/raid1/www/Hosts/bankrupt/TCR_Public/220607.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, June 7, 2022, Vol. 26, No. 157
Headlines
12TH & K ST. MALL: Taps Scott Kingston of Turton as Broker
2017 Q-FACTORY: Voluntary Chapter 11 Case Summary
ABDOUN ESTATE: July 13 Plan & Disclosure Hearing Set
ADVANZEON SOLUTIONS: SEC Says Amended Disclosures Insufficient
ALL YEAR HOLDINGS: Gets OK to Hire Bartov & Co as Israeli Counsel
ALL YEAR HOLDINGS: Taps Koffsky Schwalb as Special Counsel
ALLEN & HANDY: Seeks Approval to Hire Van Dam Law as Legal Counsel
ALTIUM PACKAGING: S&P Affirms 'B+' ICR, Outlook Stable
ARMSTRONG FLOORING: Court Orders Appointment of Retiree Committee
ARMSTRONG FLOORING: Frees Extra Cash in Chapter 11 DIP Deal
ARMSTRONG FLOORING: Retirees' Life, Health Benefits at Risk in Sale
ARMSTRONG FLOORING: Seeks $745K Bonuses for Mid-Level Managers
ATLANTIC BROOM: Emergency Bid to Use Cash Collateral Denied
BELL AND ARTHUR: Wins Cash Collateral Access Thru Aug 31
BLACKROCK INTERNATIONAL: July 26 Disclosure Statement Hearing Set
BMW NATIONWIDE: Has Deal on Cash Collateral Access Thru July 31
BOY SCOUTS: Sells Camps Due to Strain From Sex Abuse Lawsuits
BTS INTERNATIONAL: Property Owner Files Subchapter V Case
BV MANAGEMENT: Files for Chapter 11 to Stay Eviction
CHRISTIAN CARE: U.S. Trustee Appoints Creditors' Committee
CHUB CAY: Case Summary & Three Unsecured Creditors
CRYSTAL SPOON: Seeks to Hire Penachio Malara as Legal Counsel
CS GROUP: Case Summary & 10 Unsecured Creditors
DIAMANTE CUSTOM: Case Summary & 20 Largest Unsecured Creditors
DIVISION MANAGEMENT: Eagle Access Files for Chapter 11
EAGLE LEDGE: Seeks Cash Collateral Access
ECTOR COUNTY ENERGY: Court Okays Lender Cash Use in Chapter 11
FIRST COAST ENTERGY: Seeks to Hire Eileen N. Shaffer as Counsel
GLOBAL ALLIANCE: Has Deal on Cash Collateral Thru Aug 31
GOLDMAKER INC: June 8 Hearing on Bid to Extend Plan Deadline
H&S ALANG: Case Summary & Three Unsecured Creditors
HAIL MARY: Files for Chapter 11 Bankruptcy Protection
HANSABEN INVESTMENTS: Patel's La Quinta Inn Enters Chapter 11
HARLAN REAL ESTATE: Court Approves Disclosure Statement
HEART TO HEART: Seeks to Hire Eric A. Liepins as Legal Counsel
HERTZ GLOBAL: Faces Suits After Filing False Police Reports
HOMETOWN RESTORATION: Court Approves Liquidating Plan
IGLESIAS DIOS: Plan Filing Deadline Extended to June 10
IMAGENATION OF ALLEN: Starts Chapter 11 Subchapter V Case
INGROS FAMILY: July 19 Plan Confirmation Hearing Set
ION GEOPHYSICAL: Committee Taps White & Case as Legal Counsel
J.F. GRIFFIN: Cash Collateral Bid Denied as Moot
JJS LOGISTICS: Gets OK to Hire Jennis Morse Etlinger as Counsel
LIFE CENTER CHURCH: Unsecureds Owed $400T to Get 10% of Claims
LOPSANG CONSTRUCTION: In Chapter 11, Expects to File 100% Plan
M5 ROCHESTER: Voluntary Chapter 11 Case Summary
MEDICAL ACQUISITION: Taps Sullivan Workman & Dee as Special Counsel
MIFATE CAB: Taxi Medallion Owner Refiles Subchapter V Case
MIL-SHER COMPLEX: July 6 Hearing on Disclosure Statement
NATIONWIDE FREIGHT: Case Summary & 20 Largest Unsecured Creditors
NORTHWEST SENIOR: Asks Court Approval for $10.1M Ch. 11 Loan
OLDSMAR JJ: June 29 Plan Confirmation Hearing Set
PANDA TEMPLE: 758 Megawatt Power Plant Up for Sale June 7
PCDM PROPERTIES: Gets Approval to Hire Beacon Realty as Broker
PG&E CORP: Fitch Alters Outlook on 'BB' LT IDRs to Positive
POMMEL MEADOWS: Case Summary & 19 Unsecured Creditors
PRITHVI INVESTMENTS: Quality Inn Santa Rosa, CA Enters Chapter 11
PROVENCROWN BUILDERS: Wins Access to JPMorgan's Cash Collateral
RCO INC: Royal RC Construction Starts Subchapter V Case
RECYCLING REVOLUTION: Unsecureds to Get $3T Monthly for 8 Years
RED RIVER: Chapter 11 Plan Includes Toggle Feature
RUDRA INVESTMENTS: Files Emergency Bid to Use Cash Collateral
S B BUILDING: Case Summary & 15 Unsecured Creditors
S&M DISTRIBUTORS: Seeks to Hire Lopez Tax Service as Tax Preparer
SAVVA'S RESTAURANT: Seeks to Hire Prager Metis as New Accountant
SB BUILDING: Owners of Former NJ Michelin Facility File Chapter 11
SUNGARD AS: Committee Taps Dundon Advisers as Financial Advisor
TALEN ENERGY: TES Inks $1.3B Backstop, RSA With 71% of Noteholders
TAMPA SMOKE SHOP: A1 Smoke Shop Files for Chapter 11
TC TELEPHONE: Files for Chapter 11 Bankruptcy Protection
TM GRACE: Case Summary & 20 Largest Unsecured Creditors
TOTAL ENERGY: Seeks to Hire Thompson Law Group as Counsel
TREMONT BEVERAGE: Starts Chapter 11 Subchapter V Case
VC GB HOLDINGS: S&P Downgrades ICR to 'B-', Outlook Stable
VINO CAFE: Plan is Neither Fair Nor Equitable, Community Bank Says
WATSONVILLE COMMUNITY: Gets $1.75 Mil. Donation to Save Hospital
WEINSTEIN CO: Appeals Court Upheld Harvey's NY Assault Conviction
WESTERN AUSTRALIAN: Gets OK to Hire Keller Williams as Broker
WYOTRANS LLC: Starts Chapter 11 Subchapter V Case
ZOHAR FUNDS: Asks Chancery to Delay Ouster From Stila Styles
[*] Bankruptcies Remain Low in New Hampshire
[*] Supreme Court Rules Corporate Bankruptcy Fee Hike Improper
[*] Total Commercial Bankruptcy Filings Up 34% in May 2022
[^] Large Companies with Insolvent Balance Sheet
*********
12TH & K ST. MALL: Taps Scott Kingston of Turton as Broker
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12th & K St. Mall Partners, LLC seeks approval from the U.S.
Bankruptcy Court for the Central District of California to employ
Scott Kingston of Turton Commercial Real Estate as its real estate
broker.
The firm will provide real estate brokerage services with respect
to the Debtor's real properties located at 1131 K St., Sacramento,
Calif.
Mr. Kingston will receive commissions payable on execution of a
lease by the Debtor and its tenant as follows: 6 percent of the
total gross rent received by the Debtor through the first 60 months
of the paid lease term; plus 3 percent of the total gross rent
received by the Debtor for the next 60 months.
Mr. Kingston, senior vice president of Turton, disclosed in a court
filing that he and the firm are "disinterested persons" within the
meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Scott Kingston
Turton Commercial Real Estate
2131 Capitol Avenue, Suite 100
Sacramento, CA 95816
About 12th & K. St. Mall Partners
2th & K St. Mall Partners, LLC is a California limited liability
company created on Nov. 12, 2003, as a real estate investment
company. It currently owns and operates a mixed-use property
located at 1020 12th St. Sacramento, Calif. On July 29, 2019, 2th &
K St. Mall Partners transferred 8.1% equity ownership in the
property to the Ziegelman Family Trust, which is not a member of
the company.
2th & K St. Mall Partners sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. C.D. Calif. Case No. 22-10061) on Jan. 6,
2022, disclosing up to $50 million in assets and up to $50 million
in liabilities. Robert W. Clippinger, managing member, signed the
petition.
Judge Barry Russell oversees the case.
Matthew D. Resnik, Esq., at Resnick Hayes Moradi, LLP serves as the
Debtor's legal counsel. DMR Consulting Group and Valencia Tax Group
are the Debtor's accountants.
2017 Q-FACTORY: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: 2017 Q-Factory LLC
1611 S. Utica Ave. #155
Tulsa, OK 74104
Business Description: The Debtor owns a boutique catalogs of music
and sound design specifically crafted for
the motion picture and television
advertising.
Chapter 11 Petition Date: June 4, 2022
Court: United States Bankruptcy Court
Northern District of Oklahoma
Case No.: 22-10510
Judge: Hon. Terrence L. Michael
Debtor's Counsel: Ron D. Brown, Esq.
BROWN LAW FIRM PC
715 S. Elgin Ave.
Tulsa, OK 74120
Tel: 918-585-9500
Email: ron@ronbrownlaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Phoenix Music Publishing, LLC by Dan
Pentecost, as manager.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/PLVDKPQ/2017_Q-Factory_LLC__oknbke-22-10510__0001.0.pdf?mcid=tGE4TAMA
ABDOUN ESTATE: July 13 Plan & Disclosure Hearing Set
----------------------------------------------------
On May 27, 2022, debtor Abdoun Estate Holdings, LLC, filed with the
U.S. Bankruptcy Court for the Eastern District of Michigan a Third
Amended Combined Plan and Disclosure Statement.
On May 31, 2022, Judge Thomas J. Tucker granted preliminary
approval to the Disclosure Statement and ordered that:
* July 5, 2022 is the deadline to return ballots on the Third
Amended Plan, as well as to file objections to final approval of
the Disclosure Statement and objections to confirmation of the
Third Amended Plan.
* July 13, 2022 at 11:00 a.m., in Room 1925, 211 W. Fort
Street, Detroit, Michigan is the hearing on objections to final
approval of the Disclosure Statement and confirmation of the Third
Amended Plan.
A copy of the order dated May 31, 2022, is available at
https://bit.ly/3amwT7V from PacerMonitor.com at no charge.
Attorneys for the Abdoun Estate Holdings, LLC:
Anthony J. Miller, Esq.
OSIPOV BIGELMAN P.C.
20700 Civic Center Drive, Suite 420
Southfield, MI 48076
Tel: (248) 663-1804
Fax: (248) 663-1801
E-mail: am@osbig.com
About Abdoun Estate Holdings
Abdoun Estate Holdings, LLC, is a single asset real estate debtor
(as defined in 11 U.S.C. Section 101(51B)) based in Southfield,
Mich.
Abdoun Estate Holdings filed its voluntary petition for Chapter 11
protection (Bankr. E.D. Mich. Case No. 21-48063) on Oct. 11, 2021,
listing as much as $10 million in both assets and liabilities.
Ahmad Abulabon, managing member of Abdoun Estate Holdings, signed
the petition.
Judge Thomas J. Tucker oversees the case.
The Debtor tapped Yuliy Osipov, Esq., at Osipov Bigelman, P.C., as
its bankruptcy counsel. The Blum Law Firm and Frasco Caponigro
Wineman Scheible Hauser & Luttmann, PLLC, serve as the Debtor's
special counsel.
ADVANZEON SOLUTIONS: SEC Says Amended Disclosures Insufficient
--------------------------------------------------------------
The U.S. Securities and Exchange Commission (the "SEC"), objects to
approval of the Disclosure Statement for the Amended Plan of
Reorganization of Advanzeon Solutions, Inc.
The SEC incorporates by reference its prior arguments set forth in
its Objection to Approval of the Disclosure Statement for Plan of
Reorganization Under Chapter 11 of the United States Code for
Advanzeon Solutions, Inc. ("Objection"), including the argument
that the Court should appoint a trustee or convert this case to a
case under chapter 7.
The SEC asserts that although the Amended Disclosure Statement made
changes regarding the release of equitable claims, the release of
claims against non-Debtors, and the proposed treatment of certain
secured creditors, each of which were raised in the Objection, the
balance of the issues raised in the SEC's Objection remain
unaddressed.
In addition, the SEC notes that, per the Debtor's projections and
liquidation analysis, it appears to have insufficient funds to
cover administrative expenses. The Debtor's Liquidation Analysis
estimates administrative expenses to be $100,000, but the Debtor
has only $400 cash on hand.
A full-text copy of the SEC's objection dated May 31, 2022, is
available at https://bit.ly/3McpFRa from PacerMonitor.com at no
charge.
Counsel to the U.S. Securities and Exchange Commission:
William M. Uptegrove
Atlanta Regional Office
950 East Paces Ferry Road, N.E.
Atlanta, GA 30326
Tel: (404) 842-5765
UptegroveW@sec.gov
Therese A. Scheuer
100 F Street, NE
Washington, DC 20549
Tel.: (202) 551-6029
Fax: (202) 772-9317
Scheuert@sec.gov
About Advanzeon Solutions
Based in Tampa, Fla., Advanzeon Solutions, Inc., provides
behavioral health, substance abuse and pharmacy management
services, as well as sleep apnea programs, for employers,
Taft-Hartley health and welfare Funds, and managed care companies
throughout the United States.
Advanzeon Solutions sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 20-06764) on Sept. 7,
2020.
At the time of the filing, the Debtor had estimated assets of
between $500,000 and $1 million and liabilities of between $1
million and $10 million. The petition was signed by Clark A.
Marcus, chief executive officer.
Stichter, Riedel, Blain & Postler, P.A., is the Debtor's legal
counsel.
ALL YEAR HOLDINGS: Gets OK to Hire Bartov & Co as Israeli Counsel
-----------------------------------------------------------------
All Year Holdings Limited received approval from the U.S.
Bankruptcy Court for the Southern District of New York to employ
Bartov & Co. as its special Israeli counsel.
The firm will provide various corporate and regulatory legal
services, including:
a. representation the Debtor in all legal proceedings to which
it is a party in Israel, including two securities class action
lawsuits commenced in Israel against the Debtor and certain of its
former officers and directors, and
b. legal services related to the obligations of the Debtor, as
an issuer of publicly traded notes in Israel, under the Israeli
companies law and securities law.
The hourly rates charged by the firm for its services are as
follows:
Amir Bartov, Partner $350
Shirley Villensky, Associate $250
Nitzan Katz, Intern $90
As disclosed in court filings, Bartov & Co. neither represents nor
holds any interest adverse to the Debtor.
In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, Bartov
& Co. disclosed that:
-- The firm has not agreed to any variations from, or
alternatives to, its standard or customary billing arrangements for
this engagement.
-- No Bartov & Co. professional included in the engagement has
varied his rate based on the geographic location of the bankruptcy
case.
-- The billing rates and material financial terms have changed
postpetition in the ordinary course of business in accordance with
the terms of the engagement letters.
-- Bartov & Co., in conjunction with the Debtor, will develop
a budget and staffing plan for this Chapter 11 case. Both will
review such budget following the close of the period to determine a
budget for the following period.
Bartov & Co. can be reached through:
Amir Bartov, Esq.
Shirley Villensky, Esq.
Bartov & Co.
The Museum Towers, 6th fl.
4 Berkovich Street,
Tel Aviv 6423806
Email: office@bartov-law.co.il
About All Year Holdings Ltd.
All Year Holdings Ltd. is a real estate development company founded
by American real estate developer Yoel Goldman. It operates as a
holding company, which, through its direct and indirect
subsidiaries, focuses on the development, construction,
acquisition, leasing and management of residential and commercial
income producing properties in Brooklyn, N.Y. The company's
portfolio includes approximately 1,648 residential units and 69
commercial units in Bushwick, Williamsburg, and
Bedford-Stuyvesant.
All Year Holdings sought Chapter 11 bankruptcy protection (Bankr.
S.D.N.Y. Case No. 21-12051) on Dec. 14, 2021. At the time of the
filing, the Debtor listed $1 billion to $10 billion in assets and
liabilities. Judge Martin Glenn oversees the case.
Weil, Gotshal & Manges LLP, led by Matthew Paul Goren, Esq., is the
Debtor's legal counsel. Koffsky Schwalb, LLC and Bartov & Co.
serves as the Debtor's special counsels.
ALL YEAR HOLDINGS: Taps Koffsky Schwalb as Special Counsel
----------------------------------------------------------
All Year Holdings Limited received approval from the U.S.
Bankruptcy Court for the Southern District of New York to employ
Koffsky Schwalb, LLC as its special counsel.
The firm's services include:
(a) representing the Debtor and certain subsidiaries in
connection with the following ongoing state court actions:
-- All Year Holdings Limited individually and on behalf
of Lofts on Devoe Residence LLC v. Abraham
Greenhut, et al. (Kings County Supreme Court Index
No. 528711/2021);
-- Taz Partners LLC v. Yoel Goldman and All Year
Holdings Limited (Kings County Supreme Court Index No.
564/2021);
-- DW Brooklyn 75 LLC v. 101 Quincy LLC, et al. (Kings
County Supreme Court Index No. 501321/2021);
-- Kent Ave Mixed Use LLC v. 65 Kent Avenue LLC (Kings
County Supreme Court Index No. 518859/2021);
-- Chetrit v. Goldman (Kings County Supreme Court Index
No. 525874/2020);
-- Goldman v. Chetrit (Kings County Supreme Court Index
No. 500208/2021);
-- Good Light Funding LLC v. All Year Holdings LLC
(Kings County Supreme Court Index No. 506747/2022);
-- Velocity Framers USA Inc. v. 65 Kent Avenue LLC, et
al. (Kings County Supreme Court Index No.
531255/2021);
-- Bistritzky v. 268 Metropolitan Ave, LLC, et al.
(Kings County Supreme Court Index No. 512158/2022);
and
-- Ehrenreich v. Knickerbocker St. Holdings, LLC, et
al. (Kings County Supreme Court Index No.
512119/2022).
(b) addressing questions, concerns, and claims of partners and
lenders relating to their positions in the Debtor's
as they arise;
(c) investigating certain pre-bankruptcy withdrawals and
deposits from the Debtor's various bank accounts;
(d) investigating and seeking repayment of certain loans made
by the Debtor to others;
(e) providing advice regarding a potential sale of the
Debtor's assets;
(f) serving as counsel for any disputes with the Debtor's sole
economic shareholder; and
(g) performing all other necessary legal services.
The hourly rates charged by the firm for its services are as
follows:
All Attorneys $450
All Legal Assistants $150
Koffsky Schwalb holds $13,562.50 as an advance payment retainer.
As disclosed in court filings, Koffsky Schwalb neither represents
nor holds any interest adverse to the Debtor.
In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, Koffsky
Schwalb disclosed that:
-- The firm has agreed to a rate of $450 per hour for all
attorneys, which is lower than or equal to the standard rate that
it charges for all attorneys at the firm.
-- No Koffsky Schwalb professional included in the engagement
has varied his rate based on the geographic location of the
bankruptcy case.
-- No changes in billing rates and material financial terms
post-petition.
-- The Debtor has approved the budget and staffing plan until
the special counsel matters are concluded.
The firm can be reached through:
Efrem Schwalb, Esq.
Koffsky Schwalb LLC
349 Fifth Avenue, Suite 733
New York, NY 10016
Tel: 646-553-1590
Fax: 646-553-1591
Email: eschwalb@koffskyschwalb.com
About All Year Holdings Ltd.
All Year Holdings Ltd. is a real estate development company founded
by American real estate developer Yoel Goldman. It operates as a
holding company, which, through its direct and indirect
subsidiaries, focuses on the development, construction,
acquisition, leasing and management of residential and commercial
income producing properties in Brooklyn, N.Y. The company's
portfolio includes approximately 1,648 residential units and 69
commercial units in Bushwick, Williamsburg, and
Bedford-Stuyvesant.
All Year Holdings sought Chapter 11 bankruptcy protection (Bankr.
S.D.N.Y. Case No. 21-12051) on Dec. 14, 2021. At the time of the
filing, the Debtor listed $1 billion to $10 billion in assets and
liabilities. Judge Martin Glenn oversees the case.
Weil, Gotshal & Manges LLP, led by Matthew Paul Goren, Esq., is the
Debtor's legal counsel. Koffsky Schwalb, LLC and Bartov & Co.
serves as the Debtor's special counsels.
ALLEN & HANDY: Seeks Approval to Hire Van Dam Law as Legal Counsel
------------------------------------------------------------------
Allen & Handy Investments, LLC seeks approval from the U.S.
Bankruptcy Court for the District of Massachusetts to hire Van Dam
Law, LLP to handle its Chapter 11 case.
The firm received a pre-bankruptcy retainer of $10,000.
As disclosed in court filings, Van Dam Law does not hold any
interest adverse to the interest of the Debtor.
The firm can be reached through:
Michael Van Dam
Van Dam Law LLP
233 Needham Street, Suite 540
Newton, MA 02464
Phone: 617-969-2900
Fax : 617-964-4631
Email: mvandam@vandamlawllp.com
About Allen & Handy Investments
Allen & Handy Investments, LLC owns a three-unit residential
property locate at 84 Esmond St., Dorchester, Mass. Based on a 2022
appraisal, the property is estimated to be worth $1.04 million.
Allen & Handy Investments sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Mass. Case No. 22-10681) on May 17,
2022, listing up to $1 million in both assets and liabilities.
Peter Handy, manager, signed the petition.
Judge Janet E. Bostwick oversees the case.
Michael Van Dam, Esq., at Van Dam Law, LLP is the Debtor's counsel.
ALTIUM PACKAGING: S&P Affirms 'B+' ICR, Outlook Stable
------------------------------------------------------
S&P Global Ratings affirmed its 'B+' issuer credit rating on
U.S.-based rigid packaging provider Altium Packaging LLC. The
outlook is stable.
S&P said, "At the same time, we affirmed our 'B+' issue-level
rating on the company's first-lien term loan. The recovery rating
on this debt remains '3' (rounded recovery estimate: 50%).
"The stable outlook on Altium reflects our expectation that the
company will continue to make progress in price actions and
effectively pass through higher material and non-material costs,
which should lead to stronger revenues and earnings this year. We
expect its S&P Global Ratings-adjusted debt leverage will decline
below 7x by the end of 2022.
"We expect Altium's earnings will improve this year versus 2021,
primarily driven by price actions and cost pass-throughs. The
company is implementing price increases since 2021 due to higher
material prices and other expenses such as labor, freight and
energy. The majority of Altium's contracts specify material
pass-throughs, with non-material cost pass-throughs included in
some contracts. The pass-through mechanisms typically allow the
company to passthrough higher resin costs to customers (contract
and non-contract) in 30 days, while the lags may vary for other
costs. While a portion of these price actions improved Altium's
profitability in late 2021, we expect more will be captured this
year in revenues and earnings due to the lags in pass-throughs. As
a result, we forecast revenue to grow by low-to-mid-single-digit
percent this year, and EBITDA margins improve to mid-teen-digit
percent area. We assume resin price pressures abate somewhat offset
by an increase in other material costs, freight, and wages. These
trends should help reduce the level of working capital usage in
2022. Additionally, we assume this year's capital spending will be
in line with historical levels. As such, we expect Altium's free
cash flows will turn positive in 2022."
Overall, this should result in some improvements in credit metrics
in the next few quarters, with S&P Global Ratings-adjusted debt to
EBITDA declining below 7x at the end of 2022. Still, risks include
macroeconomic weakness, inability to pass higher input costs
through pricing, operational missteps, acquisitions, or shareholder
rewards, which could result in slower deleveraging than S&P
currently forecasts.
S&P said, "We anticipate the company will paydown revolver
borrowings and maintain a good liquidity position over the next 12
months.After Altium repaid $7 million borrowings under its ABL
revolver in the first quarter, the company had about $41 million
outstanding as of March 2022. We expect the company will continue
to paydown the revolver over the course of 2022 using cash
generated from operations. The company's liquidity sources are
supported by the availability under its $175 million revolver due
2026, cash on hand, and funds generated from operations. We expect
the company would need about $15 million capital expenditures
(capex) per year to maintain its equipment and facilities, in
addition to the mandatory annual debt amortization of about $10
million. We don't expect significant working capital outflows over
the next 12 months, with no material near-term debt maturities (the
balance of the company's $1.05 billion first-lien term loan is due
June 2026).
"The stable outlook reflects our expectation that the company will
continue to make progress in price actions and effectively pass
through elevated material and non-material costs, which should lead
to stronger revenues and earnings this year. We expect its adjusted
debt leverage will decline below 7x by the end of 2022.
"We could lower our ratings if the company's debt leverage remains
above 7x on a sustained basis. Macroeconomic weakness, inability to
pass higher input costs through pricing, operational missteps,
acquisitions, or shareholder rewards could result in debt leverage
sustained above this level.
"We could upgrade the company if its debt leverage improves to
below 5x on a sustained basis. This could occur if the company is
able to successfully cover increased input costs from repricing,
strong end market demands, or improved operating efficiency. We
would also look for committed financial policies that support
credit metrics sustained at this level."
ESG credit indicators: E-3, S-2, G-2
S&P said, "Environmental factors are a moderately negative
consideration in our credit rating analysis of Altium Packaging
LLC. Its primary business in rigid plastic packaging, particularly
as it relates to the water, specialty beverage, and dairy segment,
could be subject to regulatory and substitution risk over the long
term as concerns about waste and pollution rise among customers and
consumers. We view plastic packaging, with its limited
recyclability and overall low recycling rates, as having a larger
pollution impact on the environment compared to other substrates."
ARMSTRONG FLOORING: Court Orders Appointment of Retiree Committee
-----------------------------------------------------------------
Judge Mary Walrath of the U.S. Bankruptcy Court for the District of
Delaware ordered the U.S. Trustee for Regions 3 and 9 to appoint an
official committee that will represent retirees in Armstrong
Flooring, Inc.'s Chapter 11 case.
The committee will be composed of retirees who are currently
receiving retirement benefits not covered by a collective
bargaining agreement or that are covered by a CBA but the union
party thereto has elected not to serve as their authorized
representative.
Armstrong provides post-employment medical, prescription drug, and
dental benefits and life insurance benefits to retired U.S.
employees and their spouses and dependents.
About Armstrong Flooring
Armstrong Flooring, Inc. (NYSE: AFI) --
https://www.armstrongflooring.com/ -- is a global manufacturer of
flooring products. Headquartered in Lancaster, Pa., Armstrong
Flooring operates eight manufacturing facilities globally.
Armstrong Flooring sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Case No. 22-10426) on May 8, 2022,
listing $100 million to $500 million in both assets and
liabilities. Michel S. Vermette, president and chief executive
officer, signed the petition.
Judge Mary F. Walrath oversees the case.
The Debtor tapped Skadden, Arps, Slate, Meagher & Flom, LLP as
bankruptcy counsel; and Friedman Kaplan Seiler & Adelman, LLP,
Chipman Brown Cicero & Cole, LLP and Groom Law Group, Chartered as
special counsels. Riveron Consulting, LP and Houlihan Lokey serve
as the Debtor's financial advisor and investment banker,
respectively. Epiq Corporate Restructuring, LLC is the claims and
noticing agent and administrative advisor.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee of unsecured creditors in the Debtor's Chapter 11 case on
May 18, 2022. The committee is represented by Cole Schotz P.C.
ARMSTRONG FLOORING: Frees Extra Cash in Chapter 11 DIP Deal
-----------------------------------------------------------
Vince Sullivan of Law360 reports that the bankrupt building supply
manufacturer Armstrong Flooring Inc. told a Delaware judge Friday,
June 3, 2022, that it had reached a deal with its post-petition
lenders that will provide extra cash to fund the debtor's
operations until a Chapter 11 sale can close, resolving objections
from unsecured creditors.
During a virtual hearing, debtor attorney Cameron M. Fee of Skadden
Arps Slate Meagher & Flom LLP said the company had been engaged in
negotiations with its secured lenders and the official committee of
unsecured creditors for the previous 48 hours.
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.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 22-10426) on May 8, 2022.
In the petition signed by Michel S. Vermette, president and chief
executive officer, the Debtor disclosed $517,000,000 in assets and
$317,800,000 in liabilities.
Judge Mary F. Walrath oversees the case.
Skadden, Arps, Slate, Meagher and Flom, LLP is the Debtor's
counsel. Riveron Consulting, LP, is the financial advisor,
Houlihan Lokey is the investment banker, and Epiq Corporate
Restructuring, LLC, is the claims and noticing agent and
administrative advisor.
ARMSTRONG FLOORING: Retirees' Life, Health Benefits at Risk in Sale
-------------------------------------------------------------------
Lisa Scheid of Business Trends reports that life and health
insurance benefits for Armstrong Flooring Inc. retirees remain in
jeopardy as the company moves through the Chapter 11 bankruptcy
sale process.
On Friday, an attorney for Armstrong Flooring Inc. said in Delaware
bankruptcy court that interested buyers of the company do not want
to take on paying retiree health and life insurance benefits.
Ron Meisler, of Skadden, Arps, Slate, Meagher & Flom LLP, said
that the "practical reality to date" is that all of the bidders
that Armstrong Flooring has been in touch with have stated they do
not want to assume the debt of retiree's benefits.
East Lampeter Township-based Armstrong Flooring has said it wants
to eliminate payments in health and life insurance plan
obligations. The ongoing expenditures required under the retiree
plans -- nearly $245,000 per month -- are cost-prohibitive given
the company's lack of cash and the constraints imposed by the
budget under its financing, Armstrong Flooring argued.
There are about 1,660 retirees receiving health insurance benefits
and about 2,000 receiving life insurance benefits. Meisler said
the health benefits amount to about $15 million obligation and life
insurance amount to $40 million obligation. Also, he said, there
are $2 million to $3 million in annual administration expenses.
At Armstrong Flooring's request, the court authorized the U.S.
Trustee to appoint a committee of retirees that would negotiate
with the company. The committee would include only nonunion
retirees. The United Steelworkers union and International
Association of Machinists and Aerospace Workers are representing
their retirees in the matter.
Meisler said Armstrong Flooring is not closing the door on the
possibility that a bidder might want to assume the debt. The
deadline for bids is June 14 with an auction, if necessary, set for
June 16. If the successful buyer doesn't assume the debt,
Armstrong Flooring would likely return to court to do away with or
lessen the obligation, Meisler said.
Other matters discussed during the hearing regarding
debtor-in-possession financing on Friday included payments to
critical vendors and rental payments to High Properties. High
Properties is the landlord for Armstrong Flooring's headquarters at
1770 Hempstead Road in East Lampeter Township.
Armstrong Flooring is in the process of paying unpaid rent from
prior to the May 8 bankruptcy filing. An attorney for the company
said Armstrong Flooring had cut a check for about $213,000 for
June’s rent and made payments on prepetition rent.
Since Armstrong Flooring has said it might need to extend financing
to July 7, High Properties sought to be sure rent for that time is
also addressed. High Properties wanted to make sure those payments
are in the debtor-in-possession budget.
Armstrong Flooring owes an estimated $318 million, including $160
million in long-term debt and sought protection from lenders
through bankruptcy. It received court approval to sell off its
assets it values at $517 million.
Armstrong Flooring is seeking to sell its North American, Chinese
and Australian assets as going concerns, and bidders for each
include going concern purchasers. A going concern means the company
would continue to operate. The company acknowledged that there
could be bidders who seek to liquidate its assets.
Armstrong operates seven manufacturing plants in three countries.
Two plants are in Pennsylvania, one in Lancaster city and one in
Beech Creek Township, Clinton County. There are plants in Illinois,
Mississippi, Oklahoma and one plant each in China and Australia.
The plants in China and Australia are not part of the bankruptcy
but are part of the sale.
Last month, Armstrong notified all its workers that they could be
permanently laid off before the end of this month if the company
could not find a buyer interested in keeping it going.
Coming up on June 9 is the first meeting of the creditors’
committee, which will be held outside of the presence of a judge
and run by a representative of the U.S. Trustee's office. The
meeting can be as short as 15 minutes. The purpose of a creditors'
committee is to ensure that unsecured creditors, who may be owed
relatively small sums, are still represented in bankruptcy
proceedings. The committee is appointed by the U.S. trustee and
ordinarily consists of unsecured creditors who hold the seven
largest unsecured claims against the debtor.
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.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 22-10426) on May 8, 2022.
In the petition signed by Michel S. Vermette, president and chief
executive officer, the Debtor disclosed $517,000,000 in assets and
$317,800,000 in liabilities.
Judge Mary F. Walrath oversees the case.
Skadden, Arps, Slate, Meagher and Flom, LLP is the Debtor's
counsel. Riveron Consulting, LP is the financial advisor, Houlihan
Lokey is the investment banker, and Epiq Corporate Restructuring,
LLC is the claims and noticing agent and administrative advisor.
ARMSTRONG FLOORING: Seeks $745K Bonuses for Mid-Level Managers
--------------------------------------------------------------
Lisa Scheid of Lancaster Online reports that Armstrong Flooring
Inc. has asked a bankruptcy court to approve a $745,000 retention
bonus plan to keep mid-level managers on board through the sale of
the company.
That comes on top of the more than $4.8 million retention bonuses
given to executives since February 2022.
Armstrong Flooring, which filed for Chapter 11 bankruptcy on May 8,
estimated the bonuses to as many as 50 "key personnel" would be an
average of $14,900 per person. The employees covered include those
in product manufacturing and design, shipping and transportation,
product management, marketing, finance, sales, human resources and
customer service
The bonuses would range from 8% to 12% of the annual base level
salary of key people that executives and their consultants
determined were important to assist in the sale and wind down of
the company. These are not executives who already received
bonuses.
The East Lampeter-based company said the financial incentive was
needed because employees could be looking to leave. Armstrong
Flooring is a global producer of resilient flooring products used
primarily in the construction and renovation of commercial,
residential, and institutional buildings.
"Participants could face -- and, upon information and belief,
certain employees already have faced -- significant pressure to
leave their jobs with the debtors due to perceived uncertainty and
concern over their job prospects," wrote president and CEO Michel
Vermette in support of the plan.
He said the bankruptcy may have exacerbated employment concerns for
the very personnel charged with maximizing the value of Armstrong
Flooring.
He said the "modest" proposed retention benefits to key employees
would assuage fears. A hearing on the request was set for June 22,
which would be after the June 16 deadline for bids to buy parts or
all of the company. While Armstrong has said it is seeking a buyer
that will keep the company going, it has acknowledged that it may
end up liquidating its assets and closing.
Last month, Armstrong notified all its workers that they could be
permanently laid off before the end of this month if the company
could not find a buyer interested in keeping it going.
Armstrong Flooring owes an estimated $318 million and sought
protection from lenders through bankruptcy. It received court
approval to sell off its assets it values at $517 million.
Armstrong Flooring is seeking to sell its North American, Chinese
and Australian assets as going concerns, and bidders for each
include going concern purchasers. A going concern means the
company would continue to operate.
Retention targets detailed
About 38% of the key workers would be retained until the closing of
the sale of the North American assets and 62% would stay through to
the closing of the sale of Chinese and Australian assets, Armstrong
said.
A smaller subset of the group may be needed, Armstrong Flooring
said, in case a liquidator is selected as a top bidder. In that
scenario, they would be needed to wind down operations.
Armstrong operates seven manufacturing plants in three countries.
Two plants are in Pennsylvania, one in Lancaster city and one in
Beech Creek Township, Clinton County. There are plants in Illinois,
Mississippi, Oklahoma and one plant each in China and Australia.
The plants in China and Australia are not part of the bankruptcy
but are part of the sale.
The median employee salary in 2021, according to a SEC filing, was
$56,826.
According to court filings, in addition to the $1.4 million a few
days before the bankruptcy filing, senior executives also received
$3.4 million in retention bonuses in February 2022. The company
was already struggling with its debt load at the start of the year,
sparking concern about top execs departing.
Under the $1.4 million bonus plan for executives that was disclosed
last month, Vermette received $432,250; Chief Financial Officer Amy
Trojanowski, $193,375; Chief Compliance Officer Christopher Parisi,
$155,084; Senior Vice President Brent Flaharty, $151,558, and
Senior Vice President, Human Resources, John Bassett, $129,390. The
retention amounts must be repaid by the named executive officer in
accordance with the retention agreement if the executive resigns
from employment for any reason or is terminated by the company for
cause prior to Sept. 3, 2022.
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.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 22-10426) on May 8, 2022.
In the petition signed by Michel S. Vermette, president and chief
executive officer, the Debtor disclosed $517,000,000 in assets and
$317,800,000 in liabilities.
Judge Mary F. Walrath oversees the case.
Skadden, Arps, Slate, Meagher and Flom, LLP is the Debtor's
counsel. Riveron Consulting, LP is the financial advisor, Houlihan
Lokey is the investment banker, and Epiq Corporate Restructuring,
LLC, is the claims and noticing agent and administrative advisor.
ATLANTIC BROOM: Emergency Bid to Use Cash Collateral Denied
-----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Massachusetts denied
the request of Atlantic Broom Service, Inc. and its
debtor-affiliates to use cash collateral for the reasons set forth
on the record.
As previously reported by the Troubled Company Reporter, the
Debtors sought authority to use cash collateral on an emergency
basis.
The cash collateral consists of amounts paid by its subsidiary, ATL
Municipal Sales, LLC, to Atlantic Broom pursuant to the Expense
Sharing and Manufacturing Agreement between the parties. Because
the Debtor needs access to cash collateral to make upcoming
payroll, Atlantic Broom requests that the Court schedule a hearing
on June 1, 2022, to consider the Motion.
Following the hearing on June 1, the Bankruptcy Court entered an
Order to Show Cause directing Atlantic Broom Service to show cause
why the Court should not remove the Debtor as debtor-in-possession
under section 1185 of the Bankruptcy Code for cause. At the
hearing, Atlantic Broom admitted it had failed to pay postpetition
payroll taxes, including the employee portion of withheld taxes. In
addition, the U.S. trustee reported that Atlantic Broom had failed
to file monthly operating reports for the periods since February
2022. The Court has set the Show Cause hearing for June 8, 2022, at
2:00 p.m. The hearing will be conducted by video.
The Court said the order is without prejudice to the Debtor
Atlantic Broom filing a further motion for use of cash collateral.
A copy of the order is available at https://bit.ly/3zcJWmI from
PacerMonitor.com.
About Atlantic Broom Service
Atlantic Broom Service, Inc. offers roadway maintenance products,
including replacement street sweeper brooms, blades and supplies
for snow plows or traffic and highway signage for towns, cities,
contracting companies, property management firms and more.
Atlantic Broom Service filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No.
22-10173) on Feb. 15, 2022, listing up to $500,000 in assets and up
to $10 million in liabilities. Clement G. Kilcy, president, signed
the petition.
Judge Janet E. Bostwick oversees the case.
Rubin and Rudman LLP serves as the Debtor's legal counsel.
BELL AND ARTHUR: Wins Cash Collateral Access Thru Aug 31
--------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois,
Eastern Division, authorized Bell & Arthur Condominium Association
to use the cash collateral of Barrington Bank & Trust Company,
N.A., a Wintrust Community Bank, on an interim basis, only to pay
actual, ordinary and necessary operating expenses, for the purposes
and up to the amounts set forth in a budget, with a 10% variance,
through August 31, 2022.
The Debtor will provide adequate protection to Barrington by timely
making its regular monthly payments to Barrington under the note at
$1,169 per month. Barrington is authorized to take monthly payments
by auto debit from the Debtor's account at US Bank ending in x6304,
or a debtor-in-possession account that may be instituted by the
Debtor.
Barrington is granted additional adequate protection by a
replacement lien on future assessments in an amount equal to all
cash collateral that the Debtor uses.
A further hearing on the matter is scheduled for August 11 at 10:30
a.m.
A copy of the order is available at https://bit.ly/3x5tpye from
PacerMonitor.com.
About Bell and Arthur
Bell and Arthur Condominium Association, Inc. sought protection for
relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill.
Case No. 22-00410) on Jan. 13, 2022, listing as much as $1 million
in both assets and liabilities.
Judge Carol A. Doyle oversees the case.
William J. Factor, Esq., at FactorLaw, Ltd. serves as the Debtor's
legal counsel.
BLACKROCK INTERNATIONAL: July 26 Disclosure Statement Hearing Set
-----------------------------------------------------------------
Judge John W. Kolwe has entered an order within which July 26, 2022
at 2:30 p.m. is the hearing to consider the adequacy of the
disclosure statement filed by Blackrock International, Inc.
In addition, objections, if any, to the proposed disclosure
statement or modifications thereto, shall be in writing and filed
with the Clerk of Court at least 7 full business days before the
hearing.
A copy of the order dated May 31, 2022, is available at
https://bit.ly/3PYVNuE from PacerMonitor.com at no charge.
Attorney for the Debtor:
David Patrick Keating, Esq.
THE KEATING FIRM, APLC
P.O. Box 3426
Lafayette, LA 70502
Tel: (337) 233-0300
Fax: (337) 233-0694
E-mail: rick@dmsfirm.com
About Blackrock International
Blackrock International, Inc., is a single asset real estate debtor
(as defined in 11 U.S.C. Section 101(51B)). The company is based
in New Orleans, La.
Blackrock International filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. W.D. La. Case No.
22-50015) on Jan. 11, 2022, listing as much as $500,000 in both
assets and liabilities. Helen Jean Williams, authorized
representative, signed the petition.
Judge John W. Kolwe oversees the case.
D. Patrick Keating, Esq. at The Keating Firm, APLC, serves as the
Debtor's legal counsel.
BMW NATIONWIDE: Has Deal on Cash Collateral Access Thru July 31
---------------------------------------------------------------
BMW Nationwide Security Inc. and the U.S. Small Business
Administration advised the U.S. Bankruptcy Court for the Central
District of California 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.
On September 2, 2020, the Debtor executed a U.S. Small Business
Administration Note, pursuant to which the Debtor obtained a
$150,000 loan. The Original Note was subsequently amended twice, on
August 11, 2021 increasing the SBA Loan amount to a total of
$500,000, and again on October 17, 2021, increasing the SBA Loan
account to a cumulative total of $2,000,000.
The terms of the Second Modification of Note require the Debtor to
pay principal and interest payments of $9,915 every month beginning
24 months from the date of the Original Note over the 30 year term
of the SBA Loan, with a maturity date of September 10, 2050. The
SBA Loan has an annual rate of interest of 3.75% and may be prepaid
at any time without notice of penalty.
The SBA consents to the Debtor's use of cash collateral through
July 31, 2022, for the payment of the ordinary and necessary
expenses as set forth in the projections.
As adequate protection, retroactive to the Petition Date, the SBA
will receive a replacement lien on all post-petition revenues of
the Debtor to the same extent, priority and validity that its lien
attached to the cash collateral. The scope of the replacement lien
is limited to the amount (if any) that cash collateral diminishes
post-petition as a result of the Debtor's post-petition use of cash
collateral. The replacement lien is valid, perfected and
enforceable and will not be subject to dispute, avoidance, or
subordination, and this replacement lien need not be subject to
additional recording. The SBA is authorized to file a certified
copy of the cash collateral order and any other necessary and
related documents to further perfect its lien.
The SBA will be entitled to a super-priority claim over the life of
the Debtor's bankruptcy case, pursuant to 11 U.S.C. sections
503(b), 507(a)(2) and 507(b), which claim will be limited to any
diminution in the value of SBA's collateral, pursuant to the SBA
Loan, as a result of Debtor's use of cash collateral on a
post-petition basis.
The Debtor will not use the cash collateral for payment to insiders
unless and until the Debtor has satisfied all requirements under
the Bankruptcy Code and Local Bankruptcy Rule 2014 for payment to
insiders.
The Stipulation will remain in effect until June 14, 2022, or until
the Parties enter into an amended Stipulation or a consensual
Chapter 11 Plan, or until the case is converted or dismissed,
whichever first occurs.
A copy of the stipulation and the Debtor's six-month budget from
June to December 2022 is available at https://bit.ly/3af4IYv from
PacerMonitor.com.
The Debtor projects $240,000 in gross income and $231,816 in total
expenses for June 2022.
About BMW Nationwide Security Inc.
BMW Nationwide Security Inc. sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-12988) on
May 27, 2022. In the petition signed by Leo S. Gilbert, president,
the Debtor disclosed up to $500,000 in assets and up to $1 million
in liabilities.
Michael Jay Berger, Esq. at Law Offices of Michael Jay Berger is
the Debtor's counsel.
BOY SCOUTS: Sells Camps Due to Strain From Sex Abuse Lawsuits
-------------------------------------------------------------
Pat Eaton-Robb of WWNYTV.com reports that the Boy Scouts of America
is selling off its camps because it is under strain from sex abuse
suits.
As the financially struggling Boy Scouts sell off a number of
campgrounds, conservationists, government officials and others are
scrambling to find ways to preserve them as open space.
A $2.6 billion proposed bankruptcy settlement designed to pay
thousands of victims of child sexual abuse has added pressure to an
organization beset by years of declining enrollment, and the Scouts
and their local councils have been cashing in on their extensive
holdings, including properties where some of the abuse took place.
Developers have bought up some. Preservation groups said they hope
others can be protected, and some legislators have taken notice.
"I am emphasizing to my colleagues that there is a clear urgency
here," said U.S. Sen. Richard Blumenthal, a Connecticut Democrat
who thinks there may be federal funds available to buy Scout
properties. "We have no time to waste."
For over a century, the Scouts and their local councils have
acquired properties across the country where generations have
learned to appreciate the outdoors through camping, swimming and
canoeing.
In Blumenthal's state of Connecticut, the Scouts' Yankee Council is
considering a $4.6 million offer from developers for a 252-acre
property, Deer Lake, near Long Island Sound that offers camping,
fishing, and hiking. The council has rejected offers from two
conservation groups but is negotiating with one of them that
offered a revised bid.
Sen. Blumenthal has said he's looking into the possible use of
money from the National Park Service's Land and Water Conservation
Fund to help in the purchase of the Connecticut camp and the other
Boy Scout properties for sale across the nation. Individual states
decide which projects to pay for with that money.
Other properties targeted for preservation include 96 acres of what
was the Boy Scouts' Camp Barton, on the west shore of Cayuga Lake
in New York's Finger Lakes region. It includes woodlands, streams,
trails and a 75-foot (23-meter) waterfall.
"They are not making any more lakefront property," said Fred Bonn,
regional director for the Finger Lakes State Parks system. "Access
to the lake is challenging, both with its topography and what is
owned privately."
Several local towns and New York state's Office of Parks,
Recreation and Historic Preservation is working with the
Baden-Powell Council of the Boy Scouts to try to preserve the land.
A nearby 41-acre parcel already was sold by the Scouts to private
interests.
It's unclear exactly how much land across the United States belongs
to the Boy Scouts, partly because it is owned by local scout
councils. But evidence in the bankruptcy trial indicated the local
councils own close to 2,000 properties that could be worth between
$8 billion and $10 billion, said Timothy Kosnoff, an attorney who
represents more than 12,000 claimants in the bankruptcy.
The proposed bankruptcy settlement with Boys Scouts of America
would have its more than 250 councils contribute at least $515
million in cash and property and a $100 million interest-bearing
note. Kosnoff said the Scouts will need to sell much of their land
to contribute to the national settlement or, if it fails, to pay
for continuing legal battles.
"I can't predict how long it will take for all these properties to
be liquidated, but I think it’s inevitable," he said.
Some abuse victims have mixed feelings about the camps' sale.
Joe, a victim who did not want his last name used because his
family is unaware of his experience, was abused by his scout master
starting at the age of 8 in the 1970s at a Connecticut camp that
was sold years ago to make way for housing on Candlewood Lake.
He’s not sure he wants people camping on land where scouts were
once abused.
"I don't have those warm feelings about those places," he said.
"It's almost like ‘Poltergeist.' Do you want your house on land
where those things happened? So, I don’t know what to do with
those places."
The Boy Scouts of America said in a statement that selling the
camps may be necessary in some instances to compensate victims.
"Every decision must take into account the finances, viability of
potential buyers, sustainability and meeting the obligations to
provide the best service to youth within their respective council,"
the organization said.
Councils in states including Arizona, Connecticut, Illinois, Maine,
Michigan, Missouri, New York, New Jersey, Pennsylvania and
Wisconsin have all recently sold or announced plans to sell camps.
Sen. Blumenthal said selling camps to developers goes against the
tenants of an organization that is supposed to teach environmental
stewardship.
"Unfortunately, local Boy Scout councils are selling to the highest
bidder," he said. "So I think it is a national challenge, but it
goes to the core of what scouting means and the ethos and ethic of
scouting, which they may be betraying."
In Michigan, a consolidation of local Boy Scout councils that began
a decade ago has led to the sale of numerous properties, including
Silver Trails, a 269-acre camp about 20 miles (32 kilometers)
northwest of Port Huron. A group called the Thumb Land Conservancy
tried to buy it in 2019, but lost out when the scouts sold it to a
gravel-mining company.
"They've sold off, I think 15 camps statewide," said Bill Collins,
the conservancy group's executive director and a former Boy Scout,
who used to camp at Silver Trails. "So, people now have to drive
sometimes a couple of hundred miles across the state to go to camp.
Well, that makes most of day camp activities unfeasible and things
like weekend camp outs much more of a chore for everyone
involved."
In Maine, the Androscoggin Land Trust has a purchase agreement to
buy the 95-acre Boy Scout Camp Gustin near Lewiston, which includes
a large pond and a bog that is filled with wildlife. Aimee Dorval,
the trust's executive director, said the state government's Land
for Maine's Future program has agreed to chip in half of the
$415,000 appraised value of the property. The rest is being raised
through private donations.
The purchase would be part of the trust's larger effort to preserve
about 1,000-acres of open space along the Androscoggin River near
Lewiston, land that also has been targeted by developers. The
trust plans to continue allowing Boy Scouts to use the land while
opening it up to the larger community for camping and other
activities.
Dorval said it's important for groups like hers to step up as these
camps are put up for sale.
"There are accredited land trusts all across the nation that can
take this on," she said. "I think it would be foolish if people
stayed away from this because of the (Boy Scout abuse) controversy.
To us, it's not about that. It is about conservation and about
trying to preserve an area for youth and nature-based activities
and historic scouting access."
About Boy Scouts of America
The Boy Scouts of America -- https://www.scouting.org/ -- is a
federally chartered non-profit corporation under title 36 of the
United States Code. Founded in 1910 and chartered by an act of
Congress in 1916, the BSA's mission is to train youth in
responsible citizenship, character development, and self-reliance
through participation in a wide range of outdoor activities,
educational programs, and, at older age levels, career-oriented
programs in partnership with community organizations. Its national
headquarters is located in Irving, Texas.
The Boy Scouts of America and affiliate Delaware BSA, LLC, sought
Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10343) on
Feb. 18, 2020, to deal with sexual abuse claims.
Boy Scouts of America was estimated to have $1 billion to $10
billion in assets and at least $500 million in liabilities as of
the bankruptcy filing.
The Debtors have tapped Sidley Austin LLP as their bankruptcy
counsel, Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel,
and Alvarez & Marsal North America, LLC, as financial advisor.
Omni Agent Solutions is the claims agent.
The U.S. Trustee for Region 3 appointed a tort claimants' committee
and an unsecured creditors' committee on March 5, 2020. The tort
claimants' committee is represented by Pachulski Stang Ziehl &
Jones, LLP, while the unsecured creditors' committee is represented
by Kramer Levin Naftalis & Frankel, LLP.
BTS INTERNATIONAL: Property Owner Files Subchapter V Case
---------------------------------------------------------
B T S International, LLC, filed for bankruptcy protection under
Subchapter V of Chapter 11 of the Bankruptcy Code.
According to court filings, B T S International owns two parcels of
real property although both properties do not have any income. The
property at 505 Harrison St, Seattle, WA, is currently bare ground.
The property at 15601 Larch Way, Lynnwood, WA is a residential
real property occupied by Stephanie Wang and other family members.
Stephanie Wang is the managing member and co-owner of the Debtor.
As the properties do not generate any income, the Debtor said it
hasn't prepared any balance sheet, statement of operations or cash
flow statement.
The petition states funds will be available to unsecured
creditors.
About BTS International
B T S International LLC sought bankruptcy protection, seeking
relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code
(Bankr. W.D. Wash. Case No. 22-10867) on May 26, 2022. In the
petition filed by Stephanie A. Wang, as managing member, BTS
International estimated assets and liabilities between $1 million
and $10 million each.
Alan J Wenokur, of Wenokur Riordan PLLC, is the Debtor's counsel.
Michael DeLeo has been appointed as Subchapter V trustee.
BV MANAGEMENT: Files for Chapter 11 to Stay Eviction
----------------------------------------------------
BV Management LLC filed a petition for relief under Subchapter V of
Chapter 11 of the Bankruptcy Code.
BV Management immediately filed an expedited motion to declare
landlord Colvin Properties LLC in contempt of the automatic stay.
The Voluntary Petition was filed to stay an eviction proceeding and
to allow the Debtor to assume and cure any arrearage under a lease
where Colvin Properties LLC was the landlord.
Notice of the Voluntary Petition was given to a Deputy J.A. Chao of
the Office of the Sheriff of Fairfax County, Virginia, as well as
the principals of Colvin Properties, LLC and to counsel for Colvin
Properties.
Pursuant to 11 U.S.C. Sec. 303, the filing of the Voluntary
Petition implicates and invokes the automatic stay under 11 U.S.C.
Sec. 362(a)(1) and (3).
Despite the filing of the Voluntary Petition implicates and the
invocation of the automatic stay Depuity Chao and other Despity
Sheriffs executed the writ of possession and removed the Debtor
from possession of a commercial rental unit. Under Virginia law,
the Debtor has 24 hours from the time of the eviction (11:00 a.m.
on May 27, 2022) to obtain possession of its personal property.
The Debtor's ability to reorganize will be materially diminished if
the Debtor
cannot obtain relief from this Court in the form of the Motion for
Contempt.
* * *
The Petition states funds will be available to Unsecured
Creditors.
A telephonic meeting of creditors under 11 U.S.C. Section 341(a) is
slated for June 23, 2022 at 10:00 A,M.
About BV Management LLC
BV Management LLC sought protection under Subchapter V of Chapter
11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 22-10662)
on May 26, 2022. In the petition filed by Rick Rahim, as manager,
BV Management estimated assets and liabilities between $1 million
and $10 million each.
The case is overseen by Honorable Bankruptcy Judge Brian F Kenney.
John P. Forest, II, of the LAW OFFICE OF JOHN P. FOREST, II, is the
Debtor's counsel. John P. Fitzgerald, III is the appointed U.S.
Trustee.
CHRISTIAN CARE: 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 Christian
Care Centers, Inc. and Christian Care Centers Foundation, Inc.
The committee members are:
1. Quality Care Rehab, Inc.
c/o Nicholas Samarkos,
Executive Director-Financial Affairs
8477 South Suncoast Blvd.
Homosassa, FL 34446
Phone: 727-580-9505
Email: nsamarkos@therapymgmt.com
2. James Timothy Couch
As proxy for James Couch
5615 Prestwick Lane
Dallas, TX 75252
Phone: 214-577-7254
Email: jtcouch56@gmail.com
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 Christian Care Centers
Christian Care Centers, Inc. (CCCI) was incorporated in 1947 as a
nonprofit Texas corporation. Christian Care Centers Foundation,
Inc. was incorporated in 1994 also as a nonprofit Texas
corporation. CCCI, a faith-based organization, operates three
senior living housing and health care campuses in the Dallas/Fort
Worth Metroplex. In addition, CCCI owns unimproved real property in
Dallas County and Tarrant County, adjacent to the Mesquite and Fort
Worth communities. The Foundation is a supporting organization that
serves as an endowment organization for CCCI.
CCCI and Christian Care Centers Foundation sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case
No. 22-80000) on May 23, 2022. In the petitions signed by Mark
Shapiro, chief restructuring officer, the Debtors disclosed up to
$100 million in both assets and liabilities.
Judge Stacey G. Jernigan oversees the cases.
The Debtors tapped Husch Blackwell, LLP as counsel; Glassratner
Advisory & Capital, LLC as restructuring advisor; and Houlihan
Lokey Capital, Inc. as investment banker. Epiq Corporate
Restructuring, LLC is the claims, noticing, and solicitation agent.
CHUB CAY: Case Summary & Three Unsecured Creditors
--------------------------------------------------
Debtor: Chub Cay LLC
5602 W Hausman Rd Ste 201
San Antonio, TX 78249
Business Description: Chub Cay LLC is a Single Asset Real Estate
(as defined in 11 U.S.C. Section 101(51B)).
Chapter 11 Petition Date: June 6, 2022
Court: United States Bankruptcy Court
Western District of Texas
Case No.: 22-50615
Judge: Hon. Michael M. Parker
Debtor's Counsel: Morris E. "Trey" White III, Esq.
VILLA & WHITE
1100 N.W. Loop 410 Ste. 802
San Antonio, TX 78213
Tel: (210) 225-4500
Fax: (210) 212-4649
E-mail: treywhite@villawhite.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Mark Granados as manager.
A full-text copy of the petition containing, among other items, a
list of the Debtor's three unsecured creditors is available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/6P2MZ3A/Chub_Cay_LLC__txwbke-22-50615__0001.0.pdf?mcid=tGE4TAMA
CRYSTAL SPOON: Seeks to Hire Penachio Malara as Legal Counsel
-------------------------------------------------------------
The Crystal Spoon Corp. seeks approval from the U.S. Bankruptcy
Court for the Southern District of New York to hire Penachio
Malara, LLP to serve as legal counsel in its Chapter 11 case.
The firm's services include:
a. assisting the Debtor in the administration of its
bankruptcy proceeding, preparation of operating reports, and
compliance with applicable law and rules;
b. reviewing and resolving claims, which should be disallowed;
c. assisting in the sale of the Debtor's property; and
d. assisting in reorganizing and confirming a Chapter 11 plan
or implementing an alternative exit strategy.
The hourly rates charged by the firm's attorneys and paralegals are
as follows:
Anne Penachio $525 per hour
Francis Malara $425 per hour
Other Attorneys $495 per hour
Paralegals $225 per hour
In addition, the firm will seek reimbursement for out-of-pocket
expenses.
The retainer fee is $10,000.
Anne Penachio, Esq., a partner at Penachio Malara, 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:
Anne Penachio, Esq.
Penachio Malara LLP
245 Main Street, Suite 450
White Plains, NY 10601
Tel: (914) 946-2889
Email: frank@pmlawllp.com
About The Crystal Spoon Corp.
Headquartered in Elmsford, N.Y., The Crystal Spoon Corp., also
known as Top Chef Meals, is into distribution of prepared meals,
co-packing for other suppliers and catering.
Crystal Spoon sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. S.D.N.Y. Case No. 22-22277) on May 18, 2022, listing
as much as $1 million in both assets and liabilities. Paul Ghiron,
president, signed the petition.
Judge Sean H. Lane oversees the case.
Anne Penachio, Esq., at Penachio Malara, LLP is the Debtor's
counsel.
CS GROUP: Case Summary & 10 Unsecured Creditors
-----------------------------------------------
Debtor: CS Group LLC
6622 Amptom Dr.
Spring, TX 77379
Chapter 11 Petition Date: June 6, 2022
Court: United States Bankruptcy Court
Southern District of Texas
Case No.: 22-80112
Judge: Hon. Jeffrey P. Norman
Debtor's Counsel: Vianey Garza, Esq.
DORE ROTHBERG MCKAY, P.C.
16225 Park Ten Place Dr. 700
Houston, TX 77084
Tel: 281-829-1555
Email: vgarza@dorelaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Carolina Dupuis as managing member.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 10 unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/3XIRYTY/CS_Group_LLC__txsbke-22-80112__0001.0.pdf?mcid=tGE4TAMA
DIAMANTE CUSTOM: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Diamante Custom Homes, LLC
4725 College Park, Suite 104
San Antonio, TX 78249-0448
Business Description: Diamante Custom is part of the residential
building construction industry.
Chapter 11 Petition Date: June 6, 2022
Court: United States Bankruptcy Court
Western District of Texas
Case No.: 22-50606
Debtor's Counsel: Michael J. O'Connor, Esq.
MICHAEL J O'CONNOR
613 NW Loop 410, Ste. 840
San Antonio, TX 78216
Tel: (210) 729-6009
Email: oconnorlaw@gmail.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Adam Sanchez as president and CEO.
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/CFS434Q/Diamante_Custom_Homes_LLC__txwbke-22-50606__0001.0.pdf?mcid=tGE4TAMA
DIVISION MANAGEMENT: Eagle Access Files for Chapter 11
------------------------------------------------------
Division Management, LLC, d/b/a Eagle Access, LLC, filed for
chapter 11 protection in the Northern District of Alabama.
The Debtor operates a personnel and material hoist company used in
construction. Its main offices are in Florence, Alabama.
Through the filing of the chapter 11 case, the Debtor seeks to
successfully reorganize its business operations which will allow it
to continue to operate and pay its creditors pursuant to a
confirmed plan.
The Debtor disclosed $1.006 million in assets against $463,800 in
liabilities in its schedules.
According to court documents, Division Management estimates between
1 and 49 unsecured creditors. The petition states funds will be
available to unsecured creditors.
About Division Management
Division Management LLC, doing business as Eagle Access LLC, is
engaged in commercial and industrial machinery and equipment rental
and leasing business.
Division Management sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ala. Case No. 22-80896) on May 26,
2022. In the petition signed by Eugene R. Sak, manager, the Debtor
disclosed $1,005,874 in assets and $463,781 in liabilities.
The case is assigned to Honorable Bankruptcy Judge Clifton R.
Jessup Jr..
Kevin D. Heard,of Heard, Ary & Dauro, LLC, is the Debtor's counsel.
EAGLE LEDGE: Seeks Cash Collateral Access
-----------------------------------------
Eagle Ledge Foundation, Inc. asks the U.S. Bankruptcy Court for the
Eastern District of California, Modesto Division, for authority to
use cash collateral in accordance with the proposed budget, with a
15% variance and provide adequate protection.
The Debtor requests an interim order authorizing the use of cash
collateral, to the extent the cash the Debtor seeks to use for
operations constitutes cash collateral, granting replacement liens,
providing adequate protection, and approving the DIP Budget. The
Debtor further requests that the Court schedule a final hearing to
consider the entry of the Final Order.
Prior to the Petition Date, the Debtor entered into Certificates of
Participation Standby Holder Representative and Security Agreement
with certificate holders and C3 Servants, LLC, a Florida limited
liability company.
Pursuant to the Holder Representative Agreement, ELF agreed to
pledge a security interest in all mortgage loans and proceeds
therefrom held by ELF to the Collateral Agent for the benefit of
the Certificate Holders.
C3 Servants did not file a UCC-1 financing statement but, upon
information and belief, has possession of the original notes and
mortgages comprising the Debtor's loan portfolio.
No other creditors have filed a UCC-1 financing statement against
the Debtor.
The Debtor's loan portfolio is serviced by TMI Trust Company. Prior
to the Petition Date, the Debtor entered a number of agreements
with TMI, including a loan servicing agreement and paying agent and
registrar agreements. As of the Petition Date, the Debtor was
current on its obligations to TMI, and TMI was not a creditor of
the estate by virtue of services provided as loan servicing agent,
escrow agent, and paying agent.
Currently, the Debtor has five active loans, and the total
outstanding balance owed by the borrowers is $719,394 in the
aggregate. TMI receives and processes the loan payments from the
borrowers and deducts their servicing fees and other expenses from
the amounts received. As of the Petition Date, TMI was holding cash
and equivalents of $82,474. TMI provides the Debtor with monthly
accounting reports by the tenth business day of each month.
TMI also manages the Debtor's church bond portfolio, which had a
value of $568,318 as of the Petition Date. These bonds are only
purchased at the express direction of the Debtor, and the Debtor is
not actively purchasing and does not intend to purchase additional
bonds.
The Debtor believes the funds held by TMI and that will be
collected on a postpetition basis by TMI may constitute cash
collateral, and that the Collateral Agent may assert an interest in
such funds for the benefit of the Certificate Holders, as such
amounts represent proceeds of the mortgages held by the Debtor and
the notes payable to the Debtor.
As adequate protection of any interest the Collateral Agent may
have in the loan proceeds collected on a post-petition basis, the
Debtor proposes provide the Collateral Agent with monthly written
reporting as to the status of collections and disbursements, in
addition to complying with the reporting requirements under the
Bankruptcy Code and Bankruptcy Rules.
To provide further adequate protection of the interests of any
secured creditor, the Debtor proposes to open a third
debtor-in-possession account and to the extent the balance of the
Cash Proceeds in the Servicing Account exceeds $75,000 on the last
business day of the month, the Debtor, on or before the tenth day
of next month, will direct TMI to transfer the funds in excess of
$75,000 to the Collateral Account.
A copy of the motion is available at https://bit.ly/3taMvlH from
PacerMonitor.com.
About Eagle Ledge Foundation, Inc.
Formed in 2009, Eagle Ledge Foundation, Inc. is a California
not-for-profit religious corporation. ELF launched a loan fund
focused on serving the small local church, which often lacked
financing options with commercial lenders. ELF issued bond
certificates to individuals who made, either directly or through
their retirement accounts, contributions to ELF.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Cal. Case No. 22-90160) on May 18,
2022. In the petition signed by Chester L. Reid, president, the
Debtor disclosed up to $10 million in both assets and liabilities.
Judge Ronald H. Sargis oversees the case.
Lubin Olson & Niewiadomski LLP and Bush Ross, P.A. represent the
Debtor as counsel.
ECTOR COUNTY ENERGY: Court Okays Lender Cash Use in Chapter 11
--------------------------------------------------------------
Vince Sullivan of Law360 reports that the owner of a Texas power
generating plant received approval to access the cash of its
secured lenders Thursday, June 2, 2022, when a Delaware judge said
the money is needed to keep operations going and preserve the value
of its assets ahead of a Chapter 11 sale.
In a virtual bench ruling, U.S. Bankruptcy Judge John T. Dorsey
overruled the objections of unsecured creditor Direct Energy
Business Marketing LLC to the request of Ector County Energy Center
LLC to use the cash collateral of its secured lenders, saying the
cash is a critical part of the debtor's bankruptcy plans.
About Ector County Energy Center
Ector County Energy Center, LLC owns and operates a 330 MW natural
gas-fired power generating facility in Ector County, Texas.
Ector County Energy Center sought Chapter 11 bankruptcy protection
(Bankr. D. Del. Case No. 22-10320) on April 11, 2022. In the
petition signed by CRO John D. Baumgartner, the Debtor estimated
assets between $50 million and $100 million and estimated
liabilities between $500 million and $1 billion.
Judge John T. Dorsey oversees the case.
The Debtor tapped Holland & Knight, LLP as lead bankruptcy counsel;
Polsinelli, PC as local counsel; Locke Lord, LLP and Crowell &
Moring, LLP as special counsels; Perella Weinberg Partners, LP and
Tudor, Pickering, Holt & Co. as investment bankers; and Grant
Thornton, LLP as restructuring advisor. John Baumgartner, managing
director at Grant Thornton, serves as the Debtor's chief
restructuring officer. Donlin Recano & Company Inc. is the claims
agent.
FIRST COAST ENTERGY: Seeks to Hire Eileen N. Shaffer as Counsel
---------------------------------------------------------------
First Coast Entergy MS, LLC seeks approval from the U.S. Bankruptcy
Court for the Southern District of Mississippi to employ Eileen N.
Shaffer, Attorney at Law as its counsel.
The firm's services include:
a. advising the Debtor regarding questions that will arise
throughout the pendency of its Chapter 11 bankruptcy proceeding;
b. appearing in, prosecuting, and defending suits and
proceedings;
c. representing the Debtor in court hearings and assisting in
the preparation of legal papers;
d. advising the Debtor in connection with any reorganization
plan, which may be proposed in the bankruptcy proceeding and other
matters concerning the Debtor; and
e. performing other necessary legal services.
The hourly rates charged by the firm for its services are as
follows:
Attorney $250
Paralegal $75
In addition, the firm will seek reimbursement for its out-of-pocket
expenses.
Eileen Shaffer, Esq., 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.
Eileen N. Shaffer can be reached at:
Eileen N. Shaffer, Esq.
Eileen N. Shaffer, Attorney at Law
401 East Capitol Street, Suite 316
Jackson, MS 39215-1177
Tel: (601) 969-3006
Fax: (601) 949-4002
Email: enslaw@bellsouth.net
About First Coast Entergy MS
First Coast Entergy MS, LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Miss. Case No.
22-00961) on May 19, 2022, listing as much as $500,000 in both
assets and liabilities. Judge Jamie A. Wilson oversees the case.
Eileen N. Shaffer, Esq., at Eileen N. Shaffer, Attorney at Law,
serves as the Debtor's counsel.
GLOBAL ALLIANCE: Has Deal on Cash Collateral Thru Aug 31
--------------------------------------------------------
Global Alliance Distributors, Inc. and Kapitus LLC 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 parties agree that the Debtor may use the Purchased Receipts
and cash collateral during for the period beginning on the Petition
Date and terminating on the earlier of any of the following dates:
(i) August 31, 2022, or such further date as agreed to by Kapitus
in writing, or (ii) the date of the occurrence of an Event of
Default
The Debtor is authorized to use the Purchased Receipts and cash
collateral solely to pay the expenses set forth on the budget, with
a 10% variance.
As adequate protection, Kapitus granted a replacement lien pursuant
to sections 361 and 363(e) in all prepetition and postpetition
assets in which and to the extent the Debtor holds an interest.
The Postpetition Lien in favor of Kapitus will be senior in
priority to any and all prepetition and postpetition claims,
rights, liens and interests, but subject and immediately junior
only to any lien or security interest in the Prepetition Collateral
that is valid, perfected and senior to the interest of Kapitus
effective as of the Petition Date and not otherwise avoided or
subordinated.
Kapitus will also have an allowed super priority administrative
claim of the kind and priority, to the extent applicable, under
sections 503(b) and 507(b) of the Bankruptcy Code.
The Debtor will pay Kapitus weekly adequate protection payments by
ACH debit in the amount of $5,000 each Monday that the Debtor is
authorized to use the Purchased Receipts and Cash Collateral
pursuant to the terms of this Stipulation. In addition, Kapitus
will apply the ACH debit on May 6, 2022, in the amount of $3,049,
which was debited prior to Kapitus receiving notice of the Debtor's
bankruptcy case, as an adequate protection payment for the Debtor's
use of the Purchased Receipts and cash collateral prior to entry of
the Stipulation. Kapitus will apply adequate protection payments to
any Kapitus Obligations owed by the Debtor to Kapitus under the
Purchase Documents.
The Debtor will also maintain at all times casualty and loss
insurance coverage of the Collateral in compliance with the United
States Trustee Guidelines and in an amount sufficient to cover
Kapitus' interests in the Collateral.
An Event of Default under the Stipulation will occur upon any of
these events:
(i) A breach or failure to comply with any term, covenant,
representation, warranty or requirement of the Stipulation or any
other order of the Court;
(ii) The granting in favor of any party other than Kapitus of a
security interest in or lien upon any property of the Debtor or the
Debtor's estate or a claim against the Debtor having priority
senior or pari passu with the security interests, liens or claims
in favor of Kapitus, except to the extent that such party had a
security interest in or lien upon property of the Debtor on the
Petition Date, which had priority senior or pari passu with the
security interests, liens or claims of Kapitus existing on the
Petition Date;
(iii) Entry of an order converting this Case to a case under
chapter 7 of the Bankruptcy Code;
(iv) Entry of an order appointing a trustee in the Case;
(v) Entry of an order granting relief in favor of any other
party (including lessors and landlords) that includes enabling such
party to exercise state law or contractual rights and remedies with
respect to certain asset or assets of the Debtor that could have a
material adverse effect on the Debtor, its business and/or other
assets, or
(vi) Any stay, reversal, vacation or rescission of the terms of
the Stipulation, or any modification of any terms of the
Stipulation that is not reasonably acceptable to Kapitus.
A copy of the stipulation is available at https://bit.ly/3ai5e80
from PacerMonitor.com.
About Global Alliance Distributors
Founded in 2010, Global Alliance Distributors Inc. operates a
distribution center that distributes primarily Latino books and
magazines to approximately 250 supermarkets throughout California,
Nevada, Arizona and Florida. It also distributes seasonal items,
including, but not limited to, school supplies, sporting goods and
equipment, snacks and candies. The Company also operates a logistic
business that provides cargo deliveries using independent
contractors. Its logistical clients are two major distribution
companies, A&C, which is currently the largest international
magazine distributor in the world, and Sally Beauty Supplies, a
national cosmetics manufacturer.
Global Alliance Distributors Inc. sought Chapter 11 bankruptcy
protection (Bankr. C.D. Cal. Case No. 22-12552) on May 5, 2022. In
the petition filed by Alberto Fabara, as CEO, Global Alliance
estimated assets between $500,000 and $1 million and estimated
liabilities between $1 million and $10 million.
The case is handled by Honorable Bankruptcy Judge Deborah J.
Saltzman.
Sheila Esmaili, of Law Offices of Sheila Esmaili, is the Debtor's
counsel.
According to court documents, Global Alliance Distributors
estimates between 1 and 49 unsecured creditors. The petition
states that funds will be available to unsecured creditors.
GOLDMAKER INC: June 8 Hearing on Bid to Extend Plan Deadline
------------------------------------------------------------
Judge Jil Mazer-Marino will convene a hearing on the motion by
Goldmaker Inc. d/b/a Estelle's, to extend the time to file a
Chapter 11 Small Business Plan of Reorganization and Disclosure
Statement is scheduled for June 8, 2022, at 11:15 a.m. (Eastern
Time) (JMM).
Any written objection to the Debtor's Motion must be filed and
served on June 7, 2022 at 5:00 p.m. (Eastern Time) (JMM).
As reported in the TCR, Goldmaker, Inc., d/b/a Estelle, filed a
motion to extend the time to file a Chapter 11 Small Business Plan
of Reorganization and Disclosure Statement through and including
Aug. 9, 2022, pursuant to Section 1121(e) of the Bankruptcy Code,
without prejudice to the Debtor's right to seek further
extensions.
About Goldmaker Inc.
Goldmaker Inc. filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No.
21-41309) on May 14, 2021, listing up to $50,000 in assets and up
to $500,000 in liabilities. Judge Jil Mazer-Marino oversees the
case. Alla Kachan, Esq., at the The Law Offices of Alla Kachan, PC
represents the Debtor as legal counsel.
H&S ALANG: Case Summary & Three Unsecured Creditors
---------------------------------------------------
Debtor: H&S Alang, LLC
d/b/a Hampton Inn Pearsall
4455 Druid Hills Drive
Frisco, TX 75034
Business Description: H&S Alang is part of the traveler
accommodation industry.
Chapter 11 Petition Date: June 6, 2022
Court: United states Bankruptcy Court
Eastern District of Texas
Case No.: 22-40712
Debtor's Counsel: Joyce W. Lindauer, Esq.
JOYCE W. LINDAUER ATTORNEY, PLLC
1412 Main Street, Suite 500
Dallas, TX 75202
Tel: (972) 503-4033
Email: joyce@joycelindauer.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Jaspreet S. Alang as manager.
A copy of the Debtor's list of three unsecured creditors is
available for free at PacerMonitor.com at:
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/JL6VUEI/HS_Alang_LLC__txebke-22-40712__0001.0.pdf?mcid=tGE4TAMA
HAIL MARY: Files for Chapter 11 Bankruptcy Protection
-----------------------------------------------------
Hail Mary, LLC filed for chapter 11 protection in the District of
Massachusetts.
According to court documents, Hail Mary LLC estimates between 1 and
49 unsecured creditors. The petition states that funds will be
available to unsecured creditors.
A telephonic meeting of creditors under 11 U.S.C. Section 341(a) is
slated for June 29, 2022 at 1:00 P.M.
About Hail Mary LLC
Hail Mary LLC is Single Asset Real Estate (as defined in 11 U.S.C.
§ 101(51B).
Hail Mary, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Mass. Case No. 22-10740) on May 26,
2022. In the petition signed by Patrick S. Keating, as manager,
Hail Mary LLC listed estimated assets between $500,000 to $1
million and estimated liabilities up to $50,000.
The case is assigned to Honorable Chief Bankruptcy Judge
Christopher J. Panos.
Peter M. Daigle, of The Law Office of Peter M. Daigle, P.C., is the
Debtor's counsel.
HANSABEN INVESTMENTS: Patel's La Quinta Inn Enters Chapter 11
-------------------------------------------------------------
Hansaben Investments, LLC, filed for chapter 11 protection in the
Northern District of California.
Hansaben LLC's principal executive office is located at 458 33rd
Ave., San
Francisco, CA 94121.
Hansaben LLC owns and operates a sixty-room La Quinta Inn & Suites
hotel in Fairfield, California. The subject property in addition
to the rooms, has a breakfast dining area, an outdoor pool, an
outdoor whirlpool, a fitness room, a lobby workstation, a market
pantry, and a guest laundry room. The Hotel has 64 parking spaces
and operates under a license agreement with La Quinta Franchising
LLC.
Hansaben LLC is one of eight LLCs owned by the family of Bhavesh
and Hitesh Patel that own and operate various 14 hotels in
California. Due to the significant interruption in business by the
Covid Pandemic, three of the LLCs, including Prithvi Investments,
LLC, Rudra Investments, LLC, and Hansaben LLC, have been forced to
file Chapter 11 to reorganize their debts (the "Patel Chapter 11
Entities").
The history of the Patel hotel business begins in 1980 when Bhavesh
and Hitesh Patel's parents, Jashvant and Hansaben Patel, leased the
Fairfax Hotel. Over the years, Jashvant and Hansaben Patel added
multiple hotels to the family business and formed different
entities to own them. Their sons Bhavesh Patel and Hitesh Patel
joined in 2007 (Hitesh) and 2007 (Bhavesh).
On October 19, 2019, Jashvant Patel passed away, and Bhavesh and
Hitesh took over many more responsibilities in the family's hotel
operations.
Hitesh Patel is the LLC Manager of the Hansaben LLC and the Rudra
LLC and in anticipation of the Chapter 11 fillings, has been named
President of the Prithvi LLC. Bhavesh Patel is the LLC Manager of
the Prithvi LLC.
An application to designate Hitesh Patel as the Designated
Responsible Person pursuant to L.B.R. 4002-1 for all the Patel
Chapter 11 Entities will be filed either concurrently or in the
near future.
In addition to his managerial duties, Hitesh manages payroll and
organizes the monthly and analytical reports of operations for the
Patel Chapter 11 Entities. Bhavesh performs marketing research and
supervises business activities and property management for the
Patel Chapter 11 Entities.
The primary business cause of the Chapter 11 filing was the drastic
reduction in room revenue over the past several years from the
Covid pandemic. For example, the Hotel revenues were $1,772,494 in
2019, then fell to $1,276,612 during the first Covid year, 2020,
and rose to $1,512,187 in 2021. The Debtor in Possession
anticipates that 2022 will be significantly better as we continue
to exit the Covid Pandemic.
The immediate cause for this Chapter 11 filing was the recordation
of a notice of sale by Poppy Bank on one of its second priority
deed of trust, with a nonjudicial foreclosure sale set for May 26,
2022, at 9:30 a.m.
According to court documents, Hansaben Investments LLC estimates
between 50 and 99 unsecured creditors. The petition states funds
will be available to unsecured creditors.
A tele/videconference meeting of creditors under 11 U.S.C. Section
341(a) is slated for June 28. 2022 at 10:30 A.M.
About Hansaben Investments
Hansaben Investments LLC operates a sixty-room La Quinta Inn &
Suites hotel in Fairfield, California.
Hansaben LLC is one of eight LLCs owned by the family of Bhavesh
and Hitesh Patel that own and operate various 14 hotels in
California. Due to the
significant interruption in business caused by the Covid pandemic,
three of the LLCs have been forced to file Chapter 11 to reorganize
their debts.
Hansaben Investments sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Cal. Case No. 22-30258) on May 25,
2022. In the petition filed by Hitesh Patel, as manager, Hansaben
Investments LLC listed estimated assets between $10 million and $50
million and estimated liabilities between $1 million and $10
million.
The case is assigned to Honorable Bankruptcy Judge Dennis Montali.
Thomas A. Willoughby, of Felderstein, Fitzgerald et al, is the
Debtor's counsel.
HARLAN REAL ESTATE: Court Approves Disclosure Statement
-------------------------------------------------------
Judge Mike K. Nakagawa has entered an order approving Harlan Real
Estate LLC's Disclosure Statement dated March 23, 2022.
Aug. 3, 2022, at 9:30 a.m., is fixed for the hearing on the
confirmation request of the Plan, as may be amended.
July 20, 2022, is fixed as the last day for filing and serving
written objections/oppositions to confirmation of the Plan.
July 25, 2022, is fixed as the last day for serving written ballots
accepting or rejecting the Debtor's Plan of Reorganization, as may
be amended.
July 27, 2022, is fixed as the last day for filing and serving
written replies to any such objections/oppositions.
The Ballot Summary is due to be filed and served by July 29, 2022.
The Debtor must serve the complete confirmation package, including
the Debtor's Plan of Reorganization (and any amendments/supplements
thereto), Debtor's Disclosure Statement (and any
amendments/supplements thereto), the Notice of Hearing on
confirmation and ballot, no later than June 22, 2022.
Attorneys for the Debtor:
Stephen R. Harris, Esq.
HARRIS LAW PRACTICE LLC
6151 Lakeside Drive, Suite 2100
Reno, NV 89511
Telephone: (775) 786-7600
E-mail: steve@harrislawreno.com
About Harlan Real Estate
Reno, Nev.-based Harlan Real Estate, LLC, filed a Chapter 11
petition (Bankr. D. Nev. Case No. 21-50405) on May 27, 2021. At
the time of the filing, the Debtor had $1,001,000 in total assets
and $7,232 in total liabilities. Rollin Lazzarone, the managing
member, signed the petition. Judge Bruce T. Beesley oversees the
case. Stephen R. Harris, Esq., of Harris Law Practice, LLC, serves
as the Debtor's legal counsel.
HEART TO HEART: Seeks to Hire Eric A. Liepins as Legal Counsel
--------------------------------------------------------------
Heart to Heart Catering, LLC seeks approval from the U.S.
Bankruptcy Court for the Northern District of Texas to hire Eric A.
Liepins, P.C. to handle its Chapter 11 case.
The hourly rates charged by the firm for its services are as
follows:
Eric A. Liepins, Esq. $275
Legal Assistants $30 - $50
In addition, the firm will seek reimbursement for its out-of-pocket
expenses.
The firm received a retainer of $3,500, plus the filing fee.
Eric Liepins, Esq., the sole shareholder of the firm, disclosed in
a court filing that the firm is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Eric A. Liepins, Esq.
Eric A. Liepins, P.C.
12770 Coit Road, Suite 1100
Dallas, TX 75251
Tel: (972) 991-5591
Fax: (972) 991-5788
Email: eric@ealpc.com
About Heart to Heart Catering
Heart to Heart Catering, LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. N.D. Texas Case No.
22-30900) on May 20, 2022, listing up to $100,000 in assets and up
to $500,000 in liabilities. Brad W. Odell serves as Subchapter V
trustee.
Judge Stacey G. Jernigan presides over the case.
The Debtor is represented by Eric A. Liepins, Esq., at Eric A.
Liepins, P.C.
HERTZ GLOBAL: Faces Suits After Filing False Police Reports
-----------------------------------------------------------
Newsy reports that the nation's largest rental car chain, Hertz
Global, is involved in a class action lawsuit for filing police
reports on what attorneys say are actively paying customers with
rental car contracts, like Cristel Hibbs, who says she was home in
new jersey with her daughter, when the police arrived.
Hibbs rented a car from Hertz. But COVID lockdowns were getting
severe at the time she intended to return her rental. She was in
touch with Hertz about the delay and payments continued to be
deducted from her account.
In April 2022, Hibbs says her world came crashing down.
"I was on a Zoom call and police officers surrounded my house, were
knocking on my door or down the street and were casing the joint,"
she said. "I step down the stairs, they're like 'Turn around.'
And I was like, 'What's going on?' They're like, 'You're under
arrest for possession of a stolen vehicle.'"
Pre-COVID, 44.5 million cars were rented around the U.S. A year
later, due to COVID, that number dropped to 17 million. Before the
pandemic, Hertz had one of the biggest fleets. Autorentalnews.com
says the company owned over 650,000 cars. But, like many companies
in the pandemic, they were forced to sell almost 200,000 of them
off when the demand was low. And in 2020 the company filed
bankruptcy.
Attorney Francis Malofiy is representing Hibbs and hundreds of
other people suing Hertz.
"I think that you're dealing with an evil corporation that filed
false police reports against its very own customers," he said.
"They tried to hide it for years."
Hertz released a statement saying in part: "... The vast majority
of the current legal claims involve renters who were many weeks or
even months overdue returning vehicles and who stopped
communicating with us well beyond the scheduled due date."
"Hertz using the police and the prosecutors and the police as a
taxpayer funded repo service is an abuse of public funds," Malofiy
continued.
Moving forward, Hertz says it plans to use new technologies and
private sector repo agents.
About Hertz Corp.
Hertz Corp. and its subsidiaries -- http://www.hertz.com/--
operate a worldwide vehicle rental business under the Hertz,
Dollar, and Thrifty brands, with car rental locations in North
America, Europe, Latin America, Africa, Asia, Australia, the
Caribbean, the Middle East, and New Zealand. They also operate a
vehicle leasing and fleet management solutions business.
On May 22, 2020, The Hertz Corporation and certain of its U.S. and
Canadian subsidiaries and affiliates filed voluntary petitions for
reorganization under Chapter 11 in the U.S. Bankruptcy Court for
the District of Delaware (Bankr. D. Del. Case No. 20-11218).
Judge Mary F. Walrath oversees the cases.
The Debtors have tapped White & Case LLP as their bankruptcy
counsel, Richards, Layton & Finger, P.A., as local counsel, Moelis
& Co. as investment banker, and FTI Consulting as financial
advisor. The Debtors also retained the services of Boston
Consulting Group to assist the Debtors in the development of their
business plan. Prime Clerk LLC is the claims agent.
The U.S. Trustee for Regions 3 and 9 appointed a Committee to
represent unsecured creditors in Debtors' Chapter 11 cases. The
Committee has tapped Kramer Levin Naftalis & Frankel LLP as its
bankruptcy counsel, Benesch Friedlander Coplan & Aronoff LLP as
Delaware counsel, UBS Securities LLC as investment banker, and
Berkeley Research Group, LLC, as financial advisor. Ernst & Young
LLP provides audit and tax services to the Committee.
* * *
Hertz Global and its subsidiaries emerged from Chapter 11
bankruptcy at the end of June 2021. Hertz won approval of a Plan
of Reorganization that unimpaired all classes of creditors (who are
legally deemed to have accepted it) and was approved by more than
97% of voting shareholders. The Plan provided for the existing
shareholders to receive more than $1 billion of value.
Recovery by shareholders of close to $8 a share was made possible
after a fierce competition among bidders for control in the
company. Initial offers from potential bidders for Hertz in its
bankruptcy offered nothing for equity. Hertz in May 2021 selected
investment firms Knighthead Capital Management LLC and Certares
Management LLC, joined by joined by other investors including
Apollo Global Management Inc. and a group of existing shareholders,
as the winning bidders for control of the bankrupt company. A
rival group that included Centerbridge Partners LP, Warburg Pincus
LLC and Dundon Capital Partners LLC was outbid at auction.
Hertz's Plan eliminated over $5 billion of debt, including all of
Hertz Europe's corporate debt, and will provide more than $2.2
billion of global liquidity to the reorganized Company. Hertz also
emerged with (i) a new $2.8 billion exit credit facility consisting
of at least $1.3 billion of term loans and a revolving loan
facility, and (ii) an $7 billion of asset-backed vehicle financing
facility, each on favorable terms.
HOMETOWN RESTORATION: Court Approves Liquidating Plan
-----------------------------------------------------
Judge Robert D. Drain has entered an order approving the Disclosure
Statement and confirming the Chapter 11 Small Business Plan of
Liquidation of Hometown Restoration, LLC.
The Debtor is directed to (a) file quarterly disbursement reports
for each quarter the Chapter 11 Case remains open, (b) pay United
States Trustee fees and any interest thereon pursuant to 28 U.S.C.
section 1930 and 31 U.S.C. section 3717 on all disbursements,
including Plan payments and disbursements in and outside the
ordinary course of the Debtor's business until the Chapter 11 Case
is closed, (c) file quarterly post-Confirmation reports, and (d)
file a closing report and a request for a final decree closing the
Chapter 11 Case after the Debtor's estate is fully administered for
purposes of 11 U.S.C. section 350(a) and Bankruptcy Rule 3022.
As reported in the TCR, Hometown Restoration, LLC, submitted a Plan
and a Disclosure Statement.
The Debtor conducted a public auction of its personal property
consisting of building supplies and materials, inventory, tools,
appliances, furniture, fixtures, equipment and certain vehicles.
The auction by Auction Advisors yielded net sale proceeds in the
amount of $99,460, which monies will be used to fund the Plan.
The Debtor's remaining assets consist of its accounts receivable,
which have a book value of $1,173,564. The Accounts Receivable are
subject to claims of the Debtor's creditors, so through the Claims
objection process, the Debtor intends to reconcile most of the
Claims against the Accounts Receivable and collect that asset,
which will be used to fund the Plan. The Debtor's professionals,
including the CRO Nat Wasserstein and Debtor's counsel Kirby Aisner
& Curley LLP, will be handling the collection of the Accounts
Receivable. To the extent litigation is required, the Debtor will
retain special construction litigation counsel.
Under the Plan, Class 3 Allowed General Unsecured Claims totaling
$2,303,811 will receive distribution, pro rata, on the Distribution
Date(s), from the Plan Distribution Fund, after distribution to all
unclassified Claims, Class 1 and Class 2 Claims, and funding of the
Reserve Fund. The Holders of Class 3 Claims will be paid up to
100% of their Allowed Claims. Class 3 is impaired.
The Plan Distribution Fund shall be funded by (i) the Debtor's cash
on the Effective Date; (ii) the net proceeds from the liquidation
of the Debtor's Assets, including the Auction Proceeds, and (iii)
the Net Litigation Proceeds.
About Hometown Restoration
Hometown Restoration, LLC, sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 21-22213) on April
15, 2021, listing as much as $10 million in both assets and
liabilities.
Judge Robert D. Drain oversees the case.
Kirby Aisner & Curley, LLP and the Law Offices of Dwight D. Joyce
serve as the Debtor's bankruptcy counsel and special litigation
counsel, respectively. Klinger & Klinger, LLP is the Debtor's
accountant.
IGLESIAS DIOS: Plan Filing Deadline Extended to June 10
-------------------------------------------------------
Judge Edward A. Godoy has entered an order granting Iglesias Dios
Es Amor Inc.'s motion for a 10-day extension of its deadline to
file a Disclosure Statement and Reorganization Plan. The Debtor
filed a motion asking the Court for a 10-day extension of the May
31, 2022 deadline to file the disclosure statement and plan of
reorganization since the undersigned attorney will be out of the
office for a few days for personal matters.
About Iglesias Dios Es Amor
Iglesias Dios Es Amor, Inc., filed its voluntary petition for
relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R.
Case No. 21-03508) on Nov. 29, 2021, listing as much as $1 million
in both assets and liabilities. Elias Reyes Ortiz, president,
signed the petition.
Judge Edward A. Godoy oversees the case.
The Debtor tapped Gerardo L. Santiago Puig, Esq., at Santiago Puig
Law Offices as legal counsel and Juan C. Pomales Torres as
accountant.
IMAGENATION OF ALLEN: Starts Chapter 11 Subchapter V Case
---------------------------------------------------------
Imagenation of Allen, LLC, filed a petition for relief under
Subchapter V of chapter 11 of the Bankruptcy Code in Sherman,
Texas.
The Debtor has filed a balance sheet and statement of cash flows.
According to court documents, Imagenation of Allen estimates
between 1 and 49 unsecured creditors. The petition states funds
will be available to unsecured creditors.
A telephonic meeting of creditors under 11 U.S.C. Section 341(a) is
slated for June 24, 2022 at 9:00 A.M.
The Debtor's Chapter 11 Plan is due by Aug. 23, 2022.
About Imagenation of Allen LLC
Imagenation of Allen LLC -- https://imagenationsalons.com -- doing
business as Image Nation Salons & Med Spa, is a beauty salon in
Allen, Texas.
Imagenation of Allen sought protection under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No.
22-40645) on May 25, 2022. In the petition filed by Melanie
Tawater, as managing member, Imagenation of Allen LLC estimated
assets up to $50,000 and liabilities between $100,000 and $500,000.
Eric A Liepins, of Eric A. Liepins, P.C., is the Debtor's
counsel.
Scott Seidel has been appointed as Subchapter V Trustee.
INGROS FAMILY: July 19 Plan Confirmation Hearing Set
----------------------------------------------------
On May 4, 2022, debtor The Ingros Family LLC filed with the U.S.
Bankruptcy Court for the Western District of Pennsylvania a
Disclosure Statement describing Chapter 11 Plan.
On May 31, 2022, Judge Charlota M. Bohm approved the Disclosure
Statement and ordered that:
* July 8, 2022, is the last day for:
-- filing written ballots by creditors, either accepting or
rejecting the plan;
-- filing claims not already barred by operation of law, rule
or order of this Court; and,
-- filing and serving written objections to confirmation of
the plan.
* July 15, 2022, is the last day for the Plan Proponent to file
a Summary of the balloting.
* July 19, 2022 at 11:00 a.m., is the Plan Confirmation Hearing
via Zoom Video Conference Application.
A copy of the order dated May 31, 2022, is available at
https://bit.ly/3tfOSnc from PacerMonitor.com at no charge.
About The Ingros Family
The Ingros Family, LLC, a company based in Beaver, Pa., filed a
petition for Chapter 11 protection (Bankr. W.D. Pa. Case No.
20-22606) on Sept. 4, 2020, listing as much as $10 million in both
assets and liabilities. Jeffrey S. Ingros, manager of Ingros
Family, signed the petition.
Judge Carlota M. Bohm oversees the case.
The Debtor tapped Cooney Law Offices, LLC to substitute for Robert
O Lampl Law Office.
ION GEOPHYSICAL: Committee Taps White & Case as Legal Counsel
-------------------------------------------------------------
The official committee of unsecured creditors of ION Geophysical
Corporation and its affiliated debtors seeks approval from the U.S.
Bankruptcy Court for the Southern District of Texas to employ White
& Case, LLP as its legal counsel.
The firm's services include:
(a) advising the committee regarding its rights, powers, and
duties under the Bankruptcy Code and in connection with the
Debtors' Chapter 11 cases;
(b) assisting the committee in its consultations and
negotiations with the Debtors concerning the administration of the
cases;
(c) assisting the committee in its examination, investigation,
and analysis of the acts, conduct, assets, liabilities, and
financial condition of the Debtors, including without limitation,
reviewing and investigating pre-bankruptcy transactions, the
operation of the Debtors' business, and the desirability of the
continuance of such business;
(d) assisting the committee in the formulation, review,
analysis, and negotiation of any Chapter 11 plan that has been or
may be filed, and assisting the committee in the formulation,
review, analysis, and negotiation of the disclosure statement
accompanying the plan;
(e) taking all necessary action to protect and preserve the
interests of the committee and creditors holding general unsecured
claims against the Debtors' estates, including (i) the
investigation and possible prosecution of actions enhancing the
Debtors' estates, and (ii) review and analysis of claims filed
against the estates;
(f) reviewing and analyzing legal papers, statements of
operations and bankruptcy schedules;
(g) preparing legal papers;
(h) representing the committee at all court hearings,
statutory meetings of creditors, and other proceedings before the
court;
(i) assisting the committee in the review, analysis and
negotiation of any financing agreements;
(j) advising the committee as to its communications with its
constituents regarding significant matters in the cases; and
(k) performing other necessary legal services for the
committee.
The hourly rates charged by the firm for its services are as
follows:
Partners $1,270 to $1,900
Counsel $1,210
Associates $680 to $1,170
Paraprofessionals $200 to $595
As disclosed in court filings, White & Case is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Gregory F. Pesce, Esq.
White & Case LLP
111 South Wacker Drive, Suite 5100
Chicago, IL 60606-4302
Tel: +1 312 881 5360
Email: gpesce@whitecase.com
About ION Geophysical Corporation
ION Geophysical Corporation is an innovative, asset-light global
technology company that delivers data-driven decision-making
offerings to offshore energy and maritime operations markets. It is
based in Houston, Texas.
ION Geophysical Corporation and its affiliates sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Lead
Case No. 22-30987) on April 12, 2022. At the time of the filing,
ION Geophysical listed $10 million to $50 million in assets and
$100 million to $500 million in liabilities.
Judge Marvin Isgur oversees the cases.
The Debtors tapped Winston & Strawn, LLP as legal counsel; FTI
Consulting, Inc. as financial consultant; and Perella Weinberg
Partners, LP as investment banker. Epiq Corporate Restructuring,
LLC is the Debtors' notice and claims agent.
The U.S. Trustee for Region 7 appointed an official committee of
unsecured creditors on April 18, 2022. The committee is represented
by White & Case, LLP.
J.F. GRIFFIN: Cash Collateral Bid Denied as Moot
------------------------------------------------
The U.S. Bankruptcy Court for the District of Massachusetts denied
as moot the emergency motion filed by debtor J.F. Griffin
Publishing, LLC to use cash collateral.
The Court said that, in light of the confirmation of the Debtor's
Chapter 11 plan of reorganization, the Debtor's request for further
use of cash collateral is moot. The hearing scheduled for June 3,
2022 was canceled.
Bankruptcy Judge Elizabeth D. Katz entered an order on April 26,
2022, granting confirmation to the Chapter 11 Plan of
Reorganization for Small Business Debtor Under Subchapter V.
About J. F. Griffin Publishing, LLC
J. F. Griffin Publishing, LLC is a full-service publisher of
informational and educational materials for different media types.
Its core services include complete content review, layout and
design services, project management, app development, and sale and
sponsorship integration. It currently produces 100 titles for state
agencies in 30 states, manages more than 90 web properties, and has
a mobile app. It has approximately 14 employees, including its
managing member, and maintains offices in Williamstown,
Massachusetts, and Birmingham, Alabama. Historically, it has
averaged approximately $4.6 million a year in gross revenue.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Mass. Case No. 21-30225) on June 21,
2021.
Judge Elizabeth D. Katz oversees the case.
Andrea M. O'Connor, Esq., at Fitzgerald Attorneys at Law, PC is the
Debtor's counsel.
JJS LOGISTICS: Gets OK to Hire Jennis Morse Etlinger as Counsel
---------------------------------------------------------------
JJS Logistics of Florida, Inc. received approval from the U.S.
Bankruptcy Court for the Middle District of Florida to hire David
Jennis P.A., doing business as Jennis Morse Etlinger, as its legal
counsel.
The firm's services include:
(a) taking all necessary action to protect and preserve the
estate of the Debtor, including the prosecution of actions on its
behalf, the defense of any actions commenced against the Debtor,
negotiations concerning any litigation in which the Debtor may be
involved, and objections, when appropriate, to claims filed against
the estate;
(b) preparing legal papers;
(c) counseling the Debtor with regard to its rights and
obligations;
(d) preparing and filing schedules of assets and liabilities;
(e) preparing and filing a Chapter 11 plan and disclosure
statement, if required; and
(f) performing all other necessary legal services in
connection with the case.
The firm's hourly rates range from $120 to $160 for paralegals and
from $200 to $500 for attorneys.
As disclosed in court filings, Jennis Morse Etlinger neither holds
nor represents any interest adverse to the Debtor's estate.
The firm can be reached through:
David S. Jennis, Esq.
Daniel E. Etlinger, Esq.
David Jennis, P.A.
dba Jennis Morse Etlinger
606 East Madison Street
Tampa, FL 33602
Tel: (813) 229-2800
Email: djennis@jennislaw.com
detlinger@jennislaw.com
ecf@jennislaw.com
About JJS Logistics of Florida
JJS Logistics of Florida, Inc. is a Florida profit corporation,
which provides local FedEx delivery commercial and residential
services in western Pasco County.
JJS Logistics of Florida sought protection under Subchapter V of
Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
22-01884) on May 10, 2022, listing up to $500,000 in both assets
and liabilities. Amy Denton Mayer serves as Subchapter V trustee.
David Jennis, P.A., doing business as Jennis Morse Etlinger, is the
Debtor's legal counsel.
LIFE CENTER CHURCH: Unsecureds Owed $400T to Get 10% of Claims
--------------------------------------------------------------
Life Center Church of God in Christ filed an Amended Plan of
Reorganization.
Cadles of Grassy Meadows II LLC holds a first priority mortgage on
two of the church's properties located at 5500 S. Indiana Avenue,
Chicago, IL 60637 and the 119 East Garfield Chicago Illinois
respectively. The Debtor proposes to restructure and recast the
Loan on the terms. The Debtor proposes to bifurcate the claim of
Cadles. Cadles has a secured claim as valued by its collateral in
the amount of $1,440,000. The Debtor proposes to pay Cadles the
full amount of its secured claim by paying and initial payment of
25,000. The Debtor proposes to pay the balance of the secured
claim after application of the $25,000 down payment in remaining
amount of $1,415,000 amortized over 30 years at an interest rate of
3.75% with a balloon payment of the balance due on or before June
31, 2032. The Debtor will pay to Cadles the sum of $6,532.67 per
month that will continue for 32 months or until such earlier time
as the secured claim of Stolat Financial, LLC, has been paid in
full under the plan. After the earlier of (a) completion of plan
payments towards the secured claim of Stolat, or (b) the expiration
of 32 months from the effective date of the plan, the debtor's
payment to Cadles shall increase by $1,000 for a monthly total
payment thereafter of $7,533 per month which payment shall continue
thereafter for the duration of the Plan.
Stolat Financial, LLC, holds a first priority mortgage on property
located at 8126 S. Merrill Chicago, IL 60617. Cadles has a secured
claim in the estimated amount of $30,000 at 4% interest which will
pay-out in full over 32 months. The Debtor shall pay Stolat
monthly payment of $1,000 for 32 months or until such time as the
claim is paid in full under the Plan.
The Debtor is the proponent and disbursing agent of this Plan. The
Plan provides for distribution to the holders of allowed claims
from the continued operation of the Debtor's Business. The Debtor
has also worked diligently to market its worship services
continually increasing weekly attendance and revenues. Since
filing this case the debtor has increased its monthly gross
revenues by 10 each month with the exception of December due to
Christmas
Holiday. The foregoing are modest estimates based on gradual
phased in return to full-service operation barring any further
government restrictions imposed by the potentially re-surging
pandemic.
Under the Plan, Class 2 Allowed General Unsecured Claims in the
total amount of $407,384 which includes the unsecured portion of
the claim of Cadles of Grassy Meadows, LLC, in the amount of
$390,990. These claims will be paid at 10% of the total claim in
the aggregate amount of $40,738 in monthly payments of $678.31
without interest. All payments will begin on the 10st day of the
month following the effective date of the Plan. Class 2 is
impaired.
Attorney for the Debtor:
William E. Jamison, Jr., Esq.
LAW OFFICE WILLIAM E. JAMISON
53 W. Jackson Blvd., Suite #309
Chicago, IL 60604
Tel: (312) 226-8500
A copy of the Plan dated June 1, 2022, is available at
https://bit.ly/3GJQ1sF from PacerMonitor.com.
About Life Center Church of God in Christ
Life Center Church of God in Christ, a tax-exempt religious
organization based in Chicago, sought protection under Chapter 11
of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 21-10661) on
Sept. 15, 2021, listing as much as $10 million in both assets and
liabilities. T.L. Barrett, Jr., president of Life Center Church,
signed the petition.
Judge Carol A. Doyle oversees the case.
William E. Jamison, Jr., Esq., at William E. Jamison & Associates,
serves as the Debtor's legal counsel.
LOPSANG CONSTRUCTION: In Chapter 11, Expects to File 100% Plan
--------------------------------------------------------------
Lopsang Construction Service, LLC, filed for chapter 11 protection
in Orlando, Florida.
The Debtor's primary source of income is from the sale, fabrication
and installation of custom granite countertops for commercial and
residential clients
On April 28, 2022, ENGS Commercial Finance Company (an equipment
lender) obtained a final default monetary judgment against the
Debtor for $171,683. On May 24, 2022, ENGS served a writ of
garnishment on the Debtor's bank, Bank of America, freezing all
funds in the account in the approximately amount of $108,839.06,
all but preventing the Debtor from any viable operation. The
Debtor was previously working with an attorney from an entity named
Corporate Turnaround to negotiate agreements with its creditors
including ENG, but failed to notify the Debtor about the judgment
being entered. The Debtor filed for Chapter 11 to avoid the
garnishment lien and permit operations to resume for all
stakeholders.
The Debtor filed a voluntary petition for relief under Chapter 11
of the Bankruptcy Code in order to preserve its assets for its
entire estate. The Debtor hopes to restructure its existing debts
and secure additional clients for its services. The Debtor intends
to file its Plan of Reorganization proposing a 100% distribution to
all creditors in accordance with the Subchapter V mandate.
As of the Petition Date, the Debtor has secured debt of $565,883.
As of the Petition Date, Debtor believes there are $98,380 in
non-insider disputed and undisputed unsecured claims and $0.00 in
insider claims. According to court documents, Lopsang Construction
estimates between 1 and 49 unsecured creditors. The petition
states funds will be available to unsecured creditors.
In the next 45 days, it is likely the Debtor will secure clients
for the sale and installation of its products. The additional
income shall permit the Debtor to service its debt and otherwise
provide its disposable income for the benefit of the estate as
expressly provided in its plan of reorganization. The Debtor
anticipates it will propose a 100% plan to all creditors.
Four Employees
The Debtor is staffed with only four full-time
employees/contractors, including Angel G. Arias and Celia Arias
Tonos.
The Debtor is 90% by Mr. Arias and 10% by Mrs. Arias. As Manager,
Mr. Arias is responsible for all strategic decisions of the Debtor
including all decisions regarding marketing, financial, operational
and management needs. Mr. Arias is also heavily involved in the
pursuit of new customers, marketing opportunities, and the
monitoring of existing client accounts and customer service. Mr.
Arias works diligently in all aspects of the Debtor, including
cutting, polishing and installing of granite as needed. Mrs. Arias
is the Debtor's bookkeeper, and handles all accounts payable and
payroll and accounts receivable needs. Mrs. Arias is also the main
client contact, assisting clients with any customer service needs
and scheduling appointments, projects and other services of the
Debtor, and handles all marketing for the Debtor. Based on the
Officers' efforts, the Debtor expects to generate $600,000 in
annual revenue. The Debtor's year-to-date revenue is $173,465.
About Lopsang Construction Service
Lopsang Construction Service LLC -- https://lopsang.com/ --
specialize in countertops, sinks, and vanities for the kitchen,
bathroom, patios, and outdoor kitchens.
Lopsang Construction Service sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-01879) on
May 25, 2022. In the petition filed by Angel G. Arias, as manager,
Lopsan Construction Service listed estimated assets between
$100,000 and $500,000 and liabilities between $500,000 and $1
million. Justin M Luna, of Latham, Luna, Eden & Beaudine, LLP, is
the Debtor's counsel.
M5 ROCHESTER: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: M5 Rochester Close, LLC
6394 Temple Road
Franklin, TN 37069-7139
Business Description: M5 Rochester Close is engaged in activities
related to real estate. The Debtor owns
a real property located at 6394 Temple Road,
Franklin, Tennessee having an appraised
value of $1.39 million.
Chapter 11 Petition Date: June 3, 2022
Court: United States Bankruptcy Court
Middle District of Tennessee
Case No.: 22-01757
Judge: Hon. Randal S. Mashburn
Debtor's Counsel: Michael G. Abelow, Esq.
SHERRARD ROE VOIGT & HARBISON, PLC
150 3rd Avenue South, Suite 1100
Nashville, TN 37201
Tel: (615) 742-4532
Email: mabelow@srvhlaw.com
Total Assets: $1,389,000
Total Liabilities: $535,000
The petition was signed by Jesse McInerney as managing member.
The Debtor stated it has no creditors holding unsecured claims.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/6KHWPRQ/M5_Rochester_Close_LLC__tnmbke-22-01757__0001.0.pdf?mcid=tGE4TAMA
MEDICAL ACQUISITION: Taps Sullivan Workman & Dee as Special Counsel
-------------------------------------------------------------------
Medical Acquisition Company, Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of California to hire
Sullivan, Workman & Dee, LLP as its special counsel.
The Debtor needs legal assistance in two separate litigation
matters pending before the Superior Court of California, County of
San Diego (Case Nos. 37-2014-00009108-CU-BC-NC and
37-2020-00022703-CU-BC-NC).
The hourly rates charged by the firm's attorneys and paralegals are
as follows:
Gary A. Kovaic, Esq. $500/hour
Charles D. Cummings, Esq. $500/hour
Karyn A.M. Jakubowski, Esq. $400/hour
D Daniel Pranata, Esq. $400/hour
Other Attorneys $300/hour
Paralegals $100/hour
As disclosed in court filings, Sullivan is a "disinterested person"
within the meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Karyn A. Jakubowski, Esq.
Sullivan, Workman & Dee, LLP
600 N. Rosemead Blvd., Suite 209
Pasadena, CA 91107-2154
Phone: 626-656-8700
Email: kjakubowski@swdlaw.net
About Medical Acquisition Company
Medical Acquisition Company, Inc., a provider of lien-based medical
financial services in Carlsbad, Calif., filed a petition for
Chapter 11 protection (Bankr. S.D. Calif. Case No. 22-00058) on
Jan. 13, 2022, listing up to $50,000 in assets and up to $10
million in liabilities. Charles Perez, chief executive officer and
chief operations officer, signed the petition.
Judge Christopher B. Latham oversees the case.
The Debtor tapped Joshi Law Group as bankruptcy counsel; David A.
Kay, Attorney at Law as appellate counsel; Sullivan, Workman & Dee,
LLP as special counsel; and Julie Stencil as bookkeeper.
MIFATE CAB: Taxi Medallion Owner Refiles Subchapter V Case
----------------------------------------------------------
Mifate Cab Corp. has refiled a petition for relief under Subchapter
V of Chapter 11 of the Bankruptcy Code.
The Debtor disclosed $79,893 in assets and $743,368 in liabilities,
with the debt solely on account of the secured claim of Mega
Funding Corp., in its schedules. The Debtor owns a taxi medallion
valued at $77,893.
According to court filings, Mifate Cab estimates between 1 and 49
unsecured creditors. The petition states that funds will be
available to unsecured creditors.
A teleconference meeting of creditors under 11 U.S.C. Section
341(a) is slated for June 27, 2022 at 3:00 P.M.
About Mifate Cab Corp.
Mifate Cab Corp. previously sought bankruptcy protection under
Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Case No. 21-10018) 0on Jan. 6, 2021. On Oct. 4, 2021, the Court
entered an order dismissing the case due to the Debtor's failure to
comply with the Court's prior orders to file certain motions. The
case was officially closed on June 5, 2022.
Mifate Cab Corp. again commenced a Chapter 11 Subchapter V case
(Bankr. S.D.N.Y. Case No. 22-10665) on May 26, 2022. In the
petition filed by Obaidul Islam Mithu, as president, Mifate Cab
Corp. listed estimated assets between $50,000 and $100,000 and
estimated liabilities between $500,000 and $ 1 million.
The case is overseen by Honorable Bankruptcy Judge James L Garrity
Jr.
Thomas A. Farinella, of Law Offices of Thomas A. Farinella, PC, has
been serving as counsel to the Debtor since the previous case.
Charles Persing has been appointed as Subchapter V trustee in the
recent case.
MIL-SHER COMPLEX: July 6 Hearing on Disclosure Statement
--------------------------------------------------------
The hearing to consider the approval of the Disclosure Statement of
Mil-Sher Complex, Inc., will be held before Honorable Carl L.
Bucki, United States Bankruptcy Judge on July 6, 2022 at 12:00 p.m.
in Robert H. Jackson U.S. Courthouse, 2 Niagara Square, 5th Floor,
Orleans Courtroom, Buffalo, NY 14202.
June 30, 2022, is fixed as the last day for filing and serving
written objections to the Disclosure Statement.
July 6, 2022, is fixed as the last day for filing proofs of claim
in this case.
July 6, 2022, is fixed as the last day for filing governmental
proofs of claim in this case.
About Mil-Sher Complex Inc.
Mil-Sher Complex, Inc., is in the real estate business. The
company is a privately-owned sub-chapter "S" corporation, with its
principal place of business in Kenmore, New York. Its principal
assets are located in Erie County.
Mil-Sher Complex sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D.N.Y. Case No. 18-11932) on Sept. 25,
2018. At the time of the filing, the Debtor estimated assets of
less than $50,000 and liabilities of less than $500,000. Judge Carl
L. Bucki presides over the case. The Debtor tapped Gleichenhaus
Marchese & Weishaar, P.C., as its legal counsel.
NATIONWIDE FREIGHT: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Nationwide Freight Systems, Inc.
1579 Highpoint Drive
Elgin, IL 60123
Business Description: The Debtor is an asset based transportation
and logistics provider located in Elgin,
Illinois. It provides transportation,
logistics, and distribution services to the
printing, retail, hospitality and textile
industries, and also to many manufacturing
and wholesale companies of various sizes.
Chapter 11 Petition Date: June 6, 2022
Court: United States Bankruptcy Court
Northern District of Illinois
Case No.: 22-06364
Judge: Hon. Benjamin A. Goldgar
Debtor's Counsel: David K. Welch, Esq.
BURKE, WARREN, MACKAY & SERRITELLA, P.C.
330 N. Wabash
21st Floor
Chicago, IL 60611
Tel: 312-840-7122
Email: dwelch@burkelaw.com
Estimated Assets: $500,000 to $1 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Robert D. Kuehn as president.
A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/DZQLISY/Nationwide_Freight_Systems_Inc__ilnbke-22-06364__0001.1.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/D6GBOCI/Nationwide_Freight_Systems_Inc__ilnbke-22-06364__0001.0.pdf?mcid=tGE4TAMA
NORTHWEST SENIOR: Asks Court Approval for $10.1M Ch. 11 Loan
------------------------------------------------------------
Rick Archer of Law360 reports that the operator of Dallas' Edgemere
retirement community, Northwest Senior Housing, on Friday, June 3,
2022, asked a Texas bankruptcy judge to approve $10.1 million in
Chapter 11 financing over the objection of its landlord and
unsecured creditors, who claimed the terms were unfair and the
facility's budget insufficient.
The seven-hour hybrid hearing before U.S. Bankruptcy Judge Michelle
Larson saw Northwest Senior Housing Corp.'s financing proposal
attacked from multiple angles, including arguments that the
debtor-in-possession loan gives too much control to the lender and
may not cover all the expenses of maintaining Edgemere.
About Northwest Senior Housing Corp.
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. At the time of the filing, Northwest Senior
Housing listed $100 million to $500 million in both assets and
liabilities.
Judge Michelle V. Larson oversees the cases.
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.
OLDSMAR JJ: June 29 Plan Confirmation Hearing Set
-------------------------------------------------
Judge Michael G. Williamson has entered an order conditionally
approving the Disclosure Statement of Oldsmar JJ, LLC.
The Court will conduct a hearing on confirmation of the Plan,
including timely filed objections to confirmation, objections to
the Disclosure Statement, motions for cramdown, applications for
compensation, and motions for allowance of administrative claims on
June 29, 2022, at 1:30 p.m. in Tampa, FL - Courtroom 8A, Sam M.
Gibbons United States Courthouse, 801 N. Florida Avenue.
Any written objections to the Disclosure Statement must be filed
and served no later than 7 days prior to the date of the hearing on
confirmation.
Objections to confirmation must be filed and served no later than 7
days before the date of the Confirmation Hearing.
Parties in interest must submit their written ballot accepting or
rejecting the Plan no later than 8 days before the date of the
Confirmation Hearing.
The Plan Proponent shall file a ballot tabulation no later than 96
hours prior to the time set for the Confirmation Hearing.
About Oldsmar JJ LLC
Oldsmar JJ, LLC, is an Oldsmar, Fla.-based privately held company
in the fast-food & quick-service restaurants business.
Oldsmar JJ sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. M.D. Fla. Case No. 20-07204) on Sept. 26, 2020. The
petition was signed by Scott Zieba, managing member.
At the time of the filing, Debtor estimated assets of between
$100,000 and $500,000 and liabilities of between $1 million and $10
million.
Steven M. Fishman, PA, is the Debtor's legal counsel.
PANDA TEMPLE: 758 Megawatt Power Plant Up for Sale June 7
---------------------------------------------------------
An approximately 758 megawatt combined cycle natural gas-fired
power plant located in Temple, Texas, together with certain related
real estate and personal property, will be sold to the highest
qualified bidder in one lot for cash or credit against the
indebtedness secured thereby/
The auction will be between 10:00 a.m. and 4:00 p.m., on June 7,
2022, at Bell County Clerk's Alcove to east of the main entrance of
the Bell County Justice Complex, 1201 Huey Drive, Belton, Texas (or
if different, the area most recently designated by the Bell County
Commissioner's Court).
A qualified bidder purchasing the property being sold will
represent that it is purchasing the property for its own account,
for investment and not with a view to the distribution or resale
thereof.
For more information, contact:
CLMG Corp.
Collateral Agent
7195 Dallas Parkway
Plano, Texas 75024
About Panda Temple
Panda Temple Power, LLC, and Panda Temple Power Intermediate
Holdings II, LLC, filed voluntary petitions under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 17-10839) on
April 17, 2017, before the Hon. Laurie Selber Silverstein.
Panda Temple Power, LLC ("Temple I"), owns the Panda Temple I
Generating Station, a clean, natural gas-fueled, 758-megawatt
combined-cycle electric generating facility located in Temple,
Texas. The Temple I Project utilizes advanced emissions-control
technology, making it one of the cleanest natural gas-fueled power
plants in the United States. Employing "quick start" turbines,
which can achieve 50% power production in 10 minutes and a full
baseload capacity in 30 minutes, the Temple I Project can supply
the power needs of up to 750,000 homes.
The Temple I Project was originally financed with approximately
$377 million of secured debt and $375 million of equity.
Approximately $100 million of the equity investment was provided by
Panda Funds, with the remaining $275 million provided by third
party co-investors. Construction of the Temple I Project began in
July 2012 and commercial operations commenced in July 2014. In
March 2015, the original secured debt was refinanced with
approximately $400 million of secured debt under the Prepetition
Credit Agreement.
Panda Temple Power Intermediate Holdings II, LLC is a holding
company with no assets other than its ownership interests in Temple
I.
In 2016, the Debtors' total revenue from energy sales was
approximately $71.9 million and its EBITDA was $17.8 million.
The Debtors hired Richards, Layton & Finger, P.A., and Latham &
Watkins LLP as legal counsel; Latham & Watkins LLP, Inc., as
co-counsel; Ducera Partners LLC as financial advisor; and Prime
Clerk LLC as claims and noticing agent and administrative advisor.
Prime Clerk may be reached at:
Benjamin Joseph Steele
Prime Clerk LLC
830 3rd Avenue, 9th Floor
New York, NY 10022
Tel: (212) 257-5490
Fax: (212) 257-5452
E-mail: bsteele@primeclerk.com
No official committee of unsecured creditors has been appointed.
An ad hoc committee of Prepetition Lenders was active in the
bankruptcy case. The committee members include, but are not
limited to, those funds or accounts that hold, or are the
investment advisors or managers for funds or accounts that hold, in
the aggregate, claims against or interests in the Debtors arising
from certain loans under the Credit Agreement and the DIP Credit
Agreement. The Committee members are Ares Capital, Avenue Capital
Management II, L.P.; Brigade Capital Management, LP; Canaras
Capital Management; GSO Capital Partners LP; H.I.G. WhiteHorse
Capital, LLC; Lord, Abbett & Co. LLC; MJX Asset Management LLC;
Oaktree Capital Management, L.P.; Siemens Financial Services, Inc.;
SOF-X Credit Holdings, LLC (Starwood Credit Advisors LLC); and
Western Asset Management Company.
PCDM PROPERTIES: Gets Approval to Hire Beacon Realty as Broker
--------------------------------------------------------------
PCDM Properties, LLC received approval from the U.S. Bankruptcy
Court for the Western District of Louisiana to hire Beacon Realty,
LLC to market and sell its rental properties in Lafayette and a
vacant lot in St. Martinville, La.
The firm's services include:
1. preparing all marketing materials, advertising, and
publicity necessary to advertise and promote the sale;
2. generating leads to list the property for sale in the
applicable Multiple Listing Services, and to advertise the
property;
3. utilizing the firm's experience and expertise to sell the
property in a professional manner in an effort to obtain the
highest possible price for the property; and
4. appearing in the bankruptcy court and testifying about the
sale or any related matter upon request.
The broker has agreed to perform these services for a 5 percent
commission.
As disclosed in court filings, Beacon does not hold interests
adverse to the Debtor's bankruptcy estate.
The firm can be reached through:
Beau Bourque
Beacon Realty Properties LLC
248 Newbury St
Boston, MA 02116
Phone: +1 617-266-7142/617-262-1771
Fax: 617-266-7276
About PCDM Properties
PCDM Properties, LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. W.D. La. Case No.
21-50212) on April 13, 2021, listing up to $1 million in assets and
up to $500,000 in liabilities. Judge John W. Kolwe oversees the
case.
The Keating Firm, APLC and Taylor, Porter, Brooks & Phillips LLP
serve as the Debtor's legal counsels.
PG&E CORP: Fitch Alters Outlook on 'BB' LT IDRs to Positive
-----------------------------------------------------------
Fitch Ratings has revised PG&E Corp.'s (PCG) and Pacific Gas and
Electric Co.'s (PG&E) Rating Outlook to Positive from Stable and
affirmed the companies' Long-Term Issuer Default Ratings (IDR) at
'BB'. Fitch has also affirmed both companies' instrument ratings.
The ratings and Positive Outlook reflect improving credit metrics,
significantly lower levels of wildfires sparked by PG&E equipment
during 2019-2021 compared to 2017-2018, credit supportive elements
of Assembly Bill (AB) 1054, and a revamped management team and
strategy to enhance safety and operating performance.
The Positive Outlook anticipates further gains preventing
utility-sparked wildfires, improving safety culture and reduced
customer impact from public safety power shutdowns. Emergence from
the current fire season with minimal PG&E-linked wildfire activity
and related third party liabilities could result in an upgrade.
Fitch estimates significant leverage reduction at PCG and PG&E with
FFO leverage improving to 4.7x and 4.4x, respectively, in 2023 from
an estimated 5.9x and 5.3x in 2022 and 11.4x and 10.1x in 2021.
KEY RATING DRIVERS
Recent Credit-Supportive Developments: Fitch believes the
significant reduction in wildfire incidents linked to PG&E
equipment, number of structures destroyed and associated
liabilities during 2019-2021 compared with 2017-2018 is a key
positive development supporting potential improvement in PCG's and
PG&E's creditworthiness. This, combined with several initiatives
set in motion by new leadership at PCG, credit supportive elements
of anti-wildfire legislation enacted in California and improving
projected credit metrics, support the affirmation and Positive
Outlooks for PCG and PG&E.
While efforts underway in California to minimize utility-sparked
wildfire destruction may be taking root, sustained recurrence of
similarly destructive firestorm activity as 2017-2018 cannot be
ruled out and would likely result in adverse credit rating actions
for PCG and PG&E.
Wildfire Risk Mitigation Progress: Fitch believes wildfire risk at
PCG and PG&E remains the chief hurdle to credit improvement, along
with related safety culture and reputational issues. Nonetheless,
progress made by PG&E to improve fire resilience is evident in
materially reduced post-2018 utility-sparked wildfire activity.
Continued improvement in wildfire resilience and safety culture
will likely result in upgrades for both PCG and PG&E within 12-18
months. Fitch expects PG&E and the other California IOUs will be
put to the test again this year as the state enters the fire season
under its third consecutive year of drought.
Wildfire Activity Lower: Initiatives set in place by PG&E in its
wildfire mitigation plan along with state and local community
efforts to battle catastrophic wildfires appear to be reducing
utility-linked incidents. A review of wildfires determined by the
California Department of Forestry and Fire Protection (Cal Fire) to
have been ignited by PG&E equipment during 2019-2021 reveals a
significantly lower trend in fires caused by PG&E equipment
compared to 2017-2018. The Kincade Fire destroyed 374 structures,
the Zogg Fire 231 and the Dixie Fire 1,329.
That compares to 18,804 structures destroyed by the Camp Fire in
2018 and more than 4,300 structures destroyed by 20 major fires in
2017 triggered by PG&E equipment. The 2017 wildfire tally excludes
Tubbs, which occurred in PG&E's service territory but according to
the Cal Fire did not involve PG&E equipment. The Tubbs Fire
destroyed 5,636 structures.
Credit Supportive Legislation Enacted: AB 1054, Senate Bill 901 and
a number of other laws have been enacted in California to protect
the public against deadly wildfires. AB 1054 creates a $21 billion
wildfire insurance fund for the three large electric IOUs in
California, including PG&E, to defray prudently incurred
wildfire-related liabilities under inverse condemnation (IC) in
excess of $1 billion. California applies IC to IOUs when their
equipment is deemed to have ignited a wildfire, holding them
strictly liable even if they complied with all rules and
regulations. Under IC, payments to wildfire victims are made
relatively quickly and may not be recovered by IOUs until long
after payments have been made, if at all.
The AB 1054 insurance fund is designed to address this mismatch in
cash recovery and liability payments, providing a robust source of
funds to buffer PG&E and the other large IOUs from liquidity and
funding challenges associated with large firestorm- related
liabilities. The legislation also authorized a wildfire mitigation
certification process to support IOU efforts to enhance resilience,
a more balanced prudence standard and securitization of certain
wildfire costs. Premature exhaustion of the fund due to excessive
wildfire activity and related claims is a concern.
Securitization Update: Fitch expects PG&E will issue more than $8
billion of securitization bonds for recovery of certain wildfire
related cost as authorized by AB 1054 and SB 901 this year. The
tally includes PG&E's recently issued $3.6 billion of secured
recovery bonds. The utility used proceeds from the recovery bond
issuance to redeem all $500 million principal amount of outstanding
PG&E floating rate first mortgage bonds due 2022 and $2.5 billion
of 1.75% first mortgage bonds due 2022. Any remaining proceeds will
be used to repay outstanding loans under PG&E's credit agreement.
Recent Fire-Related Developments: PG&E and district attorneys from
six California counties recently finalized settlements resolving
the 2019 Kincade Fire and 2021 Dixie Fire criminal investigations.
As a result, charges related to the Kincade Fire will be dismissed
and no criminal charges will be filed in the Dixie Fire. The
company has agreed to pay a total of $55 million during 2022-2026
with approximately $36 million of the total due in 2022 and has
agreed to third-party monitoring of certain vegetation management
and inspection activities, among other things. Fitch believes the
settlement is a positive credit development. The settlement has no
impact on criminal proceedings in connection with the Zogg Fire
that remain in process.
In January 2022, Cal Fire announced in its determination the 2021
Dixie Fire was caused by a tree contacting equipment owned and
operated by PG&E. The Dixie Fire, one of the largest fires on
record in California, burned 963,000 acres and destroyed 1,329
structures.
Dixie Fire Liability Booked: In 2021, PG&E booked a $1.15 billion
charge for claims in connection with the Dixie Fire and expects to
fully recover such costs through private insurance, regulatory
recoveries and eligible claims on the AB 1054 wildfire fund. Future
increases to the reserve booked by PG&E for the Dixie Fire are
possible and would likely increase the utility's drawdown of the
$21 billion AB 1054 wildfire fund. Based on PG&E's current estimate
of Dixie-related third-party liabilities, Fitch believes eligible
claims would approximate $150 million.
In that scenario, Fitch believes timely access to the fund as
authorized under AB 1054 would be facilitated by the fund
administrator, reducing the cushion available to participating
utilities. A key credit concern for PCG and PG&E is premature
depletion of the AB 1054 fund should out-sized wildfire activity
continue unabated.
New Leadership: Patricia Poppe, appointed President and CEO of PCG
in January 2021, has formed a new management team and embraced a
strategy designed to fundamentally redefine corporate culture at
PG&E and PCG, minimize wildfire risk and improve safety for all
constituents.
PCG has implemented an array of initiatives to reduce wildfire risk
including enhanced vegetation management and situational awareness,
covered conductors and undergrounding assets in high fire threat
districts, public safety power shut-offs and enhanced powerline
safety settings, system inspections, better communication and
coordination with key communities and constituent groups and
efforts to minimize adverse consequences from de-energizations
during periods of high wildfire risk.
California Regulatory Compact: In Fitch's opinion, regulatory
practices in California are generally balanced and credit
supportive. However, PG&E and other California investor-owned
utilities are subject to an active legislature and prone to a
relatively high degree of political risk dating back to the energy
crisis of 2001‒2002. In Fitch's view, legislative actions and
rate regulation in recent years have generally been credit
supportive. The durability of a balanced regulatory compact is a
key credit factor, especially in light of PG&E's large projected
capex program. Capex at PG&E is driven by wildfire mitigation, and
spending to support state greenhouse gas reduction targets and
could approximate as much as $54 billion 2022-2026.
2023 GRC Supplemental Testimony: In February 2022, PG&E filed
supplemental testimony reflecting its integrated wildfire
mitigation strategy, including undergrounding of power lines in
high fire threat areas during 2023-2026, related changes in
vegetation management and roll-out of its enhanced powerline safety
settings program. The company in its updated testimony supports a
slight decrease in the utility's 2023 test year revenue requirement
reflecting higher capital investment due to undergrounding of power
lines offset by lower vegetation-related O&M expense in high fire
threat districts due to undergrounding. PG&E's ability to
underground overhead powerlines without a material increase in
revenue requirements is a positive development.
Safety Issues and Oversight: The CPUC placed PG&E into the first
step of an enhanced oversight and enforcement process (EOEP) in
April 2021. The commission took the action due to PG&E's failure to
prioritize clearing vegetation on its highest-risk power lines as
part of its 2020 wildfire mitigation work. Efforts are underway to
resolve issues raised in the EOEP. Fitch believes PG&E has made
significant progress improving its vegetation management program.
In January 2022, the CPUC appointed an independent safety monitor
as allowed under the agency's order approving PG&E's plan of
reorganization for a five-year term and has initiated several
safety related proceedings. Appointment of the safety monitor by
the CPUC follows the end of PG&E's probation and oversight by a
federally appointed monitor. PG&E's ability to significantly
improve safety performance and culture will be a key determinant of
PG&E's and PCG's creditworthiness.
Parent-Subsidiary Rating Linkage: Fitch analyzed the
parent-subsidiary relationship for PG&E and parent PCG, and
determined that their IDRs are the same, based on the companies'
standalone credit profiles (SCP). Parent-only debt at PCG is modest
and, based on Fitch's projections, Fitch expects PCG's and PG&E's
SCPs to remain the same. PG&E accounts for virtually all of PCG's
consolidated earnings and cash flow. Should PCG's and PG&E's SCPs
diverge, Fitch would apply a stronger subsidiary, weaker parent
approach under Fitch's parent-subsidiary linkage criteria,
reflecting PCG's dependence on cash flows from PG&E to meet its
obligations. In that scenario, legal ring fencing would be deemed
by Fitch to be porous and access and control open, resulting in a
maximum two-notch differential in parent-subsidiary IDRs.
ESG - Customer Welfare - Fair Messaging, Privacy & Data Security: A
poor safety record and devastating wildfires linked to utility
equipment have had an adverse impact on customers.
ESG - Exposure to Environmental Impacts: Cycles of
rain-drought-rain, high winds, and dry ambient conditions have
pressured the utility's systems and increased the likelihood of
utility-sparked wildfires.
ESG - Exposure to Social Impacts: Customer and other constituent
impacts are associated with wildfire activity.
DERIVATION SUMMARY
PG&E Corporation (PCG; 'BB'/Positive) and peer utility holding
companies Edison International (EIX; BBB- /Positive) and DPL, Inc.
(DPL; BB/Negative) are similarly positioned as single
utility-holding companies operating in California (PCG & EIX) and
Ohio (DPL). Like PCG, virtually all of DPL's and EIX's earnings and
cash flows are attributable to their respective operating
utilities, Dayton Power & Light Company (DP&L; BBB-/Negative) and
Southern California Edison Company (SCE; BBB-/Positive).
Conversely, FirstEnergy Corporation (FE; BB+/Positive), is a
multi-state utility holding company with utility operations across
the Mid-Atlantic region of the U.S. with greater regulatory
diversity than its single-utility holding company peers. Both PCG's
and EIX's business risk profiles are challenged by outsized
wildfire-related liabilities with more devastating effect for PCG.
Parent-only debt at PCG and peer EIX is relatively modest,
representing approximately 11% and 15% of the companies' total
respective consolidated debt outstanding. That compares to more
than 30% at FE and approximately 60% at DPL. Fitch estimates FFO
leverage will improve from 11.4x in 2021 to 5.9x in 2022 and 4.7x
in 2023 for PCG, which compares to 7.7x for DPL in 2022, 6.4x-8.2x
during 2021-2024 for FE and 4.9x-5.9x during 2021- 2024 for EIX. FE
and PCG are similarly positioned inasmuch as both are challenged by
reputational issues due to poor corporate governance for the former
and significant safety and environmental issues for the latter.
PCG's core utility operating subsidiary, PG&E, is one of the
nation's largest combination electric and gas utilities serving
approximately 5.5 million electric and 4.5 million natural gas
customers. Peer utility operating companies, SCE, Jersey Central
Power & Light Company (JCP&L; BBB-/Positive) and DP&L, provide
electric utility services to 5.2 million, 1.2 million and 0.5
million electric customers in parts of California, New Jersey and
Ohio, respectively.
Uncertainty regarding the magnitude, frequency and destructive
force of future wildfires and efforts to enhance wildfire
resilience is a key risk factor for both PG&E and SCE, with notably
larger exposure for PG&E compared to SCE. DP&L's creditworthiness
has been adversely impacted by regulatory developments in Ohio,
primarily due to a PUCO order blocking distribution modernization
charges of $105 million per year, and reflect high parent-only
debt. At JCP&L, regulatory lag has led to somewhat weaker credit
metrics in recent years. However, Fitch expects credit metrics to
improve due a balanced outcome in JCP&L's last general rate case.
FFO leverage at PG&E is estimated by Fitch at 10.1x in 2021
improving to 5.3x in 2022 and 4.4x in 2023. For SCE, Fitch
estimates FFO leverage will average 4.8x during 2022-2026. While
PG&E's projected financials are in-line with SCE's post-2021,
operating risk is higher at PG&E compared to SCE, in Fitch's view,
due to a history of larger wildfires and a poor, albeit improving,
safety record. JCP&L leverage is expected to improve from a
projected 5.7x in 2021 to average 4.5x during 2022-2024 and DP&L's
FFO leverage is expected to average 4.3x over the next two years.
JCP&L's and DP&L's ratings reflect affiliation with weaker ultimate
corporate parent companies.
KEY ASSUMPTIONS
Fitch's Key Assumptions in Its Base Case Include the Following:
-- Reflects PG&E's CPUC-approved 2020 GRC settlement and
anticipated rate relief in its pending 2023 GRC;
-- Timely access to the AB1054 wildfire fund to recover wildfire
costs in excess of $1 billion for the Dixie Fire;
-- Total 2022-2026 capex of $54.7 billion;
-- No equity return on approximately $3.2 billion of wildfire
mitigation capex;
-- Incorporates CPUC authorized capital structure waiver and a
hypothetical 52% equity ratio for regulatory purposes;
-- PG&E issues $7.5 billion of rate neutral recovery bonds issued
in 2022 and $1 billion of AB 1054 wildfire securitization
bonds;
-- FERC jurisdiction transmission wildfire costs are fully
recovered;
-- Rate base CAGR of 9% from a base of $47 billion in 2021;
-- Full recovery of deferred wildfire-related restoration,
prevention and insurance costs;
-- Projections include undergrounding of 3,575 miles of power
lines in high fire threat districts during 2022-2026.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade for PCG:
-- An upgrade of PG&E;
-- Improvement in catastrophic wildfire risk, the company's
safety culture and reputation along with consolidated PCG FFO-
leverage of better than 5.5x on a sustained basis.
Factors that could, individually or collectively, lead to negative
rating action/downgrade for PCG:
-- A downgrade of PG&E;
-- An unexpected, significant increase in parent-only debt;
-- PCG FFO-leverage of worse than 6.0x on a sustained basis.
Factors that could, individually or collectively, lead to positive
rating action/upgrade for PG&E:
-- Meaningful reduction in the size and scale of prospective
wildfire activity in PG&E's service territory.
-- Consistent improvement in PG&E's safety culture leading to
resolution of legal, regulatory and reputational challenges.
-- Robust A.B. 1054 wildfire fund levels relative to future
utility claims.
-- Improvement in FFO-leverage to better than 5.5x.
Factors that could, individually or collectively, lead to negative
rating action/downgrade for PG&E:
-- Continuation of catastrophic wildfire activity on par with the
Northern California wildfires of 2017 and the Camp fire in
2018 and resulting large third-party liabilities under inverse
condemnation;
-- More rapid than expected drawdown of the AB 1054 fund due to
persistent wildfire activity and large third-party
liabilities;
-- Inability to address equipment failures and deliver
demonstrable improvement in safety culture;
-- Failure to ameliorate reputational challenges;
-- Deterioration in rate regulation;
-- Adverse developments stemming from PG&E's corporate probation;
-- Unfavorable legislative developments;
-- These or other factors resulting in FFO-leverage of worse than
6.0x on a sustained basis.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity: As of March 31, 2022, PCG had access to
revolving credit facilities with total consolidated borrowing
capacity of $4.5 billion composed of a $4.0 billion RCF at PG&E and
$500 million at PCG. Additional liquidity is provided via a $1
billion utility receivables securitization program, which was fully
utilized at the end of 1Q 2022. Approximately $2.2 billion was
available under the credit facilities at the end of 1Q 2022 net of
$750 million of letters of credit and $1,555 million of borrowings
outstanding, and $1 billion was borrowed on its accounts receivable
securitization program. No borrowings were outstanding under the
corporate parent's $500 million revolving credit facility as of
March 31, 2022.
Like most utilities, PG&E is expected to be FCF negative based on
Fitch's assumptions and its large capex program. Negative FCF is a
function of high capex driven by spending to mitigate catastrophic
wildfire activity and meet California's greenhouse gas reduction
goals, which are among the most aggressive in the nation. Fitch
expects cash shortfalls to be funded with a balanced mix of debt
and equity. PCG and PG&E have access to debt capital markets and
Fitch believes debt maturities are manageable. Consolidated cash
and cash equivalents totaled $247 million at the end of 1Q 2022
with $199 million of that amount residing at the utility.
ISSUER PROFILE
PCG's wholly-owned operating utility, PG&E, accounts for virtually
all of PCG's earnings and cash flows. PG&E is one of the nation's
largest combination electric and gas utilities, serving 16 million
people across a 70,000 square mile service territory that spans
central and northern California.
ESG CONSIDERATIONS
PG&E Corporation has an ESG Relevance Score of '4' for Customer
Welfare - Fair Messaging, Privacy & Data Security due to the impact
of wildfires sparked by utility equipment, which has a negative
impact on the credit profile and is relevant to the rating in
conjunction with other factors. Fitch has revised PCG's ESG RS to
'4' from '5' for Customer Welfare - Fair Messaging, Privacy & Data
Security. The revision reflects Fitch's assessment of wildfire
risks to creditworthiness as being manageable within PCG's current
rating category.
PG&E Corporation has an ESG Relevance Score of '4' for Exposure to
Environmental Impacts due to the impact of rain-drought-rain, high
winds and dry ambient conditions on its utility system, which has a
negative impact on the credit profile and is relevant to the rating
in conjunction with other factors. Fitch has revised PCG's ESG RS
to '4' from '5' for Exposure to Environmental Impacts. The revision
reflects Fitch's assessment of wildfire risks to creditworthiness
as being manageable within PCG's current rating category.
PG&E Corporation has an ESG Relevance Score of '4' for Exposure to
Social Impacts due to customer and other constituent impacts
associated with wildfire activity, which has had a negative impact
on the credit profile is relevant to the rating in conjunction with
other factors. Fitch has revised PCG's ESG RS to '4' from '5' for
Exposure to Social Impacts. The revision reflects Fitch's
assessment of wildfire risks to creditworthiness as being
manageable within PCG's current rating category.
Pacific Gas and Electric Company has an ESG Relevance Score of '4'
for Customer Welfare - Fair Messaging, Privacy & Data Security due
to customer and other constituent impacts associated with wildfire
activity, which has had a negative impact on the credit profile is
relevant to the rating in conjunction with other factors. Fitch has
revised PG&E's ESG RS to '4' from '5' for Customer Welfare - Fair
Messaging, Privacy & Data Security. The revision reflects Fitch's
assessment of wildfire risks to creditworthiness as being
manageable within PG&E's current rating category.
Pacific Gas and Electric Company has an ESG Relevance Score of '4'
for Exposure to Environmental Impacts due to the impact of
rain-drought-rain, high winds and dry ambient conditions on its
operations, which has had a negative impact on the credit profile
is relevant to the rating in conjunction with other factors. Fitch
has revised PG&E's ESG RS to '4' from '5' for Exposure to
Environmental Impacts. The revision reflects Fitch's assessment of
wildfire risks to creditworthiness as being manageable within
PG&E's current rating category.
Pacific Gas and Electric Company has an ESG Relevance Score of '4'
for Exposure to Social Impacts due to customer and other
constituent impacts associated with wildfire activity, which has
had a negative impact on the credit profile and is relevant to the
rating in conjunction with other factors. Fitch has revised PG&E's
ESG RS to '4' from '5' for Exposure to Social Impacts. The revision
reflects Fitch's assessment of wildfire risks to creditworthiness
as being manageable within PG&E's current rating category.
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
DEBT RATING RECOVERY PRIOR
---- ------ -------- -----
PG&E Corporation LT IDR BB Affirmed BB
senior secured LT BB Affirmed RR4 BB
Pacific Gas and LT IDR BB Affirmed BB
Electric Company
preferred LT BB Affirmed RR5 BB
senior secured LT BBB- Affirmed RR2 BBB-
POMMEL MEADOWS: Case Summary & 19 Unsecured Creditors
-----------------------------------------------------
Debtor: Pommel Meadows Hospitality, LLC
2755 Bayport Blvd.
Seabrook, TX 77856
Business Description: Pommel Meadows is part of the traveler
accommodation industry.
Chapter 11 Petition Date: June 6, 2022
Court: United States Bankruptcy Court
Southern District of Texas
Case No.: 22-31579
Judge: Hon. Jeffrey P. Norman
Debtor's Counsel: Stephen W Sather, Esq.
BARRON & NEWBURGER, P.C.
5555 West Loop S 235
Bellaire, TX 77401-2100
Tel: (512) 649-3243
Email: ssather@bn-lawyers.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Danish Khan as managing member.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 19 largest unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/4IDNGWY/Pommel_Meadows_Hospitality_LLC__txsbke-22-31579__0001.0.pdf?mcid=tGE4TAMA
PRITHVI INVESTMENTS: Quality Inn Santa Rosa, CA Enters Chapter 11
-----------------------------------------------------------------
Prithvi Investments LLC filed for chapter 11 protection in San
Francisco, California.
Prithvi LLC's principal executive office is located at 458 33rd
Ave., San Francisco, CA 94121.
Prithvi LLC owns and operates a 64-room Quality Inn and Suites
hotel in Santa Rosa, California. In addition to providing guest
rooms, the Hotel has a breakfast dining area and a fitness room.
The Hotel has 68 parking spaces and operates under a license
agreement with Choice Hotel, International Inc.
The Debtor bought the Hotel on or about July 24, 2018. The Hotel
was built in 1999 and renovated by previous owners in 2017. It has
good visibility and access on a main thoroughfare in Santa Rosa.
Prithvi LLC is one of eight LLCs owned by the family of Bhavesh and
Hitesh Patel that own and operate various 14 hotels in California.
Due to the significant interruption in business caused by the Covid
Pandemic, three of the LLCs: the Debtor, Rudra Investments, LLC,
and Hansaben Investments, LLC, have been forced to file Chapter 11
to reorganize their debts.
The history of the Patel hotel business begins in 1980 when Bhavesh
and Hitesh Patel's parents, Jashvant and Hansaben Patel, leased the
Hotel in Fairfax, California that is now owned by Hansaben LLC.
Over the years, Jashvant and Hansaben added multiple hotels to the
family business and formed different entities to own them. Their
sons Bhavesh Patel and Hitesh Patel joined the family hotel
business in 2007 and 2012 respectively.
Bhavesh has a bachelor's degree in Marketing from the University of
San Francisco, and Hitesh has a bachelor's degree in Finance from
CSU East Bay. Before joining the hotel operations, Hitesh worked
for Salesforce.
On Oct. 19, 2019, Jashvant Patel passed away, and Bhavesh and
Hitesh took over many additional responsibilities in the family's
hotel operations.
Hitesh Patel is the LLC Manager of the Hansaben LLC and Rudra LLC
and in anticipation of the Chapter 11 fillings, has been named
President of the Prithvi LLC. Bhavesh Patel is the LLC Manager of
Prithvi LLC.
An application to designate Hitesh as the Designated Responsible
Person pursuant to L.B.R. 4002-1 for all the Patel Chapter 11
Entities will be filed either concurrently or in the near future.
In addition to his managerial duties, Hitesh manages payroll and
organizes the monthly and analytical reports of operations for the
Patel Chapter 11 Entities. Bhavesh performs marketing research and
supervises business activities and property management for the
Patel Chapter 11 Entities.
The primary business cause of the Chapter 11 filing was the drastic
reduction in room revenue over the past several years from the
Covid pandemic. For example, the Hotel revenues were $2,162,670 in
2019, then fell to $1,213,211 during the first Covid year 2020, and
rose to $1,535,594 in 2021. The Debtor anticipates that 2022 will
be significantly better as it continues to exit the Covid Pandemic.
The immediate cause of the Chapter 11 case is the actions of Poppy
Bank, the Debtor's primary lender. On July 21, 2021, Poppy Bank
recorded a Notice of Default and Election to Sell Under Deed of
Trust on account of its second note. Moreover, on March 8, 2022,
Poppy Bank filed a Complaint for Appointment of a Receiver Pursuant
to Code of Civil Procedure Section 564(B) and Injunctive Relief in
the Superior Court of California, County of Sonoma, SCV-270365.
According to court filings, Prithvi Investments estimates between 1
and 49 unsecured creditors. The Petition states funds will be
available to Unsecured Creditors.
A tele/videoconference meeting of creditors under 11 U.S.C. Section
341(a) is slated for June 28, 2022 at 01:00 P.M.
About Prithvi Investments
Prithvi Investments, LLC, owns and operates a 64-room Quality Inn
and Suites hotel in Santa Rosa, California. In addition to
providing guest rooms, the Hotel has a breakfast dining area and a
fitness room. The Hotel has 68 parking spaces and operates under a
license agreement with Choice Hotel, International Inc.
Prithvi LLC is one of eight LLCs owned by the family of Bhavesh and
Hitesh Patel that own and operate various 14 hotels in California.
Due to the significant interruption in business caused by the Covid
Pandemic, three of the LLCs have been forced to file Chapter 11 to
reorganize their debts.
Prithvi Investments sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Cal. Case No. 22-30259) on May 25,
2022. In the petition filed by Hitesh Patel, president, the Debtor
disclosed up to $50 million in both assets and liabilities.
Christopher D. Sullivan, Esq., at Diamond McCarthy LLP, is the
Debtor's counsel.
PROVENCROWN BUILDERS: Wins Access to JPMorgan's Cash Collateral
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois,
Eastern Division, authorized ProvenCrown Builders, LLC to use the
cash collateral in which JPMorgan Chase Bank, NA, asserts an
interest, in accordance with a proposed budget, with a 10%
variance.
JPMorgan will be secured by a lien to the same extent, priority and
validity as existed prior to the Petition date. JPMorgan will also
receive a security interest in and a replacement lien upon all of
the Debtor's now existing or hereafter acquired property, in
existence before or after the Petition Date. The replacement lien
and security interest granted will have the same validity,
perfection, and enforceability as the pre petition lien.
Further, the Debtor will maintain insurance covering the full value
of all collateral, and will permit on site inspection of such
collateral, policies of insurance, and financial statements.
Beginning June 15, 2022, and continuing the 15th of each month
thereafter until further Court order, the Debtor will make an
adequate protection payments of $701 to JPMorgan.
A copy of the order is available at https://bit.ly/3m43GRZ from
PacerMonitor.com.
About ProvenCrown Builders LLC
ProvenCrown Builders LLC -- https://provencrown.com/ -- is a mason
contractor in Chicago, Illinois, that specializes in masonry
restoration, concrete, roofing, decking.
ProvenCrown Builders filed for Chapter 11 protection (Bankr. N.D.
Ill. Case No. 22-04099) on April 8, 2022. In the petition filed by
Damion Perry, as managing member, ProvenCrown Builders estimated
assets between $0 and $50,000 and estimated liabilities between
$500,000 and $1 million.
The case is assigned to Honorable Judge Jacqueline P. Cox.
Ben Schneider, Esq., at Schneider & Stone, is the Debtor's
counsel.
Neema T. Varghese has been appointed as Subchapter V Trustee.
RCO INC: Royal RC Construction Starts Subchapter V Case
-------------------------------------------------------
RCO Inc., d/b/a Royal RC Construction, filed for bankruptcy
protection under Subchapter V of Chapter 11 of the Bankruptcy
Code.
The Debtor is a multipurpose general contractor that engages in
residential and commercial construction operations. The Debtor has
operated successfully for more than 15 years and has received
various accolades and industry ratings during that time.
As of the Petition Date, all or substantially all of the assets of
the Debtor, subject to 11 U.S.C. Sec. 506, 552, are subject to the
liens and security interests of the U.S. Small Business
Association, who filed a UCC-1 financing statement with the
Nebraska Secretary of State at Filing 9820197269-1 on June 13,
2020. In addition, Debtor has entered into several prepetition loan
documents with the SBA.
As with millions of businesses throughout the United States in the
past three years, the COVID-19 epidemic has taken its toll on
Debtor's operations. This is particularly true given Debtor's
business is heavily reliant on the construction supply chains and
labor forces to obtain materials and manpower. While the pandemic
has had a tremendous and largely negative impact on the
construction industry, hope remains that the construction will
continue and rebound as a result of high demand for construction
related services. Juxtaposed against this hope is ongoing labor
shortages, supply chain delays, project delays, material cost
increases, and the like. Yet, Debtor has remained.
Nevertheless, Debtor has found itself faced with approximately 7
lawsuits from
disgruntled customers and several other financial pressure points
that made operations unsustainable under the current circumstances.
In an effort to maintain operations, reduce debt, and put an end
to expensive litigation, Debtor, after having weighed a number of
alternatives, made the decision to file a Chapter 11 case.
The Debtor has filed a variety of first-day motions, including
motions to use cash collateral, pay prepetition employee
obligations, and hire counsel.
According to court filings, RCO Inc. estimates between 1 and 49
unsecured creditors. The petition states that funds will be
available to unsecured creditors.
A telephonic meeting of creditors under 11 U.S.C. Section 341(a) is
slated for June 28, 2022 at 1:00 P.M.
About RCO Inc.
RCO Inc., doing business as Royal RC Construction, is a remodeling
contractor serving commercial and residential clients.
RCO Inc. sought bankruptcy protection, seeking relief under
Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.
Neb. Case No. 22-80398) on May 26, 2022. In the petition filed by
Chad Trout, as president, RCO Inc. listed estimated assets between
$100,000 and $500,000 and estimated liabilities between $1 million
and $10 million.
The case is assigned to Honorable Bankruptcy Judge Brian S Kruse.
Patrick Raymond Turner, of Turner Legal Group, LLC, is the Debtor's
counsel.
James A. Overcash has been appointed as Subchapter V trustee.
RECYCLING REVOLUTION: Unsecureds to Get $3T Monthly for 8 Years
---------------------------------------------------------------
RR3 Resources, LLC, and Recycling Revolution, LLC, submitted a
Second Amended Disclosure Statement.
The Debtors' primary assets are the Debtors' ongoing business
operations.
Under the Plan, holders of Class 3 General Unsecured Claims will be
paid pro rata and pari passu participation, a proportionate share
of $300,000 paid in equal monthly payments of $3,125 for a period
of 8 years. Class 3 is impaired.
All payments necessary to achieve confirmation of the Plan and to
fund payment to creditors required by the Plan shall be funded from
the cash flow of the Debtors' operations as supplemented with an
infusion of cash by the Debtors' principals, Robin Seskin and Slake
Industries, as needed per Section 4.6 of the Plan.
Attorney for the Debtor:
Joe M. Grant, Esq.
LORIUM PLLC
197 S. Federal Highway, Suite 200
Boca Raton, Florida 33432
Telephone: (561) 361-1000
Facsimile: (561) 672-7581
A copy of the Disclosure Statement dated June 1, 2022, is available
at https://bit.ly/3x20R93 from PacerMonitor.com.
About Recycling Revolution
Recycling Revolution, LLC -- http://www.RecyclingRevolution.net/--
is a recycling company specializing in low end, contaminated and
hard-to-handle materials. It purchases all types of plastic, metal
and electronic waste.
Recycling Revolution and its affiliate RR3 Resources, LLC, sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Fla. Lead Case No. 19-25063) on Nov. 7, 2019. Recycling Revolution
disclosed $365,896 in assets and $9,318,956 in debt, while RR3
Resources disclosed under $1 million in both assets and
liabilities.
Judge Mindy A. Mora oversees the cases.
The Debtors tapped Marshall Grant, PLLC, as their legal counsel and
Daszkal Bolton, LLP as their accountant.
RED RIVER: Chapter 11 Plan Includes Toggle Feature
--------------------------------------------------
Red River Waste Solutions, LP, submitted an Amended Chapter 11 Plan
and a corresponding Disclosure Statement.
To ensure any restructuring transaction contemplated by the Plan
maximizes value for all stakeholders, the Plan includes a "toggle"
feature whereby the Plan Sponsor shall have an opportunity to
provide a binding commitment to make an Equity Infusion -- that is,
provide the necessary funding to recapitalize the business and make
necessary Plan payments -- while the Debtor and its advisors
simultaneously continue with their sale efforts to effectuate a
sale of substantially all of the Assets to the previously approved
stalking horse bidder. In exchange for the Equity Infusion, New
Interests will be issued to the Plan Sponsor on the Effective
Date.
"Plan Sponsor" means those Holders of Existing Equity or other
Entity or Entities identified in the Plan Supplement who commit to
make the Equity Infusion.
In parallel with approval of the concomitant Disclosure Statement,
the Debtor has conducted a competitive sale process to monetize the
Assets and the Debtor's business pursuant to bid procedures entered
by the Court at Docket No. 697 (the "Bid Procedures"). The Bid
Procedures were designed to facilitate an open and competitive sale
process and were approved by the Bankruptcy Court in the Bid
Procedures Order. The Bankruptcy Court also approved a stalking
horse bidder for the sale process. The Debtor did not receive a
qualifying overbid by the bid deadline and the Debtor is working
towards a hearing on the proposed Sale to the stalking horse
bidder.
The Plan Sponsor shall have the opportunity to make or raise the
Equity Infusion if it determines that doing so is desirable and
maximizes value to the Debtor's Estate. If the Plan Sponsor
produces a binding commitment for financing equal to or greater
than the Plan Funding Obligations prior to the closing of such
Sale, the Sale will be terminated, and the Debtor will take all
necessary steps to consummate the Equity Infusion and implement the
Reorganization Transactions.
If this toggle feature is not exercised, the Debtor will close the
Sale and the Sale Proceeds will be distributed in accordance with
the Plan. The Plan's goal is to maximize the value of the Debtor's
estate for the benefit of all legitimate creditors and
stakeholders. Necessary funding for confirmation of the Plan will
come from either (a) Holders of the Debtor's Existing Equity, as
the Plan Sponsor, or (b) a Sale of substantially all the Assets or
the Reorganized Debtor's (equity) Interests.
Necessary funding for confirmation of the Plan will come from
either (a) holders of the Debtor's existing equity, as the Plan
Sponsor, or (b) a Sale of substantially all the assets or the
Reorganized Debtor's (equity) Interests.
Under the Plan, Class 16 General Unsecured Claims totaling
$7,108,738:
* Liquidation Alternative Treatment: If a Holder of an Allowed
Class 16 claim votes in favor of the Plan, each Holder of an
Allowed General Unsecured Claim against the Debtor shall receive
its Pro Rata share of Distributions from Liquidation Trust Assets.
If a Holder of an Allowed Class 16 claim votes to reject the Plan,
each Holder of an Allowed General Unsecured Claim against the
Debtor shall receive its Pro Rata share of Distributions from the
Non-Sharing Liquidation Trust Assets.
* Restructuring Transaction Treatment: If a Holder of an Allowed
Class 16 claim votes in favor of the Plan, on the Effective Date,
each Holder of an Allowed General Unsecured Claim against a Debtor
shall receive its Pro Rata share of Distributions from (a) the
General Unsecured Claims Cash Distribution Pool and (b) Liquidation
Trust Assets. If a Holder of an Allowed Class 16 claim votes to
reject the Plan, on the Effective Date, in full and final
satisfaction, compromise, settlement, release, and discharge of,
and in exchange for, its Allowed General Unsecured Claim, each
Holder of an Allowed General Unsecured Claim against a Debtor shall
receive its Pro Rata share of Distributions from (a) the
Non-Sharing Liquidation Trust Assets.
Class 16 is impaired.
Class 17 Union Bank Unsecured Claims:
* Liquidation Alternative Treatment: Union Bank's Class 17
Claim is Disputed. It will receive no Distribution until it is
Allowed by the Bankruptcy Court. If Union Bank votes in favor of
the Plan, Union Bank's Allowed Class 17 Claim will be paid its
Allowed Class 17 Claim, its Pro Rata share of Distributions from
the Liquidation Trust Assets. If Union Bank votes to reject the
Plan, Union Bank's Allowed Class 17 Claim will be paid its Allowed
Class 17 Claim, its Pro Rata share of Distributions from the
Non-Sharing Liquidation Trust Assets.
* Restructuring Transaction Treatment: Union Bank's Class 17
Claim is Disputed. It will receive no Distribution until it is
Allowed by the Bankruptcy Court. If Union Bank votes in favor of
the Plan, Union Bank's Allowed Class 17 Claim will be paid its
Allowed Class 17 Claim, its Pro Rata share of Distributions from
(a) the General Unsecured Claims Cash Distribution Pool and (b) the
Liquidation Trust Assets. If Union Bank votes to reject the Plan,
Union Bank's Allowed Class 17 Claim will be paid its Allowed Class
17 Claim, its Pro Rata share of Distributions from the Non-Sharing
Liquidation Trust Assets.
Class 17 is impaired.
The Plan shall be funded from (a) the Equity Infusion, including
the General Unsecured Claims Cash Distribution Pool, (b)
Liquidation Trust Assets, and (c) the New Interests, as well as the
proceeds from any other Assets available to fund the Plan.
The Plan confirmation hearing will be held on Aug. 11, 2022 at 9:30
a.m. (prevailing Central Time), before the Honorable Edward L.
Morris, United States Bankruptcy Judge, at the United States
Bankruptcy Court for the Northern District of Texas. The Court has
directed that objections, if any, to confirmation of the Plan be
served and filed so that they are actually received on or before
the Plan Objection Deadline of August 2, 2022 at 5:00 p.m.
(prevailing Central Time). The deadline to vote on the Plan is
August 2, 2022, At 5:00 P.M. (Prevailing Central Time).
Counsel for the Debtor:
Marcus A. Helt, Esq.
Jane A. Gerber, Esq.
McDERMOTT WILL & EMERY LLP
2501 North Harwood Street, Suite 1900
Dallas, Texas 75201
Tel: (214) 210-2821
Fax: (972) 528-5765
E-mail: mhelt@mwe.com
jagerber@mwe.com
A copy of the Amended Disclosure Statement dated June 1, 2022, is
available at https://bit.ly/3GPylf9 from Stretto, the claims
agent.
About Red River Waste Solutions
Red River Waste Solutions LP is a company in Dripping Springs,
Texas, that provides waste management services. It also offers
solid waste and garbage pickup, recycling, industrial waste
collection, disposal, and landfill management services.
Red River Waste Solutions sought Chapter 11 protection (Bankr. N.D.
Tex. Case No. 21-42423) on Oct. 14, 2021, listing up to $50 million
in assets and up to $100 million in liabilities. James Calandra,
chief restructuring officer of Red River Waste Solutions, signed
the petition.
Judge Morris oversees the case.
Marcus Alan Helt, Esq., at McDermott Will & Emery LLP, is the
Debtor's legal counsel. Stretto, Inc., is the claims and noticing
agent.
The Debtor's official committee of unsecured creditors tapped
Womble Bond Dickinson (US) LLP as legal counsel and Rock Creek
Advisors, LLC as financial advisor.
RUDRA INVESTMENTS: Files Emergency Bid to Use Cash Collateral
-------------------------------------------------------------
Rudra Investments, LLC asks the U.S. Bankruptcy Court for the
Northern District of California, San Francisco Division, for
authority to use cash collateral and provide adequate protection to
Poppy Bank.
The Debtor needs to use cash collateral immediately to be able to
pay critical and necessary expenses of its operations including
payroll and related benefits, operation expenses, utilities,
insurance, and the projected professional costs of this Case.
Payment of these expenses is critical for the Debtor to continue
its operations and reorganize its business in accordance with the
requirements of the United States Bankruptcy Code.
CPIF California LLC, Access Point Financial, Ascentium Capital, and
the United States Small Business Administration assert an interest
in the Debtor's cash collateral.
The Debtor requires the use of cash collateral in accordance with
the proposed budget with a 10% variance. The Budget projects
monthly expense for each month beginning June 2022 through
September 2022.
The Debtor requests the Court at the Final Hearing to:
a. approve the use of the Secured Creditors' cash collateral
on a final basis from the Petition Date through September 30, 2022,
in the amounts set forth in the Budget plus a 10% aggregate
variance from the gross amount sought to be expended in the Budget
for actual and necessary costs and expenses that must be expended
to preserve the assets of the estate;
b. authorize the creation of monthly reserves for large annual
expenses and anticipated Chapter 11 costs, including professional
fees and expenses as detailed in the Budget from the Petition Date
through September 30, 2022;
c. grant the Secured Creditors replacement liens in the
Debtor's cash collateral to the same extent, validity, scope, and
priority as their prepetition liens held on the Petition Date;
d. authorize the Debtor to make adequate protection payments
to CPIF commencing in June 2022 (paid by the 15th day of the
month), in the amount of $30,000 per month;
e. authorize the Debtor to make adequate protection payments
to Access Financial, commencing in June 2022 (paid by the 15th day
of the month), in the amount of $15,000 and
f. grant other and further relief as is just and appropriate
under the circumstances of the case.
The Debtor is one of eight limited liability companies owned by the
family of Bhavesh and Hitesh Patel that own and operate various 14
hotels in California. Due to the significant interruption in
business by the COVID-19 pandemic, three of the LLCs have been
forced to file Chapter 11 to reorganize their debts.
The primary business cause of the Chapter 11 filing was the drastic
reduction in room revenue over the past several years from the
COVID-19 pandemic. The Hotel's revenue for 2020 was $422,000 but
improved in 2021 to $2,069,000. The Debtor anticipates that 2022
will be significantly better as we continue to exit the COVID-19
pandemic.
The immediate cause for the Chapter 11 filing was litigation
initiated by CPIF and Access Financial. The lawsuits were the
initial steps to the appointment of a receiver and a writ of
possession for the Hotel's personal property. In addition, CPIF
recorded a Notice of Trustee's Sale with a nonjudicial foreclosure
sale set for June 24, 2022.
With regard to the estimated value of the Hotel, an appraisal was
conducted in December 2019 by Newmark Knight Frank. The Appraisal
was conducted prior to the renovation and the transition to a
Holiday Inn Express. The Appraisal projected the value of the Hotel
at $30,000,000 upon completion of the renovations, and $31,500,000
as of December 2021, upon stabilization of the new operations. The
Debtor estimates the current value of the Hotel at $32,000,000
based upon a general improvement in the industry and increased
occupancy and room rates heading toward the summer of 2022.
The Debtor says there are two claims secured against the Property.
The first are unpaid real property taxes owing to Sonoma County,
estimated at $510,064. The second claim is a debt to CPIF from
February 2020 loan and was used to refinance an existing obligation
and renovate of the Hotel. The current debt to CPIF is estimated at
$24,000,000.
The Debtor also has debt to Access Financial in the approximate
amount of $4,500,000. The Debtor borrowed these funds in May 2020
to complete the Hotel renovation and conversion to a Holiday Inn
Express. Access Financial asserts a lien on the Debtor's personal
property, which was perfected with a filing of a UCC-1. The
Debtor's Schedule D values the property covered by the Access
Financial UCC-1 at $1,000,000.
The Debtor's Schedule D also lists $500,000 in debt owed to the
SBA, which is secured against Debtor's personal property assets via
a UCC-1 filing. The SBA's interest is junior to that of Access
Financial. The SBA loan was made in December 2021. Schedule D also
lists a debt to Ascentium Capital of $100,000 stemming from an
equipment loan in February 2021.
The Budget projects monthly expenses through the end of September
2022, and includes proposed monthly adequate protection payments to
CPIF ($30,000) and Access ($15,000).
According to the Debtor, the Secured Creditors will be adequately
protected by (a) the Proposed Replacement Liens; (b) the
preservation of the value of Debtor's business as a going concern.
The Secured Creditors, which are secured as to the Hotel, are also
adequately protected by the equity in the property.
Based on the estimated secured debt there exists approximately
$3,500,000 in equity.
A copy of the motion is available at https://bit.ly/3M9C8Fh from
PacerMonitor.com.
About Rudra Investments, LLC
Rudra Investments, LLC owns and operates a 98-room hotel in Santa
Rosa, California dba Holiday Inn Express Santa Rosa. The Hotel
operates under a license agreement with Holiday Inn Express.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. ND. Cal. Case No. 22-30275) on June 1,
2022. In the petition signed by Hitesh Patel, manager, the Debtor
disclosed up to $50 million in both assets and liabilities.
Stephen D. Finestone, Esq., at Finestone Hayes LLP is the Debtor's
counsel.
S B BUILDING: Case Summary & 15 Unsecured Creditors
---------------------------------------------------
Debtor: S B Building Associates Limited Partnership
237 South Street
Morristown, NJ 07960
Business Description: The Debtor owns parcels located on Ford
Avenue in the Borough of Milltown, Middlesex
County, New Jersey.
Chapter 11 Petition Date: May 25, 2022
Court: United States Bankruptcy Court
District of New Jersey
Case No.: 22-14231
Judge: Hon. Vincent F. Papalia
Debtor's Counsel: Morris S. Bauer, Esq.
DUANE MORRIS LLP
A Delaware Limited Liability Partnership
One Riverfront Plaza
1037 Raymond Blvd., Suite 1800
Newark, NJ 07102
Tel: 973-424-2000
Email: msbauer@duanemorris.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Lawrence S. Berger as authorized agent.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/5E6ARGI/S_B_Building_Associates_Limited__njbke-22-14231__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 15 Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. All American Landscape $392
135 North Lehigh Avenue
Cranford, NJ 07016
2. Art Levy Associates $350
18 Dexter Drive
South
Basking Ridge, NJ 07920
3. Avalanche Snow $7,213
13 Carraige Way
Millstone
Township, NJ 08510
4. Avon Roof Services $259
c/o Jerry Kotler
44 Standish Avenue
West Orange, NJ 07052
5. BJR Development $234,545
13 Applegate Street
Red Bank, NJ 07701
6. Boraie Development, LLC $63,479
Gibbons, P.C.
Attn: Thomas R. Valen, Esq.
One Gateway Center
Newark, NJ 07102
7. Bussel Realty $3,333
2 Ethel Road
Suite 202A
Edison, NJ 08817
8. Petillo Enterprises $117,549
47 Dell Avenue
Kenvil, NJ 07847
9. Pinilis-Halpern, LLC $1,721
160 Morris Street
Morristown, NJ 07960
10. Rabinowitz Lubetkin & Tully, LLC $198,000
Attn: Jay L. Lubetkin, Esq.
293 Eisenhower Parkway
Suite 100
Livingston, NJ 07039
11. Rasmussen Construction $17,197
P.O. Box 4174
Middletown, NJ 07748
12. Ritter & Plante $9,700
Associates, LLC
4220 Main Street
Philadelphia, PA 19127
13. Snow Removal Specialists $1,342
c/o Berger & Bornstein
237 South Street
Morristown, NJ 07960
14. The Pavese Group, P.A. $953
60 Washington Street
Clark, NJ 07066
15. Verizon $42
P.O. Box 4833
Trenton, NJ 08650
S&M DISTRIBUTORS: Seeks to Hire Lopez Tax Service as Tax Preparer
-----------------------------------------------------------------
S&M Distributors, Inc. seeks approval from the U.S. Bankruptcy
Court for the Southern District of Texas to employ Lopez Tax
Service, Inc. to prepare and file its 2021 and 2022 tax returns.
Lopez Tax will be paid a flat fee in the amount of $1,500.
As disclosed in court filings, Lopez Tax Service is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Carlos Lopez
Lopez Tax Service, Inc.
8303 Southwest Fwy, Suite 210
Houston, TX 77074
Tel: (713) 771-3380
Email: lopeztaxservice@gmail.com
About S&M Distributors
Rio Grande Food Products, Inc. filed an involuntary Chapter 7
bankruptcy petition against S&M Distributors, Inc. (Bankr. S.D.
Tex. Case No. 21-33133) on Sept. 27, 2021. Rio Grande claims it is
owed $559,000 on account of a final judgment. The petitioning
creditor was represented by Michael P. Ridulfo, Esq., at Kane
Russell Coleman Logan, PC.
The Hon. Jeffrey P. Norman entered an order dated March 3, 2022,
converting the case from an involuntary Chapter 7 case to a
Subchapter V case of Chapter 11 proceeding. Jarrod Martin was
appointed as Subchapter V trustee.
Anabel King, Esq., at Wauson|King, is the Debtor's counsel.
SAVVA'S RESTAURANT: Seeks to Hire Prager Metis as New Accountant
----------------------------------------------------------------
Savva's Restaurant, Inc. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of New York to employ Prager Metis
CPAs, LLC to substitute for Zimmerman Company, CPA.
The firm's services include the preparation of the Debtor's monthly
operating reports, the filing of tax returns and other accounting
services to be provided on an as-needed basis.
The firm's hourly rates are as follows:
Partner/Principal $430 - $530
Manager $330 - $330
Staff Accountant $275 - $275
As disclosed in court filings, Prager is a "disinterested person"
within the meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Corey H. Neubauer, CPA
Prager Metis CPAs, LLC
401 Hackensack Ave, 4th Floor
Hackensack, NJ 07601
Tel: (201) 342-7753 Ext. 11408
Fax: (201) 820-2691
Email: cneubauer@pragermetis.com
About Savva's Restaurant
Savva's Restaurant, Inc., doing business as Harvest Diner, filed a
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. E.D.N.Y. Case No. 22-70382) on March 4, 2022,
disclosing $5,625,000 in total assets and $2,485,720 in total
liabilities. Kyriacos Savva, president, signed the petition.
Judge Robert E. Grossman oversees the case.
The Debtor tapped Pryor & Mandelup, LLP as bankruptcy counsel;
Lambrou Law Firm, P.C. as special counsel; and Prager Metis CPAs,
LLC as accountant.
SB BUILDING: Owners of Former NJ Michelin Facility File Chapter 11
------------------------------------------------------------------
S B Building Associates Limited Partnership and affiliates B
Milltown Industrial Realty Holdings, LLC, and Alsol Corporation,
filed for chapter 11 protection in the District of New Jersey.
S B Building is a New Jersey Limited Partnership, whose general
partner and 50% interest holder is S B Building GP, LLC. Lawrence
S. Berger is the general partner of S B Building GP, LLC. S B
Building is the sole member of SB Milltown. Alsol is a New Jersey
Corporation, whose president is Lawrence S. Berger. S B Building
is a 100% shareholder of Alsol.
The Debtors are owners in fee of contiguous parcels located on Ford
Avenue in the Borough of Milltown, Middlesex County, New Jersey.
The contiguous parcels were the former location of a Michelin Tire
facility.
Buildings located on the Property are currently being leased to
unrelated tenants, which leases generate annual income of more than
$1,000,000. These monies have been used to pay creditors in
accordance with the Debtors' Fourth Modified Plans of
Reorganization, which was confirmed by order of the Court dated
November 6, 2020.
According to court filings, S B Building Associates Limited
Partnership estimates between 1 and 49 unsecured creditors.
The petition states funds will be available to unsecured
creditors.
About S B Building Associates LP
S B Building Associates Limited Partnership, et al., each a Single
Asset Real Estate (as defined in 11 U.S.C. Sec. 101(51B)), are
owners in fee of contiguous parcels located on Ford Avenue in the
Borough of Milltown, Middlesex County, New Jersey. The contiguous
parcels were the former location of a Michelin Tire facility.
S B Building Associates Limited Partnership and affiliates B
Milltown Industrial Realty Holdings, LLC, and Alsol Corporation,
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. D.N.J. Lead Case No. 22-14231) on May 25, 2022. In the
petition filed by Lawrence S. Berger, as manager, S B Building
Associates estimated assets and liabilities between $10 million and
$50 million each. Morris S. Bauer, of Duane Morris LLP, is the
Debtor's counsel.
SUNGARD AS: Committee Taps Dundon Advisers as Financial Advisor
---------------------------------------------------------------
The official committee of unsecured creditors of Sungard AS New
Holdings, LLC and its affiliated debtors seeks approval from the
U.S. Bankruptcy Court for the Southern District of Texas to hire
Dundon Advisers, LLC as its financial advisor.
The firm's services include:
a. assistance in the analysis, review and monitoring of the
presently-proposed and any subsequent asset sale or liquidation
process, including, but not limited to an assessment of potential
recoveries for general unsecured creditors;
b. assistance in the review of financial information prepared
by the Debtors, and the economic analysis of proposed transactions
for which court approval is sought;
c. assistance in the review of the Debtors' pre-bankruptcy
financing transactions, dividends, distributions, and debt
retirements, and associated events, including but not limited to,
evaluating the Debtors' capital structure, financing agreements,
defaults under any financing agreement and forbearances;
d. attendance at meetings and assistance in discussions with
the Debtors, potential investors, banks, other secured lenders, the
creditors' committee and any other official committees organized in
the Debtors' Chapter 11 proceedings, the U.S. trustee, and other
parties in interest, as requested;
e. assistance in the review of financial-related disclosures
required by the court, including schedules of assets and
liabilities, statement of financial affairs and monthly operating
reports;
f. assistance in the review of the assumption, assignment or
rejection of various executory contracts and leases;
i. assistance in the evaluation, analysis and forensic
investigation of avoidance actions, including fraudulent
conveyances, preferential transfers, and certain transactions
between the Debtors and affiliated entities;
j. assistance in the prosecution of committee responses or
objections to the Debtors' motions, including attendance at
depositions and provision of expert reports or testimony on case
issues as required by the committee;
k. assistance and support in the evaluation of any
transactions and the treatment of claims and interests proposed in
any plan of reorganization or plan of liquidation propounded by a
party other than the committee, and in the preparation of a
suitable plan of reorganization or plan of liquidation should it
fall to the Committee to
propound a plan for the resolution of the cases;
l. providing reports, exhibits, and testimony in connection
with any of the foregoing as requested; and
m. such other general business consulting services as the
committee or its counsel may deem necessary that are consistent
with the role of a financial advisor and not duplicative of
services provided by other professionals in these cases.
The firm will be paid at these hourly rates, subject to annual
adjustment on July 1:
As of July 1, 2022
Ahana Delwar $350 $370
Alex Mazier $730 $760
April Kimm $550 $625
Eric Reubel $730 $760
Gregory Hill $450 $475
Harry Tucker $550 $625
Lee Rooney $500 $550
Matthew Dundon $790 $850
Michael Garbe $550 $625
Michael Whelan $350 $370
Peter Hurwitz $790 $850
Phillip Preis $730 $760
Tabish Rizvi $650 $760
Thomas Short $450 $475
As disclosed in court filings, Dundon Advisers is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Peter Hurwitz
Dundon Advisers, LLC
Ten Bank Street, Suite 1100
White Plains, NY 10606 USA
Tel: +1 (914) 341-1188
Fax +1 (212) 202-4437
About Sungard AS New Holdings
Sungard Availability Services is a Wayne, Pa.-based
information-technology services provider owned by Angelo Gordon,
Blackstone Credit, FS/KKR Advisor LLC and Carlyle Group Inc. It
provides disaster recovery services, colocation and network
services, cloud and managed services and workplace recovery to
customers in North America, Europe and Asia.
The company and its affiliates filed for Chapter 11 protection
twice in three years.
Sungard filed for Chapter 11 bankruptcy in 2019 with a prepackaged
plan that was approved by a New York bankruptcy court one day after
it was filed.
Sungard AS New Holdings, LLC and affiliates, including Sungard
Availability Services, LP, sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-90018) on
April 11, 2022. Judge David R. Jones oversees the cases.
In the petition signed by Michael K. Robinson, chief executive
officer and president, Sungard AS disclosed up to $1 billion in
both assets and liabilities.
Sungard Availability Services (UK) Limited, an indirect subsidiary
of Holdings, entered into administration in the UK on March 25,
2022. Meanwhile, Sungard Canada filed an application for
recognition in Canada under the Companies Creditors' Arrangement
Act of its Chapter 11 case.
The Debtors tapped Akin Gump Strauss Hauer & Feld, LLP and Jackson
Walker as bankruptcy counsels; Cassels Brock & Blackwell, LLP as
Canadian legal counsel; DH Capital, LLC and Houlihan Lokey, Inc. as
investment bankers; and FTI Consulting, Inc. as financial and
restructuring advisor.
Alvarez & Marsal Canada Inc., serves as Canadian court-appointed
information officer and is represented by Bennett Jones, LLP as
counsel in connection with the Canadian proceedings.
Kroll Restructuring Administration, LLC serves as notice and claims
agent.
Proskauer Rose, LLP and Gray Reed & McGraw, LLP serve as counsel to
Acquiom Agency Services LLC, the Term Loan DIP agent, and Term Loan
DIP lenders.
PNC Bank, National Association, serves as administrative agent and
collateral agent, under the DIP ABL facility. PNC is represented
by Thompson Coburn Hahn & Hessen LLP as counsel.
On April 25, 2022, the U.S. Trustee for Region 7 appointed an
official committee of unsecured creditors in the Debtors' Chapter
11 cases. Pachulski Stang Ziehl & Jones, LLP and Dundon Advisers,
LLC serve as the committee's legal counsel and financial advisor,
respectively.
TALEN ENERGY: TES Inks $1.3B Backstop, RSA With 71% of Noteholders
------------------------------------------------------------------
Talen Energy Corporation announced on June 3, 2022 that subsidiary
Talen Energy Supply has achieved two significant milestones
outlined within its restructuring support agreement ("RSA"), which
was initially announced on May 9, 2022.
TES and certain members of an ad hoc group of its unsecured
noteholders (the "Backstop Parties") have successfully finalized a
backstop commitment letter with respect to a common equity rights
offering of $1.3 billion, with the option to upsize the rights
offering to as much as $1.65 billion subject to certain adjustments
at closing, as outlined within its RSA.
In addition, TES has received signatures on the RSA from the
Company's unsecured noteholders holding over 71% of the principal
amount of the Company's unsecured notes (the "Consenting
Noteholders") satisfying the milestone required under the RSA to
obtain support for the RSA from noteholders holding at least 2/3 of
the Company's unsecured notes. As part of the RSA, the Consenting
Noteholders have agreed to equitize more than $1.4 billion of the
unsecured notes upon completion of the restructuring process. The
$1.3 billion equity backstop, along with debt to be raised and cash
available on the balance sheet at the completion of the
restructuring process, will enable TES to eliminate $3.2 billion of
debt and maximize value to stakeholders.
"The completion of these two key milestones represents another step
forward as we strategically reposition TES for long-term value
creation. The Backstop Parties' commitment will help facilitate
both balance sheet repair and provide equity capital to drive the
long-term success of the Talen-Cumulus platform and our people.
These developments will allow us to create a strong capital
structure suitable for today's elevated commodity market, position
the Company for growth, and continue to build upon the many
operational achievements we have made in recent years," said Chief
Executive Officer Alejandro "Alex" Hernandez.
Chief Financial Officer John Chesser said, "With leading
carbon-free nuclear and baseload generation assets critical to grid
resilience, and Cumulus' growing investment in energy transition
growth projects, TEC's transformation will create significant
opportunities for value creation. We are grateful to the Backstop
Parties—who are expected to be the future equity owners of
TES—for their partnership, confidence and support as we advance
Talen forward."
On May 9, in order to effectuate the consensual restructuring
contemplated by the RSA, TES and certain of its subsidiaries
voluntarily filed for reorganization under Chapter 11 of the U.S.
Bankruptcy Code in the U.S. Bankruptcy Court for the Southern
District of Texas. Pursuant to the RSA, the Company plans to
confirm its plan of reorganization approximately six months
following the commencement of its restructuring.
About Talen Energy
Allentown, Pennsylvania-based Talen Energy Corp. is an independent
power producer founded in 2015. Riverstone Holdings LLC completed
its acquisition of the remaining 65% stake of Talen Energy in 2016
for $5.2 billion.
Talen Energy Corporation, through subsidiary Talen Energy Supply
LLC, is one of the largest competitive power generation and
infrastructure companies in North America. Through subsidiary
Cumulus Growth, TEC is developing a large-scale portfolio of
renewable energy, battery storage, and digital infrastructure
assets across its expansive footprint. On the Web:
https://www.talenenergy.com/
TES owns and/or controls approximately 13,000 Megawatts of
generating capacity in wholesale U.S. power markets, principally in
the Mid-Atlantic, Texas and Montana. Woodlands, Texas-based TES
runs 18 power generation facilities, at eight of which rely on
natural gas to make electricity.
Talen Energy Supply, LLC, and 71 affiliates sought Chapter 11
protection (Bankr. S.D. Tex. Lead Case No. 22-90054) on May 9,
2022. The Hon. Marvin Isgur is the case judge.
Talen Energy Corporation (TEC), its Cumulus Growth subsidiary, and
TES' LMBE subsidiaries are excluded from the in-court process.
TES has retained Weil Gotshal & Manges LLP as its legal advisor,
Evercore as its investment banker and Alvarez & Marsal as its
financial advisor for its restructuring. Kroll is the claims
agent.
TEC is represented by PJT Partners as financial advisors and Vinson
& Elkins as legal counsel.
Cumulus Growth is represented by Ardea Partners and DH Capital as
its investment bankers, and Gibson Dunn as legal counsel.
The Consenting Noteholders are represented by Kirkland & Ellis LLP
and Rothschild & Co US Inc.
TAMPA SMOKE SHOP: A1 Smoke Shop Files for Chapter 11
----------------------------------------------------
Tampa Smoke Shop, LLC, d/b/a A1 Smoke Shop, filed for chapter 11
protection in the Middle District of Florida.
The Debtor was incorporated on August 21, 2020. The Debtor owns
and operates several retail locations that sell products including
but not limited to e-cigarettes, glass items, pipes, tobacco,
tobacco accessories, hookahs, Kratom, etc.
As of the Petition Date, the Debtor's President and CEO, Pratikbhai
S. Patel, manages the Debtor from the three following leased retail
locations: (1) 4311 W. Waters Ave., Suite 202, Tampa, Florida 33614
which the Debtor leases from Carrolwood Business Park, Ltd; (2)
7706 W. Hillsborough Ave., Suite A, Tampa FL 33615 which the Debtor
leases from Dolphin Center, LLC; and, (3) 14518 N. Florida Ave,
Suite A, Tampa, FL 33613 which is an oral lease agreement.
The business had gross receipts of $313,432 in 2021, compared with
just $23,510 in 2020. Its 2022 year to date receipts are
$315,565.
The Debtor says that issues with certain Merchant Cash Advance
entities prompted the Chapter 11 filing. The Debtor guaranteed
several loans/ purchase agreements entered into by a related
entity, Best Capital Group, LLC, with various Merchant Cash Advance
(MCA) entities. As a result of Best Capital Group's inability to
make its payments to the MCA entities, those entities froze the
Debtor's merchant account, which effectively froze the Debtor's
income stream.
The Debtor anticipates filing the appropriate pleadings to
determine the secured status of debt; determine actual amounts
owed; and propose a controlled repayment plan for the Debtor’s
debt.
The Debtor estimated $440,163 in total unsecured claims against it.
According to court documents, Tampa Smoke Shop estimates between 1
and 49 unsecured creditors. The petition states funds will be
available to unsecured creditors.
A telephonic meeting of creditors under 11 U.S.C. Section 341(a) is
slated for June 23, 2022 at 10:00 A.M.
The Debtor's Chapter 11 Plan is due by Aug. 23, 2022.
About Tampa Smoke Shop
Tampa Smoke Shop LLC, doing business as A1 Smoke Shop, is a limited
liability company in Florida
Tampa Smoke Shop LLC sought protection under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No.
22-02105) on May 25, 2022. In the petition filed by Pratikbhai S.
Patel, as president, Tampa Smoke Shop estimated assets between
$100,000 and $500,000 and estimated liabilities between $500,000
and $1 million.
Buddy D Ford, of Buddy D. Ford, P.A., is the Debtor's counsel.
Michael C Markham has been appointed as Subchapter V trustee.
TC TELEPHONE: Files for Chapter 11 Bankruptcy Protection
--------------------------------------------------------
TC Telephone, LLC filed for chapter 11 protection in the Middle
District of Florida.
According to court documents, TC Telephone LLC estimates between 1
and 49 unsecured creditors.
A telephonic meeting of creditors under 11 U.S.C. Section 341(a) is
slated for June 27, 2022 at 11:00 A.M.
About TC Telephone
TC Telephone LLC is a residential and commercial service provider
which uses cutting edge technology to deliver voice and broadband
to the state of California.
TC Telephone sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-01887) on May 26,
2022. In the petition filed by Robert Costello, as member, TC
Telephone listed estimated assets and liabilities between $1
million and $10 million each.
R Scott Shuker, of Shuker & Dorris, P.A., is the Debtor's counsel.
TM GRACE: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------
Debtor: T M Grace Builders, Inc.
5700 E. Evans Ave
Denver, CO 80222
Business Description: T M Grace Builders owns five properties
located in various parts of Colorado
having an aggregate current value of
$10.42 million.
Chapter 11 Petition Date: June 6, 2022
Court: United States Bankruptcy Court
District of Colorado
Case No.: 22-12026
Judge: Hon. Kimberley H. Tyson
Debtor's Counsel: Jeffrey S. Brinen, Esq.
KUTNER BRINEN DICKEY RILEY, P.C.
1660 Lincoln Street, Suite 1720
Denver, CO 80264
Tel: 303-832-2400
Email: jsb@kutnerlaw.com
Total Assets: $10,722,242
Total Liabilities: $5,507,652
The petition was signed by Anton Shafer as president.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. Pine Financial Group 2740 Morning $969,000
10200 West 44th Avenue Run Court
Suite 220
Wheat Ridge, CO 80033
2. Builders Capital 1 Carriage $931,015
1019 39th Avenue Brooke Road
Suite 220
Puyallup, WA 98374
3. First Bank Property 5700 East Evans $806,663
P.O. Box 151515 Avenue, Denver,
Lakewood, CO Colorado
80215
4. Wells Fargo 5701 East $629,744
SBA 504 Program CLS Evans Avenue
P.O. Box 151515
Lakewood, CO 80215
5. PNC Chickadee 632 Chickadee $417,016
Mortgage Drive
P.O. Box 1820
Dayton, OH
45401-1820
6. Thomas N. Scheffel Attorney $206,055
and Associates Fees
3801 East Florida Avenue
Suite 600
Denver, CO 80210
7. SBA EIDL EIDL Loan $149,900
NW 64411
P.O. Box 6441
Minneapolis, MN 55485
8. Denver Pro Concrete $137,950
14333 Harvest Road
Brighton, CO 80603
9. Boulder Environmental $126,880
5 Deer Trail Road
Boulder, CO 80302
10. Hasting Brothers Mechanics $111,316
2390 South Navajo Street Lien
Denver, CO 80223
11. Benedettini $63,782
533 Highway 36 North
Rosenberg, TX 77471
12. Denver Water $55,206
P.O. Box 173343
Denver, CO 80217
13. Northface Drywall $37,240
966 Croke Drive
Thornton, CO 80260
14. PNC Line of Credit Line of Credit $34,950
P.O. Box 830696
Birmingham, AL
35283-0696
15. Home Depot Credit Services Credit Line $34,785
PO Box 9001030
Louisville, KY 40290
16. Kitchen and Floor Concepts $32,832
4885 South
Broadway
Englewood, CO 80113
17. On Deck Capital Unsecured Loan $28,480
1400 Broadway
New York, NY 10018
18. United Site Services $26,922
P.O. Box 53267
Phoenix, AZ
85072-3267
19. D-7 Roofing $25,144
5470 Lincoln Street
Denver, CO 80216
20. Robert Flood US LLC $23,666
5995 South
Milwaukee Way
Centennial, CO 80121
TOTAL ENERGY: Seeks to Hire Thompson Law Group as Counsel
---------------------------------------------------------
Total Energy Resources, LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of Pennsylvania to employ Thompson
Law Group, P.C. to serve as legal counsel in its Chapter 11 case.
The firm's services include:
a. giving legal advice with respect to the Debtor's powers and
duties;
b. taking all necessary actions to protect and preserve the
Debtor's estate, including the prosecution of actions on behalf of
the Debtor, the defense of any actions commenced against the
Debtor, negotiations concerning all litigation in which the Debtor
is involved and object to claims filed against the estate;
c. preparing legal papers; and
d. performing other necessary legal services for the Debtor in
connection with its Chapter 11 case;
Thompson Law Group will charge its hourly rates of $300 for
attorneys and $90 for paralegals.
The firm received a retainer in the amount of $15,000.
Brian Thompson, Esq., a partner at Thompson Law Group, disclosed in
a court filing that his firm is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Brian C. Thompson, Esq.
Thompson Law Group, P.C.
125 Warrendale Bayne Road, Suite 200
Warrendale, Pennsylvania 15086
Phone: (724) 799-8404
Fax: (724) 799-8409
Email: bthompson@thompsonattorney.com
About Total Energy Resources
Total Energy Resources, LLC is a natural gas supplier and
electricity broker in Cranberry Twp, serving businesses in Western
Pennsylvania and Eastern Ohio.
Total Energy Resources sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. PA. Case No. 22-20950) on May 17,
2022, disclosing $1,494,425 in total assets and zero liability.
Ryan M. Williams, managing member, signed the petition.
Brian C. Thompson, Esq., at Thompson Law Group, PC is the Debtor's
counsel.
TREMONT BEVERAGE: Starts Chapter 11 Subchapter V Case
-----------------------------------------------------
Tremont Beverage Inc. filed for bankruptcy protection, filing as a
small business debtor seeking relief under Subchapter V of Chapter
11 of the Bankruptcy Code.
The Debtor filed a bare-bones petition. Its schedules of assets
and liabilities and statement of financial affairs are due June 9,
2022.
According to court filing, Tremont Beverage Inc. estimates between
1 and 49 unsecured creditors. The petition states funds will not
be available to unsecured creditors.
A teleconference meeting of creditors under 11 U.S.C. Section
341(a) is slated for June 22, 2022 at 2:00 P.M.
The Debtor's Chapter 11 Plan Small Business Subchapter V is due by
Aug. 24, 2022.
About Tremont Beverage Inc.
Tremont Beverage Inc. filed a petition for relief under Subchapter
V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case
No. 22-10664) on May 26, 2022. In the petition filed by Joseph
Galdieri, as president, Tremont Beverage estimated assets up to
$50,000 and estimated liabilities between $50,000 and $100,000.
The case is assigned to Honorable Bankruptcy Judge Michael E.
Wiles.
Michael A. King, of Law Office of Michael A. King, is the Debtor's
counsel.
Eric Huebscher has been appointed as Subchapter V trustee.
VC GB HOLDINGS: S&P Downgrades ICR to 'B-', Outlook Stable
----------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
VC GB Holdings I Corp. (operating as Visual Comfort & Co.) to 'B-'
from 'B'.
S&P said, "Concurrently, we lowered our rating on the company's
first-lien term loan to 'B-' from 'B'. The recovery rating remains
'3', indicating our expectation of meaningful recovery (50%-70%;
rounded estimate: 55%) in the event of a payment default.
"We also lowered our rating on the second-lien term loan to 'CCC'
from 'CCC+'. The recovery rating remains '6', indicating our
expectation of negligible recovery (0%-10%; rounded estimate: 0%).
The stable outlook reflects our expectation that Visual Comfort
will maintain adequate liquidity; profitability and cash flow
should improve due to price increases and strong demand trends,
despite high inflation and a weaker macroeconomic environment.
"The downgrade reflects Visual Comfort's higher-than-expected
leverage and weakened operating cash flow. We estimate S&P Global
Ratings-adjusted leverage of about 8x for the 12 months ended Dec.
31, 2021; compared to our expectation of about 7x for 2021, made at
the time of the leveraged buyout in July 2021. While we expect
profitability to sequentially improve in 2022 given favorable
demand trends and price increases, we believe adjusted leverage
will remain above 6.5x in fiscal years 2022 and 2023." Operating
cash flow also weakened to $41.1 million in fiscal 2021 from $136.5
million the previous year due to lower profitability and inventory
investments to support demand growth, higher cost of product,
longer transit times, and higher variability in lead times. Visual
Comfort's profitability began to deteriorate in the second half of
fiscal 2021 as shipping costs rose sharply. As a result, gross
profit margin declined 298 basis points (bps) in fiscal 2021.
Despite incremental price increases, gross profit margin
sequentially declined further in the first quarter of 2022, about
60 bps.
Demand remains robust, though it could moderate as consumer
discretionary spending declines due to rising prices, interest
rates, and volatility in financial markets. Visual Comfort's
revenue increased 27.5% year over year in fiscal 2021 and 32.9%
year over year in the first quarter of 2022. Its performance is
closely tied to the U.S. residential housing market, which drives
approximately 80% of its sales. S&P said, "We expect consumer
spending on residential repair and remodeling products, over 50% of
Visual Comfort's sales, to remain healthy through the remainder of
2022. Our economists forecast housing starts will remain stable at
about 1.6 million-1.7 million in 2022 and 2023. However, demand may
moderate due to lower consumer discretionary spending with
inflation over 8%, rising mortgage costs, and volatile financial
markets. We believe Visual Comfort is well positioned to benefit
from the long-term U.S. structural housing undersupply given its
scale in a fragmented market, partnerships with influential
designers, and diversification across channels, brands, and prices.
Nevertheless, Visual Comfort's showroom expansion strategy could
leave it more vulnerable to an economic downturn due to a higher
retail fixed-cost base."
S&P said, "We expect financial sponsor ownership will keep adjusted
leverage above 5x over the long term. Visual Comfort's S&P Global
Ratings-adjusted leverage rose to 7.8x pro forma for the financial
sponsor-led leveraged buyout in July 2021 from 3.2x prior to the
transaction. The company entered a high inflationary and uncertain
macroeconomic environment with substantially more debt from the
leveraged buyout, leaving it with a smaller cushion to absorb
adverse external events. We believe its financial sponsors will
prioritize reinvestment in the business, particularly through
opening more showrooms, and growth through acquisitions to expand
scale and accelerate growth over debt repayment. We believe the
sponsors will manage leverage at or above 5x over the long term.
"The stable outlook reflects our expectation that Visual Comfort
will maintain adequate liquidity; profitability and cash flow
should improve due to price increases and strong demand trends,
despite high inflation and a weaker macroeconomic environment.
"We could raise the ratings if the company performs better than
expected, sustaining adjusted leverage below 6.5x and restoring
cash flow." S&P believes this could occur if the company:
-- Offsets rising inflationary costs through price increases; and
-- Sustains organic top-line growth and market share gains.
S&P could lower the ratings if EBITDA interest coverage approaches
1.5x or we determine the capital structure is unsustainable. This
could happen if:
-- The company cannot offset rising input and shipping costs;
-- Consumer demand falls due to weak macroeconomic conditions or
increased competition; or
-- It engages in large debt-financed acquisitions, share
repurchases, or other shareholder distributions.
ESG credit indicators: E-2, S-2, G-3
VINO CAFE: Plan is Neither Fair Nor Equitable, Community Bank Says
------------------------------------------------------------------
Community Bank, N.A., objects to confirmation of the Subchapter V
Amended Plan of Reorganization for Small Business filed by Vino
Cafe LLC.
Community is an over-secured creditor of the Debtor, holding a
claim in the amount of $28,626.73, plus interest costs and
attorney's fees against the Debtor.
Community points out that the Debtor's designation of Community's
claim as unimpaired is incorrect, Community's claim is impaired.
Under the Amended Plan, Community's claim is impaired as the Debtor
does not leave Community's legal, equitable, and contractual rights
unaltered. Indeed, per its terms, the Note is contractually set to
mature on or about July 30, 2024. However, per the Amended Plan,
Community's claim is payable at 8[%] for $465 per month for 60
months. Thus, the Debtor's Plan extends the repayment term of
Community's Note by approximately 3 years, and as a result,
Community's claim is impaired.
Community claims that the Debtor's Amended Plan discriminates
unfairly and is not fair and equitable as it extends or lengthens
Community's repayment terms, yet on the other hand, drastically
shortens the repayment term of the United States Small Business
Administration's claim.
Further, Community also objects to the Amended Plan as it fails to
address the payment of real estate taxes on the Mortgaged Premises.
Failing to account for the repayment of these pre-petition
obligations in its Amended Plan, but still paying those obligations
post-petition as an operating expense, is not fair and equitable to
the Debtor's other creditors like Community.
Additionally, it should be noted that according to Oneida County
Treasurer's Office, the real estate taxes that came due on the
Mortgaged Premises after the Debtor filed its Petition, have still
not been paid.
Lastly, the Amended Plan does not account for Community's increased
claim of $28,626.73 set forth in its amended proof of claim.
A full-text copy of Community's objection dated May 31, 2022, is
available at https://bit.ly/3ml1plb from PacerMonitor.com at no
charge.
Attorney for Creditor Community Bank:
LEMERY GREISLER LLC
Peter M. Damin, Esq.
677 Broadway, 8th Floor
Albany, New York 12207
(518)433-8800
About Vino Cafe
Vino Cafe, LLP, filed a petition for Chapter 11 protection (Bankr.
N.D.N.Y. Case No. 22-60041) on Jan. 27, 2022, listing up to $50,000
in assets and up to $500,000 in liabilities. Deana B. Siegfried,
controlling member, signed the petition.
Judge Diane Davis oversees the case.
The Debtor tapped Maxsen D. Champion, Esq., a practicing attorney
in Fayetteville, N.Y., to handle its Chapter 11 case.
WATSONVILLE COMMUNITY: Gets $1.75 Mil. Donation to Save Hospital
----------------------------------------------------------------
Marissa Plescia of CFO Hospital Report details on the $1.75 million
donation made by Driscoll's M to help save bankrupt California
hospital, Watsonville Community Hospital.
The Pajaro Valley Healthcare District Project received a $1.75
million donation from berry seller Driscoll's to help save
Watsonville (Calif.) Community Hospital, Santa Cruz Sentinel
reported June 2, 2022.
Driscoll's is also based in Watsonville.
The hospital filed for bankruptcy in December 2021. The district
was approved by a bankruptcy judge to purchase the hospital in
February after no other qualified bids were submitted. It offered
to buy the hospital in 2021 when officials said it would close if
there were no buyers.
The district needs $63 million by Aug. 31 to buy the hospital,
according to the report.
Jasmine Nájera, who is on the district's board, told the Sentinel
that it's about $15.5 million shy of the amount needed.
About Watsonville Community Hospital
Watsonville Community Hospital --
https://watsonvillehospital.com/-- is your community healthcare
provider that offers a comprehensive portfolio of medical and
surgical services to the culturally diverse tri-county area along
California's Central Coast.
Watsonville Community Hospital sought Chapter 11 protection (Bankr.
N.D. Cal. Case No. 21-51477) on Dec. 5, 2021. The case is handled
by Honorable Judge Elaine Hammond.
The Debtor's attorneys are Debra Grassgreen, Maxim Litvak and
Steven Golden of Pachulski Stang Ziehl & Jones LLP. Force 10
Partners is the Debtor's financial advisor.
WEINSTEIN CO: Appeals Court Upheld Harvey's NY Assault Conviction
-----------------------------------------------------------------
Jack Queen of Law360 reports that a New York state appeals court on
Thursday, June 2, 2022, upheld Harvey Weinstein's conviction and
23-year prison sentence for sexually assaulting two women,
rejecting the disgraced movie mogul's objections to the fairness of
his trial and the quality of the evidence against him.
The unanimous decision by a five-judge panel affirms a landmark
verdict in the #MeToo movement, a reckoning over sexual violence
sparked by a flurry of allegations against Weinstein. The former
head of Miramax and The Weinstein Company was found guilty of
third-degree rape and criminal sexual act counts in February 2020
for assaulting former "Project Runway" assistant Miriam Haley.
About The Weinstein Company
The Weinstein Company (TWC) -- http://www.WeinsteinCo.com/-- was a
multimedia production and distribution company launched in 2005 in
New York by Bob and Harvey Weinstein, the brothers who founded
Miramax Films in 1979. TWC also encompasses Dimension Films, the
genre label founded in 1993 by Bob Weinstein. During Harvey and
Bob's tenure at Miramax and TWC, they have received 341 Oscar
nominations and won 81 Academy Awards.
TWC dismissed Harvey Weinstein in October 2017, after dozens of
women came forward to accuse him of sexual harassment, assault or
rape.
The Weinstein Company Holdings LLC and 54 affiliates sought Chapter
11 protection (Bankr. D. Del. Lead Case No. 18-10601) on March 19,
2018, after reaching a deal to sell all assets to Lantern Asset
Management for $310 million.
The Weinstein Company Holdings estimated $500 million to $1 billion
in assets and $500 million to $1 billion in liabilities.
The Hon. Mary F. Walrath served as the case judge.
Cravath, Swaine & Moore LLP acted as the Debtors' bankruptcy
counsel, with the engagement led by Paul H. Zumbro, George E.
Zobitz, and Karin A. DeMasi, in New York.
Richards, Layton & Finger, P.A., served as the local counsel, with
the engagement headed by Mark D. Collins, Paul N. Heath, Zachary I.
Shapiro, Brett M. Haywood, and David T. Queroli, in Wilmington,
Delaware.
The Debtors also tapped FTI Consulting, Inc., as restructuring
advisor; Moelis & Company LLC as investment banker; and Epiq
Bankruptcy Solutions, LLC as claims and noticing agent.
The official committee of unsecured creditors retained Pachulski
Stang Ziehl & Jones, LLP as its legal counsel, and Berkeley
Research Group, LLC, as its financial advisor.
Renamed TWC Liquidation Trust, LLC, following the asset sale, the
Debtors obtained confirmation of their bankruptcy plan on January
26, 2021.
WESTERN AUSTRALIAN: Gets OK to Hire Keller Williams as Broker
-------------------------------------------------------------
Western Australian Holdings, LLC received approval from the U.S.
Bankruptcy Court for the Western District of North Carolina to
employ Keller Williams Professionals as its real estate broker.
The firm will market and sell the Debtor's real property located at
1610 Perth Road, Clyde, Haywood County, N.C.
Keller Williams will receive a 5 percent commission from the sale
of the real property.
As disclosed in court filings, Keller Williams is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Dave Cash
Keller Williams Professionals
53 Asheland Avenue
Asheville, NC 28801
Phone: 704 840-4865
Fax: 828 254-8351
Email: Dave@brokerasheville.com
About Western Australian Holdings
Western Australian Holdings, LLC -- https://www.majorsestate.com/
-- operates a 200-acre mountain ranch. Based in Clyde, N.C., the
company conducts business under the name Majors Estate.
Western Australian Holdings sought Chapter 11 bankruptcy protection
(Bankr. W.D.N.C. Case No. 22-10058) on April 27, 2022. In the
petition filed by Timothy F. Majors, manager, the Debtor listed up
to $10 million in assets and up to $50 million in liabilities.
Judge George R. Hodges oversees the case.
Hendren Redwine & Malone, PLLC is the Debtor's legal counsel.
WYOTRANS LLC: Starts Chapter 11 Subchapter V Case
-------------------------------------------------
WYOTRANS, LLC, filed for chapter 11 protection in the District of
Arizona. Wyotrans, a small business debtor, has elected to proceed
under Subchapter V of Chapter 11 of the Bankruptcy Code.
According to court filings, WYOTRANS LLC estimates between 1 and 49
unsecured creditors. The petition states funds will be available
to unsecured creditors.
A chapter 11 status conference is slated for July 5, 2022 at 11:00
AM as a Videoconference.
A telephonic meeting of creditors under 11 U.S.C. Section 341(a) is
slated for June 28, 2022 at 9:45 A.M.
About WYOTRANS LLC
WYOTRANS LLC, doing business as NATIONAL FREIGHT CARRIERS, is a DOT
registered motor carrier.
WYOTRANS, LLC, sought protection under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 22-03353) on
May 25, 2022. In the petition filed by Michelle Allen, as managing
member, WOTRANS LLC listed estimated assets between $100,000 and
$500,000 and estimated liabilities between $500,000 and $1
million.
The case is assigned to Honorable Bankruptcy Judge Daniel P.
Collins.
ALLAN 2 NEWDELMAN, of Allan D Newdelman PC, is the Debtor's
counsel.
JENNIFER A. GIAIMO has been appointed as Subchapter V trustee.
ZOHAR FUNDS: Asks Chancery to Delay Ouster From Stila Styles
------------------------------------------------------------
Leslie A. Pappas of Law360 reports that distressed debt mogul Lynn
Tilton has asked the Delaware Chancery Court to stay a May 31 order
that found her self-appointment as manager of cosmetic company
Stila Styles LLC invalid, saying she intends to seek an expedited
appeal.
In a filing late Thursday, June 2, 2022, Tilton asked the court to
extend the status quo while she challenged Vice Chancellor Joseph
R. Slights III's ruling that she violated Stila's LLC agreement in
2017 by creating a new class of units that purportedly gave her
unilateral control of who could remove and appoint the company's
manager.
About the Zohar Funds
New York-based Patriarch Partners, LLC, is a private equity firm
specializing in acquisition, buyouts, and turnaround investment in
distressed American companies and brands. Patriarch Partners was
founded by Lynn Tilton in 2000. Lynn Tilton and her affiliates held
substantial equity stakes in portfolio companies, which include
iconic American manufacturing companies with tens of thousands of
employees.
The Zohar funds were created to raise money through selling a form
of notes called collateralized loan obligations to investors that
was then used to extend loans to dozens of distressed mid-size
companies, often in connection with the acquisition of those
companies out of bankruptcy.
Patriarch bought "distressed" companies via funding from a series
of collateralized loan obligations (CLOs) marketed through
Patriarch via its $2.5 billion "Zohar" funds. Tilton placed the
funds into bankruptcy in 2018 in an attempt to keep Patriarch's
portfolio from being liquidated by Zohar creditors including bond
insurer MBIA, which insured $1 billion worth of Zohar notes.
Combined debt of the funds is estimated at $1.7 billion.
Zohar CDO 2003-1, Zohar CDO 2003-1 Corp., Zohar II 2005-1, Limited,
Zohar II 2005-1 Corp., Zohar III, Limited, and Zohar III, Corp.
(collectively, the "Zohar Funds"), sought protection under Chapter
11 of the Bankruptcy Code (Bankr. D. Del. Case Nos. 18-10512 to
18-10517) on March 11, 2018. In the petition signed by Lynn
Tilton, director, the Debtors were estimated to have $1 billion to
$10 billion in assets and $500 million to $1 billion in
liabilities.
Young Conaway Stargatt & Taylor, LLP, is the Debtors' bankruptcy
counsel.
[*] Bankruptcies Remain Low in New Hampshire
--------------------------------------------
Bob Sanders of NH Business Review reports that New Hampshire
bankruptcies remain low.
Bankruptcy filings in New Hampshire aren't quite at the record-low
levels recorded at the beginning of the year, but they are still
pretty low by historical measures and don't seem to be going up.
Some 53 individuals and businesses filed for protection in May
2022, five fewer than were filed in April 2022, and nine fewer than
filed in May of last 2021. We are still on track for a record low
year. Year-to-date, we are averaging 51.6 bankruptcy filings a
month. Last 2021, the average was 61.
To put it in perspective, there were some 472 bankruptcy filings
recorded in May 2010, the midst of the last recession. The average
monthly filings that year totaled 459. You have to go back to May
1987, when there were 50 bankruptcy filings, to find a May with
fewer.
Bankruptcy attorneys attribute the lack of filings to the lingering
effects of massive government aid during the pandemic, and programs
and court backlogs that have also brought foreclosures to a near
standstill.
There were seven business-related bankruptcies in May. Most were
households with business-related debit, but it did include one
business that filed directly on the last day of the month:
O'Neil and Sons Installations LLC, Nashua, filed May 31, Chapter
7.
Assets: $1,000. Liabilities: $69,384.
[*] Supreme Court Rules Corporate Bankruptcy Fee Hike Improper
--------------------------------------------------------------
The U.S. Supreme Court unanimously struck down a 2017 increase in
Justice Department fees paid by bankrupt companies, saying the law
violated a uniformity requirement in the Bankruptcy Clause because
that increase didn't apply in two states.
The U.S. Supreme Court said the law 2017 that increased in fees for
Chapter 11 debtors violated the clause of the Constitution that
requires bankruptcy laws to be applied uniformly.
Congress in 1978 piloted the United States Trustee Program in 18 of
the 94 federal judicial districts. In 1986, Congress sought to
make the pilot Trustee Program permanent and to expand it
nationwide, but met resistance from stakeholders in North Carolina
and Alabama. Congress eventually permitted the six judicial
districts in North Carolina and Alabama to opt out of the Trustee
Program.
The Trustee Program and the Administrator Program handle the same
core administrative functions, but have different funding sources.
Congress requires that the Trustee Program be funded in its
entirety by user fees paid to the United States Trustee System Fund
(UST Fund), the bulk of which are paid by debtors who file cases
under Chapter 11 of the Bankruptcy Code. The Administrator Program
is funded by the Judiciary's general budget.
In 2017, concerned with a shortfall in the UST Fund, Congress
enacted a temporary, but significant, increase in the fee rates
applicable to large Chapter 11 cases. Unlike with previous fee
increases, the six districts in the two States participating in the
Administrator Program did not immediately adopt the 2017 fee
increase. The fee increase took effect for the six Administrator
Program districts as of Oct. 1, 2018, while the increase took
effect for the Trustee Program districts as of the first quarter of
2018. Second, in Administrator Program districts, the fee increase
applied only to newly filed cases, while in Trustee Program
districts, the increase applied to all pending cases.
In 2008, Circuit City Stores, Inc., filed for Chapter 11 bankruptcy
in the Eastern District of Virginia, a Trustee Program district.
In 2010, the Bankruptcy Court confirmed a joint-liquidation plan,
overseen by a trustee (petitioner), to collect, administer,
distribute, and liquidate all of Circuit City's assets. The
liquidation plan required petitioner to " 'pay quarterly fees to
the U.S. Trustee until the Chapter 11 Cases are closed or
converted.' " In re Circuit City Stores, 606 B. R. 260, 263 (2019).
In 2010, when the plan was confirmed, the maximum quarterly fee was
$30,000. Circuit City's bankruptcy was still pending when Congress
raised the fees for Chapter 11 debtors in Trustee Program districts
through the 2017 Act. Across the first three quarters after the
fee increase took effect, petitioner paid $632,542 in total fees.
Had Congress not increased fees, petitioner would have paid $56,400
over that same period. Petitioner filed for relief against the
Acting U.S. Trustee for Region 4 (respondent, represented by the
Solicitor General) in the Bankruptcy Court of the Eastern District
of Virginia. Petitioner objected that the fee increase under the
2017 Act was nonuniform across Trustee Program districts and
Administrator Program districts, in violation of the Constitution's
Bankruptcy Clause. The Bankruptcy Court agreed, and directed that
for the fees due from January 1, 2018, onward, the trustee pay the
rate in effect prior to the 2017 Act. Id., at 270–271. The court
reserved the question whether the trustee could recover any
"overpayments" made under the 2017 Act.
A divided panel of the Fourth Circuit reversed. The court agreed
that the uniformity requirement of the Bankruptcy Clause applied to
the 2017 Act, but it interpreted the Clause as forbidding "only
'arbitrary' geographic differences." 996 F. 3d, at 166. In the
court's view, the fee increase permissibly applied only to Trustee
Program districts because the UST Fund, which funded that program
alone, was dwindling. Therefore, the court reasoned, Congress'
effort to remedy that problem was not arbitrary. Judge Quattlebaum
dissented in relevant part, interpreting the Bankruptcy Clause to
preclude disparate treatment of bankruptcy districts unless the
treatment was "aimed at addressing issues that are geographical in
nature." In Judge Quattlebaum's view, the difference between
Trustee Program districts and Administrator Program districts was
arbitrary, as there was nothing "geographically distinct about
Alabama or North Carolina that justified a different approach in
those states."
The issue, which has divided top appellate courts across the
country, was brought to the U.S. Supreme Court for review. The
U.S. Supreme Court ruled on June 6, 2022, that the 2017 Act
violated the uniformity requirement of the Bankruptcy Clause.
"Our precedent provides that the Bankruptcy Clause offers Congress
flexibility, but does not permit the arbitrary, disparate treatment
of similarly situated debtors based on geography," Justice
Sotomayor said in an opinion. She notes the Court has addressed
the uniformity requirement on three occasions:
* The Court first addressed the uniformity requirement in
rejecting a challenge to the constitutionality of the Bankruptcy
Act of 1898, which permitted individual debtor exemptions,
including homestead and wage exemptions under state laws. Moyses,
186 U. S. 181. The Court in Moyses held that the Bankruptcy
Clause's uniformity principle does not require Congress to
eliminate existing state exemptions in bankruptcy laws. Id., at
188. The Court explained that the "general operation of the law is
uniform although it may result in certain particulars differently
in different States." Id., at 190. 11Cite as: 596 U. S. ____
(2022)
* Next, in the Regional Rail Reorganization Act Cases, 419 U. S.
102 (1974), the Court affirmed the constitutionality of the
Regional Rail Reorganization Act of 1973, which applied only to
rail carriers operating within a defined region of the country,
where "[n]o railroad reorganization . . . was pending outside that
defined region." Id., at 159–160. The Court described the
"flexibility inherent" in the Bankruptcy Clause, id., at 158, which
"does not deny Congress power to take into account differences that
exist between different parts of the country, and to fashion
legislation to resolve geographically isolated problems," id., at
159. Because the Regional Rail Reorganization Act "operate[d]
uniformly upon all bankrupt railroads then operating in the United
States," it was consistent with the Bankruptcy Act's uniformity
principle. Id., at 160. Put simply, Congress may enact
geographically limited bankruptcy laws consistent with the
uniformity requirement if it is responding to a geographically
limited problem.
* While the uniformity requirement allows Congress to account
for "differences that exist between different parts of the
country," id., at 159, it does not give Congress free rein to
subject similarly situated debtors in different States to different
fees because it chooses to pay the costs for some, but not others.
In Gibbons, 455 U. S. 457, the Court struck down the Rock Island
Railroad Transition and Employee Assistance Act (RITA), in which
Congress altered the order of priority of claimants in a single
railroad's bankruptcy proceedings. The Court recognized that the
Bankruptcy Clause "contains an affirmative limitation or
restriction upon Congress' power," namely, the uniformity
requirement. Id., at 468. RITA exceeded this limitation, the Court
explained, because it singled out one railroad and did not apply to
other similarly situated railroads that were en- gaged in
bankruptcy proceedings. Id., at 470. The Court reasoned that
unlike the Regional Rail Reorganization Act, RITA was "not a
response either to the particular problems of major railroad
bankruptcies or to any geographically isolated problem: it is a
response to the problems caused by the bankruptcy of one railroad."
Ibid. For that reason, RITA "cannot be said to apply uniformly
even to major railroads in bankruptcy proceedings throughout the
United States." Id., at 471. The Court emphasized that its
"holding . . . does not impair Congress' ability under the
Bankruptcy Clause to define classes of debtors and to structure
relief accordingly" and summarized that "[t]o survive scrutiny
under the Bankruptcy Clause, a law must at least apply uniformly to
a defined class of debtors." Id., at 473."
Under the specific circumstances present here, the non-uniform fee
increase violated the uniformity requirement, Justice Sotomayor
stated.
"The Bankruptcy Clause affords Congress flexibility to "fashion
legislation to resolve geographically isolated problems," id., at
159, but as precedent instructs, the Clause does not permit
Congress to treat identical debtors differently based on an
artificial funding distinction that Congress itself created. The
Clause, after all, would clearly prohibit Congress from arbitrarily
dividing States into two categories and charging different fees to
States in different categories unrelated to the needs of, or
conditions in, those States. The Clause does not allow Congress to
accomplish in two steps what it forbids in one."
The case is Siegel v. Fitzgerald, U.S., No. 21-441, 6/6/22.
A copy of the Opinion is available at:
https://www.supremecourt.gov/opinions/21pdf/21-441_3204.pdf
[*] Total Commercial Bankruptcy Filings Up 34% in May 2022
----------------------------------------------------------
There were 330 commercial chapter 11 filings registered in May
2022, an increase of 34 percent from the 246 filings in May 2021,
according to data provided by Epiq Bankruptcy, the leading provider
of U.S. bankruptcy filing data. Overall commercial filings
decreased 4 percent in May 2022, as the 1,738 filings were down
from the 1,813 commercial filings registered in May 2021.
Small business filings, captured as subchapter V elections within
chapter 11, registered an increase of 21 percent to 123 in May 2022
from 102 in May 2021. Total bankruptcy filings were 31,314 in May
2022, a 10 percent decline from the May 2021 total of 34,783.
Noncommercial bankruptcy filings totalled 29,576 in May 2022, also
registering a 10 percent decrease from the May 2021 noncommercial
total of 32,970.
"The bankruptcy market continues to navigate uncharted waters as
the effect of the global pandemic lingers and uncertainty around
the U.S. public markets enters the mix," says Chris Kruse, senior
vice president at Epiq. "If the economy declines, the bankruptcy
market will likely become more active."
May 2022's commercial chapter 11 filings increased 32 percent from
the 250 filings in April 2022. The commercial filing total
represented a 2 percent decrease from the April 2022 commercial
filing total of 1,775. Subchapter V elections within chapter 11
increased 23 percent from the 100 filed in April 2022. May's total
bankruptcy filings represented a 4 percent decrease when compared
to the 32,518 total filings recorded the previous month. Total
noncommercial filings for May also represented a 4 percent decrease
from the April 2022 noncommercial filing total of 30,743.
"Rising interest rates, inflationary price increases and global
supply concerns are compounding the economic challenges for
financially distressed families and businesses," said ABI Executive
Director Amy Quackenboss. “Legislation currently being considered
in the House would expand the debt-eligibility limits for small
businesses and individuals that would create greater access and a
more efficient process for families and businesses looking for a
financial fresh start."
The debt-eligibility limit for small businesses to elect subchapter
V reverted in March to the original $2,725,625 threshold from the
expanded amount of $7.5 million first established under the CARES
Act of 2020. Legislation was passed in the Senate in April to
restore the eligibility limit back to $7.5 million and cover any
subchapter V cases that were pending at the time of the March 27
sunset. Consistent with the recommendations of ABI’s Commission
on Consumer Bankruptcy, the substitute also continues to push for
the debt limit for individual chapter 13 filings to be increased to
$2.75 million and to remove the distinction between secured and
unsecured debt for that calculation. Both of the expanded
eligibility limits for small business subchapter Vs and consumer
chapter 13s would sunset after two years.
ABI has partnered with Epiq Bankruptcy to provide the most current
bankruptcy filing data for analysts, researchers, and members of
the news media. Epiq Bankruptcy is the leading provider of data,
technology, and services for companies operating in the business of
bankruptcy. Its new Bankruptcy Analytics subscription service
provides on-demand access to the industry’s most dynamic
bankruptcy data, updated daily. Learn more at
https://bankruptcy.epiqglobal.com/analytics.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- -------
7GC & CO HOLD-A VII US 230.8 216.5 -0.9
7GC & CO HOLDING VIIAU US 230.8 216.5 -0.9
ACCELERATE DIAGN AXDX* MM 70.4 -56.8 52.9
AEMETIS INC DW51 GR 166.5 -128.6 -46.6
AEMETIS INC AMTX US 166.5 -128.6 -46.6
AEMETIS INC AMTXGEUR EU 166.5 -128.6 -46.6
AEMETIS INC AMTXGEUR EZ 166.5 -128.6 -46.6
AEMETIS INC DW51 GZ 166.5 -128.6 -46.6
AEMETIS INC DW51 TH 166.5 -128.6 -46.6
AEMETIS INC DW51 QT 166.5 -128.6 -46.6
AERIE PHARMACEUT AERI US 395.5 -125.7 201.7
AERIE PHARMACEUT AERIEUR EU 395.5 -125.7 201.7
AERIE PHARMACEUT 0P0 GR 395.5 -125.7 201.7
AERIE PHARMACEUT 0P0 GZ 395.5 -125.7 201.7
AERIE PHARMACEUT 0P0 TH 395.5 -125.7 201.7
AERIE PHARMACEUT 0P0 QT 395.5 -125.7 201.7
AIR CANADA AC CN 29,724.0 -1,159.0 2,055.0
AIR CANADA ADH2 TH 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 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 QT 29,724.0 -1,159.0 2,055.0
AIR CANADA ADH2 GZ 29,724.0 -1,159.0 2,055.0
AIRSPAN NETWORKS MIMO US 170.9 -39.4 61.7
ALPHA CAPITAL -A ASPC US 230.5 209.5 -1.8
ALPHA CAPITAL AC ASPCU US 230.5 209.5 -1.8
ALTICE USA INC-A 15PA GZ 33,144.1 -626.6 -1,994.4
ALTICE USA INC-A ATUS* MM 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 TH 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 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 MO AR 40,235.0 -1,760.0 -4,166.0
ALTIRA GP-CEDEAR MOD AR 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 MOEUR EU 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 MO* MM 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 MOEUR EZ 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 PHM7 GZ 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 10,345.4 -2,178.3 -261.3
AMC ENTERTAINMEN AH9 GR 10,345.4 -2,178.3 -261.3
AMC ENTERTAINMEN AMC* MM 10,345.4 -2,178.3 -261.3
AMC ENTERTAINMEN AMC4EUR EU 10,345.4 -2,178.3 -261.3
AMC ENTERTAINMEN AH9 TH 10,345.4 -2,178.3 -261.3
AMC ENTERTAINMEN AH9 QT 10,345.4 -2,178.3 -261.3
AMC ENTERTAINMEN AH9 GZ 10,345.4 -2,178.3 -261.3
AMC ENTERTAINMEN AMC-RM RM 10,345.4 -2,178.3 -261.3
AMC ENTERTAINMEN A2MC34 BZ 10,345.4 -2,178.3 -261.3
AMERICAN AIR-BDR AALL34 BZ 67,401.0 -8,940.0 -4,104.0
AMERICAN AIRLINE A1G QT 67,401.0 -8,940.0 -4,104.0
AMERICAN AIRLINE AAL US 67,401.0 -8,940.0 -4,104.0
AMERICAN AIRLINE A1G GR 67,401.0 -8,940.0 -4,104.0
AMERICAN AIRLINE AAL* MM 67,401.0 -8,940.0 -4,104.0
AMERICAN AIRLINE A1G TH 67,401.0 -8,940.0 -4,104.0
AMERICAN AIRLINE 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 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 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 MPO2EUR EZ 456.1 -113.0 -84.2
AMPLIFY ENERGY C 2OQ TH 456.1 -113.0 -84.2
AMPLIFY ENERGY C MPO2EUR EU 456.1 -113.0 -84.2
AMPLIFY ENERGY C AMPY US 456.1 -113.0 -84.2
AMPLIFY ENERGY C 2OQ GR 456.1 -113.0 -84.2
AMPLIFY ENERGY C 2OQ GZ 456.1 -113.0 -84.2
AMPLIFY ENERGY C 2OQ QT 456.1 -113.0 -84.2
AMYRIS INC AMRS* MM 898.4 -125.9 204.7
ARENA GROUP HOLD AREN US 171.3 -11.1 -16.1
ASHFORD HOSPITAL AHT US 4,038.2 -37.1 0.0
ASHFORD HOSPITAL AHD GR 4,038.2 -37.1 0.0
ASHFORD HOSPITAL AHT1EUR EU 4,038.2 -37.1 0.0
ASHFORD HOSPITAL AHD TH 4,038.2 -37.1 0.0
ATLAS TECHNICAL ATCX US 510.4 -138.7 83.4
AUTOZONE INC AZO US 14,520.6 -3,387.2 -1,809.4
AUTOZONE INC AZ5 GR 14,520.6 -3,387.2 -1,809.4
AUTOZONE INC AZ5 TH 14,520.6 -3,387.2 -1,809.4
AUTOZONE INC AZOEUR EU 14,520.6 -3,387.2 -1,809.4
AUTOZONE INC AZ5 QT 14,520.6 -3,387.2 -1,809.4
AUTOZONE INC AZOEUR EZ 14,520.6 -3,387.2 -1,809.4
AUTOZONE INC AZ5 GZ 14,520.6 -3,387.2 -1,809.4
AUTOZONE INC AZO AV 14,520.6 -3,387.2 -1,809.4
AUTOZONE INC AZ5 TE 14,520.6 -3,387.2 -1,809.4
AUTOZONE INC AZO* MM 14,520.6 -3,387.2 -1,809.4
AUTOZONE INC AZO-RM RM 14,520.6 -3,387.2 -1,809.4
AUTOZONE INC-BDR AZOI34 BZ 14,520.6 -3,387.2 -1,809.4
AVID TECHNOLOGY AVID US 245.1 -130.0 -21.2
AVID TECHNOLOGY AVD GR 245.1 -130.0 -21.2
AVID TECHNOLOGY AVD TH 245.1 -130.0 -21.2
AVID TECHNOLOGY AVD GZ 245.1 -130.0 -21.2
AVIS BUD-CEDEAR CAR AR 23,573.0 -983.0 -934.0
AVIS BUDGET GROU CAR US 23,573.0 -983.0 -934.0
AVIS BUDGET GROU CUCA QT 23,573.0 -983.0 -934.0
AVIS BUDGET GROU CAR2EUR EU 23,573.0 -983.0 -934.0
AVIS BUDGET GROU CUCA GR 23,573.0 -983.0 -934.0
AVIS BUDGET GROU CAR2EUR EZ 23,573.0 -983.0 -934.0
AVIS BUDGET GROU CUCA TH 23,573.0 -983.0 -934.0
AVIS BUDGET GROU CAR* MM 23,573.0 -983.0 -934.0
AVIS BUDGET GROU CUCA GZ 23,573.0 -983.0 -934.0
BATH & BODY WORK BBWI US 4,860.0 -2,658.0 512.0
BATH & BODY WORK LTD0 TH 4,860.0 -2,658.0 512.0
BATH & BODY WORK LBEUR EU 4,860.0 -2,658.0 512.0
BATH & BODY WORK LTD0 GR 4,860.0 -2,658.0 512.0
BATH & BODY WORK LBEUR EZ 4,860.0 -2,658.0 512.0
BATH & BODY WORK BBWI AV 4,860.0 -2,658.0 512.0
BATH & BODY WORK BBWI* MM 4,860.0 -2,658.0 512.0
BATH & BODY WORK LTD0 QT 4,860.0 -2,658.0 512.0
BATH & BODY WORK LTD0 GZ 4,860.0 -2,658.0 512.0
BATH & BODY WORK BBWI-RM RM 4,860.0 -2,658.0 512.0
BATTALION OIL CO BATL US 410.8 -29.0 -98.1
BATTALION OIL CO RAQB GR 410.8 -29.0 -98.1
BATTALION OIL CO BATLEUR EU 410.8 -29.0 -98.1
BATTERY FUTURE A BFAC/U US 353.4 344.1 1.0
BATTERY FUTURE-A BFAC US 353.4 344.1 1.0
BAUSCH HEALTH CO BHC CN 29,090.0 -141.0 1,062.0
BAUSCH HEALTH CO BHC US 29,090.0 -141.0 1,062.0
BAUSCH HEALTH CO BVF GR 29,090.0 -141.0 1,062.0
BAUSCH HEALTH CO VRX SW 29,090.0 -141.0 1,062.0
BAUSCH HEALTH CO BHCN MM 29,090.0 -141.0 1,062.0
BAUSCH HEALTH CO BVF TH 29,090.0 -141.0 1,062.0
BAUSCH HEALTH CO VRX1EUR EZ 29,090.0 -141.0 1,062.0
BAUSCH HEALTH CO BVF GZ 29,090.0 -141.0 1,062.0
BAUSCH HEALTH CO BVF QT 29,090.0 -141.0 1,062.0
BAUSCH HEALTH CO VRX1EUR EU 29,090.0 -141.0 1,062.0
BELLRING BRANDS BRBR US 657.7 -428.8 228.9
BELLRING BRANDS D51 TH 657.7 -428.8 228.9
BELLRING BRANDS BRBR2EUR EU 657.7 -428.8 228.9
BELLRING BRANDS D51 GR 657.7 -428.8 228.9
BELLRING BRANDS D51 QT 657.7 -428.8 228.9
BENEFITFOCUS INC BNFT US 251.3 -12.1 42.1
BENEFITFOCUS INC BTF GR 251.3 -12.1 42.1
BENEFITFOCUS INC BNFTEUR EU 251.3 -12.1 42.1
BIOCRYST PHARM BCRX US 527.7 -164.2 430.7
BIOCRYST PHARM BO1 GR 527.7 -164.2 430.7
BIOCRYST PHARM BO1 TH 527.7 -164.2 430.7
BIOCRYST PHARM BCRXEUR EZ 527.7 -164.2 430.7
BIOCRYST PHARM BCRX* MM 527.7 -164.2 430.7
BIOCRYST PHARM BO1 QT 527.7 -164.2 430.7
BIOCRYST PHARM BCRXEUR EU 527.7 -164.2 430.7
BIOHAVEN PHARMAC BHVN US 1,371.7 -466.4 595.0
BIOHAVEN PHARMAC 2VN GR 1,371.7 -466.4 595.0
BIOHAVEN PHARMAC BHVNEUR EU 1,371.7 -466.4 595.0
BIOHAVEN PHARMAC 2VN TH 1,371.7 -466.4 595.0
BOEING CO-BDR BOEI34 BZ 135,801.0 -15,268.0 24,320.0
BOEING CO-CED BAD AR 135,801.0 -15,268.0 24,320.0
BOEING CO-CED BA AR 135,801.0 -15,268.0 24,320.0
BOEING CO/THE BA EU 135,801.0 -15,268.0 24,320.0
BOEING CO/THE BA PE 135,801.0 -15,268.0 24,320.0
BOEING CO/THE BOE LN 135,801.0 -15,268.0 24,320.0
BOEING CO/THE BA US 135,801.0 -15,268.0 24,320.0
BOEING CO/THE BCO TH 135,801.0 -15,268.0 24,320.0
BOEING CO/THE BOEI BB 135,801.0 -15,268.0 24,320.0
BOEING CO/THE BA SW 135,801.0 -15,268.0 24,320.0
BOEING CO/THE BA* MM 135,801.0 -15,268.0 24,320.0
BOEING CO/THE BA TE 135,801.0 -15,268.0 24,320.0
BOEING CO/THE BCO GR 135,801.0 -15,268.0 24,320.0
BOEING CO/THE BAEUR EU 135,801.0 -15,268.0 24,320.0
BOEING CO/THE BA CI 135,801.0 -15,268.0 24,320.0
BOEING CO/THE BCO QT 135,801.0 -15,268.0 24,320.0
BOEING CO/THE BA-RM RM 135,801.0 -15,268.0 24,320.0
BOEING CO/THE BA AV 135,801.0 -15,268.0 24,320.0
BOEING CO/THE BAEUR EZ 135,801.0 -15,268.0 24,320.0
BOEING CO/THE BA EZ 135,801.0 -15,268.0 24,320.0
BOEING CO/THE BAUSD SW 135,801.0 -15,268.0 24,320.0
BOEING CO/THE BCO GZ 135,801.0 -15,268.0 24,320.0
BOEING CO/THE BACL CI 135,801.0 -15,268.0 24,320.0
BOEING CO/THE BA_KZ KZ 135,801.0 -15,268.0 24,320.0
BOMBARDIER INC-B BBDBN MM 12,493.0 -2,916.0 880.0
BOXED INC BOXD US 206.9 -29.6 30.8
BRC INC-A BRCC US 211.8 -188.0 117.9
BRIDGEBIO PHARMA BBIOEUR EU 813.1 -1,040.7 612.8
BRIDGEBIO PHARMA 2CL GZ 813.1 -1,040.7 612.8
BRIDGEBIO PHARMA 2CL TH 813.1 -1,040.7 612.8
BRIDGEBIO PHARMA BBIO US 813.1 -1,040.7 612.8
BRIDGEBIO PHARMA 2CL GR 813.1 -1,040.7 612.8
BRIGHTSPHERE INV 2B9 GR 494.1 -97.9 0.0
BRIGHTSPHERE INV BSIGEUR EU 494.1 -97.9 0.0
BRIGHTSPHERE INV BSIG US 494.1 -97.9 0.0
BRINKER INTL BKJ GR 2,458.8 -311.2 -395.1
BRINKER INTL EAT US 2,458.8 -311.2 -395.1
BRINKER INTL BKJ TH 2,458.8 -311.2 -395.1
BRINKER INTL EAT2EUR EZ 2,458.8 -311.2 -395.1
BRINKER INTL EAT2EUR EU 2,458.8 -311.2 -395.1
BRINKER INTL BKJ QT 2,458.8 -311.2 -395.1
BROOKFIELD INF-A BIPC US 10,086.0 -1,424.0 -4,187.0
BROOKFIELD INF-A BIPC CN 10,086.0 -1,424.0 -4,187.0
BRP INC/CA-SUB V DOO CN 5,210.7 -212.0 -168.7
BRP INC/CA-SUB V B15A GR 5,210.7 -212.0 -168.7
BRP INC/CA-SUB V DOOO US 5,210.7 -212.0 -168.7
BRP INC/CA-SUB V B15A GZ 5,210.7 -212.0 -168.7
BRP INC/CA-SUB V DOOEUR EU 5,210.7 -212.0 -168.7
BRP INC/CA-SUB V B15A TH 5,210.7 -212.0 -168.7
CALUMET SPECIALT CLMT US 2,195.6 -463.8 -424.4
CARDINAL HEA BDR C1AH34 BZ 42,111.0 -693.0 2,169.0
CARDINAL HEALTH CLH TH 42,111.0 -693.0 2,169.0
CARDINAL HEALTH CAH US 42,111.0 -693.0 2,169.0
CARDINAL HEALTH CLH GR 42,111.0 -693.0 2,169.0
CARDINAL HEALTH CAH* MM 42,111.0 -693.0 2,169.0
CARDINAL HEALTH CAHEUR EZ 42,111.0 -693.0 2,169.0
CARDINAL HEALTH CLH GZ 42,111.0 -693.0 2,169.0
CARDINAL HEALTH CLH QT 42,111.0 -693.0 2,169.0
CARDINAL HEALTH CAHEUR EU 42,111.0 -693.0 2,169.0
CARDINAL HEALTH CAH-RM RM 42,111.0 -693.0 2,169.0
CARDINAL-CEDEAR CAHD AR 42,111.0 -693.0 2,169.0
CARDINAL-CEDEAR CAH AR 42,111.0 -693.0 2,169.0
CARDINAL-CEDEAR CAHC AR 42,111.0 -693.0 2,169.0
CEDAR FAIR LP FUN US 2,350.3 -787.6 -142.5
CENTRUS ENERGY-A 4CU TH 537.6 -133.0 70.6
CENTRUS ENERGY-A 4CU GR 537.6 -133.0 70.6
CENTRUS ENERGY-A LEUEUR EU 537.6 -133.0 70.6
CENTRUS ENERGY-A LEU US 537.6 -133.0 70.6
CENTRUS ENERGY-A 4CU GZ 537.6 -133.0 70.6
CF ACQUISITION-A CFVI US 300.5 263.1 -3.1
CF ACQUISITON VI CFVIU US 300.5 263.1 -3.1
CHENIERE ENERGY CHQ1 TH 40,055.0 -1,259.0 1,100.0
CHENIERE ENERGY CQP US 19,658.0 -2,230.0 834.0
CHENIERE ENERGY LNG US 40,055.0 -1,259.0 1,100.0
CHENIERE ENERGY CHQ1 GR 40,055.0 -1,259.0 1,100.0
CHENIERE ENERGY LNG* MM 40,055.0 -1,259.0 1,100.0
CHENIERE ENERGY LNG2EUR EZ 40,055.0 -1,259.0 1,100.0
CHENIERE ENERGY CHQ1 QT 40,055.0 -1,259.0 1,100.0
CHENIERE ENERGY LNG2EUR EU 40,055.0 -1,259.0 1,100.0
CHENIERE ENERGY CHQ1 GZ 40,055.0 -1,259.0 1,100.0
CHOICE CONSOLIDA CDXX-U/U CN 173.4 -19.3 0.0
CHOICE CONSOLIDA CDXXF US 173.4 -19.3 0.0
CINEPLEX INC CPXGF US 2,062.4 -260.2 -393.0
CINEPLEX INC CX0 GR 2,062.4 -260.2 -393.0
CINEPLEX INC CGX CN 2,062.4 -260.2 -393.0
CINEPLEX INC CGXEUR EU 2,062.4 -260.2 -393.0
CINEPLEX INC CX0 TH 2,062.4 -260.2 -393.0
CINEPLEX INC CGXN MM 2,062.4 -260.2 -393.0
CINEPLEX INC CX0 GZ 2,062.4 -260.2 -393.0
COGENT COMMUNICA OGM1 GR 969.8 -408.6 303.6
COGENT COMMUNICA CCOI US 969.8 -408.6 303.6
COGENT COMMUNICA CCOIEUR EU 969.8 -408.6 303.6
COGENT COMMUNICA CCOI* MM 969.8 -408.6 303.6
COMMUNITY HEALTH CYH US 15,263.0 -819.0 1,141.0
COMMUNITY HEALTH CG5 GR 15,263.0 -819.0 1,141.0
COMMUNITY HEALTH CG5 QT 15,263.0 -819.0 1,141.0
COMMUNITY HEALTH CYH1EUR EU 15,263.0 -819.0 1,141.0
COMMUNITY HEALTH CG5 TH 15,263.0 -819.0 1,141.0
COMMUNITY HEALTH CG5 GZ 15,263.0 -819.0 1,141.0
COMPOSECURE INC CMPO US 143.5 -376.6 49.9
CONSENSUS CLOUD CCSI US 615.3 -313.9 18.0
COVEO SOLUTIONS CVO CN 346.2 266.4 199.0
CPI CARD GROUP I PMTSEUR EU 285.7 -114.1 99.4
CPI CARD GROUP I PMTS US 285.7 -114.1 99.4
CPI CARD GROUP I CPB1 GR 285.7 -114.1 99.4
CTI BIOPHARMA CO CTIC US 131.4 -27.9 4.4
CTI BIOPHARMA CO CEPS GR 131.4 -27.9 4.4
CTI BIOPHARMA CO CTIC1EUR EZ 131.4 -27.9 4.4
CTI BIOPHARMA CO CEPS QT 131.4 -27.9 4.4
CTI BIOPHARMA CO CEPS TH 131.4 -27.9 4.4
DELEK LOGISTICS DKL US 935.3 -106.5 -69.9
DELL TECHN-C DELL1EUR EZ 88,406.0 -2,355.0 -11,683.0
DELL TECHN-C DELL US 88,406.0 -2,355.0 -11,683.0
DELL TECHN-C 12DA TH 88,406.0 -2,355.0 -11,683.0
DELL TECHN-C 12DA GR 88,406.0 -2,355.0 -11,683.0
DELL TECHN-C 12DA GZ 88,406.0 -2,355.0 -11,683.0
DELL TECHN-C DELL1EUR EU 88,406.0 -2,355.0 -11,683.0
DELL TECHN-C DELLC* MM 88,406.0 -2,355.0 -11,683.0
DELL TECHN-C 12DA QT 88,406.0 -2,355.0 -11,683.0
DELL TECHN-C DELL AV 88,406.0 -2,355.0 -11,683.0
DELL TECHN-C DELL-RM RM 88,406.0 -2,355.0 -11,683.0
DELL TECHN-C-BDR D1EL34 BZ 88,406.0 -2,355.0 -11,683.0
DENNY'S CORP DENN US 401.4 -47.8 -26.9
DENNY'S CORP DE8 GR 401.4 -47.8 -26.9
DENNY'S CORP DE8 TH 401.4 -47.8 -26.9
DENNY'S CORP DENNEUR EU 401.4 -47.8 -26.9
DENNY'S CORP DE8 GZ 401.4 -47.8 -26.9
DIEBOLD NIXDORF DBD SW 3,316.5 -1,008.6 119.0
DINE BRANDS GLOB DIN US 1,888.3 -265.2 142.1
DINE BRANDS GLOB IHP GR 1,888.3 -265.2 142.1
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DOLLARAMA INC DOL CN 4,063.6 -66.0 -194.5
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DROPBOX INC-A DBX AV 2,852.0 -463.3 505.5
DROPBOX INC-A DBX US 2,852.0 -463.3 505.5
DROPBOX INC-A 1Q5 GR 2,852.0 -463.3 505.5
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EAST RESOURCES A ERESU US 346.4 -29.7 -29.7
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FERRELLGAS-LP FGPR US 1,820.1 -150.6 301.7
FLUENCE ENERGY I FLNC US 1,500.9 725.5 641.1
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GCM GROSVENOR-A GCMG US 517.2 -53.3 121.0
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GOGO INC GOGO US 685.3 -281.0 82.8
GOGO INC G0G GR 685.3 -281.0 82.8
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GOLDEN NUGGET ON GNOG US 257.8 -21.9 94.1
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HOME DEPOT INC HD TE 76,567.0 -1,709.0 3,480.0
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HP INC HPQ TE 39,901.0 -1,898.0 -5,391.0
HP INC HPQ US 39,901.0 -1,898.0 -5,391.0
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IMMUNITYBIO INC 26CA GZ 389.6 -337.6 -168.7
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IMMUNITYBIO INC IBRX US 389.6 -337.6 -168.7
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IMPINJ INC PI US 316.9 -6.3 209.9
IMPINJ INC 27J TH 316.9 -6.3 209.9
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INSEEGO CORP INSG-RM RM 204.2 -34.2 42.7
INSPIRED ENTERTA INSE US 332.2 -70.5 49.2
INSPIRED ENTERTA 4U8 GR 332.2 -70.5 49.2
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INTERCEPT PHARMA ICPT US 503.4 -371.8 326.3
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INTERCEPT PHARMA ICPT* MM 503.4 -371.8 326.3
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J. JILL INC JILLEUR EU 451.8 -44.7 -15.5
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KARYOPHARM THERA KPTI US 294.0 -83.1 210.2
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KARYOPHARM THERA 25K TH 294.0 -83.1 210.2
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LATAMGROWTH SPAC LATGU US 134.6 126.4 1.8
LEAFLY HOLDINGS LFLY US 84.2 -15.0 66.4
LENNOX INTL INC LII US 2,456.9 -410.2 577.8
LENNOX INTL INC LII* MM 2,456.9 -410.2 577.8
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LESLIE'S INC LESL US 930.2 -385.7 133.7
LESLIE'S INC LE3 GR 930.2 -385.7 133.7
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MANNKIND CORP NNFN TH 308.3 -232.1 130.8
MANNKIND CORP MNKD US 308.3 -232.1 130.8
MANNKIND CORP NNFN GR 308.3 -232.1 130.8
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MANNKIND CORP MNKDEUR EU 308.3 -232.1 130.8
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MARTIN MIDSTREAM MMLP US 574.1 -38.0 68.9
MASCO CORP MSQ TH 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 500.8 -25.6 0.6
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MATCH GROUP -BDR M1TC34 BZ 5,043.4 -121.8 159.8
MATCH GROUP INC MTCH US 5,043.4 -121.8 159.8
MATCH GROUP INC 4MGN TH 5,043.4 -121.8 159.8
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MCDONALDS CORP 0R16 LN 50,877.7 -5,990.8 421.8
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MCDONALDS CORP MCDEUR EU 50,877.7 -5,990.8 421.8
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MCDONALDS-CEDEAR MCDC AR 50,877.7 -5,990.8 421.8
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MCKESSON CORP MCK* MM 63,298.0 -1,792.0 -2,235.0
MCKESSON CORP MCK TH 63,298.0 -1,792.0 -2,235.0
MCKESSON CORP MCK1EUR EU 63,298.0 -1,792.0 -2,235.0
MCKESSON CORP MCK QT 63,298.0 -1,792.0 -2,235.0
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MEDIAALPHA INC-A MAX US 275.2 -57.6 54.0
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MONEYGRAM INTERN 9M1N QT 4,429.8 -184.3 -17.4
MONEYGRAM INTERN MGI US 4,429.8 -184.3 -17.4
MONEYGRAM INTERN 9M1N TH 4,429.8 -184.3 -17.4
MONEYGRAM INTERN MGIEUR EU 4,429.8 -184.3 -17.4
MOTOROLA SOL-BDR M1SI34 BZ 11,649.0 -298.0 394.0
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MSCI INC MSCI US 4,691.8 -879.2 172.0
MSCI INC 3HM GR 4,691.8 -879.2 172.0
MSCI INC 3HM SW 4,691.8 -879.2 172.0
MSCI INC 3HM GZ 4,691.8 -879.2 172.0
MSCI INC 3HM QT 4,691.8 -879.2 172.0
MSCI INC MSCIEUR EZ 4,691.8 -879.2 172.0
MSCI INC MSCI* MM 4,691.8 -879.2 172.0
MSCI INC 3HM TH 4,691.8 -879.2 172.0
MSCI INC MSCI AV 4,691.8 -879.2 172.0
MSCI INC MSCI-RM RM 4,691.8 -879.2 172.0
MSCI INC-BDR M1SC34 BZ 4,691.8 -879.2 172.0
N/A TCDAEUR EU 140.4 -90.3 103.0
N/A CTIC1EUR EU 131.4 -27.9 4.4
N/A CC-RM RM 2,992.4 -210.9 289.6
NATHANS FAMOUS NATH US 114.5 -55.3 48.2
NATHANS FAMOUS NFA GR 114.5 -55.3 48.2
NATHANS FAMOUS NATHEUR EU 114.5 -55.3 48.2
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NEIGHBOURLY PHAR NBLY CN 558.2 344.7 53.5
NEW ENG RLTY-LP NEN US 350.2 -56.1 0.0
NORTHERN OIL AND 4LT1 GR 2,024.5 -35.3 -302.1
NORTHERN OIL AND NOG US 2,024.5 -35.3 -302.1
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NORTHERN OIL AND 4LT1 TH 2,024.5 -35.3 -302.1
NORTHERN OIL AND 4LT1 GZ 2,024.5 -35.3 -302.1
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NORTONLIFELOCK I SYMC TE 6,943.0 -93.0 -805.0
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NUTANIX INC - A 0NU SW 2,355.9 -721.9 540.5
NUTANIX INC - A 0NU GZ 2,355.9 -721.9 540.5
NUTANIX INC - A NTNXEUR EZ 2,355.9 -721.9 540.5
NUTANIX INC - A 0NU GR 2,355.9 -721.9 540.5
NUTANIX INC - A NTNXEUR EU 2,355.9 -721.9 540.5
NUTANIX INC - A 0NU TH 2,355.9 -721.9 540.5
NUTANIX INC - A 0NU QT 2,355.9 -721.9 540.5
NUTANIX INC - A NTNX US 2,355.9 -721.9 540.5
NUTANIX INC - A NTNX-RM RM 2,355.9 -721.9 540.5
NUTANIX INC-BDR N2TN34 BZ 2,355.9 -721.9 540.5
O'REILLY AUT-BDR ORLY34 BZ 11,760.4 -328.3 -1,647.5
O'REILLY AUTOMOT OM6 TH 11,760.4 -328.3 -1,647.5
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OAK STREET HEALT OSH US 1,903.2 -2.4 615.7
OAK STREET HEALT HE6 GZ 1,903.2 -2.4 615.7
OAK STREET HEALT HE6 TH 1,903.2 -2.4 615.7
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ORACLE BDR ORCL34 BZ 108,644.0 -8,211.0 10,842.0
ORACLE CO-CEDEAR ORCLC AR 108,644.0 -8,211.0 10,842.0
ORACLE CO-CEDEAR ORCL AR 108,644.0 -8,211.0 10,842.0
ORACLE CO-CEDEAR ORCLD AR 108,644.0 -8,211.0 10,842.0
ORACLE CORP ORCL* MM 108,644.0 -8,211.0 10,842.0
ORACLE CORP ORCL US 108,644.0 -8,211.0 10,842.0
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ORACLE CORP ORCLEUR EU 108,644.0 -8,211.0 10,842.0
ORACLE CORP ORC QT 108,644.0 -8,211.0 10,842.0
ORACLE CORP 0R1Z LN 108,644.0 -8,211.0 10,842.0
ORACLE CORP ORCL AV 108,644.0 -8,211.0 10,842.0
ORACLE CORP ORCLEUR EZ 108,644.0 -8,211.0 10,842.0
ORACLE CORP ORCLUSD EZ 108,644.0 -8,211.0 10,842.0
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ORACLE CORP ORCLUSD EU 108,644.0 -8,211.0 10,842.0
ORACLE CORP ORCLCL CI 108,644.0 -8,211.0 10,842.0
ORACLE CORP ORCL-RM RM 108,644.0 -8,211.0 10,842.0
ORGANON & CO OGN US 10,597.0 -1,250.0 1,413.0
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ORGANON & CO OGN-WEUR EU 10,597.0 -1,250.0 1,413.0
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OTIS WORLDWI-BDR O1TI34 BZ 11,795.0 -2,941.0 1,602.0
PANAMERA HOLDING PHCI US 0.0 0.0 0.0
PAPA JOHN'S INTL PZZA US 885.6 -203.1 7.6
PAPA JOHN'S INTL PP1 GR 885.6 -203.1 7.6
PAPA JOHN'S INTL PZZAEUR EU 885.6 -203.1 7.6
PAPA JOHN'S INTL PP1 GZ 885.6 -203.1 7.6
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PAPA JOHN'S INTL PP1 QT 885.6 -203.1 7.6
PAPAYA GROWTH -A PPYA US 295.3 279.9 1.7
PAPAYA GROWTH OP PPYAU US 295.3 279.9 1.7
PAPAYA GROWTH OP CC40 GR 295.3 279.9 1.7
PAPAYA GROWTH OP PPYAUEUR EU 295.3 279.9 1.7
PET VALU HOLDING PET CN 614.6 -74.9 33.3
PETRO USA INC PBAJ US 0.0 -0.1 -0.1
PHILIP MORRI-BDR PHMO34 BZ 41,733.0 -8,203.0 -1,693.0
PHILIP MORRIS IN 4I1 GR 41,733.0 -8,203.0 -1,693.0
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PHILIP MORRIS IN PM1CHF EU 41,733.0 -8,203.0 -1,693.0
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PHILIP MORRIS IN 4I1 TH 41,733.0 -8,203.0 -1,693.0
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PHILIP MORRIS IN PM1EUR EU 41,733.0 -8,203.0 -1,693.0
PHILIP MORRIS IN PMIZ IX 41,733.0 -8,203.0 -1,693.0
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PHILIP MORRIS IN PM-RM RM 41,733.0 -8,203.0 -1,693.0
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PHOENIX BIOTECH PBAXU US 1.1 -8.0 0.9
PLANET FITNESS I P2LN34 BZ 2,992.4 -210.9 289.6
PLANET FITNESS-A PLNT1EUR EZ 2,992.4 -210.9 289.6
PLANET FITNESS-A PLNT1EUR EU 2,992.4 -210.9 289.6
PLANET FITNESS-A 3PL QT 2,992.4 -210.9 289.6
PLANET FITNESS-A PLNT US 2,992.4 -210.9 289.6
PLANET FITNESS-A 3PL TH 2,992.4 -210.9 289.6
PLANET FITNESS-A 3PL GR 2,992.4 -210.9 289.6
PLANET FITNESS-A 3PL GZ 2,992.4 -210.9 289.6
POTBELLY CORP PBPB US 242.3 -10.0 -42.1
POTBELLY CORP PTB QT 242.3 -10.0 -42.1
PRIME IMPACT A-A PIAI US 324.9 -15.2 0.0
PRIME IMPACT ACQ PIAI/U US 324.9 -15.2 0.0
PROS HOLDINGS IN PH2 GR 486.6 -12.8 122.5
PROS HOLDINGS IN PRO US 486.6 -12.8 122.5
PROS HOLDINGS IN PRO1EUR EU 486.6 -12.8 122.5
PTC THERAPEUTICS PTCT US 1,799.6 -90.6 297.2
PTC THERAPEUTICS BH3 GR 1,799.6 -90.6 297.2
PTC THERAPEUTICS P91 TH 1,799.6 -90.6 297.2
PTC THERAPEUTICS P91 QT 1,799.6 -90.6 297.2
PTC THERAPEUTICS PTCTEUR EZ 1,799.6 -90.6 297.2
RADIUS HEALTH IN RDUS US 154.1 -265.9 65.3
RADIUS HEALTH IN 1R8 GR 154.1 -265.9 65.3
RADIUS HEALTH IN RDUSEUR EZ 154.1 -265.9 65.3
RADIUS HEALTH IN 1R8 TH 154.1 -265.9 65.3
RADIUS HEALTH IN RDUSEUR EU 154.1 -265.9 65.3
RADIUS HEALTH IN 1R8 QT 154.1 -265.9 65.3
RAPID7 INC R7D SW 1,273.9 -136.6 -48.7
RAPID7 INC RPDEUR EU 1,273.9 -136.6 -48.7
RAPID7 INC R7D TH 1,273.9 -136.6 -48.7
RAPID7 INC RPD US 1,273.9 -136.6 -48.7
RAPID7 INC R7D GR 1,273.9 -136.6 -48.7
RAPID7 INC RPD* MM 1,273.9 -136.6 -48.7
RAPID7 INC R7D GZ 1,273.9 -136.6 -48.7
RAPID7 INC R7D QT 1,273.9 -136.6 -48.7
REALREAL INC/THE 6RR QT 698.4 -69.3 284.5
REDBOX ENTERTAIN RDBX US 361.5 -102.0 -79.8
REVLON INC-A RVL1 GR 2,374.8 -2,078.6 196.5
REVLON INC-A REV US 2,374.8 -2,078.6 196.5
REVLON INC-A REV* MM 2,374.8 -2,078.6 196.5
REVLON INC-A RVL1 TH 2,374.8 -2,078.6 196.5
REVLON INC-A REVEUR EU 2,374.8 -2,078.6 196.5
RIMINI STREET IN RMNI US 387.8 -77.3 -37.5
RIMINI STREET IN 0QH GR 387.8 -77.3 -37.5
RIMINI STREET IN RMNIEUR EU 387.8 -77.3 -37.5
RIMINI STREET IN 0QH QT 387.8 -77.3 -37.5
ROSE HILL ACQU-A ROSE US 147.6 -9.9 0.8
ROSE HILL ACQUIS ROSEU US 147.6 -9.9 0.8
RYMAN HOSPITALIT 4RH GR 3,539.8 -37.2 73.6
RYMAN HOSPITALIT RHP US 3,539.8 -37.2 73.6
RYMAN HOSPITALIT 4RH TH 3,539.8 -37.2 73.6
RYMAN HOSPITALIT 4RH QT 3,539.8 -37.2 73.6
RYMAN HOSPITALIT RHPEUR EU 3,539.8 -37.2 73.6
SABRE CORP SABR US 5,314.5 -437.7 983.9
SABRE CORP 19S GR 5,314.5 -437.7 983.9
SABRE CORP 19S TH 5,314.5 -437.7 983.9
SABRE CORP SABREUR EU 5,314.5 -437.7 983.9
SABRE CORP 19S QT 5,314.5 -437.7 983.9
SABRE CORP 19S GZ 5,314.5 -437.7 983.9
SBA COMM CORP 4SB GR 10,142.1 -5,389.1 -739.1
SBA COMM CORP SBAC US 10,142.1 -5,389.1 -739.1
SBA COMM CORP 4SB TH 10,142.1 -5,389.1 -739.1
SBA COMM CORP SBACEUR EZ 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
SBA COMM CORP 4SB QT 10,142.1 -5,389.1 -739.1
SBA COMM CORP SBACEUR EU 10,142.1 -5,389.1 -739.1
SEAWORLD ENTERTA W2L GR 2,578.0 -152.4 65.9
SEAWORLD ENTERTA W2L TH 2,578.0 -152.4 65.9
SEAWORLD ENTERTA SEAS US 2,578.0 -152.4 65.9
SEAWORLD ENTERTA W2L QT 2,578.0 -152.4 65.9
SEAWORLD ENTERTA SEASEUR EU 2,578.0 -152.4 65.9
SEAWORLD ENTERTA W2L GZ 2,578.0 -152.4 65.9
SHELL MIDSTREAM SHLX US 2,197.0 -464.0 17.0
SHOALS TECHNOL-A SHLS US 474.5 -1.4 99.0
SHOALS TECHNOL-A SHLS-RM RM 474.5 -1.4 99.0
SILVER SPIKE-A SPKC/U CN 128.4 -8.3 0.8
SIRIUS XM HO-BDR SRXM34 BZ 10,163.0 -3,587.0 -1,765.0
SIRIUS XM HOLDIN SIRI US 10,163.0 -3,587.0 -1,765.0
SIRIUS XM HOLDIN RDO GR 10,163.0 -3,587.0 -1,765.0
SIRIUS XM HOLDIN RDO TH 10,163.0 -3,587.0 -1,765.0
SIRIUS XM HOLDIN RDO QT 10,163.0 -3,587.0 -1,765.0
SIRIUS XM HOLDIN SIRI AV 10,163.0 -3,587.0 -1,765.0
SIRIUS XM HOLDIN SIRIEUR EZ 10,163.0 -3,587.0 -1,765.0
SIRIUS XM HOLDIN SIRIEUR EU 10,163.0 -3,587.0 -1,765.0
SIRIUS XM HOLDIN RDO GZ 10,163.0 -3,587.0 -1,765.0
SIX FLAGS ENTERT 6FE GR 2,884.0 -515.7 -11.0
SIX FLAGS ENTERT SIX US 2,884.0 -515.7 -11.0
SIX FLAGS ENTERT 6FE QT 2,884.0 -515.7 -11.0
SIX FLAGS ENTERT SIXEUR EU 2,884.0 -515.7 -11.0
SIX FLAGS ENTERT 6FE TH 2,884.0 -515.7 -11.0
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 710.2 -203.5 226.9
SONIDA SENIOR LI SNDA US 703.4 -21.5 -28.8
SONIDA SENIOR LI 13C0 GR 703.4 -21.5 -28.8
SONIDA SENIOR LI CSU2EUR EU 703.4 -21.5 -28.8
SONIDA SENIOR LI 13C0 GZ 703.4 -21.5 -28.8
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 SWN1EUR EZ 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 SW5 GZ 11,847.0 -119.0 -4,432.0
SOUTHWESTRN ENGY SWN-RM RM 11,847.0 -119.0 -4,432.0
SPLUNK INC S0U GR 5,210.0 -661.9 763.8
SPLUNK INC SPLK US 5,210.0 -661.9 763.8
SPLUNK INC S0U QT 5,210.0 -661.9 763.8
SPLUNK INC S0U TH 5,210.0 -661.9 763.8
SPLUNK INC S0U GZ 5,210.0 -661.9 763.8
SPLUNK INC SPLKEUR EZ 5,210.0 -661.9 763.8
SPLUNK INC SPLK* MM 5,210.0 -661.9 763.8
SPLUNK INC SPLKEUR EU 5,210.0 -661.9 763.8
SPLUNK INC SPLK-RM RM 5,210.0 -661.9 763.8
SPLUNK INC - BDR S1PL34 BZ 5,210.0 -661.9 763.8
SPRAGUE RESOURCE SRLP US 1,560.1 -45.8 -99.6
SQL TECHNOLOGIES SKYX US 30.7 17.5 25.2
SQUARESPACE -BDR S2QS34 BZ 990.4 -89.7 -114.9
SQUARESPACE IN-A SQSP US 990.4 -89.7 -114.9
SQUARESPACE IN-A SQSPEUR EU 990.4 -89.7 -114.9
SQUARESPACE IN-A 8DT GZ 990.4 -89.7 -114.9
SQUARESPACE IN-A 8DT GR 990.4 -89.7 -114.9
SQUARESPACE IN-A 8DT TH 990.4 -89.7 -114.9
SQUARESPACE IN-A 8DT QT 990.4 -89.7 -114.9
STARBUCKS CORP SBUX* MM 29,021.5 -8,761.2 -1,563.2
STARBUCKS CORP SRB GR 29,021.5 -8,761.2 -1,563.2
STARBUCKS CORP SRB TH 29,021.5 -8,761.2 -1,563.2
STARBUCKS CORP SBUX CI 29,021.5 -8,761.2 -1,563.2
STARBUCKS CORP SBUX SW 29,021.5 -8,761.2 -1,563.2
STARBUCKS CORP SRB QT 29,021.5 -8,761.2 -1,563.2
STARBUCKS CORP SBUX US 29,021.5 -8,761.2 -1,563.2
STARBUCKS CORP SBUX AV 29,021.5 -8,761.2 -1,563.2
STARBUCKS CORP SBUX TE 29,021.5 -8,761.2 -1,563.2
STARBUCKS CORP SBUXEUR EU 29,021.5 -8,761.2 -1,563.2
STARBUCKS CORP SBUX IM 29,021.5 -8,761.2 -1,563.2
STARBUCKS CORP SBUXEUR EZ 29,021.5 -8,761.2 -1,563.2
STARBUCKS CORP 0QZH LI 29,021.5 -8,761.2 -1,563.2
STARBUCKS CORP SBUXUSD SW 29,021.5 -8,761.2 -1,563.2
STARBUCKS CORP SRB GZ 29,021.5 -8,761.2 -1,563.2
STARBUCKS CORP SBUX PE 29,021.5 -8,761.2 -1,563.2
STARBUCKS CORP SBUX-RM RM 29,021.5 -8,761.2 -1,563.2
STARBUCKS CORP SBUXCL CI 29,021.5 -8,761.2 -1,563.2
STARBUCKS CORP SBUX_KZ KZ 29,021.5 -8,761.2 -1,563.2
STARBUCKS-BDR SBUB34 BZ 29,021.5 -8,761.2 -1,563.2
STARBUCKS-CEDEAR SBUX AR 29,021.5 -8,761.2 -1,563.2
STARBUCKS-CEDEAR SBUXD AR 29,021.5 -8,761.2 -1,563.2
STONEMOR INC STON US 1,785.5 -157.5 120.7
STONEMOR INC 3V8 GR 1,785.5 -157.5 120.7
STONEMOR INC STONEUR EU 1,785.5 -157.5 120.7
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
TERRAN ORBITAL C LLAP US 0.2 0.0 0.1
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 18,841.0 -2,893.0 5,263.0
TRANSDIGM GROUP TDG US 18,841.0 -2,893.0 5,263.0
TRANSDIGM GROUP T7D GR 18,841.0 -2,893.0 5,263.0
TRANSDIGM GROUP TDG* MM 18,841.0 -2,893.0 5,263.0
TRANSDIGM GROUP T7D TH 18,841.0 -2,893.0 5,263.0
TRANSDIGM GROUP TDGEUR EZ 18,841.0 -2,893.0 5,263.0
TRANSDIGM GROUP TDGEUR EU 18,841.0 -2,893.0 5,263.0
TRANSDIGM GROUP T7D QT 18,841.0 -2,893.0 5,263.0
TRANSDIGM GROUP TDG-RM RM 18,841.0 -2,893.0 5,263.0
TRAVEL + LEISURE WD5A GR 6,600.0 -811.0 665.0
TRAVEL + LEISURE TNL US 6,600.0 -811.0 665.0
TRAVEL + LEISURE WD5A TH 6,600.0 -811.0 665.0
TRAVEL + LEISURE 0M1K LI 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 GZ 6,600.0 -811.0 665.0
TRAVEL + LEISURE TNL* MM 6,600.0 -811.0 665.0
TRICIDA INC TCDA US 140.4 -90.3 103.0
TRICIDA INC 1T7 GR 140.4 -90.3 103.0
TRICIDA INC 1T7 TH 140.4 -90.3 103.0
TRICIDA INC 1T7 QT 140.4 -90.3 103.0
TRICIDA INC TCDAEUR EZ 140.4 -90.3 103.0
TRICIDA INC 1T7 GZ 140.4 -90.3 103.0
TRIUMPH GROUP TG7 GR 1,761.2 -787.4 360.9
TRIUMPH GROUP TGI US 1,761.2 -787.4 360.9
TRIUMPH GROUP TG7 TH 1,761.2 -787.4 360.9
TRIUMPH GROUP TGIEUR EU 1,761.2 -787.4 360.9
TRIUMPH GROUP TG7 GZ 1,761.2 -787.4 360.9
TUPPERWARE BRAND TUP GR 1,243.4 -266.1 131.7
TUPPERWARE BRAND TUP US 1,243.4 -266.1 131.7
TUPPERWARE BRAND TUP QT 1,243.4 -266.1 131.7
TUPPERWARE BRAND TUP TH 1,243.4 -266.1 131.7
TUPPERWARE BRAND TUP1EUR EU 1,243.4 -266.1 131.7
TUPPERWARE BRAND TUP1EUR EZ 1,243.4 -266.1 131.7
TUPPERWARE BRAND TUP GZ 1,243.4 -266.1 131.7
UBIQUITI INC UI US 759.7 -335.0 301.9
UBIQUITI INC 3UB GR 759.7 -335.0 301.9
UBIQUITI INC UBNTEUR EU 759.7 -335.0 301.9
UBIQUITI INC 3UB TH 759.7 -335.0 301.9
UNISYS CORP USY1 GR 2,277.0 -79.6 331.3
UNISYS CORP USY1 TH 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 USY1 QT 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
UNITI GROUP INC UNIT US 4,889.9 -2,092.0 0.0
UNITI GROUP INC 8XC TH 4,889.9 -2,092.0 0.0
UNITI GROUP INC 8XC GR 4,889.9 -2,092.0 0.0
UNITI GROUP INC 8XC GZ 4,889.9 -2,092.0 0.0
VECTOR GROUP LTD VGR US 912.6 -840.7 291.7
VECTOR GROUP LTD VGR GR 912.6 -840.7 291.7
VECTOR GROUP LTD VGR QT 912.6 -840.7 291.7
VECTOR GROUP LTD VGREUR EU 912.6 -840.7 291.7
VECTOR GROUP LTD VGR TH 912.6 -840.7 291.7
VECTOR GROUP LTD VGR GZ 912.6 -840.7 291.7
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 VRSN* MM 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-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 2,713.2 -1,753.9 -540.0
VMWARE INC-BDR V2MW34 BZ 27,434.0 -411.0 -2,249.0
VMWARE INC-CL A BZF1 GR 27,434.0 -411.0 -2,249.0
VMWARE INC-CL A BZF1 TH 27,434.0 -411.0 -2,249.0
VMWARE INC-CL A VMW US 27,434.0 -411.0 -2,249.0
VMWARE INC-CL A VMWEUR EU 27,434.0 -411.0 -2,249.0
VMWARE INC-CL A BZF1 QT 27,434.0 -411.0 -2,249.0
VMWARE INC-CL A BZF1 SW 27,434.0 -411.0 -2,249.0
VMWARE INC-CL A VMW* MM 27,434.0 -411.0 -2,249.0
VMWARE INC-CL A VMWEUR EZ 27,434.0 -411.0 -2,249.0
VMWARE INC-CL A VMWA AV 27,434.0 -411.0 -2,249.0
VMWARE INC-CL A BZF1 GZ 27,434.0 -411.0 -2,249.0
W&T OFFSHORE INC UWV GR 1,350.1 -249.4 3.4
W&T OFFSHORE INC WTI US 1,350.1 -249.4 3.4
W&T OFFSHORE INC WTI1EUR EU 1,350.1 -249.4 3.4
W&T OFFSHORE INC UWV TH 1,350.1 -249.4 3.4
W&T OFFSHORE INC UWV GZ 1,350.1 -249.4 3.4
WAYFAIR INC- A W US 4,256.0 -1,904.0 481.0
WAYFAIR INC- A 1WF GR 4,256.0 -1,904.0 481.0
WAYFAIR INC- A 1WF TH 4,256.0 -1,904.0 481.0
WAYFAIR INC- A WEUR EU 4,256.0 -1,904.0 481.0
WAYFAIR INC- A W* MM 4,256.0 -1,904.0 481.0
WAYFAIR INC- A 1WF GZ 4,256.0 -1,904.0 481.0
WAYFAIR INC- A 1WF QT 4,256.0 -1,904.0 481.0
WAYFAIR INC- A WEUR EZ 4,256.0 -1,904.0 481.0
WEBER INC - A WEBR US 1,878.4 -194.1 274.3
WEWORK INC-CL A WE US 20,686.0 -1,860.0 -1,002.0
WEWORK INC-CL A WE1EUR EU 20,686.0 -1,860.0 -1,002.0
WEWORK INC-CL A 9WE GR 20,686.0 -1,860.0 -1,002.0
WEWORK INC-CL A 9WE TH 20,686.0 -1,860.0 -1,002.0
WEWORK INC-CL A 9WE QT 20,686.0 -1,860.0 -1,002.0
WEWORK INC-CL A 9WE GZ 20,686.0 -1,860.0 -1,002.0
WEWORK INC-CL A WE* MM 20,686.0 -1,860.0 -1,002.0
WINGSTOP INC WING1EUR EU 507.3 -424.2 152.9
WINGSTOP INC WING US 507.3 -424.2 152.9
WINGSTOP INC EWG GR 507.3 -424.2 152.9
WINGSTOP INC EWG GZ 507.3 -424.2 152.9
WINMARK CORP WINA US 15.3 -65.8 -6.8
WINMARK CORP GBZ GR 15.3 -65.8 -6.8
WW INTERNATIONAL WW US 1,419.4 -449.3 41.0
WW INTERNATIONAL WW6 GR 1,419.4 -449.3 41.0
WW INTERNATIONAL WTWEUR EU 1,419.4 -449.3 41.0
WW INTERNATIONAL WW6 QT 1,419.4 -449.3 41.0
WW INTERNATIONAL WW6 TH 1,419.4 -449.3 41.0
WW INTERNATIONAL WTWEUR EZ 1,419.4 -449.3 41.0
WW INTERNATIONAL WW6 GZ 1,419.4 -449.3 41.0
WW INTERNATIONAL WTW AV 1,419.4 -449.3 41.0
WW INTERNATIONAL WW-RM RM 1,419.4 -449.3 41.0
WYNN RESORTS LTD WYR GR 12,179.3 -1,033.3 1,511.4
WYNN RESORTS LTD WYR TH 12,179.3 -1,033.3 1,511.4
WYNN RESORTS LTD WYNN* MM 12,179.3 -1,033.3 1,511.4
WYNN RESORTS LTD WYNN US 12,179.3 -1,033.3 1,511.4
WYNN RESORTS LTD WYNN SW 12,179.3 -1,033.3 1,511.4
WYNN RESORTS LTD WYR QT 12,179.3 -1,033.3 1,511.4
WYNN RESORTS LTD WYNNEUR EZ 12,179.3 -1,033.3 1,511.4
WYNN RESORTS LTD WYNNEUR EU 12,179.3 -1,033.3 1,511.4
WYNN RESORTS LTD WYR GZ 12,179.3 -1,033.3 1,511.4
WYNN RESORTS LTD WYNN-RM RM 12,179.3 -1,033.3 1,511.4
WYNN RESORTS-BDR W1YN34 BZ 12,179.3 -1,033.3 1,511.4
YELLOW CORP YEL GR 2,405.7 -386.9 191.2
YELLOW CORP YELL US 2,405.7 -386.9 191.2
YELLOW CORP YEL1 TH 2,405.7 -386.9 191.2
YELLOW CORP YRCWEUR EZ 2,405.7 -386.9 191.2
YELLOW CORP YRCWEUR EU 2,405.7 -386.9 191.2
YELLOW CORP YEL QT 2,405.7 -386.9 191.2
YELLOW CORP YEL GZ 2,405.7 -386.9 191.2
YUM! BRANDS INC TGR TH 5,816.0 -8,491.0 54.0
YUM! BRANDS INC TGR GR 5,816.0 -8,491.0 54.0
YUM! BRANDS INC YUMEUR EU 5,816.0 -8,491.0 54.0
YUM! BRANDS INC TGR QT 5,816.0 -8,491.0 54.0
YUM! BRANDS INC YUM SW 5,816.0 -8,491.0 54.0
YUM! BRANDS INC YUM US 5,816.0 -8,491.0 54.0
YUM! BRANDS INC YUM* MM 5,816.0 -8,491.0 54.0
YUM! BRANDS INC YUMEUR EZ 5,816.0 -8,491.0 54.0
YUM! BRANDS INC YUMUSD SW 5,816.0 -8,491.0 54.0
YUM! BRANDS INC TGR GZ 5,816.0 -8,491.0 54.0
YUM! BRANDS INC YUM AV 5,816.0 -8,491.0 54.0
YUM! BRANDS INC TGR TE 5,816.0 -8,491.0 54.0
YUM! BRANDS INC YUM-RM RM 5,816.0 -8,491.0 54.0
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA.
Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante,
Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon,
Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and
Peter A. Chapman, Editors.
Copyright 2022. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
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re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $975 for 6 months delivered via
e-mail. Additional e-mail subscriptions for members of the same
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are $25 each. For subscription information, contact Peter A.
Chapman at 215-945-7000.
*** End of Transmission ***