by 20%-30% and EBITDA by
10%-20% in 2022."
Gaming expansion in the Chicagoland market could erode MGB's
competitive position over the longer term. Even though gaming
supply in the market is high, Rivers has maintained a strong market
share and WPUPD, indicating that other casinos in the market do not
represent significant competition for this property. S&P said, "We
believe this is because it derives 85% of its rated play from
customers living within 20 miles of the casino and Rivers is the
only casino in that area. However, in June 2019, Illinois enacted
legislation that paved the way for gaming expansion in the
Chicagoland market, including a new racino in Hawthorne (about 22
miles south of Rivers), a new casino in Waukegan (about 30 miles
northeast), and a downtown Chicago casino (the still-undetermined
location could be within 20 miles of Rivers). At this stage, the
Hawthorne Race Course plans to convert its existing facility to a
racino, a temporary facility in Waukegan is expected before the
permanent casino, and the eventual construction of a casino in
Chicago could erode Rivers' market position longer term. We believe
the impact from the Hawthorne racino, which we expect to come
online sometime in 2023 (a delay from our prior 2022 expectation),
will be moderate given our belief MGB will continue benefiting from
its established position in the market and deep customer database,
and the opening of its expansion project." Additionally, Hawthorne
is located southwest of downtown Chicago, while Rivers primarily
draws its customers from Chicago's north side and northern suburbs.
Hawthorne is also disadvantaged relative to Rivers because it will
need to make purse payments to the horsemen on top of gaming taxes,
limiting the amount it will have for marketing and reinvestment in
the property.
Full House Resorts, which was selected for the Waukegan license,
could open a temporary facility in 2022. Full House is targeting
opening its permanent American Place casino in 2024 or 2025 and
would be able to operate the temporary facility for at least two
years while it designs and builds the permanent casino. S&P said,
"Under our base-case scenario, we assume only a modest negative
impact on revenue from the Waukegan casino because we understand
Rivers does not generate a lot of business from areas closer to
this facility. Combined, we assume MGB's 2023 revenue could decline
in the mid- to high-single-digit percents from the impact of both
Hawthorne and Waukegan."
S&P said, "We anticipate a much more severe impact from the Chicago
casino as we expect it may siphon demand from the northwest side of
Chicago and nearby suburbs, where Rivers draws the majority of its
customers. Furthermore, the Chicago casino will be allowed to
conduct gaming operations at O'Hare International Airport, which
could also hurt Rivers' revenue given that Rivers receives some
visitor traffic from the airport. Consequently, we have assumed a
low-double-digit-percent decline in revenue in 2025 from the
Chicago casino. However, we believe this opening timeline for a
downtown Chicago casino might be overly optimistic. The city of
Chicago has selected three finalists from the five proposals it
received last year. We expect the mayor may select the licensee and
present to the city council for approval in early summer. Once the
city council approves the selected project, the operator would then
need to submit an application to the Illinois Gaming Board for
approval, secure the necessary financing, and construct the
property. We also believe the construction process will likely need
to overcome intense planning, spatial, and environmental
constraints given the complexities of building in a busy city
center, so it could take upwards of two to three years. Therefore,
the 2025 opening date would require all of these steps to go
smoothly, but in reality, we believe the casino will face
significant hurdles in achieving a 2025 opening date. Until then,
we believe MGB will continue to benefit from its favorable position
as a leading and well-established player in the Chicagoland market
and will experience growth from its expansion project."
MGB is subject to event risk given its concentration in a single
asset. As a single casino operator, MGB lacks geographic diversity.
It relies on a single property to generate cash flow and service
its debt. This heightens its vulnerability to adverse competitive
changes, event risk such as casino closures or stringent operating
restrictions because of public health concerns, severe weather, and
regional economic weakness. Furthermore, MGB is vulnerable to
adverse changes in the regulatory environment in Illinois,
including changes in gaming tax rates and further expansion of
gaming activities in the state. Such adverse events can lead to
significant EBITDA volatility and liquidity stress. Despite these
risks and considerable competition in the Chicagoland area, MGB has
maintained a leading market position in the Chicagoland market with
a market share of 23% (based on 2019 gross gaming revenues) with
only 9% of the market's gaming positions. MGB's market share
significantly exceeds its fair share, which we attribute largely to
the property's high quality and attractive suburban location with
easy access from two major interstates (I-294 and I-90) and good
population and income demographics in the northern suburbs of
Chicago.
S&P said, "The stable outlook reflects our expectation that MGB's
adjusted leverage in 2022 will improve to the low-3x area, which
provides a significant cushion relative to our 5x downgrade
threshold to absorb the likely impact of new competition in 2023.
"We could lower the rating if operating performance deteriorates
from current levels because of generally weaker demand, greater
impact from new competition than we currently anticipate, or
additional pandemic-related restrictions or closures, resulting in
leverage remaining higher than 5x.
"Rating upside over the next few years is unlikely given the
expected future impact of intensifying competition in the
Chicagoland market. However, we could consider raising the rating
if MGB sustains leverage under 4x, incorporating the impact of new
competition and distributions to owners."
ESG credit indicators: E2, S3, G2
Environmental, social, and governance (ESG) credit factors for this
change in credit rating/outlook and/or CreditWatch status:
-- Health and safety
MOSS CREEK: Moody's Hikes CFR to B2 & Senior Unsecured Notes to B3
------------------------------------------------------------------
Moody's Investors Service upgraded Moss Creek Resources Holdings,
Inc.'s Corporate Family Rating to B2 from B3, its Probability of
Default Rating to B2-PD from B3-PD and its senior unsecured notes
rating to B3 from Caa1. The outlook remains stable.
"Moss Creek's ratings upgrade reflects the company's improved
credit profile, prospect of generating free cash flow while
maintaining capital discipline and pursuing growth in size and
scale. Yet, the company is constrained by a high debt burden even
considering the company's likely debt reduction through free cash
flow," commented Sreedhar Kona, Moody's senior analyst.
Upgrades:
Issuer: Moss Creek Resources Holdings, Inc.
Probability of Default Rating, Upgraded to B2-PD from B3-PD
Corporate Family Rating, Upgraded to B2 from B3
Senior Unsecured Regular Bond/Debenture (Local Currency), Upgraded
to B3 (LGD5) from Caa1 (LGD5)
Outlook Action:
Issuer: Moss Creek Resources Holdings, Inc.
Outlook, Remains Stable
RATINGS RATIONALE
Moss Creek's CFR upgrade to B2 is driven by the company's improved
credit profile, the company's ability to resume modest production
growth while also reducing debt through free cash flow. Also, the
company's enhanced size and scale through the Grenadier acquisition
in 2021 and ability to deliver solid investment returns and credit
metrics at oil and gas prices that fall within Moody's medium term
price bands contribute to the upgrade.
Moss Creek's B2 CFR reflects its relatively smaller size and scale,
as compared to its Permian Basin peers, its high debt burden
relative to production volume, offset by the company's capital
spending discipline and the potential for some debt reduction
through free cash flow. The company substantially reduced its
capital spending in 2020 and 2021 in response to the weak commodity
price environment and conserved its cash, leading to some declines
in the company's average daily production. However, the company's
increased capital spending in 2022 will allow Moss Creek to grow
its size and scale, which will in turn improve its debt leverage
metrics. Moss Creek benefits from the company's acreage location in
the Midland Basin with its high oil content, significant percentage
of proved developed reserves, competitive cost structure driving
high cash margins and good capital efficiency.
Moss Creek's stable outlook reflects Moody's expectation that the
company will focus on reducing debt through free cash flow
generation while pursuing modest size and scale growth in 2022.
Moss Creek's $700 million senior unsecured notes due 2026 and $500
million senior unsecured notes due 2027 are rated B3, one notch
below the B2 CFR, reflecting the size of the company's $935 million
borrowing base senior secured revolving credit facility (elected
commitments of $935 million under a $1.5 billion borrowing base)
maturing in October 2025, and the revolver's priority claim to the
company's assets.
Moss Creek will have good liquidity to meet its capital spending
plan through mid-2023. As of December 31, 2021, Moss Creek had $108
million of cash and $500 million of availability under its $860
million revolving credit facility maturing in October 2025.
However, as of April 2022, Moss Creek's elected commitment (under
its $1.5 billion borrowing base) was increased to $935 million
further improving the company's liquidity. Moss Creek will meet its
2022 capital spending and debt service needs through operating cash
flow and generate free cash flow to partially pay down its revolver
outstanding balance under Moody's medium term price assumptions. At
current oil and gas market prices the company's free cash flow will
be even higher. The financial maintenance covenants under Moss
Creek's credit agreement include a 3.25x leverage (debt/EBITDA)
covenant until September 30, 2022 (and 3x thereafter) and a 1x
current ratio covenant. Moody's expects Moss Creek to remain well
in compliance with the covenants.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moss Creek's ratings could be upgraded if the company successfully
executes on its drilling program, delivering production and proved
developed reserves growth at competitive returns on investment,
sustains its production above 75,000 boe per day, its debt to
average daily production ratio below $18,000 and its retained cash
flow (RCF) to debt above 35%. The company must also maintain a
leverage full cycle ratio above 1.5x.
Moss Creek's ratings could be downgraded if the company's capital
productivity is worse than expected leading to weaker production
growth and investment returns than forecasted, if the company does
not reduce debt as expected or RCF/debt falls below 25%.
The principal methodology used in these ratings was Independent
Exploration and Production published in August 2021.
Moss Creek Resources Holdings, Inc. is an independent
privately-held exploration and production company headquartered in
Houston, Texas. It is engaged in the development, production,
operation, exploration, and acquisition of oil and natural gas
properties in the Permian Basin of west Texas.
MY ISLAND VISA INC: Files Chapter 11 Bankruptcy Protection
----------------------------------------------------------
My Island Visa Inc. filed for chapter 11 protection in the Eastern
District of New York.
According to court filings, My Island Visa Inc. estimates between 1
and 49 unsecured creditors. The petition states that funds will be
available to unsecured creditors.
A meeting of creditors under 11 U.S.C. Sec. 341(a) is slated for
May 11, 2022 at 2:00 p.m. at the Office of UST.
About My Island Visa Inc.
My Island Visa Inc. is a travel company based in Copiague, New
York.
My Island Visa Inc. sought Chapter 11 protection (Bankr. E.D.N.Y.
Case No. 22-70707) on April 11, 2022. In the petition filed by
Michele Swan, as president, My Island Visa estimated assets between
$500,000 and $1 million and liabilities between $100,000 and
$500,000. The case is assigned to Honorable Judge Alan S Trust.
Ronald D Weiss, of Ronald D Weiss P.C., is the Debtor's counsel.
NEWPARK RESOURCES: Egan-Jones Keeps B- Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company on March 15, 2022, maintained its 'B-'
foreign currency and local currency senior unsecured ratings on
debt issued by Newpark Resources, Inc. EJR also upgraded the rating
on commercial paper issued by the Company to B from C.
Headquartered in The Woodlands, Texas, Newpark Resources, Inc.
provides environmental services to the oil and gas exploration and
production industry, primarily in the Gulf Coast market.
NUANCE COMMUNICATIONS: Egan-Jones Withdraws B+ Sr. Unsec. Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company on March 7, 2022, withdrew its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by Nuance Communications, Inc..
Headquartered in Burlington, Massachusetts, Nuance Communications,
Inc. provides conversational artificial intelligence solutions.
OASIS PETROLEUM: Egan-Jones Keeps BB- Senior Unsecured Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company on March 8, 2022, downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Oasis Petroleum Inc. to BB- from CCC+.
Headquartered in Houston, Texas, Oasis Petroleum Inc. operates as
an oil and gas exploration company.
OIL STATES: Egan-Jones Retains CCC+ Senior Unsecured Ratings
------------------------------------------------------------
Egan-Jones Ratings Company on March 18, 2022, maintained its 'CCC+'
foreign currency and local currency senior unsecured ratings on
debt issued by Oil States International, Inc. EJR also maintained
its 'B' rating on commercial paper issued by the Company.
Headquartered in Houston, Texas, Oil States International, Inc.
provides specialty products and services to oil and gas drilling
and production companies.
PARKLAND CORP: S&P Lowers Unsecured Debt Rating to 'BB-'
--------------------------------------------------------
S&P Global Ratings lowered its issue-level rating on Parkland
Corp.'s unsecured debt to 'BB-' from 'BB' and revised its recovery
rating on the notes to '5' from '4'. The 5 recovery rating reflects
modest (10%-30%; rounded estimate: 25%) recovery in a default
scenario.
The rating action follows Parkland's addition of new secured debt,
which has lowered the enterprise value available to unsecured
creditors in an event of hypothetical default.
On April 14, 2022, Parkland executed an amendment to its senior
secured credit agreement and added a new US$400 million secured
term loan A maturing in April 2024 (not rated) under the same
credit agreement. S&P expects Parkland will use the proceeds to
repay balances on the revolver and therefore boost its liquidity
position and provide financial flexibility.
RECOVERY ANALYSIS
-- S&P assumes a hypothetical default in 2027 stemming from a
significant decline in fuel volumes and margins, which could result
from a protracted recession that reduces fuel demand and lower
store traffic.
-- In addition, intensifying competition and lower-than-expected
refinery utilization could pressure cash flows further to the point
that the company is no longer able to operate absent filing for
creditor protection.
-- S&P said, "To value Parkland's Burnaby refinery asset, we apply
about a US$3,000 multiple to the refinery's 55,000 barrels per day
of crude slate throughput capacity. Our valuation reflects the
favorable market dynamics, access to cost-advantaged sources of
crude through the Trans Mountain Pipeline System, low-complexity
refinery, and a good product slate because more than 90% of the
refinery output is high-value products."
-- S&P also assumes that Parkland owns 100% of SOL Ltd. at the
time of default and has financed the acquisition through its bank
borrowings; therefore, it assumes a 100% draw on the revolver,
compared with an 85% default assumption in our recovery criteria.
-- S&P values the rest of Parkland's assets, including 100% of
SOL, using an EBITDA multiple approach--the fuel retail assets are
valued at a 5x multiple on default-year EBITDA of about C$729
million.
-- The total net enterprise value is about C$3.6 billion.
-- Parkland's senior secured debtholders (for the revolver) would
expect very high (90%-100%; rounded estimate: 95%) recovery in the
event of default.
-- A residual value of C$1.1 billion available to unsecured
debtholders would lead to modest (10%-30%; rounded estimate: 25%)
recovery.
Simulated default assumptions:
-- Valuation of refinery: About C$215 million
-- Emergence EBITDA of retail assets: C$728.5 million
-- Multiple: 5x
Simplified waterfall:
-- Gross enterprise value (including the valuation for the Burnaby
refinery): about C$3.8 billion
-- Net recovery value for waterfall after administrative expenses
(5%): about C$3.6 billion
-- Estimated priority claims: about C$4.3 million
-- Remaining recovery value: About C$3.6 billion
-- Estimated senior secured claim: About C$2.5 billion
-- Value available for senior secured claim: About C$3.6 billion
--Recovery range: 90%-100% (rounded estimate: 95%)
-- Estimated senior unsecured claims: about C$4.2 billion
-- Value available for unsecured claim: about C$1.1 billion
--Recovery range: 10%-30% (rounded estimate: 25%)
PBF ENERGY: Egan-Jones Hikes Senior Unsecured Ratings to CCC+
-------------------------------------------------------------
Egan-Jones Ratings Company on March 7, 2022, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by PBF Energy Inc. to CCC+ from CCC. EJR also upgraded the rating
on commercial paper issued by the Company to B from C.
Headquartered in Parsippany-Troy Hills, New Jersey, PBF Energy Inc.
operates as an independent petroleum refiner and supplier.
PG&E CORP: Egan-Jones Hikes Senior Unsecured Ratings to B+
----------------------------------------------------------
Egan-Jones Ratings Company on March 7, 2022, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by PG&E Corporation to B+ from B. EJR also maintained its 'B'
rating on commercial paper issued by the Company.
Headquartered in San Francisco, California, PG&E Corporation is a
holding company that holds interests in energy based businesses.
PRECISION CASTPARTS: Egan-Jones Keeps B- Senior Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company on March 7, 2022, maintained its 'B-'
foreign currency and local currency senior unsecured ratings on
debt issued by Precision Castparts Corp. EJR also maintained its
'B' rating on commercial paper issued by the Company.
Headquartered in Portland, Oregon, Precision Castparts Corp
manufactures and sells metal components.
PRECISION DRILLING: Egan-Jones Keeps B- Senior Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company on March 7, 2022, maintained its 'B-'
local currency senior unsecured ratings on debt issued by Precision
Drilling Corporation. EJR also maintained its 'B' rating on
commercial paper issued by the Company.
Headquartered in Calgary, Canada, Precision Drilling Corporation is
an integrated oilfield drilling and energy service company
providing services to the oil and gas industry.
PRECISION DRILLING: S&P Alters Outlook to Pos., Affirms 'B' ICR
---------------------------------------------------------------
S&P Global Ratings revised its outlook on Canada-based Precision
Drilling Corp. to positive from negative and affirmed the 'B'
issuer credit rating.
S&P said, "At the same time, we affirmed our 'B' issue-level rating
on the company's unsecured debt. The '4' recovery rating indicates
our expectation of average (30%-50%; rounded estimate: 40%)
recovery of principal in the event of a payment default.
"The positive outlook reflects our view that increased demand for
drilling services will lead to improved earnings and credit
measures for Precision over the next couple of years, including
2022-2023 funds from operations (FFO) to debt averaging in the
mid-20% area.
"The outlook for oilfield services industry has improved and we
expect drilling services market conditions to remain favorable for
the next year. We expect North American E&P spending will
significantly increase this year, following a couple of years of
disciplined capital programs amid a low-to-moderate hydrocarbon
price environment, to raise production as reopening of economies is
increasing oil and gas demand and commodity prices remain
supportive. Although public E&P companies will likely remain
prudent with their capital spending plans, we expect private ones
will continue to ramp up their drilling and production
activities."
North American active drilling rig count has increased 60% from a
year ago and drilling services companies are witnessing higher
demand from their E&P customers. Precision has already deployed
additional rigs over the past couple of quarters and S&P expects
fleet utilization will increase as market conditions remain
positive for higher activity levels. In addition, the day rates
have sharply risen as equipment and service capacity has tightened
following years of underinvestment and rationalization.
S&P said, "The positive outlook reflects our view that cash flows
and credit measures will strengthen through 2023. Based on the
improved outlook for the industry and demand for the company's
services, we believe Precision's earnings and cash flows will
improve materially from the lows of 2021 and lead to much stronger
credit measures over the next two years. We now estimate that the
company will generate FFO to debt above 20% and debt to EBITDA in
the mid-3x area in 2022, compared with 13% and 5x, respectively, in
2021.
"The company has reduced debt by using excess free cash flows in
the past several years (C$665 million since 2018) and that has
strengthened its balance sheet over this period. Although we assume
capital spending will meaningfully increase this year (for rig
start-up/reactivation costs for anticipated higher business
activity), we expect Precision will continue to generate positive
free cash flows on strong earnings. We believe the company will
remain committed to conservative financial policy and allocate the
majority of its free cash flows toward debt reduction, in line with
its publicly stated deleveraging targets. Therefore, we estimate
Precision's cash flow and leverage measures will further improve in
2023, with FFO to debt increasing above 30% and debt to EBITDA
declining below 3x. Also, we believe Precision's lower absolute
debt and continued adherence to moderate financial policies would
reduce the cash flow and leverage sensitivity to any future
softening of industry activity.
"Our business risk assessment reflects Precision's fleet
composition and meaningful market share. Our assessment of
Precision's business risk profile is supported by our view of the
company's high-quality land drilling rig fleet, leading position in
the Canadian market with about 33% market share, and strong
position in the U.S. market with about 9% market share. The company
also has a proportion of rigs (about 31 rigs) under term contracts,
which provides some level of stability. However, we believe
Precision's scale and/or operating breadth is narrow compared with
that of some North American peers (such as Helmerich & Payne,
Patterson-UTI, and Nabors), which constrains rating upside at
present. Therefore, we expect the company will need to demonstrate
continued strength in cash flow and leverage measures for a higher
rating.
"We believe that industrywide labor and materials cost inflation
will delay significant margin improvement in the near term, but we
expect a certain level of pass-throughs and higher pricing will
modestly improve margins over the next year.
"The positive outlook reflects our view that increased demand for
drilling services will lead to improved earnings and credit
measures for Precision over the next couple of years, including
2022-2023 FFO to debt averaging in the mid-20% area. At the same
time, we expect the company will continue to generate positive free
cash flows and remain committed to debt reduction over this
period.
"We could revise the outlook to stable in the next 12 months if we
expect FFO to debt will remain at the lower end of the 20%-30%
range with no clear path of improvement. This would most likely
occur if commodity prices declined below our current expectations,
leading to lower spending and activity levels by E&P companies,
reducing demand for Precision's services.
"We could raise the rating in the next 12 months if the company
sustains FFO to debt above 30% while generating positive free cash
flows. We believe this could occur if sustained strength in
commodity prices increases demand for the company's drilling
services, resulting in higher-than-expected utilization and day
rates. In such a scenario, we would also expect the company to at
least maintain its margins in the current industrywide inflationary
environment."
ESG credit indicators: E-4, S-2, G-2
PRINCESS PORT: Unsecureds Will Get 100% of Claims in 4 Months
-------------------------------------------------------------
Princess Port Bed and Breakfast, Inc., filed with the U.S.
Bankruptcy Court for the Northern District of California a Combined
Plan of Reorganization and Disclosure Statement dated April 19,
2022.
The Debtor is organized as a California Corporation and operates a
single location bed and breakfast. Its operations are located at
445 Mirada Rd, Half Moon Bay, California.
The main reason for filing this case was to stop the foreclosure of
the Property located at 445 Mirada Road in Half Moon Bay,
California. Debtor believes that with an improving business
environment, the soil erosion assistance from the County, and
family income contributions, its proposed Chapter 11 plan is
feasible.
General unsecured creditors shall be paid 100% of their allowed
claims in monthly payments over 4 months. Taxes and other priority
claims would be paid in full.
Class 1A consists of the Secured Claim of USBank totaling
$2,369,543.33. Debtor will pay the entire amount contractually due
to Class 1A with interest through 12 equal monthly payments and a
single balloon payment for the remaining due balance in month 12,
due the 1st day of the month, commencing on the first Calendar
month which follows the Effective Date on the above secured claims.
Creditors in this class shall retain their interest in the
collateral until Debtor makes all payments on the allowed secured
claim specified in the Plan.
Class 1B consists of RealTime Resolutions totaling $473,526. The
Debtor will pay the entire amount contractually due to Class 1B
with interest through 12 equal monthly payments and a single
balloon payment for the remaining due balance in month 12, due on
the 1st day of the month, commencing on the first Calendar month
which follows the Effective Date on the above secured claims.
Creditors in this class shall retain their interest in the
collateral until Debtor makes all payments on the allowed secured
claim specified in the Plan.
Class 2 consists of the General Unsecured Claim of JPMorgan Chase
Bank, N.A. totaling $4,200. Creditors will receive a pro-rata
share of a fund totaling $4,200, created by Debtor's payment of
$1,050 per month for a period of 4 months, starting on the
Effective Date. Pro-rata means the entire amount of the fund
divided by the entire amount owed to creditors with allowed claims
in this class.
Debtor shall not receive a discharge of debts until Debtor makes
all payments due under the Plan or the court grants a hardship
discharge.
On the Effective Date, all property of the estate and interests of
the Debtor will vest in the reorganized Debtor pursuant to §
1141(b) of the Bankruptcy Code free and clear of all claims and
interests except as provided in this Plan, subject to revesting
upon conversion to Chapter 7.
The obligations to creditors that Debtor undertakes in the
confirmed Plan replace those obligations to creditors that existed
prior to the Effective Date of the Plan. Debtor's obligations under
the confirmed Plan constitute binding contractual promises that, if
not satisfied through performance of the Plan, create a basis for
an action for breach of contract under California law. To the
extent a creditor retains a lien under the Plan, that creditor
retains all rights provided by such lien under applicable
non-Bankruptcy law.
A full-text copy of the Combined Plan and Disclosure Statement
dated April 19, 2022, is available at https://bit.ly/37HEwov from
PacerMonitor.com at no charge.
Attorney for Debtor:
E. Vincent Wood, Esq.
The Law Offices of E. Vincent Wood
1501 N. Broadway, Suite 261
Walnut Creek, CA 94596
Tel: (925) 278-6680
Fax: (925) 955-1655
Email: vince@woodbk.com
About Princess Port Bed and Breakfast
Princess Port Bed and Breakfast, Inc., is the fee simple owner of a
real property located at 445 Mirada Road, Half Moon Bay, Calif.,
valued at $2.57 million.
Princess Port Bed and Breakfast filed its voluntary petition for
Chapter 11 protection (Bankr. N.D. Cal. Case No. 21-30775) on Nov.
23, 2021, disclosing $2,585,562 in assets and $1,429,200 in
liabilities. Maria Boruta, principal at Princess Port Bed and
Breakfast, signed the petition.
Judge William J. Lafferty oversees the case.
E. Vincent Wood, Esq., at The Law Offices of E. Vincent Wood, is
the Debtor's legal counsel.
PROS HOLDINGS: Egan-Jones Keeps CCC Senior Unsecured Ratings
------------------------------------------------------------
Egan-Jones Ratings Company, on March 8, 2022, maintained its 'CCC'
foreign currency and local currency senior unsecured ratings on
debt issued by PROS Holdings, Inc. EJR also maintained its 'C'
rating on commercial paper issued by the Company.
Headquartered in Houston, Texas, PROS Holdings, Inc. operates as a
holding company.
PROVENCROWN BUILDERS: Files for Chapter 11 Bankruptcy Protection
----------------------------------------------------------------
ProvenCrown Builders LLC filed for chapter 11 protection.
According to court filings, ProvenCrown estimates between 1 and 49
unsecured creditors, including Arc Capital, Avid Exchange, and
Creditor's Relief. The petition states funds will be available to
unsecured creditors.
About ProvenCrown Builders LLC
ProvenCrown Builders LLC -- https://provencrown.com/ -- is a mason
contractor in Chicago, Illinois that specializes in masonry
restoration, concrete, roofing, decking
ProvenCrown Builders filed for Chapter 11 protection (Bankr. N.D.
Ill. Case No. 22-04099) on April 8, 2022. In the petition filed by
Damion Perry, as managing member, ProvenCrown Builders estimated
assets between $0 and $50,000 and estimated liabilities between
$500,000 and $1 million.
The case is assigned to Honorable Judge Jacqueline P. Cox.
Ben Schneider, of Schneider & Stone, is the Debtor's counsel.
Patrick S Layng is the court appointed Trustee.
RENTZEL PUMP: Seeks to Tap Blackwood Law Firm as Bankruptcy Counsel
-------------------------------------------------------------------
Rentzel Pump Manufacturing, LP seeks approval from the U.S.
Bankruptcy Court for the Western District of Oklahoma to hire
Blackwood Law Firm, PLLC to serve as legal counsel in its Chapter
11 case.
The firm's attorneys will be paid up to $225 per hour. Legal
assistants and law clerks will charge an hourly fee of $75.
As disclosed in court filings, Blackwood neither holds nor
represents any interest adverse to the Debtor's bankruptcy estate.
The firm can be reached through:
Amanda R. Blackwood, Esq.
Blackwood Law Firm, PLLC
P.O. Box 6921
Moore, OK 73153
Telephone: 405.232.6357
Facsimile: 405.378.4466
Email: amanda@blackwoodlawfirm.com
About Rentzel Pump Manufacturing
Rentzel Pump Manufacturing, LP filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. W.D. Okla. Case No.
22-10541) on May 25, 2022, listing up to $500,000 in assets and up
to $10 million in liabilities. Steven M. Rutherford serves as
Subchapter V trustee.
Judge Sarah A. Hall oversees the case.
Amanda R. Blackwood, Esq., at Blackwood Law Firm, PLLC is the
Debtor's legal counsel.
RR DONELLEY: Egan-Jones Withdraws 'B-' Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company, on March 15, 2022, withdrew its 'B-'
foreign currency and local currency senior unsecured ratings on
debt issued by R. R. Donnelley & Sons Company. EJR also withdrew
its 'B' rating on commercial paper issued by the Company.
Headquartered in Chicago, Illinois, R. R. Donnelley & Sons Company
provides commercial printing and information services.
SAVANNAH CAPITAL: Seeks Chapter 11 Bankruptcy Protection
--------------------------------------------------------
Savannah Capital LLC filed for chapter 11 protection in the Middle
District of Florida.
The petition states that funds will be available to unsecured
creditors.
A telephonic meeting of creditors under 11 U.S.C. Sec. 341(a) is
slated for May 9, 2022 at 01:30 PM.
About Savannah Capital LLC
Savannah Capital LLC is an asset management company based in
Savannah, Georgia.
Savannah Capital LLC sought Chapter 11 protection (Bankr. M.D. Fla.
Case No. 22-01431) on April 11, 2022. In the petition filed by
Kris Callen, as manager, Savannah Capital estimated assets between
$0 and $50,000 and liabilities between $1 million and $10 million.
Jake C Blanchard, of Blanchard Law, P.A., is the Debtor's counsel.
SCUNGIO BORST: Seeks to Tap Bochetto & Lentz as Litigation Counsel
------------------------------------------------------------------
Scungio Borst & Associates, LLC seeks approval from the U.S.
Bankruptcy Court for the Eastern District of Pennsylvania to hire
Bochetto & Lentz, P.C. as its special litigation counsel.
The Debtor requires legal assistance in two separate lawsuits
involving KPG-MCG Curtis Tenant, LLC and several other companies.
The lawsuits stemmed from the construction of improvements and
renovation of the Curtis Center in Philadelphia where the Debtor
served as the construction manager.
The firm will be paid a retainer of $10,000 per month.
Gavin Lentz, Esq., founding partner and shareholder of Bochetto,
disclosed in a court filing that the firm is a "disinterested
person,” as that term is defined in section 101(14) of the
Bankruptcy Code, as modified by section 1107(b) of the Bankruptcy
Code, and does not hold or represent any interest adverse to the
Debtor or its estate.
The firm can be reached through:
Gavin P. Lentz, Esq.
Bochetto & Lentz, P.C.
1524 Locust Street
Philadelphia, PA 19102
Phone: 215-735-3900
Fax: 215-735-2455
Email: glentz@bochettoandlentz.com
About Scungio Borst & Associates
Scungio Borst & Associates, LLC is a worldwide construction
services firm specializing in general construction, consulting and
project management. It is based in Camden, N.J.
Scungio Borst & Associates filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Penn. Case No.
22-10609) on March 11, 2022, listing as much as $50 million in both
assets and liabilities. Judge Ashely M. Chan oversees the case.
Judge Ashely M. Chan oversees the case.
Karalis, PC, led by Aris J. Karalis, Esq., serves as the Debtor's
legal counsel.
SMITH TRUCKING: Seeks Approval to Hire KC Cohen as Legal Counsel
----------------------------------------------------------------
Smith Trucking, Inc. seeks approval from the U.S. Bankruptcy Court
for the Southern District of Indiana to hire KC Cohen, Lawyer, PC
to serve as legal counsel in its Chapter 11 case.
The firm's services include:
(a) advising the Debtor regarding its duties, powers and
responsibilities in its bankruptcy case;
(b) investigating and pursuing any actions in order to recover
assets for or best enable the Debtor's estate to reorganize
fairly;
(c) representing the Debtor in the bankruptcy proceeding in an
effort to maximize the value of the assets available, and pursuing
confirmation of a plan of reorganization; and
(d) performing other necessary legal services for the Debtor.
The hourly rates of the firm's counsel and staff are as follows:
Christopher J. McElwee $275
Nicholas J. Wildeman $200
Bobby H Macias, Paralegal $100
KC Cohen, Esq., an attorney at KC Cohen, Lawyer, disclosed in a
court filing that the firm is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
KC Cohen, Esq.
KC Cohen, Lawyer, PC
151 N. Delaware St., Ste. 1106
Indianapolis, IN 46204-2573
Telephone: (317) 715-1845
Facsimile: (317) 636-8686
Email: kc@smallbusiness11.com
About Smith Trucking
Smith Trucking, Inc. filed a petition under Chapter 11, Subchapter
V of the Bankruptcy Code (Bankr. S.D. Ind. Case No. 22-00951) on
March 22, 2022, listing as much as $1 million in both assets and
liabilities. Judy Wolf Weiker serves as Subchapter V trustee.
Judge Robyn L. Moberly oversees the case.
KC Cohen, Esq., at KC Cohen, Lawyer, PC represents the Debtor as
legal counsel.
SONIC AUTOMOTIVE: Egan-Jones Retains BB+ Senior Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company on March 16, 2022, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Sonic Automotive, Inc.
Headquartered in Charlotte, North Carolina, Sonic Automotive, Inc.
is an automotive retailer.
STAIN-LESS INC: Cedarwood Cleaners in Chapter 11 Bankruptcy
-----------------------------------------------------------
Stain-Less Inc. filed for chapter 11 protection.
The Debtor previously operated as a dry cleaning business with its
principal place of business located at 1244 West Broadway, Hewlett,
New York. The Debtor has ceased operations and closed its bank
accounts due to severe circumstances, including the Covid-19
pandemic.
1244 West Broadway Property LLC is the current landlord, and the
Debtor maintains a month-to-month tenancy with this landlord.
Marzak Realty Associates LLC, the previous landlord for the
premises, has filed a state court action alleging that it was owed
$293,960 for arrears and has conveyed plans to pursue foreclosure
on the Debtor's property unless the Debtor resumed paying it at
least $5,000 per month. The Debtor insists that Marzak lacked
standing due to it no longer being the landlord of the premises via
the quitclaim deed to 1244 West Broadway.
The Debtor intends to utilize the Chapter 11 process to restructure
its debts, so that it may be able to effectively settle its debts
with Marzak, and successfully file a plan of liquidation.
According to court filings, Stain-Less Inc. estimates between 1 and
49 unsecured creditors, including Marzak Realty Associates, U.S.
Small Business Administration, and Internal Revenue Service. The
petition states that funds will not be available to unsecured
creditors.
A meeting of creditors under 11 U.S.C. Sec. 341(a) is slated for
May 25, 2022 at 02:00 p.m. at the Office of UST.
About Stain-Less Inc.
Stain-Less Inc., doing business as Cedarwood Cleaners, is a dry
cleaning service provider in New York that specializes in laundry
services.
Stain-Less, Inc., filed for Chapter 11 protection (Bankr. E.D.N.Y.
Case No. 22-70689) on April 8, 2022. In the petition filed by
David Rosenblatt, as president, Stain-Less Inc. estimated assets
between $0 and $50,000 and liabilities between $500,000 and $1
million.
The case is assigned to Honorable Judge Louis A. Scarcella.
Robert L Rattet, of Davidoff Hutcher & Citron LLP, is the Debtor's
counsel. Ronald J. Friedman is the court appointed Trustee.
STATERA BIOPHARMA: Inks Strategic Agreement for Rights to Entolimod
-------------------------------------------------------------------
Statera Biopharma has agreed to enter into a strategic agreement
with Coeptis Therapeutics, Inc., a biopharmaceutical company
developing innovative cell therapy platforms for cancer, to sell
Statera's rights to Entolimod and other related toll-like receptor
5 (TLR5) agonists. The consummation of the transaction is
contingent upon negotiation of a definitive agreement and
satisfaction of a number of closing conditions, including a
contingency on Coeptis financing.
"Coeptis' commitment to cancer therapies makes it a natural choice
for the further development of Entolimod, which has demonstrated
potential in multiple preclinical disease models," said Michael K.
Handley, president and chief executive officer of Statera
Biopharma. "With this announcement, we expect to improve our
financial standing and enable the execution of a number of upcoming
catalysts in advancing our programs and progressing toward our goal
of changing the way people think about immunotherapy."
Under the terms of the definitive agreement, Statera will receive a
$6 million upfront payment and revenue-based milestone payments
from Coeptis in exchange for Statera's rights to any product
containing Entolimod as an active ingredient and all other related
TLR5 agonists. Coeptis will also assume responsibility for
associated licenses, as well as Statera's interest in Genome
Protection, Inc.
"We believe that Entolimod has significant clinical and commercial
potential as the first in a new generation of immunotherapies that
may improve outcomes for patients with cancer and other serious
medical conditions. We are excited to undertake this strategic
investment to help develop innovative therapeutics that offer
improved patient outcomes," said Dave Mehalick, chairman, president
and chief executive officer of Coeptis.
About Statera
Statera Biopharma, Inc. (formerly known as Cytocom, Inc. and
Cleveland Biolabs) is a clinical-stage biopharmaceutical company
developing novel immunotherapies targeting autoimmune,
neutropenia/anemia, emerging viruses and cancers based on a
proprietary platform designed to rebalance the body's immune system
and restore homeostasis.
The Company reported a net loss of $2.44 million for the year ended
Dec. 31, 2020, a net loss of $2.69 million for the year ended Dec.
31, 2019, a net loss of $3.71 million for the year ended Dec. 31,
2018, and a net loss of $9.84 million for the year ended Dec. 31,
2017. As of Sept. 30, 2021, the Company had $98.04 million in
total assets, $23.84 million in total liabilities, and $74.19
million in total stockholders' equity.
STATERA BIOPHARMA: Tuner Stone & Company Resigns as Accountant
--------------------------------------------------------------
Tuner, Stone & Company, LLP advised the Audit Committee of the
Board of Directors of Statera Biopharma, Inc. of its resignation as
the Company's independent registered public accounting firm,
effective April 11, 2022. The Audit Committee did not request,
recommend or approve the resignation of TSC.
In its letter of resignation, TSC indicated that based on
information that had come to its attention, the firm was resigning
and would no longer be able to provide auditing services. The
resignation was not the result of a disagreement between the
Company and TSC on accounting principles or practices, financial
statement disclosure, or auditing scope or procedure during the two
most recently completed fiscal years, as disclosed in a Form 8-K
filed with the Securities and Exchange Commission.
Statera has begun a search process to identify a new independent
registered public accounting firm. The Company will disclose its
engagement of a new independent registered public accounting firm
in accordance with SEC rules and regulations once the process has
been completed.
About Statera
Statera Biopharma, Inc. (formerly known as Cytocom, Inc. and
Cleveland Biolabs) is a clinical-stage biopharmaceutical company
developing novel immunotherapies targeting autoimmune,
neutropenia/anemia, emerging viruses and cancers based on a
proprietary platform designed to rebalance the body's immune system
and restore homeostasis.
The Company reported a net loss of $2.44 million for the year ended
Dec. 31, 2020, a net loss of $2.69 million for the year ended Dec.
31, 2019, a net loss of $3.71 million for the year ended Dec. 31,
2018, and a net loss of $9.84 million for the year ended Dec. 31,
2017. As of Sept. 30, 2021, the Company had $98.04 million in
total assets, $23.84 million in total liabilities, and $74.19
million in total stockholders' equity.
SUNPOWER CORP: Egan-Jones Keeps BB Senior Unsecured Ratings
-----------------------------------------------------------
Egan-Jones Ratings Company on March 18, 2022, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by SunPower Corporation.
Headquartered in San Jose, California, SunPower Corporation is an
integrated solar products and services company.
SYSCO CORP: Egan-Jones Keeps BB Senior Unsecured Ratings
--------------------------------------------------------
Egan-Jones Ratings Company on March 10, 2022, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Sysco Corporation.
Headquartered in Houston, Texas, Sysco Corporation distributes food
and related products primarily to the foodservice industry.
TENET HEALTHCARE: Egan-Jones Keeps B Senior Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company on March 7, 2022, maintained its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by Tenet Healthcare Corporation.
Headquartered in Dallas, Texas, Tenet Healthcare Corporation,
through its subsidiaries, owns or operates general hospitals and
related health care facilities serving communities in the United
States.
TENNECO INC: Egan-Jones Keeps B+ Senior Unsecured Ratings
---------------------------------------------------------
Egan-Jones Ratings Company on March 7, 2022, maintained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by Tenneco Inc.
Headquartered in Lake Forest, Illinois, Tenneco Inc. designs,
manufactures, and markets emission control and ride control
products and systems for the automotive original equipment market
and the aftermarket.
TEREX CORP: Egan-Jones Keeps BB Senior Unsecured Ratings
--------------------------------------------------------
Egan-Jones Ratings Company on March 9, 2022, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Terex Corporation.
Headquartered in Westport, Connecticut, Terex Corporation is a
global manufacturer of lifting and material processing products and
services that deliver lifecycle solutions.
TRINITY INDUSTRIES: Egan-Jones Keeps B+ Senior Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on March 17, 2022, maintained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by Trinity Industries, Inc.
Headquartered in Dallas, Texas, Trinity Industries, Inc.
manufactures transportation, construction, and industrial
products.
TSM DEVELOPMENT: Unsecureds Will Get 12% of Claims in Plan
----------------------------------------------------------
TSM Development, LLC, filed with the U.S. Bankruptcy Court for the
Northern District of Texas a First Amended Plan of Reorganization
dated April 19, 2022.
The Debtor owns real property and a building located at 1830 E.
Main Street, Grand Prairie, Texas 75050 (the "Texas Property") and
an unimproved property located at Shartel Boulevard, Block 004, Lot
019, Oklahoma City, Oklahoma (the "Oklahoma Property").
The Debtor filed for relief under the SBRA provisions of Chapter 11
of the Bankruptcy Code ("Subchapter V") on September 23, 2021 to
reorganize its outstanding unsecured debt, including a judgment in
favor of Cowboys Stadium, L.P., other debts, and pending
litigation.
The Plan provides for reorganization of the Debtor's assets and
liabilities, and is filed within 90 days of the order for relief in
this case. The Plan was developed by the Debtor and proposes, among
other things, the means by which all Claims against the Debtor will
be finally resolved and treated for distribution purposes,
consistent with the provisions and priorities mandated by the
Bankruptcy Code. The Plan is essentially a new contract between the
Debtor and its Creditors, proposed by the Debtor to its Creditors
for approval.
Treatment of Claims and Interests Under Consensual Plan
Class 1 shall consist of the Allowed Secured Claims of Dallas
County and any other taxing authority (the "Taxing Authorities")
related to ad valorem taxes owed by the Debtor. The Class 1 Claims
of the Taxing Authorities shall be paid in full, with interest at
an annual rate of 12%, within 12 months of the Effective Date, or
alternatively, within 12 months after a Taxing Authority's Claim
becomes an Allowed Claim.
Class 2 shall consist of General Unsecured Claims. Holders of Class
2 Claims shall receive a Cash payment equal to 12% of their Allowed
Claim within 30 days of the Effective Date or within 30 days after
a General Unsecured Claim becomes an Allowed Claim, whichever is
later, or within a longer time period agreed upon by the Debtor and
any Holder of a Class 2 Claim. The Class 2 General Unsecured Claims
are Impaired. The allowed unsecured claims total $6,018,672.38.
Class 3 shall consist of Equity Interests in the Debtor. All equity
interests, stock, membership interests, and ownership interests in
and of the Debtor are preserved and retained in the Reorganized
Debtor, and are not prejudiced by this Plan, with all certificates
or documents evidencing the same continuing in place for all
purposes notwithstanding the confirmation of this Plan. The Class 3
Equity Interests are Unimpaired under the Plan.
Alternative Treatment of Claims Under Non-consensual Plan
Class 1 shall consist of the Allowed Secured Claims of Dallas
County and any other taxing authority (the "Taxing Authorities")
related to ad valorem taxes owed by the Debtor. The Class 1 Claims
of the Taxing Authorities shall be paid in full, with interest at
an annual rate of 12%, within 12 months of the Payment Commencement
Date, or alternatively, within 12 months after a Taxing Authority's
Claim becomes an Allowed Claim.
Class 2 shall consist of all other Allowed Claims against the
Debtor not placed in any other Class. In full satisfaction and
complete settlement, release and discharge of any and all Claims
held against the Debtor, Holders of Class 2 Claims shall receive
their Pro Rata share of the General Unsecured Creditors Pool. The
Class 2 General Unsecured Claims are Impaired.
Class 3 shall consist of Equity Interests in the Debtor. All equity
interests, stock, membership interests, and ownership interests in
and of the Debtor are preserved and retained in the Reorganized
Debtor, and are not prejudiced by this Plan, with all certificates
or documents evidencing the same continuing in place for all
purposes notwithstanding the confirmation of this Plan.
In connection with this Plan, on or before the date which is 30
days following the Effective Date, the Debtor shall obtain
post-petition financing in an amount equal to or greater than the
full amount of the Allowed Administrative Claims and Allowed
Secured Claims plus 12% of the total value of all Allowed Unsecured
Claims, subject to the payment schedules, for the purpose of
satisfaction of Allowed Claims.
The Debtor may obtain post-petition financing through post-petition
equity contributions from its sole member, Kun Won Yu ("Mr. Yu"),
or through additional financing obtained by Mr. Yu individually or
by the Debtor.
A full-text copy of the First Amended Plan dated April 19, 2022, is
available at https://bit.ly/3Ke2kxp from PacerMonitor.com at no
charge.
Counsel for the Debtor:
Gerrit M. Pronske, Esq.
Spencer Fane, LLP
5700 Granite Parkway, Suite 650
Plano, TX 75024
Tel: 972-324-0300/972-324-0369
Fax: 972-324-0301
Email: gronske@spencerfane.com
About TSM Development LLC
Grand Prairie, Texas-based TSM Development, LLC, filed its
voluntary petition for Chapter 11 protection (Bankr. N.D. Tex. Case
No. 21-31699) on Sept. 23, 2021,listing up to $100,000 in assets
and up to $10 million in liabilities. Kun W. Yu, member of TSM,
signed the petition. Judge Stacey G. Jernigan oversees the case.
Gerrit M. Pronske, Esq., at Spencer Fane, LLP, represents the
Debtor as legal counsel.
TWITTER INC: Egan-Jones Keeps BB- Senior Unsecured Ratings
----------------------------------------------------------
Egan-Jones Ratings Company, on March 9, 2022, maintained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by Twitter, Inc.
Headquartered IN San Francisco, California, Twitter, Inc. provides
online social networking and microblogging service.
UNDER ARMOUR: Egan-Jones Hikes Senior Unsecured Ratings to BB
-------------------------------------------------------------
Egan-Jones Ratings Company, on March 9, 2022, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Under Armour, Inc. to BB from BB-.
Headquartered in Baltimore, Maryland, Under Armour, Inc. develops,
markets, and distributes branded performance products for men,
women, and youth.
US CELLULAR: Egan-Jones Keeps B+ Senior Unsecured Ratings
---------------------------------------------------------
Egan-Jones Ratings Company, on March 16, 2022, maintained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by United States Cellular Corporation.
Headquartered in Chicago, Illinois, United States Cellular
Corporation provides wireless telecommunications services.
US SILICA: Egan-Jones Keeps CCC Senior Unsecured Ratings
--------------------------------------------------------
Egan-Jones Ratings Company, on March 15, 2022, maintained its 'CCC'
foreign currency and local currency senior unsecured ratings on
debt issued by U.S. Silica Holdings, Inc. EJR also maintained its
'C' rating on commercial paper issued by the Company.
Headquartered in Katy, Texas, U.S. Silica Holdings, Inc. operates
as a producer of industrial silica and sand proppants.
VAIL RESORTS: Egan-Jones Keeps B+ Senior Unsecured Ratings
----------------------------------------------------------
Egan-Jones Ratings Company on March 18, 2022, maintained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by Vail Resorts, Inc.
Headquartered in Broomfield, Colorado, Vail Resorts, Inc. operates
resorts in Colorado.
VAIL RESORTS: S&P Affirms 'BB' ICR on Strong 2022 Performance
-------------------------------------------------------------
S&P Global Ratings affirmed all ratings on Vail Resorts Inc.,
including its 'BB' issuer credit rating and 'BB' issue-level and
'4' recovery ratings on Vail's senior unsecured notes due in 2025.
The stable outlook reflects good anticipated visitation and revenue
growth through fiscal 2023 and S&P's expectation that Vail will
maintain leverage of 2.5x-3x, incorporating a resumption of its
dividend and modest merger and acquisition (M&A) activity.
S&P said, "The rating affirmation reflects our expectation Vail
will maintain leverage of 2.5x-3x through fiscal 2023,
incorporating a resumption of its dividend and some leveraging M&A.
Through its fiscal second quarter (ended Jan. 31), Vail's total
revenue increased 32.5% compared to the same period last year. The
company benefited from increased lift revenue and the recovery of
ancillary segments such as food and beverage and retail. Ancillary
segments such as food and beverage and retail have recovered from
fiscal 2021 lows, which included COVID-related operating
restrictions, and are generating revenue just under prepandemic
levels. Additionally, despite early season challenges due to lower
staffing driven by a smaller employee base and COVID-19-related
exclusions, the company is generating historically high EBITDA
margins. We expect Vail's total fiscal 2022 revenue to increase
25%-30%, including a 15%-20% increase in lift revenue and further
recovery in its ancillary revenue. We also expect the company's S&P
Global Ratings-adjusted EBITDA margin will improve in fiscal 2022
to approximately 35%. Under these base-case assumptions, we expect
Vail to end fiscal 2022 with leverage of approximately 2.5x. While
we expect Vail to maintain leverage of 2.5x-3x through fiscal 2023,
below our 3.25x upgrade threshold, the stable outlook reflects the
risk that Vail pursues a more aggressive M&A strategy that we
haven't incorporated into our base case. Additionally, uncertainty
remains around our fiscal 2022 forecast because we believe the
company's revenue and EBITDA are relatively sensitive to snowfall.
If winter 2022/2023 snow conditions are poorer than average,
leverage could be higher than our base-case forecast.
"We believe Vail Epic Passes may provide some revenue and EBITDA
stability, even in challenging years for the ski industry. Vail has
successfully transitioned a significant portion of its skiers to
advance commitment passes since 2019. The company expects to derive
62% of its lift revenue (which accounts for just under half of
total revenue) from the sale of passes compared to 47% in fiscal
2019. Vail also expects the percentage of pass visitation versus
daily lift ticket sales to reach 71% in fiscal 2022 from 58% in
fiscal 2019. We believe higher pass sales are largely a result of
the 20% price reduction in the Epic pass program that Vail enacted
before the 2021/2022 ski season. As a result, Vail brought lapsed
pass users back into the program, and in general pass buyers opted
for higher-priced Epic Passes instead of lower-cost Epic Local
passes. This could indicate substantial customer affinity for the
company's pass products and significantly stabilize the company's
lift ticket revenue and reduce revenue and EBITDA volatility."
Vail's investments in its labor force and mountain operations could
reduce profitability and cash flow in the near term.
Vail recently announced a series of investments and capital
projects designed to improve its labor force and increase capacity
at its resorts. Vail will spend approximately $175 million to
restore its seasonal labor force to normal levels in anticipation
of the 2022/2023 ski season and retain employees from year to year.
The majority of the investment is by means of approximately 30%
higher seasonal hourly wages to a $20 minimum and restoration of
its prepandemic employee base. Due to a tight labor market,
especially for seasonal labor, Vail was understaffed for a majority
of the 2021/2022 ski season. Secondly, the company increased its
capital investment plan for calendar year 2022 to approximately
$320 million with a focus on increasing capacity at its resorts
through new and upgraded lifts. The company will also open new
terrain and add food and beverage locations at some resorts.
Historically, the company has spent between $150 million and $200
million each year. S&P believes Vail's investments will improve its
guest experience and could result in higher retention rates in its
pass program and a more loyal customer base. However, increased
wages in salaries and staffing will reduce EBITDA margins in the
near term, and its increased capital plan will reduce cash flow in
2022 and 2023.
S&P said, "Vail has not committed to or stated a leverage target,
and we believe large acquisitions or a higher-than-expected
dividend could raise leverage higher than our 2022 forecast. Vail
has been highly acquisitive throughout its history, seeking to
expand its portfolio of resorts and increase the value proposition
of its Epic Pass. Since 2019, the company has made three
acquisitions totaling over $500 million. Furthermore, we believe
Vail's recent majority stake in Switzerland resort Andermatt-Sedrun
could signal a desire to expand its presence in Europe, a highly
attractive market with about 195 million total skier visits
compared to 70 million in the United States. Additionally, Vail
recently reinstated its dividend, at a higher rate, after
suspending it during the COVID-19 pandemic. The higher rate
represents more cash flow from both its core portfolio and acquired
resorts since 2019. While not currently incorporated in our base
case, to the extent that Vail uses its cash balances or raises debt
to finance acquisitions, investments, or share repurchases, net
leverage could be higher than we assume through 2023."
Key risks for Vail include its sensitivity to consumer
discretionary spending, fluctuating weather conditions, geographic
concentration in North American markets, and its high fixed-cost
structure under normal operations. S&P believes a large portion of
Vail's revenue comes from its Rocky Mountain and Western North
America resorts during the winter months. Its revenue somewhat
depends on regional seasonal snowfall. Additionally, Vail is
vulnerable to declines in consumer discretionary spending,
especially given that ticket prices and related costs represent
above-average daily leisure spending compared with more
value-oriented alternatives. During the Great Recession, revenue
dropped approximately 25% peak-to-trough, inclusive of the
company's real estate segment which can be more volatile than its
mountain resort segments.
The stable outlook reflects good anticipated visitation and revenue
growth through fiscal 2023 and S&P's expectation that Vail will
maintain leverage of 2.5x-3x, incorporating a resumption of its
dividend and modest M&A.
S&P could lower its rating or revise its outlook to negative if its
believed that lease-adjusted debt to EBITDA would remain above
4.25x for a sustained period. This would likely be the result of:
-- Significant leveraging acquisitions not incorporated in our
base case; and
-- Severe adverse weather during the 2022/2023 ski season that
severely depresses skier visitation and impairs EBITDA and cash
flow.
S&P could revise its outlook to positive or raise the rating if:
-- S&P believes the company would generate sufficient revenue,
EBITDA, and cash flow to sustain leverage below its 3.25x upgrade
threshold incorporating potential leveraging M&A activity;
-- Alternatively, S&P could raise its rating if it views an
acquisition favorably and the addition increases geographic
diversity such that we improve our business risk assessment.
ESG credit indicators: E-3, S-3, G-2
S&P said, "Environmental and social factors are moderately negative
considerations in our credit rating analysis of Vail Resorts. Due
to climate change, Vail is exposed to increasingly adverse weather
patterns such as ski seasons with volatile or shorter winters and
lower snowfall. Additionally, increasing wildfires in Vail's resort
regions could result in unforeseen costs. Offsetting factors
include Vail's portfolio of 40 owned and operated resorts and its
large pass program, which significantly enhance the company's
revenue visibility. Due to the pandemic, Vail's skier visitation
was significantly lower throughout the 2020/2021 season because of
its portfolio of destination resorts, including Whistler Blackcomb,
which was severely impaired by the closure of the U.S.-Canada
border. If the border remains open and demand recovers, we believe
skier visitation in the 2021/2022 season could be within 5% of 2019
levels and the company's ancillary segments significantly recover,
allowing Vail to restore prepandemic credit measures in fiscal
2022. Nonetheless, while we view the pandemic as a rare and extreme
disruption unlikely to recur at the same magnitude, safety and
health scares are an ongoing risk."
VAMCO SHEET: Seeks to Expand Scope of Employment of Special Counsel
-------------------------------------------------------------------
Vamco Sheet Metals, Inc. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of New York to expand the scope of
employment of Terrence O'Connor, P.C. and Edmond R. Shinn, Esq.,
LTD.
On June 27, 2021, the court authorized the Debtor to employ the
firms as its special counsel for the purpose of filing and
perfecting an appeal of a decision entered by the New York Supreme
Court on Nov. 19, 2020. The Debtor now seeks to expand the scope of
employment of both firms to include assisting with the preparation
of a motion to reduce, reclassify or expunge the claim filed by
WDF, Inc. on May 12, 2021.
The firms can be reached at:
Edmond R. Shinn, Esq.
Edmond R. Shinn, Esq. LTD.
353 West Lancaster Avenue, Ste. 300
Fort Washington, PA 19087
Telephone: (610) 308-6544
Facsimile: (888) 237-8686
-- and --
Terrence O'Connor, Esq.
Terrence O'Connor, PC
1470 Bruckner Blvd.
The Bronx, NY 10473
Telephone: (718) 328-1610
Facsimile: (718) 589-1039
Email: terrence@oconnorpc.org
About Vamco Sheet Metals
Vamco Sheet Metals, Inc. is a mechanical contractor and a
manufacturer of sheet metal products and ductwork. The company is
based in Cold Spring, N.Y.
Vamco Sheet Metals filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No.
21-40385) on Feb. 18, 2021, listing $1,099,467 in total assets and
$3,103,368 in total liabilities. Joyce Vettorino, president, signed
the petition.
Judge Jil Mazer-Marino oversees the case.
The Debtor tapped the Law Offices of Alla Kachan, PC as bankruptcy
counsel; Terrence O'Connor, PC and Edmond R. Shinn, Esq. LTD. as
special counsels; and Leotta and Associates CPA, LLC as accountant.
VORNADO REALTY: Egan-Jones Keeps BB+ Senior Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company on March 18, 2022, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Vornado Realty L.P.
Headquartered in New York, New York, Vornado Realty L.P. operates
as a real estate investment trust.
WATSONVILLE HOSPITAL: Exclusivity Period Extended to July 5
-----------------------------------------------------------
Judge M. Elaine Hammond of the U.S. Bankruptcy Court for the
Northern District of California extended the exclusivity periods
for Watsonville Hospital Corporation and its affiliates to file a
Chapter 11 plan and solicit acceptances for the plan to July 5 and
Sept. 2, respectively.
The extension will give the companies more time to file a
consensual plan without the disruption of their business that might
be caused by the filing of competing plans.
The companies have begun the process of formulating a plan after
negotiating with the official unsecured creditors' committee on key
potential plan terms and after entering into an agreement to sell
most of their assets, including the Watsonville Community Hospital,
a 106-bed acute care facility in Watsonville, Calif.
About Watsonville Hospital Corporation
Watsonville Hospital Corporation and its affiliates operate
Watsonville Community Hospital, a 106-bed acute care facility
located in Watsonville, Cal. The hospital, which is the only acute
care facility in the area, provides emergency, cardiac, pediatric,
surgical, pharmaceutical, laboratory, radiological and other
critical services.
Watsonville Hospital Corporation and its affiliates filed petitions
for Chapter 11 protection (Bankr. N.D. Calif. Lead Case No.
21-51477) on Dec. 5, 2021. Jeremy Rosenthal, chief restructuring
officer, signed the petitions. In its petition, Watsonville
Hospital Corporation listed as much as $50 million in both assets
and liabilities.
Judge Elaine M. Hammond oversees the cases.
The Debtors tapped Pachulski Stang Ziehl & Jones, LLP as bankruptcy
counsel; Hooper, Lundy & Bookman, PC and Bartko Zankel Bunzel &
Miller as special counsels; Cowen and Company, LLC as investment
banker; and Force Ten Partners, LLC as restructuring advisor.
Jeremy Rosenthal of Force Ten Partners serves as the Debtors' chief
restructuring officer.
Bankruptcy Management Solutions, Inc., doing business as Stretto,
is the Debtors' claims, noticing and solicitation agent and
administrative advisor.
The U.S. Trustee for Region 17 appointed an official committee of
unsecured creditors on Dec. 22, 2021. Perkins Coie, LLP and Sills
Cummis & Gross, PC serve as the committee's legal counsels.
WC 511 BARTON: Trustee Seeks to Hire Marcus & Millichap as Realtor
------------------------------------------------------------------
Randolph Osherow, Chapter 11 trustee for WC 511 Barton Blvd, LLC,
seeks approval from the U.S. Bankruptcy Court for the Western
District of Texas to hire Marcus & Millichap to market for sale the
company's real property located at 511 Barton Blvd., Austin,
Texas.
The firm will receive a commission of 3 percent of the gross sales
price of the property.
Kent Myers, senior vice president of Marcus & Millichap, disclosed
in a court filing that his firm is a "disinterested person" within
the meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Kent P. Myers
Marcus & Millichap
9600 N. Mopac Expressway, Suite 300
Austin, TX 78759
Phone: (512) 338-7853
Email: kent.myers@marcusmillichap.com
About WC 511 Barton
WC 511 Barton Blvd, LLC, a company based in Austin, Texas, filed a
petition for Chapter 11 protection (Bankr. W.D. Texas Case No.
21-10943) on Dec. 7, 2021, listing up to $50 million in assets and
up to $10 million in liabilities. Natin Paul, president of WC 511
Barton, signed the petition.
Judge Tony M. Davis oversees the case.
Mark H. Ralston, Esq., at Fishman Jackson Ronquillo, PLLC serves as
the Debtor's legal counsel.
Randolph Osherow is the Chapter 11 trustee appointed in the
Debtor's Chapter 11 case. The trustee is represented by Barrett
Daffin Frappier Turner & Engel, LLP.
WELLS ENTERPRISES: S&P Alters Outlook to Neg., Affirms 'B+' ICR
---------------------------------------------------------------
S&P Global Ratings revised the outlook to negative from stable and
affirmed all ratings, including its 'B+' issuer credit rating on
Iowa-based ice cream producer Wells Enterprise Inc., because S&P's
forecast satisfactory demand and better manufacturing conversion
cost performance including labor productivity.
The negative outlook reflects the potential for a lower rating over
the next 12 months if S&P projects the company will sustain
leverage above 5x. This could occur if it underperforms its
forecast and fails to improve profitability and cash flow.
The outlook revision to negative from stable reflects Wells'
elevated leverage and risk that operating performance may not
rebound enough to restore credit measures to levels that support
the 'B+'' rating. Adjusted EBITDA margin in fiscal 2022 declined
300 basis points (bps) year over year to about 6% while leverage
increased more than two turns to 6.8x, which was much higher than
our expectations for leverage closer to 4.5x. Revenue growth during
the year was flat due to manufacturing constraints, which lead to
lost sales. The company experienced labor turnover in the first
quarter, which caused production lines to run slower and higher
conversion costs for the remainder of the year. In addition to
these inefficiencies, the company faced input cost inflation in
labor, packaging, ingredients, freight, and logistics. Furthermore,
the company incurred additional one-time costs in 2021 as it
implemented its portfolio optimization strategy, causing increased
marketing investment in its core brands and new products.
Profitability was further diminished by one-time restructuring and
severance costs associated with the closure of its Lakewood, N.J.
manufacturing facility. To offset these costs and operating
headwinds, the company has increased employee training and salaries
to improve manufacturing execution and reduce turnover. The company
has also implemented price increases in the fourth quarter and has
followed with an additional increase slated for 2022. S&P said, "We
believe these pricing actions should largely offset input cost
inflation realized through 2021, albeit with a lag as Wells can
pass through commodity prices to its co-manufacturing customers on
a quarterly basis, but pricing for the majority of its products
occurs less frequently. Whether the company's pricing actions and
investment in personnel to improve productivity can sufficiently
restore adjusted EBITDA and leverage to levels that support the
'B+' rating remains a key rating risk. Therefore, the negative
outlook reflects the risk the company underperforms our forecast
due to worsening inflation and profitability not improving."
S&P said, "The company should be able to continue taking pricing in
the current inflationary environment, but its modest brand strength
and private label presence may limit its ability to fully offset
inflation. We expect conversion efficiency at its manufacturing
plants to improve in 2022, and the company will recapture a portion
of the cost headwinds experienced in the prior year. Our forecast
also incorporates dairy costs to be well-hedged through 2022,
restructuring costs to decline, and the company's cost-savings
initiative to remain on track to realize the $20 million annual
target. Sales growth should also improve to the low-single digits
from price actions and the company's focus on faster growing
segments given the structural decline in traditional pale-size ice
cream. Because of these factors, and the company's strategic shift
away from lower-margin co-pack and private-label products, we
forecast EBITDA margin will improve to mid-8% and leverage will
come down to mid-4x in 2022. Although the company is shifting its
focus away from co-pack and private label, we believe it will
continue to represent a material share of revenue and therefore
Wells will continue to be susceptible to pass-through pricing lags.
We also do not believe Wells' brands to be category leaders in
terms of inflationary price increases."
Wells has a conservative financial policy track record of paying
down debt after acquisitions, but debt repayment to support lower
leverage is not likely over the next year because of growth capital
expenditures (capex). Historically, the company has increased
leverage to fund periodic acquisitions but quickly restored it to
closer to its long-term target of 3x through debt repayment and
profit growth. S&P said, "Based on our assumption that operating
headwinds that have hurt operating performance over the past year
will abate, we believe the EBITDA rebound can restore leverage
below 5x in 2022 and closer to its target in 2023 after its growth
capex program is completed. Still, DCF will be muted in 2022 due to
its higher growth capex strategy, which includes manufacturing
expansion particular for novelties. We expect annual DCF to return
to the $50 million range in 2024 once those investments are
completed in 2023 and annual capex returns closer to maintenance
levels. Until then, leverage reduction will rely primarily on
EBITDA rebounding."
The negative outlook reflects the risk that potentially higher than
expected inflation and stalled manufacturing productivity could
derail anticipated profit and leverage improvement.
S&P could lower the rating over the next few quarters if:
-- S&P expects leverage to stay above 5x if the company faces
difficulty managing labor, dairy, packaging, fuel, and freights
costs such that EBITDA margins are sustained below 8%; or
-- Annual FOCF remains negative beyond 2022 from a combination of
higher working capital outflows and growth capex that does not
improve organic sales growth.
S&P could revise the outlook to stable if it expects leverage to
decline and remain below 5x. This would be predicated on:
-- Wells successfully strengthening profitability by realizing
price increases, improving manufacturing output with a more stable
labor force, and offsetting input cost inflation with pricing; and
-- The company managing its 2023 dairy costs such that margins do
not further weaken while restoring positive FOCF in 2023.
WESCO AIRCRAFT: S&P Downgrades ICR to 'SD' on Recapitalization
--------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Wesco
Aircraft Holdings Inc. to 'SD' (selective default) from 'CCC+'.
In addition, S&P lowered its issue-level rating on the company's
previously secured notes to 'D' from 'CCC+'.
S&P said, "The downgrade reflects our view that the recent
recapitalization constitutes a default for ratings purposes because
the non-participating holders of the original secured notes are now
in a disadvantaged position in the capital structure. We also view
the transaction as distressed, rather than opportunistic, because
Wesco had limited liquidity prior to the recapitalization due to
limited cash on hand and cash flow and high interest expenses." The
company received $250 million cash from new money debt as part of
the transaction, which it is holding to provide liquidity and
provide flexibility to pursue growth opportunities. Further
improving near-term liquidity, the new notes have coupons that are
partially payable in kind, reducing cash interest, though resulting
in increasing debt.
Under the recapitalization, Wesco issued new notes to participating
holders of the company's existing secured notes due 2024 and 2026.
These holders exchanged a portion of the notes for a like amount of
new first-lien notes due 2026. Participating holders of the
company's original unsecured notes due 2027 exchanged a portion of
these notes for a like amount of 1.25-lien notes due 2027. The
non-participating secured notes became unsecured following the
exchange and are pari passu with the unexchanged original unsecured
notes. The formerly secured notes are now in a disadvantaged
collateral position relative to the new first-lien and 1.25-lien
debt. S&P views this as receiving less value than the original
promise promised, without receiving offsetting compensation.
S&P said, "We expect to reevaluate our ratings on Wesco and the
company's debt in the near term. We will likely raise our issuer
credit rating to the 'CCC' category, given its still-unsustainable
debt leverage, high debt service commitments, and our view that the
company will likely have difficulty generating substantial free
cash flow before its next significant debt maturity in 2023."
WESTBANK HOLDINGS: Says Fannie Mae Trustee Bid a Fishing Expedition
-------------------------------------------------------------------
Westbank Holdings, LLC and its debtor-affiliates tell the U.S.
Bankruptcy Court for the Eastern District of Louisiana they need
more time to address the discovery requests associated with the
request of Federal National Mortgage Association for appointment of
a chapter 11 trustee in the Debtors' cases.
Frederick L. Bunol, Esq., at The Derbes Law Firm, LLC, explains
that during the March 31, 2022, status conference on Fannie Mae's
request, Fannie Mae advised the Court it was ready to proceed with
the hearing on its Motion. Fannie Mae also advised that it had only
two witnesses to testify at said hearing, and it would rely on the
Debtors' bankruptcy schedules and Fannie Mae's inspection report in
presenting evidence to the Court. On April 1, 2022, the Court
entered an Order setting the Motion to Appoint Chapter 11 Trustee
for hearing on May 23 and May 24, 2022. The Order further set a May
9 deadline to complete all written discovery and May 16 to complete
all depositions.
According to Bunol, since the Status Conference, parties-in-support
of the Motion have overwhelmed the Debtors, its CPA, their counsel,
and related entities with discovery requests and depositions
thereby limiting the Debtors' ability to conduct its own discovery
and operate as Debtors-in-Possession. It has consumed the attention
of lead executive, Joshua Bruno, who knows the buildings inside and
out and directs all major projects and operational management for
the Debtors.
"It is now clear, that Fannie Mae and the parties requesting a
Chapter 11 Trustee did not and do not have sufficient evidence to
carry their burden," Bunol tells the Court. "They are now
attempting to find evidence, which does not exist, to advance their
unfounded assertion that cause exists to appoint a Chapter 11
Trustee."
On April 15, 18, and 19, 2022, Fannie Mae, which claimed it was
ready to proceed with the hearing, requested to take 15 depositions
which include the Debtors' representative, Bruno, individually, and
non-debtor parties that are owned or controlled by Bruno. Further,
Fannie Mae sent document production requests to the Debtors, Bruno,
the Debtor's CPA, and entities owned or controlled by Bruno, with
each party being asked to respond to approximately 24 separate
document requests by May 2 and 3.
Bunol contends Fannie Mae's "sudden and grossly-expanded campaign
for a trustee and exhaustive
discovery under that guise now presents the Court and Debtors with
a zero sum game between Debtors and their CPA/staff's critical
time/resources/bandwidth being put into the productive
forward-looking effort of absolutely critical building repairs and
pursuit of insurance funds for damages and lost rentals -- which
will benefit all parties to the reorganization -- as opposed to all
of their time and attention being sunk into an unproductive,
rearward-looking sideshow of useless finger-pointing at Mr. Bruno
over his
alleged pre-petition foibles during this period of unprecedented
challenges of Covid, Hurricane Zeta, and Hurricane Ida."
"It is dubious whether the latter circus should be entertained in
the bankruptcy at all, but without doubt, if it is to be done it
should be considered after the primary missions at hand of repairs
and recovery of funds is accomplished. Otherwise, the tail will not
only wag the dog, but it will kill the dog."
Bunol also notes Kyle Tinsley, et al., represented by Hannah Adams
with Southeast Louisiana Legal Services, has propounded discovery
on each of the Debtors. Those discovery requests contain
interrogatories and requests for production of documents seeking
separate document requests from those propounded by Fannie Mae.
"Between Fannie Mae and Tinsley, the Debtors currently must respond
to over 144 separate requests for production of documents. Although
some individual requests may appear to be minor, when multiplied by
6, one for each Debtor, and compounded by the number of requests,
the discovery is paralyzing as whole," Bunol says.
Fannie Mae owns loans made to each of the Debtors. The loans,
which are in default, are secured by mortgages on properties to
which the Debtors hold title. In seeking appointment of a Chapter
11 trustee, Fannie Mae alleges mismanagement of the Debtors'
properties. Fannie Mae claims the properties are in deplorable and
deteriorating condition.
The Federal Housing Finance Agency, in its capacity as Conservator
for Fannie Mae, supports Fannie Mae's request. The FHFA contends
the deteriorating condition of the Debtors' properties harms Fannie
Mae's and the FHFA's mission to facilitate safe, affordable
housing. The conditions also decrease the value of the collateral
for Fannie Mae's loans in default that seem all but certain to
remain unpaid, thereby frustrating Congress's intent that the
assets of Fannie Mae's conservatorship estate be preserved and
conserved to avoid ultimate loss to the U.S. taxpayers.
The FHFA adds the Debtors appear to have shown, at best, extreme
insensitivity to the plight of their tenants -- many of whom have
physical disabilities, have limited income, or both -- leaving
property conditions unremedied for extended periods and pursuing
unlawful evictions.
The Debtors collectively own 500 residential apartment units in
Orleans Parish and Jefferson Parish, State of Louisiana.
According to Bunol, the Coronavirus Aid, Relief, and Economic
Security (CARES) Act instituted a
moratorium on evictions in March 2020, which reduced the Debtors'
income and negatively affected their ability to manage and maintain
the Apartments. The Debtors' situation was drastically compounded
when the Apartments suffered significant damage over the past 18
months due to Hurricane Zeta, Hurricane Ida, looting, and
vandalism.
"To reorganize, extensive renovations of the Apartments are
required. Those renovations vary in scope from sheetrock repair,
major framing and structural failures, electrical, plumbing and
painting to gutting and complete renovations. Further complicating
the problem, certain residents refuse to pay rent, or allow workers
into units for inspections and repairs," Bunol explains.
During the bankruptcy proceeding, Westbank Holdings retained a
plumber to undertake the major sewer repair at the Westbank
Holdings Property and repaired an emergency water leak. The Debtors
have sought approval to employ a general contractor and
construction manager, Hernandez Consulting and Construction, to
oversee and provide the necessary contracting license for the
repairs. In the near future, the Debtors anticipate hiring
plumbers, electricians, framers, engineers, carpenters, roofers,
and other construction personnel to repair the property, according
to Bunol.
The Debtors request that the Court continue the hearing on the
Motion to Appoint Chapter 11 Trustee by 60 days or "such other date
that allows sufficient time to conduct the extensive discovery
requested concerning the Motion, as well as allow the Debtors the
opportunity to continue its efforts to make repairs to the
properties, and work on a plan of reorganization."
In the meantime, the Debtors will retain a third-party management
company and Chief Restructuring Officer, provided they are approved
by the Court, that will provide proper third party oversight of the
Debtors' operations.
In the alternative, the Debtors request that the Court limit the
scope of the discovery propounded to reduce the burden and
resources needed to comply with the document production and
depositions.
About Westbank Holdings
Westbank Holdings, LLC is a New Orleans, La.-based company
primarily engaged in renting and leasing real estate properties.
Westbank and its affiliates collectively own 500 residential
apartment units in Orleans Parish and Jefferson Parish.
Westbank Holdings and its affiliates filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La.
Lead Case No. 22-10082) on Jan. 27, 2022. In its petition,
Westbank Holdings listed as much as $50 million in both assets and
liabilities. Joshua Bruno, manager, signed the petition.
Judge Meredith S. Grabill oversees the cases.
Frederick L. Bunol, Esq., at The Derbes Law Firm, LLC and Alvendia
Kelly & Demarest, LLC serve as the Debtors' bankruptcy counsel and
special counsel, respectively. G Rowland CPA & Associates is the
Debtors' accountant.
WHITING PETROLEUM: Egan-Jones Cuts Senior Unsecured Ratings to BB
-----------------------------------------------------------------
Egan-Jones Ratings Company on March 9, 2022, downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Whiting Petroleum Corporation to BB from B-.
Headquartered in Denver, Colorado, Whiting Petroleum Corporation
operates as an oil and gas exploration company.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- -------
7GC & CO HOLD-A VII US 231.2 -19.0 0.1
7GC & CO HOLDING VIIAU US 231.2 -19.0 0.1
ACCELERATE DIAGN AXDX* MM 83.0 -35.1 66.4
AEMETIS INC DW51 GR 160.8 -120.2 -44.6
AEMETIS INC AMTX US 160.8 -120.2 -44.6
AEMETIS INC AMTXGEUR EZ 160.8 -120.2 -44.6
AEMETIS INC AMTXGEUR EU 160.8 -120.2 -44.6
AEMETIS INC DW51 GZ 160.8 -120.2 -44.6
AEMETIS INC DW51 TH 160.8 -120.2 -44.6
AEMETIS INC DW51 QT 160.8 -120.2 -44.6
AERIE PHARMACEUT AERI US 431.4 -17.3 230.7
AERIE PHARMACEUT 0P0 GZ 431.4 -17.3 230.7
AERIE PHARMACEUT 0P0 TH 431.4 -17.3 230.7
AERIE PHARMACEUT 0P0 QT 431.4 -17.3 230.7
AERIE PHARMACEUT AERIEUR EU 431.4 -17.3 230.7
AERIE PHARMACEUT 0P0 GR 431.4 -17.3 230.7
ALPHA CAPITAL -A ASPC US 231.1 212.7 1.0
ALPHA CAPITAL AC ASPCU US 231.1 212.7 1.0
ALTENERGY ACQU-A AEAE US 0.5 -0.1 -0.1
ALTENERGY ACQUIS AEAEU US 0.5 -0.1 -0.1
ALTICE USA INC-A ATUS* MM 33,215.0 -870.9 -1,945.5
ALTICE USA INC-A ATUS US 33,215.0 -870.9 -1,945.5
ALTICE USA INC-A 15PA GR 33,215.0 -870.9 -1,945.5
ALTICE USA INC-A 15PA TH 33,215.0 -870.9 -1,945.5
ALTICE USA INC-A ATUSEUR EU 33,215.0 -870.9 -1,945.5
ALTICE USA INC-A 15PA GZ 33,215.0 -870.9 -1,945.5
ALTICE USA INC-A ATUS-RM RM 33,215.0 -870.9 -1,945.5
ALTIRA GP-CEDEAR MOC AR 39,523.0 -1,606.0 -2,496.0
ALTIRA GP-CEDEAR MOD AR 39,523.0 -1,606.0 -2,496.0
ALTIRA GP-CEDEAR MO AR 39,523.0 -1,606.0 -2,496.0
ALTRIA GROUP INC MO US 39,523.0 -1,606.0 -2,496.0
ALTRIA GROUP INC MO* MM 39,523.0 -1,606.0 -2,496.0
ALTRIA GROUP INC PHM7 GR 39,523.0 -1,606.0 -2,496.0
ALTRIA GROUP INC PHM7 TH 39,523.0 -1,606.0 -2,496.0
ALTRIA GROUP INC MO TE 39,523.0 -1,606.0 -2,496.0
ALTRIA GROUP INC MOEUR EU 39,523.0 -1,606.0 -2,496.0
ALTRIA GROUP INC MO SW 39,523.0 -1,606.0 -2,496.0
ALTRIA GROUP INC PHM7 QT 39,523.0 -1,606.0 -2,496.0
ALTRIA GROUP INC MOUSD SW 39,523.0 -1,606.0 -2,496.0
ALTRIA GROUP INC PHM7 GZ 39,523.0 -1,606.0 -2,496.0
ALTRIA GROUP INC MO CI 39,523.0 -1,606.0 -2,496.0
ALTRIA GROUP INC ALTR AV 39,523.0 -1,606.0 -2,496.0
ALTRIA GROUP INC MOEUR EZ 39,523.0 -1,606.0 -2,496.0
ALTRIA GROUP INC 0R31 LI 39,523.0 -1,606.0 -2,496.0
ALTRIA GROUP INC MO-RM RM 39,523.0 -1,606.0 -2,496.0
ALTRIA GROUP-BDR MOOO34 BZ 39,523.0 -1,606.0 -2,496.0
AMC ENTERTAINMEN AMC US 10,821.5 -1,789.5 82.4
AMC ENTERTAINMEN AMC* MM 10,821.5 -1,789.5 82.4
AMC ENTERTAINMEN AH9 TH 10,821.5 -1,789.5 82.4
AMC ENTERTAINMEN AH9 QT 10,821.5 -1,789.5 82.4
AMC ENTERTAINMEN AMC4EUR EU 10,821.5 -1,789.5 82.4
AMC ENTERTAINMEN AH9 GR 10,821.5 -1,789.5 82.4
AMC ENTERTAINMEN AH9 GZ 10,821.5 -1,789.5 82.4
AMC ENTERTAINMEN AH9 SW 10,821.5 -1,789.5 82.4
AMC ENTERTAINMEN AMC-RM RM 10,821.5 -1,789.5 82.4
AMC ENTERTAINMEN A2MC34 BZ 10,821.5 -1,789.5 82.4
AMERICAN AIR-BDR AALL34 BZ 67,401.0 -8,940.0 -4,104.0
AMERICAN AIRLINE A1G QT 67,401.0 -8,940.0 -4,104.0
AMERICAN AIRLINE A1G GZ 67,401.0 -8,940.0 -4,104.0
AMERICAN AIRLINE AAL11EUR EZ 67,401.0 -8,940.0 -4,104.0
AMERICAN AIRLINE AAL11EUR EU 67,401.0 -8,940.0 -4,104.0
AMERICAN AIRLINE AAL AV 67,401.0 -8,940.0 -4,104.0
AMERICAN AIRLINE AAL TE 67,401.0 -8,940.0 -4,104.0
AMERICAN AIRLINE A1G SW 67,401.0 -8,940.0 -4,104.0
AMERICAN AIRLINE 0HE6 LI 67,401.0 -8,940.0 -4,104.0
AMERICAN AIRLINE AAL US 67,401.0 -8,940.0 -4,104.0
AMERICAN AIRLINE A1G GR 67,401.0 -8,940.0 -4,104.0
AMERICAN AIRLINE AAL* MM 67,401.0 -8,940.0 -4,104.0
AMERICAN AIRLINE A1G TH 67,401.0 -8,940.0 -4,104.0
AMERICAN AIRLINE AAL-RM RM 67,401.0 -8,940.0 -4,104.0
AMERICAN AIRLINE AAL_KZ KZ 67,401.0 -8,940.0 -4,104.0
AMPLIFY ENERGY C AMPY US 455.1 -64.8 -39.4
AMPLIFY ENERGY C MPO2EUR EZ 455.1 -64.8 -39.4
AMPLIFY ENERGY C 2OQ TH 455.1 -64.8 -39.4
AMPLIFY ENERGY C MPO2EUR EU 455.1 -64.8 -39.4
AMPLIFY ENERGY C 2OQ GR 455.1 -64.8 -39.4
AMPLIFY ENERGY C 2OQ GZ 455.1 -64.8 -39.4
AMPLIFY ENERGY C 2OQ QT 455.1 -64.8 -39.4
APA CORP APA US 13,303.0 -5.0 263.0
APA CORP APA* MM 13,303.0 -5.0 263.0
APA CORP APA11EUR EU 13,303.0 -5.0 263.0
APA CORP 2S3 GR 13,303.0 -5.0 263.0
APA CORP 2S3 TH 13,303.0 -5.0 263.0
APA CORP 2S3 GZ 13,303.0 -5.0 263.0
APA CORP APA-RM RM 13,303.0 -5.0 263.0
APA CORP 2S3 QT 13,303.0 -5.0 263.0
APA CORP - BDR A1PA34 BZ 13,303.0 -5.0 263.0
ARCH BIOPARTNERS ARCH CN 1.5 -4.0 -0.7
ARCH BIOPARTNERS ACHFF US 1.5 -4.0 -0.7
ARENA GROUP HOLD AREN US 174.0 -37.8 -38.7
ASCENT SOLAR TEC ASTI US 12.8 -2.8 3.8
ATLAS TECHNICAL ATCX US 420.5 -151.5 81.3
AUTOZONE INC AZO US 14,078.5 -3,137.5 -1,780.9
AUTOZONE INC AZ5 GR 14,078.5 -3,137.5 -1,780.9
AUTOZONE INC AZ5 TH 14,078.5 -3,137.5 -1,780.9
AUTOZONE INC AZOEUR EU 14,078.5 -3,137.5 -1,780.9
AUTOZONE INC AZ5 QT 14,078.5 -3,137.5 -1,780.9
AUTOZONE INC AZOEUR EZ 14,078.5 -3,137.5 -1,780.9
AUTOZONE INC AZ5 GZ 14,078.5 -3,137.5 -1,780.9
AUTOZONE INC AZO AV 14,078.5 -3,137.5 -1,780.9
AUTOZONE INC AZ5 TE 14,078.5 -3,137.5 -1,780.9
AUTOZONE INC AZO* MM 14,078.5 -3,137.5 -1,780.9
AUTOZONE INC AZO-RM RM 14,078.5 -3,137.5 -1,780.9
AUTOZONE INC-BDR AZOI34 BZ 14,078.5 -3,137.5 -1,780.9
AVID TECHNOLOGY AVID US 274.0 -124.1 -14.8
AVID TECHNOLOGY AVD GR 274.0 -124.1 -14.8
AVID TECHNOLOGY AVD TH 274.0 -124.1 -14.8
AVID TECHNOLOGY AVD GZ 274.0 -124.1 -14.8
AVIS BUD-CEDEAR CAR AR 22,600.0 -209.0 -561.0
AVIS BUDGET GROU CUCA GR 22,600.0 -209.0 -561.0
AVIS BUDGET GROU CAR US 22,600.0 -209.0 -561.0
AVIS BUDGET GROU CUCA QT 22,600.0 -209.0 -561.0
AVIS BUDGET GROU CAR2EUR EU 22,600.0 -209.0 -561.0
AVIS BUDGET GROU CAR* MM 22,600.0 -209.0 -561.0
AVIS BUDGET GROU CAR2EUR EZ 22,600.0 -209.0 -561.0
AVIS BUDGET GROU CUCA TH 22,600.0 -209.0 -561.0
AVIS BUDGET GROU CUCA GZ 22,600.0 -209.0 -561.0
BATH & BODY WORK LTD0 GR 6,026.0 -1,517.0 1,719.0
BATH & BODY WORK BBWI US 6,026.0 -1,517.0 1,719.0
BATH & BODY WORK LTD0 TH 6,026.0 -1,517.0 1,719.0
BATH & BODY WORK LBEUR EU 6,026.0 -1,517.0 1,719.0
BATH & BODY WORK BBWI* MM 6,026.0 -1,517.0 1,719.0
BATH & BODY WORK LTD0 QT 6,026.0 -1,517.0 1,719.0
BATH & BODY WORK LBEUR EZ 6,026.0 -1,517.0 1,719.0
BATH & BODY WORK BBWI AV 6,026.0 -1,517.0 1,719.0
BATH & BODY WORK LTD0 GZ 6,026.0 -1,517.0 1,719.0
BATH & BODY WORK BBWI-RM RM 6,026.0 -1,517.0 1,719.0
BATTERY FUTURE A BFAC/U US 3.5 -0.2 0.0
BATTERY FUTURE-A BFAC US 3.5 -0.2 0.0
BAUSCH HEALTH CO BHC US 29,202.0 -34.0 409.0
BAUSCH HEALTH CO BHC CN 29,202.0 -34.0 409.0
BAUSCH HEALTH CO BVF GR 29,202.0 -34.0 409.0
BAUSCH HEALTH CO VRX SW 29,202.0 -34.0 409.0
BAUSCH HEALTH CO BHCN MM 29,202.0 -34.0 409.0
BAUSCH HEALTH CO BVF GZ 29,202.0 -34.0 409.0
BAUSCH HEALTH CO BVF TH 29,202.0 -34.0 409.0
BAUSCH HEALTH CO BVF QT 29,202.0 -34.0 409.0
BAUSCH HEALTH CO VRX1EUR EU 29,202.0 -34.0 409.0
BAUSCH HEALTH CO VRX1EUR EZ 29,202.0 -34.0 409.0
BELLRING BRAND-A BRBR1EUR EU 600.6 -46.9 151.9
BELLRING BRANDS BRBR US 600.6 -46.9 151.9
BELLRING BRANDS BRBR2EUR EU 600.6 -46.9 151.9
BELLRING BRANDS D51 TH 600.6 -46.9 151.9
BELLRING BRANDS D51 GR 600.6 -46.9 151.9
BELLRING BRANDS D51 QT 600.6 -46.9 151.9
BELLRING INTERME 1998018D US 600.6 -46.9 151.9
BELLRING INTERME BR6 GR 600.6 -46.9 151.9
BELLRING INTERME BR6 GZ 600.6 -46.9 151.9
BIOCRYST PHARM BCRX US 588.2 -107.0 462.4
BIOCRYST PHARM BO1 GR 588.2 -107.0 462.4
BIOCRYST PHARM BO1 TH 588.2 -107.0 462.4
BIOCRYST PHARM BO1 QT 588.2 -107.0 462.4
BIOCRYST PHARM BCRXEUR EU 588.2 -107.0 462.4
BIOCRYST PHARM BCRXEUR EZ 588.2 -107.0 462.4
BIOCRYST PHARM BCRX* MM 588.2 -107.0 462.4
BIOHAVEN PHARMAC BHVN US 1,077.2 -683.0 342.1
BIOHAVEN PHARMAC 2VN GR 1,077.2 -683.0 342.1
BIOHAVEN PHARMAC BHVNEUR EU 1,077.2 -683.0 342.1
BIOHAVEN PHARMAC 2VN TH 1,077.2 -683.0 342.1
BLUEACACIA LTD BLEUU US 254.7 -7.8 -7.8
BLUEACACIA LTD-A BLEU US 254.7 -7.8 -7.8
BOEING CO-BDR BOEI34 BZ 138,552.0 -14,846.0 26,674.0
BOEING CO-CED BAD AR 138,552.0 -14,846.0 26,674.0
BOEING CO-CED BA AR 138,552.0 -14,846.0 26,674.0
BOEING CO/THE BOE LN 138,552.0 -14,846.0 26,674.0
BOEING CO/THE BCO TH 138,552.0 -14,846.0 26,674.0
BOEING CO/THE BA PE 138,552.0 -14,846.0 26,674.0
BOEING CO/THE BOEI BB 138,552.0 -14,846.0 26,674.0
BOEING CO/THE BA US 138,552.0 -14,846.0 26,674.0
BOEING CO/THE BA SW 138,552.0 -14,846.0 26,674.0
BOEING CO/THE BA* MM 138,552.0 -14,846.0 26,674.0
BOEING CO/THE BA TE 138,552.0 -14,846.0 26,674.0
BOEING CO/THE BCO GR 138,552.0 -14,846.0 26,674.0
BOEING CO/THE BAEUR EU 138,552.0 -14,846.0 26,674.0
BOEING CO/THE BA EU 138,552.0 -14,846.0 26,674.0
BOEING CO/THE BCO QT 138,552.0 -14,846.0 26,674.0
BOEING CO/THE BAUSD SW 138,552.0 -14,846.0 26,674.0
BOEING CO/THE BCO GZ 138,552.0 -14,846.0 26,674.0
BOEING CO/THE BA CI 138,552.0 -14,846.0 26,674.0
BOEING CO/THE BA-RM RM 138,552.0 -14,846.0 26,674.0
BOEING CO/THE BAEUR EZ 138,552.0 -14,846.0 26,674.0
BOEING CO/THE BA EZ 138,552.0 -14,846.0 26,674.0
BOEING CO/THE BA AV 138,552.0 -14,846.0 26,674.0
BOEING CO/THE BACL CI 138,552.0 -14,846.0 26,674.0
BOEING CO/THE BA_KZ KZ 138,552.0 -14,846.0 26,674.0
BOMBARDIER INC-B BBDBN MM 12,764.0 -3,089.0 713.0
BOSTON PIZZA R-U BPF-U CN 154.8 -260.5 -17.4
BOSTON PIZZA R-U BPZZF US 154.8 -260.5 -17.4
BOXED INC BOXD US 231.6 -1.6 53.5
BRIDGEBIO PHARMA BBIOEUR EU 1,012.8 -865.6 753.8
BRIDGEBIO PHARMA 2CL GZ 1,012.8 -865.6 753.8
BRIDGEBIO PHARMA 2CL TH 1,012.8 -865.6 753.8
BRIDGEBIO PHARMA BBIO US 1,012.8 -865.6 753.8
BRIDGEBIO PHARMA 2CL GR 1,012.8 -865.6 753.8
BRIGHTSPHERE INV 2B9 GR 714.8 -17.6 0.0
BRIGHTSPHERE INV BSIGEUR EU 714.8 -17.6 0.0
BRIGHTSPHERE INV BSIG US 714.8 -17.6 0.0
BRINKER INTL EAT US 2,457.3 -327.4 -348.8
BRINKER INTL BKJ GR 2,457.3 -327.4 -348.8
BRINKER INTL EAT2EUR EU 2,457.3 -327.4 -348.8
BRINKER INTL BKJ QT 2,457.3 -327.4 -348.8
BRINKER INTL BKJ TH 2,457.3 -327.4 -348.8
BROOKFIELD INF-A BIPC US 10,086.0 -1,424.0 -4,187.0
BROOKFIELD INF-A BIPC CN 10,086.0 -1,424.0 -4,187.0
BRP INC/CA-SUB V DOO CN 5,030.9 -132.8 48.7
BRP INC/CA-SUB V B15A GR 5,030.9 -132.8 48.7
BRP INC/CA-SUB V DOOO US 5,030.9 -132.8 48.7
BRP INC/CA-SUB V B15A GZ 5,030.9 -132.8 48.7
BRP INC/CA-SUB V DOOEUR EU 5,030.9 -132.8 48.7
BRP INC/CA-SUB V B15A TH 5,030.9 -132.8 48.7
CACTUS ACQUISITI CCTSU US 0.2 -0.3 -0.3
CACTUS ACQUISITI CCTS US 0.2 -0.3 -0.3
CALUMET SPECIALT CLMT US 2,127.9 -385.1 -267.2
CEDAR FAIR LP FUN US 2,313.0 -698.5 -117.9
CENTRUS ENERGY-A 4CU TH 572.4 -141.9 72.6
CENTRUS ENERGY-A 4CU GR 572.4 -141.9 72.6
CENTRUS ENERGY-A LEU US 572.4 -141.9 72.6
CENTRUS ENERGY-A LEUEUR EU 572.4 -141.9 72.6
CENTRUS ENERGY-A 4CU GZ 572.4 -141.9 72.6
CF ACQUISITION-A CFVI US 300.7 290.4 -1.0
CF ACQUISITON VI CFVIU US 300.7 290.4 -1.0
CHENIERE ENERGY CHQ1 TH 39,258.0 -33.0 363.0
CHENIERE ENERGY LNG US 39,258.0 -33.0 363.0
CHENIERE ENERGY CHQ1 GR 39,258.0 -33.0 363.0
CHENIERE ENERGY CHQ1 QT 39,258.0 -33.0 363.0
CHENIERE ENERGY LNG2EUR EU 39,258.0 -33.0 363.0
CHENIERE ENERGY CHQ1 SW 39,258.0 -33.0 363.0
CHENIERE ENERGY LNG2EUR EZ 39,258.0 -33.0 363.0
CHENIERE ENERGY LNG* MM 39,258.0 -33.0 363.0
CHENIERE ENERGY CHQ1 GZ 39,258.0 -33.0 363.0
CHOICE CONSOLIDA CDXX-U/U CN 173.8 -3.3 0.0
CHOICE CONSOLIDA CDXXF US 173.8 -3.3 0.0
CINEPLEX INC CGX CN 2,114.8 -219.7 -414.4
CINEPLEX INC CPXGF US 2,114.8 -219.7 -414.4
CINEPLEX INC CX0 GR 2,114.8 -219.7 -414.4
CINEPLEX INC CGXEUR EU 2,114.8 -219.7 -414.4
CINEPLEX INC CX0 TH 2,114.8 -219.7 -414.4
CINEPLEX INC CGXN MM 2,114.8 -219.7 -414.4
CINEPLEX INC CX0 GZ 2,114.8 -219.7 -414.4
COEPTIS THERAPEU COEP US 0.2 -0.6 -0.6
COGENT COMMUNICA OGM1 GR 984.6 -373.1 328.6
COGENT COMMUNICA CCOI US 984.6 -373.1 328.6
COGENT COMMUNICA CCOIEUR EU 984.6 -373.1 328.6
COGENT COMMUNICA CCOI* MM 984.6 -373.1 328.6
COMMUNITY HEALTH CYH US 15,217.0 -810.0 1,115.0
COMMUNITY HEALTH CG5 GR 15,217.0 -810.0 1,115.0
COMMUNITY HEALTH CG5 QT 15,217.0 -810.0 1,115.0
COMMUNITY HEALTH CYH1EUR EU 15,217.0 -810.0 1,115.0
COMMUNITY HEALTH CG5 TH 15,217.0 -810.0 1,115.0
COMMUNITY HEALTH CG5 GZ 15,217.0 -810.0 1,115.0
COMPOSECURE INC CMPO US 131.4 -407.6 17.8
CONSENSUS CLOUD CCSI US 562.8 -332.7 18.3
CONSILIUM ACQUIS CSLMU US 0.5 -0.0 0.0
CONSILIUM ACQUIS CSLM US 0.5 -0.0 0.0
COVEO SOLUTIONS CVO CN 346.2 266.4 199.0
DECARBONIZATIO-A DCRD US 320.5 -43.4 -5.3
DECARBONIZATION DCRDU US 320.5 -43.4 -5.3
DELEK LOGISTICS DKL US 935.1 -104.0 -73.8
DELL TECHN-C DELL US 92,735.0 -1,580.0 -11,186.0
DELL TECHN-C DELL1EUR EZ 92,735.0 -1,580.0 -11,186.0
DELL TECHN-C 12DA TH 92,735.0 -1,580.0 -11,186.0
DELL TECHN-C 12DA GZ 92,735.0 -1,580.0 -11,186.0
DELL TECHN-C 12DA GR 92,735.0 -1,580.0 -11,186.0
DELL TECHN-C DELL1EUR EU 92,735.0 -1,580.0 -11,186.0
DELL TECHN-C DELLC* MM 92,735.0 -1,580.0 -11,186.0
DELL TECHN-C 12DA QT 92,735.0 -1,580.0 -11,186.0
DELL TECHN-C DELL AV 92,735.0 -1,580.0 -11,186.0
DELL TECHN-C DELL-RM RM 92,735.0 -1,580.0 -11,186.0
DELL TECHN-C-BDR D1EL34 BZ 92,735.0 -1,580.0 -11,186.0
DENNY'S CORP DENN US 435.5 -65.3 -28.3
DENNY'S CORP DE8 GR 435.5 -65.3 -28.3
DENNY'S CORP DE8 TH 435.5 -65.3 -28.3
DENNY'S CORP DENNEUR EU 435.5 -65.3 -28.3
DENNY'S CORP DE8 GZ 435.5 -65.3 -28.3
DIEBOLD NIXDORF DBD GR 3,507.2 -837.0 137.9
DIEBOLD NIXDORF DBD US 3,507.2 -837.0 137.9
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DIEBOLD NIXDORF DBDEUR EU 3,507.2 -837.0 137.9
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MSCI INC MSCI US 5,506.7 -163.5 892.5
MSCI INC 3HM GR 5,506.7 -163.5 892.5
MSCI INC 3HM QT 5,506.7 -163.5 892.5
MSCI INC 3HM GZ 5,506.7 -163.5 892.5
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MSCI INC MSCIEUR EZ 5,506.7 -163.5 892.5
MSCI INC MSCI* MM 5,506.7 -163.5 892.5
MSCI INC 3HM TH 5,506.7 -163.5 892.5
MSCI INC MSCI AV 5,506.7 -163.5 892.5
MSCI INC MSCI-RM RM 5,506.7 -163.5 892.5
MSCI INC-BDR M1SC34 BZ 5,506.7 -163.5 892.5
N/A CC-RM RM 2,016.0 -642.8 485.8
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NEIGHBOUR-SUBRCT NBLY/R CN 558.2 344.7 53.5
NEIGHBOURLY PHAR NBLY CN 558.2 344.7 53.5
NEW ENG RLTY-LP NEN US 356.9 -49.3 0.0
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NOVAVAX INC NVV1 TH 2,576.8 -351.7 -235.2
NOVAVAX INC NVV1 GZ 2,576.8 -351.7 -235.2
NOVAVAX INC NVV1 GR 2,576.8 -351.7 -235.2
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NOVAVAX INC NVV1 QT 2,576.8 -351.7 -235.2
NOVAVAX INC NVAXEUR EU 2,576.8 -351.7 -235.2
NOVAVAX INC NVV1 SW 2,576.8 -351.7 -235.2
NOVAVAX INC 0A3S LI 2,576.8 -351.7 -235.2
NUTANIX INC - A 0NU GR 2,315.6 -725.6 494.7
NUTANIX INC - A NTNXEUR EU 2,315.6 -725.6 494.7
NUTANIX INC - A 0NU TH 2,315.6 -725.6 494.7
NUTANIX INC - A 0NU QT 2,315.6 -725.6 494.7
NUTANIX INC - A NTNX US 2,315.6 -725.6 494.7
NUTANIX INC - A NTNXEUR EZ 2,315.6 -725.6 494.7
NUTANIX INC - A 0NU GZ 2,315.6 -725.6 494.7
NUTANIX INC - A NTNX-RM RM 2,315.6 -725.6 494.7
NUTANIX INC-BDR N2TN34 BZ 2,315.6 -725.6 494.7
O'REILLY AUT-BDR ORLY34 BZ 11,718.7 -66.4 -1,370.4
O'REILLY AUTOMOT OM6 TH 11,718.7 -66.4 -1,370.4
O'REILLY AUTOMOT OM6 QT 11,718.7 -66.4 -1,370.4
O'REILLY AUTOMOT ORLYEUR EU 11,718.7 -66.4 -1,370.4
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ORACLE BDR ORCL34 BZ 108,644.0 -8,211.0 10,842.0
ORACLE CO-CEDEAR ORCLC AR 108,644.0 -8,211.0 10,842.0
ORACLE CO-CEDEAR ORCL AR 108,644.0 -8,211.0 10,842.0
ORACLE CO-CEDEAR ORCLD AR 108,644.0 -8,211.0 10,842.0
ORACLE CORP ORCL US 108,644.0 -8,211.0 10,842.0
ORACLE CORP ORC GR 108,644.0 -8,211.0 10,842.0
ORACLE CORP ORC TH 108,644.0 -8,211.0 10,842.0
ORACLE CORP ORCL TE 108,644.0 -8,211.0 10,842.0
ORACLE CORP ORCL* MM 108,644.0 -8,211.0 10,842.0
ORACLE CORP ORCL SW 108,644.0 -8,211.0 10,842.0
ORACLE CORP ORCLEUR EU 108,644.0 -8,211.0 10,842.0
ORACLE CORP ORC QT 108,644.0 -8,211.0 10,842.0
ORACLE CORP ORCLUSD SW 108,644.0 -8,211.0 10,842.0
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ORACLE CORP 0R1Z LN 108,644.0 -8,211.0 10,842.0
ORACLE CORP ORCLCL CI 108,644.0 -8,211.0 10,842.0
ORACLE CORP ORCL-RM RM 108,644.0 -8,211.0 10,842.0
ORGANON & CO OGN US 10,681.0 -1,508.0 1,163.0
ORGANON & CO 7XP TH 10,681.0 -1,508.0 1,163.0
ORGANON & CO OGN-WEUR EU 10,681.0 -1,508.0 1,163.0
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OTIS WORLDWI OTISEUR EZ 12,279.0 -2,984.0 2,014.0
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PAPA JOHN'S INTL PZZA US 885.7 -167.0 -32.4
PAPA JOHN'S INTL PP1 GR 885.7 -167.0 -32.4
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PAPA JOHN'S INTL PP1 QT 885.7 -167.0 -32.4
PAPAYA GROWTH -A PPYA US 0.0 0.0 0.0
PAPAYA GROWTH OP PPYAU US 0.0 0.0 0.0
PAPAYA GROWTH OP CC40 GR 0.0 0.0 0.0
PAPAYA GROWTH OP PPYAUEUR EU 0.0 0.0 0.0
PET VALU HOLDING PET CN 542.1 -152.2 19.5
PHILIP MORRI-BDR PHMO34 BZ 41,733.0 -8,203.0 -1,693.0
PHILIP MORRIS IN 4I1 GR 41,733.0 -8,203.0 -1,693.0
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PHILIP MORRIS IN PM1CHF EU 41,733.0 -8,203.0 -1,693.0
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PLANET FITNESS-A PLNT1EUR EU 2,016.0 -642.8 485.8
PLANET FITNESS-A 3PL QT 2,016.0 -642.8 485.8
PLANET FITNESS-A PLNT US 2,016.0 -642.8 485.8
PLANET FITNESS-A 3PL TH 2,016.0 -642.8 485.8
PLANET FITNESS-A 3PL GR 2,016.0 -642.8 485.8
PLANET FITNESS-A PLNT1EUR EZ 2,016.0 -642.8 485.8
PLANET FITNESS-A 3PL GZ 2,016.0 -642.8 485.8
POTBELLY CORP PTB QT 253.2 -2.4 -41.8
POTBELLY CORP PBPB US 253.2 -2.4 -41.8
POTBELLY CORP PTB GR 253.2 -2.4 -41.8
POTBELLY CORP PBPBEUR EU 253.2 -2.4 -41.8
PRIME IMPACT A-A PIAI US 325.0 -19.8 0.3
PRIME IMPACT ACQ PIAI/U US 325.0 -19.8 0.3
PROJECT ENERGY R PEGRU US 0.7 -0.0 -0.7
PROJECT ENERGY R PEGR US 0.7 -0.0 -0.7
RADIUS HEALTH IN RDUS US 181.5 -252.3 78.3
RADIUS HEALTH IN 1R8 TH 181.5 -252.3 78.3
RADIUS HEALTH IN RDUSEUR EU 181.5 -252.3 78.3
RADIUS HEALTH IN 1R8 QT 181.5 -252.3 78.3
RADIUS HEALTH IN 1R8 GR 181.5 -252.3 78.3
RAPID7 INC RPD US 1,296.0 -126.0 -35.9
RAPID7 INC R7D GR 1,296.0 -126.0 -35.9
RAPID7 INC R7D TH 1,296.0 -126.0 -35.9
RAPID7 INC RPDEUR EU 1,296.0 -126.0 -35.9
RAPID7 INC RPD* MM 1,296.0 -126.0 -35.9
RAPID7 INC R7D GZ 1,296.0 -126.0 -35.9
RAPID7 INC R7D QT 1,296.0 -126.0 -35.9
REVLON INC-A RVL1 GR 2,602.1 -1,857.2 412.7
REVLON INC-A REV US 2,602.1 -1,857.2 412.7
REVLON INC-A REV* MM 2,602.1 -1,857.2 412.7
REVLON INC-A RVL1 TH 2,602.1 -1,857.2 412.7
REVLON INC-A REVEUR EU 2,602.1 -1,857.2 412.7
RIMINI STREET IN RMNI US 391.3 -80.4 -42.7
RIMINI STREET IN 0QH GR 391.3 -80.4 -42.7
RIMINI STREET IN RMNIEUR EU 391.3 -80.4 -42.7
RIMINI STREET IN 0QH QT 391.3 -80.4 -42.7
ROSE HILL ACQU-A ROSE US 0.4 -0.0 -0.4
ROSE HILL ACQUIS ROSEU US 0.4 -0.0 -0.4
RYMAN HOSPITALIT 4RH GR 3,580.5 -22.4 45.3
RYMAN HOSPITALIT RHP US 3,580.5 -22.4 45.3
RYMAN HOSPITALIT 4RH TH 3,580.5 -22.4 45.3
RYMAN HOSPITALIT 4RH QT 3,580.5 -22.4 45.3
RYMAN HOSPITALIT RHPEUR EU 3,580.5 -22.4 45.3
SABRE CORP 19S QT 5,291.3 -499.7 685.8
SABRE CORP SABREUR EU 5,291.3 -499.7 685.8
SABRE CORP 19S SW 5,291.3 -499.7 685.8
SABRE CORP SABR US 5,291.3 -499.7 685.8
SABRE CORP 19S GR 5,291.3 -499.7 685.8
SABRE CORP 19S TH 5,291.3 -499.7 685.8
SABRE CORP 19S GZ 5,291.3 -499.7 685.8
SBA COMM CORP 4SB GR 9,801.7 -5,266.2 -1.9
SBA COMM CORP SBAC US 9,801.7 -5,266.2 -1.9
SBA COMM CORP 4SB GZ 9,801.7 -5,266.2 -1.9
SBA COMM CORP 4SB TH 9,801.7 -5,266.2 -1.9
SBA COMM CORP 4SB QT 9,801.7 -5,266.2 -1.9
SBA COMM CORP SBACEUR EU 9,801.7 -5,266.2 -1.9
SBA COMM CORP SBAC* MM 9,801.7 -5,266.2 -1.9
SCIENTIFIC GAMES TJW TH 7,883.0 -2,106.0 758.0
SCIENTIFIC GAMES TJW GZ 7,883.0 -2,106.0 758.0
SCIENTIFIC GAMES SGMS US 7,883.0 -2,106.0 758.0
SCIENTIFIC GAMES TJW GR 7,883.0 -2,106.0 758.0
SCIENTIFIC GAMES SGMS1EUR EU 7,883.0 -2,106.0 758.0
SCIENTIFIC GAMES TJW QT 7,883.0 -2,106.0 758.0
SCULPTOR ACQUI-A SCUA US 0.4 -0.0 -0.4
SCULPTOR ACQUISI SCUA/U US 0.4 -0.0 -0.4
SEAWORLD ENTERTA W2L GR 2,610.3 -33.9 195.4
SEAWORLD ENTERTA W2L TH 2,610.3 -33.9 195.4
SEAWORLD ENTERTA W2L QT 2,610.3 -33.9 195.4
SEAWORLD ENTERTA SEAS US 2,610.3 -33.9 195.4
SEAWORLD ENTERTA SEASEUR EU 2,610.3 -33.9 195.4
SEAWORLD ENTERTA W2L GZ 2,610.3 -33.9 195.4
SHELL MIDSTREAM SHLX US 2,318.0 -493.0 -24.0
SHOALS TECHNOL-A SHLS US 426.4 -7.5 61.9
SHOALS TECHNOL-A SHLS-RM RM 426.4 -7.5 61.9
SILVER SPIKE-A SPKC/U CN 128.5 -10.0 1.0
SINCLAIR BROAD-A SBGI US 12,541.0 -1,509.0 1,269.0
SINCLAIR BROAD-A SBTA GR 12,541.0 -1,509.0 1,269.0
SINCLAIR BROAD-A SBGIEUR EU 12,541.0 -1,509.0 1,269.0
SINCLAIR BROAD-A SBTA GZ 12,541.0 -1,509.0 1,269.0
SINCLAIR BROAD-A SBTA TH 12,541.0 -1,509.0 1,269.0
SINCLAIR BROAD-A SBTA QT 12,541.0 -1,509.0 1,269.0
SIRIUS XM HO-BDR SRXM34 BZ 10,274.0 -2,625.0 -1,800.0
SIRIUS XM HOLDIN SIRI US 10,274.0 -2,625.0 -1,800.0
SIRIUS XM HOLDIN RDO GR 10,274.0 -2,625.0 -1,800.0
SIRIUS XM HOLDIN RDO TH 10,274.0 -2,625.0 -1,800.0
SIRIUS XM HOLDIN RDO QT 10,274.0 -2,625.0 -1,800.0
SIRIUS XM HOLDIN SIRIEUR EU 10,274.0 -2,625.0 -1,800.0
SIRIUS XM HOLDIN RDO GZ 10,274.0 -2,625.0 -1,800.0
SIRIUS XM HOLDIN SIRIEUR EZ 10,274.0 -2,625.0 -1,800.0
SIRIUS XM HOLDIN SIRI AV 10,274.0 -2,625.0 -1,800.0
SIX FLAGS ENTERT 6FE GR 2,968.6 -460.1 52.8
SIX FLAGS ENTERT SIX US 2,968.6 -460.1 52.8
SIX FLAGS ENTERT 6FE QT 2,968.6 -460.1 52.8
SIX FLAGS ENTERT 6FE TH 2,968.6 -460.1 52.8
SIX FLAGS ENTERT SIXEUR EU 2,968.6 -460.1 52.8
SLEEP NUMBER COR SL2 GR 912.6 -469.2 -746.0
SLEEP NUMBER COR SNBR US 912.6 -469.2 -746.0
SLEEP NUMBER COR SNBREUR EU 912.6 -469.2 -746.0
SLEEP NUMBER COR SL2 TH 912.6 -469.2 -746.0
SLEEP NUMBER COR SL2 QT 912.6 -469.2 -746.0
SLEEP NUMBER COR SL2 GZ 912.6 -469.2 -746.0
SMILEDIRECTCLUB SDC* MM 794.6 -134.4 289.5
SONIDA SENIOR LI SNDA US 728.6 -5.6 -16.9
SONIDA SENIOR LI 13C0 GR 728.6 -5.6 -16.9
SONIDA SENIOR LI CSU2EUR EU 728.6 -5.6 -16.9
SONIDA SENIOR LI 13C0 GZ 728.6 -5.6 -16.9
SPRAGUE RESOURCE SRLP US 1,418.3 -65.6 -99.3
SQL TECHNOLOGIES SKYX US 12.0 -0.1 8.8
SQUARESPACE -BDR S2QS34 BZ 899.5 -13.5 -25.2
SQUARESPACE IN-A SQSP US 899.5 -13.5 -25.2
SQUARESPACE IN-A 8DT GZ 899.5 -13.5 -25.2
SQUARESPACE IN-A 8DT GR 899.5 -13.5 -25.2
SQUARESPACE IN-A SQSPEUR EU 899.5 -13.5 -25.2
SQUARESPACE IN-A 8DT TH 899.5 -13.5 -25.2
SQUARESPACE IN-A 8DT QT 899.5 -13.5 -25.2
STARBUCKS CORP SRB GR 28,833.9 -8,450.3 -1,666.0
STARBUCKS CORP SRB TH 28,833.9 -8,450.3 -1,666.0
STARBUCKS CORP SBUX* MM 28,833.9 -8,450.3 -1,666.0
STARBUCKS CORP SBUX SW 28,833.9 -8,450.3 -1,666.0
STARBUCKS CORP SRB QT 28,833.9 -8,450.3 -1,666.0
STARBUCKS CORP SBUXUSD SW 28,833.9 -8,450.3 -1,666.0
STARBUCKS CORP SRB GZ 28,833.9 -8,450.3 -1,666.0
STARBUCKS CORP SBUX US 28,833.9 -8,450.3 -1,666.0
STARBUCKS CORP SBUX CI 28,833.9 -8,450.3 -1,666.0
STARBUCKS CORP SBUX PE 28,833.9 -8,450.3 -1,666.0
STARBUCKS CORP SBUXEUR EZ 28,833.9 -8,450.3 -1,666.0
STARBUCKS CORP 0QZH LI 28,833.9 -8,450.3 -1,666.0
STARBUCKS CORP SBUX AV 28,833.9 -8,450.3 -1,666.0
STARBUCKS CORP SBUXEUR EU 28,833.9 -8,450.3 -1,666.0
STARBUCKS CORP SBUX TE 28,833.9 -8,450.3 -1,666.0
STARBUCKS CORP SBUX IM 28,833.9 -8,450.3 -1,666.0
STARBUCKS CORP SBUX-RM RM 28,833.9 -8,450.3 -1,666.0
STARBUCKS CORP SBUXCL CI 28,833.9 -8,450.3 -1,666.0
STARBUCKS CORP SBUX_KZ KZ 28,833.9 -8,450.3 -1,666.0
STARBUCKS-BDR SBUB34 BZ 28,833.9 -8,450.3 -1,666.0
STARBUCKS-CEDEAR SBUX AR 28,833.9 -8,450.3 -1,666.0
STARBUCKS-CEDEAR SBUXD AR 28,833.9 -8,450.3 -1,666.0
SYNDAX PHARMACEU 1T3 GR 449.7 -135.3 427.7
SYNDAX PHARMACEU SNDXEUR EU 449.7 -135.3 427.7
SYNDAX PHARMACEU SNDX US 449.7 -135.3 427.7
SYNDAX PHARMACEU 1T3 TH 449.7 -135.3 427.7
SYNDAX PHARMACEU 1T3 QT 449.7 -135.3 427.7
SYNDAX PHARMACEU 1T3 GZ 449.7 -135.3 427.7
TALON 1 ACQUIS-A TOAC US 0.4 -0.0 -0.4
TALON 1 ACQUISIT TOACU US 0.4 -0.0 -0.4
TORRID HOLDINGS CURV US 578.5 -258.3 -76.1
TRANSAT A.T. TRZ CN 1,899.8 -429.6 37.6
TRANSDIGM - BDR T1DG34 BZ 19,242.0 -2,626.0 5,593.0
TRANSDIGM GROUP TDG US 19,242.0 -2,626.0 5,593.0
TRANSDIGM GROUP T7D GR 19,242.0 -2,626.0 5,593.0
TRANSDIGM GROUP T7D QT 19,242.0 -2,626.0 5,593.0
TRANSDIGM GROUP TDGEUR EU 19,242.0 -2,626.0 5,593.0
TRANSDIGM GROUP TDG* MM 19,242.0 -2,626.0 5,593.0
TRANSDIGM GROUP T7D TH 19,242.0 -2,626.0 5,593.0
TRANSDIGM GROUP TDG-RM RM 19,242.0 -2,626.0 5,593.0
TRAVEL + LEISURE WD5A GR 6,588.0 -794.0 688.0
TRAVEL + LEISURE TNL US 6,588.0 -794.0 688.0
TRAVEL + LEISURE WD5A TH 6,588.0 -794.0 688.0
TRAVEL + LEISURE WD5A QT 6,588.0 -794.0 688.0
TRAVEL + LEISURE WYNEUR EU 6,588.0 -794.0 688.0
TRAVEL + LEISURE 0M1K LI 6,588.0 -794.0 688.0
TRAVEL + LEISURE WD5A GZ 6,588.0 -794.0 688.0
TRISTAR ACQUISIT TRIS/U US 0.7 -0.1 -0.8
TRISTAR ACQUISIT TRIS US 0.7 -0.1 -0.8
TRIUMPH GROUP TG7 GR 1,752.5 -812.0 365.1
TRIUMPH GROUP TGI US 1,752.5 -812.0 365.1
TRIUMPH GROUP TG7 TH 1,752.5 -812.0 365.1
TRIUMPH GROUP TGIEUR EU 1,752.5 -812.0 365.1
TRIUMPH GROUP TG7 GZ 1,752.5 -812.0 365.1
TUPPERWARE BRAND TUP GR 1,255.4 -207.1 92.3
TUPPERWARE BRAND TUP US 1,255.4 -207.1 92.3
TUPPERWARE BRAND TUP QT 1,255.4 -207.1 92.3
TUPPERWARE BRAND TUP GZ 1,255.4 -207.1 92.3
TUPPERWARE BRAND TUP1EUR EZ 1,255.4 -207.1 92.3
TUPPERWARE BRAND TUP TH 1,255.4 -207.1 92.3
TUPPERWARE BRAND TUP1EUR EU 1,255.4 -207.1 92.3
UBIQUITI INC UI US 890.8 -4.2 418.7
UBIQUITI INC 3UB GR 890.8 -4.2 418.7
UBIQUITI INC UBNTEUR EU 890.8 -4.2 418.7
UBIQUITI INC 3UB TH 890.8 -4.2 418.7
UNISYS CORP USY1 TH 2,419.5 -64.4 380.5
UNISYS CORP USY1 GR 2,419.5 -64.4 380.5
UNISYS CORP UIS US 2,419.5 -64.4 380.5
UNISYS CORP UIS1 SW 2,419.5 -64.4 380.5
UNISYS CORP UISEUR EU 2,419.5 -64.4 380.5
UNISYS CORP UISCHF EU 2,419.5 -64.4 380.5
UNISYS CORP USY1 GZ 2,419.5 -64.4 380.5
UNISYS CORP USY1 QT 2,419.5 -64.4 380.5
UNISYS CORP UISEUR EZ 2,419.5 -64.4 380.5
UNISYS CORP UISCHF EZ 2,419.5 -64.4 380.5
UNITI GROUP INC UNIT US 4,809.2 -2,113.8 0.0
UNITI GROUP INC 8XC GR 4,809.2 -2,113.8 0.0
UNITI GROUP INC 8XC TH 4,809.2 -2,113.8 0.0
UNITI GROUP INC 8XC GZ 4,809.2 -2,113.8 0.0
VECTOR GROUP LTD VGR US 871.1 -841.6 306.5
VECTOR GROUP LTD VGR GR 871.1 -841.6 306.5
VECTOR GROUP LTD VGR QT 871.1 -841.6 306.5
VECTOR GROUP LTD VGREUR EZ 871.1 -841.6 306.5
VECTOR GROUP LTD VGR TH 871.1 -841.6 306.5
VECTOR GROUP LTD VGREUR EU 871.1 -841.6 306.5
VECTOR GROUP LTD VGR GZ 871.1 -841.6 306.5
VERISIGN INC VRS TH 1,983.8 -1,260.5 194.7
VERISIGN INC VRSN US 1,983.8 -1,260.5 194.7
VERISIGN INC VRS GR 1,983.8 -1,260.5 194.7
VERISIGN INC VRS QT 1,983.8 -1,260.5 194.7
VERISIGN INC VRSNEUR EU 1,983.8 -1,260.5 194.7
VERISIGN INC VRS GZ 1,983.8 -1,260.5 194.7
VERISIGN INC VRSNEUR EZ 1,983.8 -1,260.5 194.7
VERISIGN INC VRSN* MM 1,983.8 -1,260.5 194.7
VERISIGN INC VRSN-RM RM 1,983.8 -1,260.5 194.7
VERISIGN INC-BDR VRSN34 BZ 1,983.8 -1,260.5 194.7
VERISIGN-CEDEAR VRSN AR 1,983.8 -1,260.5 194.7
VIVINT SMART HOM VVNT US 2,785.6 -1,740.1 -531.4
VMWARE INC-BDR V2MW34 BZ 28,676.0 -876.0 -1,685.0
VMWARE INC-CL A BZF1 GR 28,676.0 -876.0 -1,685.0
VMWARE INC-CL A BZF1 TH 28,676.0 -876.0 -1,685.0
VMWARE INC-CL A VMW US 28,676.0 -876.0 -1,685.0
VMWARE INC-CL A VMWEUR EU 28,676.0 -876.0 -1,685.0
VMWARE INC-CL A BZF1 QT 28,676.0 -876.0 -1,685.0
VMWARE INC-CL A BZF1 GZ 28,676.0 -876.0 -1,685.0
VMWARE INC-CL A VMWEUR EZ 28,676.0 -876.0 -1,685.0
VMWARE INC-CL A VMWA AV 28,676.0 -876.0 -1,685.0
VMWARE INC-CL A VMW* MM 28,676.0 -876.0 -1,685.0
W&T OFFSHORE INC WTI US 1,193.2 -247.2 33.9
W&T OFFSHORE INC UWV GR 1,193.2 -247.2 33.9
W&T OFFSHORE INC UWV TH 1,193.2 -247.2 33.9
W&T OFFSHORE INC WTI1EUR EU 1,193.2 -247.2 33.9
W&T OFFSHORE INC UWV GZ 1,193.2 -247.2 33.9
WAYFAIR INC- A W US 4,570.0 -1,619.0 795.0
WAYFAIR INC- A 1WF GR 4,570.0 -1,619.0 795.0
WAYFAIR INC- A 1WF TH 4,570.0 -1,619.0 795.0
WAYFAIR INC- A WEUR EU 4,570.0 -1,619.0 795.0
WAYFAIR INC- A 1WF QT 4,570.0 -1,619.0 795.0
WAYFAIR INC- A W* MM 4,570.0 -1,619.0 795.0
WAYFAIR INC- A 1WF GZ 4,570.0 -1,619.0 795.0
WAYFAIR INC- A WEUR EZ 4,570.0 -1,619.0 795.0
WEBER INC - A WEBR US 1,690.9 -169.4 91.7
WEWORK INC-CL A WE US 21,756.2 -1,413.4 -661.3
WEWORK INC-CL A 9WE GR 21,756.2 -1,413.4 -661.3
WEWORK INC-CL A 9WE TH 21,756.2 -1,413.4 -661.3
WEWORK INC-CL A WE1EUR EU 21,756.2 -1,413.4 -661.3
WEWORK INC-CL A 9WE QT 21,756.2 -1,413.4 -661.3
WEWORK INC-CL A 9WE GZ 21,756.2 -1,413.4 -661.3
WEWORK INC-CL A WE* MM 21,756.2 -1,413.4 -661.3
WINGSTOP INC WING US 249.2 -309.5 30.5
WINGSTOP INC EWG GR 249.2 -309.5 30.5
WINGSTOP INC WING1EUR EU 249.2 -309.5 30.5
WINGSTOP INC EWG GZ 249.2 -309.5 30.5
WINMARK CORP WINA US 15.3 -65.8 -6.8
WINMARK CORP GBZ GR 15.3 -65.8 -6.8
WORLDWIDE WEBB A WWACU US 0.7 -0.0 -0.7
WORLDWIDE WEBB-A WWAC US 0.7 -0.0 -0.7
WW INTERNATIONAL WW US 1,428.9 -456.4 42.0
WW INTERNATIONAL WW6 GR 1,428.9 -456.4 42.0
WW INTERNATIONAL WTWEUR EU 1,428.9 -456.4 42.0
WW INTERNATIONAL WW6 QT 1,428.9 -456.4 42.0
WW INTERNATIONAL WW6 GZ 1,428.9 -456.4 42.0
WW INTERNATIONAL WTWEUR EZ 1,428.9 -456.4 42.0
WW INTERNATIONAL WTW AV 1,428.9 -456.4 42.0
WW INTERNATIONAL WW6 TH 1,428.9 -456.4 42.0
WW INTERNATIONAL WW-RM RM 1,428.9 -456.4 42.0
WYNN RESORTS LTD WYR TH 12,530.8 -836.2 1,588.0
WYNN RESORTS LTD WYNN* MM 12,530.8 -836.2 1,588.0
WYNN RESORTS LTD WYNN US 12,530.8 -836.2 1,588.0
WYNN RESORTS LTD WYR GR 12,530.8 -836.2 1,588.0
WYNN RESORTS LTD WYR QT 12,530.8 -836.2 1,588.0
WYNN RESORTS LTD WYNNEUR EU 12,530.8 -836.2 1,588.0
WYNN RESORTS LTD WYR GZ 12,530.8 -836.2 1,588.0
WYNN RESORTS LTD WYNNEUR EZ 12,530.8 -836.2 1,588.0
WYNN RESORTS LTD WYNN-RM RM 12,530.8 -836.2 1,588.0
YELLOW CORP YEL GR 2,425.6 -363.5 219.4
YELLOW CORP YELL US 2,425.6 -363.5 219.4
YELLOW CORP YEL QT 2,425.6 -363.5 219.4
YELLOW CORP YRCWEUR EU 2,425.6 -363.5 219.4
YELLOW CORP YRCWEUR EZ 2,425.6 -363.5 219.4
YELLOW CORP YEL1 TH 2,425.6 -363.5 219.4
YELLOW CORP YEL GZ 2,425.6 -363.5 219.4
YUM! BRANDS -BDR YUMR34 BZ 5,966.0 -8,373.0 117.0
YUM! BRANDS INC TGR TH 5,966.0 -8,373.0 117.0
YUM! BRANDS INC TGR GR 5,966.0 -8,373.0 117.0
YUM! BRANDS INC YUMEUR EU 5,966.0 -8,373.0 117.0
YUM! BRANDS INC TGR QT 5,966.0 -8,373.0 117.0
YUM! BRANDS INC YUM SW 5,966.0 -8,373.0 117.0
YUM! BRANDS INC YUMUSD SW 5,966.0 -8,373.0 117.0
YUM! BRANDS INC TGR GZ 5,966.0 -8,373.0 117.0
YUM! BRANDS INC YUM US 5,966.0 -8,373.0 117.0
YUM! BRANDS INC YUM* MM 5,966.0 -8,373.0 117.0
YUM! BRANDS INC YUMEUR EZ 5,966.0 -8,373.0 117.0
YUM! BRANDS INC YUM AV 5,966.0 -8,373.0 117.0
YUM! BRANDS INC TGR TE 5,966.0 -8,373.0 117.0
YUM! BRANDS INC YUM-RM RM 5,966.0 -8,373.0 117.0
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA.
Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante,
Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon,
Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and
Peter A. Chapman, Editors.
Copyright 2022. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
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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
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are $25 each. For subscription information, contact Peter A.
Chapman at 215-945-7000.
*** End of Transmission ***