/raid1/www/Hosts/bankrupt/TCR_Public/220503.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, May 3, 2022, Vol. 26, No. 122
Headlines
154 LENOX LLC: May 25 Plan & Disclosure Hearing Set
8 QUAKER ROAD: Unsecured Creditor HBI's Recovery Hiked to 15.59%
A.B.C. OF NORTH PALM BEACH: Seeks to Hire Trustee Realty as Broker
ACTITECH LP: Exclusivity Period Extended to July 8
AE OPCO III: Taps Lieser Skaff Alexander as Special Counsel
AGILON ENERGY: May 27 Plan & Disclosure Hearing Set
APARTMENT INVESTMENT: Egan-Jones Keeps BB+ Sr. Unsecured Ratings
ARMSTRONG FLOORING: May File Bankruptcy Protection
ATIS HOLDINGS: Wins Interim Cash Collateral Access
ATLANTICO BAKERY: Case Summary & 20 Largest Unsecured Creditors
AVAGO TECHNOLOGIES: Egan-Jones Keeps BB+ Senior Unsecured Ratings
AVIS BUDGET: Egan-Jones Hikes Senior Unsecured Ratings to B
B&G FOODS: Egan-Jones Keeps B Senior Unsecured Ratings
BITNILE HOLDINGS: Subsidiary to Purchase EYP Inc. for $68-Mil.
BLINK CHARGING: Unit Acquires UK's EB Charging for $23.4 Million
BLUCORA INC: Egan-Jones Hikes Senior Unsecured Ratings to B+
BLUE STAR: Adds Two New Members to Board of Directors
BLUE STAR: Appoints Miozotis Ponce as Chief Operating Officer
BRICK HOUSE: Unsecured Creditors to Recover 100% in 6 Months
BRICKCHURCH ENTERPRISES: Case Summary & Nine Unsecured Creditors
BUSY BEES: Seeks to Hire Nomberg Law Firm as Bankruptcy Counsel
BUYK CORP: Court OKs Employment of Akerman as Bankruptcy Counsel
CARVANA CO: Closes Offering of 15.6 Million Class A Shares
CEREMONY SALON: Wins Cash Collateral Access Thru May 10
CHOICE HOTELS: Egan-Jones Hikes Senior Unsecured Ratings to BB+
CINEMA SQUARE: Exclusivity Period Extended to July 15
CLEANSPARK INC: Finalizes $35M in Financing From Trinity Capital
COLLEGE CABLE: Case Summary & 25 Unsecured Creditors
CONSOLIDATED COMMUNICATION: Egan-Jones Keeps B- Sr. Unsec. Ratings
CONSOLIDATED WEALTH: U.S. Trustee Appoints Creditors' Committee
CYTODYN INC: Nitya Ray Retains CTO Position
DIAMONDBACK ENERGY: Egan-Jones Hikes Sr. Unsecured Ratings to BB+
DILIGENT SPECIALIZED: Case Summary & 13 Unsecured Creditors
DIOCESE OF NORWICH: Exclusivity Period Extended to June 14
DOCTOR DREDGE: Wins Cash Collateral Access
DUNCAN BURCH: Files Amendment to Disclosure Statement
EQT CORP: Egan-Jones Cuts Senior Unsecured Ratings to BB+
EVOKE PHARMA: Granted New Product Exclusivity by FDA for GIMOTI
EYP GROUP: Wins Interim OK on $5MM DIP Loan from Ault Alliance
FILIPINOFLASH LLC: Tap Law Office of Seth D. Ballstaedt as Counsel
FINCO I LLC: Moody's Assigns Ba1 CFR & Cuts First Lien Debt to Ba1
GARDEN VIEW: Exclusivity Period Extended to July 9
GRATA CAFE: Wins Interim Cash Collateral Access
GREIF INC: Egan-Jones Hikes Senior Unsecured Ratings to BB+
HALLIBURTON CO: Egan-Jones Hikes Senior Unsecured Ratings to BB
HARI 108: Amends Associated Wholesale Grocers Claims Pay Details
HOLMDEL FINANCIAL: Wins Cash Collateral Access
HOME ENERGY: U.S. Trustee Unable to Appoint Committee
IAMGOLD CORP: Egan-Jones Cuts Senior Unsecured Ratings to BB-
INFOW LLC: Newtown Parents Accuse Alex Jones of Evading Jury Trial
INTERTAPE POLYMER: Egan-Jones Keeps BB Senior Unsecured Ratings
JEM HOMES: Amends Plan to Include Amur Equipment Secured Claims Pay
LEGACY EDUCATION: To Form Marketing Partnership With Cris Carter
LOUISIANA CRANE: June 7 Plan Confirmation Hearing Set
MARATHON OIL: Egan-Jones Hikes Senior Unsecured Ratings to BB+
MD HELICOPTER: $60MM DIP Loan from Acquiom OK'd on Final Basis
NEKTAR THERAPEUTICS: Egan-Jones Keeps CCC- Sr. Unsecured Ratings
NERAM GROUP: Seeks Cash Collateral Access Thru Sept. 30
NIELSEN NV: Egan-Jones Hikes Senior Unsecured Ratings to B+
NORTHWEST SENIOR: U.S. Trustee Appoints Creditors' Committee
O & A ENTERPRISES: Wins Interim Cash Collateral Access
OCWEN FINANCIAL: Egan-Jones Cuts Senior Unsecured Ratings to B-
PEBBLEBROOK HOTEL: Egan-Jones Cuts Senior Unsecured Ratings to BB-
PELCO STRUCTURAL: Wins Cash Collateral Access Thru July 31
PENNSYLVANIA REAL: Egan-Jones Keeps CCC- Senior Unsecured Ratings
PEYTO EXPLORATION: Egan-Jones Hikes Senior Unsecured Ratings to BB
PRICHARD WATERWORKS: S&P Lowers LT ICR to 'B', On Watch Negative
QUANTUM CORP: Pacific Investment Reports 17.29% Equity Stake
QUICKER LIQUOR: Lender's Motion to Prohibit Cash Access Denied
QUORUM HEALTH: Appoints Stuart McLean as Its New Interim CEO
R & G SERVICES INC: Taps Hernadez Madahar as Accountant
RANGE RESOURCES: Egan-Jones Hikes Senior Unsecured Ratings to B
RETROTOPE INC: $10MM DIP Loan from RTMFP Wins Final OK
SCIENTIFIC GAMES: Egan-Jones Keeps CCC+ Senior Unsecured Ratings
SEALED AIR: Egan-Jones Keeps BB- Senior Unsecured Ratings
SERVICE ONE: Seeks to Hire Quilling as Bankruptcy Counsel
SKINNICITY INC: Has Deal on Cash Collateral Access Thru Aug 30
SOUTHGATE TOWN: Seeks to Tap Jordan Management as Property Manager
SPG HOSPICE: Seeks Approval to Hire Canterbury Law Group as Counsel
STARPARKS USA: Case Summary & Five Unsecured Creditors
TERI GALARDI: U.S. Trustee Appoints Creditors' Committee
TERRAFORM POWER: Moody's Rates New $500MM Term Loan 'Ba2'
TERRAFORM POWER: S&P Rates New $500MM Sr Sec. Term Loan B 'BB+'
TITAN INTERNATIONAL: Egan-Jones Hikes Sr. Unsecured Ratings to B
TRONOX LIMITED: Egan-Jones Hikes Senior Unsecured Ratings to B+
WHITE STALLION: Exclusivity Period Extended to June 2
WIRELESS SYSTEMS: Bankr. Administrator Unable to Appoint Committee
[^] Large Companies with Insolvent Balance Sheet
*********
154 LENOX LLC: May 25 Plan & Disclosure Hearing Set
---------------------------------------------------
Debtor 154 Lenox LLC filed with the U.S. Bankruptcy Court for the
Eastern District of New York an application for order conditionally
approving Disclosure Statement.
On April 26, 2022, Judge Jil Mazer-Marino conditionally approved
the Amended Combined Disclosure Statement and Plan of Liquidation
and ordered that:
* May 18, 2022 is fixed as the last day to submit ballots
accepting or rejecting the Plan to be counted as vote.
* May 25, 2022 at 10:00 a.m. is the hearing to consider final
approval of the Disclosure Statement and confirmation of the Plan.
* May 18, 2022 at 5:00 p.m. is the deadline for filing and
serving objections to final approval of the Disclosure Statement
and confirmation of the Plan.
* May 23, 2022 at 5:00 p.m. is fixed as the last day for the
Debtor to file and serve a response to any timely filed and served
objections and a statement of issues to be heard in connection with
the Hearing.
A copy of the order dated April 26, 2022, is available at
https://bit.ly/3vvLeqD from PacerMonitor.com at no charge.
Proposed Counsel to Debtor:
Isaac Nutovic, Esq.
Law Offices of Isaac Nutovic
261 Madison Avenue, 26th Floor
New York, NY 10016
Telephone: (212) 421-9100
Email: inutovic@nutovic.com
About 154 Lenox LLC
154 Lenox, LLC is primarily engaged in activities related to real
estate. The company is based in Brooklyn, N.Y.
154 Lenox sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. E.D.N.Y. Case No. 22-40736) on April 8, 2022. In the
petition signed by Ephraim Diamond, chief restructuring officer,
the Debtor disclosed up to $10 million in assets and up to $50
million in liabilities.
Judge Jil Mazer-Marino oversees the case.
Isaac Nutovic, Esq., at the Law Offices of Isaac Nutovic is the
Debtor's legal counsel.
8 QUAKER ROAD: Unsecured Creditor HBI's Recovery Hiked to 15.59%
----------------------------------------------------------------
8 Quaker Road LLC submitted a Second Amended Small Business Plan of
Reorganization dated April 26, 2022.
In its Chapter 11 Plan, the Debtor proposes to pay a total sum of
$96,043.94 to its creditors. Said amount includes $74,715.18 to its
secured creditors and $22,278.76 to its unsecured creditors over a
period of 60 months. Additionally, on the Effective Date of the
Plan, the Debtor proposes to pay all Chapter 11 administrative
expenses (with the exception of counsel for Debtor) in-full.
Counsel for Debtor has agreed to be paid-in-full within 90
following the Effective Date of the Plan.
Lump-sum payments to be made on the Effective Date of the Plan
(including the payment(s) to unsecured creditors and all
administrative fees) shall be funded through additional capital
contributions from Debtor's principal's family—namely, Linda
Baker (Debtor's principal's mother), Paul Baker (Debtor's
principal's father), Jennifer Baker (Debtor's principal's sister),
and Lois and Ronnie Eckler (Debtor's principal's aunt and uncle,
respectively).
As of April 1, 2022 the Debtor's attorney is holding $86,486.78 in
his attorney trust account from the aforementioned individuals,
with instructions that upon Confirmation of this Plan, the funds
held in trust shall become capital contributions to the Debtor to
be used to fund all payments due on the Effective Date.
Payments to secured creditors over the life of the Plan will be
paid out of the Debtor's regular operating cash flow. Debtor's Plan
payments include its sole secured creditor, Fay Servicing LLC,
which will be paid the pre-petition arrears (plus interest at a
rate of 3.99%) over a period of 60 months.
Hudson Black, Inc. ("HBI"), one of two unsecured creditors, will be
paid the entire 15.59% distribution ($22,278.76) toward unsecured
creditor claims, as BSG Madison, Inc., the other unsecured
creditor, will agree – on the Effective Date – to forgive its
debt in order to allow HBI to receive a higher distribution. BSG's
agreement is conditioned on successful confirmation of this Plan
and is not applicable should the case be dismissed or converted to
another Chapter. Said distribution is at least as much as HBI would
receive if the Debtor's assets were liquidated by a Chapter 7
trustee. HBI will be paid in 20 quarterly installments over a
period of 60 months as follows: Quarterly installments 1-19 in the
amount of $1,066.43 each; Final quarterly payment in the amount of
$2,016.59.
The Debtor's current financial condition is very easily summarized,
as its obligations and sources of revenue are few in number.
Debtor's monthly income totals $4,000.00 and consists of:
* $3,000.00 rental income from lease of residence (a 3-year
term from 12/1/2020 – 11/30/2023, as per a lease agreement
executed on July 15, 2021 between the Debtor and Baker); and
* $1,000.00 rental income from lease of in-law suite in
residence (a 1-year term from 11/1/2021 – 10/31/2022 with a
1-year renewal option, as per a lease agreement executed with the
Debtor on August 14, 2021. Although not currently residing at the
Property, the Tenant under this lease remains ready, willing, and
able to move-in upon approval of the lease by the Court.
The Debtor's monthly expenses total $3,029.55 and consist solely
of:
* $3,029.55 mortgage payment to Fay Servicing LLC (which
covers principal, interest, and escrowed property tax and
insurance).
In addition, the Debtor has secured commitments for additional
funding from Baker's family to ensure the feasibility of this Plan.
Paul Baker has agreed to contribute up to $500.00 per month from
his social security earnings to the Debtor. Similarly, Linda Baker
has agreed to make the same contribution. As a result, the Debtor
will have $1,970.45 available on a monthly basis from which to make
Plan payments of $1,245.26 to Fay Servicing and $371.31 to HBI.
The Debtor intends to fund the Plan by paying all administrative
claims in full in cash on the effective date of the Plan. Funds
currently held in escrow will be used first to pay the Trustee and
any other administrative claims that may arise. Counsel for Debtor
will be paid from the remaining funds in escrow, with any shortfall
funded within 90 days of the Effective Date, pursuant to the April
26, 2022 Certification of Linda Baker.
The Debtor's secured claims will be paid in full within the
60-month length of the Plan. The Debtor's unsecured claims will be
paid – as impaired – in quarterly installments within the
60-month length of the Plan.
The funding for the monthly plan payments will come from the
Debtor's regular cash flow and additional capital contributions to
be made over time by Paul and Linda Baker.
A full-text copy of the Second Amended Plan dated April 26, 2022,
is available at https://bit.ly/3MLh9cn from PacerMonitor.com at no
charge.
Counsel for the Debtor:
Barry S. Miller, Esq.
1211 Liberty Avenue
Hillside, New Jersey 07205
973-216-7030
bmiller@barrymilleresq.com
About 8 Quaker Road
8 Quaker Road LLC, a real estate holding company, filed a Chapter
11 petition (Bankr. D.N.J. Case No. 21-14992) on June 17, 2021.
Barry S. Miller, Esq. of BARRY S. MILLER, ESQ., is the Debtor's
counsel.
A.B.C. OF NORTH PALM BEACH: Seeks to Hire Trustee Realty as Broker
------------------------------------------------------------------
A.B.C. of North Palm Beach, Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of Florida to hire
Trustee Realty Inc. to market its properties located at 763 and 775
North Lake Blvd., Palm Beach Gardens, Fla.
The firm will receive a brokerage fee of 4 percent of the gross
purchase price, with 2 percent payable to any buyer's broker, or 4
percent if there is no buyer's broker.
As disclosed in court filings, Trustee Realty is a disinterested
person within the meaning of Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Jason A. Welt
Trustee Realty Inc.
2200 N Commerce Pkwy #200
Weston, FL 33326
Phone: +1 954-803-0790
Email: jw@jweltpa.com
About A.B.C. of North Palm Beach
A.B.C. of North Palm Beach, Inc., a for-profit organization in
Florida, filed for Chapter 11 protection (Bankr. S.D. Fla. Case No.
22-12797) on April 10, 2022. In the petition filed by My Tran,
president, A.B.C. listed up to $10 million in assets and up to
$50,000 in liabilities.
Judge Mindy A. Mora oversees the case.
Mark S. Roher, Esq., at the Law Office of Mark S. Roher, P.A. is
the Debtor's legal counsel.
ACTITECH LP: Exclusivity Period Extended to July 8
--------------------------------------------------
Judge Stacey Jernigan of the U.S. Bankruptcy Court for the Northern
District of Texas extended to July 8 the exclusivity period for
ActiTech, L.P. to file a Chapter 11.
The exclusivity period refers to the 120-day period during which
only the company in Chapter 11 protection can file a plan after a
bankruptcy petition.
About ActiTech LP
ActiTech, LP is a Dallas-based manufacturer of personal care
nutraceuticals and food and beverage products,
ActiTech filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. N.D. Texas Case No. 22-30049) on Jan. 10,
2021, listing as much as $10 million in both assets and
liabilities. Areya Holder Aurzada serves as Subchapter V trustee.
Judge Stacey G. Jernigan oversees the case.
The Debtor tapped Neligan LLP as bankruptcy counsel; Friedman &
Feiger, LLP as special litigation counsel; and CRS Capstone
Partners LLC as financial advisor.
AE OPCO III: Taps Lieser Skaff Alexander as Special Counsel
-----------------------------------------------------------
AE OPCO III, LLC received approval from the U.S. Bankruptcy Court
for the Middle District of Florida to employ Lieser Skaff
Alexander, PLLC as special counsel.
The Debtor needs the firm's legal advice regarding its A220
contract with Spirit AeroSystems.
The firm received from the Debtor a retainer in the amount of
$3,000.
Ghada Skaff, Esq. a partner at Lieser Skaff Alexander, PLLC,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Ghada Skaff, Esq.
Lieser Skaff Alexander, PLLC
403 N Howard Ave
Tampa, FL 33606
Tel: (813) 280-1256
Email: ghada@lieserskaff.com
About AE OPCO III
AE OPCO III, LLC owns and operates an aerospace composite
manufacturing facility. The Clearwater, Fla.-based company provides
design services, testing, assembling and repairs for commercial and
governmental customers.
AE OPCO III filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-01186) on March 25,
2022, listing as much as $50 million in both assets and
liabilities. Amy Denton Harris serves as Subchapter V trustee.
Judge Catherine Peek McEwen oversees the case.
Alberto F. Gomez, Jr., Esq., at Johnson, Pope, Bokor, Ruppel and
Burns, LLP and Lieser Skaff Alexander, PLLC serve as the Debtor's
bankruptcy counsel and special counsel, respectively. Doeren
Mayhew, CPAs is the Debtor's accountant.
AGILON ENERGY: May 27 Plan & Disclosure Hearing Set
---------------------------------------------------
Agilon Energy Holdings II, LLC, et al., filed with the U.S.
Bankruptcy Court for the Southern District of Texas a motion for
entry of an order conditionally approving Disclosure Statement.
On April 26, 2022, Judge Marvin Isgur conditionally approved the
Amended Disclosure Statement and ordered that:
* May 25, 2022 at noon is fixed as the last day to submit
ballots to be counted as votes accepting or rejecting the Plan.
* May 25, 2022 at noon is fixed as the last day to file and
serve objections to the Plan.
* May 27, 2022 at 11:00 a.m. is the hearing on final approval
of Disclosure Statement and Plan Confirmation.
A copy of the order dated April 26, 2022, is available at
https://bit.ly/3OPhbly from Stretto, the claims agent.
Attorneys for the Agilon Energy Holdings II LLC, et al.:
Elizabeth M. Guffy, Esq.
Simon R. Mayer, Esq.
LOCKE LORD LLP
600 Travis St., Suite 2800
Houston, TX 77002
Telephone: (713) 226-1200
Facsimile: (713) 223-3717
Email: eguffy@lockelord.com
simon.mayer@lockelord.com
About Agilon Energy Holdings II LLC
Texas-based power producer Agilon Energy Holdings II, LLC and its
affiliates, Victoria Port Power LLC and Victoria City Power LLC,
sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No.
21-32156) on June 27, 2021. At the time of the filing, Agilon had
between $100 million and $500 million in both assets and
liabilities.
Judge Marvin Isgur oversees the cases.
The Debtors tapped Locke Lord, LLP as legal counsel, Grant
Thornton, LLP as financial advisor and Hugh Smith Advisors, LLC as
restructuring advisor. Hugh Smith of Hugh Smith Advisors serves as
the Debtors' chief restructuring officer. Stretto is the claims and
noticing agent.
The U.S. Trustee for Region 7 appointed an official committee of
unsecured creditors in the Debtors' Chapter 11 cases on July 30,
2021.
Pachulski Stang Ziehl & Jones, LLP serves as the committee's legal
counsel and Conway MacKenzie, LLC, its financial advisor.
APARTMENT INVESTMENT: Egan-Jones Keeps BB+ Sr. Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company on April 13, 2022, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Apartment Investment & Management Company.
Headquartered in Denver, Colorado, Apartment Investment &
Management Company is a self-administered and self-managed real
estate investment trust.
ARMSTRONG FLOORING: May File Bankruptcy Protection
--------------------------------------------------
Armstrong Flooring Inc. warned in a regulatory filing on May 2,
2022, that it has yet to reach a deal to sell itself and the
company will likely seek bankruptcy protection.
Will Feuer of MarketWatch reports that Armstrong Flooring stock
tumbled more than 50% in pre-market trading Monday, May 2, 2022,
following the filing. Shares of the company tumbled 54% in
premarket trading Monday to 75 cents a share.
The Lancaster, Pa.-based company said it has amended some of its
credit agreements while engaging with interested third parties to
potentially sell itself. The company said it has received
expressions of interest and has until May 8 to enter into a deal.
However, Armstrong said it appears unlikely that any interested
party will be in a position to enter into a deal by then. As a
result, it's likely the company will file for chapter 11 bankruptcy
protections, it said.
"Although no definitive decision has been made, and no course of
action has been approved by the Company's Board of Directors, based
on the state of discussions with the Company's lenders, the
liquidity needs of the Company and the requirements of the Amended
ABL Credit Facility and the Amended Term Loan Facility, it is
likely that the Company will seek bankruptcy protection under
chapter 11 of the U.S. Bankruptcy Code, and will seek to implement
one or more such transactions through a competitive sale process in
bankruptcy," the Company said in the filing with the Securities and
Exchange Commission.
MarketWatch recounts that the company warned in November that
worsening supply chain disruptions, as well as inflationary
pressures expected to continue into 2022 on transportation, labor
and raw materials, would likely put it out of compliance with
certain covenants in its credit agreements. At the time, the
company warned about significant doubts about whether it could
continue as a going concern longer-term.
On Dec. 31, 2021 it said it retained Houlihan Lokey Capital Inc. to
help sell the company.
About American Flooring
Armstrong Flooring, Inc. (NYSE: AFI) --
https://www.armstrongflooring.com/ -- is a leading global
manufacturer of flooring products and one of the industry’s most
trusted and celebrated brands. The company continually builds on
its resilient, 150-year legacy by delivering on its mission to
create a stronger future for customers through adaptive and
inventive solutions. Headquartered in Lancaster, Pennsylvania,
Armstrong Flooring safely and responsibly operates eight
manufacturing facilities globally.
ATIS HOLDINGS: Wins Interim Cash Collateral Access
--------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida, Tampa
Division, authorized Atis Holdings LLC to use cash collateral on an
interim basis in accordance with the budget.
The Debtor is permitted to use cash collateral to pay: (a) amounts
expressly authorized by the Bankruptcy Court, including required
payments to the Subchapter V Trustee; (b) the current and necessary
expenses set forth in the preliminary budget attached to the Motion
plus an amount not to exceed 10% for each line item; and (c)
additional amounts as may expressly approved in writing by Valley
National Bank and Dexter Financial Services, Inc.
The Debtor is directed to make, commencing April 1, 2022, and
continuing monthly, adequate protection payments in the amount of
$500 to Valley National Bank.
Each creditor with a security interest in the cash collateral will
have a perfected post-petition lien against cash collateral to the
same extent and with the same validity and priority as the
prepetition lien, without the need to file or execute any document
as may otherwise be required under applicable non bankruptcy law.
The Debtor will maintain insurance coverage for its real and
personal property in accordance with its obligations under any loan
and security documents with any secured creditors.
A continued hearing on the matter is scheduled for April 28, 2022
at 1:30 p.m.
A copy of the order https://bit.ly/38ijpJl from PacerMonitor.com.
About Atis Holdings
Atis Holdings LLC is an operator of coin-operated laundries and
drycleaners located at 16226 Bridgepark Drive Lithia, FL 33547.
Atis Holdings LLC filed a petition under Chapter 11 Subchapter V of
the Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-00919) on March
9, 2022. In the petition filed by Sandra K. Kainins, as managing
member, Atis Holdings estimated total assets between $100,000 and
$500,000 and total liabilities between $100,000 and $500,000.
Judge Catherine Peek McEwen oversees the case.
James W Elliott is the Debtor's counsel.
ATLANTICO BAKERY: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Atlantico Bakery Corp.
d/b/a Koyzina Kafe
62 William Street (Store)
New York, NY 10005
Business Description: The Debtor operates in the specialty food
stores industry.
Chapter 11 Petition Date: May 1, 2022
Court: United States Bankruptcy Court
Southern District of New York
Case No.: 22-10553
Debtor's Counsel: Daniel Wotman, Esq.
WOTMAN LAW PLLC
200 Park Avenue, Ste 1700
Suite 208
New York, NY 10166
Tel: (646) 774-2900
Email: dwotman@wotmanlaw.com
Total Assets: $257,444
Total Liabilities: $2,091,980
The petition was signed by Telly Liberatos 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/447OOPI/Atlantico_Bakery_Corp__nysbke-22-10553__0001.0.pdf?mcid=tGE4TAMA
AVAGO TECHNOLOGIES: Egan-Jones Keeps BB+ Senior Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company on April 13, 2022, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Avago Technologies Ltd.
Headquartered in San Jose, California, Avago Technologies Ltd.
manufactures semiconductor products such as optoelectronics,
radio-frequency and microwave components, and application-specific
integrated circuits.
AVIS BUDGET: Egan-Jones Hikes Senior Unsecured Ratings to B
-----------------------------------------------------------
Egan-Jones Ratings Company on April 13, 2022, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Avis Budget Group, Inc. to B from CCC+.
Headquartered in Parsippany-Troy Hills, New Jersey, Avis Budget
Group, Inc. operates as a vehicle rental and mobility solution
service.
B&G FOODS: Egan-Jones Keeps B Senior Unsecured Ratings
------------------------------------------------------
Egan-Jones Ratings Company on April 11, 2022, maintained its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by B&G Foods Inc.
Headquartered in Parsippany-Troy Hills, New Jersey, B&G Foods Inc.
manufactures, sells, and distributes shelf-stable foods across
North America.
BITNILE HOLDINGS: Subsidiary to Purchase EYP Inc. for $68-Mil.
--------------------------------------------------------------
BitNile Holdings, Inc.'s subsidiary, Ault Alliance, Inc. has agreed
to lend approximately $12 million (inclusive of existing loans)
through a super-priority debtor-in-possession (DIP) loan to, and
entered into an asset purchase agreement with, EYP, Inc. and its
affiliates providing for the acquisition of all of EYP's assets for
an aggregate consideration of approximately $68 million. Ault
Alliance will also make an offer of employment to all current
employees of EYP. EYP is an integrated architecture, engineering,
and design services company specializing in higher education,
healthcare, government and science & technology. The firm offers
planning and design, high performance engineering, environmental
graphics, preservation and modernization, interiors and workplace
and sustainable landscapes to create differentiated structures.
EYP has interdisciplinary offices in 11 cities across the United
States.
The asset purchase agreement constitutes a "stalking horse" bid in
a sale process being conducted under Section 363 of the U.S.
Bankruptcy Code. As such, Ault Alliance's acquisition of EYP's
assets remains subject to approval by the United States Bankruptcy
Court for the District of Delaware, following court-approved
bidding procedures, including the potential receipt of competing
offers for EYP's assets at auction. It is expected that the sale
process will be completed by June 2022, and that throughout the
sale process, the business will continue to operate in the ordinary
course providing services to its customers. As part of the
purchase, Ault Alliance will be able to include the value of its
DIP loan as part of its bid at closing.
"We are very excited about the possibility of acquiring EYP and
partnering with its exceptional management team and staff. We are
confident we can support EYP's growth and maximize the long-term
value of the business," said Christopher Wu, president of Ault
Alliance.
About BitNile Holdings
BitNile Holdings, Inc. (formerly known as Ault Global Holdings,
Inc.) is a diversified holding company pursuing growth by acquiring
undervalued businesses and disruptive technologies with a global
impact. Through its wholly and majority-owned subsidiaries and
strategic investments, the Company owns and operates a data center
at which it mines Bitcoin and provides mission-critical products
that support a diverse range of industries, including
defense/aerospace, industrial, automotive, telecommunications,
medical/biopharma, and textiles. In addition, the Company extends
credit to select entrepreneurial businesses through a licensed
lending subsidiary. BitNile's headquarters are located at 11411
Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141;
www.BitNile.com.
Bitnile Holdings reported a net loss of $23.97 million for the year
ended Dec. 31, 2021, a net loss of $32.73 million for the year
ended Dec. 31, 2020, a net loss of $32.94 million for the year
ended Dec. 31, 2019, and a net loss of $32.98 million for the year
ended Dec. 31, 2018. As of Dec. 31, 2021, the Company had $490.29
million in total assets, $145.11 million in total liabilities,
$116.73 million in redeemable noncontrolling interests in equity of
subsidiaries, and $228.46 million in total stockholders' equity.
BLINK CHARGING: Unit Acquires UK's EB Charging for $23.4 Million
----------------------------------------------------------------
Blink Charging Co.'s wholly-owned European subsidiary, Blink
Holdings BV, has acquired Electric Blue Ltd. (EB Charging), a
provider of integrated EV charging and sustainable energy solutions
based in the United Kingdom. This acquisition marks Blink's first
entry into the UK and adds more than 1,150 chargers, installed or
committed for delivery, to its footprint, accelerating Blink's
global expansion, now present in more than 18 countries. The
purchase price of this acquisition is up to approximately $23.4
million, in a combination of cash, stock and earn out.
Since 2015, EB Charging has grown rapidly, servicing over 80
customers, principally local authorities, NHS healthcare trusts,
universities and fleets. EB Charging's diverse suite of Level 2
and DC fast products have been installed in over 40 municipalities
across the UK. Like Blink, EB Charging offers an owner-operator
model, providing customers and partners with flexible, personalized
and strategic business opportunities to achieve customer goals
whether they want to own, partner with, or host their charging
infrastructure.
Michael Farkas, founder and CEO of Blink Charging stated, "Blink
will be working with EB Charging to establish a Blink presence in
the UK, allowing us to bring a unified global experience.
Together, we have a robust portfolio of EV charging solutions that
offer advanced EV charging applications and a state-of-the-art EV
network. EB Charging is an established and well-known EV charging
company with a proven track record of success. Blink will expand
EB Charging's product offerings to include new commercial and home
chargers, new global network services and apps, and new EV fleet
management tools. The acquisition will further solidify Blink's
goal of creating a seamless global experience for all EV charging
customers."
"Blink and EB Charging have a shared mission to advance EV charging
through strategic owner-operator models that provide for greater
flexibility and better outcomes. With the recent government
incentives, EB Charging is the ideal business to integrate into the
Blink umbrella. We're excited to have a significant presence in an
important market through this acquisition and play an integral role
in helping the UK to achieve its electrification goals," said Mr.
Farkas.
As one of the first countries to commit to ban the sale of fossil
fuel vehicles by 2030, the UK is a notable leader in the transition
to electric transportation. Last month, the UK heightened its
commitment to increase the number of charge points tenfold to
300,000 by the end of the decade, alongside an announcement of a
GBP1.6 billion strategy to increase public EV infrastructure. The
acquisition of EB Charging will allow Blink to tap into the
opportunities for growth in this market and increase its footprint
across Europe.
EB Charging Managing Director Alex Calnan said: "Blink's
experience, supply chain, and investment will enable us to install
more charge ports, more quickly, serve more EV driving customers,
and deliver on our commitment to customer excellence and
innovation. Working with Blink, we can quickly and efficiently
serve our current GBP12 million orderbook, significantly growing
the EV charger footprint in the UK. Blink is a substantial
business in the US and will continue to add tremendous value to its
international acquisitions and partners. We are delighted to
become part of the Blink family."
"The UK has continued to demonstrate global leadership in
accelerating the transition to EVs and EB Charging is an evident
example of this," said Miko de Haan, managing director of Europe at
Blink Charging. "With clear alignment of values and innovation,
our agreement to acquire EB Charging will allow us to deliver
first-class charging solutions to drivers and partners across the
UK, while driving forward our expansion across Europe."
About Blink Charging
Based in Miami Beach, Florida, Blink Charging Co. (OTC: CCGID)
f/k/a Car Charging Group Inc. -- http://www.CarCharging.com--
is an owner and operator of electric vehicle (EV) charging
equipment and has deployed over 30,000 charging ports across 13
countries, many of which are networked EV charging stations,
enabling EV drivers to easily charge at any of the Company's
charging locations worldwide. Blink's principal line of products
and services include its Blink EV charging network, EV charging
equipment, and EV charging services.
Blink Charging reported a net loss of $55.12 million for the year
ended Dec. 31, 2021, a net loss of $17.85 million for the year
ended Dec. 31, 2020, a net loss of $9.65 million for the year ended
Dec. 31, 2019, and a net loss of $3.42 million for the year ended
Dec. 31, 2018. As of Dec. 31, 2021, the Company had $231.91
million in total assets, $18.08 million in total liabilities, and
$213.83 million in total stockholders' equity.
BLUCORA INC: Egan-Jones Hikes Senior Unsecured Ratings to B+
------------------------------------------------------------
Egan-Jones Ratings Company on April 14, 2022, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Blucora, Inc. to B+ from B.
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 STAR: Adds Two New Members to Board of Directors
-----------------------------------------------------
Blue Star Foods Corp. has added Juan Carlos Dalto and Silvia Alana
to its board of directors. In doing so, the Board of Directors
expands from five to seven members.
About Juan Carlos Dalto
Mr. Dalto brings over 30 years of innovative consumer goods, food
and drinks experience to the Board of BSFC. Mr. Dalto currently
serves as the president of Dole Sunshine Company - Dole Packaged
Foods, Americas, and he previously held business development and
executive positions with some of the largest and well-known
nutrition and wellness companies around the world, including
Danone, The Pillsbury Company, Kraft Foods, JDE and Savencia
Fromage & Dairy. Mr. Dalto has a degree in Industrial Engineering
from the Buenos Aires Institute of Technology - ITBA (Argentina), a
Master's Degree in Strategic Marketing from Adam Smith Open
University (Argentina) and has completed executive seminars on
Strategic Marketing Planning at the University of Michigan (Ann
Arbor, MI, USA) and on Leadership at the London Business School
(UK).
"We are thrilled to have someone with Juan Carlos' tremendous
experience on our board. He brings a wealth of knowledge in the
consumer-packaged goods/innovative foods space, and in
incorporating sustainability model into all the businesses in which
he has been involved. We are fortunate to call upon him for key
strategic advice as we continue to grow the Company," said Mr. John
Keeler, Chairman and CEO of Blue Star.
"I have watched John Keeler for many years be an innovator in the
sustainable seafood industry and I am excited to join the board to
help him and the other members of his team scale up what they have
been doing," said Mr. Dalto.
About Silvia Alana
Ms. Alana brings over 10 years of accounting, audit and internal
controls experience to the Board of BSFC. She currently serves as
the Chief Financial Officer of Blue Star. She previously held
various audit and accounting roles at Brightstar Corporation, Crowe
Horwath, LLP, Carnival Corporation & Plc and Pricewaterhouse
Coopers, LLP. Ms. Alana graduated from Florida International
University with a bachelor's degree in accounting in 2008 and a
Master of Accounting in 2009. Ms. Alana is a Certified Public
Accountant.
With the addition of these two new board members, Blue Star
believes it has satisfied the new Nasdaq rule 5605(f) which
requires Nasdaq-listed companies to have, or publicly disclose why
they do not have, at least two diverse directors.
Director Service Agreement
On April 20, 2022, the Company entered into a one-year director
service agreement with each of John Keeler, Nubar Herian, Jeffrey
Guzy, Timothy McLellan, Trond Ringstad, Silvia Alana and Juan
Carlos Dalto (representing all of the current members of the
Board), which agreement will automatically renew for successive
one-year terms unless either party notifies the other of its desire
not to renew the agreement at least 30 days prior to the end of the
then current term, or unless earlier terminated in accordance with
the terms of the agreement. As compensation for serving on the
Board, each director will be entitled to a $25,000 annual stock
grant and for serving on a Committee of the Board, an additional
$5,000 annual stock grant, both based upon the closing sales price
of the common stock on the last trading day of the calendar year.
Each director who serves as chairman of the Audit Committee,
Compensation Committee and Nominating and Governance Committee will
be entitled to an additional $15,000, $10,000 and $7,500 annual
stock grant, respectively. As additional consideration for such
Board service, on April 20, 2022, each director was granted a
five-year option to purchase 25,000 shares of the Company's common
stock at an exercise price of $2.00 per share, which shares will
vest in equal quarterly installments of 1,250 shares during the
term of the option. The agreement also includes customary
confidentiality provisions and one-year non-competition and
non-solicitation provisions.
The members of the Audit Committee, the Compensation Committee and
the Nominating and Corporate Governance Committee are Jeffrey Guzy,
Chairman, and Trond Ringstad and Timothy McLellan.
About Blue Star Foods
Blue Star Foods Corp. is a sustainable seafood company that
processes, packages and sells refrigerated pasteurized Blue Crab
meat, and other seafood products. The Company's current source of
revenue is importing blue and red swimming crab meat primarily from
Indonesia, Philippines and China and distributing it in the United
States and Canada under several brand names such as Blue Star,
Oceanica, Pacifika, Crab & Go, First Choice, Good Stuff and Coastal
Pride Fresh, and steelhead salmon produced under the brand name
Little Cedar Farms for distribution in Canada.
Blue Star Foods reported a net loss of $2.61 million for the year
ended Dec. 31, 2021, compared to a net loss of $4.44 million for
the year ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had
$15.95 million in total assets, $7.04 million in total liabilities,
and $8.91 million in total stockholders' equity.
Houston, Texas-based MaloneBailey, LLP, the Company's auditor since
2014, issued a "going concern" qualification in its report dated
March 31, 2022, citing that the Company has suffered recurring
losses from operations and has a net capital deficiency that raises
substantial doubt about its ability to continue as a going concern.
BLUE STAR: Appoints Miozotis Ponce as Chief Operating Officer
-------------------------------------------------------------
The Board of Directors of the Blue Star Foods Corp. appointed
Miozotis Ponce as chief operating officer of the Company.
Ms. Ponce, 52, was the Company's vice president of Operations since
May 2012, where she has led sales and marketing and operations.
Prior thereto, from June 2005, Ms. Ponce served as operations
manager. She joined the Company in June 2004 as customers service
director and has over 25 years of experience in the food industry.
Ms. Ponce holds an AA in Business from Miami Dade Community
College.
The Company stated there are no arrangements or understandings
between Ms. Miozotis and any other person pursuant to which they
were appointed as an officer. Ms. Miozotis does not have any
family relationships with any of the Company's directors or
executive officers.
About Blue Star Foods
Blue Star Foods Corp. is a sustainable seafood company that
processes, packages and sells refrigerated pasteurized Blue Crab
meat, and other seafood products. The Company's current source of
revenue is importing blue and red swimming crab meat primarily from
Indonesia, Philippines and China and distributing it in the United
States and Canada under several brand names such as Blue Star,
Oceanica, Pacifika, Crab & Go, First Choice, Good Stuff and Coastal
Pride Fresh, and steelhead salmon produced under the brand name
Little Cedar Farms for distribution in Canada.
Blue Star Foods reported a net loss of $2.61 million for the year
ended Dec. 31, 2021, compared to a net loss of $4.44 million for
the year ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had
$15.95 million in total assets, $7.04 million in total liabilities,
and $8.91 million in total stockholders' equity.
Houston, Texas-based MaloneBailey, LLP, the Company's auditor since
2014, issued a "going concern" qualification in its report dated
March 31, 2022, citing that the Company has suffered recurring
losses from operations and has a net capital deficiency that raises
substantial doubt about its ability to continue as a going concern.
BRICK HOUSE: Unsecured Creditors to Recover 100% in 6 Months
------------------------------------------------------------
Brick House Properties, LLC, filed with the U.S. Bankruptcy Court
for the District of Utah a Disclosure Statement with respect to
Plan of Reorganization dated April 28, 2022.
The Debtor is a single-member Utah limited liability company. Its
sole member is Emily Aune, who is also its manager.
The Debtor owns two parcels of real property in Riverton, Utah (the
"Real Property"). The Debtor leases portions of the Real Property
to four related persons and entities: (i) Our Journey School LLC
(the "Pre-Elementary School"); (ii) Our Journey, Inc. (the
"Elementary School," and together with the Pre-Elementary School,
the "Schools"); (iii) Hidden Valais Ranch LLC (the "Farm"); and
(iv) Emily and Josh Aune.
The Debtor's bankruptcy filing was precipitated in part by a
dispute with a neighboring landowner, Ryan Rudd ("Rudd"), who owns
a small minority interest in Vesna Capital, LLC ("Vesna"), and in
part due to missed rent payments from the Schools, which were
caused by financial difficulties resulting from the COVID-19
pandemic.
Rudd is a lawyer and partner in the Rudd Firm, a law firm located
in Sandy, Utah. Vesna insisted that Rudd write the Real Estate
Purchase Contract ("REPC") for the sale of the dry land, and also
insisted that the Debtor and Vesna utilize Rudd's personal real
estate agent, Michael Hardin with Realtypath, LLC, to complete the
transaction.
Nevertheless, the Court ultimately denied the Debtor's motion to
reject the REPC after a contested evidentiary hearing. As a result
the Debtor subsequently filed a motion to sell the real property
which is the subject of the REPC to Vesna, which the Court granted.
The sale of the REPC has now closed, and the Debtor is accordingly
poised to reorganize its business and pay in full its debts
pursuant to the Plan.
The Debtor has a secured loan owed to Actium, which it is treating
as a Class 1 Claim under the Plan. Under the Plan, the Debtor will
pay Actium when due all amounts on account of the Actium Claim as
required by the Actium Loan Documents. It is Vesna's position that
the Plan improperly classifies amounts owed to Actium as a secured
claim against the Debtor rather than as an administrative expense
claim incurred by postpetition DIP lending.
Allowed General Unsecured Claims are treated as Class 2 Claims.
Each holder of an Allowed General Unsecured Claim shall be paid
100% of the principal amount of such holder's Allowed Class 2
Claims, plus interest from the Effective Date at the Plan Rate.
Class 2 Claims will be paid within six months of the Effective
Date.
The Debtor is subject to general unsecured claims held by Johnson
Engineering, and Snow Christensen & Martineau, which claims total
approximately $8,500 as of the Petition Date.
Class 3 consists of Insider Claims, i.e., Claims held by Emily and
Joshua Aune and their affiliates. Subject to the payment in full of
all Allowed Claims in Classes 1 – 2, the holders of Allowed Class
3 Claims shall be paid 100% of the principal amount of such
holder's Allowed Class 3 Claims, plus interest from the Effective
Date at the Plan Rate. Class 3 Claims will be paid within 67 months
of the Effective Date.
Class 4 consists of Equity Interests in the Debtor. The Debtor's
sole Equity Interest Holder, Emily Aune, shall retain her interest
in the Debtor, provided that all Allowed Claims are paid in full.
Except as otherwise provided in this Plan, the Reorganized Debtor,
as of the Effective Date, shall be vested with all of the assets of
the Estate.
On confirmation of the Plan the Debtor will also require funds
necessary for payment of Administrative Expense Claims on the
Effective Date of the Plan. The Debtor believes it will be able to
fund these payments from its operations, although there is a risk
that the Debtor's operations will not generate sufficient revenue
to pay Administrative Expense Claims. The Debtor believes that
there are no accrued and unpaid administrative expenses, except for
the Debtor's court approved professionals.
As of the date of this Disclosure Statement, the Debtor estimates
that its professionals hold unpaid claims in the collective amount
of approximately $25,000. The Debtor has paid its professionals
retainers pursuant to cash collateral orders and agreements through
the course of this case and understands that its attorneys
presently hold a retainer of approximately $23,000, which will
satisfy the vast majority of its professionals' fees and expenses,
subject to Court approval.
A full-text copy of the Disclosure Statement dated April 28, 2022,
is available at https://bit.ly/3OVsYPs from PacerMonitor.com at no
charge.
Attorney for the Debtor:
George Hofmann, Esq.
COHNE KINGHORN, P.C.
111 East Broadway, 11th Floor
Salt Lake City, UT 84111
Tel: (801) 363-4300
About Brick House Properties, LLC
Brick House Properties, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. D. Utah Case No. 20-26250) on Oct. 21, 2020, estimating
under $1 million in both assets and liabilities.
Brick House Properties owns two parcels of real property in
Riverton, Utah. It leases portions of the property to four related
persons and entities: (i) Our Journey School LLC (the
"Pre-Elementary School"); (ii) Our Journey, Inc. (the "Elementary
School"); (iii) Hidden Valais Ranch LLC (the "Farm"); and (iv)
Emily and Josh Aune.
Emily Aune is the sole member of the Debtor and is also the sole
member and owner of the Farm. She is a 90% owner in the
Pre-Elementary School. The Elementary School is a 501(3)(c)
non-profit and is managed by a board of which Emily and Josh are
members.
Judge Kevin Anderson oversees the case. The Debtor is represented
by Cohne Kinghorn, P.C. as counsel.
BRICKCHURCH ENTERPRISES: Case Summary & Nine Unsecured Creditors
----------------------------------------------------------------
Debtor: Brickchurch Enterprises, Inc.
366 Gin Lane
Southampton, NY 11968
Business Description: The Debtor is the fee simple owner of a
residential single-family guest house which
is part of a four-acre residential
ocean-front estate property compound
consisting of a mansion as the main
house). The Property, which is located at
366 Gin Lane Southampton, NY, has an
appraised value of $63 million.
Chapter 11 Petition Date: April 30, 2022
Court: United States Bankruptcy Court
Eastern District of New York
Case No.: 22-70914
Judge: Hon. Alan S. Trust
Debtor's Counsel: Craig D. Robins, Esq.
LAW OFFICES OF CRAIG D. ROBINS
35 Pinelawn Road
Suite 106-E
Melville, NY 11747
Tel: (516) 496-0800
Fax: (516) 682-4775
Total Assets: $63,000,000
Total Liabilities: $54,245,089
The petition was signed by Louise Blouin, director.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/NXHXCZY/Brickchurch_Enterprises_Inc__nyebke-22-70914__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's Nine Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. Barrett, Bonacci & VanWee Civil $3,532
175A Commerce Drive Engineering
Hauppauge, NY 11788 Services
2. Casola Well Drillers Inc. Irrigation $2,102
600 Burman Blvd. Contracting
Calverton, NY 11933 Work
3. Internal Revenue Service Unknown
Centralized Insolv Op
P.O. Box 7346
Philadelphia, PA
19101-7346
4. Mancaves Audio $16,262
9 Bayberry Ct Video
Holtsville, NY 11742 Installation
Services
5. NYS Department of Unknown
Tax & F
Bankruptcy Unit-TCD
Building 8, Room 455
WA Harriman State Campus
Albany, NY 12227
6. PSEG Utility $32,845
P.O. Box 888
Hicksville, NY
11802-0888
7. Suffolk Co Water Authority Utility $0
4060 Sunrise Highway
Oakdale, NY 1176
8. Town of Southampton Real Estate Taxes $0
116 Hampton Road that have not
Southampton, NY 11968 been reduced
to lien
9. Village of Southampton Real Estate $0
23 Main Street taxes that have
Southampton, NY not been reduced
11968 to lien
BUSY BEES: Seeks to Hire Nomberg Law Firm as Bankruptcy Counsel
---------------------------------------------------------------
Busy Bees Smocks!, LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Alabama to hire The Nomberg Law
Firm to serve as legal counsel in its Chapter 11 case.
The firm's services include:
a. advising the Debtor regarding its powers and duties in the
continued management of its financial affairs and property;
b. preparing all bankruptcy schedules, lists and legal
documents;
c. reviewing all leases and other corporate papers, and
preparing necessary motions to assume unexpired leases or executory
contracts; and
d. performing all other necessary legal services.
The retainer fee for the firm's services is $16,000.
Steven Altmann, Esq., an attorney at Nomberg, will charge $350 per
hour.
Mr. Altmann 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:
Steven D. Altmann, Esq.
The Nomberg Law Firm
3940 Montclair Rd, Ste 401
Birmingham, AL 35213
Tel: (205) 930-6900
Fax: (205) 855-4262
Email: steve@nomberglaw.com
About Busy Bees
Busy Bees Smocks!, LLC, a company in Brookwood, Ala., operates an
online children's clothing store.
Busy Bees Smocks! filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 22-00938) on
April 22, 2022, listing up to $500,000 in assets and up to $10
million in liabilities. Brian R. Walding serves as Subchapter V
trustee.
Judge D. Sims Crawford presides over the case.
Steven D. Altmann, Esq., at The Nomberg Law Firm represents the
Debtor as legal counsel.
BUYK CORP: Court OKs Employment of Akerman as Bankruptcy Counsel
----------------------------------------------------------------
Buyk Corp. obtained an order from the U.S. Bankruptcy Court for the
Southern District of New York authorizing its employment of
Akerman, LLP as legal counsel for the period March 17 to April 6,
2022.
The Debtor's Board of Directors had decided earlier this month to
hire Windels Marx Lane & Mittendorf, LLP as the new bankruptcy
counsel for the Debtor.
Akerman will be compensated for its services as follows:
Mark S. Lichtenstein $650 per hour
John H. Thompson $650 per hour
Andrea S. Hartley $650 per hour
Esther McKean $515 per hour
Jackson Story $320 per hour
Laura Taveras $410 per hour
Reyko Delpino $405 per hour
The firm received a retainer in the amount of $120,000.
As disclosed in court filings, Akerman is a disinterested person
within the meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Mark S. Lichtenstein, Esq.
Akerman, LLP
1251 Avenue of the Americas, 37th Floor
New York, NY 10020
Tel: 212-259-8707
Fax: 212-880-8965
Email: mark.lichtenstein@akerman.com
About Buyk Corp.
Buyk Corp. is a retail grocery delivery service that was launched
in September 2021. It operated a network of 39 stores in New York
and Chicago.
Buyk filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case
No. 22-10328) on March 17, 2022, listing as much as $10 million in
both assets and liabilities. James Walker, chief executive
officer, signed the petition.
Judge Michael E. Wiles oversees the case.
Akerman, LLP has served as the Debtor's legal counsel for the
period March 17 to April 6, 2022. Dmitriy Goykhman, CPA PC is the
Debtor's accountant.
CARVANA CO: Closes Offering of 15.6 Million Class A Shares
----------------------------------------------------------
Carvana Co. completed its previously announced public offering of
15,625,000 shares of the Company's Class A common stock, par value
$0.001 per share sold pursuant to an Underwriting Agreement, dated
April 21, 2022, among the Company, Carvana Group, LLC, and
Citigroup Global Markets Inc. and J.P. Morgan Securities LLC, as
underwriters.
The Underwriting Agreement contains customary representations,
warranties, covenants and conditions, and an agreement that the
Company indemnify the underwriters against certain liabilities that
could be incurred in connection with the Offering.
Carvana had upsized and priced its public offering of 15,625,000
shares of its Class A common stock at a price to the public of
$80.00 per share. Ernest Garcia, II, along with Ernie Garcia, III,
Carvana's chief executive officer, and entities controlled by one
or both of them, purchased an aggregate of 5,400,000 shares of the
Company's Class A common stock in the offering. The offering was
upsized from the previously announced offering size of $1 billion
of Class A common stock.
Carvana intends to use the net proceeds from the public offering of
Class A common stock for general corporate purposes.
About Carvana
Founded in 2012 and based in Tempe, Arizona, Carvana Co. --
http://www.carvana.com-- is a holding company that was formed as
a
Delaware corporation on Nov. 29, 2016. Carvana is an e-commerce
platform for buying and selling used cars. The Company owns and
operates Carvana.com, which enables consumers to quickly and easily
shop vehicles, finance, trade-in or sell their current vehicle to
Carvana, sign contracts, and schedule as-soon-as-next-day delivery
or pickup at one of Carvana's patented, automated Car Vending
Machines.
Carvana Co. reported a net loss of $287 million in 2021, a net loss
of $462 million in 2020, a net loss of $365 million in 2019, a net
loss of $254.74 million in 2018, and a net loss of $164.32 million
in 2017. As of Dec. 31, 2021, Carvana had $7.01 billion in total
assets, $6.49 billion in total liabilities, and $525 million in
total stockholders' equity.
* * *
As reported by the TCR on April 27, 2022, S&P Global Ratings
affirmed its 'CCC+' issuer credit rating on Carvana Co. S&P said,
"The affirmation and positive outlook reflect our expectation that
the company's margins will slowly recover from issues in early 2022
and that the acquisition will support Carvana's growth strategy to
leverage an enhanced physical footprint, though it will delay its
path to positive free operating cash flow (FOCF)."
CEREMONY SALON: Wins Cash Collateral Access Thru May 10
-------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of North
Carolina, Durham Division, authorized Ceremony Salon, LLC to use
cash collateral on an interim basis in accordance with the budget
through the earliest of (i) the entry of a final order authorizing
the use of cash collateral, or (ii) the entry of a further interim
order authorizing the use of cash collateral, or (iii) May 10, 2022
or (iv) the entry of an order denying or modifying the use of cash
collateral, or (v) the occurrence of a Termination Event.
These events constitute "Events of Termination":
a. The effective date of any confirmed Chapter 11 plan in the
proceeding;
b. Conversion of the case to another Chapter of the Bankruptcy
Code or removal of the Debtor from possession;
c. The entry of further Court orders regarding the subject
matter hereof;
d. Dismissal of the proceeding; or
e. Occurrence of an event of default that is not timely
cured.
The Debtor requires the use of cash collateral to pay its
operational needs including the cost of maintaining the business,
payment of adequate protection payments, and other normal expenses
incurred in the ordinary course of the Debtor's business and as a
result of the filing of the Chapter 11 proceeding.
On May 26, 2020, the Debtor and the U.S. Small Business
Administration entered into a loan and security agreement. The loan
was secured by a blanket lien on all the Debtor's tangible and
intangible personal property and perfected by UCC Financing
Statement 20200061464G filed with the North Carolina Secretary of
State. The Debtor is unsure what the balance of the loan is.
On June 4, 2021, the Debtor and Expansion Group entered into a loan
and security agreement. The loan was secured by a blanket lien on
all the Debtor's assets "now or hereafter acquired" and perfected
by UCC Financing Statement 20210084467F filed with the North
Carolina Secretary of State on June 24, 2021. The Debtor believes
the balance of the Expansion Group loan is approximately $33,950.
On June 23, 2021, the Debtor and Fox Capital Group entered into a
loan and security agreement. The loan was secured by a blanket lien
on all the Debtor's accounts "now or hereafter owned or acquired"
and perfected by UCC Financing Statement 20210095853G filed with
the North Carolina Secretary of State on July 16, 2021. The Debtor
believes the balance of the Fox loan is approximately $12,104.
On July 14, 2021, the Debtor and Fox Capital Group entered into a
loan and security agreement. The loan was secured by a blanket lien
on all the Debtor's "present and future accounts" and perfected by
UCC Financing Statement 20210110415J filed with the North Carolina
Secretary of State on August 13, 2021. The Debtor believes the
balance of the Fox loan is approximately $11,716.
On July 16, 2021, the Debtor and DeltaBridge Funding entered into a
loan and security agreement. The loan was secured by a blanket lien
on all the Debtor's "assets, including proceeds and products" and
perfected by UCC Financing Statement 20210116647A filed with the
North Carolina Secretary of State on August 26, 2021. The Debtor
believes the balance of the Chrome Capital loan is approximately
$5,914.
On August 9, 2021, the Debtor and Chrome Capital Advance entered
into a loan and security agreement. The loan was secured by a
blanket lien on all the Debtor's "present and future accounts" and
perfected by UCC Financing Statement 20210173528B filed with the
North Carolina Secretary of State on December 29, 2021. The Debtor
believes the balance of the Chrome Capital loan is approximately
$17,353.
On August 12, 2021, the Debtor and Capytal.com entered into a loan
and security agreement. The loan was secured by a blanket lien on
all the Debtor's future receivables and perfected by UCC Financing
Statement 20210123874A filed with the North Carolina Secretary of
State on September 13, 2021. The Debtor believes the balance of the
Captyal loan is approximately $4,320.
On August 25, 2021, the Debtor and Global Funding Experts entered
into a loan and security agreement. The loan was secured by a
blanket lien on all the Debtor's assets "now owned or thereafter
acquired" and perfected by UCC Financing Statement 20210154103M
filed with the North Carolina Secretary of State on November 15,
2021. The Debtor believes the balance of the Global Funding loan is
approximately $16,787.
On September 10, 2021, the Debtor and Green Grass Capital entered
into a loan and security agreement. The loan was secured by a
blanket lien on all the Debtor's assets "now owned or hereafter
acquired" and perfected by UCC Financing Statement 20220013755J
filed with the North Carolina Secretary of State on February 2,
2022. The Debtor believes the balance of the Green Grass loan is
approximately $3,636.
As adequate protection, the Secured Parties are granted a
post-petition replacement lien in Debtor's post-petition property
of the same type which secured the indebtedness of the Secured
Party pre-petition.
The security interests and liens granted to the Secured Party: (i)
are and will be in addition to all security interests, liens and
rights of set-off existing in favor of the Secured Party on the
Petition Date, if any; and (ii) will secure the payment of the
indebtedness owing to the Secured Party in an amount equal to the
aggregate cash collateral used or consumed by the Debtor.
The Debtor will preserve, protect, maintain and adequately insure
all its assets and continue to operate in the ordinary course of
business.
As adequate protection of the IRS's first-position lien, the agency
will receive monthly payments of $2,065.
As additional adequate protection, the Debtor will keep all of its
personal property insured for no less than the amounts of the
pre-petition insurance and maintain appropriate workers
compensation and general liability insurance. The Debtor will
timely pay all insurance premiums related to any and all of the
collateral securing the claims of the Secured Parties.
A further cash collateral hearing is scheduled for May 10 at 10
a.m.
A copy of the order and the Debtor's budget for the period from
April 25 to May 10, 2022, is available at https://bit.ly/38B37vr
from PacerMonitor.com.
The Debtor projects $53,333 in revenue and $59,050 in total
expenses for the period.
About Ceremony Salon, LLC
Ceremony Salon, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.C. Case No. 22-00492) on March 8,
2022. The case was transferred to the Middle District of North
Carolina (Bankr. M.D.N.C. Case No. 22-00492) on March 21, 2022.
In the petition signed by Rachel Lynn Radford, member-manager, the
Debtor disclosed up to $50,000 in assets and up to $500,000 in
liabilities.
Judge Lena Mansori James oversees the case.
Travis Sasser, Esq., at Sasser Law Firm is the Debtor's counsel.
CHOICE HOTELS: Egan-Jones Hikes Senior Unsecured Ratings to BB+
---------------------------------------------------------------
Egan-Jones Ratings Company on April 11, 2022, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Choice Hotels International, Inc. to BB+ from BB.
Headquartered in Rockville, Maryland, Choice Hotels International,
Inc. franchises hotel properties.
CINEMA SQUARE: Exclusivity Period Extended to July 15
-----------------------------------------------------
Cinema Square, LLC has been given more time to file its plan for
emerging from Chapter 11 protection.
Judge Deborah Saltzman of the U.S. Bankruptcy Court for the Central
District of California extended the exclusivity period for the
company to file a Chapter 11 plan and solicit acceptances for the
plan to July 15 and Sept. 15, respectively.
The extension will give Cinema Square more time to negotiate a
long-term lease with its tenant that will allow the company to
promptly file a plan. The current lease agreement is set to expire
in June.
"To complete a reorganizing plan, [Cinema Square] will need to
understand its ongoing income stream. This will require a new lease
with the theater tenant as a prerequisite," the company's attorney,
William Beall, Esq., said. "Until the Debtor knows what its income
will be, it cannot propose a plan nor meet the confirmation
standard of feasibility."
About Cinema Square
Cinema Square, LLC is the owner of a small shopping center located
at 6917 El Camino Real, Atascadero, Calif.
Cinema Square sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. C.D. Calif. Case No. 21-10634) on June 14, 2021. In
the petition signed by Jeffrey C. Nelson, president, the Debtor
disclosed up to $50 million in assets and up to $10 million in
liabilities.
Judge Deborah J. Saltzman oversees the case.
William C. Beall, Esq., at Beall & Burkhardt, APC and Damitz,
Brooks, Nightingale, Turner & Morrisset serve as the Debtor's legal
counsel and accountant, respectively.
CLEANSPARK INC: Finalizes $35M in Financing From Trinity Capital
----------------------------------------------------------------
CleanSpark, Inc. has finalized $35 million in non-dilutive
financing from Trinity Capital Inc., a provider of venture debt
financing. The three-year equipment financing agreement is backed
by 3,336 new S19j Pro miners and carries an annual interest rate of
9.9%.
CleanSpark intends to use the proceeds from the facility for growth
capital expenditures. Currently, CleanSpark has a fleet of over
23,000 latest-generation bitcoin mining machines in operation, with
approximately 12,000 machines pending delivery and deployment in
batches through October 2022.
"As we mentioned in our Q1 earnings call, debt capital is currently
the lowest cost of capital available to the Company," said Gary
Vecchiarelli, CFO of CleanSpark. "This non-dilutive facility is an
example of us delivering on our capital strategy and the
expectations we have previously communicated. We intend to
continue our efforts of obtaining non-dilutive capital to finance
our growth capex needs. It is worth noting that we have not drawn
on our ATM since November."
"We are excited to partner with the team at CleanSpark, which is on
a mission to mine bitcoin responsibly, using a mix of sustainable
energy including nuclear, hydroelectric, solar, and wind," said
Ryan Little, managing director of Equipment Financing at Trinity
Capital. "Cleanspark is an excellent addition to our portfolio and
recently earned a spot among the top 50 fastest-growing companies
on a Financial Times' list. We look forward to being a part of
their growth story."
The financing is intended to strengthen CleanSpark's sustainable
business strategy whereby the Company converts some of its bitcoin
(BTC) holdings to fund operations and expansion, with a goal of
limiting shareholder dilution and stably maximizing returns for
shareholders.
About CleanSpark
Headquartered in Bountiful, Utah, CleanSpark, Inc. --
www.cleanspark.com -- in the business of providing advanced
software and controls technology solutions to solve modern energy
challenges. The Company has a suite of software solutions that
provide end-to-end microgrid energy modeling, energy market
communications and energy management solutions. Its offerings
consist of intelligent energy monitoring and controls, intelligent
microgrid design software, middleware communications protocols for
the energy industry, energy system engineering and software
consulting services.
CleanSpark reported a net loss of $21.81 million for the year ended
Sept. 30, 2021, a net loss of $23.35 million for the year ended
Sept. 30, 2020, and a net loss of $26.12 million for the year ended
Sept. 30, 2019. As of Dec. 31, 2021, the Company had $418.14
million in total assets, $24.07 million in total liabilities, and
$394.08 million in total stockholders' equity.
COLLEGE CABLE: Case Summary & 25 Unsecured Creditors
----------------------------------------------------
Debtor: College Cable Services, Inc.
226 Industry Parkway
Nicholasville, KY 40356
Business Description: The Debtor offers cable television and other
telecommunication services to colleges,
universities and other institutions. It
provides a wide variety of fully managed
services including site design,
installation, satellite delivered
programming, RF and IPTV services.
Chapter 11 Petition Date: May 1, 2022
Court: United States Bankruptcy Court
Eastern District of Kentucky
Case No.: 22-50401
Judge: Hon. Gregory R. Schaaf
Debtor's Counsel: Ellen Arvin Kennedy, Esq.
DINSMORE & SHOHL LLP
100 W. Main Street
Suite 900
Lexington, KY 40507
Tel: 859-425-1000
Email: ellen.kennedy@dinsmore.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Louis J. Santoro as
secretary/treasurer.
A copy of the Debtor's list of 25 largest unsecured creditors is
available for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/JRG63DY/College_Cable_Services_Inc__kyebke-22-50401__0005.0.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/I6HTZZQ/College_Cable_Services_Inc__kyebke-22-50401__0001.0.pdf?mcid=tGE4TAMA
CONSOLIDATED COMMUNICATION: Egan-Jones Keeps B- Sr. Unsec. Ratings
------------------------------------------------------------------
Egan-Jones Ratings Company on April 12, 2022, maintained its 'B-'
foreign currency and local currency senior unsecured ratings on
debt issued by Consolidated Communications Holdings, Inc. EJR also
maintained its 'B' rating on commercial paper issued by the
Company.
Headquartered in Mattoon, Illinois, Consolidated Communications
Holdings, Inc. offers telecommunications services.
CONSOLIDATED WEALTH: U.S. Trustee Appoints Creditors' Committee
---------------------------------------------------------------
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases of
Consolidated Wealth Holdings, Inc. and its affiliates.
The committee members are:
1. Brett Holst
3013 Coronado Court
Irving, TX 75062
2. Marvin Leslie
7708 Ridgeway Ct.
Fort Worth, TX 76182
3. Samuel M. Gonzales
28114 Vine Cliff
Boerne, TX 78015
4. Jack Gian
5606 Ursula Ln
Dallas, TX 75229
5. Richard Perez
38687 Lodge Road
Leetonia, OH 44431
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
About Consolidated Wealth
Consolidated Wealth Holdings Inc. --
https://consolidated-wealth.com/investor-login/ -- is a holding
company based in Houston, Texas. The company and its affiliates
manage a portfolio of roughly 28 life settlement contracts with 380
investors. Consolidated Wealth is no longer engaged in the sale of
new life insurance today.
Consolidated Wealth and affiliates filed for Chapter 11 protection
(Bankr. S.D. Texas Lead Case No. 22-90013) on April 7, 2022. In the
petition filed by Deanna Osborne, owner, Consolidated Wealth listed
up to $500,000 in assets and up to $50,000 in liabilities.
The case is assigned to Judge David R. Jones.
Perkins, Lee and Rubio, LLP is the Debtor's legal counsel. Epiq
Bankruptcy Solutions is the claims agent.
CYTODYN INC: Nitya Ray Retains CTO Position
-------------------------------------------
CytoDyn Inc.'s Board of Directors approved a management
reorganization pursuant to which Nitya G. Ray, Ph.D., will continue
in his role as chief technology officer, but will no longer serve
as chief operating officer.
Also, Christopher P. Recknor, M.D., will serve as senior director
of Research and Development, but will no longer be an executive
officer of the company as defined in the rules of the Securities
and Exchange Commission.
About CytoDyn Inc.
Headquartered in Vancouver, Washington, CytoDyn Inc. --
http://www.cytodyn.com-- is a late-stage biotechnology company
focused on the clinical development and potential commercialization
of leronlimab (PRO 140), a CCR5 antagonist to treat HIV infection,
with the potential for multiple therapeutic indications.
Cytodyn reported a net loss of $154.67 million for the year ended
May 31, 2021, compared to a net loss of $124.40 million for the
year ended May 31, 2020. As of Nov. 30, 2021, the Company had
$103.70 million in total assets, $116.40 million in total
liabilities, and a total stockholders' deficit of $12.70 million.
Birmingham, Alabama-based Warren Averett, LLC, the Company's
auditor since 2007, issued a "going concern" qualification in its
report dated July 30, 2021, citing that the Company incurred a net
loss of approximately $154,674,000 for the year ended May 31, 2021
and has an accumulated deficit of approximately $511,294,000
through May 31, 2021, which raises substantial doubt about its
ability to continue as a going concern.
DIAMONDBACK ENERGY: Egan-Jones Hikes Sr. Unsecured Ratings to BB+
-----------------------------------------------------------------
Egan-Jones Ratings Company on April 14, 2022, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Diamondback Energy Inc. to BB+ from BB-.
Headquartered in Midland, Texas, Diamondback Energy Inc operates as
an independent oil and natural gas company currently focused on the
acquisition, development, exploration, and exploitation of
unconventional, onshore oil, and natural gas reserves in the
Permian Basin in West Texas.
DILIGENT SPECIALIZED: Case Summary & 13 Unsecured Creditors
-----------------------------------------------------------
Debtor: Diligent Specialized, LLC
506 Garrison St.
Frankston, TX 75763
Business Description: Diligent Specialized is a cargo transport
company.
Chapter 11 Petition Date: May 2, 2022
Court: United States Bankruptcy Court
Eastern District of Texas
Case No.: 22-60191
Judge: Hon. Joshua P. Searcy
Debtor's Counsel: Brandon Tittle, Esq.
TITTLE LAW GROUP, PLLC
5550 Granite Pkwy Suite 290
Plano, TX 75024
Tel: 972-987-5094
Email: btittle@tittlelawgroup.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Morris Treat, member and owner.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 13 unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/MKI3GAY/Diligent_Specialized_LLC__txebke-22-60191__0001.0.pdf?mcid=tGE4TAMA
DIOCESE OF NORWICH: Exclusivity Period Extended to June 14
----------------------------------------------------------
The Norwich Roman Catholic Diocesan Corp. has been given more time
to control its bankruptcy while it works to resolve issues
concerning the terms of its Chapter 11 plan of reorganization.
Judge James Tancredi of the U.S. Bankruptcy Court for the District
of Connecticut extended the Diocese of Norwich's exclusivity period
to file a Chapter 11 plan to June 14 from April 15, and the
exclusivity period to solicit acceptances for the plan to Aug. 15
from June 14.
The extension will give the Diocese of Norwich more time to resolve
plan-related issues through mediation and reach agreement with
concerned parties on a consensual plan. These issues include
potential additional contributions to fund the plan, the value of
certain properties, and the insurance coverage available to
compensate claimants.
"Mediation will help the parties move expeditiously towards a
consensual reorganization while minimizing the costs attendant to
litigating contested issues," Patrick Birney, Esq., at Robinson &
Cole, LLP, said.
"However, to facilitate productive mediation, the parties will need
more time to evaluate the recently filed claims, assess available
coverage and complete the production of information requested by
the [unsecured creditors' committee]," Mr. Birney, attorney for the
Diocese of Norwich, said.
About The Norwich Roman Catholic
Diocesan Corporation
The Norwich Roman Catholic Diocesan Corporation is a nonprofit
corporation that gives endowments to parishes, schools, and other
organizations in the Diocese of Norwich, a Latin Church
ecclesiastical territory or diocese of the Catholic Church in
Connecticut and a small part of New York.
The Norwich Roman Catholic Diocesan Corporation sought Chapter 11
protection (Bankr. D. Conn. Case No. 21-20687) on July 15, 2021.
The Debtor estimated $10 million to $50 million in assets against
liabilities of more than $50 million. Judge James J. Tancredi
oversees the case.
The Debtor tapped Ice Miller, LLP, Robinson & Cole, LLP and Gellert
Scali Busenkell & Brown, LLC as bankruptcy counsel, Connecticut
counsel and special counsel, respectively. Epiq Corporate
Restructuring, LLC is the claims and noticing agent.
On July 29, 2021, the U.S. Trustee for Region 2 appointed an
official committee of unsecured creditors in the Chapter 11 case.
The committee tapped Zeisler & Zeisler, PC as its legal counsel.
DOCTOR DREDGE: Wins Cash Collateral Access
------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida,
Jacksonville Division, authorized Doctor Dredge, LLC to use cash
collateral on an interim basis in accordance with the budget.
The Debtor requires the use of cash collateral to continue
operating its business and pay salaries.
As of the Petition Date, the Debtor owed Centennial Bank $721,819.
The Debtor's obligation is evidenced by a Promissory Note, Security
Agreement, Financing Statement, and Assignment of Leases and Rents
executed on May 25, 2018, pursuant to which the lender provided
funds to the Debtor.
As adequate protection for the Debtor's use of cash collateral, the
lender is granted a replacement lien to the same nature, priority,
and extent that the lender may have had immediately prior to the
date that this case was commenced nunc pro tunc to the Petition
Date. Further, the lender is granted a replacement lien and
security interest on property of the bankruptcy estate to the same
extent and priority as that which existed pre-petition on all of
the cash accounts, accounts receivable and other assets and
property acquired by the Debtor's estate or by the Debtor on or
after the Petition. The replacement lien in the Post-Petition
Collateral will be deemed effective, valid and perfected as of the
Petition Date, without the necessity of filing with any entity of
any documents or instruments otherwise required to be filed under
applicable non-bankruptcy law.
The Debtor has been ordered to pay $1,316 per month to Centennial
Bank commencing March 1, 2022.
The Debtor was also slated by March 31 file with the Court and
circulate to interested parties a revised budget for the cash
collateral lender and trustee to examine. The budget must set forth
as projections the Debtor's estimated income and expenses for a
six-month period from the date of filing, i.e. April 2022 to
September 2022. The budget must include the Subchapter V Trustee
fees of $1,000 per month as required and may be incorporated into
the proposed Plan of Reorganization filed by the Debtor.
The Debtor's authority to use the Cash Collateral will terminate
immediately and upon the earlier of (a) a Court order; (b) the
conversion of the Debtor's case to a Chapter 7 case or the
appointment of a Chapter 11 trustee without the lender's consent;
(c) the entry of an Order that alters the validity or priority of
the replacement liens granted to the Bank; (d) the Debtor ceasing
to operate all or substantially all of its business; (e) the entry
of an order granting relief from the automatic stay that allows any
entity to proceed against any material assets of the Debtor that
constitute cash collateral; (f) the entry of an Order authorizing a
security interest under section 364(c) or 364(d) of the Bankruptcy
Code in the collateral to secure any credit obtained or debt
incurred that would be senior to or equal to the replacement lien;
or (g) the dismissal of the Chapter 11 case.
A continued cash collateral hearing is scheduled for May 24, 2022
at 11:30 a.m.
A copy of the order is available at https://bit.ly/3vk94FK from
PacerMonitor.com.
About Doctor Dredge
Doctor Dredge, LLC specializes in underwater excavation projects
throughout the Southeastern United States, covering the states of
Alabama, Georgia and Florida. Founded in 2006, the Company provides
both mechanical and hydraulic dredging services.
Doctor Dredge filed its voluntary petitions for relief under
Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
22-00192) on Jan. 31, 2022, listing $217,557 in assets and
$1,640,512 in liabilities. Phillip G. Wilson, managing member,
signed the petition.
Judge Jacob A. Brown presides over the case.
Bryan K. Mickler, Esq., at the Law Offices of Mickler & Mickler,
LLP represents the Debtor as legal counsel.
DUNCAN BURCH: Files Amendment to Disclosure Statement
-----------------------------------------------------
Duncan Burch, Inc. submitted an Amended Disclosure Statement with
respect to the First Amended Plan of Reorganization dated April 28,
2022.
The COVID-19 pandemic has had a profound effect on the Debtor's
efforts to reorganize under Chapter 11. The bankruptcy case was
initiated as a result of a fee dispute with the Texas Comptroller.
However, while the Debtor's claim litigation with the Texas
Comptroller was still pending, the COVID-19 pandemic fundamentally
changed the Debtor's business.
The Plan provides for the Debtor's business to continue, the
liquidation of certain assets and the reorganization of the
Debtor's obligations.
Class 3 consists of General Unsecured Small Claims in the total
amount of $4,824.71. The estimated number of holders are 8. The
Holders of Allowed Class 3 Claims will be paid and treated as
follows:
(a) Each holder of a Class 3 Allowed Claim will receive
distributions equal to 100% of such Allowed Claim within 60 days
after the Effective Date.
(b) Any holder of an Allowed General Unsecured Trade Claim which
would otherwise be included in Class 4 may elect on its Ballot to
irrevocably reduce its Allowed Claim to $1,500 and to be treated as
a holder of a Class 3 Claim.
Class 3 will recover 100% of their claims. Class 3 is impaired.
Class 4 consists of General Unsecured Trade Claims in the total
amount of $98,567. The estimated number of holders are 7. The
Holders of Allowed Class 4 Claims will be paid and treated as
follows:
(a) Any Holder of an Allowed Class 4 Claim may elect to reduce
their Claim to $1,500 and to be treated as a Class 3 General
Unsecured Small Claim.
(b) Each Holder of a Class 4 General Unsecured Trade Claim that
does not elect to be treated as a Class 3 General Unsecured Small
Claim under 4.4(a) of the Plan will be paid and treated as
follows:
(i) From and after the Effective Date, all Allowed General
Unsecured Trade Claims will accrue interest at the Plan Rate until
paid in full.
(ii) Allowed General Unsecured Trade Claims will be paid in
full over 3 years in 12 substantially equal quarterly payments
beginning on the first day of the month following 30 days after the
Effective Date and continuing quarterly thereafter until fully
paid.
Class 4 will recover 100% of their claims. Class 4 is impaired.
Class 5 consists of General Unsecured Insider Claims in the total
amount of $1,844,302. The estimated number of holders are 3. Each
Holders of a General Unsecured Insider Claim, to the extent
Allowed, shall be paid and treated as may be agreed to by the
Reorganized Debtor and the applicable Holder of a General Unsecured
Insider Claim; provided, however, that no such General Unsecured
Insider Claims will be payable until all Allowed Administrative
Claims, Priority Claims and Claims held by Classes 1-4 have been
fully satisfied according to the terms of the Plan. Creditors will
recover 100% of their claims. Class 5 is impaired.
As of the Effective Date, all Assets of the Debtor shall be vested
in the Reorganized Debtor. The Assets shall be vested in the
Reorganized Debtor free and clear of all Liens, Claims, rights,
Interests and charges, except as expressly provided in the Plan.
From and after the Effective Date, the Reorganized Debtor shall be
managed in accordance with applicable law. The implementation of
the Plan and management of the Reorganized Debtor shall initially
be by Steven W. Craft, the Debtor's President, who shall be
compensated according to current practices.
The obligations under the Plan shall be funded by the operation of
the Reorganized Debtor's business.
A full-text copy of the Amended Disclosure Statement dated April
28, 2022, is available at https://bit.ly/3MJM0Gl from
PacerMonitor.com at no charge.
Attorneys for Debtor:
J. Robert Forshey, Esq.
Lynda L. Lankford, Esq.
FORSHEY & PROSTOK LLP
777 Main St., Suite 1550
Ft. Worth, TX 76102
Telephone: (817) 877-8855
Facsimile: (817) 877-4151
E-mail: bforshey@forsheyprostok.com
llankford@forsheyprostok.com
About Duncan Burch
Duncan Burch, Inc., operates bars, night clubs and other locations
that sell alcoholic drinks. Duncan Burch sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No.
19-41699) on April 29, 2019. At the time of the filing, the Debtor
estimated assets of less than $500,000 and liabilities of between
$1 million and $10 million. The case is assigned to Judge Edward
L. Morris. Forshey & Prostok, LLP, is the Debtor's counsel. Ryan
Law Firm, PLLC, is the special litigation counsel.
EQT CORP: Egan-Jones Cuts Senior Unsecured Ratings to BB+
---------------------------------------------------------
Egan-Jones Ratings Company on April 13, 2022, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by EQT Corporation to BB+ from B+.
Headquartered in Pittsburgh, Pennsylvania, EQT Corporation is an
integrated energy company with an emphasis on Appalachian area
natural-gas supply, transmission, and distribution.
EVOKE PHARMA: Granted New Product Exclusivity by FDA for GIMOTI
---------------------------------------------------------------
Evoke Pharma, Inc. has been granted new drug product exclusivity by
the U.S. Food and Drug Administration for GIMOTI (metoclopramide)
nasal spray. Evoke now has exclusive marketing rights over a
period of three years from the original date of approval under the
Hatch-Waxman Act to protect the product from generic drug
competition. Enacted by Congress in 1984, the Hatch-Waxman
Amendments include provisions that involve patents and
exclusivities related to new drug applications.
In addition to the market exclusivity, Evoke maintains a robust
patent estate, with currently two Orange book-listed patents
entitled "Nasal Formulations of Metoclopramide," U.S. Patent No.
11,020,361, and U.S. Patent No. 8,334,281, that expire in 2029 and
2030, respectively. Evoke has also been granted gender-specific
patents in the E.U., Japan, and Mexico with coverage until 2032.
Furthermore, the Company has other pending patent applications with
individual expiration dates of 2032, 2037, and 2038, if approved.
About Evoke Pharma
Headquartered in Solana Beach, California, Evoke Pharma, Inc. --
http://www.evokepharma.com-- is a specialty pharmaceutical company
focused primarily on the development of drugs to treat GI disorders
and diseases. The Company is developing Gimoti, a nasal spray
formulation of metoclopramide, for the relief of symptoms
associated with acute and recurrent diabetic gastroparesis in adult
women.
Evoke Pharma reported a net loss of $8.54 million for the year
ended Dec. 31, 2021, compared to a net loss of $13.15 million for
the year ended Dec. 31, 2020. As of Dec. 31, 2021, the Comp any
had $10.57 million in total assets, $7.02 million in total
liabilities, and $3.56 million in total stockholders' equity.
San Diego, California-based BDO USA, LLP, the Company's auditor
since 2014, issued a "going concern" qualification in its report
dated March 8, 2022, citing that the Company has suffered recurring
losses and negative cash flows from operations since inception.
These factors raise substantial doubt about the Company's ability
to continue as a going concern.
EYP GROUP: Wins Interim OK on $5MM DIP Loan from Ault Alliance
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
EYP Group Holdings, Inc. and its debtor-affiliates to use cash
collateral on an interim basis and obtain postpetition financing.
The Debtor is permitted to obtain postpetition financing in an
aggregate principal amount of up to $5,000,000 from Ault Alliance,
Inc. The DIP Facility will be made available for the purposes set
forth in the DIP Term Sheet and the Interim Order (1) in a
principal amount of up to $2.5 million on or after the first
business day following entry of the Interim Order and satisfaction
of the "Conditions Precedent to the Closing", and (2) in an
additional principal amount of $5 million less the total amount of
the Initial Draws on or after the first business day following the
entry of the Final Order.
On or after the first business day following entry of the Interim
Order, the Debtors will draw $1.5 million from the DIP Facility.
All other Draws will be either in the amount of $500,000 or in
multiples of $500,000; provided, however, that the Debtors will not
make more than three Draws following entry of the Final Order.
The Debtors have an immediate and critical need to obtain financing
pursuant to the DIP Facility and continue to use the Prepetition
Collateral (including Cash Collateral) to, among other things, (a)
pay the fees, costs, and expenses incurred in connection with the
Chapter 11 Cases, (b) fund any obligations benefitting from the
Carve-Out, (c) permit the orderly continuation of the operation of
their businesses, (d) maintain business relationships with
customers, vendors, and suppliers, (e) make payroll, and (f)
satisfy other working capital and operational needs.
Prior to the Petition Date, the Debtors, the lenders from time to
time party thereto, and KeyBank National Association, as the
original administrative agent for the Prepetition Lenders, entered
into a Credit Agreement dated as of June 28, 2016; a Security and
Pledge Agreement dated as of June 28, 2016 by and among the Debtors
and the Original Prepetition Agent; Promissory Notes each dated
June 28, 2016 in the original aggregate principal amount of
$62,000,000, payable to the order of the Original Petition Lenders,
the other Collateral Documents, the other Loan Documents, and all
other agreements, documents, and instruments executed and/or
delivered with, to or in favor of the Prepetition Secured Party
evidencing or securing the Prepetition Secured Obligations.
As of the Petition Date, the Debtors owed the Prepetition Secured
Party with respect to $6,536,441 in principal amount of loans
outstanding.
In exchange for their consent to (i) the priming of the Prepetition
Liens by the DIP Liens, and (ii) the use of cash collateral to the
extent set forth in the Interim Order, the Prepetition Secured
Party will receive, inter alia, adequate protection to the extent
of any Diminution of their interests in the Prepetition Collateral,
subject to the Carve-Out, as more fully set forth in the Interim
Order.
The term Carve-Out will mean the sum of (i) all fees required to be
paid to the Clerk of the Court and to the United States Trustee
under 28 U.S.C. section 1930(a), together with any interest thereon
pursuant to 31 U.S.C. section 3717; (ii) Court-allowed fees and
expenses of a trustee appointed under section 726(b) of the
Bankruptcy Code in an amount not to exceed $25,000, (iii) all
budgeted and accrued but unpaid professional fees and expenses of
attorneys and financial advisors employed by the Debtors and the
Committee, and (iv) Professional Fees and Expenses of (a) the
Debtors in an amount not to exceed $150,000, and (b) the Committee,
if any, an amount not to exceed $25,000, in each case incurred
following the delivery of a Termination Declaration. Proceeds from
the DIP Facility and/or cash collateral in an amount not to exceed
$25,000 in the aggregate may be used to pay the Professional Fees
and Expenses incurred by the Committee, if any, in connection with
the investigation of any other claims or causes of action on
account of the Prepetition Loan Documents.
The final hearing on the matter is scheduled for May 25, 2022 at
10:30 a.m.
A copy of the order is available at https://bit.ly/3kmvDDK from
PacerMonitor.com.
About EYP Group Holdings
EYP Group Holdings is an integrated design firm specializing in
higher education, healthcare, government and science & technology.
EYP Group Holdings and affiliates sought Chapter 11 bankruptcy
protection (Bankr. D. Del. Lead Case No. 22-10367) on April 24,
2022. In the petition filed by Kefalari Mason, as authorized
officer, EYP Group Holdings listed estimated assets between $50
million to $100 million and estimated liabilities between $100
million to $500 million.
The case is assigned to Honorable Bankruptcy Judge Mary F.
Walrath.
The Debtor's counsels are Richard A. Chesley, Esq., Oksana Koltko
Rosaluk, Esq. and R. Craig Martin, Esq. and Aaron S. Applebaum,
Esq., at DLA Piper LLP (US). Hollingsworth LLP is the Debtor's is
the Debtor's special counsel. Carl Marks Advisory Group LLC is its
investment banker, Berkley Research Group, LLC is the financial
advisor, and Berkley Research Group, LLC is the claims agent.
Ault Alliance, Inc., the DIP Lender, is represented by:
Abigail V. O'Brient, Esq.
Mintz Levin Cohn Ferris Glovsky and Popeo, P.C.
2029 Century Park East, Suite 3100
Los Angeles, CA 90067
- and -
Timothy J. McKeon, Esq.
Mintz Levin Cohn Ferris Glovsky and Popeo, P.C.
One Financial Center
Boston, MA 02111
- and -
Robert J. Dehney, Esq.
Matthew B. Harvey, Esq.
Morris Nichols Arsht & Tunnell LLP
1201 N. Market Street, 16th Floor
Wilmington, DE 19801
FILIPINOFLASH LLC: Tap Law Office of Seth D. Ballstaedt as Counsel
------------------------------------------------------------------
FilipinoFlash, LLC seeks approval from the U.S. Bankruptcy Court
for the District of Nevada to hire the Law Office of
Seth D. Ballstaedt to serve as legal counsel in its Chapter 11
case.
The firm's services incldude:
(a) instituting, prosecuting, or defending any contested
matters arising out the bankruptcy proceeding in which the Debtor
may be a party;
(b) assisting in the recovery and liquidation of estate
assets, and assisting in protecting and preserving the same when
necessary;
(c) assisting in determining the priorities and statuses of
claims and in filing objections when necessary;
(d) assisting in the preparation of a disclosure statement and
Chapter 11 plan of reorganization; and
(e) performing all other legal services for the Debtor which
may be or become necessary in the bankruptcy proceeding.
The hourly rates charged by the firm's attorneys and paralegals are
as follows:
Attorneys $300
Paralegals $150
The firm received a retainer fee from the Debtor in the amount of
$5,000, plus the payment of the court filing fee in the amount of
$1,738.
Seth Ballstaedt, 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:
Seth D. Ballstaedt, Esq.
Law Office of Seth D. Ballstaedt
8751 W. Charleston Blvd., Suite 220
Las Vegas, NV 89117
Tel: (702) 715-0000
Fax: (702) 666-8215
Email: help@bkvegas.com
About FilipinoFlash LLC
Las Vegas-based FilipinoFlash, LLC filed a petition under Chapter
11, Subchapter V of the Bankruptcy Code (Bankr. D. Nev. Case No.
22-11201) on April 5, 2022, listing up to $50,000 in assets and up
to $10 million in liabilities. Brian Shapiro serves as Subchapter V
trustee.
Judge Mike K. Nakagawa oversees the case.
The Law Office of Seth D. Ballstaedt is the Debtor's bankruptcy
counsel.
FINCO I LLC: Moody's Assigns Ba1 CFR & Cuts First Lien Debt to Ba1
------------------------------------------------------------------
Moody's Investors Service has downgraded FinCo I LLC's (d/b/a
Fortress) senior secured 1st lien term loan and its bank credit
facility ratings to Ba1 from Baa3. It has also assigned a corporate
family rating of Ba1, probability of default of Ba1-PD and has
withdrawn the Baa3 issuer rating. The company's rating outlook is
changed to stable from negative.
The following rating actions were taken:
CFR assigned at Ba1
Issuer rating of Baa3 withdrawn
Probability of default rating assigned at Ba1-PD
Senior secured 1st lien term loan, downgraded to Ba1
Senior secured revolving credit facility, downgraded to Ba1
Outlook: changed to stable from negative
RATINGS RATIONALE
The downgrade to Ba1 from Baa3 reflects Moody's view that Fortress'
leverage is unlikely to return to an investment grade level in FY
2022. Moody's moved Fortress' outlook to negative from stable back
in May 2020 because of high leverage and its concern that economic
disruption from the COVID pandemic was likely to slow the company's
performance fee generation and asset realizations. Despite the
strong recovery in the US economy, Fortress' leverage (3.5x) has
remained above Moody's expectation for an investment-grade rated
company. While the company has significantly reduced the size of
its term loan from $1.4 billion when Softbank acquired Fortress in
December 2017 to $938 million at year-end 2021 from paydowns, these
positives have been offset by lower earnings which has principally
been driven by declining realized performance fees and adjustments
to compensation accruals.
Moody's notes that the trend in realized performance fees has been
below its expectations. Realized performance fees were $567 million
in 2018 and have declined each year since to $399 million in 2021.
Moody's estimates that leverage is likely to remain above 3.0x in
2022 even if, for example, there is a much higher level of realized
performance fees this year. It is unclear when and if leverage will
return to or below 3.0x. Moody's continues to view Fortress'
significant reliance on performance fees as a credit weakness
because they are more volatile and more procyclical than management
fees.
Despite the downgrade, Fortress continues to have significant
credit strengths, including substantial scale (over $900 million in
annual revenue), as well as strong asset retention and
profitability as measured by the pre-tax distributable earnings
margin in the 30% range. In addition, the company has ample
liquidity and a consistently high levels of unrealized performance
fees and balance sheet gains. Year-end cash balances over the past
four years alone have averaged well over $500 million. And despite
the declining realized performance fees, unrealized incentive
income net notional profit sharing expense and balance sheet gains
have remained robust, totaling approximately $1.5 billion as of
year-end 2021, well in excess of outstanding debt. Furthermore,
Fortress has had solid fundraising results in recent years and has
grown assets under management to $53.3 billion as of year-end 2021
from $43.5 billion as of December 31, 2019.
The stable outlook reflects Moody's view that Fortress is well
positioned within the Ba1 rating category even if economic
conditions decline.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Factors that could lead to an upgrade include the following: 1)
Debt/EBITDA moves sustainably below 3.0x; 2) reduction in balance
sheet risk consistent with an equity to self-managed investments
ratio above 7.0x; 3) the addition of new products to help balance
the firm's relatively high exposure to credit products.
Factors that could lead to a downgrade include the following: 1)
sustained leverage above 4.0x over 12-18 months; 2) increased
earnings volatility; or 3) AUM declines reflecting lower asset
valuations and/or return of capital without a commensurate increase
in fee-earning AUM through fundraising or capital deployment.
The principal methodology used in these ratings was Asset Managers
Methodology published in November 2019.
Fortress is a leading alternative asset manager with $53.3 billion
of alternative assets under management as of December 31, 2021.
GARDEN VIEW: Exclusivity Period Extended to July 9
--------------------------------------------------
Garden View Condominium Apartments Association, Inc. has been given
more time to control its bankruptcy while it works to resolve the
claim of its creditor, the Estate of Limprich.
Judge Robert Mark of the U.S. Bankruptcy Court for the Southern
District of Florida extended the exclusivity period for the
association to file a Chapter 11 plan and solicit acceptances for
the plan to July 9 and Sept. 6, respectively.
The extension will give Garden View more time to mediate with all
concerned parties to resolve the Limprich claim. The claim requires
mediation with an insurance company and, if resolved, the
association will have the prospects of proposing a feasible plan,
according to its attorney, John Paul Arcia, Esq., at John Paul
Arcia, P.A.
About Garden View Condominium
Apartments Association
Miami-based Garden View Condominium Apartments Association, Inc.
filed its voluntary petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 21-21650) on Dec. 13,
2021, listing up to $500,000 in assets and up to $10 million in
liabilities. Joseph Varela, president, signed the petition.
Judge Robert A. Mark oversees the case.
John Paul Arcia, Esq., at John Paul Arcia, P.A. represents the
Debtor as legal counsel.
GRATA CAFE: Wins Interim Cash Collateral Access
-----------------------------------------------
The U.S. Bankruptcy Court for the Middle District of North
Carolina, Durham Division, authorized Grata Cafe, LLC to use cash
collateral on an interim basis in accordance with the budget, with
a 10% variance and provide adequate protection.
The Debtor requires the use of cash collateral to pay its
operational needs.
The Debtor entity was formed in early 2021 and entered into a lease
agreement for the cafe space in April 2021. Extensive delays in
opening the cafe and construction costs, followed by a depressed
restaurant environment due to the COVID-19 pandemic, forced the
Debtor to incur significant debt, both from institutional lenders
and from owner's wife, Rachel Radford's business. Ceremony Salon.
Since the filing of the case, business has improved.
On June 24, 2021, the Debtor and CFG Merchant Solutions entered
into a loan and security agreement. The loan was secured by a
blanket lien on all the Debtor's assets "now or hereafter acquired"
and perfected by UCC Financing Statement 20210084467h filed with
the North Carolina Secretary of State. The Debtor believes the
balance of the CFG loan is approximately $12,000.
On September 13,2021, the Debtor and Green Grass Capital entered
into a loan and security agreement. The loan was secured by a
blanket lien on all the Debtor's "present and future accounts" and
perfected by UCC Financing Statement 202I0123874A filed with the
North Carolina Secretary of State. The Debtor believes the balance
of the Green Grass loan is approximately $3,000.
The Debtor is permitted to use the cash collateral in the ordinary
course of Debtor's business pursuant to the Budget through the
earliest of (i) the entry of a final order authorizing the use of
cash collateral, or (ii) the entry of a further interim order
authorizing the use of cash collateral, or (iii) May 10, 2022 or
(iv) the entry of an order denying or modifying the use of cash
collateral, or (v) the occurrence of a Termination Event.
As adequate protection, the Secured Parties are granted a
post-petition replacement lien in Debtor's post-petition property
of the same type which secured the indebtedness of the Secured
Party pre-petition, with such liens having the same validity,
priority, and enforceability as the Secured Party had against the
same type of such collateral as of the Petition Date. The lien of
the Secured Party is deemed perfected to the extent the
pre-petition liens and security interests were valid, perfected,
enforceable, and non-avoidable as of the Petition Date; provided
however, that nothing in the Order will be deemed to grant the
Secured Party a post-petition lien on assets, if any, in which it
did not possess a valid, perfected, enforceable, and otherwise
unavoidable pre-petition lien.
A further hearing on the matter is scheduled for May 10 at 10 a.m.
A copy of the order and the Debtor's budget for the period from
April 24 to May 10, 2022, is available at https://bit.ly/3kmKzSk
from PacerMonitor.com.
The Debtor projects $28,000 in revenue and $25,761 in total
expenses for the period.
About Grata Cafe, LLC
Grata Cafe, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.C. Case No. 22-00494) on March 8,
2021. The case was transferred to the Middle District of North
Carolina (Bankr. M.D.N.C. Case No. 22-80071) on March 21, 2022.
In the petition filed by Jerome Radford, member-manager, the Debtor
disclosed up to $50,000 in assets and up to $500,000 in
liabilities.
Judge Lena Mansori James oversees the case.
Travis Sasser, Esq., at Sasser Law Firm is the Debtor's counsel.
GREIF INC: Egan-Jones Hikes Senior Unsecured Ratings to BB+
-----------------------------------------------------------
Egan-Jones Ratings Company on April 14, 2022, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Greif, Inc. to BB+ from BB.
Headquartered in Delaware, Ohio, Greif, Inc. manufactures and
markets industrial packaging products and services.
HALLIBURTON CO: Egan-Jones Hikes Senior Unsecured Ratings to BB
---------------------------------------------------------------
Egan-Jones Ratings Company on April 14, 2022, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Halliburton Company to BB from BB-.
Headquartered in Houston, Texas, Halliburton Company provides
energy and engineering and construction services, as well as
manufactures products for the energy industry.
HARI 108: Amends Associated Wholesale Grocers Claims Pay Details
----------------------------------------------------------------
Hari 108, LLC, submitted an Amended Disclosure Statement in support
of Amended Plan of Reorganization dated April 28, 2022.
The Plan provides for payments on the Effective Date, which is the
first Business Day 30 days after the Confirmation Date. The Plan
provides for Unsecured Creditors to be paid 5% of their Allowed
Claim in semiannual payments over 5 years from the Effective Date
without accruing interest, priority wage claims will be paid in
full on the Effective Date and Secured claim will be paid in full.
Class 3 consists of the Secured Claim of the Associated Wholesale
Grocers, Inc. ("AWG"). Proof of Claim 4-1/AWG Claim will be allowed
in the amount of $61,205.78, which claim amount consists of
prepetition arrearages plus reasonable post-petition attorneys'
fees pursuant to 11 U.S.C. § 506(b).
Beginning on the Effective Date, AWG shall offset patronage earned
by Reorganized Debtor arising from continued purchases from AWG
pursuant to the Membership Agreement. If the AWG Claim is not
offset in its entirety within 30 months of the Effective Date, or
if Reorganized Debtor ceases to make a monthly purchase from AWG
totaling over $15,000 for 2 consecutive months, AWG shall offset
the remaining portion of the AWG Claim from Reorganized Debtor's
stock and/or membership deposit certificates (if any) then held.
The Class is Impaired and is entitled to vote.
Class 7 consists of Unsecured Claims MBH Investments, LLC. The
Class 7 claimant consists of the unsecured portion of MBH
Investments, LLC claim approximate $258,484.060. The Class will be
paid according to Class 11 claim. The Class is Impaired and is
entitled to vote.
Class 8 Consists of the United Food and Commercial Workers
Union-Industry Pension Fund that arose pursuant to a
collective-bargaining agreement and the Employee Retirement Income
Security Act of 1974 and the Labor-Management Relations Act of
1948. The claimant filed a Proof of Claim number 2-1 in the amount
of $748,070.52 and is subject to a control group liability. On the
Effective Date, the Claimants shall receive, in full satisfaction,
settlement and release and discharge of its unsecured Claims 5% of
its Allowed Claim as a pro-rata share of the Unsecured Dividend
paid in equal semiannual installment without accrued interest over
a period of 5 years from the Effective Date for a total of 10
payments.
Class 9 consists of the Withdrawal Liability of the United Food and
Commercial Workers International Union-Industry Pension Fund. The
claim is scheduled in the amount of $399,260.00 and is subject to a
control group liability lawsuit against Sirji Corporation that is
owned by the Debtor's Managers Sanjay Amin and Soniya Amin. On the
Effective Date, the Claimants shall receive, in full satisfaction,
settlement and release and discharge of its unsecured Claims 5% of
its Allowed Claim as a pro-rata share of the Unsecured Dividend
paid in equal semiannual installment without accrued interest over
a period of 5 years from the Effective Date for a total of 10
payments.
Class 11 consists of General Unsecured Claims. The Class 11 claims
are all the other claims against HARI 108 that are neither secured
nor entitled to priority. This Class will be paid a 5% of the
Allowed claims paid in equal semiannual installments on January
1st, and July 1st of each year without accrued interest over a
period of 5 years from the Effective Date for a total of 10
payments. The total of class 11 claims is estimated at $63,618.64.
The Debtor shall assume building lease, and shall cure all
arrearages and breaches, if any, thereunder within 60 days after
the Effective Date. The Debtor will assume the Class 3 AWG
Membership Agreement is deemed an executory contract under 11
U.S.C. § 365(b). The Debtor currently does not have any arrearage
on any executory contracts other than Class 3 AWG.
As described, (a) Administrative Claims will be paid from the
Debtor's future operations; (b) secured Classes will be paid from
future earnings; (c) priority Classes will be paid from the funds
on hand on the Effective Date; and (d) unsecured Classes from the
Debtor's future operations. In addition, the New Value Contribution
may be used to fund Plan payments.
A full-text copy of the Amended Disclosure Statement dated April
28, 2022, is available at https://bit.ly/3LCQLBz from
PacerMonitor.com at no charge.
The Debtor is represented by:
O. Allan Fridman
555 Skokie Blvd. Suite 500
Northbrook, Illinois 60062
Tel: 847-412-0788
Fax: 847-412-0898
E-mail: allan@fridlg.com
About HARI 108, LLC
HARI 108, LLC, doing business as Illinois Valley Food & Deli, is a
grocery and delicatessen operating in LaSalle, Ill. Hari was formed
in February 17, 2011. It acquired IVFD, a business that had been
operating in LaSalle for over 60 years.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 21-08044) on June 30,
2021. In the petition signed by Sanjay Amin, manager, the Debtor
disclosed up to $500,000 in assets and up to $10 million in
liabilities.
Judge Timothy A. Barnes oversees the case.
O. Allan Fridman, Esq., at the Law Office of Allan Fridman, is the
Debtor's counsel.
HOLMDEL FINANCIAL: Wins Cash Collateral Access
----------------------------------------------
The U.S. Bankruptcy Court for the District of New Jersey authorized
Holmdel Financial Services, Inc. to use cash collateral on an
interim basis up to the aggregate amount of $36,000.
The Debtor is permitted to use cash collateral for these purposes:
a. Maintenance and preservation of its assets;
b. The continued operation of its business, including but not
limited to payroll, payroll taxes, employee expenses, insurance
costs and professional fees;
c. Continuation of work in progress; and
d. Payment of ongoing and customary business expenses.
As adequate protection for the use of cash collateral, Lakeland
Bank is granted replacement perfected security interest under
Section 361(2) of the Bankruptcy Code to the extent Lakeland cash
collateral is used by the Debtor.
To the extent the adequate protection provided proves insufficient
to protect Lakeland's interest in and to the cash collateral,
Lakeland will have a superpriority administrative expense claims,
pursuant to Section 507(b) of the Bankruptcy Code, senior to any
and all claims against the Debtor under section 507(a) of the
Bankruptcy Code.
The replacement lien and security interest granted is automatically
deemed perfected upon the entry of the Interim Order without the
necessity of Lakeland taking possession, filing financing
statements, mortgages or other documents.
The Debtor will make monthly interest only payments to Lakeland
based on the interest rate set forth in the Note. The interest-only
payment shall be made in the amount of $3,609 per month. The
payments was slated to begin April 1 and continue on the first of
each month thereafter.
The final hearing on the matter is scheduled for August 23, 2022 at
2 p.m.
A copy of the order and the Debtor's budget for the period from
April to December 2022 is available at https://bit.ly/36ScVk1 from
PacerMonitor.com.
The Debtor projects $438,000 in total income for the period.
About Holmdel Financial Services, Inc.
Holmdel Financial Services, Inc. is a life insurance brokerage
general agency, operating since 1994. It is a small business and
has its offices located at 1 Bethany Road, Suite 96, Hazlet, New
Jersey.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.N.J. Case No. 22-12393) on March 25,
2022. In the petition signed by Christopher Nalbandian, president,
the Debtor disclosed $210,298 in assets and $3,448,207 in
liabilities.
Judge Christine M. Gravelle oversees the case.
Marc C. Capone, Esq., at Gillman, Bruton, and Capone, LLC is the
Debtor's counsel.
HOME ENERGY: U.S. Trustee Unable to Appoint Committee
-----------------------------------------------------
The U.S. Trustee for Region 21, until further notice, will not
appoint an official committee of unsecured creditors in the Chapter
11 case of Home Energy Advisors, Inc., according to court dockets.
About Home Energy Advisors
Home Energy Advisors, Inc. sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-01106) on March
21, 2022, listing as much as $1 million in both assets and
liabilities. Ben Testoni, chief executive officer and managing
member, signed the petition.
Judge Caryl E. Delano oversees the case.
Chad Van Horn, Esq., at Van Horn Law Group, PA serves as the
Debtor's legal counsel.
IAMGOLD CORP: Egan-Jones Cuts Senior Unsecured Ratings to BB-
-------------------------------------------------------------
Egan-Jones Ratings Company on April 11, 2022, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by IAMGOLD Corporation to BB- from BB.
Headquartered in Toronto, Canada, IAMGOLD Corporation is a mid-tier
gold mining company.
INFOW LLC: Newtown Parents Accuse Alex Jones of Evading Jury Trial
------------------------------------------------------------------
Rob Ryser of The Register Citizen reports that parents of two slain
Sandy Hook boys and a Norwalk native who won defamation suits
against Alex Jones in Texas have joined Newtown families who won a
suit in Connecticut to urge a federal judge to dismiss Jones'
bankruptcy filings.
In court papers filed one day after attorneys for the Sandy Hook
families in Connecticut asked a federal judge to dismiss Jones'
'bad faith' bankruptcies, attorneys for four Sandy Hook parents and
man falsely accused by of being the shooter in a Florida high
school massacre filed their own motions to dismiss Jones'
bankruptcies, arguing, "the purpose of the bankruptcy code is to
afford the honest but unfortunate debtor a fresh start, not to
shield those who abuse the bankruptcy process in order to avoid
paying their debts."
"There are no honest debtors here, and there are certainly parties
that are attempting to abuse the bankruptcy process," wrote
attorneys for defamation victims in Texas, where the first of three
trials to award damages was set to begin Monday before Jones sought
bankruptcy for three entities he controls. "The bankruptcy is
nothing more than a transparent attempt to evade the impending jury
trials and resulting judgments in both Texas and Connecticut, and
avoid the need for transparency relating to Jones and Free Speech
Systems’ ability to pay what they rightfully owe to their
victims."
Federal Judge Christopher Lopez has called all sides to a
conference on Friday in Southern Texas Bankruptcy Court. It was not
clear on Thursday how soon Lopez would rule on the Sandy Hook
families’ motions or how soon the judge would rule on Jones'
three bankruptcy cases, which the judge refused to sanction at the
first bankruptcy hearing last week.
For Jones' part, the emergency motions to dismiss his cases by
Sandy Hook families don’t give him adequate time to respond, his
lead attorney wrote to the judge this week.
"Here, the Connecticut (families) filed their emergency motion less
than 72 hours before the time that they seek a hearing," wrote
Jones’ attorney Kyung Lee. "A hearing on the requested time frame
does not comport with due process."
Lee argued last week that bankruptcy is a fitting and proper venue
for Jones, who has suffered financially since he called the 2012
shooting of 20 first-graders and six educators at Sandy Hook
Elementary School "staged," "synthetic," "manufactured," "a giant
hoax," and "completely fake with actors."
To date, Jones has spent $10 million in legal fees and has lost $20
million in product sales because of the defamation cases in Texas
and Connecticut, Jones' representatives said in court. Jones
himself did not file for bankruptcy for fear it would damage his
reputation in the conspiracy theory community and further hurt his
ability to sell products to his listeners, his representatives
added.
Jones has proposed using the bankruptcy system to set up a trust to
fund defamation damages. Since two of his entities seeking Chapter
11 protection have no cash and the third entity has an income of
only $38,000 per month, Jones has proposed to fund the settlement
trust himself, staring with $10 million.
Attorneys for the Sandy Hook parents in Texas argued that plan
amounts to "nothing more than an impermissible litigation tactic
establishing the debtors’ bad faith."
"Had these (Jones-controlled entities) truly been interested in
assuring payment in full of all claims, they could have allowed the
state court proceedings to advance to trial, determine the total
pool of damages suffered by all of the victims, and then filed
bankruptcy petitions if the judgment debtors' assets were
insufficient to satisfy the judgments," the parents’ attorneys
wrote. "Instead, Jones has orchestrated a bankruptcy proceeding
designed to evade facing any jury, minimize damages, and limit any
transparency into his finances and wherewithal to pay judgments
against him and his companies."
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.
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
CRO W. Marc Scwartz, InfoW LLC 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.
INTERTAPE POLYMER: Egan-Jones Keeps BB Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company, on April 14, 2022, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Intertape Polymer Group.
Headquartered in Montreal, Canada, Intertape Polymer Group
manufactures polyolefin, plastic and paper-based packaging
products.
JEM HOMES: Amends Plan to Include Amur Equipment Secured Claims Pay
-------------------------------------------------------------------
JEM Homes International, LLC, submitted a Fifth Amended Small
Business Plan of Reorganization dated April 26, 2022.
This Plan of Reorganization proposes to pay creditors from sources
of payment, such as a Capital Investment, as well as cash flow and
future income from operations over three to five years.
This plan provides for Administrative Expense Claims;
Administrative Convenience Claims; Priority Unsecured Claims and
General Unsecured Claims of Clients; General Unsecured Claims of
Short-Term Note Holders; General Unsecured Claims; and Secured
Claims.
Unsecured creditors will be given the opportunity to receive a
reduced lump sum payment on the Effective Date or a full payment of
their claim through equal monthly payments.
Class 5 consists of the Secured Claims of Pawnee Leasing
($9,133.48); Crestmark Vendor ($7,795.88); and Amur Equipment
Finance ($3,770.48). Contract to be assumed and arrears, which are
equal to the amounts identified as Value of the Claim are to be
paid on the Effective Date.
Like in the prior iteration of the Plan, Class 3 consists of
General Unsecured Claims. If Claim is allowed, Creditor will elect
between:
a) receiving 75% of the total identified in this table as the
Value of the Claim, on the Effective Date; or
b) 100% of the allowed claim to be paid in one payment of 50%
of the total identified in this table as the Value of the Claim, on
the Effective Date, and the remainder to be paid in equal monthly
installments during a 3-year period, plus an additional 3.5%
interest per annum, to be calculated from the Effective Date
forward and to be paid semiannually.
Creditors who do not elect one of the options will be receiving 75%
of the total identified as the Value of the Claim, on the Effective
Date.
Subject to the acceptance of the final terms of the KRMB Operating
Agreement and the Roy Dan Employment Agreement, KRMB will transfer,
at least 5 days before confirmation, the lesser of the total amount
of funds needed to complete the Debtor's required payments due on
the Effective Date under this Plan or the Investment Cap Amount, to
the Escrow Agent.
Creditors who elect not to be paid with a lump sum payment on the
Effective Date will be paid from the Debtor's continued operations
and other receivables from operations.
A full-text copy of the Fifth Amended Plan dated April 26, 2022, is
available at https://bit.ly/3OSvIwH from PacerMonitor.com at no
charge.
Counsel for Debtor:
Humberto Rivera, Esq.
Rivera Law Firm, PA
P.O. Box 211746
Royal Palm Beach, FL 33421
Telephone: (786) 529-6060
Facsimile: (786) 441-4373
Email: humberto@hriveralaw.com
About JEM Homes International
JEM Homes International, LLC, a Fort Pierce, Fla.-based
manufacturer of single-family homes, filed a petition for Chapter
11 protection (Bankr. S.D. Fla. Case No. 21-19086) on Sept. 20,
2021, listing up to $50,000 in assets and $1 million to $10 million
in liabilities. Roy Ronel Dan, managing member, signed the
petition. Judge Mindy A. Mora oversees the case. Rivera Law Firm,
PA, serves as the Debtor's legal counsel.
LEGACY EDUCATION: To Form Marketing Partnership With Cris Carter
----------------------------------------------------------------
Legacy Education Alliance, Inc. intends to form a marketing
partnership with Cris Carter, Pro Football Hall of Fame 2013, and
its intent to progress on strategic initiatives including the spin
off of the operating business of Legacy Education, previously
approved by shareholders, and the structuring of a planned
convertible bridge financing to a Nasdaq uplisting.
Barry Kostiner, chairman and CEO of Legacy Education, remarked "We
are delighted to announce our planned marketing partnership with
Cris Carter and Family Office Experiences to re-build Legacy
Education. Hearing Cris speak at the FOE Dubai conference at the
beginning of April, including his personal journey and vision, was
one of the most inspiring experiences in my career. His passion
and personal story, together with his brother, Jeff Davis'
expertise in business operations, we believe is the future of
Legacy Education, bringing us beyond entrepreneurial education to
using our live event and mentoring operations to give underserved
youth a path to financial success and achievement of life goals."
Cris Carter commented, "As I have entered into the business phase
of my career, I have been offered several opportunities to profit
from my experience and reputation. My personal desire is to give
back to youth. We have created Apex Sports as an education
platform to reach youth who desire guidance on a sports career
path. By working with Legacy Education, we are seeking to inspire
young people on the importance of going beyond sports to focus on
basic education and achieve the solid foundation needed to
facilitate a career and family stability. Even the rare students
who do succeed in sports need to have the culture and support
system to acquire skills that allow them to succeed in life after
their sports career reaches its natural conclusion. I look forward
to working with Legacy Education and our team to partner with
non-profit organizations, and bring hope to those who have lost
hope, and a path to success for those who are struggling."
Barry Kostiner continued, "Under the leadership of Andrew McDonald,
Tim Chaffin and his daughter Whitney Chaffin, Legacy Education is
seeking to restructure and rebuild the real estate and trading
education business previously used to serve the Rich Dad, Poor Dad
brand. We believe that Legacy Education, with over $800 mm in
revenue previously associated with Robert Kiyosaki and real estate
education, can be the engine to continue to serve the market
seeking entrepreneurial education and mentoring, while leveraging
its infrastructure and experience to deliver on inspiring live
events and mentoring for youth in underserved communities. In
restructuring Legacy Education, we are cleaning the balance sheet
to facilitate a planned Nasdaq uplisting, the planned acquisition
of the Coopersmith online degree business and relationships with
new investors needed to build the platform in service of Cris
Carter's vision and our updated business plan."
Legacy Education has released a presentation explaining its planned
partnership with Cris Carter, as well as additional details on the
strategic vision and implementation.
LEAI Convertible Bridge to Nasdaq Uplisting Terms:
Legacy Education is seeking to raise capital through a convertible
bridge financing towards a planned Nasdaq uplisting, with the
following currently-proposed terms:
* Up to $5 mm convertible note at a 20% discount to $15 mm
Nasdaq offering
* Original Issue Discount (OID): 10%
* Interest Rate: 6%
* 100% warrant coverage (CASH exercise), 25% premium to Nasdaq
listing
* Maturity: 12 months (required timeframe for Nasdaq offering)
* Will require conversion of all debentures prior to Nasdaq
uplisting
* Option to extend maturity (e.g. delay Nasdaq uplisting) 6
months for additional 10% payment
Structure facilitates hedging to de-risk investment:
* The conversion shares will be included in a secondary
registration statement that would go effective within 60 days after
the Nasdaq uplist offering. This is so that there is no selling
pressure to interfere with having a successful uplist offering.
* The shares will be issued at a 20% discount to the VWAP for
the 10 trading days after their registration is effective.
* The investors in the convertible note will not be restricted
from trading any time after the Nasdaq IPO (e.g., they can short
stock prior to getting registered shares, as well as trade actively
during the VWAP period), subject to applicable law.
About Legacy Education
Cape Coral, Fla.-based, Legacy Education Alliance, Inc. --
http://www.legacyeducationalliance.com-- is a provider of
practical and value-based educational training on the topics of
personal finance, entrepreneurship, real estate investing
strategies and techniques.
Legacy Education reported a net loss of $566,000 for the year ended
Dec. 31, 2021. As of Dec. 31, 2021, the Company had $1.92 million
in total assets, $24.10 million in total liabilities, and a total
stockholders' deficit of $22.18 million.
Hamilton, New Jersey-based Ram Associates, the Company's auditor
since 2021, issued a "going concern" qualification in its report
dated March 31, 2022, citing that the Company has a net capital
deficiency and an accumulated deficit that raise substantial doubt
about its ability to continue as a going concern.
LOUISIANA CRANE: June 7 Plan Confirmation Hearing Set
-----------------------------------------------------
On April 19, 2022, debtor Louisiana Crane & Construction, LLC,
filed with the U.S. Bankruptcy Court for the Western District of
Louisiana a Disclosure Statement and Plan of Reorganization.
On April 26, 2022, Judge John W. Kolwe approved the Disclosure
Statement and ordered that:
* May 31, 2022 is fixed as the last date for filing written
acceptances or rejections of the Plan.
* May 31, 2022 is fixed as the last date for filing and
serving objections, if any, to the confirmation of the Plan.
* June 7, 2022 at 2:30 p.m. at 800 Lafayette Street, 3rd
Floor, Courtroom Five, Lafayette, Louisiana is fixed as the date
and time for hearing on confirmation of the Plan.
A copy of the order dated April 26, 2022, is available at
https://bit.ly/3kuI28s 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.
MARATHON OIL: Egan-Jones Hikes Senior Unsecured Ratings to BB+
--------------------------------------------------------------
Egan-Jones Ratings Company on April 11, 2022, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Marathon Oil Corporation to BB+ from BB.
Headquartered in Houston, Texas, Marathon Oil Corporation is an
independent international energy company.
MD HELICOPTER: $60MM DIP Loan from Acquiom OK'd on Final Basis
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
MD Helicopter, Inc. et al. to, among other things, use cash
collateral and obtain postpetition financing on a final basis.
MD Helicopter is permitted to obtain postpetition financing and
debtor Monterrey Aerospace, LLC to guarantee unconditionally the
DIP Borrower's obligations in connection with a superpriority
senior secured credit facility consisting of a $60,000,000 term
loan credit facility. About $12,500,000 of the DIP Loans was
initially made available immediately upon entry of the Interim
Order. Acquiom Agency Services LLC is the administrative agent and
collateral agent under the DIP Facility.
The Debtors have an immediate need to obtain the DIP Facility and
use cash collateral to, among other things, (A) permit the orderly
continuation of their business; (B) fund the Adequate Protection
Account; and (C) pay the costs of administration of their estates
and satisfy other working capital and general corporate purposes of
the Debtors.
Under a Credit Agreement, dated as of July 8, 2005, by and among MD
Helicopter, Inc., as borrower, Monterrey Aerospace, LLC, as
guarantor, the Lenders from time to time party thereto, Ankura
Trust Company, LLC, as administrative agent for the Zohar Lenders,
pursuant to an order appointing Ankura Trust Company, LLC as New
Agent and the New Agent Agreement, Patriarch Partners Agency
Services, LLC, as administrative agent for the Patriarch Lenders,
and Ankura and PPAS, as collateral agent, the Prepetition First
Lien Lenders provided certain loans, advances and other extensions
of credit.
As of the Petition Date, the applicable Debtors were indebted and
liable under the Prepetition First Lien Loan Documents for an
aggregate amount of not less than $357 million in respect of the
loans made under the Prepetition First Lien Credit Agreement.
As adequate protection, the Prepetition First Lien Secured Parties
are granted a valid, binding, continuing, enforceable, fully
perfected, non-avoidable, automatically, and properly perfected
first priority senior security interest in and lien upon all
property of the Debtors.
As further adequate protection, the Prepetition First Lien Secured
Parties are granted a valid, binding, continuing, enforceable,
fully-perfected first priority senior priming security interest in
and lien upon all property of the Debtors that was subject to the
Prepetition Liens.
A copy of the order is available at https://bit.ly/3992AAX from
PacerMonitor.com.
About MD Helicopters
MD Helicopters Inc. is a global manufacturer and supplier of
commercial and military helicopters, spare parts, and related
services. The Company's sole manufacturing facility is located in
Mesa, Arizona.
MD Helicopters sought Chapter 11 bankruptcy protection (Bankr. D.
Del. Case No. 22-10263) on March 30, 2022.
MD Helicopters estimated assets between $100 million to $500
million and liabilities between $100 million to $500 million.
Suzzanne Uhland, Esq., Adam S. Ravin, Esq., Brett M. Neve, Esq.,
Tianjiao (TJ) Li, Esq., Alexandra M. Zablocki, Esq., at Latham &
Watkins LLP are the Debtors' counsel. Moelis & Company LLC are the
Debtors' investment bankers. AlixPartners, LLP is the restructuring
advisor. Prime Clerk LLC is the Notice, Claims and Balloting
Agent.
NEKTAR THERAPEUTICS: Egan-Jones Keeps CCC- Sr. Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company on April 11, 2022, maintained its 'CCC-'
foreign currency and local currency senior unsecured ratings on
debt issued by Nektar Therapeutics. EJR also maintained its 'C'
rating on commercial paper issued by the Company.
Headquartered in San Francisco, California, Nektar Therapeutics is
a biopharmaceutical company.
NERAM GROUP: Seeks Cash Collateral Access Thru Sept. 30
-------------------------------------------------------
Neram Group Inc. asks the U.S. Bankruptcy Court for the Central
District of California, Santa Ana Division, for authority to use
cash collateral and provide adequate protection.
The Debtor seeks to use cash collateral to pay the Debtor's
ordinary and necessary expenses for a period from May 18 to
September 30, 2022 as set forth in the budget.
There are five alleged secured creditors who at one time may have
claimed to be secured by the Debtor's property, a 12-unit apartment
house located in Ontario, California.
Originally, FCI Lender Services, Inc. held the first position deed
of trust in the face amount of $725,000. However, it was paid off
by M&A Enterprises, LLC and FCI then recorded a reconveyance. It
does not appear to be a secured claimant. MA originally held a
$160,000 deed of trust recorded on September 18, 2015. This deed of
trust did not contain any future advances clause.
Arturo and Juana Leyva appear to be judgment lien claimants, albeit
disputed as to amount. This does not give them cash collateral
rights.
That leaves SMN LO, Inc. who holds a recorded trust deed of
$110,000 in face amount, as represented by Attorney Hector Perez,
and Hanh Tran, who holds a recorded trust deed of $200,000 in face
amount, as represented by Nam Tran. The Debtor has not examined
either of these deeds of trust, although Attorney Nam Tran asserts
Hanh Tran holds an assignment of rents.
Finally, the County of San Bernardino holds a secured claim of
$62,320 for real estate taxes as of April 1, 2022.
The Debtor contends the value of the Properly ($2,500,000) provides
more than adequate protection for all of the secured property
claims and, as such, at this time no adequate protection payments
should be required for any of the alleged secured claims. The
Debtor believes that after the 135-day period of time it will have
(and the creditors themselves will have) a better picture on who,
if anyone, has a right to demand such adequate protection payments.
The Debtor proposes that replacement liens would be issued in the
same validity, extent and priority as existed on the filing date.
About Neram Group
Orange, Calif.-based Neram Group, Inc. is the fee simple owner of a
12-unit apartment building located at 1211 N. El Dorado Ave,
Ontario, Calif., having a comparable sale value of $2.5 million.
Neram Group filed a petition for Chapter 11 protection (Bankr. C.D.
Calif. Case No. 22-10268) on Feb. 16, 2022, listing $2,802,000 in
assets and $1,675,000 in liabilities. Humberto Perez Figuerola,
chief executive officer, signed the petition.
Judge Scott C. Clarkson oversees the case.
The Debtor tapped the Law Offices of Robert M. Yaspan as bankruptcy
counsel.
NIELSEN NV: Egan-Jones Hikes Senior Unsecured Ratings to B+
-----------------------------------------------------------
Egan-Jones Ratings Company on April 12, 2022, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Nielsen N.V. to B+ from B.
Headquartered in New York, New York, Nielsen N.V. is a global
information and measurement company.
NORTHWEST SENIOR: U.S. Trustee Appoints Creditors' Committee
------------------------------------------------------------
The U.S. Trustee for Region 6 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases of Northwest
Senior Housing Corporation and its affiliates.
The committee members are:
1. Donald R. Trice
48 Kasten Run
Dahlonega, GA 30533
Email: dontrice39@gmail.com
2. James Eckelberger
8523 Thackery Street #9112
Dallas, TX 75225
Email: jimeckelberger@outlook.com
3. James A. Smith
8523 Thackery Street #9116
Dallas, TX 75225
Email: jamesas1023@mac.com
4. Erle A. Nye
8523 Thackery Street #9114
Dallas, TX 75225
Email: erlenye@txu.com
5. Pamela Siviglia
Estate of Patricia Adams
5228 Isleworth Country Club Drive
Windemere, FL 34786
Email: pamsiviglia@gmail.com
6. Jane Sommerhalder Wilson
Trustee for the Joy A. Sommerhalder Trust
6932 Oak Manor Drive
Dallas, TX 75230
Email: janddwilson@charter.net
7. Steve Helbing
Independent Executor to the Estate of Ellen S. Helbing
6498 Farthing Drive
Colorado Springs, CO 80906
Email: stevehelbing@comcast.net
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
About Northwest Senior Housing
Northwest Senior Housing Corporation, doing business as Edgemere,
is a Texas non-profit corporation and is exempt from federal income
taxation as a charitable organization described under Section
501(c)(3) of the Internal Revenue Code of 1986, as amended.
Northwest Senior Housing Corporation was formed for the purpose of
developing, owning and operating a senior living community now
known as Edgemere.
Northwest Senior Housing Corporation and its affiliates sought
Chapter 11 bankruptcy protection (Bankr. N.D. Tex. Lead Case No.
22-30659) on April 14, 2022. The petitions were signed by Nick
Harshfield, treasurer. Northwest Senior Housing listed $100 million
to $500 million in both assets and liabilities.
Polsinelli, PC and FTI Consulting Inc. serve as the Debtors' legal
counsel and business advisor, respectively. Kurtzman Carson
Consultants, LLC is the Debtors' notice, claims and balloting agent
and administrative advisor.
O & A ENTERPRISES: Wins Interim Cash Collateral Access
------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Iowa
authorized O & A Enterprises, LLC to use cash collateral on an
interim basis to pay necessary expenses, including insurance and
utilities.
The Court said payment of administrative expenses from cash
collateral during the interim period is subject to the filing and
approval of a fee application.
A final hearing on cash collateral is scheduled for May 13, 2022.
A copy of the order is available at https://bit.ly/38uIQYg from
PacerMonitor.com.
About O & A Enterprises
O & A Enterprises, LLC is a company in Norwalk, Iowa, offering
funeral and cremation services.
O & A Enterprises filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. S.D. Iowa Case No. 22-00295) on
March 27, 2022, listing up to $10 million in both assets and
liabilities. Robert Gainer serves as Subchapter V trustee.
Judge Anita L. Shodeen oversees the case.
Joseph A. Peiffer, Esq., at Ag & Business Legal Strategies is the
Debtor's legal counsel.
OCWEN FINANCIAL: Egan-Jones Cuts Senior Unsecured Ratings to B-
---------------------------------------------------------------
Egan-Jones Ratings Company on April 11, 2022, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Ocwen Financial Corporation to B- from CCC+. EJR
also maintained its 'C' rating on commercial paper issued by the
Company.
Headquartered in West Palm Beach, Florida, Ocwen Financial
Corporation is diversified financial services holding company.
PEBBLEBROOK HOTEL: Egan-Jones Cuts Senior Unsecured Ratings to BB-
------------------------------------------------------------------
Egan-Jones Ratings Company on April 14, 2022, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Pebblebrook Hotel Trust to BB- from B+.
Headquartered in Maryland, Pebblebrook Hotel Trust is an internally
managed hotel investment company that acquires and invests in hotel
properties located in large United States cities, with an emphasis
on major coastal markets.
PELCO STRUCTURAL: Wins Cash Collateral Access Thru July 31
----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas,
Victoria Division, authorized Pelco Structural, L.L.C. to use cash
collateral on an interim basis in accordance with the budget.
The Debtor requires the use of funds, in which certain parties may
assert an interest, to pay the day-to-day operating expenses
associated with its business, maintain its property interests, make
payments authorized by the Court, cover the administrative costs
incurred in the case, and for such other expenses necessary to
preserve the value of the Debtor's estate.
Pelco Industries, Inc. claims an interest in the Debtor's cash on
account of security interests granted by the Debtor prior to the
Petition Date. Exelon Business Services Company, LLC also asserts
an interest in certain of the Debtor's cash by virtue of
supplementary proceedings on a prepetition judgment.
Pursuant to the Cash Collateral Order, the Debtor is permitted to
use cash collateral through the date which is the earliest to occur
of (a) the occurrence of an Event of Default; or (b) July 31, 2022,
subject to renewal by the entry of a further Order. The Budgeted
expenses will not exceed 120% of the amount set forth for the
respective expense category set forth in the Budget.
An "Event of Default" will occur if the Debtor fails to perform
fully and in a timely manner any provision, term, or condition of
the Order. Upon the occurrence of an Event of Default, any person
claiming an interest in cash collateral, including Industries and
Exelon, will give notice to the Debtor, Industries, and Exelon
describing the alleged Event of Default and stating that the
Debtor's right to use cash collateral will automatically terminate
if the Debtor does not cure such Event of Default within 10
business days.
As adequate protection against any diminution in value of their
validly perfected and unavoidable prepetition security interest or
lien (if any) as a result of the use of cash collateral, Industries
and Exelon will receive adequate protection in the form of
Replacement Liens up to the value of that creditor's validly
perfected and unavoidable prepetition security interest or lien (if
any) as of the Petition Date.
Subject to the Carve-Out, the Replacement Liens will be (i) first
priority perfected liens on all of the Post-petition Collateral as
to which such relevant creditor had a valid and perfected first
priority lien or security interest as of the Petition Date; and
(ii) junior perfected liens on all Post-petition Collateral that is
subject to a validly perfected lien or security interest with
priority over such creditor's liens or security interests as of
the
Petition Date, in the same priority as existed prior to the
Petition Date.
The Carve-Out means: (i) statutory fees payable to the United
States Trustee; (ii) fees payable to the clerk of the Bankruptcy
Court; (iii) reasonable and documented expenses payable to any
statutory committee appointed in the case; and (iv) professional
fees and expenses incurred by professionals retained by the Debtor
pursuant to 11 U.S.C. sections 327(a) and 1103 and allowed by the
Court.
The Replacement Liens are deemed valid and perfected without the
need to file any document as may otherwise be required by law.
As additional adequate protection, to the extent that the
Replacement Liens prove insufficient to provide adequate protection
against any diminution in value of their validly perfected and
unavoidable prepetition security interest or lien, Industries and
Exelon are granted allowed superpriority administrative expense
claims.
A further hearing on the matter is scheduled for July 21 at 10:30
a.m.
A copy of the order is available at https://bit.ly/39pDEpf from
PacerMonitor.com.
About Pelco Structural LLC
Pelco Structural LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Okla. Case No. 21-11926) on July 16,
2021. In the petition signed by Stephen P. Parduhn, president and
CEO, the Debtor disclosed up to $50 million in both assets and
liabilities.
Clayton D. Ketter, Esq., at Phillips Murrah P.C. is the Debtor's
counsel.
Pelco Industries, Inc., as lender, is represented by Stephen J.
Moriarty, Esq., at Fellers, Snider, Blankenship, Bailey & Tippens,
P.C.
Exelon Business Services Company, LLC, as lender, is represented by
Kiran A. Phansalkar, Esq. at Conner & Winters, LLP; and Charles S.
Stahl, Jr., Esq., and Joseph P. Kincaid, Esq., at Swanson, Martin &
Bell, LLP.
PENNSYLVANIA REAL: Egan-Jones Keeps CCC- Senior Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company on April 11, 2022, maintained its 'CCC-'
foreign currency and local currency senior unsecured ratings on
debt issued by Pennsylvania Real Estate Investment Trust. EJR also
maintained its 'C' rating on commercial paper issued by the
Company.
Headquartered in Philadelphia, Pennsylvania, Pennsylvania Real
Estate Investment Trust is a self-administered real estate
investment trust involved in acquiring, managing, and holding real
estate interests for current yield and long-term appreciation.
PEYTO EXPLORATION: Egan-Jones Hikes Senior Unsecured Ratings to BB
------------------------------------------------------------------
Egan-Jones Ratings Company on April 11, 2022, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Peyto Exploration & Development Corporation to BB from BB-.
Headquartered in Calgary, Canada, Peyto Exploration & Development
Corporation is an oil and gas exploration and production company.
PRICHARD WATERWORKS: S&P Lowers LT ICR to 'B', On Watch Negative
----------------------------------------------------------------
S&P Global Ratings lowered its long-term rating to 'B' from 'BB-'
on the Waterworks and Sewer Board of the City of Prichard, Ala.'s
series 2019 water and sewer revenue bonds. The rating remains on
CreditWatch with negative implications, where it was placed March
4, 2022.
The downgrade and CreditWatch reflect uncertainty regarding the
board's $2.2 million debt service payment due May 1, 2022.
"The downgrade reflects further potential pressure on the utility's
financial position following additional civil litigation filed
against the board," said S&P Global Ratings credit analyst Chelsy
Shipman. Management has not provided clarity on the financial
impact of the additional litigation nor the board's ability to make
the upcoming May debt service payment. S&P said, "We continue to
view this lack of transparency as a governance risk. In addition,
we believe the board has inadequate risk management, oversight, and
internal controls, which are also governance risks under the
environmental, social, and governance (ESG) framework. We
previously lowered our rating following a federal criminal
investigation into the alleged mismanagement of funds by former
utility employees, and uncertainty related to the board's ongoing
hydrant fee litigation with the City of Prichard, which management
stated was being primarily funded on a pay-as-you-go basis."
S&P said, "We believe these factors, together with a lack of
transparency, compound the uncertainty related to the sufficiency
of the board's liquidity position, which was only $575,000, or 24
days' cash, at the end of fiscal 2021 (unaudited), down from $2.3
million, or 118 days' cash, as of fiscal 2019. Although management
has reported maintaining a fully funded debt service reserve fund
of $3.37 million, we believe the board is highly vulnerable to
future nonpayment given uncertainty related to its current and
future cash position. In addition, the board's all-in debt service
coverage was only 0.7x in 2021 (unaudited), down from 1.7x in 2020,
and 1.4x in 2019. We attribute this decline to an increase in
annual debt service requirements and expenditures, including the
utility's rising cost of treated water. Furthermore, we have
applied a holistic adjustment to the rating, given the board's
above-average receivables of $2.4 million as of fiscal 2021
(unaudited), and the service area's combined water and sewer bill
of 4.6% of median household buying incomes, which we consider high,
and believe imply the potential for limited rate-setting ability.
"We previously identified negative considerations driven by ESG
factors, which we believe remain, including significant social
capital affordability concerns, as the combined water and sewer
bill is approximately 4.6% of median household buying incomes in
the service area, which we consider high. Management previously
indicated that it plans to continue implementing preapproved 5%
rate increases until 2024 to support significant capital
improvement needs; however, it is uncertain whether rate increases
will be implemented to supplement the alleged misuse of utility
revenues.
"Our analysis also reflects additional governance risk including
what we view as inadequate risk management and internal controls,
such as deferred maintenance. For additional information on
identified negative considerations we view as driven by ESG
factors, please see "Prichard Waterworks & Sewer Board, Alabama,"
published March 4, 2022, on RatingsDirect, and "Prichard Waterworks
& Sewer Board, Alabama," Feb. 4, 2022.
"We placed the rating on CreditWatch with negative implications on
March 4, 2022, given uncertainty about the potential impact of the
ongoing federal investigation and litigation, which we believe
could further impair the board's liquidity, in addition to a lack
of sufficient information regarding if the board will be able to
make future debt service payments. We expect to resolve the
CreditWatch in the next 90 days, once we are able to analyze the
board's ability to meet its upcoming debt service payment
obligations; alternatively, we could withdraw the rating.
"We could withdraw the rating due to insufficient information from
management; alternatively, we could lower the rating should
management draw on debt service reserve funds to make subsequent
debt service payments.
"We could remove the rating from CreditWatch should we confirm that
management has built liquidity to a level we view as sustainable to
make its debt service payments."
QUANTUM CORP: Pacific Investment Reports 17.29% Equity Stake
------------------------------------------------------------
Pacific Investment Management Company LLC disclosed in a Schedule
13D/A filed with the Securities and Exchange Commission that as of
April 22, 2022, it beneficially owns 10,248,322 shares of common
stock and 6,525,289 Warrants of Quantum Corporation, representing
17.29 percent of the shares outstanding.
On April 22, 2022, PIMCO acquired 10,248,322 shares of Common Stock
at a price of $2.25 per share in a rights offering, for an
aggregate purchase price of $23,058,724.50. Additionally, pursuant
to the terms of the 2020 Warrants, the Rights Offering resulted in
an adjustment to the 2020 Warrants pursuant to which PIMCO received
additional 2020 Warrants exercisable for 155,219 shares of Common
Stock, for no consideration.
A full-text copy of the regulatory filing is available for free
at:
https://www.sec.gov/Archives/edgar/data/0000709283/000119312522118239/d275003dsc13da.htm
About Quantum Corp.
Based in San Jose, California, Quantum Corp. (NYSE:QTM) --
http://www.quantum.com-- provides technology and services that
stores and manages video and video-like data delivering streaming
for video and rich media applications, along with low cost, high
density massive-scale data protection and archive systems. The
Company helps customers capture, create and share digital data and
preserve and protect it for decades.
For the nine months ended Dec. 31, 2021, the Company reported a net
loss of $24.47 million. Quantum reported a net loss of $35.46
million for the year ended March 31, 2021, compared to a net loss
of $5.21 million for the year ended March 31, 2020. As of Dec. 31,
2021, the Company had $187.64 million in total assets, $310.42
million in total liabilities, and a total stockholders' deficit of
$122.78 million.
QUICKER LIQUOR: Lender's Motion to Prohibit Cash Access Denied
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Nevada denied,
without prejudice, the motion filed by Ernest W. Moody Revocable
Trust to prohibit Quicker Liquor LLC and Nevada Wine Cellars, Inc.
from using cash collateral.
The Court made findings of fact and conclusions of law on the
record at the hearing held on April 27, 2022.
As previously reported by the Troubled Company Reporter, the Lender
asserted the Debtors have not satisfied either condition under
Section 363(c)(2) of the Bankruptcy Code because the Trust has not
consented to the Debtors' use of its cash collateral and the Court
has not authorized the use of the same. However, the Debtors
continue to operate their company but have failed to provide the
Creditor with a detailed budget of their use of the cash
collateral.
A copy of the Court's order is available at https://bit.ly/3MBwdcB
from PacerMonitor.com.
About Quicker Liquor
Quicker Liquor, LLC and its affiliate, Nevada Wine Cellars, Inc.,
filed voluntary petitions for relief under Chapter 11 of the
Bankruptcy Code (Bankr. D. Nev. Lead Case No. 22-10331) on Jan. 31,
2022. At the time of filing, the Debtors listed as much as $10
million in both assets and liabilities. Kathy Trout, managing
member, signed the petitions.
Judge Mike K. Nakagawa oversees the cases.
Larson & Zirzow, LLC and The Law Offices of Timothy Elson serve as
the Debtors' bankruptcy counsel and special counsel, respectively.
QUORUM HEALTH: Appoints Stuart McLean as Its New Interim CEO
------------------------------------------------------------
Quincy Health, LLC, the parent company of Quorum Health, said April
27, 2022, it has appointed health care industry veteran Stuart
McLean to the role of interim chief executive officer as current
CEO Dan Slipkovich moves forward with an accelerated retirement to
focus on family commitments. McLean will begin in his new position
May 2; Slipkovich will continue in an advisory role and will remain
an equity partner in the Company.
McLean, a managing director with Alvarez and Marsal, has served in
a variety of health industry leadership positions in the last 25
years including executive roles with Temple University Health
System and North Shore-LIJ Health System (now Northwell Health). He
has led strategic planning and implementation initiatives for
non-profit and for-profit integrated health systems, community
hospitals, academic medical centers and medical schools and brings
extensive expertise in the areas of operational and financial
performance, quality improvement and market positioning.
"Stu's track record in developing large-scale operational
initiatives and managing enterprise growth make him a natural
selection to help lead Quorum at this time," said Catherine Klema,
chair of the Quincy Health Board of Managers. "With Stu's expertise
and leadership, along with the continued support of the executive
leadership team, Quorum Health is well positioned to achieve our
mission of improving health in the communities we serve and our
vision to build sustainable health care organizations.
"As we welcome Stu, we thank Dan for his many contributions over
the last two years — both on the board and with the leadership
team — and wish him the very best in his next chapter."
* * *
Brentwood Homepage notes that Quorum also appointed a new CFO,
Chris Harrison, earlier this April 2022.
Brentwood Homepage recounts that two years ago, the company
experienced a steep drop in value and filed for Chapter 11
bankruptcy. In June, Quorum sold its consulting arm to focus on
expanding its hospital system.
About Quorom Health Care Services
Headquartered in Brentwood, Tennessee, Quorum Health (NYSE: QHC) --
http://www.quorumhealth.com/-- is an operator of general acute are
hospitals and outpatient services in the United States. Through its
subsidiaries, the Company owns, leases or operates a diversified
portfolio of 24 affiliated hospitals in rural and mid-sized markets
located across 14 states with an aggregate of 1,995 licensed beds.
The Company also operates Quorum Health Resources, LLC, a leading
hospital management advisory and consulting services business.
Quorum Health incurred net losses attributable to the company of
$200.25 million in 2018, $114.2 million in 2017, and $347.7 million
in 2016.
As of Sept. 30, 2019, Quorum Health had $1.52 billion in total
assets, $1.72 billion in total liabilities, $2.27 million in
redeemable non-controlling interest, and a total deficit of $203.36
million.
On April 7, 2020, Quorum Health Corporation and 134 affiliates
sought Chapter 11 protection (Bankr. D. Del. Lead Case No.
20-10766) to seek confirmation of a pre-packaged plan.
Debtors hired McDermott Will & Emery LLP and Wachtell, Lipton,
Rosen & Katz as legal counsel, MTS Health Partners, L.P. as
financial advisor, and Alvarez & Marsal North America, LLC. as
restructuring advisor. Epiq Corporate Restructuring, LLC, is the
claims agent, maintaining the Web site
R & G SERVICES INC: Taps Hernadez Madahar as Accountant
-------------------------------------------------------
R & G Services Inc. seeks approval from the U.S. Bankruptcy Court
for the Central District of California to employ Hernadez Madahar
Associates, Inc. as accountant.
The firm's services include:
a. performing financial reviews;
b. consulting on payroll and income tax issues as well as
preparing returns;
c. preparing cash flow projections;
d. reconcile the Debtor's accounts and book any accounting
entries as needed to prepare financial statements; and
e. general financial matters as requested.
The firm will be paid at the rate of $75 per hour for accounting
services, and a flat fee of $550 for tax return preparation.
The firm will also be reimbursed for out-of-pocket expenses
incurred.
Shama Madahar, a partner at Hernadez Madahar Associates, disclosed
in a court filing that her firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Shama Madahar
Hernadez Madahar Associates, Inc.
310 S. Twin Oaks Valley Road, 107-351
San Marcos, CA 92078
Tel: (626) 393-4916
About R & G Services
R & G Services Inc., doing business as AAMCO Aliso Viejo, is
located at 27802 Aliso Creek Road, Suite D170 Aliso Viejo, CA
92656. For the past eight years, the company used names like AAMCO
Aliso Viejo, AAMCO Aliso Lake Forest, and AAMCO Aliso
Transmissions.
R & G Services sought voluntary Chapter 11 bankruptcy protection
(Bankr. C.D. Cal. Case No. 22-10364) on March 4, 2022. In the
petition filed by German Ramirez, principal and only shareholder, R
& G Services Inc. listed estimated assets between $50,000 to
$100,000 and estimated liabilities between $1 million to $10
million.
The case is handled by Honorable Judge Erithe A. Smith.
Anthony Obehi Egbase, Esq., at A.O.E Law & Associates, APC and
Hernadez Madahar Associates, Inc. serve as the Debtor's counsel and
accountant, respectively.
RANGE RESOURCES: Egan-Jones Hikes Senior Unsecured Ratings to B
---------------------------------------------------------------
Egan-Jones Ratings Company on April 12, 2022, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Range Resources Corporation to B from CCC.
Headquartered in Fort Worth, Texas, Range Resources Corporation is
an independent oil and gas company that explores, develops, and
acquires oil and gas properties.
RETROTOPE INC: $10MM DIP Loan from RTMFP Wins Final OK
------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
Retrotope, Inc. to, among other things, use cash collateral on a
final basis and obtain postpetition financing.
The Debtor is authorized to obtain postpetition financing in an
aggregate principal amount not to exceed $10,000,000 from RTMFP
Enterprises Inc., with the DIP Loans to be made upon entry of the
Final Order, satisfaction of other conditions set forth in the DIP
Loan Documents and consistent with the applicable Approved Budget.
The Debtor has an immediate need to obtain the postpetition
financing to, among other things, permit the orderly continuation
of the operation of its business, minimize the disruption of its
business operations, and preserve and maximize the value of the
assets of the Debtor's Estate to maximize the recovery to all
creditors of the Estate.
To secure performance and payment when due -- whether at the stated
maturity, by acceleration or otherwise -- of any and all DIP
Obligations of the Debtor to the DIP Lender, the DIP Lender is
granted, effective as of the Petition Date, continuing, valid,
binding, enforceable, non-avoidable, and automatically and properly
perfected security interests in and liens in and upon all DIP
Collateral, subject to the Carve-Out.
Subject to the Carve-Out, the DIP Liens on the DIP Collateral
securing the DIP Obligations are granted (i) junior, perfected
security interests in and liens upon any assets of the Debtor that
are subject to valid, perfected, enforceable and unavoidable
security interests as of the Petition Date and (ii) superpriority
perfected security interests in and first-priority, valid,
perfected, enforceable and unavoidable liens upon all property and
assets of the Debtor as of now or hereafter arising or acquired
that are not otherwise subject to valid, perfected, enforceable,
and unavoidable security interests.
The Carve-Out means the sum of: (i) all fees required to be paid to
the Clerk of the Court; (ii) all reasonable fees and expenses
incurred by the Subchapter V Trustee; (iii) solely upon conversion
of the Case to a case under Chapter 7, all reasonable fees and
expenses up to $50,000 incurred by a trustee under section 726(b)
of the Bankruptcy Code; (iv) to the extent allowed at any time
(whether prior to or subsequent to an Event of Default), whether by
interim order, procedural order, or otherwise, all unpaid fees,
costs, disbursements and expenses incurred or earned by persons or
firms retained by the Debtor pursuant to sections 327, 328, or 363
of the Bankruptcy Code; provided that nothing in the order will be
construed to impair any party's ability to object to court approval
of the fees, expenses, reimbursement of expenses or compensation of
any Professional Person.
These events constitute an "Event of Default:"
(a) Any "Event of Default" as that term is defined in the DIP
Loan Documents,
(b) The Maturity Date under the DIP Loan Documents, or
(c) Any material violation, breach, or default by the Debtor
with respect to any of its obligations under the Interim Order or
any other DIP Loan Document, will constitute a "DIP Termination
Event" unless waived in writing by the DIP Lender in accordance
with the DIP Loan Documents or successfully challenged following
notice of a DIP Termination Event.
A copy of the order is available at https://bit.ly/3rUuBCK from
PacerMonitor.com.
About Retrotope Inc.
Retrotope Inc. is a biopharma company in Los Angeles, California.
Retrotope Inc. sought voluntary Chapter 11 bankruptcy protection
(Bankr. D. Del. Case No. 22-10228) on March 21, 2022. In the
petition filed by Anil Kumar, president, Retrotype Inc. listed
estimated assets between $500,000 to $1 million and estimated
liabilities between $1 million and $10 million.
Judge John T. Dorsey oversees the case.
Womble Bond Dickinson (US), LLP, led by Matthew P. Ward, is the
Debtor's counsel. Retrotope hired SSG Capital Advisors as
investment banker and Rock Creek Advisors as financial consultant.
SCIENTIFIC GAMES: Egan-Jones Keeps CCC+ Senior Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company on April 13, 2022, maintained its 'CCC+'
foreign currency and local currency senior unsecured ratings on
debt issued by Scientific Games Corporation. EJR also maintained
its 'C' rating on commercial paper issued by the Company.
Headquartered in Las Vegas, Nevada, Scientific Games Corporation
provides services, systems, and products to both the pari-mutuel
gaming and instant ticket lottery industries.
SEALED AIR: Egan-Jones Keeps BB- Senior Unsecured Ratings
---------------------------------------------------------
Egan-Jones Ratings Company on April 11, 2022, maintained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by Sealed Air Corporation.
Headquartered in Charlotte, North Carolina, Sealed Air Corporation
manufactures packaging and performance-based materials and
equipment systems that serve food, industrial, medical, and
consumer applications.
SERVICE ONE: Seeks to Hire Quilling as Bankruptcy Counsel
---------------------------------------------------------
Service One, LLC seeks approval from the U.S. Bankruptcy Court for
the Eastern District of Texas to hire Quilling, Selander, Lownds,
Winslett & Moser, PC to serve as legal counsel in its Chapter 11
case.
The firm's services include:
a. furnishing legal advice to the Debtor with regard to its
powers, duties and responsibilities and to the continued management
of its affairs and assets under Chapter 11;
b. preparing legal papers;
c. preparing a status report and plan of reorganization, and
other services incident thereto;
d. investigating and prosecuting preference and fraudulent
transfers actions arising under the avoidance powers of the
Bankruptcy Code; and
e. performing all other necessary legal services for the
Debtor.
The hourly rates charged by the firm's attorneys and paralegals are
as follows:
Attorneys $275-$425
Paralegals $135-$150
The firm received a retainer in the amount of $12,000.
As disclosed in court filings, Quilling is a disinterested person
within the meaning of Section 101(14) of the Bankruptcy Code
The firm can be reached through:
Christopher J. Moser, Esq.
Frank S. Patel, Esq.
Quilling, Selander, Lownds, Winslett & Moser, PC
2001 Bryan Street, Suite 1800
Dallas, TX 75201-4240
Telephone: (214) 871-2100
Email: cmoser@qslwm.com
About Service One LLC
Service One, LLC specializes in construction, roofing, insurance
estimating and claims, construction and property management, and
renovation services. The company is based in Addison, Texas.
Service One filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. E.D. Texas Case No. 22-40503) on April 21,
2022, listing as much as $10 million in both assets and
liabilities. Mark A. Weisbart serves as Subchapter V trustee.
Christopher J. Moser, Esq., at Quilling, Selander, Lownds, Winslett
& Moser, PC serves as the Debtor's legal counsel.
SKINNICITY INC: Has Deal on Cash Collateral Access Thru Aug 30
--------------------------------------------------------------
Skinnicity Inc., A Professional Nursing Corp., and the United
States of America, on behalf of its agency, the U.S. Small Business
Administration, advised the U.S. Bankruptcy Court for the Central
District of California, Los Angeles Division, that they have
reached an agreement regarding the Debtor's use of cash collateral
and now desire to memorialize the terms of this agreement into an
agreed order.
The Debtor requires use of cash collateral to operate and pay
reasonable ongoing expenses during the Chapter 11 case.
The Debtor executed a U.S. Small Business Administration Note,
pursuant to which the Debtor obtained a $135,000 loan. The terms of
the Note require the Debtor to pay principal and interest payments
of $1,065 every month beginning 12-months from the Effective Date
over the 15-year term of the SBA Loan. The SBA Loan has an annual
rate of interest of 3.75% and may be prepaid at any time without
notice of penalty.
Pursuant to the SBA Loan Authorization and Agreement executed on
June 22, 2020, the Debtor is required to "use all the proceeds of
this Loan solely as working capital to alleviate economic injury
caused by disaster occurring in the month of January 31,2020 and
continuing thereafter and to pay Uniform Commercial Code lien
filing fees and a third-party UCC handling charge of $100 which
will be deducted from the Loan amount."
As evidenced by a Security Agreement executed on June 22, 2020 and
a validly recorded UCC-1 filing on June 23, 2020, as Filing Number
20-7793777180, the SBA Loan is secured by all tangible and
intangible personal property.
As adequate protection, retroactive to the Petition Date, the SBA
will receive a replacement lien on all postpetition revenues of the
Debtor to the same extent, priority and validity that its lien
attached to the cash collateral. The scope of the replacement lien
is limited to the amount (if any) that cash collateral diminishes
postpetition as a result of the Debtor's postpetition use of cash
collateral. The replacement lien is valid, perfected and
enforceable and shall not be subject to dispute, avoidance, or
subordination, and this replacement lien need not be subject to
additional recording. The SBA is authorized to file a certified
copy of any cash collateral order and any other necessary and
related documents to further perfect its lien.
The SBA will be entitled to a super-priority claim over the life of
the Debtor's bankruptcy case, pursuant to 11 U.S.C. sections
503(b), 507(a)(2) and 507(b), which claim will be limited to any
diminution in the value of the SBA's collateral, pursuant to the
SBA Loan, as a result of the Debtor's use of cash collateral on a
post-petition basis.
The Debtor will use its best efforts to diligently seek
confirmation of a Chapter 11 plan of reorganization.
The Stipulation will remain in effect until August 30, 2022, or
until the Parties enter into an amended Stipulation or upon
confirmation of the Debtor's Chapter 11 plan of reorganization, or
until the case is converted or dismissed, whichever first occurs.
A copy of the stipulation is available at https://bit.ly/3vWNIh4
from PacerMonitor.com.
About Skinnicity Inc.
Skinnicity Inc. provides services relating to medical and aesthetic
dermatology, focusing on skin and aesthetic concerns. It has a
single storefront in West Los Angeles, where its customers received
treatment. Dianne Bedford is the sole shareholder, director, and
officer. Skinnicity has one staff employee.
Skinnicity sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-12306 on April 25,
2022. In the petition signed by Bedford, the Debtor disclosed up to
$500,000 in assets and up to $1 million in liabilities. Matthew D.
Resnik, Esq., at RHM Law, LLP is the Debtor's counsel.
SOUTHGATE TOWN: Seeks to Tap Jordan Management as Property Manager
------------------------------------------------------------------
Southgate Town and Terrace Homes, Inc. seeks approval from the U.S.
Bankruptcy Court for the Eastern District of California to employ
Jordan Management Company as its property manager.
The firm's services include collecting rents; providing for intake
for new member or tenants; overseeing property maintenance; and
assisting in the review of the Debtor's monthly operating reports.
The firm will receive a monthly fee of $49.50 per door, and an
accounting and bookkeeping fee of $7.50 per month.
Kellie Linares, president of Jordan, disclosed in a court filing
that the firm neither holds nor represents any interest adverse to
the estate.
The firm can be reached through:
Kellie Linares
Jordan Management Company
1624 Santa Clara Drive Suite 250
Roseville, CA 95661
Phone: 916-926-4999
Fax: 916-865-4134
About Southgate Town and Terrace Homes
Southgate Town and Terrace Homes Inc., a limited equity housing
cooperative in Sacramento, Calif., sought Chapter 11 bankruptcy
protection (Bankr. E.D. Calif. Case No. 22-20632) on March 16,
2022, listing as much as $10 million in both assets and
liabilities. Mirza Baig, president of Southgate Town, signed the
petition.
Judge Fredrick E. Clement oversees the case.
Stephen Reynolds, Esq., at Reynolds Law Corporation and Thomas and
Associates serve as the Debtor's bankruptcy counsel and special
counsel, respectively.
SPG HOSPICE: Seeks Approval to Hire Canterbury Law Group as Counsel
-------------------------------------------------------------------
SPG Hospice, LLC seeks approval from the U.S. Bankruptcy Court for
the District of Arizona to hire Canterbury Law Group, LLP to serve
as legal counsel in its Chapter 11 case.
The firm's services include:
a. advising the Debtor regarding its powers and duties in the
continued management and operation of its business;
b. attending meetings and negotiating with representatives of
creditors and other parties in interest;
c. taking necessary action to protect and preserve the
Debtor's estate, including prosecuting actions on the Debtor's
behalf, defending any action commenced against the Debtor and
representing its interests in negotiations concerning litigation in
which the Debtor is involved, including, but not limited to,
objections to claims filed against the estate;
d. preparing legal papers;
e. advising the Debtor in connection with any sale or any
alternative restructuring transaction;
f. appearing before the bankruptcy court, appellate court and
the Office of the U.S. Trustee;
g. negotiating, soliciting and seeking court approval of a
plan of reorganization, disclosure statement, and all related
documents, and taking necessary actions to obtain confirmation of
such plan; and
h. performing other necessary legal services for the Debtor.
Jonathan Ibsen, Esq., the lead attorney, will be paid at the rate
of $400 per hour. The hourly rates for other professionals range
from $140 to $450.
As disclosed in court filings, Canterbury is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Jonathan Ibsen, Esq.
Canterbury Law Group, LLP
14300 N. Northsight Blvd., Suite 115
Scottsdale, AZ 85260
Phone: 480-240-0040
Email: jibsen@clgaz.com
About SPG Hospice
SPG Hospice, LLC sought protection for relief under Chapter 11 of
the Bankruptcy Code (Bankr. D. Ariz. Case No. 22-02385) on April
19, 2022. At the time of filing, the Debtor listed up to $50,000 in
assets and up to $500,000 in liabilities.
Jonathan P. Ibsen, Esq., at Canterbury Law Group, LLP serves as the
Debtor's counsel.
STARPARKS USA: Case Summary & Five Unsecured Creditors
------------------------------------------------------
Debtor: Starparks USA, LLC
140 Route 9
Bayville, NJ 08721
Chapter 11 Petition Date: May 2, 2022
Court: United States Bankruptcy Court
District of New Jersey
Case No.: 22-13599
Debtor's Counsel: Eugene D. Roth, Esq.
LAW OFFICES OF EUGENE D. ROTH
2520 Highway 35, Suite 307
Manasquan, NJ 08736
Tel: 732-292-9288
Fax: 732-292-9303
Email: erothesq@gmail.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by William B. Muirhead as managing member.
A full-text copy of the petition containing, among other items, a
list of the Debtor's five unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/NIYB2JI/Starparks_USA_LLC__njbke-22-13599__0001.0.pdf?mcid=tGE4TAMA
TERI GALARDI: U.S. Trustee Appoints Creditors' Committee
--------------------------------------------------------
The U.S. Trustee for Region 21 appointed an official committee to
represent unsecured creditors in the Chapter 11 case of Teri
Galardi.
The committee members are:
1. Shadana Deleston
c/o Mutepe Akemon, Esq., as Proxy Holder
P.O. Box 360295
Decatur, GA 30036
Phone: (404) 289-6816
Email: mutepe.akemon@richardslegal.com
2. Abrey Leahong
c/o Mutepe Akemon, Esq., as Proxy Holder
P.O. Box 360295
Decatur, GA 30036
Phone: (404) 289-6816
Email: mutepe.akemon@richardslegal.com
3. Addie Brooks
c/o Ainsworth Dudley, Esq., as Proxy Holder
4200 Northside Parkway, Bldg. 1, Ste. 200
Atlanta, GA 30327
Phone: (404) 687-8205
Email: adudleylaw@gmail.co
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
About Teri Galardi
Teri G. Galardi sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Ga. Case No. 22-50035) on Jan. 12,
2022. Louis G. McBryan, Esq., at McBryan, LLC is the Debtor's legal
counsel.
TERRAFORM POWER: Moody's Rates New $500MM Term Loan 'Ba2'
---------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to TerraForm Power
Operating LLC's (TPO) proposed 7-year $500 million senior secured
term loan B facility. Concurrently, Moody's affirmed TPO's ratings,
including its Ba3 corporate family rating, Ba3 senior unsecured
rating and Ba3-PD Probability of Default rating and changed the
company's outlook to stable from negative. TPO's speculative grade
liquidity rating is unchanged at SGL-2.
Proceeds from the new term loan B will be used to redeem TPO's $500
million 4.25% senior unsecured notes due in 2023. In addition,
management intends to reduce the size of its revolving credit
facility to $500 million from $650 million which follows a previous
reduction in that commitment from $800 million completed on
December 17, 2021. TPO also plans to enter into a new $50 million
letter of credit facility backed by Export Development Canada (EDC
L/C facility).
RATINGS RATIONALE
"The change in TerraForm Power's outlook to stable from negative is
prompted by the anticipated reversal of a several year-long trend
of underperforming Moody's financial metric expectations" said Nati
Martel, Vice President – Senior Analyst. The stable outlook
reflects the modest improvement in financial metrics exhibited in
2021 and Moody's expectation that this improvement will continue
this year such that the company's consolidated debt to EBITDA will
fall below 8.0x, after incorporating Moody's adjustments, by the
end of 2022. The Ba2 rating assigned to the company's new term loan
facility reflects its senior position in the capital structure
compared to the company's outstanding senior unsecured notes.
TPO's ratio of debt to EBITDA remained weak for the company's Ba3
CFR at nearly 9.0x at year-end 2021, although this represented a
slight improvement from the 9.3x ratio exhibited at year-end 2020.
The stronger ratio in 2021 partly reflected a departure from the
aggressive expansion strategy that TPO had pursued until its
privatization in mid-2020, limiting the amount of debt issuance
last year. The relatively flat outstanding debt balance helped to
offset the negative financial impact of a $62 million net loss
recorded in the aftermath of the February 2021 Texas winter storm
that affected two of TPO's windfarms.
Moody's expectation that there will be a more significant
improvement in consolidated credit metrics by year-end 2022
reflects Moody's view that TPO debt will not increase materially
this year due to the combination of scheduled project debt
amortization of around $500 million and an expansion strategy
strictly limited to relatively small acquisitions and repowering of
existing assets in the US.
In addition, TPO's Spanish renewable projects will benefit in 2022
from a higher regulatory price of around EUR 122/MWh, compared to
the previously assumed price of EUR 44/MWh.This follows a step-up
in Spanish wholesale electricity prices that began last year and
spiked in the wake of the Russia-Ukraine military conflict.
Starting in 2023, Moody's assume that these projects' ability to
successfully enter into bilateral or hedge agreements in Spain will
help their cash visibility and support credit metrics. The Spanish
government's enactment of Royal Decree 06/2022 at the end of March
2022 will result in regulatory changes that seek to encourage
renewable generation projects to enter into more contractual
arrangements to reduce the impact of wholesale price volatility on
end-users' electricity bills.
The stable outlook factors in the geographic diversity of TPO's
assets. It also considers the contracted operations of the majority
of its renewable assets outside of Spain, which have long-term
power purchase agreements with a remaining average life of around
thirteen years, with hedging arrangements limited to two wind farms
in Texas.
The new $500 million term loan B will introduce additional secured
debt into TPO's capital structure which is negative for the senior
unsecured note holders. However, the affirmation of the Ba3 senior
unsecured rating considers the two-step reduction in TPO's secured
bank revolving credit facility from $800 million to $500 million,
such that the net increase in secured debt will aggregate $200
million. The Ba2 assigned to the new $500 million new term loan B
factors in a collateral package that consists of the pledged stock
of the company's subsidiaries. However, Moody's also note that the
bulk of these assets are encumbered or subject to tax equity
partnerships which limits the value of the collateral from a
recovery perspective compared to the unsecured notes.
The stable outlook assumes that the implementation of the
regulatory changes in Spain following the enactment of Royal Decree
06/2022 will be supportive to the credit quality and cash flow
visibility of TPO's projects and enhance its ability to report a
ratio of debt to EBITDA below 8.0x, including Moody's adjustments,
on a sustained basis. The stable outlook reflects Moody's view
that, despite the $250 million net reduction since early December
2021, the group's liquidity arrangements, including the $50 million
new LDC facility, remain adequate to comfortably support any
incremental posting requirements that could result from new hedging
arrangements in Spain starting in 2023.
Liquidity
TPO's SGL-2 reflects the company's good liquidity. Although the
reduction to $500 million in TPO's committed credit facility is
negative from a liquidity perspective, TPO will enter into a new
$50 million EDC Letter of credit facility to support its collateral
posting requirements. The SGL-2 further considers that, during the
second half of 2021, TPO fully repaid all outstanding borrowings
under its bank credit facility that peaked to $323 million at the
end June 2021. This facility is scheduled to mature in October
2024.
At the end of December 2021, the available amount under the
facility approximated $549 million given the outstanding balance of
letters of credit of $101 million. TPO remains in compliance with
the financial covenants under its revolving credit legal
documentation, although it does not publicly disclose its covenant
calculation, that includes a maximum leverage ratio of net debt to
cash flow available to debt service of 5.5x.
The SGL-2 factors in that TPO will use the proceeds of its new $500
million term loan B to refinance the same amount of unsecured notes
due in January 2023. This will reduce refinancing risk, a credit
positive. TPO's SGL-2 also assumes that the projects will be able
to continue to service their debt including scheduled principal
amortizations. At the end of 2021,TPO reported that the project's
total debt maturities of $506 million in 2022 and $414 million in
2023. These amounts exclude around $145 million of debt outstanding
at its Chilean project that remains in technical default and has
been classified under current debt since 2020. According to the
financial statements at year-end 2021, management continues to
assign a high probability to attaining waivers from the lenders
and/or cure the covenant.
The SGL-2 reflects TPO's strong ability to meet its capital and
other cash requirements, including interest of around $90 million,
largely with cash distributions received from its projects after
their debt service. Moody's view of TPO's liquidity will also
depend on its distribution policy going forward, particularly after
last year's material cash distribution of $611 million, a credit
negative. According to TPO's financial statements at year-end 2021,
it distributed $71.3 million on March 11, 2022. TPO could seek to
sell additional assets or equity interests although, as mentioned
earlier, the majority are encumbered or are subject to tax equity
partnerships.
Assignments:
Issuer: TerraForm Power Operating LLC
Senior Secured Term Loan, Assigned Ba2 (LGD3)
Affirmations:
Issuer: TerraForm Power Operating LLC
Corporate Family Rating, Affirmed Ba3
Probability of Default Rating, Affirmed Ba3-PD
Senior Unsecured Regular Bond/Debenture, Affirmed Ba3 (LGD4)
Outlook Actions:
Issuer: TerraForm Power Operating LLC
Outlook, Changed To Stable From Negative
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
FACTORS THAT COULD LEAD TO AN UPGRADE
TPO's corporate family rating could experience positive momentum if
its consolidated debt to EBITDA falls below 7 .0x, on a sustainable
basis.
FACTORS THAT COULD LEAD TO A DOWNGRADE
A downgrade is likely if TPO's consolidated debt to EBITDA exceeds
8.0x (considering full-year financial performance of any acquired
assets) at year-end 2022. A downgrade is also possible if pending
regulatory changes in Spain are detrimental to the projects' assets
credit quality and cash flow visibility or TPO's consolidated
financial performance. Also, a return to the aggressive growth
initiatives that that the company has pursued in recent years could
also trigger downward pressure on the rating.
The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in May 2017.
TerraForm Power Operating LLC (TPO, Ba3 stable) is a
growth-oriented company that owns and operates a fleet of renewable
assets with an installed capacity of around [4.2] Gigawatts (GWs),
before adjustments to reflect TPO's actual ownership in the assets.
The majority of these assets are located in North America (US and
Canada) while the Saeta acquisition (completed in June 2018)
expanded the fleet to the Iberian peninsula (nearly 1,000 MW
capacity). TPO also has a modest number of projects located in
Chile, Uruguay and the UK. TPO's fleet consists of wind farms
(around 2.3 GW) as well as utility-scale and distributed solar
assets (approximately 1.3 GW, including the 322 MW of assets
acquired as part of the AtlaGas transaction in 2019). Through
TerraForm Power Parent, LLC, TPO's indirect majority shareholders
are Brookfield Renewable Partners L.P. ("BEP") and Brookfield
Renewable Corporation ("BEPC"), a corporation created in 2020 and
listed on the New York Stock Exchange (NYSE). Their interests
aggregate 64.49% while affiliates of BEP and BEPC hold the balance
of approximately 35%. Brookfield Asset Management Inc. (BAM; Baa1
stable) indirectly controls the issuer through its 51.5% interest
in Brookfield Renewables while public investors hold the remaining
48.5%.
TERRAFORM POWER: S&P Rates New $500MM Sr Sec. Term Loan B 'BB+'
---------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue-level rating and '1'
recovery rating to the TerraForm Power Operating LLC's (TERP)
proposed $500 million senior secured term loan B (TLB). The '1'
recovery rating indicates its expectation of very high (90%-100%;
rounded estimate: 95%) recovery in an event of default.
The 'BB-' issuer credit rating (ICR) on TERP and 'BB-' issue-level
rating on the company's remaining senior unsecured notes are
unchanged. The recovery rating for the remaining unsecured notes is
also unchanged at 4 (30%-50%; rounded estimate: 35%).
S&P said, "We view TERP's business risk profile as satisfactory,
underpinned by high levels of contractedness, remaining contract
life, counterparty credit strength, and geographic diversity. Our
highly leveraged financial risk assessment reflects our expectation
of a weighted-average debt-to-EBITDA ratio of about 5x during our
forecast period through 2024 based on an assumption of P90 resource
conditions.
The transaction is credit neutral, given its refinancing nature.
TERP is proposing to issue a $500 million senior secured TLB. The
issuance proceeds will be used to fully refinance the company's
senior unsecured notes that mature in January 2023. The TLB will
rank equal with TERP's revolving credit facility (RCF), and senior
to the remaining ($1.4 billion) senior unsecured notes. TERP is
funding transaction-related costs, about $20 million, internally
via balance sheet cash. As part of the transaction, TERP is also
reducing the size of its RCF to $500 million from $650 million.
Given the transaction is intended only to refinance existing debt,
its impact on TERP's credit metrics is neutral. The refinancing
also extends TERP's holding company (holdco) weighted-average debt
maturity to about seven years, mitigating near-term refinancing
risk.
S&P said, "Recovery rating and expectations for the existing senior
unsecured notes are unchanged. Although the transaction will
increase the proportion of senior debt in TERP's capital structure,
our estimate of the recovery prospects for the senior unsecured
debt is unaffected. This is primarily driven by an unchanged
distressed company valuation (about $1.46 billion after
administrative costs), as well as potentially lower debt
outstanding at default due to the company's reduced RCF capacity.
Under our hypothetical default scenario, we assume that the RCF is
85% drawn on a company default.
"TERP's assets in Spain are experiencing highly favorable business
conditions. As with the rest of Western Europe, electricity prices
in Spain spiked to their highest recorded levels from the second
half of 2021. Ongoing geopolitical tensions and the spillover
effects in the global commodities market are the primary forces
behind this surge, and we expect energy prices will remain
exceptionally high, albeit volatile, at least through 2022, and
potentially into 2023. Consequently, renewable energy projects in
Spain that receive subsidies, such as TERP's, based in part on
electricity prices, are likely to be over-remunerated for January
2020-December 2022. This is because of the difference between the
government's initial electricity price forecasts and the likely
actual prices. From 2000-2020, the yearly baseload electricity
price in Spain averaged about €45/megawatt-hour (MWh) and never
rose above €65/MWh. Then, contrary to expectations, electricity
prices spiked during the second half of 2021, and the average
yearly price ended the year at €112/MWh, compared with €34/MWh
in 2020. In February 2020, the Spanish government estimated
electricity prices would be approximately €50/MWh-€55/MWh for
the current semi-regulatory period, which runs from January 2020 to
December 2022.
"The dynamic is favorably affecting TERP, given about 20% of its
capacity is in Spain. The company realized about $131 million in
excess cash flow from its Spanish operations during 2021,
increasing holdco EBITDA and improving the debt-to-EBITDA ratio to
about 4x, versus our expectation of 5.5x-5.8x. We believe the
current strong prices could be sustained through 2023, and that
TERP's credit metrics will also reflect that strength, provided
resource conditions and generation remain intact and supportive.
Consequently, we forecast holdco debt to EBITDA of about 4.5x-5.0x
(based on P90 resource conditions) for 2022 and 2023. Over the
longer term, and with the next regulatory rate reset happening in
2023, we believe cash flows will revert to mean levels, with debt
to EBITDA tracking in the 5.5x-6.0x area, from 2024 and beyond.
"Our assessment of TERP's cash flow quality primarily reflects the
company's highly contracted nature. With about 4.2 gigawatts (GW)
of renewable power generation facilities under operation, TERP's
cash flow quality is primarily supported by the long-term
contracted nature of its assets. More than 90% of the company's
cash flows are generated via power purchase agreements, or TERP's
regulated activities that operate under a fixed return on
investment construct. Counterparty credit quality is strong, with
the majority of revenue being derived from investment-grade-rated
offtakers, and the company estimates an average remaining life on
its contracts of about 13 years. Partially offsetting these
strengths, however, is TERP's exposure to inherent resource risk
associated with the company's exclusively renewable-based
portfolio. In addition, since a number of TERP's assets have
project-level debt, the sensitivity to renewable resources (wind
and irradiance) and operating availability is amplified. Due to
structurally senior project debt, moderate underperformance at the
project level could result in lower distributions to the company.
"The stable outlook reflects our view that TERP's assets will
continue to operate steadily under long-term offtake contracts and
generate sufficient cash flows to support the servicing of the
company's debt obligations. Under our base-case scenario, we expect
debt-to-EBITDA ratios of 4.0x-4.5x, 4.5x-5.0x, and 5.5x-6.0x for
2022, 2023, and 2024, respectively, based on P90 resource
conditions.
"We could consider a negative rating action if we forecast debt to
EBITDA will stay above 6.0x on a consistent basis. This could occur
if the company relies on corporate-level debt financing to support
growth or expansion plans, or if its financial performance falls
short of our base-case forecast.
"We could consider a positive rating action if TERP materially
reduces debt at the holdco level, through asset sales or free cash
flow. We would look for maximum debt to EBITDA of 5.0x on a
sustained basis before considering an upgrade."
TITAN INTERNATIONAL: Egan-Jones Hikes Sr. Unsecured Ratings to B
----------------------------------------------------------------
Egan-Jones Ratings Company on April 11, 2022, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Titan International, Inc. to B from CCC+.
Headquartered in Quincy, Illinois, Titan International, Inc.
manufactures mounted tire and wheel systems for off-highway
equipment used in agriculture, construction, mining, military,
recreation, and grounds care.
TRONOX LIMITED: Egan-Jones Hikes Senior Unsecured Ratings to B+
---------------------------------------------------------------
Egan-Jones Ratings Company on April 11, 2022, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Tronox Limited to B+ from B.
Headquartered in Stamford, Connecticut, Tronox Limited operates
mining and inorganic chemical businesses.
WHITE STALLION: Exclusivity Period Extended to June 2
-----------------------------------------------------
Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court for
the District of Delaware extended the exclusivity periods for White
Stallion Energy, LLC and its affiliates to file a Chapter 11 plan
and solicit acceptances for the plan to June 2 and Aug. 2,
respectively.
The extension will give the companies more time to negotiate
regarding various issues, including those related to certain
administrative expense and priority claims, without having to deal
with the distraction of a competing plan, according to the
companies' attorney, S. Alexander Faris, Esq., at Young Conaway
Stargatt & Taylor, LLP.
About White Stallion Energy
White Stallion Energy, LLC, was founded in February 2010 for the
purpose of developing and operating surface mining complexes in
Indiana and Illinois and subsequently grew through a series of
strategic acquisitions. It operates six high-quality, low-cost
thermal surface mines in Indiana and Illinois with approximately
200 million tons of demonstrated reserves.
White Stallion Energy and 18 affiliated debtors each filed a
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. D. Del. Lead Case No. 20-13037) on Dec. 2, 2020. White
Stallion and its affiliates reported between $100 million and $500
million in assets and liabilities. On Jan. 26, 2021, Eagle River
Coal, LLC filed a voluntary Chapter 11 petition. Eagle River sought
joint administration of its case with the Initial Debtors' cases.
The Hon. Laurie Selber Silverstein is the case judge.
The Debtors tapped Paul Hastings LLP as bankruptcy counsel, Young
Conaway Stargatt & Taylor, LLP, as local counsel, and FTI
Consulting, Inc., as financial advisor. Prime Clerk LLC is the
claims agent and administrative advisor.
The U.S. Trustee for Region 3 appointed an official committee of
unsecured creditors in the Debtors' cases. The committee tapped
Cooley LLP as its bankruptcy counsel, Robinson & Cole LLP as
Delaware counsel, and Province LLC as financial advisor.
Riverstone Credit Management, LLC, serves as DIP Agent. Its
advisors are Bailey & Glasser LLP and Simpson Thacher & Bartlett
LLP.
WIRELESS SYSTEMS: Bankr. Administrator Unable to Appoint Committee
------------------------------------------------------------------
The U.S. Bankruptcy Administrator for the Eastern District of North
Carolina disclosed in a filing that no official committee of
unsecured creditors has been appointed in the Chapter 11 case of
Wireless Systems Solutions, LLC.
About Wireless Systems Solutions
Wireless Systems Solutions, LLC is a North Carolina limited
liability company formed in 2015 with principal offices and assets
in Cary and Morrisville, N.C. It is a designer and developer of
multi-standard, frequency band agnostic, cellular network solutions
that leverage its expertise in cellular and wireless communications
technology at large. The company is able to offer a portfolio of
products and platforms suitable for multiple markets including
defense, first-responders, utilities, telcos, and general network
infrastructure solutions.
Wireless Systems Solutions filed a petition for Chapter 11
protection (Bankr. E.D. N.C. Case No. 22-00513) on March 9, 2022,
listing $1 million to $10 million in assets and $1 billion to $10
billion in liabilities. Susan Gross, its vice president, signed the
petition.
Judge Joseph N. Callaway oversees the case.
The Debtor tapped Stevens Martin Vaughn & Tadych, PLLC as legal
counsel and Coats & Bennett, PLLC as special counsel.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($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 EU 160.8 -120.2 -44.6
AEMETIS INC AMTXGEUR EZ 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 AERIEUR EU 431.4 -17.3 230.7
AERIE PHARMACEUT 0P0 GR 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
AIR CANADA AC CN 29,724.0 -1,159.0 2,055.0
AIR CANADA ADH2 QT 29,724.0 -1,159.0 2,055.0
AIR CANADA ADH2 GR 29,724.0 -1,159.0 2,055.0
AIR CANADA ACEUR EU 29,724.0 -1,159.0 2,055.0
AIR CANADA ADH2 TH 29,724.0 -1,159.0 2,055.0
AIR CANADA ACDVF US 29,724.0 -1,159.0 2,055.0
AIR CANADA ACEUR EZ 29,724.0 -1,159.0 2,055.0
AIR CANADA ADH2 GZ 29,724.0 -1,159.0 2,055.0
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 33,144.1 -626.6 -1,994.4
ALTICE USA INC-A 15PA GZ 33,144.1 -626.6 -1,994.4
ALTICE USA INC-A ATUS US 33,144.1 -626.6 -1,994.4
ALTICE USA INC-A 15PA GR 33,144.1 -626.6 -1,994.4
ALTICE USA INC-A 15PA TH 33,144.1 -626.6 -1,994.4
ALTICE USA INC-A ATUSEUR EU 33,144.1 -626.6 -1,994.4
ALTICE USA INC-A ATUS-RM RM 33,144.1 -626.6 -1,994.4
ALTIRA GP-CEDEAR MOC AR 40,235.0 -1,760.0 -4,166.0
ALTIRA GP-CEDEAR MOD AR 40,235.0 -1,760.0 -4,166.0
ALTIRA GP-CEDEAR MO AR 40,235.0 -1,760.0 -4,166.0
ALTRIA GROUP INC MOEUR EU 40,235.0 -1,760.0 -4,166.0
ALTRIA GROUP INC MO US 40,235.0 -1,760.0 -4,166.0
ALTRIA GROUP INC MO SW 40,235.0 -1,760.0 -4,166.0
ALTRIA GROUP INC PHM7 TH 40,235.0 -1,760.0 -4,166.0
ALTRIA GROUP INC MO TE 40,235.0 -1,760.0 -4,166.0
ALTRIA GROUP INC PHM7 GR 40,235.0 -1,760.0 -4,166.0
ALTRIA GROUP INC MO CI 40,235.0 -1,760.0 -4,166.0
ALTRIA GROUP INC PHM7 QT 40,235.0 -1,760.0 -4,166.0
ALTRIA GROUP INC ALTR AV 40,235.0 -1,760.0 -4,166.0
ALTRIA GROUP INC MOEUR EZ 40,235.0 -1,760.0 -4,166.0
ALTRIA GROUP INC MO* MM 40,235.0 -1,760.0 -4,166.0
ALTRIA GROUP INC PHM7 GZ 40,235.0 -1,760.0 -4,166.0
ALTRIA GROUP INC 0R31 LI 40,235.0 -1,760.0 -4,166.0
ALTRIA GROUP INC MOUSD SW 40,235.0 -1,760.0 -4,166.0
ALTRIA GROUP INC MO-RM RM 40,235.0 -1,760.0 -4,166.0
ALTRIA GROUP-BDR MOOO34 BZ 40,235.0 -1,760.0 -4,166.0
AMC ENTERTAINMEN AMC US 10,821.5 -1,789.5 82.4
AMC ENTERTAINMEN AH9 GR 10,821.5 -1,789.5 82.4
AMC ENTERTAINMEN 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 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 AAL US 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 GR 67,401.0 -8,940.0 -4,104.0
AMERICAN AIRLINE A1G TH 67,401.0 -8,940.0 -4,104.0
AMERICAN AIRLINE A1G QT 67,401.0 -8,940.0 -4,104.0
AMERICAN AIRLINE AAL11EUR EZ 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 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-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 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 AMPY US 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 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 AZO US 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 CAR* MM 22,600.0 -209.0 -561.0
AVIS BUDGET GROU CAR2EUR EU 22,600.0 -209.0 -561.0
AVIS BUDGET GROU CUCA QT 22,600.0 -209.0 -561.0
AVIS BUDGET GROU 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 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 EU 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 BVF GR 29,202.0 -34.0 409.0
BAUSCH HEALTH CO BHC CN 29,202.0 -34.0 409.0
BAUSCH HEALTH CO BHC US 29,202.0 -34.0 409.0
BAUSCH HEALTH CO BVF QT 29,202.0 -34.0 409.0
BAUSCH HEALTH CO VRX1EUR EU 29,202.0 -34.0 409.0
BAUSCH HEALTH CO BVF TH 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 VRX1EUR EZ 29,202.0 -34.0 409.0
BAUSCH HEALTH CO BVF GZ 29,202.0 -34.0 409.0
BELLRING BRANDS BRBR US 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 BRBR2EUR EU 600.6 -46.9 151.9
BELLRING BRANDS D51 QT 600.6 -46.9 151.9
BIOCRYST PHARM BO1 TH 588.2 -107.0 462.4
BIOCRYST PHARM BCRX US 588.2 -107.0 462.4
BIOCRYST PHARM BO1 GR 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
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BRP INC/CA-SUB V DOO CN 5,030.9 -132.8 48.7
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CALUMET SPECIALT CLMT US 2,127.9 -385.1 -267.2
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CF ACQUISITION-A CFVI US 300.7 290.4 -1.0
CF ACQUISITON VI CFVIU US 300.7 290.4 -1.0
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CINEPLEX INC CPXGF US 2,114.8 -219.7 -414.4
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CINEPLEX INC CX0 GZ 2,114.8 -219.7 -414.4
COGENT COMMUNICA CCOI US 969.8 -408.6 303.6
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CONSENSUS CLOUD CCSI US 562.8 -332.7 18.3
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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
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DOLLARAMA INC DR3 GZ 4,063.6 -66.0 -194.5
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EAST RESOURCES A ERESU US 346.4 -29.7 -29.7
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LENNOX INTL INC LII US 2,456.9 -410.2 577.8
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LESLIE'S INC LESL US 811.3 -381.3 121.3
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LOWE'S COS INC LWE GR 44,640.0 -4,816.0 392.0
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MANNKIND CORP NNFN GR 321.2 -209.3 171.4
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MANNKIND CORP MNKDEUR EZ 321.2 -209.3 171.4
MANNKIND CORP NNFN GZ 321.2 -209.3 171.4
MARKETWISE INC MKTW US 421.6 -405.3 -149.1
MARTIN MIDSTREAM MMLP US 574.1 -38.0 68.9
MASCO CORP MSQ TH 5,568.0 -100.0 1,292.0
MASCO CORP MSQ QT 5,568.0 -100.0 1,292.0
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MASCO CORP MAS US 5,568.0 -100.0 1,292.0
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MASCO CORP MAS* MM 5,568.0 -100.0 1,292.0
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MASCO CORP-BDR M1AS34 BZ 5,568.0 -100.0 1,292.0
MASON INDUS-CL A MIT US 501.7 -33.0 1.1
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MATCH GROUP INC MTCH US 5,063.3 -194.6 50.0
MATCH GROUP INC MTCH1* MM 5,063.3 -194.6 50.0
MATCH GROUP INC 4MGN TH 5,063.3 -194.6 50.0
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MATCH GROUP INC MTC2 AV 5,063.3 -194.6 50.0
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MBIA INC MBJ TH 4,696.0 -300.0 0.0
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MEDIAALPHA INC-A MAX US 289.8 -61.6 52.9
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MSCI INC 3HM GR 4,691.8 -879.2 172.0
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MSCI INC 3HM GZ 4,691.8 -879.2 172.0
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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 RHP US 3,580.5 -22.4 45.3
RYMAN HOSPITALIT 4RH GR 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 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 QT 5,291.3 -499.7 685.8
SABRE CORP SABREUR EU 5,291.3 -499.7 685.8
SABRE CORP 19S GZ 5,291.3 -499.7 685.8
SBA COMM CORP SBAC US 10,142.1 -5,389.1 -739.1
SBA COMM CORP SBACEUR EU 10,142.1 -5,389.1 -739.1
SBA COMM CORP 4SB QT 10,142.1 -5,389.1 -739.1
SBA COMM CORP 4SB GR 10,142.1 -5,389.1 -739.1
SBA COMM CORP 4SB TH 10,142.1 -5,389.1 -739.1
SBA COMM CORP 4SB GZ 10,142.1 -5,389.1 -739.1
SBA COMM CORP SBAC* MM 10,142.1 -5,389.1 -739.1
SCULPTOR ACQUI-A SCUA US 0.4 0.0 -0.4
SCULPTOR ACQUISI SCUA/U US 0.4 0.0 -0.4
SEAWORLD ENTERTA SEASEUR EU 2,610.3 -33.9 195.4
SEAWORLD ENTERTA SEAS US 2,610.3 -33.9 195.4
SEAWORLD ENTERTA W2L GR 2,610.3 -33.9 195.4
SEAWORLD ENTERTA W2L TH 2,610.3 -33.9 195.4
SEAWORLD ENTERTA W2L QT 2,610.3 -33.9 195.4
SEAWORLD ENTERTA W2L GZ 2,610.3 -33.9 195.4
SHELL MIDSTREAM SHLX US 2,197.0 -464.0 17.0
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 RDO GR 10,274.0 -2,625.0 -1,800.0
SIRIUS XM HOLDIN RDO TH 10,274.0 -2,625.0 -1,800.0
SIRIUS XM HOLDIN SIRI US 10,274.0 -2,625.0 -1,800.0
SIRIUS XM HOLDIN RDO QT 10,274.0 -2,625.0 -1,800.0
SIRIUS XM HOLDIN SIRIEUR EZ 10,274.0 -2,625.0 -1,800.0
SIRIUS XM HOLDIN SIRIEUR EU 10,274.0 -2,625.0 -1,800.0
SIRIUS XM HOLDIN RDO GZ 10,274.0 -2,625.0 -1,800.0
SIRIUS XM HOLDIN SIRI AV 10,274.0 -2,625.0 -1,800.0
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 SNBR US 912.6 -469.2 -746.0
SLEEP NUMBER COR SL2 GR 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
SOUTHWESTRN ENGY SW5 TH 11,847.0 -119.0 -4,432.0
SOUTHWESTRN ENGY SW5 GR 11,847.0 -119.0 -4,432.0
SOUTHWESTRN ENGY SWN US 11,847.0 -119.0 -4,432.0
SOUTHWESTRN ENGY SW5 QT 11,847.0 -119.0 -4,432.0
SOUTHWESTRN ENGY SWN1EUR EU 11,847.0 -119.0 -4,432.0
SOUTHWESTRN ENGY SWN1EUR EZ 11,847.0 -119.0 -4,432.0
SOUTHWESTRN ENGY SW5 GZ 11,847.0 -119.0 -4,432.0
SOUTHWESTRN ENGY SWN-RM RM 11,847.0 -119.0 -4,432.0
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 SQSPEUR EU 899.5 -13.5 -25.2
SQUARESPACE IN-A 8DT GR 899.5 -13.5 -25.2
SQUARESPACE IN-A 8DT GZ 899.5 -13.5 -25.2
SQUARESPACE IN-A 8DT TH 899.5 -13.5 -25.2
SQUARESPACE IN-A 8DT QT 899.5 -13.5 -25.2
STARBUCKS CORP SBUX* MM 28,833.9 -8,450.3 -1,666.0
STARBUCKS CORP SRB GR 28,833.9 -8,450.3 -1,666.0
STARBUCKS CORP SRB TH 28,833.9 -8,450.3 -1,666.0
STARBUCKS CORP SBUX PE 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 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 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 SRB GZ 28,833.9 -8,450.3 -1,666.0
STARBUCKS CORP SBUX AV 28,833.9 -8,450.3 -1,666.0
STARBUCKS CORP SBUX TE 28,833.9 -8,450.3 -1,666.0
STARBUCKS CORP SBUXEUR EU 28,833.9 -8,450.3 -1,666.0
STARBUCKS CORP SBUX IM 28,833.9 -8,450.3 -1,666.0
STARBUCKS CORP SBUXUSD SW 28,833.9 -8,450.3 -1,666.0
STARBUCKS CORP SBUX-RM RM 28,833.9 -8,450.3 -1,666.0
STARBUCKS CORP SBUXCL CI 28,833.9 -8,450.3 -1,666.0
STARBUCKS CORP SBUX_KZ KZ 28,833.9 -8,450.3 -1,666.0
STARBUCKS-BDR SBUB34 BZ 28,833.9 -8,450.3 -1,666.0
STARBUCKS-CEDEAR SBUX AR 28,833.9 -8,450.3 -1,666.0
STARBUCKS-CEDEAR SBUXD AR 28,833.9 -8,450.3 -1,666.0
SYNDAX PHARMACEU SNDX US 449.7 -135.3 427.7
SYNDAX PHARMACEU SNDXEUR EU 449.7 -135.3 427.7
SYNDAX PHARMACEU 1T3 GR 449.7 -135.3 427.7
SYNDAX PHARMACEU 1T3 TH 449.7 -135.3 427.7
SYNDAX PHARMACEU 1T3 QT 449.7 -135.3 427.7
SYNDAX PHARMACEU 1T3 GZ 449.7 -135.3 427.7
TALON 1 ACQUIS-A TOAC US 0.4 0.0 -0.4
TALON 1 ACQUISIT TOACU US 0.4 0.0 -0.4
TEMPUR SEALY INT TPX US 4,321.9 -91.3 117.7
TEMPUR SEALY INT TPD GR 4,321.9 -91.3 117.7
TEMPUR SEALY INT TPXEUR EU 4,321.9 -91.3 117.7
TEMPUR SEALY INT TPD TH 4,321.9 -91.3 117.7
TEMPUR SEALY INT TPD GZ 4,321.9 -91.3 117.7
TEMPUR SEALY INT T2PX34 BZ 4,321.9 -91.3 117.7
TEMPUR SEALY INT TPX-RM RM 4,321.9 -91.3 117.7
TENON MEDICAL IN TNON US 11.0 -4.7 -5.2
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 TDG* MM 19,242.0 -2,626.0 5,593.0
TRANSDIGM GROUP TDGEUR EZ 19,242.0 -2,626.0 5,593.0
TRANSDIGM GROUP T7D TH 19,242.0 -2,626.0 5,593.0
TRANSDIGM GROUP TDGEUR EU 19,242.0 -2,626.0 5,593.0
TRANSDIGM GROUP T7D QT 19,242.0 -2,626.0 5,593.0
TRANSDIGM GROUP TDG-RM RM 19,242.0 -2,626.0 5,593.0
TRAVEL + LEISURE WD5A TH 6,600.0 -811.0 665.0
TRAVEL + LEISURE WD5A QT 6,600.0 -811.0 665.0
TRAVEL + LEISURE WYNEUR EU 6,600.0 -811.0 665.0
TRAVEL + LEISURE WD5A GR 6,600.0 -811.0 665.0
TRAVEL + LEISURE TNL US 6,600.0 -811.0 665.0
TRAVEL + LEISURE 0M1K LI 6,600.0 -811.0 665.0
TRAVEL + LEISURE WD5A GZ 6,600.0 -811.0 665.0
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 US 1,255.4 -207.1 92.3
TUPPERWARE BRAND TUP GR 1,255.4 -207.1 92.3
TUPPERWARE BRAND TUP QT 1,255.4 -207.1 92.3
TUPPERWARE BRAND TUP1EUR EZ 1,255.4 -207.1 92.3
TUPPERWARE BRAND TUP GZ 1,255.4 -207.1 92.3
TUPPERWARE BRAND TUP TH 1,255.4 -207.1 92.3
TUPPERWARE BRAND TUP1EUR EU 1,255.4 -207.1 92.3
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 2,277.0 -79.6 331.3
UNISYS CORP USY1 GR 2,277.0 -79.6 331.3
UNISYS CORP UIS US 2,277.0 -79.6 331.3
UNISYS CORP UIS1 SW 2,277.0 -79.6 331.3
UNISYS CORP UISEUR EU 2,277.0 -79.6 331.3
UNISYS CORP UISEUR EZ 2,277.0 -79.6 331.3
UNISYS CORP USY1 GZ 2,277.0 -79.6 331.3
UNISYS CORP USY1 QT 2,277.0 -79.6 331.3
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 1,973.2 -1,285.1 179.2
VERISIGN INC VRSN US 1,973.2 -1,285.1 179.2
VERISIGN INC VRS GR 1,973.2 -1,285.1 179.2
VERISIGN INC VRS QT 1,973.2 -1,285.1 179.2
VERISIGN INC VRSNEUR EZ 1,973.2 -1,285.1 179.2
VERISIGN INC VRSNEUR EU 1,973.2 -1,285.1 179.2
VERISIGN INC VRS GZ 1,973.2 -1,285.1 179.2
VERISIGN INC VRSN* MM 1,973.2 -1,285.1 179.2
VERISIGN INC VRSN-RM RM 1,973.2 -1,285.1 179.2
VERISIGN INC-BDR VRSN34 BZ 1,973.2 -1,285.1 179.2
VERISIGN-CEDEAR VRSN AR 1,973.2 -1,285.1 179.2
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 VMW US 28,676.0 -876.0 -1,685.0
VMWARE INC-CL A BZF1 GR 28,676.0 -876.0 -1,685.0
VMWARE INC-CL A BZF1 TH 28,676.0 -876.0 -1,685.0
VMWARE INC-CL A VMWEUR EU 28,676.0 -876.0 -1,685.0
VMWARE INC-CL A BZF1 QT 28,676.0 -876.0 -1,685.0
VMWARE INC-CL A 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 BZF1 GZ 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 UWV GR 1,193.2 -247.2 33.9
W&T OFFSHORE INC WTI US 1,193.2 -247.2 33.9
W&T OFFSHORE INC WTI1EUR EU 1,193.2 -247.2 33.9
W&T OFFSHORE INC UWV TH 1,193.2 -247.2 33.9
W&T OFFSHORE INC UWV GZ 1,193.2 -247.2 33.9
WAYFAIR INC- A W US 4,570.0 -1,619.0 795.0
WAYFAIR INC- A W* MM 4,570.0 -1,619.0 795.0
WAYFAIR INC- A 1WF 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 GZ 4,570.0 -1,619.0 795.0
WAYFAIR INC- A 1WF QT 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 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 GR 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 WW6 TH 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 WTWEUR EZ 1,428.9 -456.4 42.0
WW INTERNATIONAL WTW AV 1,428.9 -456.4 42.0
WW INTERNATIONAL WW6 GZ 1,428.9 -456.4 42.0
WW INTERNATIONAL WW-RM RM 1,428.9 -456.4 42.0
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 TH 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 EZ 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 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 YRCWEUR EU 2,425.6 -363.5 219.4
YELLOW CORP YEL QT 2,425.6 -363.5 219.4
YELLOW CORP YEL1 TH 2,425.6 -363.5 219.4
YELLOW CORP YRCWEUR EZ 2,425.6 -363.5 219.4
YELLOW CORP YEL GZ 2,425.6 -363.5 219.4
YUM! BRANDS -BDR YUMR34 BZ 5,966.0 -8,373.0 117.0
YUM! BRANDS INC TGR TH 5,966.0 -8,373.0 117.0
YUM! BRANDS INC TGR GR 5,966.0 -8,373.0 117.0
YUM! BRANDS INC YUM US 5,966.0 -8,373.0 117.0
YUM! BRANDS INC YUMEUR EU 5,966.0 -8,373.0 117.0
YUM! BRANDS INC TGR QT 5,966.0 -8,373.0 117.0
YUM! BRANDS INC YUM SW 5,966.0 -8,373.0 117.0
YUM! BRANDS INC YUM* MM 5,966.0 -8,373.0 117.0
YUM! BRANDS INC YUMEUR EZ 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 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 YUMUSD SW 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
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not guaranteed.
The TCR subscription rate is $975 for 6 months delivered via
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are $25 each. For subscription information, contact Peter A.
Chapman at 215-945-7000.
*** End of Transmission ***