/raid1/www/Hosts/bankrupt/TCR_Public/220614.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 14, 2022, Vol. 26, No. 164
Headlines
102 AVE. 8121 HOLDING: Files for Chapter 11 Pro Se
1116 MAPLE STREET: Parties Defer Plan Hearing to Sept. 27
35 CLAVER LLC: July 13 Auction for Claver NY Interests on July 13
ADLI LAW: Trustee Seeks to Tap Armanino as Financial Advisor
AMERICAN DE ROSA: Luminance, Hallmark in Chapter 11 to Pursue Sale
AMERICAN EAGLE: Taps Burr & Forman as Local Real Estate Counsel
AMERICAN EAGLE: Taps Christoffel & Elliott as Real Estate Counsel
AMERICAN EAGLE: Taps Dinsmore & Shohl as Real Estate Counsel
AMMON ANALYTICAL: Files Bare-Bones Chapter 11 Petition
ANDREW'S GARDEN: Taps AMC Accounting Solutions as Accountant
APPALACHIAN BASIN: Sale of Assets to Fund Chapter 11 Plan
B T S INTERNATIONAL: Seeks to Hire Wenokur Riordan as Legal Counsel
BARNSTORM RESOURCES: Files Bare-Bones Chapter 11 Petition
BMW NATIONWIDE: Seeks to Tap Michael Jay Berger as Legal Counsel
BRICKELL INSURANCE: June 20 Auction for Shares of Randall & Quilter
BRUMMETT ENTERPRISES: Taps Collins, Webster & Rouse as Counsel
BUTCHER SHOP: Trustee Seeks to Tap Joseph M. Banker as Accountant
BV MANAGEMENT: Seeks to Hire John Forest as Bankruptcy Attorney
CDL UNIVERSITY: Voluntary Chapter 11 Case Summary
CEI HAIR SCHOOLS: Starts Chapter 11 Subchapter V Case
CINEMA SQUARE: Court OKs Wilmington Trust Cash Collateral Deal
CLAREHOUSE LIVING: Gets OK to Hire Falcone Law Firm as Counsel
COIN CONNECT: Files bare-Bones Chapter 11 Petition
CONSTANT CONTACT: S&P Alters Outlook to Negative, Affirms 'B' ICR
CORP GROUP: Recovery for Rejecting Classes Hiked to 9.6%
CREDITO REAL: Fires Advisers, Scraps U.S. Bankruptcy Plans
CS GROUP: Has Interim OK to Use Cash Collateral
CYPRUS MINES: Files Adversary Suit to Stop "Alter Ego" Talc Claims
DEPENDABLE MACHINE: Files Subchapter V, Scraps Rolls Royce Pacts
DERRICK'S SPORT: Unsecureds to Get 10% to 21% in Subchapter V Plan
DOMUS BWW: Seeks to Hire Dinsmore & Shohl as Litigation Counsel
DOMUS BWW: Seeks to Hire McGuireWoods as Litigation Counsel
EAGLE LEDGE: Wins Interim Cash Collateral Access Thru July 31
ENVISION HEALTHCARE: Spurned Lenders Seek Default Notice
EVE'S NY LIMO: Files for Chapter 11 Pro Se
FERRELLGAS PARTNERS: S&P Raises ICR to 'B', Outlook Stable
FIGUEROA MOUNTAIN: Has Deal on Cash Collateral Access
FOTEH'S TANDOORI: Seeks to Tap Gabriella Volshteyn as Legal Counsel
FOTEH'S TANDOORI: Taps Law Offices of Olga Suslova as Counsel
FRONT SIGHT MANAGEMENT: Seeks to Hire BG Law as Bankruptcy Counsel
FRONT SIGHT MANAGEMENT: U.S. Trustee Appoints Creditors' Committee
GENESIS VASCULAR: Seeks to Tap Andrew Ashton as Accountant
GREEN BIRD: Files Bares-Bones Chapter 11 Petition
GREEN WOODS CHARTER SCHOOL: S&P Raises 2012A Bonds Rating to 'BB+'
GWG HOLDINGS: Final Hearing on DIP Loan Moved to July 18
HANSABEN INVESTMENTS: June 16 Hearing on Continued Cash Use
INFOW LLC: CT Judge Won't Budge on Jones Defamation Trial Dates
INTERNATIONAL ACADEMY OF FLINT: S&P Affirms BB Rating on Rev Bonds
INTERNATIONAL REALTY: Sale to Cherubin Gives 100% Plan
JASPER PELLETS: Seeks to Hire Beal LLC as Bankruptcy Counsel
JAXON5 IMPORTS: Starts Chapter 11 Subchapter V Case
JJS LOGISTICS: Taps Andy Yurasko as Chief Restructuring Officer
JJS LOGISTICS: Taps Frank Turczyn as Chief Financial Officer
LARRY BARBER: Files Emergency Bid to Use Cash Collateral
LATHAN EQUIPMENT: Wins Cash Collateral Access Thru Aug 31
LIFE CENTER CHURCH: Updates Cadles of Grassy Claim; Amends Plan
LUCERO LLC: Amends Plan to Include Insider Unsecured Claim Details
LUZERNE IRONWORKS: Seeks to Tap The Espy Firm as Legal Counsel
MALACHI GROUP: Unsecured Creditors to be Paid in Full in 60 Months
MEDIA DDS: Taps Richard L. Antognini as Special Counsel
NEXTSPORT INC: Case Summary & 20 Largest Unsecured Creditors
NORTHWEST SENIOR: Committee Taps Foley & Lardner as Legal Counsel
NORTHWEST SENIOR: UMB Bank DIP Loan Has Final Court OK
PANTERA TRANSPORTATION: Hires Miranda & Maldonado as Counsel
POMMEL MEADOWS: Wins Interim Cash Collateral
PREMIER MODERN: Bass Printing Seeks Chapter 11 Bankruptcy
PUNYAKAM PLLC: Gets OK to Tap Guidant Law as Bankruptcy Counsel
PWM PROPERTY: Seeks Buyers for Skyscrapers in Bankruptcy Auction
QHC FACILITIES: Seeks to Tap Denman & Company as Tax Accountant
REAL GRANITE: Gets OK to Hire Ridout Barrett & Co. as Accountant
REAL HERO: S&P Assigns 'B-' ICR on Structural Reorganization
ROCKALL ENERGY: Seeks to Tap Deloitte Tax as Tax Services Provider
RR3 RESOURCES: July 26 Plan & Disclosure Hearing Set
RYAN ENVIRONMENTAL: Has Interim Cash Collateral Access Thru July 3
S.A. WAGNER: Insurance Agency Starts Subchapter V Case
SAFE FLEET: S&P Rates New $100MM First-Lien Term Loan 'B-'
SIMPKINS & THOMPSON: Wins Cash Collateral Access
SIMPLY MAC: To Shut Operations, File for Bankruptcy
SONEV CONSTRUCTION: Seeks to Tap Holden Kidwell as Special Counsel
SPECTACLE BIDCO: S&P Ups ICR to 'B-' On Reopening, Outlook Stable
SPG HOSPICE: Trustee Wins Cash Collateral Access Thru July 8
SPRING EDUCATION: S&P Upgrades ICR to 'B-' from on Good Cash Flow
SUNGARD AS: S&P Rates $95MM New Money DIP Term Loan 'B+'
TAVERN ON LAGRANGE: Seeks to Tap Benjamin Legal Services as Counsel
TEDESCHI & SONS: Accounting Firm Starts Subchapter V Case
TMST INC: Trustee Cuts Unsecured Claims From $24-Bil. to $7.4-Mil.
TPC GROUP: Cash Collateral Access, DIP Loans Win Court OK
TRIPLE B INVESTMENTS: Taps Frederick Reeves as Litigation Counsel
TRIPLE FIVE: More Likely to Restructure Municipal Bonds
TRX HOLDCO: Files for Chapter 11 With Plans to Sell Business
TRX HOLDCO: Wins Cash Collateral Access Thru June 30
VOLUNTEER ENERGY: Seeks to Hire Epiq as Administrative Advisor
VOYAGEUR IMAGING: Court OKs Cash Collateral Access
WATSONVILLE HOSPITAL: Disclosures Revised to Address Objections
WATSONVILLE HOSPITAL: Unsecureds Owed $33M to Get 5% to 15% in Plan
WESTBANK HOLDINGS: Seeks to Hire D. Wesley Moore as Appraiser
WEYLOFF SALES: Files for Chapter 11 Pro Se
[*] Sen. Grassley-Led Bankruptcy Bill to Become Law
[^] Large Companies with Insolvent Balance Sheet
*********
102 AVE. 8121 HOLDING: Files for Chapter 11 Pro Se
--------------------------------------------------
102 Ave 8121 Holding Group Corp. filed for chapter 11 protection in
Brooklyn, New York, without stating a reason.
The bare-bones petition indicates that the Debtor is not
represented by an attorney.
A status hearing is slated to be held on June 15, 2022 at 11:30 AM
at Courtroom 3529 before Judge Mazer-Marino, in Brooklyn, NY.
The Debtor's formal schedules of assets and liabilities and
statement of financial affairs are due June 21, 2022.
The petition states funds will not be available to unsecured
creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
July 11, 2022, at 11:00 AM at Teleconference - Brooklyn.
The Debtor's Chapter 11 Plan and Disclosure Statement are due Oct.
5, 2022.
About 102 Ave 8121 Holding Group Corp.
102 Ave 8121 Holding Group Corp. sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 22-41294) on
June 7, 2022. In the petition filed by Nazrul Islam, as president,
the Debtor estimated assets up to $50,000 and estimated liabilities
between $100,000 and $500,000. The case is assigned to Honorable
Bankruptcy Judge Jil Mazer-Marino.
1116 MAPLE STREET: Parties Defer Plan Hearing to Sept. 27
---------------------------------------------------------
Judge Barry Russell has entered an order approving the Third
Stipulation to continue the hearing on the motion for an order
confirming 1116 Maple Street, LLC's Second Amended Chapter 11 Plan
of Reorganization dated December 17, 2021.
The Plan Hearing is continued to Sept. 27, 2022 at 10:00 a.m. in
courtroom 1668. The Ballot and Objection Deadline is continued to
Aug. 9, 2022. The Reply Deadline is continued to Aug. 23, 2022.
The Third Stipulation was entered into by and between 1116 Maple
Street, LLC, Ravi Financial, A Wyoming Limited Liability Company,
Yuri D. Shane and Claudia L. Shane, Trustees of the Shane Family
Trust Dated December 7, 2002, and Mark N. Monroe and Lina R.
Monroe, Trustees of the Monroe Family Trust Dated February 11, 2003
(collectively, "Ravi"), and the United States of America, on behalf
of its agency, the U.S. Small Business Administration.
The Plan, as filed, provides that Ravi's Claims and the SBA's Claim
are the only impaired classes and are entitled to vote to accept or
reject the Plan. The remaining classes of claims against the
Debtor that are provided for in the Plan are unimpaired classes,
deemed to have accepted the Plan and not entitled to vote.
The Second Amended Plan provides for treatment of Ravi's Claims
that Ravi does not accept. Ravi and the Debtor are in the process
of negotiating certain terms of consensual treatment of Ravi,
including, but not limited to settlement.
In seeking approval of the Third Stipulation, the parties explained
that Ravi and the Debtor have reached a tentative settlement
agreement that is currently being circulated for execution. Ravi
and the Debtor are continuing discussions and require additional
time in order to finalize the settlement agreement as well as the
required documents and pleadings that are necessary to obtain
approval under Rule 9019.
Counsel for the Debtor:
Jeremy W. Faith, Esq.
Ori S. Blumenfeld, Esq.
Anna Landa, Esq.
MARGULIES FAITH LLP
16030 Ventura Blvd., Suite 470
Encino, CA 91436
Telephone: (818) 705-2777
Facsimile: (818) 705-3777
E-mail: Jeremy@MarguliesFaithLaw.com
Ori@MarguliesFaithLaw.com
Anna@MarguliesFaithLaw.com
About 1116 Maple Street
1116 Maple Street, LLC, is a single asset real estate debtor (as
defined in 11 U.S.C. Section 101(51B)). It owns and operates a
17-unit apartment complex located at 1116 Maple Street, Glendale,
California 91205.
1116 Maple Street filed a petition for Chapter 11 protection
(Bankr. C.D. Cal. Case No. 20-16362) on July 14, 2020, listing
$5,057,759 in assets and $4,871,355 in liabilities. Mihran
Tcholakian, managing member, signed the petition. Judge Barry
Russell oversees the case. Margulies Faith LLP is the Debtor's
bankruptcy counsel.
35 CLAVER LLC: July 13 Auction for Claver NY Interests on July 13
-----------------------------------------------------------------
Jones Lang LaSalle, on behalf of BIG Real Estate Capital I LLC
("secured party", will offer for sale all right, title and interest
of the secured party in the collateral as the term is defined in a
certain mezzanine loan agreement dated Nov. 1, 2018, by and between
35 Claver LLC ("Debtor)" and the secured party, as lender, and a
certain pledge and security agreement dated Nov. 1, 2018, by and
between the Debtor and the secured party, as such agreement may
have been further amended or modified from time to time, including
all of the Debtor's limited liability company membership interests
in Claver NY LLC ("mortgage borrower").
The public auction will be held on July 13, 2022, starting at 11:00
a.m. Eastern Daylight Time (New York) in the offices of Heyman
Enerio Gattuso & Hirzel LLP, 300 Delaware Avenue, Suite 200,
Wilmington, Delaware 19801
The sale will be conducted virtually via online video conference;
provided, however, that if, at the time of sale, applicable state
and city laws and rules permit the sale to be conducted in-person,
and if relevant building management rules permit the same, then the
secured party may conduct the sale both virtually and in-person in
the offices of Heyman Enerio Gattuso & Hirzel LLP, 300 Delaware
Avenue, Suite 200, Wilmington, Delaware 19801. The URL address and
password for the online video conference will be provided to all
confirmed participants that have properly registered pursuant to
the terms of sale.
All interested prospective purchasers are invited to become
"qualified bidders". Only qualified bidders and their duly
appointed agents and representatives may participate at the public
auction. The terms of sale may be obtained by contacting:
Brett Rosenberg
JLL Capital Markets
Tel: +1 212 812 5926
Mob: +1 646 413 4861
Email: Brett.Rosenberg@am.jll.com
Attorneys for Secured Party:
Sills Cummis & Gross PC
Robert Hempstead, Esq.
101 Park Avenue, 28th Floor
New York, NY 10178
Tel: (973) 643-5689
Fax: (973) 643-6500
Email: rhempstead@sillscummis.com
35 Claver Place is a Building located in the Bedford-Stuyvesant
neighborhood in Brooklyn, NY. 35 Claver Place was built in 1930
and has 4 stories and 14 units.
ADLI LAW: Trustee Seeks to Tap Armanino as Financial Advisor
------------------------------------------------------------
Gregory Jones, the trustee appointed in the Chapter 11 case of Adli
Law Group, PC, seeks approval from the U.S. Bankruptcy Court for
the Central District of California to employ Armanino LLP as
financial advisor.
The trustee requires the assistance of Armanino in providing
historical financial reports, financial projections and analyses,
and other reports that are necessary for the trustee's effective
administration of the Debtor's estate.
Armanino received a post-petition retainer in the amount of $30,000
from the Debtor.
The firm's hourly rates are as follows:
Partners or Managing/Senior Directors $450 - $575
Directors $350 - $475
Managers $250 - $375
Consultants and Staff $150 - $275
Jeff Nerland, senior director at Armanino, disclosed in a court
filing that the firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Jeff Nerland
Armanino LLP
12657 Alcosta Boulevard, Suite 500
San Ramon, CA 94583-4600
Telephone: (925) 790-2600
Facsimile: (925) 790-2601
Email: armaninoLLP.com
About Adli Law Group
Adli Law Group, PC, a full-service law firm in Los Angeles, filed a
petition for Chapter 11 protection (Bankr. C.D. Calif. Case No.
21-18572) on Nov. 10, 2021, listing $4,552,705 in assets and
$4,538,284 in liabilities. Dariush G. Adli, president, signed the
petition.
Judge Sheri Bluebond oversees the case.
The Debtor tapped Dean G. Rallis Jr., Esq., at Hahn & Hahn, LLP, as
legal counsel and Armanino, LLP as financial advisor.
On March 4, 2022, Gregory K. Jones was appointed as Subchapter V
trustee. Levene, Neale, Bender, Yoo & Golubchik LLP and Armanino,
LLP serve as the trustee's legal counsel and financial advisor,
respectively.
AMERICAN DE ROSA: Luminance, Hallmark in Chapter 11 to Pursue Sale
------------------------------------------------------------------
American De Rosa Lamparts, LLC d/b/a Magnum Asset Acquisition,
along with several affiliates in the lighting distribution
business, filed for chapter 11 protection to get a reasonable
amount of breathing space while it searches for a buyer of the
business.
The other debtor entities filing for Chapter 11 bankruptcy are
Luminance Acquisition, LLC, SV-ADL Holdings, LLC, ADL
International, LLC, and Hallmark Lighting, LLC.
Based in Chatsworth, California, Hallmark is a manufacturer of
lighting fixtures in the hospitality industry. Hallmark was an
independently operating entity designing and manufacturing custom
lighting products for the hospitality industry. Due to the
COVID-19 pandemic and its related impact on the hospitality
industry and, in particular, the resulting state and local "stay
home" orders, on March 20, 2020 all employees were laid off from
Hallmark. On May 19, 2020, the assets and operations of Hallmark
were sold to Hallmark Hospitality LLC, an unaffiliated entity,
while liabilities remained with Hallmark.
Luminance Brands is a Delaware limited liability company
headquartered in Cuyahoga Falls, Ohio. Luminance Brands is a
national manufacturer and distributor of residential lighting
products primarily servicing the multi-family market. Luminance
Brands operated warehouses in Cuyahoga Falls, Ohio, Houston, Texas,
and Rancho Cucamonga, California, along with a showroom in Dallas,
Texas, and product development office in St. Louis, Missouri.
Just prior to the Petition Date, Luminance Brands employed 70
employees at its facilities located in Cuyahoga Falls, Ohio, Rancho
Cucamonga, California, and St. Louis, Missouri. As of the Petition
Date, Luminance Brands furloughed all of its employees, with the
intention to bring approximately 14 employees back to work as soon
as possible to assist with the sale and orderly liquidation of the
Debtors' businesses.
Collectively the Debtors' annual net revenue for last fiscal year
was approximately $55,704,000.
Luminance Acquisition, LLC, SV-ADL Holdings, LLC, and ADL
International, LLC, are holding companies that do not have any
standalone operations.
As of the Petition Date, the Debtors, either as borrowers or as
guarantors, were parties to a certain Amended and Restated
Revolving Credit, Term Loan and Security Agreement, dated as of
Oct. 17, 2016, by and among Acquisition and Luminance Brands, as
borrowers thereunder (collectively, the "Borrowers"), and ADL,
Hallmark and SV-ADL, LLC, as guarantors thereunder, and the
financial institutions which are now or which hereafter become a
party thereto as lenders and PNC Bank, National Association as
agent for the Lenders (PNC in such capacity, "Agent").
As of the Petition Date, Borrowers were indebted to Agent and
Lenders in the aggregate principal amount of (i) $5,554,684 on
account of the Revolving Line of Credit, (ii) $970,596 on account
of the Term Loan and (iii) $1,361,417 on account of reimbursement
obligations relating to outstanding Letters of Credit issued by the
Lender on behalf of the Borrowers, in each case, together with
interest accrued and unpaid in respect thereof and all other fees.
In addition to the Credit Agreement, the Borrowers were also
borrowers under (and the Guarantors were also guarantors under)
that certain subordinated Secured Promissory Note, dated as of Nov.
30, 2018, provided by The Resilience Fund IV, L.P. and The
Resilience Fund IV-A, L.P. as lenders thereunder. Prior to the
Petition Date, the aggregate unpaid principal balance of the
Promissory Note, together with accrued but unpaid interest, was
$5,543,925.
Events Leading to Chapter 11 Filing
In September 2018, the Lender and Agent executed the First
Amendment to the Credit Agreement with Debtors, which would
reassign Hallmark from the status of Borrower to Guarantor and, as
a result, disallow Hallmark's collateral to be used in borrowing
against the Revolving Line of Credit. As a result, the Debtor's
access to capital to finance operations began to erode. As the
business progressed further, the Borrowers were further burdened by
external market conditions, such as the Section 301 tariff
increases in 2019,3 significantly reduced demand as a result of the
COVID-19 pandemic in 2020 and the rapid cost increases due to
reduced supply and transportation as a result of the supply chain
inflation in 2021. With little to no assistance from Lender and
Agent, Luminance Holdco stepped in to support the business with
contributions of $9,500,000 over that period. In order to satisfy
the Lender and Agent, Borrowers completed numerous hurdles, such as
arduous reporting requirements and the divestiture and sale of
certain portions of the business, such as its plumbing division.
This further reduced Borrowers' collateral and ability to support
sustaining operations. As a result, at the Maturity Date of the
Credit Agreement, the Debtors were not able to satisfy all final
obligations, resulting in the aggregate indebtedness set forth
previously.
The Debtors have been in extensive discussions with the Lenders and
Agent but have been unable to reach agreement. At the request of
the Lenders and Agent, Debtors engaged a financial advisor to
provide assessment and recommendation concerning Debtors'
"turnaround" options.
During this time, the Debtors identified a prospective buyer from
China, who signed a Letter of Intent to purchase the business at an
enterprise value which would pay Lenders full value and return
value to the unsecured creditors. At the behest of the Lender and
Agent, Debtors continued to act in good faith to move forward with
the sale of the business, the only other direction being a wind
down liquidation plan prepared in tandem with the financial advisor
engaged at the behest of the Lenders and Agent.
On June 3, 2022, it was clear to both Lenders and Debtors that a
sale to the prospective buyer from China would be unsuccessful.
Thereafter, Lenders and Agent advised the Debtors that they would
not provide additional advances.
In connection with that refusal, the Debtors have no funds to
operate. Although the Debtors have explored other investment and
refinancing opportunities, they are unable to continue operations
without access to cash. On June 3, 2022, the Forbearance Agreement
expired.
The Debtors have accordingly determined to seek relief under
Chapter 11 to stabilize their operations and maximize value through
sale or orderly liquidation process.
The Debtors have assets all over the country, are at risk of being
locked out of its leased facilities, and have no other access to
financing.
* * *
According to court documents, American De Rosa Lamparts LLC
estimates between 200 and 999 unsecured creditors. The petition
states funds will not be available to unsecured creditors.
About American De Rosa Lamparts
American De Rosa Lamparts, LLC -- https://www.luminancebrands.com/
-- doing business as Magnum Asset Acquisition, is a full spectrum
lighting provider that offers comprehensive choices of residential
lighting, commercial lighting and industrial lighting products.
American De Rosa Lamparts, LLC and affiliates Luminance
Acquisition, LLC, SV-ADL Holdings, LLC, ADL International, LLC, and
Hallmark Lighting, LLC, sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 22-50654 to
22-50658) on June 8, 2022.
The Debtors have sought joint administration of the cases under In
re American De Rosa Lamparts, LLC, et al. Case No. 22-50654.
In the petition filed by Amit Dixit, as chief financial officer,
American De Rosa estimated assets between $1 million and $10
million and estimated liabilities between $1 million and $10
million.
The cases are assigned to Honorable Bankruptcy Judge Alan M.
Koschik.
Marc Merklin, of Brouse McDowell, LPA, is the Debtors' counsel.
AMERICAN EAGLE: Taps Burr & Forman as Local Real Estate Counsel
---------------------------------------------------------------
American Eagle Delaware Holding Company, LLC and its affiliates
seek approval from the U.S. Bankruptcy Court for the District of
Delaware to employ Burr & Forman, LLP as special local real estate
counsel.
Burr & Forman will provide the Debtors a real estate analysis and
legal opinion with respect to American Eagle Hanceville, LLC, doing
business as Monarch Place, and the transaction documents governed
by the laws of the state of Alabama, including enforceability of
such documents and perfection of the liens granted by such
documents.
The firm will be paid a fixed fee for its services. The agreed upon
fee estimate is $15,000, plus reimbursement for expenses incurred.
Derek Meek, Esq., a partner at Burr & Forman, disclosed in a court
filing that his firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.
Mr. Meek also disclosed the following in response to the request
for additional information set forth in Paragraph D.1. of the
Revised U.S. Trustee Guidelines:
Question: Did the firm agree to any variations from, or
alternatives to, its standard billing arrangements for this
engagement?
Answer: Except for the fixed fee set forth in its application,
Burr did not agree to any other variation from, or alternatives to,
its standard or customary billing arrangements for this
engagement.
Question: Do any of the firm's professionals in this engagement
vary their rate based on the geographic location of the Debtors'
Chapter 11 cases?
Answer: No professionals from Burr covered by the application
have varied their hourly rates based upon the geographical location
of the Chapter 11 cases.
Question: If the firm has represented the Debtor in the 12 months
prepetition, disclose its billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition. If the firm's billing rates and
material financial terms have changed post-petition, explain the
difference and the reasons for the difference.
Answer: Burr did not represent the Debtors prior to the petition
date.
Question: Has the Debtors approved the firm's budget and staffing
plan, and, if so, for what budget period?
Answer: Burr's engagement in these Chapter 11 cases is on a fixed
fee basis. Accordingly, a prospective budget and staffing plan will
not be developed.
Burr & Forman can be reached through:
Derek F. Meek, Esq.
Burr & Forman, LLP
420 North 20th Street, Suite 3400
Birmingham, AL 35203
Telephone: (205) 458-5471
Email: dmeek@burr.com
About American Eagle
Established in 2018, Eagle Senior Living --
https://www.eagleseniorliving.org/ -- is a non-profit provider of
senior living services across the United States, providing care on
a daily basis to approximately 1,000 residents. Eagle Senior Living
and related entities operate 15 residential senior care facilities
located across the country, from Colorado, Minnesota, Wisconsin,
and Ohio to Alabama, Tennessee, and Florida.
On Jan. 14, 2022, American Eagle Delaware Holding Company LLC and
16 affiliated companies each filed a petition seeking relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No.
22-10028) to seek confirmation of their prepackaged plan. The
Debtors' cases have been assigned to Judge J. Kate Stickles.
Parent company American Eagle Lifecare Corporation and management
company Greenbrier Senior Living are not included in the Chapter 11
filing. Greenbrier Senior Living continues to manage all of the
communities.
American Eagle Delaware Holding estimated assets and debt of $10
million to $50 million as of the bankruptcy filing.
The Debtors are represented in the Chapter 11 cases by Polsinelli
PC as legal counsel. FTI Consulting Inc. and Blueprint Healthcare
Real Estate Advisors, LLC serve as financial advisor and real
estate advisor, respectively. Christoffel & Elliott, PA, Dinsmore &
Shohl, LLP and Burr & Forman, LLP serve as the Debtors' special
local real estate counsels. Epiq Corporate Restructuring, LLC is
the claims agent and administrative advisor.
AMERICAN EAGLE: Taps Christoffel & Elliott as Real Estate Counsel
-----------------------------------------------------------------
American Eagle Delaware Holding Company, LLC and its affiliates
seek approval from the U.S. Bankruptcy Court for the District of
Delaware to employ Christoffel & Elliott, PA as special local real
estate counsel.
Christoffel & Elliott will provide the Debtors a real estate
analysis and legal opinion with respect to American Eagle Owatonna
AL LLC, doing business as Timberdale Trace, and the transaction
documents governed by the laws of the state of Minnesota, including
enforceability of such documents and perfection of the liens
granted by such documents.
The firm will be paid a fixed fee for its services. The agreed upon
fee estimate is $15,000, plus reimbursement for expenses incurred.
James Christoffel, Esq., a partner at Christoffel & Elliott,
disclosed in a court filing that his firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
Mr. Christoffel also disclosed the following in response to the
request for additional information set forth in Paragraph D.1. of
the Revised U.S. Trustee Guidelines:
Question: Did the firm agree to any variations from, or
alternatives to, its standard billing arrangements for this
engagement?
Answer: Except for the fixed fee set forth in its application,
Christoffel did not agree to any other variation from, or
alternatives to, its standard or customary billing arrangements for
this engagement.
Question: Do any of the firm's professionals in this engagement
vary their rate based on the geographic location of the Debtors'
Chapter 11 cases?
Answer: No professionals from Christoffel covered by the
application have varied their hourly rates based upon the
geographical location of the Chapter 11 cases.
Question: If the firm has represented the Debtor in the 12 months
prepetition, disclose its billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition. If the firm's billing rates and
material financial terms have changed post-petition, explain the
difference and the reasons for the difference.
Answer: Christoffel did not represent the Debtors prior to the
petition date.
Question: Has the Debtors approved the firm's budget and staffing
plan, and, if so, for what budget period?
Answer: Christoffel's engagement in these Chapter 11 cases is on
a fixed fee basis. Accordingly, a prospective budget and staffing
plan will not be developed.
Christoffel & Elliott can be reached through:
James F. Christoffel, Esq.
Christoffel & Elliott, PA
444 Cedar Street
UBS Plaza, Suite 1111
Saint Paul, MN 55101
Telephone: (651) 224-0244
Email: jchristoffel@christoffellaw.com
About American Eagle
Established in 2018, Eagle Senior Living --
https://www.eagleseniorliving.org/ -- is a non-profit provider of
senior living services across the United States, providing care on
a daily basis to approximately 1,000 residents. Eagle Senior Living
and related entities operate 15 residential senior care facilities
located across the country, from Colorado, Minnesota, Wisconsin,
and Ohio to Alabama, Tennessee, and Florida.
On Jan. 14, 2022, American Eagle Delaware Holding Company LLC and
16 affiliated companies each filed a petition seeking relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No.
22-10028) to seek confirmation of their prepackaged plan. The
Debtors' cases have been assigned to Judge J. Kate Stickles.
Parent company American Eagle Lifecare Corporation and management
company Greenbrier Senior Living are not included in the Chapter 11
filing. Greenbrier Senior Living continues to manage all of the
communities.
American Eagle Delaware Holding estimated assets and debt of $10
million to $50 million as of the bankruptcy filing.
The Debtors are represented in the Chapter 11 cases by Polsinelli
PC as legal counsel. FTI Consulting Inc. and Blueprint Healthcare
Real Estate Advisors, LLC serve as financial advisor and real
estate advisor, respectively. Christoffel & Elliott, PA, Dinsmore &
Shohl, LLP and Burr & Forman, LLP serve as the Debtors' special
local real estate counsels. Epiq Corporate Restructuring, LLC is
the claims agent and administrative advisor.
AMERICAN EAGLE: Taps Dinsmore & Shohl as Real Estate Counsel
------------------------------------------------------------
American Eagle Delaware Holding Company, LLC and its affiliates
seek approval from the U.S. Bankruptcy Court for the District of
Delaware to employ Dinsmore & Shohl, LLP as special local real
estate counsel.
Dinsmore & Shohl will provide the Debtors a real estate analysis
and legal opinion with respect to Vista Veranda and Hearth Brook
and the transaction documents governed by the laws of the state of
Ohio, including enforceability of such documents and perfection of
the liens granted by such documents.
The firm will be paid a fixed fee for its services. The agreed upon
fee estimate is $15,000, plus reimbursement for expenses incurred.
Brian Close, Esq., a partner at Dinsmore & Shohl, disclosed in a
court filing that his firm is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code.
Mr. Close also disclosed the following in response to the request
for additional information set forth in Paragraph D.1. of the
Revised U.S. Trustee Guidelines:
Question: Did the firm agree to any variations from, or
alternatives to, its standard billing arrangements for this
engagement?
Answer: Except for the fixed fee set forth in its application,
Dinsmore did not agree to any other variation from, or alternatives
to, its standard or customary billing arrangements for this
engagement.
Question: Do any of the firm's professionals in this engagement
vary their rate based on the geographic location of the Debtors'
Chapter 11 cases?
Answer: No professionals from Dinsmore covered by the application
have varied their hourly rates based upon the geographical location
of the Chapter 11 cases.
Question: If the firm has represented the Debtor in the 12 months
prepetition, disclose its billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition. If the firm's billing rates and
material financial terms have changed post-petition, explain the
difference and the reasons for the difference.
Answer: Dinsmore did not represent the Debtors in the last 12
months prepetition.
Question: Has the Debtors approved the firm's budget and staffing
plan, and, if so, for what budget period?
Answer: Dinsmore's engagement in these Chapter 11 cases is on a
fixed fee basis. Accordingly, a prospective budget and staffing
plan will not be developed.
Dinsmore & Shohl can be reached through:
Brian Close, Esq.
Dinsmore & Shohl, LLP
191 W. Nationwide Boulevard, Suite 200
Columbus, OH 43215
Telephone: (614) 227-4209
Email: brian.close@dinsmore.com
About American Eagle
Established in 2018, Eagle Senior Living --
https://www.eagleseniorliving.org/ -- is a non-profit provider of
senior living services across the United States, providing care on
a daily basis to approximately 1,000 residents. Eagle Senior Living
and related entities operate 15 residential senior care facilities
located across the country, from Colorado, Minnesota, Wisconsin,
and Ohio to Alabama, Tennessee, and Florida.
On Jan. 14, 2022, American Eagle Delaware Holding Company LLC and
16 affiliated companies each filed a petition seeking relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No.
22-10028) to seek confirmation of their prepackaged plan. The
Debtors' cases have been assigned to Judge J. Kate Stickles.
Parent company American Eagle Lifecare Corporation and management
company Greenbrier Senior Living are not included in the Chapter 11
filing. Greenbrier Senior Living continues to manage all of the
communities.
American Eagle Delaware Holding estimated assets and debt of $10
million to $50 million as of the bankruptcy filing.
The Debtors are represented in the Chapter 11 cases by Polsinelli
PC as legal counsel. FTI Consulting Inc. and Blueprint Healthcare
Real Estate Advisors, LLC serve as financial advisor and real
estate advisor, respectively. Christoffel & Elliott, PA, Dinsmore &
Shohl, LLP and Burr & Forman, LLP serve as the Debtors' special
local real estate counsels. Epiq Corporate Restructuring, LLC is
the claims agent and administrative advisor.
AMMON ANALYTICAL: Files Bare-Bones Chapter 11 Petition
------------------------------------------------------
Ammon Analytical Laboratories, LLC, filed for chapter 11 protection
in the District of New Jersey, without stating a reason.
According to court filings, Ammon Analytical Laboratories estimates
between 100 and 199 unsecured creditors. The bare-bones petition
states funds will be available to unsecured creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
July 13, 2022 at 9:00 a.m. at Telephonic. Proofs of claim are due
by Aug. 16, 2022. Government proofs of claim are due by Dec. 5,
2022.
About Ammon Analytical Laboratories
Ammon Analytical Laboratories, LLC --
https://www.ammonlabs.com/about-ammon -- provides the highest
quality laboratory testing for healthcare professionals
nationwide.
Ammon Analytical Laboratories sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 22-14534) on June
7, 2022. In the petition filed by Stephen Haupt, managing member
and CEO, the Debtor estimated assets between $1 million and $10
million and liabilities between $10 million and $50 million.
The case is assigned to Honorable Bankruptcy Judge Stacey L.
Meisel.
Erin Kennedy, of Forman Holt, is the Debtor's counsel.
ANDREW'S GARDEN: Taps AMC Accounting Solutions as Accountant
------------------------------------------------------------
Andrew's Garden, Inc. seeks approval from the U.S. Bankruptcy Court
for the Northern District of Illinois to employ AMC Accounting
Solutions, Inc. as its accountant.
The Debtor needs an accountant to prepare its tax returns for the
years 2020 and 2021.
The firm will be paid flat fee payments of $1,500 and $2,000 for
the years 2020 and 2021, respectively.
Anne Marie Craighead, a member of AMC Accounting Solutions,
disclosed in a court filing that her firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Anne Marie Craighead
AMC Accounting Solutions, Inc.
1001 East Chicago Ave., Suite 103
Naperville, IL 60540
Telephone: (630) 848-1197
Facsimile: (331) 333-1107
Email: info@amcaccountingsolutions.com
About Andrew's Garden
Based in Wheaton, Ill., Andrew's Gardens, Inc. is a European-style
flower shop and unique gift boutique specializing in couture floral
design for everyday deliveries, weddings, and other celebrations.
Andrew's Gardens sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ill. Case No. 22-01249) on Feb. 3,
2022. In the petition signed by Tonya Parravano, vice president,
the Debtor disclosed up to $50,000 in assets and up to $500,000 in
liabilities.
Judge A. Benjamin Goldgar oversees the case.
John Lynch, Esq., at Lynch Law LLC and Anne Marie Craighead at AMC
Accounting Solutions, Inc. serve as the Debtor's legal counsel and
accountant, respectively.
APPALACHIAN BASIN: Sale of Assets to Fund Chapter 11 Plan
---------------------------------------------------------
Appalachian Basin Capital, LLC, submitted a First Amended Plan of
Reorganization.
The Plan represents the means by which the Debtor will liquidate
its assets and exit bankruptcy. The Debtor believes that the Plan
provides the best, and perhaps the only, means for its emergence
from bankruptcy.
The confirmation of a Plan of Reorganization, which is the vehicle
for satisfying the rights of holders of claims against a Debtor's
real and personal property, is the overriding purpose of a chapter
11 case. The primary objectives of the Plan are: (a) liquidate the
Debtor's assets for the best price possible; (b) to maximize the
value of the ultimate recoveries to all creditors on a fair and
equitable basis; and (c) to settle, compromise or otherwise dispose
of certain claims and interests on the terms that the Debtor
believes to be fair and reasonable and in the best interests of its
estate and creditors.
The Plan provides for, among other things: (a) the cancellation of
certain indebtedness in exchange for cash or other property of the
Debtor, (b) the assumption or rejection of executory contracts and
unexpired leases to which the Debtor is a party, and (c) sale of
property to pay obligations the Debtor owes to certain secured and
creditors.
Under the Plan, holders of Class B Allowed General Unsecured
Claims, with the exception of David Beule and Appalachian Basin
Business Advisors, will receive in full satisfaction of its Allowed
Class B Claim its pro rata share of Distributable Cash from the
Debtor. The payment under this Plan to holders of Allowed Class B
Claims will be made as soon as practicable after the closing of the
sale of the Debtor's unencumbered property and in annual payments
for 5 years commencing December 31, 2022, from the Debtors
disposable income. David Beule and Appalachian Basin Business
Advisors, as insiders, will receive no distribution under the Plan.
Class B is impaired.
"Distributable Cash" shall mean cash available for distribution to
non-priority unsecured creditors available through the sale of the
Debtor's unencumbered assets and disposable income shown on the
Feasibility Analysis attached hereto, exclusive of amounts paid to
holders of Allowed Administrative Claims and Allowed Priority
Claims.
Pursuant to 11 U.S.C. s 363(b) and (f) the Debtor intends to sell
one of its real property holdings and personal property as follows
to fund payments to Class A-1, and then to Allowed Administrative
Claims, Allowed Priority Claims, and then to Allowed Class B Claims
under this Plan: (i) 227 Market Ave., N., Canton, Ohio, Stark
County parcel no. 244588 ("Parcel 1"); (ii) the Debtor's brewing
and restaurant equipment listed in its Schedules filed in the
Debtor's bankruptcy case (the "Equipment"); and (iii) the Debtor's
miscellaneous furniture, fixtures, and equipment (the "Misc. FF &
E" and together with Parcel 1 and the Equipment, the "Sale
Assets").
The Sale Assets will be sold pursuant to that letter of intent
between the Debtor and its stalking horse bidder Paul Daley (the
"Buyer"), dated April 21, 2022, or the highest and best offer
received by the Debtor before July 31, 2022. The Buyer is
unrelated to the Debtor with the exception that the Buyer is the
passive part owner of one of Appalachian Basin CPAs, LLC's
clients.
The Debtor's principal, David Beule, will move his CPA firm,
Appalachian Basin CPA, Inc. ("CPA") to the Debtor's property
located at 309 Court Ave., N.W., Canton, Ohio on or about June 30,
2022. CPA will pay the Debtor $2,700.00 per month plus real estate
taxes and maintenance costs (all costs of ownership of the
building). The Debtor will use its disposable income as shown in
the Feasibility Analysis in annual payments for distribution to
Holders of Allowed Administrative Claims, Allowed Priority Claims,
and Allowed Class B Claims to the extent such claims are not paid
from the proceeds of sale of the Sale Assets.
Counsel for the Debtor:
Anthony J. DeGirolamo, Esq.
3930 Fulton Drive N.W., Suite 100B
Canton, Ohio 44718
Telephone: (330) 305-9700
Facsimile: (330) 305-9713
E-mail: tony@ajdlaw7-11.com
A copy of the Amended Plan of Reorganization dated June 10, 2022,
is available at https://bit.ly/3zymalp from PacerMonitor.com.
About Appalachian Basin Capital
Appalachian Basin Capital, LLC was started in 2006 to own and
operate
the commercial property located at 227 Market Avenue N., Canton,
Ohio. It had two long-term tenants, Rite Aid and Power Systems.
In 2014 with the tenants still in place, the Debtor's owner, David
Beule, built a brewery in the vacant space known as Canton Brewing
Co., LLC. Consumers National Bank funded the brewery construction
and took a mortgage against the Debtor’s real property on Market
Avenue.
The Brewery was cash flowing and paying rent to the Debtor until
the City of Canton started construction on Centennial Plaza in
2018. The project took out the parking lot directly across from
the Brewery front door and closed traffic on 3rd Street for a year
and a half. Shortly after the Brewery was able to open the front
doors again, the Covid pandemic occurred.
Appalachian Basin Capital, LLC, a company in Canton, Ohio, filed
its voluntary petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ohio Case No. 22-60052) on Jan. 24,
2022, listing up to $1 million in assets and up to $10 million in
liabilities. David Beule, member, signed the petition.
Judge Russ Kendig oversees the case.
The Debtor tapped Anthony J. DeGirolamo, Esq., as legal counsel and
The Phillips Organization as accountant and financial advisor.
B T S INTERNATIONAL: Seeks to Hire Wenokur Riordan as Legal Counsel
-------------------------------------------------------------------
B T S International, LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of Washington to employ Wenokur
Riordan, PLLC as its legal counsel.
Wenokur Riordan will render these legal services:
(a) take all actions necessary to protect and preserve the
Debtor's bankruptcy estate;
(b) prepare legal papers;
(c) negotiate with creditors concerning a Chapter 11 plan,
prepare a Chapter 11 plan and related documents, and take the steps
necessary to confirm and implement the proposed plan of
liquidation; and
(d) provide such other legal advice or services as may be
required in connection with the Chapter 11 case.
The firm received a total retainer of $30,000 from the Debtor.
Alan Wenokur, Esq., an attorney at Wenokur Riordan, disclosed in a
court filing that the firm is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Alan J. Wenokur, Esq.
Wenokur Riordan PLLC
600 Stewart Street, Suite 1300
Seattle, WA 98101
Telephone: (206) 682-6224
Email: alan@wrlawgroup.com
About B T S International
B T S International, LLC owns two parcels of real property located
at (i) 505 Harrison St., Seattle, Wash., which is currently bare
ground; and (ii) 15601 Larch Way, Lynwood, Wash., which is a
residential real property occupied by Stephanie A. Wang, the
managing member of B T S, and other family members.
B T S International filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. W.D. Wash. Case No. 22-10867) on May
26, 2022, listing between $1 million and $10 million in both assets
and liabilities. Michael DeLeo serves as Subchapter V trustee.
Judge Marc Barreca oversees the case.
Alan J. Wenokur, Esq., at Wenokur Riordan, PLLC is the Debtor's
legal counsel.
BARNSTORM RESOURCES: Files Bare-Bones Chapter 11 Petition
---------------------------------------------------------
Barnstorm Resources LLC filed for chapter 11 protection in the
Eastern District of Texas without stating a reason.
Court documents show that Barnstorm Resources estimates between 1
and 49 unsecured creditors. The bare-bones petition states funds
will be available to unsecured creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
July 6, 2022, at 10:00 AM via Telephonic Hearing.
General proofs of claims are due by Oct. 5, 2022. Government
proofs of claims are due by Dec. 5, 2022.
About Barnstorm Resources
Barnstorm Resources LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 22-60246) on June
7, 2022. In the petition filed by Kevin Russell, as manager, the
Debtor estimated assets and liabilities up to $50,000 each. Jeff
Carruth, of Weycer, Kaplan, Pulaski & Zuber, P.C., is the Debtor's
counsel.
BMW NATIONWIDE: Seeks to Tap Michael Jay Berger as Legal Counsel
----------------------------------------------------------------
BMW Nationwide Security, Inc. seeks approval from the U.S.
Bankruptcy Court for the Central District of California to employ
the Law Offices of Michael Jay Berger as its bankruptcy counsel.
The firm will render these legal services:
(a) communicate with creditors of the Debtor;
(b) review the Debtor's Chapter 11 bankruptcy petition and all
supporting schedules;
(c) advise the Debtor of its legal rights and obligations in a
bankruptcy proceeding;
(d) work to bring the Debtor into full compliance with
reporting requirements of the Office of the U.S. Trustee;
(e) prepare status reports as required by the court;
(f) respond to any motions filed in the Debtor's bankruptcy
proceeding; and
(g) respond to creditor inquiries;
(h) review proofs of claim filed in the Debtor's bankruptcy
and object to inappropriate claims;
(i) prepare notices of automatic stay in all state court
proceedings in which the Debtor is sued; and
(j) if appropriate, prepare a Chapter 11 plan of
reorganization for the Debtor.
The hourly rates of the firm's attorneys and staff are as follows:
Michael Jay Berger, Esq. $595
Sofya Davtyan, Senior Associate Attorney $545
Debra Reed, Mid-level Associate Attorney $435
Carolyn M. Afari, Mid-level Associate Attorney $435
Robert Poteete, Mid-level Associate Attorney $435
Samuel Boyamian, Associate Attorney $395
Gary Baddin, Bankruptcy Analyst/Field Agent $275
Senior Paralegals and Law Clerks $250
Bankruptcy Paralegals $200
The Debtor paid the firm $20,000 retainer, plus Chapter 11 filing
fee of $1,738.
Michael Jay Berger, Esq., the sole owner of the Law Offices of
Michael Jay Berger, disclosed in a court filing that his firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Michael Jay Berger, Esq.
Law Offices of Michael Jay Berger
9454 Wilshire Blvd., 6th Floor
Beverly Hills, CA 90212-2929
Telephone: (310) 271-6223
Facsimile: (310) 271-9805
Email: michael.berger@bankruptcypower.com
About BMW Nationwide Security
BMW Nationwide Security, Inc. offers security guard services
throughout Southern California for special events.
BMW Nationwide Security sought protection under Subchapter V of
Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No.
22-12988) on May 28, 2022, listing as much as $1 million in both
assets and liabilities. Gregory Kent Jones serves as Subchapter V
trustee.
Judge Vincent P. Zurzolo oversees the case.
Michael Jay Berger, Esq., at the Law Offices of Michael Berger is
the Debtor's legal counsel.
BRICKELL INSURANCE: June 20 Auction for Shares of Randall & Quilter
-------------------------------------------------------------------
A public sale will be conducted on June 20, 2022, at 1:00 p.m., New
York City, New York Time, at the offices of Glenn Agre Bergman &
Fuentes LLP, 55 Hudson Yards, New York, New York 10001, of 34, 218,
366 shares of ordinary shares of Randall & Quilter Investment
Holdings Ltd. pledged to Vida Longevity Fund LP, Vida Insurance
Credit Opportunity Fund II LP, and Vida Insurance Credit
Opportunity Fund III LP ("secured party") by Brickell PC Insurance
Holdings LLC ("pledgor") and 777 Partners LLC ("borrower" and,
together with the pledgor, each individually, a "Debtor" and
collectively, the "Debtors").
To be a qualified bidder, a prospective bidder must provide these
items to Glenn Agre on or before 5:00 p.m. (New York City Time) on
June 16, 2022:
a) current contact information for the bidder and its authorized
representatives;
b) the opening bid amount proposed by the bidder (the minimum
opening bid will be in an amount that is at least the product of
the number of shares multiplied by 40% of the closing price of the
shares as quoted on the London Stock Exchange on June 15, 2022).
c) a deposit wired to Glen Agre of 100% of the opening bid; and
d) prior to or during the auction, the bidder must provide proof
of immediately available funds to pay any successive bids that it
submits.
The highest qualified bidder will be required to deposit the full
amount of the bid price in escrow with Glen Agre via wire transfer,
no later than 5:00 p.m. (New York City Time) on June 22, 2022.
Interested parties who would like additional information, including
wire transfer instructions should contact the counsel for the
secured parties:
Glenn Agre Bergman & Fuentes LLP
Attn: Andrew K. Glenn
Kurt Mayr
55 Hudson Yards
New York, New York 10001
Email: aglenn@glennagre.com
kmayr@glennagre.com
Addresses for notices of public sale:
Brickell PC Insurance Holdings LLC
Attn: Ed Gehres, General Counsel
6000 Brickell Ave., 19th Floor
Miami, FL 33131
Email: egehres@777part.com
Signal Financial Holdings LLC
Attn: Ed Gehres, General Counsel
6000 Brickell Ave., 19th Floor
Miami, FL
Email: egehres@777part.com
SuttonPark Capital LLC
Attn: Ed Gehres, General Counsel
6000 Brickell Ave., 19th Floor
Miami, FL 33131
Email: egehres@777part.com
777 Partners LLC
Attn: Ed Gehres, General Counsel
6000 Brickell Ave., 19th Floor
Miami, FL
Email: egehres@777part.com
Brickell Insurance invests in and manages property casualty
carriers and life and annuity carriers.
BRUMMETT ENTERPRISES: Taps Collins, Webster & Rouse as Counsel
--------------------------------------------------------------
Brummett Enterprises, LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of Missouri to employ Collins,
Webster & Rouse PC as its legal counsel.
The firm will render these legal services:
(a) examine the Debtor's affairs and other parties as to its
acts, conduct, and property;
(b) prepare records and reports;
(c) prepare applications and proposed orders;
(d) identify and prosecute claims and causes of action
assertable by the Debtor;
(e) examine proof of claims previously filed and to be filed
here and possible prosecution of objections to certain of such
claims;
(f) advise the Debtor and prepare documents in connection with
the contemplated limited ongoing operation of the Debtor's
business;
(g) advise the Debtor and prepare documents in connection with
the liquidation and reorganization of the estate's assets;
(h) assist the Debtor's reorganization; and
(i) assist and advise the Debtor in performing other functions
as set forth in the Bankruptcy Code.
The Debtor paid the firm a pre-bankruptcy retainer of $7,500.
The hourly rates of the firm's attorneys and staff are as follows:
Norman E. Rouse $295
Mark E. Peron $250
Paralegal $100
Norman Rouse, Esq., an attorney at Collins, Webster & Rouse,
disclosed in a court filing that his firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Norman E. Rouse, Esq.
Collins, Webster & Rouse, PC
5957 E. 20th Street
Joplin, MO 64801
Telephone: (417) 782-2222
Facsimile: (417) 782-1003
Email: twelch@cwrcave.com
About Brummett Enterprises
Brummett Enterprises, LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. W.D. Mo. Case No.
22-30123) on June 6, 2022, listing up to $1 million in assets and
up to $500,000 in liabilities. Robbin L. Messerli serves as
Subchapter V trustee.
Judge Brian T. Fenimore oversees the case.
Norman E. Rouse, Esq., at Collins, Webster & Rouse, PC serves as
the Debtor's legal counsel.
BUTCHER SHOP: Trustee Seeks to Tap Joseph M. Banker as Accountant
-----------------------------------------------------------------
Craig Geno, the Subchapter V trustee appointed in the Chapter 11
case of Butcher Shop of Cordova, LLC, seeks approval from the U.S.
Bankruptcy Court for the Western District of Tennessee to employ
Joseph M. Banker, CPA as his accountant.
The trustee requires an accountant to file necessary tax returns.
The trustee has agreed to provide a $15,000 retainer to the
accounting firm. The firm's hourly standard rate is $250.
Joseph Banker, a certified public accountant, disclosed in a court
filing that his firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Joseph M. Banker
Joseph M. Banker, CPA
1906 Exeter Road #1
Germantown, TN 38138-2900
Telephone: (901) 309-9495
Facsimile: (901) 309-9446
Email: joe@joebankercpa.com
About Butcher Shop of Cordova
Cordova, Tenn.-based Butcher Shop of Cordova, LLC filed a petition
for Chapter 11 protection (Bankr. W.D. Tenn. Case No. 21-22100) on
June 29, 2021, listing up to $50,000 in assets and up to $10
million in liabilities. Dennis Day, member, signed the petition.
Judge Jennie D. Latta oversees the case.
Harris Shelton Hanover Walsh, PLLC and Sarasota CFO Consulting
Services serve as the Debtor's legal counsel and accountant,
respectively.
On July 6, 2021, Craig M. Geno was appointed as the Subchapter V
trustee in this Chapter 11 case. The Law Offices of Craig M. Geno,
PLLC and Joseph M. Banker, CPA, serve as the trustee's counsel and
accountant, respectively.
BV MANAGEMENT: Seeks to Hire John Forest as Bankruptcy Attorney
---------------------------------------------------------------
BV Management LLC seeks approval from the U.S. Bankruptcy Court for
the Eastern District of Virginia to employ John Forest, II, Esq.,
an attorney practicing in Fairfax, Va., to handle its Chapter 11
case.
The firm's services include giving the Debtor legal advice with
respect to its powers and duties as a debtor and performing all
other legal services for the Debtor which may be necessary to
advance this case to a conclusion
Mr. Forest will be compensated at his hourly rate of $375.
In a court filing, Mr. Forest disclosed that he is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The attorney can be reached at:
John P. Forest, II, Esq.
11350 Random Hills Rd., Suite 700
Fairfax, VA 22030
Telephone: (703) 691-4940
Email: john@forestlawfirm.com
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, Esq., at the Law Office of John P. Forest, II,
is the Debtor's counsel.
CDL UNIVERSITY: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: CDL University, LLC
2120 S. I-35 Service Road
Oklahoma City, OK 73129-6345
Business Description: The Debtor is a truck driving school
in Oklahoma City, Oklahoma.
Chapter 11 Petition Date: June 10, 2022
Court: United States Bankruptcy Court
Western District of Oklahoma
Case No.: 22-11257
Debtor's Counsel: Gary D. Hammond, Esq.
MITCHELLL & HAMMOND
512 N.W. 12th Street
Oklahoma City, OK 73103
Tel: (405) 216-0007
E-mail: gary@okatty.com
Total Assets: $249,006
Total Liabilities: $1,168,389
The petition was signed by Darin Miller as managing member.
The Debtor did not file a list of its 20 largest unsecured
creditors together with the petition.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/ICLBSVI/CDL_University_LLC__okwbke-22-11257__0001.0.pdf?mcid=tGE4TAMA
CEI HAIR SCHOOLS: Starts Chapter 11 Subchapter V Case
-----------------------------------------------------
CEI Hair Schools, LLC, filed for chapter 11 protection in the
Northern District of Georgia. The Debtor filed as a small business
debtor seeking relief under Subchapter V of Chapter 11 of the
Bankruptcy Code.
The Debtor's formal schedules of assets and liabilities and
statement of financial affairs are due June 21, 2022.
According to court filing, CEI Hair Schools estimates between 1 and
49 unsecured creditors. The petition states funds will be
available to unsecured creditors.
About CEI Hair Schools, LLC
CEI Hair Schools, LLC -- https://WWw.celhaiRschool.cm -- is a
beauty school in Atlanta, Georgia.
CEI Hair Schools filed a petition for relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No.
22-54337) on June 7, 2022. In the petition filed by Deedra
Williams, as secretary, the Debtor reports estimated assets up to
$50,000 and estimated liabilities between $50,000 and $100,000.
Tamara Miles Ogier has been appointed as Subchapter V trustee.
CINEMA SQUARE: Court OKs Wilmington Trust Cash Collateral Deal
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California,
Northern Division, approved the stipulation between Cinema Square,
LLC and Wilmington Trust, National Association, as Trustee, for the
benefit of the Holders of COMM 2016-DC2 Mortgage Trust Commercial
Mortgage Pass Through Certificates, Series 2016-DC2, authorizing
the Debtor to use cash collateral.
As previously reported by the Troubled Company Reporter, the
parties agree that portions of the Personal Property Collateral
constitute the cash collateral of the SBA, pursuant to 11 U.S.C.
section 363(a). The SBA consents to the Debtor's use of cash
collateral on the terms set forth therein. The Debtor represents to
the SBA that it will make no additional or unauthorized use of the
cash collateral retroactive from the SBA Loan date until entry of
an Order Confirming the Debtor's Plan of Reorganization or
September 30, 2022, whichever occurs earlier, for ordinary and
necessary expenses as set forth in the projections.
As adequate protection, the SBA will receive a replacement lien to
the extent that the automatic stay, pursuant to 11 U.S.C. section
362, as well as the use, sale, lease or grant results in a decrease
in the value of the SBA's interest in the Personal Property
Collateral on a post-petition basis. The replacement lien is valid,
perfected and enforceable and will not be subject to dispute,
avoidance, or subordination, except that it is and will remain
subordinate to the lien of the Wilmington Trust in the cash
collateral and this replacement lien need not be subject to
additional recording.
The Stipulation will remain in effect until September 30, 2022, or
until the parties enter into an amended Stipulation or a consensual
Chapter 11 Plan, or until the case is converted or dismissed,
whichever first occurs.
A copy of the order is available at https://bit.ly/3zudHjd from
PacerMonitor.com.
About Cinema Square, LLC
Cinema Square, LLC is the owner of a small shopping center located
at 6917 El Camino Real, Atascadero, CA 93422. There are several
tenants, the primary tenant is a movie theater, the Galaxy
Theater.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 21-10634) on June 14,
2021. In the petition signed by Jeffrey C. Nelson, president, the
Debtor disclosed up to $50 million in assets and up to $10 million
in liabilities.
Judge Deborah J. Saltzman oversees the case.
William C. Beall, Esq., at Beall & Burkhardt, APC is the Debtor's
counsel.
CLAREHOUSE LIVING: Gets OK to Hire Falcone Law Firm as Counsel
--------------------------------------------------------------
Clarehouse Living Inc. received approval from the U.S. Bankruptcy
Court for the Northern District of Georgia to employ The Falcone
Law Firm, PC as its legal counsel.
The firm's services include:
(a) advising the Debtor regarding its rights, powers and duties
in the administration of its Chapter 11 case and assets of the
bankruptcy estate;
(b) assisting the Debtor in connection with the analysis of its
assets, liabilities, financial condition and other matters related
to its business;
(c) assisting in the preparation, negotiation and implementation
of a plan of reorganization;
(d) assisting the Debtor regarding objections to or
subordination of claims and other litigation as required by the
Debtor;
(e) advising the Debtor regarding the rejection of assumption
and potential assignment of any executory contracts or unexpired
leases;
(f) advising the Debtor regarding applications, motions or
complaints concerning the user of the estate's assets and similar
matters;
(g) advising the Debtor regarding the sale or other dispositions
of any assets of the estate;
(h) preparing legal papers;
(i) assisting the Debtor regarding the proper receipt,
disbursement and accounting of funds and property of the estate;
and
(j) providing other legal services related to the case.
The hourly rates of the firm's attorneys and staff are as follows:
Senior Attorneys $400
Associate Attorneys $250
Paralegals $175
Administrative Assistants $75
The firm received a security deposit of $10,000 from the Debtor.
Ian Falcone, Esq., a partner at Falcone Law Firm, disclosed in a
court filing that his firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Ian M. Falcone, Esq.
Falcone Law Firm, PC
363 Lawrence Street
Marietta, GA 30060
Telephone: (770) 426-9359
Email: Imffalconefirm.com
About Clarehouse Living
Clarehouse Living, Inc., an operator of a licensed personal care
home for elderly or disabled residents in Georgia, sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga.
Case No. 22-50035) on Jan. 3, 2022. In the petition signed by
Clarence Williams III, chief executive officer, the Debtor
disclosed up to $1 million in both assets and liabilities.
Judge Lisa Ritchey Craig oversees the case.
Ian M. Falcone, Esq., at Falcone Law Firm, PC is the Debtor's
counsel.
COIN CONNECT: Files bare-Bones Chapter 11 Petition
--------------------------------------------------
Coin Connect LLC filed for chapter 11 protection in the District of
Central California without stating a reason.
The Debtor's formal schedules of assets and liabilities and
statement of financial affairs are due June 22, 2022.
According to court filings, Coin Connect estimates between 1 and 49
unsecured creditors. The bare-bones petition states funds will be
available to unsecured creditors.
About Coin Connect
Coin Connect LLC sought bankruptcy protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-13208) on
June 9, 2022. In the petition filed by Chris Lamont, as managing
member, the Debtor reports estimated assets and liabilities up to
$50,000 each.
The case is assigned to Honorable Bankruptcy Judge Neil W. Bason.
Louis J. Esbin, of Law Offices of Louis J. Esbin, is the Debtor's
counsel.
CONSTANT CONTACT: S&P Alters Outlook to Negative, Affirms 'B' ICR
-----------------------------------------------------------------
S&P Global Ratings revised the outlook to negative from stable and
affirmed all ratings, including the 'B' issuer credit rating on
email marketing provider Constant Contact Inc.
The negative outlook reflects S&P's view that rising interest rates
reduce financial flexibility and could result in a lower rating if
customer churn were to accelerate and raise leverage above 7x
during the next 12 months.
S&P said, "Constant Contact has significant exposure to rising
interest rate risk. The company's capital structure is composed of
floating-rate debt that will increase interest expense more than we
previously forecast. The U.S. Federal Reserve has increased its
benchmark interest rate by 75 basis points (bps) since the
beginning of March 2022, including a 50-bps increase on May 4. This
is the largest jump in interest rates in 22 years, aimed to combat
significant inflation. S&P Global Ratings economists now expect the
Federal Reserve to be even more aggressive, front-loading rate
hikes this year so the federal funds rate reaches its 2.75%-3%
target by year-end and 3%-3.25% in the first quarter of 2023. Given
that monetary policy affects economic activity with a lag, we
expect the full impact of cumulative rate hikes to be felt in 2023.
We expect one more rate hike in early 2023, then the Fed to hold
rates steady until it begins to lower them in mid-2024. As a result
of a higher LIBOR base rate on Constant Contact's debt, we project
that interest expense could be about $95 million in 2023 compared
with our original forecast of about $70 million. Therefore, we
project free operating cash flow (FOCF) to debt of about 5% in 2023
compared with our prior expectations approaching 10%."
The company's customer base could be exposed to elevated churn in a
recession. Constant Contact targets small to midsize businesses
(SMB) with less than 20 employees for which email marketing is the
primary form of customer engagement. Under normal economic
conditions, about 30% of small business fail within two years of
launch. This leads to relatively high annual churn for Constant
Contact. S&P Global economists recognize that macroeconomic
conditions have continued to weaken in recent months. Higher energy
prices could erode purchasing power for consumers, impairing
prospects for SMBs. Faster monetary policy will also likely slow
consumer demand because rising rates work through wealth effects as
asset prices (financial and nonfinancial) moderate or decline and
through the spending channel as cost of borrowing rise. While S&P
does not expect a recession in the next 12 months, it recognizes
risks have increased to 25%-35%, according to its economists.
S&P said, "Higher inflation and our expectations for slowed
macroeconomic growth could lead to even more significant customer
churn in the coming months. Further, as small businesses face
operational pressures, it could be more difficult for Constant
Contact to expand average revenue per subscriber (ARPS), which
could lead to organic revenue decline. Although Constant Contact
increased revenue through the COVID-19 pandemic, we recognize that
government stimulus helped many SMBs remain open and encouraged
formation of new ones. Absent this stimulus, SMBs could face a more
difficult environment.
"Still, our base-case calls for EBITDA growth through 2023 that
supports the rating. We project operating efficiency initiatives,
such as the integration of the SharpSpring business, and cost
reductions will improve margins in 2022. This, along with organic
revenue growth of about 3% and realizing a full year of SharpSpring
revenue, should meaningfully increase earnings growth such that
debt to EBITDA falls to the low-6x area by the end of 2023 from
about 7x.
"The negative outlook reflects our view that higher interest rates
will weaken cash flow metrics over the next 12 months, which
reduces rating capacity for Constant Contact to absorb heightened
customer churn."
S&P could lower the rating on Constant Contact if:
-- Interest rates continue to rise beyond S&P's forecast or cost
pressures increase such that the company cannot generate FOCF to
debt in excess of 5%; or
-- Debt to EBITDA is sustained above 7x due to higher than
expected customer churn or if the company pursues substantial
debt-financed acquisitions that are not immediately accretive.
S&P could revise the outlook to stable if:
-- The company increases earnings organically such that debt to
EBITDA approaches 6x and S&P believes risks for rising rates and
customer churn have abated; and
-- The interest rate environment stabilizes such that we believe
it will generate FOCF to debt at or above 5%
Environmental, Social, And Governance
ESG credit indicators: E-2, S-2, G-3
Governance is a moderately negative consideration. S&P said, "Our
assessment of the company's financial risk profile as highly
leveraged reflects corporate decision-making that prioritizes the
interests of controlling owners, in line with our view of most
rated entities owned by private-equity sponsors. Our assessment
also reflects their generally finite holding periods and a focus on
maximizing shareholder returns."
CORP GROUP: Recovery for Rejecting Classes Hiked to 9.6%
--------------------------------------------------------
Corp Group Banking S.A., et al., are seeking confirmation of their
Sixth Amended Joint Plan of Liquidation.
On June 10, 2022, the Debtors filed the operative Plan. The Plan
is supported by the Debtors' two key constituents: the Official
Committee of Unsecured Creditors and the Debtors' largest creditor,
Itau. Additionally, the Debtors have resolved all limited
objections to the Plan and substantially narrowed the objection
filed by the United States Trustee.
The Plan was approved by Classes 4, 6, and 7A (the "Accepting
Classes"). Specifically, 100% in amount and 100% in number of
Holders of Claims in each of the Accepting Classes that voted on
the Plan, voted to accept the Plan; Holders of CGB Unsecured Notes
Claims in Class 7B voted to reject the Plan with 14.46% in amount
and 8.75% in number of Holders of CGB Unsecured Notes Claims voting
to accept the Plan; and no Holders of Class 8 Claims voted on the
Plan.
On June 1, 2022, the Debtors filed the Amended SP Settlement Term
Sheet, and contemporaneously, the Debtors identified the nature of
compensation of the Plan Administrator, the identity of the
Litigation Trustee, and the nature of compensation of the
Litigation Trustee, and filed the form of Litigation Trust
Agreement, the form of SP Gasa Secured Notes, the form of SP Gasa
Secured Note Security Agreement and the form of SP Short Term
Note.
The Plan (including all documents necessary to effectuate the Plan)
was negotiated extensively, at arm's-length and in good faith among
representatives of the Debtors, Itau, the Committee and Holders of
Non-Recourse Secured Claims, all of whom have worked diligently to
effectuate the Debtors' liquidation in an efficient manner to
preserve and enhance the value of the Debtors' Estates. The
Debtors, Itau (by far the largest creditor of the Debtors) and the
Committee support confirmation of the Plan, and none of the
Non-Recourse Secured Creditors with undisputed Claims have objected
to confirmation of the Plan.
As set forth in the Liquidation Analysis, Holders in each of the
Rejecting Class and Abstaining Class are expected to receive a
lower or equal recovery under a hypothetical chapter 7 liquidation
than they will receive under the Plan:
Plan Chapter 7
Recovery Liquidation
-------- ------------
SAGA itau Unsecured Claims 44.84% 44.84%
CGB Itau Deficiency CLaims 4.12% 3.45%
CGB Unsecured Notes Claims 4.12% 3.45%
CGB Interhold Interco. Payable Claim 4.12% 3.45%
Convenience Claims 10.0% 10.0%
Since the date of the Liquidation Analysis, the Debtors and the
Settling Parties have negotiated the SP Settlement. The SP
Settlement substantially increases the recoveries to Holders in the
Rejecting Class under the Plan from 4.12% to 9.06%. Thus the
recoveries to the Holders of Claims in the Rejecting Class are 6%
percentage points (as a percentage of the face value of such
Holders' Claims) greater under the Plan than in a hypothetical
chapter 7 liquidation.
Class 7B CGB Unsecured Notes Claims are allowed in an aggregate
principal amount equal to $543,687,500.
A copy of the Disclosure Statement dated June 10, 2022, is
available at https://bit.ly/39muTMR from PacerMonitor.com.
Counsel to the Debtors:
Michael H. Torkin, Esq.
Bryce L. Friedman, Esq.
Karen M. Porter, Esq.
David R. Zylberberg, Esq.
Ashley M. Gherlone, Esq.
SIMPSON THACHER & BARTLETT LLP
425 Lexington Avenue
New York, NY 10017
Tel: (212) 455-2000
Fax: (212) 455-2502
E-mail: michael.torkin@stblaw.com
bfriedman@stblaw.com
karen.porter@stblaw.com
david.zylberberg@stblaw.com
ashley.gherlone@stblaw.com
- and -
Pauline K. Morgan, Esq.
Sean T. Greecher, Esq.
Andrew L. Magaziner, Esq.
Elizabeth S. Justison, Esq.
YOUNG CONAWAY STARGATT & TAYLOR, LLP
1000 North King Street
Wilmington, Delaware 19801
Tel: (302) 571-6600
Fax: (302) 571-1253
E-mail: pmorgan@ycst.com
sgreecher@ycst.com
amagaziner@ycst.com
ejustison@ycst.com
About Corp Group Banking S.A.
Corp Group Banking SA, a Chilean financial holding company
controlled by billionaire Alvaro Saieh, and Inversiones CG
Financial Chile Dos SpA filed voluntary petitions for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No.
21-10969) on June 25, 2021. At the time of the filing, Corp Group
Banking disclosed $500 million to $1 billion in assets and $1
billion to $10 billion in liabilities.
Judge J. Kate Stickles oversees the cases.
The Debtors tapped Simpson Thacher & Bartlett, LLP and Young
Conaway Stargatt & Taylor, LLP as legal counsel. Prime Clerk, LLC
is the Debtors' claims and noticing agent and administrative
advisor.
The U.S. Trustee for Region 3 appointed an official committee of
unsecured creditors on July 20, 2021. The committee tapped Morgan,
Lewis & Bockius, LLP as lead bankruptcy counsel, Robinson & Cole
LLP as Delaware counsel, and NLD Abogados as special Chilean
counsel. FTI Consulting, Inc., serves as the committee's financial
advisor.
CREDITO REAL: Fires Advisers, Scraps U.S. Bankruptcy Plans
----------------------------------------------------------
Jeremy Hill and Dale Quinn of Bloomberg News report that Credito
Real SAB, Mexico's largest payroll lender, fired legal and
financial advisers who had been preparing to guide it through a
Chapter 11 bankruptcy filing in the US.
The Mexican payroll lender had been weighing a Chapter 11 filing
after defaulting on a repayment of a Swiss franc bond.
But according to Bloomberg's sources, Credito Real SAB has scrapped
its U.S. bankruptcy plans and is instead planning to pursue
insolvency proceedings in Mexico known as concurso mercantil.
Credito Real fell into default earlier this year after it failed to
repay holders of a maturing Swiss franc bond. It had been looking
to line up financing from existing creditors.
Creditor Real has $1.9 billion in global notes out of a total debt
of MXN53.3b ($2.72 billion). Creto is Mexico's biggest payroll
lender and second largest non-bank lender after Real Unifin.
About Credito Real SAB
Credito Real SAB de CV SOFOM ENR is a Mexico-based company that
provides consumer financing. Credito Real provides loans, either
by providing direct financing to consumers or by establishing
financing programs with consumer financing dealers that sell to
Credito Real the collection rights from consumer financing
products. It also provides financing directly to individuals that
are employed by corporations with payroll deduction agreements with
consumer financing dealers authorized by Credito Real. Credito
Real operates through a number of subsidiaries, including AFS
Acceptance LLC.
CS GROUP: Has Interim OK to Use Cash Collateral
-----------------------------------------------
CS Group, LLC sought and obtained authority the U.S. Bankruptcy
Court for the Southern District of Texas, Galveston Division, to
use cash collateral on an interim basis, in accordance with the
budget, with a 10% variance and provide adequate protection.
The Court scheduled a hearing for July 5, 2022, at 9:30 a.m. at
Houston, Courtroom 403 (JPN), to consider final approval of the
Debtor's request.
The Debtor owns three rental properties in Galveston County, Texas,
which are each subject to notes and deeds of trust in favor of
various lenders, each of which has an assignment of rents
provision.
The lenders are:
-- Walter Alvarez, Alecs Young and Ryan Kasemeyer for the
Church property;
-- Alvarez, Young and Rodolfo Ruiz for the Winnie property;
and
-- Jet Lending, LLC for the Texas City property.
CS Group contends it is essential to the continued operation of the
Debtor's businesses for the Debtor to have the ability to utilize
cash collateral to maintain insurance, clean and maintain the
Properties, and otherwise repair individual units to relet them.
During the Interim Period, the Debtor projects the following: (a)
total rents collection of $14,280 representing cash collateral; and
(b) total disbursements in the amount of approximately $10,849.
The Debtor requests that the motion be considered on June 13, 2022
to allow the Debtor to make immediate payment of insurance premiums
due on the Church and Texas City Properties and avoid cancellation.
Without insurance, all parties in interest will be significantly
harmed.
The Debtor believes adequate protection will be provided through
the maintenance of existing collateral levels or otherwise. The
proposed utilization of cash collateral will not, in any event,
impair the Lenders' position.
The Debtor believes the Lenders' interests are adequately protected
by equity cushions in the Properties and the continued insurance
maintenance, repair and insurance of the collateral.
A copy of the motion is available at https://bit.ly/3HlQxgL from
PacerMonitor.com.
About CS Group LLC
CS Group LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 22-80112) on June 6,
2022. In the petition signed by Carolina Dupuis, managing member,
the Debtor disclosed up to $10 million in both assets and
liabilities.
Judge Jeffrey P. Norman oversees the case.
Vianey Garza, Esq., at Dore Rothberg McKay, PC is the Debtor's
counsel.
CYPRUS MINES: Files Adversary Suit to Stop "Alter Ego" Talc Claims
------------------------------------------------------------------
Jeff Montgomery of Law360 reports that bankrupt Cyprus Mines Corp.
has launched a Chapter 11 adversary suit in Delaware to block
"alter ego" talc personal injury claims against parent company
Cyprus Amax Minerals Co. by known or future, unknown alleged
victims.
The complaint, filed Tuesday, June 7, 2022. in U.S. Bankruptcy
Judge Laurie Selber Silverstein's court, is part of a wider debtor
effort to shield from litigation assets already committed under
settlements and an agreed-upon "channeling" process that would send
current or future claims to a formal claims review and payment
process.
The suit coincided with an emergency motion for an order enforcing
the Bankruptcy Code's automatic stay barring suits.
About Cyprus Mines Corporation
Cyprus Mines Corporation is a Delaware corporation and a
wholly-owned subsidiary of Cyprus Amax Minerals Co., which is an
indirect subsidiary of Freeport-McMoRan Inc. It currently has
relatively limited business operations, which include the ownership
of various parcels of real property, certain royalty interests that
generate de minimis revenue (e.g., less than $1,500 in each of the
past two calendar years), and the ownership of an operating
subsidiary that conducts marketing activities.
Cyprus Mines is a predecessor in the interest of Imerys Talc
America, Inc. In June 1992, Cyprus Mines sold its talc-related
assets to RTZ America Inc. (later known as Rio Tinto America, Inc.)
through a two-step process. First, Cyprus Mines transferred its
talc-related assets and liabilities (subject to minor exceptions)
to Cyprus Talc Corporation, a newly formed subsidiary of Cyprus
Mines, according to an Agreement of Transfer and Assumption, dated
June 5, 1992.
Second, Cyprus Mines sold the stock of Cyprus Talc Corporation to
RTZ according to a Stock Purchase Agreement, also dated June 5,
1992 (as amended, the "1992 SPA"). The purchase price was
approximately $79.5 million. Cyprus Talc Corporation was later
renamed Imerys Talc America, Inc. Under the 1992 ATA, the entity
now named Imerys expressly and broadly assumed the talc liabilities
of Cyprus Mines and its former subsidiaries that were in the talc
business.
Cyprus Mines filed for Chapter 11 bankruptcy protection (Bankr. D.
Del. Case No. 21-10398) on Feb. 11, 2021, listing between $10
million and $50 million in assets, and between $1 million and $10
million in liabilities.
The Honorable Laurie Selber Silverstein is the case judge.
The Debtor tapped Reed Smith LLP as bankruptcy counsel, Kasowitz
Benson Torres LLP as special conflicts counsel, and Prime Clerk LLC
as claims agent.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee of tort claimants on March 4, 2021. The tort committee is
represented by Caplin & Drysdale, Chartered, and Campbell & Levine,
LLC. Province, LLC, and Axlor Consulting, LLC serve as the tort
committee's financial advisor and consultant, respectively.
Roger Frankel serves as the legal representative for future
personal injury claimants. The FCR tapped Togut, Segal & Segal,
LLP, Burr & Forman, LLP and Frankel Wyron, LLP as bankruptcy
counsels; Anderson Kill, PC as special insurance counsel; Archer &
Greiner, P.C. as New Jersey counsel; and Province, LLC as financial
advisor. The FCR also tapped the services of economic expert,
Berkeley Research Group, LLC.
On May 11, 2021, the court appointed M. Jacob Renick as the fee
examiner in this Chapter 11 case. The examiner tapped Godfrey &
Kahn, SC as legal counsel.
DEPENDABLE MACHINE: Files Subchapter V, Scraps Rolls Royce Pacts
----------------------------------------------------------------
Dependable Machine Company, Inc., filed for chapter 11 protection
in the Southern District of Indiana. The Debtor filed as a small
business debtor seeking relief under Subchapter V of Chapter 11 of
the Bankruptcy Code.
The Debtor filed motions to use cash collateral, provide adequate
assurance to utilities, and maintain its cash management system.
Aside from the typical first-day motions, the Debtor filed a motion
to reject its executory contracts with Rolls Royce Corp., its
largest customer.
The Debtor says that it is losing "so much money" to supply parts
under the the two contracts -- the Agreement for the Supply of
Aerospace Parts and Materials Contract number CTR-ICE-00010454,
dated January 1, 2019 and the Deliverables Pack (CTR-ICE-00010453)
that it cannot "possibly continue in business" without the
rejection of the two contracts.
While the cost of the Debtor's supplies and raw materials has
dramatically increased since execution of the Contracts in 2019,
the Debtor is locked into 2019 pricing to Rolls Royce. To
reorganize and even stay in business the Debtor has no choice but
to reject the Contracts.
The Contracts are the only contracts that govern the supplier-buyer
relationship of the parties, pursuant to which the Debtor supplies
and Rolls-Royce purchases aerospace parts. As of the Petition Date
the Contracts were still executory and the parties were performing.
Requirements of the parties that are executory include such
fundamental and substantial requirements as manufacturing and
delivery of parts, payment for the parts, compliance with
confidentiality, and compliance with intellectual property. The
Contracts expire on December 31, 2023.
The Debtor believes and therefore submits that the Contracts are
disadvantageous to the estate. Since 2019 the cost of goods,
services, and raw materials has increased -- in some cases
dramatically so. The parties have attempted to resolve the
situation, but not to the satisfaction of the Debtor.
The Debtor must be able to provide parts that reflect its own costs
of goods, services, and raw materials. In some cases the costs of
raw materials have increased as much as 300%. The Debtor is unable
to pass along such increases to Rolls Royce under the terms of the
extant Contracts.
If the Debtor were required to fulfill the Contracts, it can not
stay in business. It will be forced to cease all operations and
liquidate. It is axiomatic that unless the Debtor can sell parts
to Rolls Royce for more than its costs to produce the parts, there
is no business.
* * *
According to court filings, Dependable Machine Co. Inc. estimates
between 1 and 49 unsecured creditor. The petition states funds
will be available to unsecured creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
July 14, 2022, at 10:00 a.m. Eastern via a teleconference at
877-988-1312; passcode 6679375. Objections to dischargeability are
due by Sept. 12, 2022.
About Dependable Machine Co.
Dependable Machine Company, Inc. --
https://dependablemachineinc.com/ -- provides customers with
precision machining services of the highest caliber. Dependable
Machine was founded in 1971 by Bob Wagoner. Mr. Wagoner continued
the growth of the company until February 2020 when the company was
acquired by Cory & Cheryl Lowe.
Dependable Machine Company filed a petition for relief under
Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.
Ind. Case No. 22-02191) on June 7, 2022. In the petition filed by
Cory Lowe, as owner, the Debtor estimated assets and liabilities
between $1 million and $10 million each.
Jeffrey M. Hester, of Hester Baker Krebs LLC, is the Debtor's
counsel.
Judy Wolf Weiker has been appointed as Subchapter V trustee.
DERRICK'S SPORT: Unsecureds to Get 10% to 21% in Subchapter V Plan
------------------------------------------------------------------
Derrick's Sport Fitness, LLC, submitted an Amended Subchapter V
Chapter 11 Plan of Reorganization.
Under the Plan, Class 3 Allowed General Unsecured Claims totaling
$162,141 will recover 10% of their claims. The Debtor will pay the
Holders of Allowed Class 3 Claims, without interest, their pro-rata
share of all available disposable income of the Debtor, on the
schedule set forth, which reflects a distribution of all net income
during the 60-month period of the Plan after payment of all other
claimants holding Allowed Secured Claims, Allowed Administrative
Expense Claims and Priority Tax Claims. Holders of Class 3 Claims
are projected to receive not less than 10% of their Allowed General
Unsecured Claim, with the last distribution occurring on January 1,
2028, within 60 months of the Effective Date of the Plan.
The aggregate sum of Allowed General Unsecured Claims is
approximately $162,141. In the event the General Unsecured Claim
of Salamatu Khadar is disallowed, in whole or in part,
distributions to Holders of Class 3 Claims could receive as much as
21% of their Allowed General Unsecured Claims. Additionally, to the
extent there is additional disposable income of the Debtor
available for distribution, Holders of Class 3 Claims will receive
distributions equal to all actual disposable income of the Debtor
during the 60-month plan period. Class 3 is impaired.
During the term of this Plan, the Debtor will pay all available
disposable income necessary for the performance of the Plan.
Counsel for the Debtor:
Joy P. Robinson, Esq.
JOY P. ROBINSON, PC
9701 Apollo Drive, Suite 100
Upper Marlboro, MD 20774
A copy of the Plan of Reorganization dated June 10, 2022, is
available at https://bit.ly/3mFCJ7l from PacerMonitor.com.
About Derrick's Sport
Derrick's Sport Fitness, LLC, filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. D. Md. Case No.
22-10792) on Feb. 16, 2022, listing up to $50,000 in assets and up
to $500,000 in liabilities.
Judge Thomas J. Catliota oversees the case.
The Debtor tapped Joy P. Robinson P.C. as legal counsel.
Michael Wolff was appointed as the Subchapter V trustee.
DOMUS BWW: Seeks to Hire Dinsmore & Shohl as Litigation Counsel
---------------------------------------------------------------
Domus BWW Funding, LLC and 1801 Admin, LLC seek approval from the
U.S. Bankruptcy Court for the Eastern District of Pennsylvania to
hire Dinsmore & Shohl LLP as their special local litigation counsel
in connection with the Town Place litigation effective as of May 3,
2022.
The firm will be paid at these hourly rates:
Christopher J. Azzara, Partner $485
Kelli Lee, Associate $360
Associates $300 - $400
Paralegals $90 - $330
Dinsmore neither holds nor represent any interest adverse to the
Debtors with respect to the matters for which it is being retained,
according to court filings.
The firm can be reached through:
Christopher J. Azzara, Esq.
Dinsmore & Shohl LLP
1300 Six PPG Place
Pittsburgh, PA 15222
Phone: (412) 288-5882
Fax: (412) 281-5055
Email: christopher.azzara@dinsmore.com
About Domus BWW Funding
Domus BWW Funding, LLC and 1801 Admin, LLC filed their voluntary
petitions for relief pursuant to Chapter 11 of Title 11 of the
United States Code (Bankr. E.D. Penn. Cases No. 22-11162 &
22-11163, respectively) on May 3, 2022, listing $100,001 to
$500,000 in assets and $50,000 in liabilities.
Judge Eric L Frank presides over the cases. Aris J. Karlis, Esq. at
Karalis PC represents the Debtors as counsel.
DOMUS BWW: Seeks to Hire McGuireWoods as Litigation Counsel
-----------------------------------------------------------
Domus BWW Funding, LLC and 1801 Admin, LLC seek approval from the
U.S. Bankruptcy Court for the Eastern District of Pennsylvania to
hire McGuireWoods LLP as their special litigation counsel.
The Debtors need the firm's legal assistance in connection with the
Chapter 7 bankruptcy case of HCB (2020), LLC (Case No.
20-12600-KHK) pending in the U.S. Bankruptcy Court for the Eastern
District of Virginia.
The hourly rates charged by the firm for its services are as
follows:
Dion W. Hayes $1075
Sarah B. Boehm $935
Jacob M. Weiss $565
Partners $715 to $1,585
Counsel $600 to $ 1,400
Associates $525 to $855
Paraprofessionals $260 to $510
Dion Hayes, Esq., a partner in McGuireWoods, assured the court that
the firm does not hold or represent
any interest adverse to the Debtors or their estates, and is
"disinterested" as defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Dion W. Hayes, Esq.
McGuireWoods LLP
Gateway Plaza
800 East Canal Street
Richmond, VA 23219-3916
Tel: +1 804 775 1144
Fax: +1 804 698 2078
Email: dhayes@mcguirewoods.com
About Domus BWW Funding, LLC
Domus BWW Funding, LLC and 1801 Admin, LLC filed their voluntary
petitions for relief pursuant to Chapter 11 of Title 11 of the
United States Code (Bankr. E.D. Penn. Cases No. 22-11162 &
22-11163, respectively) on May 3, 2022, listing $100,001 to
$500,000 in assets and $50,000 in liabilities.
Judge Eric L Frank presides over the cases. Aris J. Karlis, Esq. at
Karalis PC represents the Debtors as counsel.
EAGLE LEDGE: Wins Interim Cash Collateral Access Thru July 31
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of California,
Modesto Division, authorized Eagle Ledge Foundation, Inc. to use
cash collateral on an interim basis in accordance with the budget,
with a 15% variance through July 31, 2022.
The Debtor is authorized to use funds in its "Operating Accounts,"
which total approximately $761,165. No determination has been made
whether the funds are cash collateral.
Any payment by the Debtor in excess of the budgeted amounts and
variances permitted in the Order will constitute a default under
the terms of the order.
As adequate protection, each creditor is given a replacement lien
on all post-petition assets of the Bankruptcy state in such amount
necessary to compensate for the diminution of the creditor's
secured claim, computed prior to the use of cash collateral, due to
a reduction in the collateral security such claim.
The replacement liens are deemed perfected by the Court's order and
no further recording or documentation of the lien is required.
A further hearing on the matter is scheduled for June 30, 2022 at 2
p.m.
A copy of the order and the Debtor's budget for the period from May
to October 2022 is available at https://bit.ly/3xM48KY from
PacerMonitor.com.
The Debtor projects $40,000 in total sources and $53,770 in total
uses for the period.
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.
ENVISION HEALTHCARE: Spurned Lenders Seek Default Notice
--------------------------------------------------------
Eliza Ronalds-Hannon of Bloomberg News reports that a group of
Envision Healthcare Corp. lenders snubbed by the physician staffing
company's recent refinancing deal asked its loan agent to declare
the transaction a default, according to people with knowledge of
the situation.
In response, agent Credit Suisse Group AG, is seeking more
information from the group, including the names of its members,
said the people, who asked not to be named discussing private
communications. The discussions over a default notice follow a
controversial debt deal last month that saw lenders including Sound
Point Capital Management, Octagon Credit Investors and SVPGlobal
lose claim on assets backing their debt.
In April 2022, Envision Healthcare struck a deal with creditors to
raise over $1 billion in fresh cash to help in weather pandemic
uncertainties and federal legislation that could threaten its
earnings. The medical staffing company's refinancing includes a
$1.1 billion first-lien loan and a $200 million delayed-draw term
loan. It also got a new $1.3 billion second-lien loan facility,
the proceeds of which were used to repurchase around $2 billion of
existing debt.
According to The Wall Street Journal, Centerbridge Partners LP and
Angelo Gordon & Co., led the first-lien financing deal, which moved
an estimated $2.5 billion collateral away from most of Envision's
existing lenders.
The Wall Street Journal reported in early May 2022 that lenders are
considering litigation after Envision moved roughly half of its
value beyond their grasp to secure a fresh source of financing.
The term lenders claim that the deal came at their expense as the
first-lien debt was mostly provided by third party financial
institutions that had little existing credit exposure to Envision,
the WSJ said.
About Envision Healthcare
Envision Healthcare Corporation (NYSE: EVHC) is an American
healthcare company and national hospital-based physician group.
Envision Healthcare is a leading national medical group serving
hospitals and healthcare systems in specialties such as
anesthesiology, emergency medicine, hospital medicine, radiology,
surgery and women's and children’s care. It also operates more
than 250 ambulatory surgery centers across 34 states through its
AMSURG business. The 25,000 clinicians with Envision deliver care
to more than 30 million patients every year.
Envision is controlled by private equity firm KKR & Co..
Envision's investment banker is PJT Partners LP, its financial
advisor is Alvarez & Marsal LLC and its legal advisor is Kirkland &
Ellis LLP.
EVE'S NY LIMO: Files for Chapter 11 Pro Se
------------------------------------------
Eve's NY Limo, Inc., filed for chapter 11 protection in Brooklyn,
New York.
The petition indicates that the Debtor is not represented by an
attorney.
To cure this deficiency, the Debtor's attorney must file a notice
of appearance with the court within 14 days of the date of the
notice. If the deficiency is not cured, a hearing to consider the
dismissal or conversion of the Chapter 11 case will be held before
the Honorable Nancy Hershey Lord, United States Bankruptcy Judge on
July 12, 2022, at 03:30 PM. Due to COVID−19 the hearing will be
held telephonically.
The Debtor's formal schedules of assets and liabilities and
statement of financial affairs are due June 21, 2022.
According to court documents, Eve's NY Limo Inc. estimates between
1 and 49 unsecured creditors. The petition states funds will not
be available to unsecured creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
July 11, 2022, at 12:00 PM at Teleconference - Brooklyn.
The Debtor's Chapter 11 Plan are due by Oct. 5, 2022.
About Eve's NY Limo, Inc.
Eve's NY Limo, Inc., offers limousine services in New York.
Eve's NY Limo, Inc., sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 22-41300) on June 7,
2022. In the petition filed by Mohammed Nuddin, as president, the
Debtor estimated assets up to $50,000 and liabilities between
$500,000 and $1 million. The case is assigned to Honorable
Bankruptcy Judge Nancy Hershey Lord.
FERRELLGAS PARTNERS: S&P Raises ICR to 'B', Outlook Stable
----------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Liberty,
MO.-based propane distributor Ferrellgas L.P. (FGL) and its parent
FGP to 'B' from 'B-'. At the same time, S&P raised its issue-level
rating on FGL's $1.475 billion notes due in 2026 and 2029 to 'B'
from 'B-'. S&P's recovery rating on the company's debt is '3',
which indicates meaningful (50%-70%; rounded estimate: 50%)
recovery in the event of default.
The stable outlook on FGP reflects S&P's expectation that the
partnership will continue to optimize its margins through various
cost-saving initiatives, which will result in cash flow growth and
an improvement in leverage to the low 6x area through its forecast
period.
S&P said, "We expect FGP will continue to enhance its margins,
primarily through cost-saving initiatives. The company's ongoing
emphasis on operational expense management and implementation of
logistics fundamentals continues to increase efficiency and
profitability. The partnership's S&P Global Ratings-adjusted EBITDA
rose 20% to about $350 million in 2021 from the previous year. This
improvement was largely caused by FGP executing its strategic
initiatives with a strong focus on cost-saving measures, logistical
efficiencies, and operational advances. We expect the company will
continue to improve its propane margins as it implements further
cost-reduction measures. We estimate adjusted EBITDA of $365
million-$375 million through our forecast, which translates to
margins of about 20%. Consequently, we project FGP's adjusted
leverage will improve to about 6x in 2022 from 6.3x in 2021."
The retail propane industry is highly fragmented and cyclical.
Although FGP is one of the leading players in the propane business,
the industry is marked by significant competition and
fragmentation. In addition, S&P's assessment of the partnership's
business risk reflects the volumetric risk from the seasonal nature
of the retail propane business and correlation of volumes with
weather, lack of long-term contracts in the portfolio, and exposure
to propane price volatility. If propone prices increased
substantially and to the extent that FGP was not able to fully pass
through the incremental cost to the customers, it would erode its
per-gallon margins. Because of these factors, credit metrics could
be less predictable. That said, its geographic diversification
helps offset the impact of regional weather patterns on the quality
of cash flows. FGP has a diversified customer portfolio, with 35%
of volume attributed to residential customers, 22% to industrial
and commercial customers, 15% to tank exchange, and the remainder
split among national (14%), agriculture (6%), transport (5%), and
other customers. In addition, the partnership's Blue Rhino
cylinder-exchange business provides some cash flow diversity and
helps offset cash flow seasonality.
Earnings and cash flow growth will likely come from bolt-on
acquisitions and operational efficiencies. FGP will continue to
acquire smaller retail propane distributors to achieve revenue and
volume growth like many of its peers. S&P also projects relatively
low capital expenditures, given no material growth projects, and
future acquisitions along with repurchase of class B common units
will be funded through a mix of internally generated cash flows and
cash on hand. Finally, the company's initiatives, such as effective
fleet management and delivery and transport efficiency, to reduce
costs will also spur some cash flow growth.
S&P said, "The stable outlook on FGP reflects our expectation that
the partnership will maintain leverage in the low 6.0x area through
our forecast period. We also expect that the partnership will
likely continue making tuck-in acquisitions, while continuing to
focus on operational improvements.
"We would consider a negative rating action on FGP if we expected
leverage to approach 7.0x. This could occur if cash flows
deteriorate due to lower demand from warm winters, customer
attrition, or if competitive pressures affect gross margins.
"We could consider a positive rating action if we believed the
partnership could achieve leverage approaching 5x on a sustained
basis. This could be accomplished by sustained strong operational
performance, improved financial performance or deleveraging."
ESG credit indicators: E-3, S-2, G-3
S&P said, "Environmental factors are a moderately negative
consideration in our credit rating analysis of FGP. FGP distributes
propane and sells related equipment to residential, commercial,
agricultural, and wholesale customers across the U.S. Demand for
propane could fall if natural gas drilling and production declined
as part of the energy transition over time. While propane is more
environmentally friendly than other hydrocarbons, climate change
could shrink demand as the industry shifts its focus to generating
low-carbon renewable fuel. Furthermore, governance factors are also
a moderately negative credit consideration as FGP has a master
limited partnership structure where the general partners are
responsible for decision-making. However, we consider the
management team to have a good level of experience."
FIGUEROA MOUNTAIN: Has Deal on Cash Collateral Access
-----------------------------------------------------
Figueroa Mountain Brewing, LLC, White Winston Select Asset Funds,
LLC, and SCS Acquisition LLC, successor-in-interest to Montecito
Bank & Trust, advised the U.S. Bankruptcy Court for the Central
District of California that they have reached an agreement
regarding Figueroa's use of cash collateral and now desire to
memorialize the terms of this agreement into an agreed order.
The parties agree the Debtor is authorized to use cash collateral
on a final basis through the earlier of (a) July 31, 2022, or (b)
the date on which the Debtor's cash on hand falls below falls below
the Cash Floor of $698,865.
If the Debtor's cash on hand falls below $698,865, then the Debtor
will: (a) immediately notify counsel for the Secured Creditors in
writing; (b) if unable to reach further agreement with the Secured
Creditors for the continued use of cash collateral, within two
Court days of sending the Required Notification file an emergency
motion for continued authority to use cash collateral and request
that the Court hear such motion at its earliest opportunity; (c) be
authorized to continue using cash collateral in accordance with the
Stipulation and the Budget until the hearing on such emergency
motion; and (d) the $698,865 will not be transferred to a third
party, including the Secured Parties or Creekstone, other than
payments of approved Budget expenses including in accordance with
clause (c) above so long as they are not payments to the Secured
Parties or Creekstone, without prior Court order entered after a
hearing set on regular notice.
During the Authorization Period, the Debtor may use cash collateral
solely to pay the expenses set forth in the budget or such further
budget that may be approved by the Parties or the Court, with a 25%
variance.
White Winston and SCS will continue to receive, as adequate
protection, replacement liens in post-petition collateral for any
diminution in their collateral as of the Petition Date arising from
the Debtor's use of such collateral but only to the same extent,
applicability and validity as the prepetition liens held by White
Winston and SCS.
A copy of the stipulation and the Debtor's budget through the week
of September 12, 2022, is available for free at
https://bit.ly/3mFHaii from PacerMonitor.com.
The budget provides for total expenses, on a weekly basis, as
follows:
$144,856 for the week beginning June 20, 2022;
$297,654 for the week beginning June 27, 2022;
$147,843 for the week beginning July 4, 2022;
$266,199 for the week beginning July 11, 2022;
$143,274 for the week beginning July 18, 2022;
$260,198 for the week beginning July 25, 2022;
$176,665 for the week beginning August 1, 2022;
$261,741 for the week beginning August 8, 2022;
$150,850 for the week beginning August 15, 2022;
$263,556 for the week beginning August 22, 2022;
$183,245 for the week beginning August 29, 2022;
$271,619 for the week beginning September 5, 2022; and
$145,497 for the week beginning September 12, 2022.
About Figueroa Mountain Brewing LLC
Founded in 2020, Figueroa Mountain Brewing, LLC
--https://www.figmtnbrew.com/ -- is in the business of
manufacturing beer with principal place of business in Buellton,
Calif.
Figueroa Mountain Brewing sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. C.D. Cal. Case No. 20-11208) on Oct. 5,
2020. Jaime Dietenhofer, the company's manager, signed the
petition.
At the time of filing, the Debtor had estimated assets of between
$1 million and $10 million and liabilities of the same range.
Judge Martin R. Barash oversees the case.
Lesnick Prince & Pappas LLP is the Debtor's legal counsel.
FOTEH'S TANDOORI: Seeks to Tap Gabriella Volshteyn as Legal Counsel
-------------------------------------------------------------------
Foteh's Tandoori, Inc. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of New York to hire The Law Offices
of Gabriella Volshteyn, P.C. as its legal counsel.
The firm will render these services:
a) represent the Debtor in the pending Supreme Court and Civil
Housing Court of Kings County cases involving one of the Creditor,
namely Locon Realty Corp.;
b) make motions or taking such action as may be appropriate or
necessary i n the pending Supreme Court and Civil Housing Court of
Kings County cases involving one of the Creditor, namely Locon
Realty Corp.;
c) negotiate with Locon Realty Corp.
The firm's fees range from $120 per hour for clerks' and
paraprofessionals' time, and $450 per hour for attorney time.
The firm received an initial retainer of $2,500 on August 20, 2021
and $6,100 on March 2, 2022.
Gabriella Volshteyn is a "disinterested person" as such term is
defined in section 101(14) of the Bankruptcy Code, as disclosed in
the court filings.
The firm can be reached through:
Gabriella Volshteyn, Esq.
Volshteyn & Associates
1600 Sheepshead Bay Rd, Suite 201
Brooklyn, NY 11235
Tel.: Phone: +1 718-332-7700
About Foteh's Tandoori, Inc.
Foteh's Tandoori, Inc. filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No.
22-40501) on March 31, 2022. The Law Offices of Olga Suslova, P.C.
represents the Debtor as counsel.
FOTEH'S TANDOORI: Taps Law Offices of Olga Suslova as Counsel
-------------------------------------------------------------
Foteh's Tandoori, Inc. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of New York to hire The Law Offices
of Olga Suslova, P.C. as its legal counsel.
The firm will render these services:
a) assist Debtor in administering this case;
b) make motions or taking such action as may be appropriate or
necessary under the Bankruptcy Code;
c) represent Debtor in prosecuting adversary proceedings to
collect assets of the estate and such other actions as Debtor deem
appropriate;
d) take such steps as may be necessary for Debtor to marshal
and protect the estate’s assets;
e) negotiate with Debtor’s creditors in formulating a plan
of reorganization for Debtor in this case;
f) draft and prosecute the confirmation of Debtor’s plan of
reorganization in this case;
g) render such additional services as Debtor may require in
this case.
The firm's fees range from $120 per hour for clerks' and
paraprofessionals' time, and $450 per hour for attorney time.
The firm received an initial retainer of $8,000.
Olga Suslova is a "disinterested person" as such term is defined in
section 101(14) of the Bankruptcy Code, as disclosed in the court
filings.
The firm can be reached through:
Olga Suslova, Esq.
The Law Offices of Olga Suslova, P.C.
1600 Sheepshead Bay Rd, Suite 201
Brooklyn, NY 11235
Tel.: (718) 266-1555
Fax: (877) 682-5720
Email:suslova.olga@gmail.com
About Foteh's Tandoori, Inc.
Foteh's Tandoori, Inc. filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No.
22-40501) on March 31, 2022. The Law Offices of Olga Suslova, P.C.
represents the Debtor as counsel.
FRONT SIGHT MANAGEMENT: Seeks to Hire BG Law as Bankruptcy Counsel
------------------------------------------------------------------
Front Sight Management, LLC seeks approval from the U.S.
Bankruptcy Court for the District of Nevada to hire BG Law LLP as
its bankruptcy counsel.
The firm's services include:
a. advising the Debtor with regard to the requirements of the
Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules and the Office
of the United States Trustee as they pertain to the Debtor;
b. advising the Debtor with regard to certain rights and
remedies of its bankruptcy estate, including with regard to certain
current and potential litigation, and the rights, claims and
interests of creditors and equity holders;
c. representing the Debtor in any proceeding or hearing in
the Bankruptcy Court involving the Debtor and/or its estate unless
the Debtor and/or the estate is represented in such proceeding or
hearing by other special counsel;
d. xonducting examinations of witnesses, claimants or adverse
parties and representing the Debtor in any adversary proceeding
except to the extent that any such adversary proceeding is in an
area outside of BG’s expertise or which is beyond BG’s staffing
capabilities;
e. preparing and assisting the Debtor in the preparation of
reports, applications, pleadings and orders including but not
limited to applications to employ professionals, monthly operating
reports, initial filing requirements, schedules and statement of
financial affairs, lease pleadings, financing pleadings, cash
collateral pleadings and pleadings with respect to the Debtor’s
use, sale or lease of property outside of the ordinary course of
business;
f. representing the Debtor with regard to obtaining use of
debtor in possession financing including, but not limited to,
negotiating and seeking Bankruptcy Court approval of any debtor in
possession financing pleading or stipulation and preparing any
pleadings related to obtaining use of debtor in possession
financing;
g. assisting the Debtor in the negotiation, formulation,
preparation and obtaining Court approval of a plan of
reorganization; and
h. performing any other services which may be appropriate in
BG’s representation of the Debtor during its bankruptcy case.
BG and each of its partners, counsel and associates is a
"disinterested person" within the meaning of Sections 101(14) and
327 of the Bankruptcy Code, according to court filings.
The firm can be reached through:
Steven T. Gubner, Esq.
Susan K. Selfin, Esq.
Jessica Wellington, Esq.
300 S. 4th Street, Suite 1550
Las Vegas, NV 89101
Tel: (702) 835-0800
Fax: (866) 995-0215
Email: sgubner@bg.law
sseflin@bg.law
jwellington@bg.law
About Front Sight Management
Front Sight Management LLC specializes in providing courses in gun
training, self-defense martial arts training, and personal safety
-- with firearms or without. Front Sight sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No.
22-11824) on May 24, 2022. In the petition signed by Ignatius
Piazza, manager, the Debtor disclosed up to $50 million in both
assets and liabilities.
Steven T. Gubner, Esq., at BG Law LLP is the Debtor's counsel.
FS DIP, LLC, as DIP agent, is represented by Samuel A. Schwartz,
Esq., and Bryan A. Lindsey, Esq., at Schwartz Law, PLLC.
FRONT SIGHT MANAGEMENT: U.S. Trustee Appoints Creditors' Committee
------------------------------------------------------------------
The U.S. Trustee for Region 17 appointed an official committee to
represent unsecured creditors in the Chapter 11 case of Front Sight
Management, LLC.
The committee members are:
1. Steven M. Heun
35 Hahnemann Lane
Napa, CA 94558-7210
Phone: (707) 479-5800
Email: sheun@pacbell.net
2. Gary Cecchi
90 Grey Fox Lane
Oroville, CA 95966-9460
Phone: (510) 206-4343
Email: garycecchi@comcast.net
3. David Streck
22W330 Spring Valley Dr.
Medinah, IL 60157
Phone: (630) 300-8533
Email: dstreck1@gmail.com
Counsel: Shelly DeRousse, Esq.
Freeborn & Peters LLP
311 S. Wacker Drive, Ste. 3000
Chicago, IL 60606
Phone: (312) 360-6315
Email: sderousse@freeborn.com
4. Thomas E. Donaghy
3346 Woolsey Rd
Windsor, CA 95492
Phone: (707) 291-8368
Email: tom@ncva.com
5. ALM Investments LLC
Attention: Mark Eagleton
3525 Sage Rd 115
Houston, TX 77056
Phone: (917) 856-8213
Email: ME49208@reagan.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 Front Sight Management
Front Sight Management, LLC specializes in providing courses in gun
training, self-defense martial arts training, and personal safety
-- with firearms or without.
Front Sight Management sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 22-11824) on May 24,
2022. In the petition signed by Ignatius Piazza, manager, the
Debtor disclosed up to $50 million in both assets and liabilities.
Steven T. Gubner, Esq., at BG Law, LLP serves as the Debtor's
counsel. Stretto, Inc. is the claims, noticing and solicitation
agent.
FS DIP, LLC, as DIP agent, is represented by:
Samuel A. Schwartz, Esq.
Bryan A. Lindsey, Esq.
Schwartz Law, PLLC
601 East Bridger Avenue
Las Vegas, NV 89101
Tel: 702-385-5544
Email: saschwartz@nvfirm.com
GENESIS VASCULAR: Seeks to Tap Andrew Ashton as Accountant
----------------------------------------------------------
Genesis Vascular of Pooler, LLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of Georgia to employ
Andrew Ashton, a certified public accountant and member of Doctors
Management, LLC.
The Debtor requires an accountant to file its 2021 tax returns.
As disclosed in court filings, Mr. Ashton is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The accountant can be reached at:
Andrew Ashton, CPA
Doctors Management, LLC
10401 Kington Pike
Knoxville, TN 37922
Telephone: (800) 635-4040
Facsimile: (865) 531-0722
Email: info@drsmgmt.com
About Genesis Vascular of Pooler
Genesis Vascular of Pooler, LLC, a division of Genesis Global
HealthCare, is focused on delivering vascular care to patients with
Peripheral Vascular Disease (P.V.D.), including limb salvage and
wound management. On the Web: https://genesisghc.com/
Genesis Vascular of Pooler filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ga. Case No.
21-40001) on Jan. 4, 2021. In the petition signed by Howard Gale,
M.D., corporate representative, the Debtor disclosed $197,217 in
total assets and $1,160,455 in total liabilities.
Judge Edward J. Coleman III oversees the case.
Merrill & Stone, LLC and Andrew Ashton, CPA, a member of Doctors
Management, LLC, serve as the Debtor's legal counsel and
accountant, respectively.
GREEN BIRD: Files Bares-Bones Chapter 11 Petition
-------------------------------------------------
Green Bird Ventures LLC filed for chapter 11 protection in the
Southern District of New York, without stating a reason.
The petition filed by Yosef Rothman, as managing member, estimated
assets and liabilities only of up to $50,000 each. However, the
Debtor indicated that ALlstate Insurance Company has a claim of
$3,731,000.
The Debtor's formal schedules of assets and liabilities and
statement of financial affairs are due June 21, 2022.
According to court filing, Green Bird Ventures estimates between 1
and 49 creditors. The petition discloses that after any
administrative expenses are paid, no funds will be available to
unsecured creditors.
The Debtor's Small Business Chapter 11 Plan and Disclosure
Statement are due by Dec. 5, 2022.
About Green Bird Ventures
Green Bird Ventures LLC is a Single Asset Real Estate (as defined
in 11 U.S.C. Sec. 101(51B)).
Green Bird Ventures LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 22-22340) on June 7,
2022. Allen A. Kolber, of Law Offices of Allen A. Kolber, Esq., is
the Debtor's counsel.
GREEN WOODS CHARTER SCHOOL: S&P Raises 2012A Bonds Rating to 'BB+'
------------------------------------------------------------------
S&P Global Ratings raised its long-term rating to 'BB+' from 'BB'
on the Philadelphia Authority for Industrial Development, Pa.'s
series 2012A revenue bonds, issued for Green Woods Charter School.
At the same time, S&P assigned its 'BB+' long-term rating to the
authority's series 2022A tax-exempt and 2022B taxable revenue and
refunding bonds, to be issued for Green Woods. The series 2022
bonds are expected to refinance the series 2012 bonds, at which
time S&P will withdraw its rating on the series 2012 bonds. The
outlook on all bonds is stable.
"The upgrade reflects our view of Green Woods' steady enrollment
and demand profile, expected five-year charter renewal, and solid
financial metrics, all of which support the higher rating," said
S&P Global Ratings credit analyst Avani Parikh. S&P said, "In our
view, Green Woods' most recent coverage and days' cash metrics are
robust for the rating level but provide cushion against a high debt
burden and the likely per-pupil funding cuts expected in fiscal
2023 and beyond. As the school's operating revenue flexibility is
limited with enrollment at the charter cap, we expect operations
are likely to moderate but remain consistent with the 'BB+' rating
level supported by a healthy liquidity cushion and almost $7.5
million received across the three rounds of ESSER funding, with
about $3 million left to be spent beyond fiscal 2022. We also view
the modest amount of new money with the series 2022 issuance as
manageable at the higher rating level."
S&P said, "The stable outlook reflects our view that Green Woods
will maintain steady enrollment and healthy demand, reflecting the
school's stable market position. In addition, while per-pupil
funding cuts may result in moderated performance, we expect the
school to sustain MADS coverage and liquidity consistent with the
rating level. We also expect the charter renewal contract will be
executed in the coming months."
GWG HOLDINGS: Final Hearing on DIP Loan Moved to July 18
--------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas,
Houston Division, authorized GWG Holdings, Inc. and its
debtor-affiliates to, among other things, use cash collateral on an
interim basis and obtain postpetition financing in accordance with
the Debtors' stipulation with National Founders LP, the DIP
Lender.
The parties agreed to reset the final hearing on the DIP Motion to
July 18, 2022, at 9 a.m. and the objection deadline to July 11 at 4
p.m.
The parties also agreed that the last sentence of Paragraph 47 of
the Interim DIP Order is amended as follows:
"Any party in interest objecting to the entry of the proposed Final
Order shall file written objections with the Clerk of the United
States Bankruptcy Court for the Southern District of Texas on or
before July 11, 2022 at 4:00 p.m. (prevailing Central Time)."
The Final Order Deadline (as defined in the DIP Credit Agreement)
is further extended to July 20.
The Court said no other provisions of the First Stipulation and
Agreed Order, Second Stipulation and Agreed Order, or the Interim
DIP Order will be amended or modified, and the Interim DIP Order
will remain in full force and effect.
The Debtors are authorized to take all actions necessary to
effectuate the relief granted in the Stipulation and Agreed Order.
National Founders LP has committed to provide the Debtors with a
postpetition delayed draw term loan financing facility. The DIP
Facility consists of new money commitments available for the making
of new money term loans in an aggregate amount not to exceed
$65,000,000, plus any Discretionary DIP Overadvance, of which
$18,000,000 was made available upon the entry of the Interim
Order.
National Founders serves as the post-petition administrative agent
and collateral agent under a Superpriority Secured
Debtor-in-Possession Credit and Guaranty Agreement. Debtor GWG
Life USA, LLC, and non-debtor GWG MCA Capital, Inc., GWG DLP
Funding V Holdings, LLC, and GWG DLP Funding V, LLC serve as
guarantors under the DIP Facility.
A copy of the order is available at https://bit.ly/3QlamZy from
PacerMonitor.com.
About GWG Holdings Inc.
Headquartered in Dallas Texas, GWG Holdings, Inc. (NASDAQ: GWGH),
conducts its life insurance secondary market business through a
wholly-owned subsidiary, GWG Life, LLC and GWG Life's wholly-owned
subsidiaries.
GWG Holdings Inc. and affiliates sought Chapter 11 bankruptcy
protection (Bankr. S.D. Tex. Case No. 22-90032) on April 20, 2022.
In the petition filed by Murray Holland, as president and chief
executive officer, GWG Holdings estimated assets between $1 billion
and $10 billion and estimated liabilities between $1 billion and
$10 billion.
The case is assigned to Honorable Bankruptcy Judge Marvin Isgur.
Charles Stephen Kelley, Esq., at Mayer Brown LLP, is the Debtor's
counsel.
National Founders LP, as DIP Lender, is represented by Sidley
Austin LLP.
HANSABEN INVESTMENTS: June 16 Hearing on Continued Cash Use
-----------------------------------------------------------
Hansaben Investments, LLC, is slated to appear before the U.S.
Bankruptcy Court for the Northern District of California on June
16, 2022, for a final hearing on its request to access cash
collateral.
The Honorable Dennis Montali previously entered an interim order
authorizing Hansaben to use the cash collateral of both Poppy Bank
and the United States Small Business Administration. The Court
permitted the Debtor to use cash collateral through and including
the later of June 17 or the date of the Second Interim Hearing,
which has been set for June 16 at 10:30 a.m.
Hansaben LLC seeks to spend in the overall aggregate up to a 10%
variance from the gross amount sought to be expended in the Budget
through September 30, 2022, for the actual and necessary costs and
expenses that must be expended to preserve the assets of the
estate.
As adequate protection, Poppy Bank and the SBA will be granted
replacement liens in Hansaben LLC's cash collateral to the same
extent, validity, scope, and priority at the prepetition liens held
by Poppy Bank and the SBA respectively on the Petition Date.
The Debtor will provide adequate protection payments to Poppy Bank
commencing August 1, 2022, in the amount of $20,000 per month.
According to the Debtor, based on the estimated secured debt of
approximately $8,000,000, there exists approximately $2,000,000 in
equity cushion at the Debtor's valuation and $500,000 in equity
cushion at the 2019 appraised valuation.
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 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 the 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.
There is no cross-collateralization between the Patel Chapter 11
Entities, though Hansaben LLC and Prithvi Investments, LLC both
have Poppy Bank as their primary secured bank lender though other
connections do exist such as: (a) Hansaben LLC and Prithvi LLC have
Poppy Bank as their primary secured bank lender and (b) I, Reena
Patel and Bhavesh Patel are involved in litigation with Access
Point, a lender to Prithvi LLC, involving a pledge of our
membership interests in Hansaben LLC to secure an Access Point
loan.
Hansaben LLC's main creditor is Poppy Bank, which is owed
$4,450,000 on loan secured by a first-priority deed of trust, and
$2,672,465 on a second loan secured by a second priority deed of
trust. In addition to the deeds of trust on the Subject Property,
Poppy Bank asserts a blanket security interest in Hansaben LLC's
personal property, including accounts, and filed a UCC-1 financing
statement with the California Secretary of State on June 28, 2018
(Document No 71243290003) to perfect such interest.
Hansaben LLC has also obtained a United States Small Business
Administration loan in the amount of $537,500, which is also
secured by a blanket security interest in Hansaben LLC’s tangible
and intangible personal property. The SBA filed a UCC-1 financing
statement with the California Secretary of State on December 30,
2020 to perfect such interest.
Because the Poppy Bank financing statement was filed before the SBA
financing statement, Poppy Bank likely has a first-priority lien on
the Debtor's personal property, including cash collateral, and a
first-priority lien on the Hotel real property.
Poppy Bank, fka First Community Bank, has objected to final
approval of the Debtor's request. The bank contends it is entitled
to adequate protection and notes the Debtor's proposed use of the
bank's cash collateral does not constitute adequate protection.
The bank explains the Debtor proposes to use cash collateral for
another three months, while paying nothing toward the accruing
property taxes ($288,000 to date), and paying Poppy Bank for this
three-month period an amount that equals only approximately 30% of
the interest accruing monthly on the two outstanding loans. Thus,
each month, Poppy Bank will lose more and more equity in the
property, while the Debtor uses its cash collateral to keep running
a business which has little to no chance of survival.
The Debtor seeks the Court authorization to use Poppy Bank's cash
collateral to pay for its own professionals -- attorneys, CPAs and
other experts. The bank contends Section 506(c) of the Bankruptcy
Code requires these expenses to be reasonable, necessary and to
provide a quantifiable benefit to the secured creditor. These
expenses provide a benefit only to the Debtor, and certainly no
benefit to Poppy Bank.
The bank is represented by:
Mitchell B. Greenberg, Esq.
ABBEY, WEITZENBERG, WARREN & EMERY, P.C.
100 Stony Point Road, Suite 200
Santa Rosa, CA 95401
Telephone: 707-542-5050
Facsimile: 707-542-2589
E-mail: mgreenberg@abbeylaw.com
A copy of the motion and the Debtor's budget for the period from
May 27 to September 30, 2022 is available at https://bit.ly/3yZ2Nlj
from PacerMonitor.com.
The budget provides for total expenses, on a weekly basis, as
follows:
$1,965 for the week ending May 27, 2022;
$11,514 for the week ending June 3, 2022;
$2,214 for the week ending June 10, 2022;
$12,375 for the week ending June 17, 2022;
$2,295 for the week ending June 24, 2022;
$53,999 for the week ending June 30, 2022;
$160,604 for the month ending July 2022;
$155,604 for the month ending August 2022; and
$143,973 for the month ending September 2022.
The Debtor needs access to cash collateral on an interim basis to
pay for necessary expenses in the amount of:
$1,965 for the week ending May 27, 2022,
$11,514 for the week ending June 3, 2022,
$2,214 for the week ending June 10, 2022, and
$12,375 for the week ending June 17, 2022.
The total requested for the period from the Petition Date through
September 30, 2022, is $544,542.
About Hansaben Investments, LLC
Hansaben Investments, LLC owns a land and building located at 316
Pittman Road, Fairfield, CA having a fair market value of $9.85
million.
The Debtor 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, manager, the Debtor
disclosed $10,030,061 in assets and $8,330,389 in liabilities.
Judge Dennis Montali oversees the case.
Thomas Willoughby, Esq. at Felderstein Fitzgerald Willoughby
Pascuzzi Rios LLP is the Debtor's counsel.
INFOW LLC: CT Judge Won't Budge on Jones Defamation Trial Dates
---------------------------------------------------------------
Rob Ryser of NewsTimes reports that it doesn't matter to a
Connecticut judge that Alex Jones says he can't attend trial in
Waterbury in September to award defamation damages to Sandy Hook
families because Jones has two other Sandy Hook defamation awards
trials scheduled in Texas to defend.
Connecticut Superior Court Judge Barbara Bellis isn't budging on
her trial date.
"[T]he current dates for jury selection and evidence has been
firmly set since August 5, 2021, and the court has made it clear
that the trial will go forward as scheduled," Bellis ordered on
Wednesday, June 8, 2022, in a case that continues to generate
national attention. "Since the Texas courts have recently assigned
new trial dates which conflict with this long-standing date,
nothing prevents the (Jones lawyers) from filing motions for
continuance in the Texas cases."
Translation: any trial date that's rescheduled is going to be in
Texas, not Connecticut.
Judge Bellis' order was in response by a request from Jones'
high-profile New Haven attorney Norm Pattis, who argued in a motion
on Wednesday that it was "simply, physically impossible" for Jones
and his defense team to begin jury selection in August and a trial
in September when parallel trials were planned back-to-back in
Texas on July 25, 2022 and Sept. 14, 2022.
The conflicting trial dates are not Pattis' only problem. Pattis
has asked to stop representing Jones, who Pattis said he hasn't
spoken to in weeks. So far, Bellis has refused to let Pattis
withdraw from the case, saying Pattis and other Jones attorneys
have either replaced themselves or asked to be dropped 13 times in
four years.
Meanwhile, Jones' attorney in Texas said he had not seen Bellis'
ruling and had not decided how to respond.
"All I can say is this highlights the payoff involved with having
two state judges acting independently of one another with no
referee," said Andino Reynal. "This is why we filed for
bankruptcy."
About InfoW LLC
InfoW, LLC, also known as InfoWars, is an American far-right
conspiracy theory and fake news website that is owned by Alex
Jones.
InfoW and affiliates, IWHealth, LLC and Prison Planet TV, LLC,
filed petitions under Chapter 11, Subchapter V of the Bankruptcy
Code (Bankr. S.D. Texas Lead Case No. 22-60020) on April 18, 2022.
Melissa A. Haselden serves as Subchapter V trustee.
In the petition filed by W. Marc Scwartz, chief restructuring
officer, InfoW listed up to $50,000 in assets and up to $10 million
in liabilities.
Judge Christopher M. Lopez oversees the cases.
Kyung S. Lee, Esq., is the Debtor's legal counsel.
INTERNATIONAL ACADEMY OF FLINT: S&P Affirms BB Rating on Rev Bonds
------------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' rating on International
Academy of Flint (IAF), Mich.'s series 2007 public school academy
revenue bonds. At the same time, S&P removed the rating from
CreditWatch with negative implications. The outlook is stable.
The rating was placed on CreditWatch on March 15, 2022, due to lack
of timely information as the pertinent data had not been received.
The CreditWatch resolution reflects our receipt of all the
requested information that S&P assesses as relevant to its full
review process.
Prior to the CreditWatch action, the long-term rating outlook was
negative. "The current stable outlook reflects the overall
improvement in the school's operating performance over the past two
fiscal years that produced solid positive operating results and
growth in days' cash on hand for fiscal 2021, which is expected to
continue for fiscal 2022 and 2023 supporting stability in the
credit profile over the outlook," said S&P Global Ratings credit
analyst Mel Brown. In addition, enrollment has declined modestly by
less than 3% over the past two years, and management is expecting
stable enrollment for first through eighth grade and growth at the
kindergarten level going into fall 2022 based on current student
acceptances. Stabilizing enrollment along with additional support
from federal relief funding (ESSER), and moderate per pupil funding
increases expected in fiscal year 2023 continue to support S&P's
stable view of the rating over the outlook.
As of fiscal year-end 2021 (June 30), IAF had $13 million in
long-term, fixed-rate debt outstanding. This figure includes $12.7
million outstanding on the school's 2007 bond issuance and $329,000
outstanding on a direct loan from Siemens Financial Services that
was used to retrofit lighting and upgrade heating, ventilation, and
air conditioning systems. The terms of the direct loan have
acceleration provisions for non-payment events of default, which
include missed payments, insolvency, and operational impairment.
Despite this, S&P does not view the debt as contingent given that
IAF has ample liquidity to cover the loan if it were to come due as
demonstrated by its $1.7 million in unrestricted cash as of fiscal
year end 2021.
Proceeds from the 2007 issuance were used to finance the
acquisition of the school's current facility, additions, and other
equipment. All major capital projects relating to the issuance are
complete. The bonds are an unconditional general obligation of IAF
and secured by a pledge of 20% of state aid, a first mortgage lien
on the new facility, and a fully funded debt service reserve. The
school is currently in compliance with the terms and conditions set
forth in the indenture. Management reports the school is not
currently planning any major capital projects within the outlook
period.
IAF returned to fully in-person instruction for the 2021-2022
school year. Management reports that the school remains thoughtful
in its future planning and maintains the flexibility to transition
to a virtual environment as needed.
"We assessed IAF's enterprise profile as vulnerable, characterized
by limited demand; declining enrollment; weak student retention;
and modest academics compared with district results, offset by a
good management team," added Ms. Brown. "We assessed IAF's
financial profile as vulnerable, with improving maximum annual debt
service coverage; positive financial operations, which, according
to management, will continue in fiscal 2022; modest liquidity; and
a moderate debt burden."
INTERNATIONAL REALTY: Sale to Cherubin Gives 100% Plan
------------------------------------------------------
International Realty Partners, LLC, submitted a Chapter 11 Plan of
Reorganization and a Disclosure Statement.
Since its inception, the Debtor has been able to acquire
properties, which it has renovated, remodeled and resold. Among
those properties is the property located at 13014 Woodmore North
Boulevard, Bowie, Maryland (the "Property") which the Debtor
purchased for $482,000 with the intent to renovate and improve the
Property and sell it. The Debtor made major improvements to the
property, and Greg Cherubin and his family desire to purchase that
property from the Debtor to occupy as their principal residence.
The Debtor has an agreement with Gregory Cherubin, its managing
member, to sell the Property for a sum sufficient to pay all
Allowed Claims in full (the "Purchase Price"). The agreement is
not subject to any contingencies and Gregory Cherubin has agreed to
purchase the Property "as is".
Under the Plan, holders of Class 7 General Unsecured Claims will
receive a pro rata distribution (without interest) after payment in
full of claims in Classes 1 through 6 and all costs and expenses of
the administration of these proceedings. The Debtor does not
believe that there are any claims in this Class 7. Class 7 is
unimpaired.
The funds necessary to implement the Plan will be generated from
sale of the Property. In the event that the Buyer defaults on his
agreement to purchase the Property, the Debtor will promptly
commence to re-market the Property for sale. All of the proceeds
generated from the sale of the Property, after the satisfaction of
the costs of sale, shall be applied to the payment of the creditors
in accordance with the terms of the Plan.
Counsel for the Debtor:
Steven H. Greenfeld, Esq.
325 Ellington Boulevard
Gaithersburg, MD 20878
Tel: (301) 881-8300
A copy of the Disclosure Statement dated June 10, 2022, is
available at https://bit.ly/3xqpSe6 from PacerMonitor.com.
About International Realty Partners
International Realty Partners, LLC, is in the business of acquiring
properties, then renovating, remodeling and reselling them.
International Realty Partners filed a Chapter 11 bankruptcy
petition (Bankr. D. Md. Case No. 22-10754) on Feb. 15, 2022,
disclosing under $1 million in both assets and liabilities. The
Debtor is represented by Cohen, Baldinger & Greenfeld, LLC.
JASPER PELLETS: Seeks to Hire Beal LLC as Bankruptcy Counsel
------------------------------------------------------------
Jasper Pellets, LLC seeks approval from the U.S. Bankruptcy Court
for the District of South Carolina to hire Beal, LLC to serve as
its bankruptcy general counsel.
The firm will render the following services:
(a) advise the Debtor with respect to its powers and duties as
debtor-in-possession in the continued management and operation of
its businesses and properties;
(b) attend meetings and negotiate with representatives of
creditors and other parties in interest;
(c) take all necessary action to protect and preserve the
Debtor's estate, including prosecuting actions on the Debtor's
behalf, defending any action commenced against the Debtor and
representing the Debtor's interest in negotiations concerning all
litigation in which the Debtor is involved, including, but not
limited to, objections to claims filed against the estate;
(d) prepare on Debtor's behalf all motions, applications,
answers, orders, reports, and papers necessary to the
administration of the estate;
(e) negotiate and prepare on the Debtor's behalf a plan of
reorganization, disclosure statement, and all related agreements
and/or documents, and take any necessary action on behalf of the
Debtor to obtain confirmation of such plan;
(f) represent the Debtor in connection with obtaining
post-petition financing if necessary;
(g) advise the Debtor in connection with any potential sale
of assets;
(h) appear before this Court, any appellate courts and the
Office of the United States Trustee and protect the interests of
the Debtor's estate before those Courts and the United States
Trustee; and
(i) perform all other necessary legal services to the Debtor
in connection with this Chapter 11 case.
Beal's customary hourly rates are:
Members $252
Associates $395 to $495
Paralegals $100 to $175
Beal received $48,500 as a retainer.
Beal is a disinterested person as that term is defined in Section
101(14), according to court filings.
The firm can be reached through:
Michael M. Beal, Esq.
BEAL, LLC
PO Box 11277
Columbia, SC 29211
Tel: 803-728-0803
E-mail: ccooper@bealllc.com
About Jasper Pellets
Jasper Pellets, LLC, a wood pellet manufacturing company, filed its
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. D.S.C. Case No. 22-01409) on May 27, 2022. The
petition was signed by Charles Knight as managing member. At the
time of filing, the Debtor estimated $25,119,486 in total assets
and $14,422,514 in total liabilities.
Judge David R. Duncan presides over the case.
Michael M. Beal, Esq. at BEAL, LLC serves as the Debtor's counsel.
JAXON5 IMPORTS: Starts Chapter 11 Subchapter V Case
---------------------------------------------------
Jaxon5 Imports, LLC, filed for chapter 11 protection in the
Southern District of Texas without stating a reason. The Debtor
filed as a small business debtor seeking relief under Subchapter V
of Chapter 11 of the Bankruptcy Code.
According to court filing, Jaxon5 Imports LLC estimates between 1
and 49 unsecured creditors. The bare-bones petition states funds
will be available to unsecured creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
July 12, 2022 at 10:00 AM at US Trustee Houston Teleconference.
Proofs of claims are due by Oct. 11, 2022. Government proofs of
claims are due Dec. 6, 2022.
The Debtor's Chapter 11 Plan is due by Sept. 5, 2022.
About Jaxon5 Imports
Jaxon5 Imports, LLC, is a licensed and bonded freight shipping and
trucking company running freight hauling business from Cypress,
Texas.
Jaxon5 Imports filed a petition for relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No.
22-31596) on June 7, 2022. In the petition filed by Jactecia
Tiller, as manager, the Debtor reports estimated assets and
liabilities between $100,000 and $500,000.
The case is assigned to Honorable Bankruptcy Judge Jeffrey P
Norman.
Reese W Baker, of Baker & Associates, is the Debtor's counsel.
Catherine Stone Curtis has been appointed as Subchapter V trustee.
JJS LOGISTICS: Taps Andy Yurasko as Chief Restructuring Officer
---------------------------------------------------------------
JJS Logistics of Florida, Inc. seeks approval from the U.S.
Bankruptcy Court for the Middle District of Florida to employ Andy
Yurasko, III, a professional practicing in Tampa, Fla., as its
chief restructuring officer.
Mr. Yurasko will render these services:
(a) handle the responsibilities of a chief operating officer;
(b) manage the employees and general office management;
(c) oversee financial decisions and employees; and
(d) handle communications, decisions, reporting and other
efforts in connection with the Debtor's bankruptcy case.
Mr. Yurasko will be paid $200 per hour for his services.
In court papers, Mr. Yurasko disclosed that he is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
Mr. Yurasko can be reached at:
Andy Yurasko, III
MyArea Network, Inc.
500 E. Kennedy Blvd Suite 101
Tampa, FL 33602
Telephone: (412) 352-4737
Email: ayurasko@gmail.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, PA, doing business as Jennis Morse Etlinger, is the
Debtor's legal counsel. Andy Yurasko, III, and Frank Turczyn serve
as chief restructuring officer and chief financial officer,
respectively.
JJS LOGISTICS: Taps Frank Turczyn as Chief Financial Officer
------------------------------------------------------------
JJS Logistics of Florida, Inc. seeks approval from the U.S.
Bankruptcy Court for the Middle District of Florida to employ Frank
Turczyn, a professional practicing in Fla., as its chief financial
officer.
Mr. Turczyn will render these services:
(a) prepare budgets and forecasts for cash collateral, the
plan and as otherwise needed in the Debtor's bankruptcy case;
(b) assist with the preparation of the Debtor's reporting
obligations;
(c) advise on financial matters such as compensation and
vendor agreements; and
(d) administer accounts payable and accounts receivables.
Mr. Turczyn will be paid $200 per hour for his services.
In court papers, Mr. Turczyn disclosed that he is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
Mr. Turczyn can be reached at:
Frank Turczyn
20013 Hidden Glen Drive
Land O Lakes, FL 34638
Telephone: (813) 803-3738
Email: fturczyn@msn.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, PA, doing business as Jennis Morse Etlinger, is the
Debtor's legal counsel. Andy Yurasko, III, and Frank Turczyn serve
as chief restructuring officer and chief financial officer,
respectively.
LARRY BARBER: Files Emergency Bid to Use Cash Collateral
--------------------------------------------------------
Larry Barber Enterprises, Inc. asks the U.S. Bankruptcy Court for
the Middle District of Florida, Tampa Division, for authority to
use cash collateral and provide adequate protection.
The Debtor requires the use of cash collateral to fund its
operating expenses and costs of administration in the Chapter 11
case.
In October 2013, the Debtor initially borrowed funds in the amount
of $185,258 from SouthState Bank, National Association fka Center
State Bank and in exchange granted SouthState a first priority lien
on substantially all of its assets, which is indicated in its UCC
filing dated October 10, 2013. As of the Petition Date, it is
believed SouthState will allege a balance due of $155,646. The
Debtor remains current on its payments to SouthState.
Additionally, the Internal Revenue Service has asserted a lien in
the amount of $71,266. The IRS has asserted various liens on the
Debtor's property since February 2018 and filed its most recent
lien post-petition on June 8, 2022.
On the Petition Date, the Debtor had certain funds in its bank
account in the amount of $22 and accounts receivable totaling
$109,845. Additionally, the Debtor continues to receive revenue
from its business. The Debtor anticipates that it will receive
additional payments for services provided following the Petition
Date in the ordinary course of its business. The proceeds generated
by services, the funds in the accounts and the accounts receivable
may constitute the cash collateral. Use of SouthState's cash
collateral is necessary for the ongoing operations of the business.
As adequate protection for the use of cash collateral, Debtor
offers the following:
a. Creditors will have a post-petition lien on the Collateral
to the same extent, validity and priority as existed pre-petition;
and
b. The Debtor will continue to make regular monthly payment to
SouthState in the amount of $1,639 and will provide a replacement
lien on the post-petition funds to the same extent, validity, and
priority as existed pre-petition.
A copy of the motion is available at https://bit.ly/3xGOYqB from
PacerMonitor.com.
About Larry Barber Enterprises
Established by Larry Barber, Larry Barber Enterprises Inc. is a
full-service provider of tower civil design, construction and
maintenance services across the United States, Puerto Rico, and the
U.S. Virgin Islands. On the Web:
http://www.larrybarberenterprises.com/
Larry Barber Enterprises sought bankruptcy protection under
Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D.
Fla. Case No. 22-02083) on May 24, 2022. In the petition filed by
Larry Barber, as president, Larry Barber Enterprises estimated
assets up to $50,000 and estimated liabilities between $1 million
and $10 million.
Jake C Blanchard, of Blanchard Law, P.A., is the Debtor's counsel.
Amy Denton Mayer has been appointed as Subchapter V trustee.
LATHAN EQUIPMENT: Wins Cash Collateral Access Thru Aug 31
---------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of New York
authorized Lathan Equipment Co., LLC to use cash collateral in the
ordinary course of business in accordance with the budget, with a
10% variance through August 31, 2022.
The Debtor is directed to deposit cash collateral immediately on
the Debtor's receipt into one or more accounts which will be
established and maintained at an insured and acceptably bonded
financial institution of the Debtor's choice.
Channel Partners Capital LLC asserts a valid and properly perfected
security interest in inter alia the Debtor's accounts receivable.
As adequate protection for use of the cash collateral, Channel
Partners will receive a perfected continuing and rollover security
interest (deemed perfected as of the filing date) in and to all of
its collateral, to the extent the secured creditor's cash
collateral and other collateral, is used and to the same extent and
with the same priority in the Debtor's post-petition collateral and
proceeds thereof that the creditor held pre-petition, including but
not limited to all after acquired collateral and the proceeds and
products thereof, retroactive to the filing date.
As further adequate protection for use of cash collateral, the
Secured Creditor will receive monthly payments in the amount of
$243, on the 1st day of each month during the Third Interim
Period.
Unless otherwise ordered by the Court, the Debtor's authority to
use the pre-petition cash collateral terminates on the earlier of
(i) August 31, 2022; or (ii) the fifth business day following
written notice to the Debtor and its counsel via email that an
Event of Default has occurred.
These events constitute an "Event of Default:"
(a) Failure to timely provide the financial information and
reports required by the Bankruptcy Code;
(b) Failure to comply with the budget; and
(c) The conversion or dismissal of the Debtor's Chapter 11
case, or application or motion by or against the Debtor for such
conversion or dismissal, unless Channel Partners consents to the
dismissal or conversion.
A further hearing on the matter is scheduled for August 29 at 10:30
a.m.
A copy of the order and the Debtor's budget is available at
https://bit.ly/3NPRlNy from PacerMonitor.com.
The Debtor projects $46,974 in cash on hand and $71,588 in total
expenses for March 2022.
About Lathan Equipment Co., LLC
Lathan Equipment Co., LLC provides tree services, roll-off services
and equipment sales.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. N.Y. Case No. 22-10186) on March 4,
2022. In the petition signed by Andrew J. Lathan, sole
member/president, the Debtor disclosed $1,240,890 in assets and
$675,575 in liabilities.
Judge Carl L. Bucki oversees the case.
David H. Ealy, Esq., at Cristo Law Group LLC is the Debtor's
counsel.
LIFE CENTER CHURCH: Updates Cadles of Grassy Claim; Amends Plan
---------------------------------------------------------------
Life Center Church of God in Christ submitted a Fourth Amended Plan
of Reorganization dated June 9, 2022.
The Debtor is the proponent and disbursing agent of this Plan. This
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.
Class 1(a) consists of the two Allowed Secured Claim: 1) is the
claim of Cadles of Grassy Meadows II LLC that holds a first
priority mortgage on two the churches 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 set forth herein.
The Debtor proposes to bifurcate the claim of Cadles. Cadles has a
secured claim as valued by its collateral in the amount of
$1,440,000.00. The debtor proposes to pay a $25,000.00 down payment
to and the balance of the secured claim in the amount of
$1,415,000.00. amortized over 30 years at an interest rate of 3.75%
with a balloon payment of the balance due on or before June 31,
2027. Debtor shall 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 thirty two (32)
months from the effective date of the Plan, the debtor payment to
Cadles shall increase by $1,000.00 for a monthly total payment
thereafter of $7,532.67 per month which payment shall continue
thereafter for the duration of the Plan. That it is understood and
agreed that the outstanding balance due to Cadles, less all payment
made under the Plan of reorganization, shall balloon sixty (60)
months from the date of the entry of the order of confirmation.
Class 2a consist of the allowed nonpriority unsecured claims in the
total amount of $398,394.47 which includes the unsecured portion of
the claim of Cadles of Grassy Meadows, II L.L.C. in the amount of
$390,989.72 along with an unsecured claim to the IRS in the amount
of $1,186.94. The unsecured claims will be paid at 10% of the total
claim in the aggregate amount of $ 39,839.44 in monthly payments of
$663.99 without interest. All payments shall begin on the 10st day
of the month following the effective date of the Plan.
This Plan is self-executing. The Debtor shall not be required to
execute any newly created documents to evidence the claims, liens
or terms of repayment to the holder of any Allowed Claim.
Furthermore, upon the completion of the payments required under
this Amended Plan to the holders of Allowed Claims.
A full-text copy of the Fourth Amended Plan dated June 9, 2022, is
available at https://bit.ly/3HiQouw from PacerMonitor.com at no
charge.
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
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.
LUCERO LLC: Amends Plan to Include Insider Unsecured Claim Details
------------------------------------------------------------------
Lucero LLC (the "LLC") and The Elba Lucero Family Trust dated
December 12, 1986 and Amended and Restated August 10, 2005 (the
"Business Trust") (collectively, the "Lucero Estates" or the
"Debtors") submitted an Amended Plan of Reorganization for Small
Business dated June 9, 2022.
The Plan Proponent's financial projections show that the Debtors
will have projected disposable income of $362.80. The final Plan
payment is expected to be paid on January 11, 2025.
Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately 100 cents on the dollar, with interest payable at
0.45%. This Plan also provides for the payment of administrative
and priority claims.
Class 2F consists of All secured property tax claims of the San
Francisco County Tax Collector. One Payment on Effective Date, paid
in full, in cash, upon the later of the effective date of this
Plan, or the date on which such claim is allowed by a final non
appealable order. Amount paid: $15,660.82, plus any accrued
interest up through Effective Date.
Class 4A consists of All non-priority, noninsider unsecured
creditors. Class 4A claimants (excluding disputed claims with no
proof of claim filed) shall receive a 100% dividend with interest
payable at 2.02% calculated from the Effective Date. Said claims
are impaired due to the 12 month payment term. The start date for
the 12 monthly payments shall be August 1, 2023.
Class 4B consists of non-priority, insider claim of Mary Lucero,
Successor Co. Trustee (insider non-priority, unsecured claim).
Class 4B claimant Mary Lucero shall receive no payment until all
allowed claims of all other creditor classes are first paid in
full. After all other allowed claims in the Plan are paid in full,
Mary Lucero will receive $37,000 in one lump sum payment a 100%
dividend, with interest payable at 2.02% calculated from the
Effective Date.
The Debtors will retain possession of the property of the estate.
For Effective Date payments, at or prior to the confirmation
hearing, the Debtors will confirm deposit into trust of S365,000
necessary to make Effective Date payments.
A full-text copy of the Amended Plan of Reorganization dated June
9, 2022, is available at https://bit.ly/3O2ngtI from
PacerMonitor.com at no charge.
Attorney for the Debtors:
     Matthew D. Metzger, Esq.
     Belvedere Legal, PC
     1777 Borel Place, Suite 314
     San Mateo, CA 94402
     Tel: (415) 513-5980
     Fax: (415) 513-5985
     Email: mmetzger@belvederelegal.com
                        About Lucero LLC
Lucero, LLC, a company in San Mateo, Calif., sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Cal. Case No.
22-30058) on Jan. 31, 2022, listing up to $10 million in assets and
up to $1 million in liabilities.  Henry Richard Lucero, managing
member, signed the petition.
Judge Dennis Montali oversees the case.
Belvedere Legal, PC, led by Matthew D. Metzger, Esq., is the
Debtor's legal counsel.
LUZERNE IRONWORKS: Seeks to Tap The Espy Firm as Legal Counsel
--------------------------------------------------------------
Luzerne Ironworks, Inc. seeks approval from the U.S. Bankruptcy
Court for the Middle District of Alabama to employ The Espy Firm as
its legal counsel.
The firm will render these legal services:
(a) advise the Debtor regarding its rights, powers and duties
in this bankruptcy case;
(b) defend the Debtor in any matters brought to lift the
automatic stay;
(c) prepare legal papers;
(d) assist in preparation of a Chapter 11 plan; and
(e) prepare such other documents and provide further legal
services for the Debtor, which may be necessary in this Chapter 11
case.
The hourly rates of the firm's counsel and staff are as follows:
J. Kaz Espy, Esq. $300
Collier H. Espy, Esq. $350
Paralegals $75
In addition, the firm will seek reimbursement for expenses
incurred.
The Debtor has paid a retainer in the amount of $43,782.50.
J. Kaz Espy, Esq., and Collier Espy, Esq., attorneys at The Espy
Firm, disclosed in a court filing that the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
J. Kaz Espy, Esq.
Collier H. Espy, Esq.
The Espy Firm
P.O. Drawer 6504
Dothan, AL 36302-6504
Telephone: (334) 793-6288
Facsimile: (334) 712-1617
Email: cindi@espyfirm.com
About Luzerne Ironworks
Luzerne Ironworks, Inc. filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. M.D. Ala. Case No.
22-10501) on June 2, 2022, listing up to $10 million in both assets
and liabilities. Chris Richardson serves as Subchapter V trustee.
J. Kaz Espy, Esq., and Collier H. Espy, Esq., at The Espy Firm are
the Debtor's bankruptcy attorneys.
MALACHI GROUP: Unsecured Creditors to be Paid in Full in 60 Months
------------------------------------------------------------------
Malachi Group Trust filed with the U.S. Bankruptcy Court for the
Northern District of Texas a Plan of Reorganization under
Subchapter V dated June 9, 2022.
The Debtor owns 4 rental homes which are currently not leased, a
small hotel and real property currently being used for a
restaurant, in Texarkana, Arkansas and Texarkana, Texas. The
Debtor is also the 90% owner of Dapper at Park Place, LLC, which
operates The Dapper at Park Place restaurant on the Debtor's
property located at 2905 Arkansas Blvd., Texarkana, Arkansas. The
Debtor filed this case to restructure its debts after suffering
reduced revenues from the downturn in the economy precipitated by
the COVID-19 pandemic.
Pursuant to the Schedules, the Debtor owes total non-priority
Unsecured Claims of $167,391.47 as of the Petition Date. Some of
these creditors filed Proofs of Claim in different amounts.
Further some of these creditors are owed money by Dapper Inc. and
not the Debtor. Prior to any payments under the Plan the Debtor
will need to sort out these claims based on the POCs filed in this
case versus amounts owed by Dapper, Inc.
Under this Plan, all Creditors will receive payment of 100% of
their Allowed Claims. Therefore, pursuant to the liquidation
analysis all Creditors will receive at least as much under this
Plan as they would in a Chapter 7 liquidation.
Class 7 consists of Allowed General Unsecured Claims. Class 7
Claimants shall be paid in full over 60 months from the Effective
Date, without interest. The Claims will be paid in equal monthly
installments commencing on the first day of the first month
following the Effective Date and continuing on the first day of
each month thereafter.
Class 9 Equity Interests shall be retained.
The Debtor intends to make all payments required under the Plan
from available cash and income from the business operations of the
Debtor and from the Debtor's sale or refinance of the Property and
Personal Property securing Secured Claims. The business operations
are those of the Dapper, Inc. which will provide a source of
funding for the Plan. Dapper Inc. operates a restaurant in
Texarkana.
A full-text copy of the Subchapter V Plan dated June 9, 2022, is
available at https://bit.ly/3MQneUG from PacerMonitor.com at no
charge.
Attorneys for Debtor:
Joyce W. Lindauer
State Bar No. 21555700
Joyce W. Lindauer Attorney, PLLC
1412 Main St. Suite 500
Dallas, Texas 75202
Telephone: (972) 503-4033
Facsimile: (972) 503-4034
About Malachi Group Trust
Malachi Group Trust owns 4 rental homes which are currently not
leased, a small hotel and real property currently being used for a
restaurant. All the properties are located in Texarkana, Arkansas
and Texarkana, Texas.
Malachi Group is also the 90% owner of Dapper at Park Place, LLC,
which operates The Dapper at Park Place restaurant on the Debtor's
property located at 2905 Arkansas Blvd., Texarkana, Arkansas.
Malachi Group Trust filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. N.D. Texas Case No. 22-30471) on
March 16, 2022, listing up to $10 million in assets and up to $1
million in liabilities. Behrooz P. Vida serves as Subchapter V
trustee.
Judge Stacey G. Jernigan oversees the case.
Joyce W. Lindauer Attorney, PLLC, serves as the Debtor's legal
counsel.
MEDIA DDS: Taps Richard L. Antognini as Special Counsel
-------------------------------------------------------
Media DDS, LLC received approval from the U.S. Bankruptcy Court for
the Central District of California to employ the Law Office of
Richard L. Antognini as its special counsel.
The firm will represent the Debtor in the litigation case against
Homestreet Bank, Homestreet Bank v. Moheb DMD, et al, Case No.
RG2006615, including removing the state court action to the
Bankruptcy Court and litigating claims in an adversary proceeding.
The firm received an initial retainer in the amount of $200,000.
Richard L. Antognini is a disinterested person as contemplated by
11 U.S.C. Sec. 327 and defined in Sec. 101(14) of the Bankruptcy
Code, according to court filings.
The firm can be reached through:
Richard L. Antognini, Esq.
Law Office of Richard L. Antognini
2036 Nevada City Hwy Pmb 636
Grass Valley, CA 95945-7700
Phone: 916-295-4896
Email: rlalawyer@yahoo.com
About Media DDS
Media DDS, LLC filed a petition under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Calif. Case No. 22-40214) on March 8, 2022,
listing up to $10 million in both assets and liabilities. Alireza
Moheb, managing member, signed the petition. Judge Roger L.
Efremsky oversees the case. Resnik Hayes Moradi LLP serves as the
Debtor's legal counsel.
NEXTSPORT INC: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Nextsport, Inc.
106 Linden St, Ste 201
Oakland, CA 94607
Chapter 11 Petition Date: June 13, 2022
Court: United States Bankruptcy Court
Northern District of California
Case No.: 22-40569
Judge: Hon. William J. Lafferty
Debtor's Counsel: Eric A. Nyberg, Esq.
KORNFELD, NYBERG, BENDES, KUHNER & LITTLE P.C.
1970 Broadway, Ste 600
Oakland, CA 94612
Tel: 510-763-1000
Fax: 510-273-8669
Total Assets: $13,381,220
Total Liabilities: $10,668,143
The petition was signed by David Lee as CEO.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/DFBE6UQ/NEXTSPORT_INC__canbke-22-40569__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. Acorn Products, LLC $30,950
15360 Robin Ann Lane
Monte Sereno, CA
95030-2238
2. American Express $110,768
c/o Beckett & Lee
PO Box 3001
Malvern, PA 19355
3. American Label $6,440
Technologies, Inc.
313 Technology Dr, #2106
Garner, NC 27529
4. Bazaarvoice, Inc. $14,649
10901 Stonelake Blvd
Austin, TX 78759
5. Capital Premium Financed D&O $50,423
Financing and general
12235 S. 800 E liability
Draper, UT 84020 insurance
6. Deborah Nichols Radar Investor $102,500
7808 Veragua Drive
Playa Del Rey, CA 90293
7. DEKRA Testing and $64,545
Certification
(Shangha 8F, No 250
Jiangchangsan Road
Jing'an District
Shanghai 200436, China
8. Department of Finance $10,787
380, rue
Saint-Antoine Quest
5th Floor
Montreal (Quebec)
H2Y 3X7
9. Dongguan Aixi Produces $2,133,755
Sports Goods Co, LTD orders for
No. 113 DaXin Road Target direct
ChangTank import, X&Z
Community scooters &
Da Lang Town parts
DongGuan City
China, CA
10. Franchise Tax Board Corporate Taxes $94,829
Bankruptcy Unit
P.O. Box 2952
Sacramento, CA
95827-2952
11. JAS Forwarding Freight $181,633
Netherlands Forwarder
Schaapherderweg 24
Ridderkerk, 2988 CK
Netherlands
12. JAS Forwarding UK, LTD Freight $14,722
Unit 1 Heathrow Forwarder
Logistics Park
Bedfont Park
Feltham, TW14 8EE
United Kingdom
13. Mode Transportation Ocean Freight $49,648
160 New Britain Blvd to US
Chalfont, PA 18914
14. OEC Group Ocean Freight $510,969
13100 Alondra Blvd, Ste 100 to US
Cerritos, CA 90703
15. OL USA, LLC Ocean Freight $403,727
265 Post Ave, Ste 333 to US
Westbury, NY 11590
16. Qurui Sports Produces $158,470
(Hangzhou) Co LTD skateboards
RN# 2610 Building, for Walmart
Qiantang Aviation Bld PDQs
66 Citizen Street
Jianggan District,
Zhejiang Province
China
17. Sinosure Insurance $2,258,333
Fortune Times Claim
Building, 11
Fenghuiyan
Xichang District
Beijing 100033
China
18. Team Direct $17,000
Management, LLC
5509 W Pinnacle
Point Dr, Ste 100
Rogers, AR 72758
19. The Stable $31,232
45 South 7th Street,
Ste 2100
Minneapolis, MN
55402
20. Tri-State China QA/QC $118,714
Tal Building, 49 Inspection
Austin Road Agent
Tsimshatsui Hong Kong
Kowloon, Hong Kong
NORTHWEST SENIOR: Committee Taps Foley & Lardner as Legal Counsel
-----------------------------------------------------------------
The official committee of unsecured creditors of Northwest Senior
Housing Corporation and its affiliates seeks approval from the U.S.
Bankruptcy Court for the Northern District of Texas to employ Foley
& Lardner LLP as its counsel.
The firm will provide the following services:
a. advise the Committee in connection with its powers and
duties under the Bankruptcy Code, the Bankruptcy Rules, and the
Local Rules;
b. assist and advise the Committee in its consultation with
the Debtors relative to the administration of these cases;
c. attend meetings and negotiate with the representatives of
the Debtors and other parties-in-interest;
d. assist and advise the Committee in its examination and
analysis of the conduct of the Debtors' affairs;
e. assist and advise the Committee in connection with any sale
of the Debtors' assets pursuant to section 363 of the Bankruptcy
Code;
f. assist the Committee in the review, analysis and
negotiation of any chapter 11 plan(s) of reorganization or
liquidation that may be filed and assist the Committee in the
review, analysis and negotiation of the disclosure statement
accompanying any such plan(s);
g. assist the Committee in analyzing the claims asserted
against and interests asserted in the Debtors, in negotiating with
the holders of such claims and interests, and in bringing,
participating, or advising the Committee with respect to contested
matters and adversary proceedings, including objections or
estimations proceedings, with respect to such claims or interests;
h. assist with the Committee's review of the Debtors'
Schedules of Assets and Liabilities, Statement of Financial Affairs
and other financing reports prepared by the Debtors, and the
Committee's investigation of the acts, conduct, assets,
liabilities, and financial condition of the Debtors and of the
historic and ongoing operation of their businesses;
i. assist the Committee in its analysis of, and negotiations
with, the Debtors or any third party related to, among other
things, cash collateral issues, financings, compromises of
controversies, assumption or rejection of executory contracts and
unexpired leases, and matters affecting the automatic stay;
j. take all necessary action to protect and preserve the
interests of the Committee, including (i) possible prosecution of
actions on its behalf; and (ii) if appropriate, negotiations
concerning all litigation in which the Debtors are involved;
k. prepare all necessary motions, applications, answers,
orders, reports, replies, responses, and papers in support of
positions taken by the Committee;
l. appear, as appropriate, before this Court, the appellate
courts, and the United States Trustee, and protect the interests of
the Committee before those courts and before the United States
Trustee;
m. investigate and analyze the existence, extent, validity,
enforceability, and priority of liens asserted against the
Debtors', and participate as necessary in any action related to
such investigation;
n. analyze any other state law issues related these Chapter
11 Cases;
o. participate in any related investigation of the Debtors
and/or the Debtors' secured lenders to the extent related to (a)
and (b) above, if applicable;
p. take all actions, including attending meetings, reviewing
pleadings, preparing or filing pleadings and/or submitting reports
that are related to items (a)-(p), review, analyze and respond to
related pleadings or reports filed by other parties and participate
at hearings on such pleadings or reports; and
q. perform all other necessary legal services in these cases
for the Committee.
The hourly rates of the attorneys range between $475 and $925 for
the calendar year 2022. The hourly rates of paraprofessionals range
between $155 and $580.
Foley is a "disinterested person," as that phrase is defined in
Sec. 101(14) of the Bankruptcy Code as modified by Sec. 1107(b) of
the Bankruptcy Code, according to court filings.
In accordance with Appendix B-Guidelines for Reviewing Applications
for Compensation and Reimbursement of Expenses Filed under 11
U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, Foley
disclosed that:
-- it has not agreed to any variations from, or alternatives
to, its standard or customary billing arrangements for this
engagement;
-- none of the professionals included in the engagement vary
their rate based on the geographic location of the bankruptcy
case;
-- the firm has not represented the Committee in the 12 months
prepetition; and
-- the Committee has approved Foley's proposed hourly billing
rates.
The firm can be reached through:
Stephen A. McCartin, Esq.
Thomas C. Scannell, Esq.
Mark C. Moore, Esq.
FOLEY & LARDNER LLP
2021 McKinney Avenue, Suite 1600
Dallas, TX 75201
Telephone: (214) 999-3000
Facsimile: (214)999-4667
Email: smccartin@foley.com
Email: tscannell@foley.com
Email: mmoore@foley.com
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. Texas 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.
The U.S. Trustee for Region 6 appointed an official committee of
unsecured creditors in the Debtors' Chapter 11 cases on April 28,
2022. The committee is represented by Foley & Lardner, LLP.
NORTHWEST SENIOR: UMB Bank DIP Loan Has Final Court OK
------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas,
Dallas Division, entered a bench ruling on June 10, 2022,
authorizing Northwest Senior Housing Corporation and
debtor-affiliates to obtain postpetition financing from UMB Bank,
NA on a final basis, with modifications announced by the Court and
the parties. The DIP Lenders' oral motion to extend the deadline
set forth in Para 22(ii) of the Third Interim DIP Order relating to
entry of the Final Order is granted without the need for further
order. That deadline is extended to June 17 by agreement of the
parties.
The Court also entered a bench ruling on landlord Intercity
Investment Properties' motion for adequate protection payments.
The Adequate Protection Motion is granted in part and denied in
part. The Court required the Debtors to reserve or escrow
post-petition rent at the contract rate along with any applicable
late fees, as part of its DIP budget. The Court said the Landlord
is entitled to one reasonable inspection of the Property, and
reasonable reporting. Any remaining relief denied by the Court is
without prejudice to the right of the Landlord to request such
relief as part of an application for an administrative expense
claim or similar motion. The Debtors is directed to submit a
proposed form of order agreed as to form by the Landlord, UMB Bank
and the Official Committee of Unsecured Creditors.
The Debtors have requested UMB Bank to provide the Initial DIP
Loans up to an aggregate amount of $2,000,000, which funds will be
used by the Debtors solely to the extent provided in the Budget. At
the expiration of the Interim Order, the DIP Lender, subject to
entry of the Final Order in a form acceptable to the DIP Lender,
will continue to advance funds through additional DIP loans, up to
an aggregate amount of up to $10,100,000.
Pursuant to the First Interim Order and the Second Interim Order,
the Debtors admitted, stipulated, and agreed that NSHC is obligated
to the Trustee for the benefit of the beneficial holders of the
tax-exempt Bonds, authorized and issued by the Tarrant County
Cultural Education Facilities Finance Corporation:
(i) the Retirement Facility Revenue Bonds (Northwest Senior
Housing Corporation - Edgemere Project) Series 2015A in the
original aggregate principal amount of $53,600,000 and the
Retirement Facility Revenue Bonds (Northwest Senior Housing
Corporation - Edgemere Project) Series 2015B in the original
aggregate principal amount of $40,590,000, issued pursuant to the
Indenture of Trust, dated as of May 1, 2015, by and between the
Issuer and The Bank of New York Mellon Trust Company, National
Association, as the prior bond trustee, and
(ii) the Retirement Facility Revenue Bonds (Northwest Senior
Housing Corporation - Edgemere Project), Series 2017 in the
original aggregate principal amount of $21,685,000, issued pursuant
to the Indenture of Trust, dated as of March 1, 2017, by and
between the Issuer and the Prior Bond Trustee.
As of petition date, the amounts due and owing by NSHC with respect
to the Bonds and the obligations under the Bond Documents are:
a. Unpaid principal on the Bonds in the amount of
$109,185,000;
b. Accrued but unpaid interest on the Bonds in the amount of
$2,543,919 as of April 13, 2022; and
c. unliquidated, accrued and unpaid fees and expenses of UMB
Bank and its professionals incurred through the Petition Date. Such
amounts, when liquidated, will be added to the aggregate amount of
the Bond Claim.
As adequate protection, UMB Bank is granted valid, binding,
enforceable and perfected additional and replacement mortgages,
pledges, liens and security interests in all Post-Petition
Collateral and the proceeds, rents, products and profits therefrom,
whether acquired or arising before or after the Petition Date.
As additional adequate protection, the Bank will have a valid,
perfected and enforceable continuing supplemental lien on, and
security interest in, all of the assets of the Debtors of any kind
or nature whatsoever within the meaning of section 541 of the
Bankruptcy Code.
As additional adequate protection, the Bank will receive a
superpriority expense claim allowed under section 507(b) of the
Bankruptcy Code against all assets of the Debtors' estate.
About Northwest Senior Housing
Northwest Senior Housing Corporation d/b/a Edgemere is a Texas
nonprofit 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, et al. sought Chapter 11
bankruptcy protection (Bankr. Tx. Case No. 22-30659) on April 14,
2022. The petitions were signed by Nick Harshfield, treasurer.
Northwest Senior estimated assets and liabilities between $100
million to $500 million and $100 million to $500 million each.
Polsinelli PC serves as the Debtors' bankruptcy counsel. FTI
Consulting Inc. is the Debtors' business advisor. Kurtzman Carson
Consultants LLC is the Debtors' notice, claims and balloting agent
as well as administrative advisor. Assessment Technologies, Ltd.
d/b/a A.T. Tax Advisory serves as consultant to the Debtor.
An Official Committee of Unsecured Creditors has been appointed in
the case. The Committee hired Foley & Lardner LLP as counsel.
Ankura Consulting Group, LLC serves as the Committee's financial
advisor.
Counsel for UMB Bank, N.A., as Trustee and DIP Lender:
J. Frasher Murphy, Esq.
Thomas J. Zavala, Esq.
HAYNES AND BOONE, LLP
2323 Victory Avenue, Suite 700
Dallas, TX 75219
Telephone: (214) 651-5000
E-mail: frasher.murphy@haynesboone.com
tom.zavala@haynesboone.com
- and -
Daniel S. Bleck, Esq.
Eric Blythe, Esq.
MINTZ, LEVIN, COHN, FERRIS, GLOVSKY, AND POPEO, PC
One Financial Center
Boston, MA 02111
Telephone: (617) 546-6000
E-mail: dsbleck@mintz.com
erblythe@mintz.com
PANTERA TRANSPORTATION: Hires Miranda & Maldonado as Counsel
------------------------------------------------------------
Pantera Transportation LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of Texas to hire Miranda &
Maldonado, P.C. as its bankruptcy counsel.
The firm's services include:
a) providing the Debtor legal advice with respect to its
powers and duties as Debtor-in-Possession and the continued
operation and management of its transportation business;
b) attending the Initial Debtor Conference and Sec. 341
Meeting of Creditors;
c) preparing necessary applications, answers, ballots,
judgments, motions, notices, objections, orders, reports, and any
other legal instrument necessary in furtherance of its
reorganization;
d) reviewing prepetition executory contracts and unexpired
leases entered by the Debtor and to determine which should be
assumed or rejected;
e) assisting the Debtor in the preparation of a Disclosure
Statement, the negotiation of a Plan of Reorganization with the
creditors in its case, and any amendments thereto, and seeking
confirmation of the Plan of Reorganization;
f) performing all other legal services for the Debtor which
may become necessary to effectuate a reorganization of the
Bankruptcy Estate.
The firm will be paid at these hourly rates:
Carlos A. Miranda, Esq. $325
Carlos G. Maldonado, Esq. $300
Legal Assistant $125
In addition, the firm will seek reimbursement for expenses
incurred.
Prior to the petition date, the firm received a retainer of
$16,717.
Carlos Miranda, Esq., an attorney at Miranda & Maldonado, disclosed
in a court filing that the firm is a "disinterested person" as that
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Carlos A. Miranda, Esq.
Carlos G. Maldonado, Esq.
Miranda & Maldonado, PC
5915 Silver Springs, Bldg. 7
El Paso, TX 79912
Telephone: (915) 587-5000
Facsimile: (915) 587-5001
Email: cmiranda@eptxlawyers.com
cmaldonado@eptxlawyers.com
About Pantera Transportation
Pantera Transportation, LLC, a freight shipping trucking company in
El Paso, Texas, sought Chapter 11 bankruptcy protection (Bankr.
W.D. Tex. Case No. 22-30354) on May 11, 2022. In the petition
filed by Pedro A Madera, as president, Pantera Transportation
estimated assets between $100,000 and $500,000 and estimated
liabilities between $500,000 and $1 million.
Carlos A. Miranda, of Miranda & Maldonado, P.C., is the Debtor's
counsel.
POMMEL MEADOWS: Wins Interim Cash Collateral
--------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas,
Houston Division, authorized Pommel Meadows Hospitality, LLC to use
cash collateral on an interim basis.
The Debtor has three principal secured creditors who may assert an
interest in cash collateral:
a. The Harris County taxing authorities are owed approximately
$89,000 for ad valorem taxes;
b. DCR Mortgage 10 Sub 3, LLC holds two mortgages on the
Debtor's real property located at 5755 Bayport Blvd., Seabrook, TX
77586 in the amount of roughly $5.2 million; and
c. The U.S. Small Business Administration extended an EIDL
loan in the amount of $500,000, which is secured by all the
Debtor's property.
DCR has a valid secured claim and perfected first priority security
interest in the Rents, including post-petition Rents, pursuant to
Tex. Prop. Code section 64.052 and 11 U.S.C. section 552(b)(2) and
a perfected deed of trust lien and security interest on the real
property owned by the Debtor and located at 5755 Bayport Blvd.,
Seabrook, TX 77586 and the related furniture, fixtures, and
equipment, all as more particularly described in several Lien
Documents.
The Lien Documents secure two loans made by Allegiance Bank to the
Debtor, specifically: (i) a loan to the Debtor in the original
principal amount of $4,537,500 pursuant to a loan agreement dated
January 21, 2019 by and between the Debtor and Allegiance Bank and
as evidenced by a Promissory Note dated January 21, 2019 in the
original principal amount of $4,537,500; and (ii) a second loan to
the Debtor in the original principal amount of $550,000 pursuant to
a loan agreement dated March 17, 2020 by and between the Borrower
and the Original Lender and as evidenced by a Promissory Note dated
March 17, 2020 in the original principal amount of $550,000.
As adequate protection for use of the Rents and other Collateral,
DCR is granted the following relief:
a. Beginning on June 15, 2022, the Debtor will tender monthly
payments to DCR of $15,000.
b. Likewise, beginning on June 15, 2022, the Debtor will
deposit monthly payments with DCR of $7,500, to be held by DCR as a
reserve for the payment of current year ad valorem property taxes
with respect to the Collateral in accordance with the terms of the
Lien Documents.
c. DCR will be granted the following (i) continuing liens and
security interests under the terms and conditions of the Loan
Documents between the Debtor and DCR and in the Collateral; and
(ii) a replacement perfected security interest to the same extent,
priority and validity of DCR's existing liens pursuant to Section
361(2) of the Bankruptcy Code in all Rents and FF&E Property of the
Debtor generated after the Petition Date, which replacement liens
will be deemed automatically perfected upon entry of the Court's
order approving the Motion.
A final hearing on the matter is scheduled for June 27, 2022, at
9:30 a.m. Objections are due June 22.
A copy of the order and the Debtor's budget from January to
December 2022 is available at https://bit.ly/39nEDqa from
PacerMonitor.com.
The Debtor projects $886,383 in gross profit and $558,390 in total
operating expenses.
About Pommel Meadows Hospitality, LLC
Pommel Meadows Hospitality, LLC operates a Best Western Plus known
as Best Western Plus Seabrook Suites located at 5755 Bayport Blvd.,
Seabrook, TX 77586. The hotel features 85 rooms with a restaurant
on-site, complimentary breakfast, a cocktail lounge, an outdoor
pool, and an exercise facility. The hotel is located 2.0 miles from
the Kemah Boardwalk, 5.0 miles from the Johnson Space Center and
6.8 miles from the Pasadena Convention Center. The property was
built in 2008. Pommel Meadows acquired the property in 2018.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 22-31579) on June 6,
2022. In the petition signed by Danish Khan, managing member, the
Debtor disclosed up to $10 million in both assets and liabilities.
Judge Jeffrey P. Norman oversees the case.
Stephen W. Sather, Esq., at Barron and Newburger, PC is the
Debtor's counsel.
DCR Mortgage 10 Sub 3, LLC, as lender, is represented by:
Daniel J. Ferretti, Esq.
Baker, Donelson, Bearman, Caldwell and Berkowitz
1301 McKinney Street, Suite 3700
Houston, TX 77010
Tel: (713) 650-9700
Fax: (713) 650-9701
Email: dferretti@bakerdonelson.com
PREMIER MODERN: Bass Printing Seeks Chapter 11 Bankruptcy
---------------------------------------------------------
Premier Modern Commercial Printing Company d/b/a Bass Printing
Company filed for chapter 11 protection in the Northern District of
Texas.
In May of 2018 the Debtor, with the assistance of financing
provided by the United States Small Business Administration through
American Momentum Bank (AMB), financed the purchase of an existing
commercial printing operation from Mr. Mark E. Pafford. The
printing operation had been in place for approximately 35 years
when purchased by the Debtor.
Since that time, the Debtor, doing business under the assumed name
of Bass Printing Company, has operated a 1-stop-shop commercial
printing company out of a single location in Fort Worth, Texas.
The Debtor has 8 employees.
Since commencement of operations in 2018, the Debtor's gross sales
receipts have averaged in excess of $800,000 on an annual basis.
The Debtor operates out of a single location, specifically a 7848
square foot Office/Flex facility at 4620 S. Edgewood Terrace, Fort
Worth, TX 76119. The facility is owned by the Debtor's affiliate,
Premier Modern Commercial Real Estate Holdings Limited, LLC.
The Debtor is continuing to operate and to generate revenue, but
its revenue stream has been negatively impacted by the COVID-19
pandemic which reached North Texas in early 2020. As a result
thereof, the Debtor simply does not have the ability to continue to
service its Small Business Administration loan according to its
terms. The Debtor is therefore in dire need of an opportunity to
restructure and reorganize its debts and to obtain a fresh start in
its financial affairs.
According to court documents, Premier Modern Commercial Printing
estimates between 1 and 49 unsecured creditors. The petition
states funds will be available to unsecured creditors.
About Premier Modern Commercial Printing
Premier Modern Commercial Printing Company, doing business as Bass
Printing company, is a full service commercial and trade printer
located in Fort Worth, Texas. It offers a range of solutions to
help you create your advertising and promotional posters,
brochures, flyers, business card, and other printing solutions.
Premier Modern Commercial Printing Company sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No.
22-41296) on June 7, 2022. In the petition filed by Alrick V.
Warner, as president and CEO, the Debtor 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 Edward L.
Morris.
Michael S. Mitchell, of DeMarco Mitchell, PLLC, is the Debtor's
counsel.
PUNYAKAM PLLC: Gets OK to Tap Guidant Law as Bankruptcy Counsel
---------------------------------------------------------------
Punyakam, PLLC received approval from the U.S. Bankruptcy Court for
the District of Arizona to employ Guidant Law, PLC to handle its
Chapter 11 case.
The hourly rates of the firm's counsel and staff are as follows:
Gary Michael Smith, Attorney $395
J. Phillip Glasscock $400
Sam Saks, Attorney $385
James A. Kuzmich, Attorney $415
D. Lamar Hawkins, Attorney $465
Alex Karam, Associate Attorney $275
Senior Paralegal $150
Paralegal $125
Clerk 1 $100
Clerk 2 $90
Clerk 3 $80
As disclosed in court filings, Guidant Law is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
D. Lamar Hawkins, Esq.
Guidant Law, PLC
402 E. Southern Ave.
Tempe, AZ 85282
Telephone: (602) 888-9229
Facsimile: (480) 725-0087
Email: lamar@guidant.law
About Punyakam PLLC
Punyakam, PLLC sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Ariz. Case No. 22-03615) on June 6, 2022, listing
$500,000 in assets and $1 million in liabilities. Punya R. Gammage,
member, signed the petition.
D. Lamar Hawkins, Esq., at Guidant Law, PLC is the Debtor's
counsel.
PWM PROPERTY: Seeks Buyers for Skyscrapers in Bankruptcy Auction
----------------------------------------------------------------
PWM Property Management LLC, an HNA Group Co.-backed owner of
prominent office buildings in Manhattan and Chicago, is putting its
properties up for a bankruptcy auction process in an effort to
complete its Chapter 11 reorganization by September 2022.
PWM hasn't locked in any definitive offers for its buildings at 245
Park Avenue and 181 West Madison Street in Chicago, but it has
received proposals from potentially interested parties for one or
both of the properties, the company said in a filing Thursday, June
9, 2022, with the US Bankruptcy Court for the District of Delaware.
Houlihan Lokey Capital, Inc., commenced a comprehensive process to
solicit sale, financing, and plan sponsor proposals for 245 Park
Avenue and 181 West Madison early this year. As part of that
process, Houlihan Lokey contacted 158 parties, as well as solicited
proposals from S.L. Green Management Corporation, which, through
its affiliates, is one of the Debtors' largest stakeholders.
Ultimately, the Debtors received seven proposals from potentially
interested parties to provide debt financing to, invest equity
capital in, or purchase one or both of 245 Park Avenue and 181 West
Madison through a plan of reorganization. As a result of the
proposals received, the Debtors expect to either consensually amend
and restate 181 West Madison's $240-million mortgage loan or,
absent consensus, reinstate the mortgage loan under a plan of
reorganization. The proposals received for 245 Park Avenue
indicated that the property's mortgage lenders, mezzanine lenders,
and preferred equity investor would receive a full recovery and
that common equity would receive some consideration or retain an
interest in the property. Finally, the Debtors expect to pay all
allowed administrative, priority, and prepetition general unsecured
claims in full in cash.
But a variety of factors have made it challenging to lock in a
committed stalking horse bidder for 245 Park Avenue. Certain
potentially interested parties have been unwilling to proceed as
the stalking horse as they need more time to finalize commitments
from limited partners due to recent market volatility. Other
interested parties have indicated their concerns over S.L. Green's
desire to own the property. Finally, certain potentially
interested bidders have required significant bid protections, the
costs of which would likely chill bidding at an auction and may
impair stakeholder value.
The Debtors do not have the luxury of time. As explained at the
initial exclusivity hearing, the Debtors believe it is prudent to
proceed to confirmation in August or September in light of certain
capital requirements later this year. In addition, the Debtors'
mortgage and mezzanine lenders agree that keeping to the Debtors'
proposed confirmation timeline, including an exit from the
bankruptcy process in September, is crucial to a successful
reorganization and bringing the most value to all stakeholders.
The Debtors believe that the best way to maximize value is to
schedule an auction where all potentially interested parties can
bid in an open, transparent manner. The Debtors have proposed a
July 21 deadline for initial bids and an auction for July 26 to
27.
The Debtors own commercial office towers located at 245 Park Avenue
in New York City; and 181 West Madison Street in Chicago, Illinois.
245 Park Avenue is a 44-story commercial office tower that
includes over 1,778,000 square feet of net rentable area. 181 West
Madison is a 50-story commercial office tower that includes over
945,000 square feet of net rentable area and is located in
Chicago's historic Loop.
The Debtors acquired 245 Park Avenue for $2.21 billion in May 2017,
and acquired 181 West Madison for $359 million in March 2017. In
February 2021, in the midst of the COVID-19 pandemic, 245 Park
Avenue was appraised for $2.05 billion (i.e., $282 million in
excess of its prepetition funded indebtedness) and 181 West Madison
was appraised for $391 million (i.e., $151 million in excess of its
prepetition funded indebtedness).
About PWM Property Management
PWM Property Management LLC, et al., are primarily engaged in
renting and leasing real estate properties. They own two premium
office buildings, namely 245 Park Avenue in New York City, a
prominent commercial real estate assets in Manhattan's prestigious
Park Avenue office corridor, and 181 West Madison Street in
Chicago, Illinois.
On Oct. 31, 2021, PWM Property Management LLC and its affiliates
sought Chapter 11 protection (Bankr. D. Del. Lead Case No.
21-11445). PWM estimated assets and liabilities of $1 billion to
$10 billion as of the bankruptcy filing.
The cases are pending before the Honorable Judge Mary F. Walrath
and are being jointly administered for procedural purposes under
Case No. 21-11445.
The Debtors tapped White & Case LLP as restructuring counsel; Young
Conaway Stargatt & Taylor, LLP as local counsel; and M3 Advisory
Partners, LP as restructuring advisor. Omni Agent Solutions is the
claims agent.
QHC FACILITIES: Seeks to Tap Denman & Company as Tax Accountant
---------------------------------------------------------------
QHC Facilities, LLC and its affiliates seek approval from the U.S.
Bankruptcy Court for the Southern District of Iowa to employ Denman
& Company, LLP as tax accountant.
The Debtors need a tax accountant to prepare their state and
federal income tax returns.
The hourly rates of Denman's professionals are as follows:
Tax Staff $110
Tax Supervisor $150
Tax Manager $220
Tax Partner $240 - $280
The Debtors will pay Denman a retainer of $20,000.
As disclosed in court filings, Denman & Company is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached at:
Denman & Company, LLP
1601 22nd Street, #400
West Des Moines, IA 50266
Telephone: (515) 225-8400
Facsimile: (515) 225-0149
About QHC Facilities
Clive, Iowa-based QHC Facilities, LLC, operates eight skilled
nursing facilities. The facilities include Crestview Acres in
Marion as well as in Tama, Madison, Humboldt, Jackson, Webster and
Polk counties and two assisted living centers. Collectively, the
facilities have a maximum capacity of more than 700 residents. The
company employs roughly 300 full-time and part-time workers.
QHC Facilities and its affiliates filed petitions for Chapter 11
protection (Bankr. S.D. Iowa Lead Case No. 21-01643) on Dec. 29,
2021. The affiliates are QHC Management LLC, QHC Mitchellville LLC,
QHC Crestridge LLC, QHC Humboldt North LLC, QHC Winterset North
LLC, QHC Madison Square LLC, QHC Humboldt South LLC, QHC Villa
Cottages LLC, QHC Fort Dodge Villa LLC, and QHC Crestview Acres
Inc.
QHC Facilities reported $1 million in assets and $26.3 million in
liabilities as of the bankruptcy filing.
Judge Anita L. Shodeen oversees the cases.
Bradshaw Fowler Proctor & Fairgrave, PC and Dentons Davis Brown,
P.C. are the Debtors' bankruptcy counsels. Newmark Real Estate of
Dallas, LLC, Gibbins Advisors, LLC, and Denman & Company, LLP serve
as the Debtors' investment banker, restructuring advisor, and tax
accountant, respectively.
The U.S. Trustee for Region 12 appointed an official committee of
unsecured creditors in the Debtors' Chapter 11 cases. Troutman
Pepper Hamilton Sanders, LLP and Cutler Law Firm, P.C. serve as the
committee's lead bankruptcy counsel and local counsel,
respectively.
REAL GRANITE: Gets OK to Hire Ridout Barrett & Co. as Accountant
----------------------------------------------------------------
Real Granite Inc. received approval from the U.S. Bankruptcy Court
for the Western District of Texas to employ Ridout, Barrett, & Co.,
PC as its accountant.
The Debtor requires an accountant to prepare its income tax returns
and assist with its tax reporting and compliance.
Michael Moore, a partner at Ridout, Barrett, & Co., will be paid at
his hourly rate of $225.
Mr. Moore disclosed in a court filing that his firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Michael Moore
Ridout, Barrett, & Co., PC
922 Isom Rd.
San Antonio, TX 78216
Telephone: (210) 829-1793
Email: mmoore@rbc.cpa
About Real Granite
Real Granite, Inc. specializes in commercial tile and stone
installation, residential granite, marble and stone fabrication and
installation. The company is based in San Antonio, Texas.
Real Granite filed its voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 22-50050) on
Jan. 18, 2022, listing $2,596,812 in assets and $2,843,279 in
liabilities. Roland Martinez, president, signed the petition.
Judge Craig A. Gargotta oversees the case.
David S. Gragg, Esq., and William R. Davis Jr., Esq., at Langley &
Banack, Inc., serve as the Debtor's attorneys. Ridout, Barrett, &
Co., PC is the accountant.
REAL HERO: S&P Assigns 'B-' ICR on Structural Reorganization
------------------------------------------------------------
S&P Global Ratings assigned its 'B-' issuer credit rating to Real
Hero Parent Inc., which is the same as its rating of its
predecessor entity, Truck Hero Holdings Inc., that will be
subsequently discontinued. A wholly owned subsidiary of Real Hero,
Truck Hero Inc., remains the borrower on the term loan and senior
unsecured notes.
S&P said, "Our 'B-' issue-level rating on the company's first-lien
term loan is unchanged. The '3' recovery rating for the first-lien
term loan indicates our expectation for meaningful recovery
(50%-70%; rounded estimate: 50%). Our 'CCC' issue-level and '6'
recovery rating on the company's senior unsecured notes are also
unchanged with the recovery score indicating negligible recovery
(0%-10%, rounded estimate: 0%).
"The stable outlook on Real Hero reflects our view that
stronger-than-expected demand for its products should sustain
positive free operating cash flow (FOCF) in our forecast.
Additionally, we expect the company will maintain its market share
in its product lines while using acquisitions to expand into new
product areas in the forecast period."
The predecessor entity, Truck Hero Holdings Inc., was replaced for
financial reporting purposes by Real Hero Parent Inc. following the
buyout by L Catterton and a group of co-investors in 2021. Aside
from assigning the succeeding entity ratings and scores consistent
with the predecessor entity, S&P has made no other changes since
the publication of the full analysis on June 3, 2022 (refer to
related research section). The borrower of the credit facilities
remains Truck Hero Inc. and there has been no change to any
issue-level ratings or scores for both the first-lien term loan and
senior unsecured note credit facilities.
S&P said, "The stable outlook on Real Hero reflects our view that
stronger-than-expected demand for its products should sustain
positive FOCF in our forecast. Additionally, we expect the company
will maintain its market share in its product lines while using
acquisitions to expand into new product areas in the forecast
period.
"We could lower our ratings on Real Hero if EBITDA margins remain
suppressed and cause FOCF to be negative for several quarters,
thereby draining liquidity. This could occur if demand for the
company's products is weaker than expected due to deterioration in
the economic environment, a sharp increase in gas prices and staple
goods that dampens consumer discretionary spending, heightened
pricing competition from peers or raw material vendors, or
challenges offsetting higher commodity and logistics costs.
"While unlikely in the next 12 months, we could upgrade Real Hero
if the company reduces debt to EBITDA below 6.5x while sustaining
FOCF to debt of around 5%. This could be because of stronger
margins from additional pricing actions to further offset
inflationary pressures, cost reduction initiatives, and reduced
working capital needs from a faster cash conversion cycle. We would
also expect the company to maintain financial policies that support
these metrics for an upgrade."
ESG credit indicators: E-2, S-2, G-3
S&P said, "Environmental factors have an overall neutral influence
on our credit rating analysis of Real Hero Parent Inc. As a
supplier of consumer accessories for pickup trucks and Jeeps,
including bed covers, truck caps, and bed liners, none of its
products face displacement risk even when more trucks get
electrified due to increased regulation. Governance is a moderately
negative consideration. Our assessment of the company's financial
risk profile as highly leveraged, which reflects corporate
decision-making that prioritizes the interests of the controlling
owners, in line with our view of most rated entities owned by
private-equity sponsors. Our assessment also reflects financial
sponsors generally finite holding periods and focus on maximizing
shareholder returns."
ROCKALL ENERGY: Seeks to Tap Deloitte Tax as Tax Services Provider
------------------------------------------------------------------
Rockall Energy Holdings, LLC and its affiliates seek approval from
the U.S. Bankruptcy Court for the Northern District of Texas to
employ Deloitte Tax LLP as tax services provider.
Deloitte Tax will render these services:
a. Sinclair Engagement Letter and Work Order
(i) assist the Debtors and their non-debtor affiliates James
H. Sinclair and Petro Harvester-Sinclair Tax Partnership during the
period from January 1, 2022, through December 31, 2024, with
respect to federal, foreign, state, and local tax matters with
respect to the Petro Harvester-Sinclair Tax Partnership, as
requested by the Debtors and agreed to by Deloitte Tax;
(ii) prepare the Debtors' 2021 federal and state tax returns;
(iii) assist in calculating the amounts of extension payments
and preparing the extension requests for the Debtors' 2021 federal
and state tax returns;
(iv) assist in calculating 2022 quarterly estimated tax
payments, as needed; and
(v) analyze the Debtors' documentation.
b. Roberts Engagement Letter
(i) assist the Debtors and their non-debtor affiliates Gareth
Roberts, 3JE Holdings LTD and Petro Harvester-Roberts/Sinclair Tax
Partnership during the period from January 1, 2022, through
December 31, 2024, with respect to federal, foreign, state, and
local tax matters with respect to the Petro
Harvester-Roberts/Sinclair Tax Partnership, as requested by the
Debtors and agreed to by Deloitte Tax; and
(ii) analyze the Debtors' documentation.
c. Compliance Engagement Letter
(i) prepare the Debtors' 2021 federal and state tax returns;
(ii) assist in calculating the amounts of extension payments
and preparing the extension requests for the Debtors' 2021 federal
and state tax returns;
(iii) assist in calculating 2022 quarterly estimated tax
payments, as needed; and
(iv) analyze the Debtors' documentation.
Prior to the petition date, Deloitte Tax received a total of
$50,000 in retainer amounts for services to be performed.
The hourly rates of the firm's professionals are as follows:
Partner/Principal/Managing Director $770
Senior Manager $685
Manager $580
Senior $485
Associate $390
The hourly rates of the firm for tax compliance services are as
follows:
Partner/Principal/Managing Director $500
Senior Manager $450
Manager $380
Senior/Senior Consultant $315
Staff $255
Junior Staff $240
The hourly rates of the firm for out-of-scope services are as
follows:
Partner/Principal/Managing Director $770
Senior Manager $685
Manager $580
Senior/Senior Consultant $485
Staff $390
Junior Staff $390
Ryan Witz, a managing director at Deloitte Tax, disclosed in a
court filing that the firm is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Ryan Witz
Deloitte Tax LLP
1111 Bagby Street, Suite 4500
Houston, TX 77002
Telephone: (713) 982-2000
Facsimile: (713) 982-2001
About Rockall Energy Holdings
Rockall Energy Holdings, LLC is a mid-sized oil exploration and
production company.
Rockall Energy and its affiliates sought Chapter 11 bankruptcy
protection (Bank. N.D. Tex. Lead Case No. 22-90000) on March 9,
2022. In the petition filed by David Mirkin, as chief financial
officer, Rockall Energy Holdings listed $100 million and $500
million in both assets and liabilities.
The cases are handled by Honorable Judge Mark X. Mullin.
The Debtors tapped Vinson & Elkins, LLP as legal counsel; Lazard
Freres & Co., LLC as investment banker; Ankura Consulting Group,
LLC, as restructuring advisor; and Deloitte Tax LLP as tax services
provider. Stretto, Inc. is the claims agent.
On March 18, 2022, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors. The committee tapped
Pachulski Stang Ziehl & Jones LLP as its counsel and Riveron RTS,
LLC as financial advisor.
RR3 RESOURCES: July 26 Plan & Disclosure Hearing Set
----------------------------------------------------
On June 1, 2022, RR3 Resources, LLC, and Recycling Revolution, LLC,
filed with the U.S. Bankruptcy Court for the Southern District of
Florida a Second Amended Disclosure Statement with respect to
Chapter 11 Plan.
On June 9, 2022, Judge Mindy A. Mora conditionally approved the
Second Amended Disclosure Statement and ordered that:
* July 26, 2022 at 2:30 p.m. at the United States Bankruptcy
Court, 1515 N. Flagler Drive, Courtroom A, Room 801, West Palm
Beach FL 33401 is the hearing on final approval of the Disclosure
Statement and confirmation of the Plan.
* July 12, 2022 is the deadline for fee applications.
* July 19, 2022 is the deadline for filing ballots accepting
or rejecting the Plan.
* July 21, 2022 is the deadline for filing objections to
confirmation.
* July 21, 2022 is the deadline for filing objections to final
approval of the Disclosure Statement.
A copy of the order dated June 9, 2022, is available at
https://bit.ly/3Qis0gH from PacerMonitor.com at no charge.
Counsel for the Debtor:
     Joe M. Grant, Esquire
     Lorium PLLC
     197 S. Federal Highway, Suite 200
     Boca Raton, Florida 33432
     Tel: (561) 361-1000
     Fax: (561) 672-7581
About Recycling Revolution
Recycling Revolution, LLC --
http://www.RecyclingRevolution.net/Â Â -is a recycling company
specializing in low end, contaminated, and hard to handle
materials. Recycling Revolution purchases all types of plastic,
metal and electronic waste, including HDPE bottles, PET bottles,
commingled bottles, and HDPE mixed rigid bottles.
Recycling Revolution sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 19-25063) on Nov. 7,
2019.  Judge Mindy A. Mora is assigned to the case.  In the
petition signed by its member/president, Robin Seskin, the Debtor
disclosed $365,896 in assets and $9,318,956 in debt.
RR3 Resources LLC filed a voluntary Chapter 11 Petition (Bankr.
S.D. Fla. Case No. 19-25063) on Nov. 7, 2019.  In its petition,
the Debtor disclosed under $1 million in both assets and
liabilities.
The cases are jointly administered with Recycling Revolution's as
the lead case.
Joe M. Grant, Esq., at Marshall Grant, PLLC, serves as the Debtors'
counsel.
RYAN ENVIRONMENTAL: Has Interim Cash Collateral Access Thru July 3
------------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of West
Virginia authorized Ryan Environmental. LLC to continue using cash
collateral in which First United Bank and Trust Co. asserts an
interest, on an interim basis in accordance with the budget, with a
10% variance through July 3, 2022.
The Debtor needs to use the cash collateral pending a final hearing
or entry of a final order to continue operating its business
without interruption.
The Debtor is permitted to use cash collateral in the ordinary
course of its business, and to meet the Debtor's ordinary cash
needs, in accordance with the Interim Budget for these purposes:
(a) the maintenance and preservation of the Debtor's assets; and
(b) the continued operation of the Debtor's business, including,
but not limited to, payroll, payroll taxes, employee expenses and
insurance costs, and such other expenditures.
The Debtor owes First United Bank and Trust pursuant to various
loan documents in the aggregate sum due as of June 8, 2022 of
$1,748,362, including unpaid principal, accrued interest, late
charges, fees and expenses accrued through that date, and with
interest, late charges, fees and expenses continuing to accrue
thereon. Ryan granted and conveyed unto First United a first and
prior security interest in all of the tangible and intangible
personal property owned by the Debtor.
As adequate protection, First United is granted a continuing,
valid, binding, enforceable perfected post-petition security
interest under Bankruptcy Code Section 361(2), nunc pro tunc to the
Petition Date, in and to all assets of the Debtor.
The replacement liens and security interests granted are
automatically deemed perfected upon entry of the Order without the
necessity of First United: taking possession of the Collateral;
filing financing statements or any other documents; or taking any
other action.
As additional adequate protection, First United is granted an
allowed administrative expense claim pursuant to and with priority
as provided in 11 U.S.C. section 364(c)( 1).
The Debtor will at all times maintain insurance in the form and to
the extent required under the Loan Documents.
These events constitute an "Event of Default:"
a. The Debtor fails to comply with any of the terms or
provisions of the Interim Order, including, inter alia, the
line-item limitations on payments in excess of the Interim Budget
for any weekly period (inclusive of the 10% variance permitted
therefrom;
b. Entry of an order: (i) dismissing this Chapter 11 case;
(ii) appointing a Chapter 11 trustee; or (iii) converting the case
to a case under Chapter 7 of the Bankruptcy Code;
c. Entry of an order that by its terms would: (i) permit any
administrative expense claim (now existing or hereafter arising, of
any kind or nature whatsoever) to have priority equal or superior
to the priority of the Pre-Petition Liens and/or the replacement
liens of First United; or (ii) grant or permit the grant of a lien
on any Collateral of First United;
d. Entry of an order granting relief from any stay imposed by
11 U.S.C. section 362(a) that allows any person to collect,
repossess, or foreclose upon any portion of the Collateral as to
which First United claims a lien; or
e. Default by the Debtor in the payment of any sums required
to be paid by the Debtor under the terms of the Loan Documents,
including, inter alia, payment of accruing interest at the default
interest rate established thereunder; or
f. The Debtor makes any payment on any claim that arose before
the Petition Date without the express prior written consent of
First United or prior order of the Court; or
g. Failure of the Debtor to obtain a final order incorporating
the terms hereof at the Final Hearing or any continuance thereof;
or
h. Expiration of the Term of the Interim Order without: (i)
prior entry of a Final Order; (ii) extension of the Term by entry
of a Court Order; or (iii) substitution of the relief granted under
the provisions of a subsequent Order.
A copy of the order and the Debtor's budget for the period from
June 6 to July 3, 2022, is available at https://bit.ly/39nx82s from
PacerMonitor.com.
About Ryan Environmental
Ryan Environmental, LLC offers environmental consulting,
remediation, cleaning services, emergency spill response,
hydrocarbon lab services, corrosion services, well services,
general roustabout, and both steel and poly pipeline construction.
Ryan Environmental sought Chapter 11 protection (Bankr. N.D. W.Va.
Case No. 20-00738) on Sept. 29, 2020. In the petition signed by
Clayton Rice, managing member, the Debtor disclosed total assets of
$6,572,062 and $16,361,068 in total debt.
The Debtor tapped Martin P. Sheehan, Esq., at Sheehan & Associates,
P.L.L.C. as counsel.
S.A. WAGNER: Insurance Agency Starts Subchapter V Case
------------------------------------------------------
S.A. Wagner Agency, Inc., filed for chapter 11 protection in the
Western District of Pennsylvania. The Debtor filed as a small
business debtor seeking relief under Subchapter V of Chapter 11 of
the Bankruptcy Code.
The Debtor is a corporation having a primary address located at
3123 State Street, Erie, Pennsylvania 16508. It operates an
insurance agency providing customers with brokerage services to
obtain commercial, personal, life and health insurance coverage
from various insurance companies.
The Debtor is seeking an expedited hearing on its first day
motions. It has filed motions to approve its interim budget, pay
prepetition wages, use its prepetition bank accounts, and provide
adequate assurance of payment of utilities.
According to court filing, S.A. Wagner Agency estimates between 50
and 99 unsecured creditors. The petition states funds will be
available to unsecured creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
July 11, 2022, at 10:00 a.m. via a telephonic hearing. Proofs of
claims are due by Oct. 11, 2022.
About S.A. Wagner Agency
S.A. Wagner Agency, Inc. -- https://www.sawagner.com -- is an
insurance company that provides the right commercial, personal, and
life insurance policies based on clients'
needs.
S.A. Wagner Agency, Inc., filed a petition for relief under
Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.
Pa. Case No. 22-10258) on June 8, 2022. In the petition filed by
Karen J. Wagner, as the administratrix of the estate of Donald E.
Wagner, the Debtor estimated assets between $500,000 and $1 million
and liabilities between $1 million and $10 million.
Guy C. Fustine, of Knox McLaughlin Gornall & Sennett, P.C., is the
Debtor's counsel.
William G Krieger has been appointed as Subchapter V trustee.
SAFE FLEET: S&P Rates New $100MM First-Lien Term Loan 'B-'
----------------------------------------------------------
S&P Global Ratings assigned its 'B-' issue-level rating and '3'
recovery rating to Safe Fleet Holdings LLC's proposed $100 million
incremental first-lien term loan. The company plans to use the
proceeds from this issuance, along with $5 million of cash from its
balance sheet, to fund a bolt-on acquisition and pay related fees
and expenses.
S&P said, "Overall, we expect continued strength across most of
Safe Fleet's end markets in 2022, including law enforcement,
commercial vehicles, school bus, and transit bus. We believe the
fire and emergency medical services (EMS) end market will continue
to recover in the coming quarters, supported by a gradual uptick in
new vehicle deliveries by the OEMs. Rising costs for materials and
components, labor, and freight weighed on the company's S&P Global
Ratings-adjusted EBITDA margins beginning in the second half of
2021, and we expect these cost pressures will persist in 2022.
However, we anticipate the company should largely mitigate this
cost inflation with continued price increases. As a result, we
forecast modest margin compression this year.
"Despite our expectation for an increase in Safe Fleet's working
capital outflows due, in part, to its strategic inventory build to
ensure continued product availability for its customers amid
ongoing supply chain issues, we anticipate it will generate
positive free operating cash flow (FOCF) in 2022. We forecast the
company's S&P Global Ratings-adjusted debt to EBITDA will be in the
low-7x area as of year-end 2022 (slightly above its leverage as of
year-end 2021) before declining to the mid-6x area by year-end
2023, incorporating a full year of contributions from the planned
acquisition and previously completed Labcraft Limited acquisition.
Our forecast also assumes continued organic revenue growth and
stabilizing S&P Global Ratings-adjusted EBITDA margins in the
20%-21% range through 2023. Consequently, our 'B-' issuer credit
rating and stable outlook on Safe Fleet remain unchanged."
ISSUE RATINGS--RECOVERY ANALYSIS
Key analytical factors
-- S&P's simulated default scenario contemplates a default
occurring in 2024 stemming from a protracted weak U.S. economy that
reduces the demand for Safe Fleet's products and significantly
lowers its revenue and profit. S&P believes these factors would
also likely impair the company's cash flow and erode its liquidity,
eventually leading to a payment default.
-- S&P assumes the company would seek covenant amendments on its
path to default, resulting in higher interest costs, and anticipate
it would draw on 85% of its revolving credit facility.
Simulated default assumptions
-- Simulated year of default: 2024
-- EBITDA at emergence: $82 million
-- EBITDA multiple: 5x
Simplified waterfall
-- Net enterprise value (after 5% administrative costs and
priority claims): $389 million
-- Valuation split (obligors/nonobligors): 85%/15%
-- Collateral value available to first-lien debt: $389 million
-- Secured first-lien debt claims: $749 million
--Recovery expectations: 50%-70% (rounded estimate: 50%)
-- Secured second-lien debt claims: $173 million
--Recovery expectations: 0%-10% (rounded estimate: 0%)
SIMPKINS & THOMPSON: Wins Cash Collateral Access
------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of West
Virginia authorized Simpkins & Thompson to use cash collateral on
an interim basis and provide adequate protection payments to
People's Bank.
People's Bank is a secured creditor of the Debtor arising from
various mortgage obligations for properties in Cabell County, West
Virginia.
Upon review of all matters presented, the Court finds that the
total value of the secured claim of People's Bank is $452,027.
The Debtor is not in default on its obligations to People's Bank,
including without limitation its obligation to make payments as
they become due under the terms of the mortgage loan agreements.
The Court said the automatic stay is modified as to the property to
the extent that People's Bank is permitted to exercise its
foreclosure and other rights against the property in the event:
a. the Debtor fails to cure a default under the terms of the
deed of trust, as modified by this order;
b. the Debtor fails to insure the property or allow such
insurance to lapse;
c. the Debtor fails to follow the terms of the applicable Deed
of Trust regarding taxes for the properties, including letting a
property proceed to a tax sale;
d. the Debtor's Chapter 11 petition is converted to a Chapter
7 or the Debtor's Chapter 11 petition is dismissed and Debtor fails
to pay in accordance with the agreement as set forth in this Order;
or
e. the Debtor proposes a plan which treats the Bank
differently than set forth in the Order.
The Debtor is permitted to use cash collateral unless it defaults
in its obligations under the Order.
In the event that the automatic stay is modified giving People's
Bank the right to exercise all rights and remedies granted to it
under the terms of the Contracts and applicable non-bankruptcy law,
the Debtor will make the property available within 24 hours of the
modification of the stay for an inspection of the property. The
Debtor will maintain possession of the properties until such
properties are sold at foreclosure.
A copy of the order is available at https://bit.ly/3NCR1Bv from
PacerMonitor.com.
About Simpkins & Thompson LLC
Simpkins & Thompson sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. W.V. Case No. 22-30111) on April 28,
2022. In the petition signed by Arvin Thompson, manager, the Debtor
disclosed up to $500,000 in assets and up to $10 million in
liabilities.
Judge B. McKay Mignault oversees the case.
Daniel Lattanzi, Esq., at Pepper and Nason is the Debtor's
counsel.
SIMPLY MAC: To Shut Operations, File for Bankruptcy
---------------------------------------------------
Danielle MacKimm of abc4.com reports that Simply Mac, a premium
Apple electronics reseller, has announced the company plans to file
for bankruptcy.
According to representatives, Simply Mac told its employees that it
plans to shut down all operations immediately and terminate all of
its employees stating the conditions of the COVID-19 pandemic, as
well as poor financial performance, has caused the company to go
under.
Simply Mac was initially adopted from GameStop in 2019. Since
then, the company has established 53 stores nationwide as of Jan.
2022. Now the company's CEO, Rein Voigt, says the business failed
to predict the detriments the pandemic would have.
Additionally, Voigt reportedly said that Simply Mac's financial
performance "never met our expectations" and that it did not have
adequate funds to stock inventory and carry out financial
obligations.
At this time, employees of Simply Mac have been told to expect
notices from bankruptcy court where they will be required to submit
a claim for outstanding pay.
About Simply Mac
Simply Mac is a premium Apple electronics reseller.
SONEV CONSTRUCTION: Seeks to Tap Holden Kidwell as Special Counsel
------------------------------------------------------------------
SoNev Construction LLC seeks approval from the U.S. Bankruptcy
Court for the District of Utah to employ Holden, Kidwell, Hahn &
Crapo, PLLC as its special litigation counsel.
The firm will represent the Debtor regarding its dispute with J.R.
Simplot Company and Fisher Sand & Gravel Co. over unpaid work the
Debtor performed for a fertilizer production plant owned by J.R.
Simplot Company known as the "Don Plant" located in Pocatello,
Idaho.
The firm will be paid at these rates:
Nathaniel H. Wadsworth $250 per hour.
Associate Attorneys $150 to $180 per hour
Member Attorneys $180 to $290 per hour
Staff $100 an hour
Holden Kidwell does not have any connection with, or a materially
adverse to, the Debtor or its estate with respect to the matter on
which it is to be employed, according to court filings.
The firm can be reached through:
Nathaniel H. Wadsworth, Esq.
Holden Kidwell Hahn & Crapo
1000 River Walk Dr #200
Idaho Falls, ID 83402
Phone: +1 208-523-0620
Email: nwadsworth@holdenlegal.com
About SoNev Construction
SoNev Construction LLC offers surface mining solutions to the
Southern Utah area. The company has the resources to prepare mine
sites, manage mine operations, excavate and develop new
sub-divisions.
SoNev Construction sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Utah Case No. 22-21037) on Mar. 25,
2022. In the petition signed by Keith Gilbert, managing member, the
Debtor disclosed up to $10 million in both assets and liabilities.
Judge William T. Thurman oversees the case.
The Debtor tapped Brian M. Rothschild, Esq., at Parsons Behle and
Latimer as legal counsel and Integrated Accounting Solutions as
certified public accountant and bookkeeper.
SPECTACLE BIDCO: S&P Ups ICR to 'B-' On Reopening, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Spectacle
Bidco Holdings Inc. (SBH; doing business as Cirque du Soleil) to
'B-' from 'CCC+'.
S&P said, "At the same time, we raised our issue-level rating on
Cirque $316 million outstanding of first-lien debt to 'B+' from 'B'
and our issue-level rating on its $330 million outstanding
second-lien term loan to 'CCC+' from 'CCC'.
"The stable outlook reflects our expectation that the company will
end fiscal year 2022 with leverage of approximately 7x. In
addition, we believe it could reduce its leverage to the 4.5x-5.0x
range in 2023 as it benefits from a full calendar year of
operations. Furthermore, the outlook incorporates our forecast that
Cirque will generate sufficient EBITDA to sustain its capital
structure once fully operational even in the event that its average
ticket prices decline from their currently elevated levels.
"The upgrade reflects our expectation that Cirque will continue to
generate neutral to modestly positive cash flow through the end of
2022 and benefit from a full year of operations in 2023, which will
potentially enable it to reduce its leverage to the 4.5x-5.0x
range."
Cirque du Soleil has continued to bring back shows through the
first quarter of 2022 as it revamps its operations following the
shutdown of live events beginning in March 2020 amid the COVID-19
pandemic. Currently, the company has reopened all of its Las
Vegas-based residencies and a majority of its touring shows. Cirque
plans to restart the remainder of its touring shows through the
first half of 2023, including two new big top and arena shows. The
company's reopened shows have experienced strong demand. While its
occupancy rates have remained modestly below 2019 levels, it has
thus far offset the effects of the reduction in its ticket volume
with strong average ticket prices, which are significantly above
pre-pandemic levels. S&P said, "We believe that Cirque's occupancy
rates will continue to improve throughout the year as international
travel and visitation slowly recover, the Las Vegas convention
circuit ramps up, and consumers return to attending live shows as
fears related to COVID-19 wane over time. We also expect the
company's average ticket prices to remain historically high
throughout 2022 as it benefits from the pent-up demand for
out-of-home entertainment. That said, we expect Cirque's margins
will be negatively affected by elevated logistics expense and
inflation pressure, especially in its touring segment as Cirque du
Soleil seeks to hire adequate support staff for its portfolio of
shows. However, we believe that the structural cost cuts management
implemented during the pandemic will largely offset the
inflationary pressure to its EBITDA margin. Based on these
expectations, we estimate the company will generate most of its
revenue in the second half of the year and reach about 70% of its
2019 revenue total, with an S&P Global Ratings-adjusted EBITDA
margin in the 12%-15% range, in 2022. In 2023, we expect
improvements in Cirque's ticket sales and occupancy could be offset
by weaker average ticket prices as consumer confidence wanes due to
inflationary pressure and concerns about a potential recession in
the U.S. Nonetheless, we expect the company's revenue will approach
pre-pandemic levels and forecast its EBIDA will exceed its
performance in 2019 due to the benefits of management's cost
cuts."
Cirque du Soleil benefits from its solid brand recognition.
Cirque's brand recognition has historically enabled it to form
strategic partnerships with venue providers that help cover the
costs of developing new shows. The contract terms and historical
longevity of the company's shows, which can last for upward of 20
years, provide it with some revenue and cash flow predictability.
Cirque's primary partnership is with MGM in the Las Vegas market,
which accounted for a large proportion of its revenue prior to the
pandemic. This partnership guarantees Cirque's operating costs, an
additional premium, and royalties from its box office sales.
Competitive pressures from other entertainment and leisure
providers partially offset these positive factors. Additionally,
S&P believes the company has a moderate counterparty concentration
with MGM, which owns the venues for four of its resident shows.
S& said, "The stable outlook reflects our expectation that Cirque
will maintain adequate liquidity and generate break-even to
modestly positive cash flow over the next 12 months while it
continues to ramp up its touring activity. It also reflects our
expectation the company will generate sufficient EBITDA to sustain
its capital structure once fully operational, including S&P Global
Ratings-adjusted debt to EBITDA of approximately 7x in 2022 that
potentially improves to the 4.5x-5.0x range in 2023.
"We could lower our rating on Cirque if its cash flow turns
negative, the company's high cash balance declines and we believe
its capital structure is unsustainable over the long term. This
would likely occur either due to the spread of a new coronavirus
variant of concern that causes attendance at Cirque Du Soleil shows
to fall or a significant pullback in consumer discretionary
spending associated with a severe recession in the U.S.
"We could raise our rating on Cirque if it reduces its leverage
below 6x and sustains EBITDA interest coverage in excess of 2.5x.
Before upgrading the company, we would also expect it to generate
sustained positive free operating cash flow (FOCF) in 2023 with
sufficient cushion to weather the potential for softer economic
conditions at a higher rating."
ESG credit indicators: To E-2; S-3; G-3; From E-2; S-4; G-3
S&P said, "Social factors are now a moderately negative
consideration in our credit rating analysis of Cirque. As of June
2022, the company has made substantial progress toward bringing
back its full portfolio of shows since the total shutdown of live
events in 2020 amid the COVID-19 pandemic. Nearly all of Cirque's
resident shows and the majority of its touring shows are in
operation. As such, we expect the company to achieve positive,
albeit minimal, positive FOCF in 2022. Absent further disruptions
stemming from unforeseen spikes in COVID-19 cases that lead to
restrictions on indoor entertainment, we believe Cirque will
continue to improve its revenue and EBITDA through 2023, at which
point we expect it will have restored its credit metrics to
pre-pandemic levels. Nonetheless, while we view the pandemic as a
rare and extreme disruption that is unlikely to recur at the same
magnitude, safety and health scares are an ongoing risk factor.
Governance factors are a moderately negative consideration in our
analysis, as is the case for most rated entities owned by
private-equity sponsors. We believe the company's highly leveraged
financial risk profile points to corporate decision-making that
prioritizes the interests of its controlling owners. This also
reflects private-equity owners' generally finite holding periods
and focus on maximizing shareholder returns."
SPG HOSPICE: Trustee Wins Cash Collateral Access Thru July 8
------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Arizona authorized
James Cross, the duly appointed and acting Chapter 11 Trustee of
SPG Hospice, LLC, Scottsdale Physicians Group, PLC, and United
Telehealth Corp., to use cash collateral on an interim basis
through July 8, 2022, in accordance with the budget, with a 10%
variance.
As of Petition Date, the Debtors are in default to Arizona Bank and
Trust under several loan documents.
On March 18, 2020, the AZBT made: (1) a multiple advance loan (Loan
No. XXXXX6771) in the maximum principal amount of $4,000,000 to the
Borrowers for working capital and other general corporate purposes;
and (2) a term loan (Loan No. XXXXX6772) in the maximum principal
amount of $1,950,000 to refinance certain existing term debt of the
Borrowers. The RLC Loan and the Term Loan were evidenced by the
"Loan Agreement" executed by the Borrowers and the AZBT with an
effective date of March 18, 2020.
On March 18, 2020, the Borrowers, as makers, executed the
"Revolving Promissory Note" in the maximum loan amount of
$4,000,000 in favor of AZBT, as payee. The RLC Note had a maturity
date of March 18, 2021.
On March 18, 2020, the Borrowers, as makers, also executed the
"Term Promissory Note" in the principal sum of $1,950,000 in favor
of AZBT, as payee. The Term Note had a maturity date of March 18,
2024.
On March 18, 2020, AZBT filed a UCC-1 Financing Statement with the
Arizona Secretary of State at File Number 2020-001-6147-4, which
perfected AZBT's first priority lien and security interest in the
Collateral as described in the CSA and held by the Debtor.
On March 18, 2020, AZBT filed a UCC-1 Financing Statement with the
Arizona Secretary of State at File Number 2020-001-6145-7, which
perfected AZBT's first priority lien and security interest in the
Collateral as described in the CSA and held by SPG.
On June 18, 2021, the Borrowers executed the "Term Promissory Note"
in favor of AZBT in the principal amount of $1,000,000. The New
Term Note is secured by the CSA and all of the Collateral described
therein as well as the Guaranty, the DOT, and the UCC-1.
Accordingly, as of April 8, 2022, the Borrowers' total indebtedness
owed to the AZBT on the Loans was $5,075,312 plus accrued and
accruing interest, costs and attorneys' fees.
TOPPS, LLC contends it made two loans to debtor SPG:
* The first, made on June 23, 2021, in the principal amount of
$1.5 million, is evidenced by, among other things, a Secured
Promissory Note in the principal amount of $1.5 million and a
Collateral Security Agreement through which, among other things,
SPG granted TOPPS a security interest in the accounts receivable
described therein. The security interest was perfected by the
filing of a UCC-1 financing statement with the Arizona Secretary of
State on July 7, 2021.
* The second, made on September 30, 2021, in the principal
amount of $750,000, is evidenced by, among other things, a Secured
Promissory Note in the principal amount of $750,000 and a
Collateral Security Agreement through which, among other things,
SPG granted TOPPS a security interest in the accounts receivable
described therein. The security interest was perfected by the
filing of a UCC-1 financing statement with the Arizona Secretary of
State on October 15, 2021.
All obligations owing to TOPPS are also secured by a deed of trust
against the residence and by the personal guarantee of the
Guarantors. AZBT and the Trustee have not yet reviewed TOPPS's loan
documents and are not yet in a position to stipulate to the
accuracy of the foregoing description.
Based upon the Second Agreed Order, on June 1, 2022, the Trustee
paid AZBT the equivalent of interest only on the three matured
Loans, i.e., $23,000.
Consistent with the Budget and as a form of adequate protection,
during the first week of the month, the Trustee will pay to AZBT
the equivalent of interest only on the three matured Loans, i.e.,
$23,000.
Pursuant to 11 U.S.C. sections 363 and 364, AZBT will reverse the
Setoff and release the $1.2 million to the Debtor's estate to be
used exclusively as set forth in the Agreed Order. After the
reconsideration period expires as set forth below, and upon further
order of the Court, the Trustee will compensate the healthcare
providers represented by Mr. Cotterman using the $1,200,000 in
accordance with the terms of the Advance Agreement with
HonorHealth.
As adequate protection, AZBT is granted valid and perfected, first
position priority security interests and liens in all of Trustee's
interests in any property acquired after the Petition Date of the
type described as AZBT's collateral in the applicable loan
documents, including all proceeds therefrom. The Replacements Liens
granted to AZBT will: (i) secure repayment of the AZBT Indebtedness
limited by the amount of cash collateral used by Debtor from and
after the Petition Date; (ii) be evidenced by the existing Loan
Documents and the Agreed Order; and (iii) be valid and perfected,
first position lien and security interest in the cash collateral
and other Collateral.
AZBT's Replacement Liens will attach to and be perfected in, among
other collateral, the approximately $1 million in monies the
Trustee recovered from merchant cash advance creditors, who are
junior to AZBT's valid and perfected, first position security
interests and liens.
TOPPS is granted a valid and perfected security interest and lien
in all of SPG's now-owned or after-acquired property of any kind or
nature, whether real, personal, tangible, or intangible, wherever
located. The Adequate Protection Lien is limited to the amount of
any diminution in the value of TOPPS's prepetition collateral
arising on or after the petition date, including, but not limited
to, diminution from SPG's use of TOPPS cash collateral. The
Adequate Protection Lien will not be subject to equitable
subordination under Bankruptcy Code section 510. The Adequate
Protection Lien will be subject only to any existing senior liens
in SPG's assets and the Replacement Liens granted to AZBT.
A copy of the order and the Debtors' budgets is available at
https://bit.ly/3MIfELG from PacerMonitor.com.
SPG, SPG Hospice project $6,299,228 in total inflows and $7,080,224
in total outflows for the 13-week ending August 29, 2022.
About SPG Hospice, LLC
SPG Hospice, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Ariz. Case No. 22-02385) on April 19,
2022. In the petition signed by Nima Ghadimi, managing member, the
Debtor disclosed up to $50,000 in assets and up to $500,000 in
liabilities.
Judge Eddward P. Ballinger Jr. oversees the case.
Jonathan Philip Ibsen, Esq., at Canterbury Law Group, LLP is the
Debtor's counsel.
SPRING EDUCATION: S&P Upgrades ICR to 'B-' from on Good Cash Flow
-----------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Spring
Education Group Inc. to 'B-' from 'CCC+'. At the same time, S&P
raised its issue-level rating on the company's first-lien debt to
'B-' from 'CCC+' and on its second-lien debt to 'CCC' from 'CCC-'.
The outlook is stable.
The stable outlook reflects S&P's expectation that leverage is
likely to be in the mid-8x area in fiscal 2022 and that Spring will
continue to generate positive free operating cash flow (FOCF) over
the next 12-24 months.
Spring's operating performance recovered more rapidly than S&P
expected, and it now view the capital structure as sustainable.
S&P said, "We expect momentum over the next 12 months based on
tuition increases and enrollment growth. Spring passed along
mid-year tuition increases to offset inflationary pressures on
wages. We expect annual tuition increases will continue across all
divisions. We also expect average enrollments to increase 12% year
over year in fiscal 2022 and in the mid-single-digit percent area
in fiscal 2023. Capacity utilization will increase closer to levels
before the COVID-19 pandemic as restrictions loosen, about 68%-70%.
Government grants through March 2022 also contributed to
outperformance, albeit to a lesser extent.
"We now forecast revenue growth in the low-teens percent area in
fiscal 2023. We expect S&P Global Ratings-adjusted EBITDA margins
to increase to the 35%-37% range in fiscal years 2022 and 2023 due
to higher revenue from additional enrollments and tuition
increases, partially offset by higher costs due to inflation in
wages and supplies. We also expect reported FOCF of about $30
million-$35 million in fiscal years 2022 and 2023. Our base-case
forecast assumes no additional government grants in fiscal 2023."
The company's financial sponsor, Primavera Capital Group, has high
tolerance for leverage and an aggressive growth strategy.
Spring's S&P Global Ratings-adjusted leverage was elevated after
significant reduction of adjusted EBITDA and incremental debt to
bolster liquidity in fiscal 2021. S&P said, "Nevertheless, we
expect adjusted leverage will decline to the mid-8x area by fiscal
year-end 2022 because of cost savings associated with closure of
underperforming schools, workforce reduction, and one-time
restructuring and school closure costs that roll off. We view
Spring's growth strategy as aggressive based on the size and number
of previous acquisitions. While we do not expect major acquisitions
or aggressive new campus openings in the near term, Spring's
long-term growth will come from a combination of acquisitions and
school openings."
Risks to a recovery include a resurgence in coronavirus variants
and a potential spike in unemployment.
The number of enrollments at Spring's facilities could be reduced
during a recession if unemployment increases such that parents seek
more affordable education options. This would also hinder cash flow
and leverage expectations. However, S&P believes these risks are
partially offset by Spring's affluent customer base of dual-income
families, who prioritize education budgets and doesn't often reduce
them. While S&P does not expect a recession in the next 12 months,
risks have increased to 25%-35%.
Additionally, despite plans for a COVID-19 vaccine to become more
widely available for younger children, Spring is exposed to more
revenue volatility in its pre-kindergarten divisions if parents
keep their children at home amid further virus surges. Unlike K-12
education, the company has limited online material for pre-K and
early childhood education given the age and services needed.
Although other countries are better equipped to address another
surge in COVID-19 caseloads with prevention and treatment options,
a resurgence of virus variants could temporarily slow enrollment in
regions with higher caseloads.
S&P said, "The stable outlook reflects our expectation that Spring
will maintain adequate liquidity and sustain positive cash flow
over the next 12 months while enrollments recover following the
COVID-19 pandemic. It also reflects our expectation that Spring
will generate sufficient EBITDA to sustain its capital structure,
with S&P Global Ratings-adjusted debt to EBITDA of approximately
8.5x in 2022 and potentially improving to below 8x in 2023. The
stable outlook also incorporates our expectation that the company
will extend its revolving credit facility due in July 2023."
S&P could lower the rating if:
-- Spring's liquidity deteriorates; and
-- S&P believes that its capital structure is unsustainable over
the long term.
This could occur if demand, revenue, and EBITDA trends were to
reverse due to new COVID-19 variants, increasing infection rates,
or a recessionary environment with elevated unemployment.
An upgrade is unlikely over the next 12 months, given S&P's
expectations for leverage to remain high. Nevertheless, it could
raise the rating on Spring if it believes the company could:
-- Maintain leverage below 6x on a sustained basis; and
-- Generate meaningful FOCF.
This could occur if revenue and EBITDA growth outpace its spending
on tuck-in acquisitions and new builds.
ESG credit indicators: E-2, S-3, G-3
S&P said, "Social factors are a moderately negative consideration
in our credit rating analysis of Spring. It faced significant
health and safety challenges stemming from the COVID-19 pandemic,
given its exposure to pre-kindergarten and early childhood
education. It was impeded by social-distancing restrictions,
resulting in a significant decline in enrollment, revenues, and
cash flows. Governance is a moderately negative consideration, as
it is for most rated entities owned by private-equity sponsors. We
believe the company's highly leveraged financial risk profile
points to corporate decision-making that prioritizes the interests
of controlling owners. This also reflects private-equity sponsors'
generally finite holding periods and focus on maximizing
shareholder returns."
SUNGARD AS: S&P Rates $95MM New Money DIP Term Loan 'B+'
--------------------------------------------------------
S&P Global Ratings assigned its point-in-time 'B+' rating to the
$95 million of "new money" debtor-in-possession (DIP) term loan
provided to Sungard AS New Holdings III LLC. Sungard AS, an
information technology (IT) outsourced disaster recovery service
provider, filed for protection of Chapter 11 of the U.S. Bankruptcy
Code on April 11, 2022.
S&P said, "Our 'B+' issue-level rating on Sungard AS' DIP term loan
reflects our view of the credit risk borne by the DIP lenders,
including our view of the company's ability to meet its financial
requirements during bankruptcy through our debtor credit profile
(DCP) assessment, the prospects for full repayment through the
company's reorganization and emergence from Chapter 11 (via our
capacity for repayment at emergence [CRE] assessment), and
potential for full repayment in a liquidation scenario (via our
additional protection in a liquidation scenario [APLS]
assessment).
"Our DCP of 'b-' reflects the combination of Sungard AS' vulnerable
business risk profile and highly leveraged financial risk profile,
together with our consideration of applicable ratings modifiers
during bankruptcy. Our CRE assessment of favorable coverage of the
new money DIP debt in an emergence scenario is indicative of
coverage of more than 150%, which provides an uplift of one notch
over the DCP. We assess repayment prospects for purposes of the CRE
assessment as if the DIP facilities are required to be repaid in
full in cash at emergence. Our APLS assessment indicates more than
125% total value coverage in a liquidation scenario and contributes
to a one-notch uplift over the DCP, resulting in a 'B+' DIP
issue-level rating."
S&P attributes the bankruptcy filing to a large debt burden
exacerbating strained business and exceptionally challenging
operating environment. Its business risk assessment of vulnerable
reflects the following:
-- While pandemic-related disruption contributed somewhat to
slower enterprise IT spending, Sungard AS has experienced many
years of revenue erosion. External demand for an outsourced IT
disaster recovery partner has declined as more customers choose to
insource the work, adopt hybrid or multi-cloud configurations that
offer near-continuous availability, or choose not to pay for
high-cost disaster recovery (thereby accepting high-risk,
low-probability type disaster events affecting their businesses).
-- Additionally, the company faces meaningful competition from
larger-scale providers in colocation markets where scale and
geographic diversity are paramount. While managed services
including disaster-recovery-as-a-service products offer better
growth prospects, offerings facing secular declines still represent
a meaningful portion of the business.
-- Sungard AS' profits have been under pressure as its business
mix shifts to managed services. Additionally, ongoing cost
restructuring to help offset revenue declines and price pressures
have hurt profitability. The company has taken several cost-saving
measures such as headcount reductions, lower use of third-party
contractors, procurement saving, and shutdown of unprofitable
centers. Given the sharp declines in revenue, S&P views these cost
reductions as necessary actions to remain operational. While
Sungard AS has demonstrated good progress on its past
cost-restructuring efforts, S&P expects its EBITDA margins to
remain below historical levels as lower margin managed services
increase.
S&P said, "From a financial risk perspective, our DCP on Sungard AS
reflects EBITDA erosion and meaningful capex needs leading to
persistent negative free operating cash flow (FOCF). We also expect
elevated leverage given the substantial amount of roll-up DIP term
loans. In addition to reported debt, our forecast leverage of 8x
includes the entire DIP facility, which does not provide a
substantially reduced debt load although we acknowledge that
certain recharacterization clauses only force cash payment on the
"new money" portion of the DIP. Our calculation during the
bankruptcy period includes operating leases liabilities. Our
leverage calculation also includes operating leases although we
expect a reduction in the bankruptcy process as Sungard AS shuts
down several of its unprofitable locations."
Sungard AS is a U.S.-based outsourced disaster recovery services
provider. The company designs, implements, and manages enterprise
IT availability solutions. Services extend from basic recovery
services to fully managed IT infrastructure services, including
consulting services and business continuity management software.
The company has both traditional infrastructure-focused services (a
declining business as firms migrate to in-house and cloud-based
solutions) and outsourced availability solutions.
The projections underlying S&P's analysis include the following
assumptions:
-- S&P's projections are for a 12-month period following the
bankruptcy filing;
-- U.S. GDP improves by 2.4% in 2022 and 2% in 2023;
-- Eurozone GDP grows 2.7% in 2022 and 2.2% in 2023;
-- Global IT spending rises by about 4.5% in 2022;
-- S&P said, "We expect Sungard AS to not grow at U.S. GDP growth
levels, but to continue facing revenue declines close to 13%
year-over-year in 2022. We expect continued pressures in legacy
recovery services and colocation segments. There could be some
improvement if the company executes on new services and emphasizes
key segments with the highest growth potential such as its private
cloud and disaster recovery as a service, but performance in these
segments will remain uncertain and not enough to boost total
revenue."
-- EBITDA margins remain in the low-20% area, gradually improving
as the company realizes the benefit of cost cuts and shutdown of
nonprofitable sites. At the end of 2021, the company cut its total
headcount by about 15%, which is expected to have a run-rate
savings of around $28 million. Additional staffing reductions have
taken place since then, which should contribute to further margin
enhancement;
-- Capital expenditures of about $35 million-$40 million annually;
and
-- S&P assumes the full amount of the "new money" DIP term loan is
borrowed as it assumes a prolonged bankruptcy for the case of its
DIP ratings.
S&P's projections lead to a financial risk profile assessment of
significant, based on the following credit measures for 2019:
-- Annualized funds from operations (FFO) to debt in the
mid-single-digit-percent area;
-- Adjusted debt to EBITDA in the low-8x area during bankruptcy;
-- EBITDA interest coverage of about 1.9x on an adjusted basis;
and
-- Negative FOCF during bankruptcy.
To be clear, this assessment only covers the bankruptcy
reorganization and does not look through to the expected emergence
capital structure. S&P expects the proposed reorganization plan to
reduce debt at emergence relative to prepetition levels, but this
is outside the scope of its DIP loan analysis.
S&P assesses the company's liquidity as adequate for the purposes
of its DIP analysis, an assessment based on estimated sources and
uses of liquidity over the expected duration of the bankruptcy. For
the purposes of S&P's liquidity analysis, it expects the company to
remain in bankruptcy until Aug. 16, 2022, but it believes the
company will have enough liquidity coverage even if the bankruptcy
lasts somewhat longer. The primary liquidity sources and uses in
its analysis include:
Principal liquidity sources
-- Minimal cash FFO of about $10 million on an annualized basis,
which incorporates bankruptcy-specific restructuring charges;
-- Balance sheet cash at the time of the company's bankruptcy
filing of about $7 million;
-- New money DIP facility of $95.3 million; and
-- About $20 million of availability on the company's ABL
facility.
Principal liquidity uses
-- $20 million of working capital requirements; and
-- $14 million of annualized capital expenditures.
S&P expects Sungard AS to be able to comply with its financial
covenants under the DIP term loan facility during the expected stay
in bankruptcy, which included a variance covenant that would be
violated if cash receipts or cash disbursements have a greater than
15% negative variance than budget.
CRE
S&P said, "Our CRE assessment addresses the hypothetical question
of whether Sungard AS would likely be able to attract sufficient
third-party financing at the time of emergence to repay the DIP
debt in full. We have treated the roll-up tranches as non-cash pay
per our criteria, and therefore exclude them from our CRE
calculation for coverage of the new money term loan. For the
purpose of this analysis, we only consider the "new money" DIP due
to a recharacterization clause built in to the final DIP agreement.
In the event that the rolled-up portion of the term loan DIP loan
is greater than the value the debtors receive from a sale of
assets, the portion of the roll-up greater than the value of sale
will automatically be characterized as prepetition loans.
"We estimate a gross going-concern valuation of approximately $193
million, based on an estimated 2022 EBITDA of about $35 million and
applying a 5.5x multiple. Our estimated going-concern valuation of
$193 million, adjusted for forecast outstanding ABL claims, is in
excess of 1.7x of total estimated new money DIP debt at emergence.
This valuation is lower than our recovery valuation before
bankruptcy given this is the second Chapter 11 bankruptcy filing in
three years. Our debt estimate assumes roughly $95 million in cash
draws on the DIP term loan. The going-concern coverage analysis
results in a CRE assessment of favorable coverage and a one-notch
enhancement to the DIP issue-level rating relative to the DCP of
'b-'."
APLS
S&P said, "Our DIP methodology allows the potential for an
additional notch up if we are confident the DIP debt would be fully
repaid, even in a scenario where the debtor is unable to
successfully reorganize. For Sungard AS, our assessment assumes the
company is forced to liquidate its assets. Key assumptions
underlying our liquidation analysis include liquidation realization
rates on book values.
"We estimate a liquidation value of about $130 million, consisting
of all domestic assets, including all working capital assets. For
the purpose of this analysis, we are assuming a distressed sale as
opposed to straight asset liquidation. We have stressed the
expected sale value in this downside scenario. For certain assets
we assessed, we assumed a liquidation basis based on available
information and it may not reflect the fair market values." The
$130 million covers the $95 million DIP term loan passes the
threshold of 125% total coverage for an additional notch uplift.
TAVERN ON LAGRANGE: Seeks to Tap Benjamin Legal Services as Counsel
-------------------------------------------------------------------
Tavern on LaGrange Corp seeks approval from the U.S. Bankruptcy
Court for the Northern District of Illinois to employ Benjamin
Legal Services as its legal counsel.
The firm will render these legal services:
(a) assist and advise the Debtor with respect to its legal
status, powers, duties, rights and obligations in the continued
management and operation of its business, property and affairs;
(b) represent the Debtor before bankruptcy court and advise
the Debtor on all pending litigations, hearings, motions, and of
the decisions of the bankruptcy court;
(c) review and analyze all applications, orders, and motions
filed with the bankruptcy court by third parties in this proceeding
and advise the Debtor thereon;
(d) attend all meetings conducted pursuant to section 341(a)
of the bankruptcy code and represent the Debtor at all examinations
and Debtor interviews;
(e) communicate and negotiate with representatives of
creditors and other parties-in-interest;
(f) confer with all other professionals;
(g) assist the Debtor in its negotiations with creditors or
third parties concerning the terms of any proposed plan of
reorganization;
(h) assist the Debtor in the formulation, preparation,
implementation, and consummation of a plan of reorganization and
disclosure statement, if necessary or appropriate, and all related
agreements and documents;
(i) perform all other legal services required of the Debtor;
and
(j) advise the Debtor in connection with any potential sale of
assets or representation of the Debtor in connection with obtaining
post-petition financing if required or needed.
The Debtor has agreed to pay the firm an advanced payment retainer
of $25,000.
The hourly rates of the firm's counsel and staff are as follows:
J. Kevin Benjamin $450
Theresa Benjamin $395
Paraprofessional $125
In addition, the firm will seek reimbursement for expenses
incurred.
J. Kevin Benjamin, Esq., an attorney at Benjamin Legal Services,
disclosed in a court filing that the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
J. Kevin Benjamin, Esq.
Benjamin Legal Services PLC
1016 West Jackson Blvd.
Chicago, IL 60607-2914
Telephone: (312) 853-3100
Email: jkb@benjaminlaw.com
About Tavern on LaGrange
Tavern on Lagrange Corp. is a privately held company that operates
an upscale bistro at 5403 South La Grange Road, Countryside, Ill.
Tavern on Lagrange sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 22-04773) on April 26,
2022. In the petition signed by Estevein G. Perkins, as manager and
designated corporate representative, the Debtor disclosed up to
$50,000 in assets and up to $10 million in liabilities.
Judge Benjamin A. Goldgar oversees the case.
J. Kevin Benjamin, Esq., at Benjamin Legal Services is the Debtor's
counsel.
TEDESCHI & SONS: Accounting Firm Starts Subchapter V Case
---------------------------------------------------------
Tedeschi & Sons Inc. filed for chapter 11 protection in the Middle
District of Florida. The Debtor filed as a small business debtor
seeking relief under Subchapter V of Chapter 11 of the Bankruptcy
Code.
The Debtor provides a full range of accounting, bookkeeping,
consulting, outsourcing, payroll, and business services. Said
services are provided either on-site at the business location of
the Debtor's clients, or remotely, as advances in technology allow
the Debtor to securely provide its clients with accounting and
bookkeeping services anywhere in the world.
The Debtor operates from premises located at 104 Gala Circle,
Daytona Beach, Florida, 32124, which is rented by Michael Tedeschi,
the Debtor's President, and Barbara Tedeschi, the Debtor's Vice
President, which are the Debtor's only two Directors, Officers, and
Shareholders.
The Debtor operates an accounting and tax business that is seasonal
following with tax filing deadlines, which has suffered cash flow
and financial issues due in part to seasonal fluctuations in
business. The Debtor has also suffered financial difficulties due
to a dispute with a former business associate, which is being
litigated in the case styled, Limelight Production Management
Services v. Tedeschi & Sons Inc., pending in the Supreme Court of
the State of New York.
The Debtor filed a petition under Chapter 11, Subchapter V, to
implement a comprehensive restructuring and to propose a mechanism
to efficiently address and resolve all claims. The filing of this
Chapter 11 case is not the end result of any strategy or attempt to
avoid any lawful responsibilities or obligations. Rather, the
Debtor commenced this Case after a comprehensive review of all
realistic alternatives and the consideration and balancing of a
variety of factors.
* * *
According to court filings, Tedeschi & Sons Inc. estimates between
1 and 49 creditors. The petition states that funds will be
available to Unsecured Creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
July 11, 2022 at 2:00 PM. The U.S. Trustee (Orl) will hold the
meeting telephonically. Call in Number: 877-801-2055. Passcode:
8940738#.
Proofs of claims are due by Aug. 17, 2022.
About Tedeschi & Sons
Tedeschi & Sons Inc. -- https://www.tedeschitax.com/ -- is an
expert in all areas of accounting, bookkeeping, consulting,
outsourcing, payroll and business services. It takes care of
clients' tax, accounting and bookkeeping needs.
Tedeschi & Sons filed a petition for relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No.
22-02046) on June 8, 2022. In the petition filed by Michael G.
Tedeschi, as president, the Debtor estimated assets up to $50,000
and liabilities between $100,000 and $500,000.
Jeffrey S. Ainsworth, of BransonLaw, PLLC, is the Debtor's
counsel.
Jerrett M McConnell has been appointed as Subchapter V trustee.
TMST INC: Trustee Cuts Unsecured Claims From $24-Bil. to $7.4-Mil.
------------------------------------------------------------------
Joel I. Sher, Trustee for TMST Inc. f/k/a Thornburg Mortgage, Inc.
("TMST"), et al., submitted a Joint Chapter 11 Plan of Liquidation
and a Disclosure Statement.
The Trustee has attempted to estimate the amount of Allowed
Unsecured Claims against the Debtors. In that regard the Trustee
has reviewed the Schedules filed by the Debtors and the 1,176 Proof
of Claims that have been filed to date against the Debtors. As
originally filed those Proof of Claims are in the aggregate
approximate amount of $24 billion, including the claims of the
counterparties, intercompany claims (which are eliminated under the
Plan), claims of common stockholders and numerous duplicate claims
of the Noteholders.
To ensure that only valid claims are allowed under the Plan, the
Trustee has filed a series of objections to claims that he has
determined are not valid. In that regard, as of June 8, 2022, the
Bankruptcy Court has entered the a Stipulation and Consent Order
Sustaining Chapter 11 Trustee's Objection to Century Bank's Proof
of Claim, disallowing Epiq Claim Nos. 288 and 289 (TMST) and 287
(TMHL) in full. As of June 8, 2022, the Trustee has also filed the
following objections to claims that have not yet been resolved by
the Bankruptcy Court:
* Objection to Proof of Claim Filed by Department of the
Treasury – Internal Revenue Service Against Thornburg Mortgage
Hedging Strategies, Inc.
* First Omnibus Objection to Proofs of Claim (Equity Interest
Claims).
* Second Omnibus Objection to Proofs of Claim (Duplicate Bond
Claims).
* Objection to Proof of Claim Filed by NM Taxation & Revenue
Department Against Thornburg Mortgage Hedging Strategies, Inc.
* Third Omnibus Objection To Proofs Of Claim (Scheduled
Satisfied Claims).
The Trustee's analysis of the proofs of claim filed against the
Debtors is ongoing and the Trustees expects to file additional
omnibus and specific objections.
There can be no certainty that the filed, or to be filed objections
will be sustained. Therefore, the Trustee cannot predict with
certainty the final amount of Allowed Unsecured Claims against each
Debtor. However, in order to better estimate the amount of
Unsecured Claims which will ultimately be allowed, the Trustee has,
among other things: (a) eliminated duplicate and superseded proofs
of claim; (b) adjusted or eliminated proofs of claim that have been
disallowed, withdrawn, or subject to a court-approved settlement or
stipulation; (c) eliminated any proofs of claim and scheduled
amounts that have been satisfied subsequent to the Petition Date;
and (d) discounted to $0 the amounts of any proofs of claim which
are subject to a filed, or to be filed objection. After accounting
for the foregoing, the Trustee current estimate of Allowed
Unsecured Claims, as presently filed, total approximately $7.4
million, of which $4.7 million will be against TMHL and $2.7
million will be against TMST. These Claims include, without
limitation, (a) accrued and unpaid trade and other unsecured debt
incurred in the ordinary course of the Debtors' business; (b)
Claims by vendors under contracts; and (c) litigation and
litigation related Claims. The total amount of Allowed General
Unsecured Claims may be materially more or less than the estimate
set forth herein. As provided in the Plan, the Plan Administrator
will continue the claims reconciliation process following the
Effective Date. Pursuant to the Plan, a Disputed Claim Reserve
will be established and administered by the Plan Administrator for
the payment of Disputed Claims that become Allowed Claims after the
Effective Date.
The Plan is a liquidating Plan and provides for the distribution of
the Debtors' assets, which have been liquidated, or will be
liquidated in the future, to Holders of Allowed Claims in
accordance with the terms of the Plan. As of the date of the
Disclosure Statement, the assets of the Debtors' Estates are
largely liquidated and consist primarily of Cash held by the
Trustee and available for distribution, subject to the Reserves
identified in the Plan. There remain a few assets that will be
monetized in the future and added to the Cash available for
Distribution. An example is that TMST continues to receive monthly
advisor fees from the MBS securitizations its sponsored. During
the Chapter 11 Cases, TMST has received approximately $120,000 in
such fees.
The Plan is a joint Plan for the Debtors' jointly administered
Estates. The Plan does not provide for the consolidation of the
Debtors' Estates for purposes of implementing the Plan or making
Distributions thereunder.
The Plan provides for the appointment of a Plan Administrator to
implement the Plan. The Plan Administrator shall be empowered to,
among other things, administer and liquidate all remaining assets
and object to and settle Claims, in accordance with the Plan. The
Plan also provides for the Plan Administrator to make Distributions
to Holders of Allowed Claims, including Administrative Expense
Claims, Professional Fee Claims, Priority Tax Claims, Priority
Non-Tax Claims, and Indenture Trustee Fee Claims. In addition, the
Plan cancels all Equity Interests in the TMST, and provides for the
dissolution and wind-up of the remaining affairs of the Debtors.
However, and to avoid negative tax consequences and enable the
Debtors to maintain the ability to file their respective tax
returns as part of a consolidated tax group, TMST and TMHL retains
their respective interests in each of TMHL, TMHS and TMAS, and if
necessary the Plan Administrator shall cause TMST to transfer the
sum of $500,000 to each of TMHL and TMHS, and TMHL to transfer the
sum of $500,000 to TMAS, as necessary, to retains their interests
therein.
The Plan contemplates a distribution on the Initial Distribution
Date of an amount equal to all Cash on hand less the amount of the
Effective Date Reserves, which is made up of the Disputed Claim
Reserve, Professional Fee Claim Reserve, and Wind Down Reserve.
The Initial Distribution Date means the Business Day determined by
the Plan Administrator in his sole discretion, but not later than
60 days after the Effective Date. Assuming a speedy confirmation
process for the Plan, the Trustee presently expects that date and
the initial distribution to creditors will occur no later than
December 15, 2022.
As detailed in the most recently filed Monthly Operating Report for
the Period Ending April 30, 2022, the Debtor's Cash Balance Summary
as of the end of that period was $65,983,239. The Trustee
estimates that after receipt of the JPM Adversary settlement
proceeds and payment of the contingency fees associated therewith,
the Debtors will have approximately $91 million of Cash on hand.
The cash is held in a series of bank and investment accounts and
not allocated specifically between Debtors. However, based on
allocating all postpetition receipts to the Debtors that was the
most likely recipient of those funds, an allocation of those funds
among Debtors could theoretically be estimated as follows: (i)
TMST: $49.4 million, (ii) TMHL: $41.2 million, (iii) TMAS: $0.00,
and (iv) TMHS: $400,000.
The Wind Down Reserve is the estimated amount of Cash sufficient to
fund the wind down costs and expenses of the Debtors, including for
the payment of the preparation and filing of tax returns, employees
of the Debtors needed in the wind down, fees and expenses of the
Plan Administrator and his professionals and other operational
costs of the wind down of the Debtors. The Trustee and his
financial advisors continue to examine the projects amount needed
for this reserve. As of the date of the filing of this Disclosure
Statement, the Trustee estimates that the sum of $2 million will be
needed to fund the Wind Down Reserve. That amount may vary as the
Trustee refines his budget analysis.
Under the Plan, Class 3a Unsecured Claims Against TMST totaling
$2,700,000. The Holders of Allowed Class 3a Claims shall receive
their Pro Rata share of Distributions as provided in section 3.02c
of this Plan. Class 3a is impaired.
Class 3b Unsecured Claims Against TMHL totaling $4,700,000. The
Holders of Allowed Class 3b Claims shall receive their Pro Rata
share of Distribution as provided in section 3.02.c of this Plan.
Class 3b is impaired.
Class 3c Unsecured Claims Against TMAS. The Holders of Allowed
Class 3c Claims shall receive their Pro Rata share of Distribution
as provided in section 3.02.c of this Plan. Class 3c is impaired.
Class 3d Unsecured Claims Against TMHS. The Holders of Allowed
Class 3d Claims shall receive their Pro Rata share of Distribution
as provided in section 3.02.c of this Plan. Class 3d is impaired.
Section 3.02c of the Plan provides that on the Initial Distribution
Date, the Plan Administrator shall distribute an amount equal to
all Cash on hand less the amount of the Effective Date Reserves as
follows:
* On a Pari Passu basis to the holders of Class 2a Senior
Noteholder Claims and the holders of Allowed Class 3a, 3b, 3c and
3d Unsecured Claims, if any, as determined on a Debtor-by Debtor
basis.
* On each subsequent Distribution Date, the Plan Administrator
shall distribute an amount equal to all Cash on hand less the
amounts remaining in the Effective Date Reserves as follows:
* On a Pari Passu basis to the holders of Class 2a Senior
Noteholder Claims and the remaining holders of Allowed Class 3a,
3b, 3c and 3d Unsecured Claims, if any, as determined on a
Debtor-by Debtor basis.
* The holders of Allowed Class 2b Senior Subordinated Noteholder
Claims shall not receive any Distribution, unless and until the
holders of Allowed Class 2a Senior Noteholder Claims have been
satisfied in full.
* The holders of Allowed Class 2c Junior Noteholder Claims shall
not receive any Distribution, unless and until the holders of
Allowed Class 2a Senior Noteholder Claims and Allowed Class 2b
Senior Subordinated Noteholder Claims have been satisfied in full.
Counsel for Joel I. Sher, the Chapter 11 Trustee for TMST, Inc.,
et. al.:
Joel I. Sher, Esq.
Richard M. Goldberg, Esq.
Daniel J. Zeller, Esq.
Anastasia L. McCusker, Esq.
SHAPIRO SHER GUINOT & SANDLER, P.A.
250 West Pratt Street, Suite 2000
Baltimore, Maryland 21201
Telephone: (410) 385-4273
A copy of the Disclosure Statement dated June 8, 2022, is available
at https://bit.ly/3tsr3ss from Epiq, the claims agent.
About Thornburg Mortgage
Based in Santa Fe, New Mexico, Thornburg Mortgage Inc. (NYSE: TMA)
-- http://www.thornburgmortgage.com/-- was a single-family
residential mortgage lender focused principally on prime and
super-prime borrowers seeking jumbo and super-jumbo adjustable rate
mortgages. It originated, acquired, and retained investments in
adjustable and variable rate mortgage assets. Its ARM assets
comprised of purchased ARM assets and ARM loans, including
traditional ARM assets and hybrid ARM assets.
Thornburg Mortgage and its four affiliates filed for Chapter 11
bankruptcy (Bankr. D. Md. Lead Case No. 09-17787) on May 1, 2009.
Thornburg changed its name to TMST, Inc.
Judge Duncan W. Keir is handling the case. David E. Rice, Esq., at
Venable LLP, in Baltimore, Maryland, served as counsel to Thornburg
Mortgage. Orrick, Herrington & Sutcliffe LLP served as special
counsel. Jim Murray and David Hilty of Houlihan Lokey Howard &
Zukin Capital, Inc., served as investment banker and financial
advisor. Protiviti Inc. served as financial advisory services. KPMG
LLP served as the tax consultant. Epiq Systems, Inc., serves claims
and noticing agent. Thornburg disclosed total assets of $24.4
billion and total debts of $24.7 billion, as of Jan. 31,
2009.
On Oct. 28, 2009, the Court approved the appointment of Joel I.
Sher as the Chapter 11 Trustee for the Company, TMST Acquisition
Subsidiary, Inc., TMST Home Loans, Inc., and TMST Hedging
Strategies, Inc. He is represented by his firm, Shapiro Sher
Guinot & Sandler.
TPC GROUP: Cash Collateral Access, DIP Loans Win Court OK
---------------------------------------------------------
TPC Group Inc. and its debtor-affiliates sought and obtained
interim authority from the U.S. Bankruptcy Court for the District
of Delaware to, among other things, use cash collateral and obtain
senior secured priming superpriority postpetition financing.
The Debtors, through their investment banker, Moelis & Company,
solicited offers from 30 parties for a term loan DIP facility and
14 parties for a revolving loan DIP facility. After careful
consideration and multiple rounds of negotiations with the
potential DIP lenders, the Debtors determined that the Term DIP
Facility offered by the Ad Hoc Noteholder Group and the ABL DIP
Facility offered by Eclipse Business Capital LLC represent the best
financing alternatives available to the Debtors.
The Debtors have entered into a postpetition financing on a
superpriority priming senior secured basis on the terms and
conditions set forth in the DIP Orders and the Senior Secured
SuperPriority Priming Term Loan Debtor-In-Possession Credit
Agreement and the DIP Intercreditor Agreement by and among:
* TPC, as Borrower,
* TPC Holdings, Inc. and each of the direct and indirect
subsidiaries of the Borrower (other than TPC Pipeline
Holding Company LLC and TPC Pipeline Company LLC), as
guarantors,
* GLAS USA LLC, as administrative agent and GLAS
Americas LLC, as collateral agent,
* the lenders party thereto from time to time,
comprised of a new money multiple draw term loan facility in an
aggregate principal amount of up to $85 million, pursuant to which
(1) an aggregate principal amount of $32 million will be borrowed
in a single borrowing on the Closing Date, (2) an aggregate
principal amount of $25 million will be borrowed in a single
borrowing upon the entry of the Final Order, and (3) thereafter,
the remaining aggregate principal amount available under the Term
DIP Loan Facility may be borrowed in a third single borrowing on or
after June 30, 2022.
The Debtors also have entered into a postpetition financing on a
superpriority priming senior secured basis in a form of a revolving
credit facility in an aggregate principal amount of up to $200
million, providing, among other things, for the refinancing of all
amounts outstanding under the Prepetition ABL Loan Agreement
pursuant to a payoff letter substantially in the form attached to
the Interim Order and otherwise in form and substance satisfactory
to the Debtors, the Prepetition ABL Agent, the DIP Agents and the
Term DIP Required Lenders, on the terms and conditions set forth in
the Interim Order and the Debtor-In-Possession Credit Agreement by
and among:
* TPC, as Borrower,
* the Guarantors,
* Eclipse Business Capital LLC, as administrative
agent and collateral agent, and
* the lenders thereto from time to time.
As of the Petition Date, the Debtors have funded debt of
approximately $1.241 billion in aggregate principal amount
consisting of (i) approximately $105.5 million outstanding on a
first-lien secured asset-based revolving loan facility with a
maximum commitment of $200 million; (ii) approximately $205.5
million in aggregate outstanding principal amount of 10.875%
first-lien secured notes due 2024; and (iii) approximately $930
million in aggregate outstanding principal amount of 10.5% secured
notes due 2024. The Debtors have no unsecured funded debt.
The Debtors proposed to grant the DIP Secured Parties valid,
enforceable, non-avoidable, automatically and fully perfected DIP
Liens in and upon all DIP Collateral to secure DIP Obligations.
* * *
At the Debtor's behest, the Court held an emergency preliminary
hearing to consider the Debtor's motion to use cash collateral and
obtain post-petition financing on June 2, 2022. At the hearing,
the Court authorized the Debtor to obtain up to the principal
amount of $32 million set forth in the Term DIP Loan Documents and
the Interim Order, and (y) up to the principal amount of $200
million (plus applicable interest, premiums, fees (including
professional fees and expenses), costs, expenses, charges and other
amounts payable hereunder and under the ABL DIP Loan Documents),
subject to the terms and conditions set forth in the ABL DIP Loan
Documents and the Interim Order.
The Roll Up was approved to the extent set forth therein.
Approximately $59.3 million in obligations arising under the
Prepetition Senior Priority Additional Notes (consisting of (i)
$52.5 million of principal amounts outstanding thereunder, (ii)
$1.7 million of accrued but unpaid interest thereon, and (iii)
approximately $5.1 million of the Redemption Premium) shall
automatically be deemed "rolled up" and converted into the Term DIP
Loan Facility, on a cashless dollar for dollar basis, and shall
automatically be deemed to be substituted and exchanged for, and
shall be deemed to be, Term DIP Loans for all purposes hereunder,
and will not be subject to any contest, attack, objection,
challenge, defense, claim, counterclaim or Cause of Action of any
nature or description whatsoever.
The Borrower was also authorized to borrow, and the Guarantors to
guarantee, on a joint and several basis, New Money Cash Out DIP
Loans in an amount equal to the principal amount of Prepetition
Senior Priority Additional Notes held by the Specified Prepetition
Senior Priority Noteholders that are the subject of the Initial
Roll Up, in a principal amount not to exceed $22 million in the
aggregate. The Court will hold a continued hearing on the matter
on June 29 at 1 p.m.
A copy of the motion is available at https://bit.ly/3PW5JVO from
PacerMonitor.com.
A copy of the order is available at https://bit.ly/3awXxey from
PacerMonitor.com.
About TPC Group
TPC Group, headquartered in Houston, is a producer of value-added
products derived from petrochemical raw materials such as C4
hydrocarbons, and provider of critical infrastructure and logistics
services along the Gulf Coast. The Company sells its products into
a wide range of performance, specialty and intermediate markets,
including synthetic rubber, fuels, lubricant additives, plastics
and surfactants. With an operating history of more than 75 years,
TPC Group has a manufacturing facility in the industrial corridor
adjacent to the Houston Ship Channel and operates product terminals
in Port Neches, Texas and Lake Charles, Louisiana.
TPC Group Inc. and its subsidiaries sought Chapter 11 protection
(Bankr. D. Del. Lead Case No. 22-10493) on June 1, 2022. TPC Group
estimated assets and debt of $1 billion to $10 billion to $10
billion.
The Hon. Craig T. Goldblatt is the case judge.
Baker Botts L.L.P. is the Debtors' counsel; Morris, Nichols, Arsht
& Tunnell LLP is the co-counsel; Moelis & Company LLC is the
investment banker; and FTI Consulting is the financial advisor.
Simpson Thacher & Bartlett LLP is the special finance counsel.
Kroll Restructuring Administration is the claims agent.
The Supporting Noteholders are advised by Paul Hastings LLP and
Evercore.
Eclipse Business Capital LLC is advised by Goldberg Kohn Ltd.
TRIPLE B INVESTMENTS: Taps Frederick Reeves as Litigation Counsel
-----------------------------------------------------------------
Triple B Investments, LLC seeks approval from the U.S. Bankruptcy
Court for the Middle District of Florida to employ Frederick T.
Reeves, PA as special counsel.
The Debtor needs a special counsel to represent its interests in
the post-confirmation litigation pending in the Pinellas County
Circuit Court and styled Karma Capital Group, LLC v. Triple B
Investments, LLC, Case No. 22-00065-CI.
The firm will be paid at its hourly rate of $300 for attorney
time.
The firm received a retainer of $5,000 from the Debtor.
Frederick Reeves, Esq., disclosed in a court filing that the firm
is a "disinterested person" as that term is defined in Section
101(14) of the Bankruptcy Code.
The firm can be reached through:
Frederick T. Reeves, Esq.
Frederick T. Reeves, PA
5709 Tidalwave Drive
New Port Richey, FL 34652
Telephone: (727) 844-3006
About Triple B Investments
Triple B Investments, LLC is an investment management company based
in Florida. It conducts business under the name Barracuda Bob's
Island Surf and Sports.
Triple B Investments sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 20-06007) on Aug. 6,
2020. At the time of the filing, the Debtor disclosed up to $1
million in both assets and liabilities.
Judge Michael G. Williamson oversees the case.
The Debtor tapped Buddy D. Ford, PA as legal counsel and Frederick
T. Reeves, PA as special counsel.
TRIPLE FIVE: More Likely to Restructure Municipal Bonds
-------------------------------------------------------
Amanda Albright of Bloomberg News reports that according to a June
8, 2022 note by Municipal Market Analytics, an independent research
firm, about $1.1 billion of municipal-bond debt sold for the
American Dream mega mall in New Jersey is "increasingly likely" to
be restructured.
American Dream is at risk of defaulting on municipal bonds after
its owner, Triple Five, failed to deposit the money required to pay
debtholders.
This June 2022, PILOT debt was paid using reserves tied to the
bonds for the first time.
A full-text copy of the article is available at
https://news.bloomberglaw.com/bankruptcy-law/american-dream-munis-more-likely-to-be-restructured-mma-says
About Triple Five Group
Triple Five Groups is a conglomerate that specializes in shopping
centres, entertainment complexes, hotels, and banks, along with 3
indoor amusement parks. Triple Five Group is the developer of
American Dream, the $6 billion mega-shopping mall in East
Rutherford, N.J.
As widely reported, Triple Five Group failed to make its semiannual
interest payment due June 8, 2022, for an $800 million municipal
bond. If Triple Five does not fork over what was due by the end of
the grace period on June 16, it could be declared in default.
TRX HOLDCO: Files for Chapter 11 With Plans to Sell Business
------------------------------------------------------------
TRX, the maker of black-and-yellow fitness straps used for
bodyweight exercises and sold in infomercials, filed for bankruptcy
on June 8, 2022, with plans to sell the business.
The company listed assets and liabilities of no more than $50
million each in its Chapter 11 bankruptcy petition, filed in
California.
The move comes amid "headwinds facing the business such as
increased competition and macroeconomic challenges being faced by
many other companies," TRX said in a statement Wednesday.
The Company will continue to operate in the ordinary course of
business, fulfilling its commitments to employees, customers, and
vendors and other partners.
The sale transaction will be executed through an open,
court-supervised process designed to maximize value for all
stakeholders. TRX expects that the deadline to submit qualified
binding bids will be established at a later date pursuant to
bidding and sale procedures to be approved by the Court. Interested
parties should contact Jim Feltman of Kroll at
James.Feltman@kroll.com.
Functional Fitness Business
The Debtors and their respective subsidiaries comprise a world
leading functional fitness company. Since being founded in 2004,
TRX has evolved into a digitally-enabled, vertically integrated,
omni-channel fitness lifestyle brand with global reach powered by a
large community of consumer and trainer enthusiasts.
TRX's flagship and patented product -- Suspension Trainer(TM) -- is
a highly versatile, portable, compact and affordable fitness and
training device/workout tool with broad reach across demographic
groups and fitness levels, which can be utilized effectively across
fitness modalities. TRX offers a full line of functional training
tools and accessories to complement the Suspension Trainer to serve
all types of functional needs, from at-home essentials to complete
gym installations.
TRX also launched in 2021 a purpose-built digital
subscription-based platform -- the TRX Training Club(R) -- that
offers a library of on-demand videos and daily live classes.
Events Leading to Filing
It became apparent in late 2021 that the Debtors would require
additional capital to fund the Debtors' long-term operations and
growth, and satisfy the Debtors' secured debt obligations owed to
Woodforest National Bank of more than $19 million and unsecured
debt obligations in the current estimated amount of approximately
$17,000,000.
Prepetition, the Debtors hired Kroll Securities, LLC, and Integrity
Square LLC to, among other things, identify prospective investors
and seek to obtain additional investments in the Debtors' business
to further capitalize the Debtors and meet the Debtors' operational
and growth needs, or engage in a sale transaction. The Debtors'
prepetition efforts to raise capital to pay down debt or engage in
a strategic merger/acquisition with/by a buyer or investor did not
result in a consummated transaction. The Debtors believe that
timing and macroeconomic considerations both played a role in the
Debtors not consummating a prepetition transaction.
For example, while various parties expressed interest in a
transaction with the Debtors, those who signed nondisclosure
agreements and engaged in discussions with the Debtors did not
ultimately proceed with engaging in a transaction. The Debtors
also explored potential financing arrangements and received various
expressions of interest.
The Debtors' current financial situation is precarious in that the
Debtors estimate that unless they can consummate a transaction or
obtain additional financing the Debtors will not have sufficient
liquidity to replenish inventory, impairing future customer sales
and thereafter negatively impacting the Company's good will. The
Debtors believe that if there was a shutdown of their business with
a resulting liquidation, it would be a disastrous result for
creditors, including the Bank.
Despite these challenges, the Debtors believes that (i) the TRX
brand is well-regarded and its products and services have
significant demand; (ii) TRX has a compelling business model with
growth opportunities; (iii) TRX is well-positioned to capitalize on
growth in the fitness industry; and (iv) the Debtors' business is
extremely valuable, especially when considering its substantial
intellectual property portfolio that enables the Debtors to protect
it against imitators of its famous Suspension Trainer product and
the significant goodwill it has amassed with its consumers and
qualified TRX trainers throughout its history. Moreover, the
prepetition marketing process undertaken by Kroll and Integrity
Square was designed to result in a recapitalization of the Debtors'
business and was not marketed as a distressed free and clear asset
sale.
Based on the foregoing, the Debtors determined in the exercise of
their business judgment that the best option available to the
Debtors would be to conduct an expedited free and clear asset sale
in a chapter 11 bankruptcy proceeding and consummate that asset
sale before the Debtors' inventory falls below required operational
levels and the Debtors run out of sufficient liquidity to sustain
operations. The Debtors believe that proceeding in this manner
will afford them with the best opportunity to achieve the maximum
price possible for their assets for the benefit of their creditors
and other parties in interest. The Debtors are optimistic that
this free and clear asset sale process will result in a successful
sale transaction closing. The Debtors believe that a free and
clear sale of all of their assets should yield a sale price of at
least $25 million and hopefully much more.
The Debtors goal in the bankruptcy cases is to consummate a free
and clear asset sale for the most money possible. The Debtors
intend to file in the near future a motion seeking Court approval
of proposed bidding and auction procedures. The Debtors will be
filing an application to retain Kroll (or an affiliate) to serve as
the Debtors' postpetition financial advisor
to assist the Debtors with the Debtors' financial affairs and as
the Debtors' investment banker to run the Debtors' free and clear
asset sale process.
About TRX Holdco LLC
TRX Holdco LLC -- https://www.trxtraining.com/ -- is the maker of
black-and-yellow fitness straps used for bodyweight exercises and
sold in infomercials.
TRX Holdco, LLC and affiliate Fitness Anywhere LLC, d/b/a TRX and
TRX Training, provide sporting and athletic goods. They sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
C.D. Cal. Lead Case No. 22-10948) on June 8, 2022. In the petition
signed by Brent Leffel, chairman of the Board of Managers of TRX
Holdco, LLC, the Debtor disclosed up to $50 million in both assets
and liabilities.
The cases are assigned to Honorable Bankruptcy Judge Scott C
Clarkson.
Ron Bender, Levene, Neale, Bender, Yoo & Golubchik L.L.P., is the
Debtors' counsel.
TRX HOLDCO: Wins Cash Collateral Access Thru June 30
----------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California,
Santa Ana Division, authorized TRX Holdco, LLC and Fitness Anywhere
LLC, dba TRX and TRX Training, to use cash collateral on an interim
basis in accordance with the budget, with a 15% variance.
The Debtor is permitted to use cash collateral in order to: (a) pay
quarterly fees to the United States Trustee and any required Court
costs; (b) pay, in the ordinary course of business, the expenses
set forth in the Debtors' Budgets through June 30, 2022; and (c)
pay up to $300,000 for the purchase of new inventory.
The Woodforest National Bank is granted, on account of the Bank's
interest in the Debtors' cash collateral, on account of the
Debtors' post-petition use of cash collateral, adequate protection
in the form of (a) a replacement lien against the Debtors'
post-petition assets (excluding any avoidance causes of action), to
the extent of any post-petition diminution in the value of the
Bank's collateral as a result of the Debtors' post-petition use of
cash collateral; and (b) a superpriority administrative claim
pursuant to Section 507(b) of the Bankruptcy Code to the extent of
any post-petition diminution in the value of the Bank's prepetition
collateral as a result of the Debtors' post-petition use of cash
collateral. All replacement liens granted are valid, enforceable
and fully perfected, and no filing or recordation or any other act
in accordance with any applicable local, state, or federal law is
necessary.
A final hearing on the matter is scheduled for June 30, 2022 at 10
a.m.
A copy of the order is available at https://bit.ly/3QveZRd from
PacerMonitor.com.
About TRX Holdco, LLC
TRX Holdco, LLC and Fitness Anywhere LLC, dba TRX and TRX Training,
provide sporting and athletic goods. They sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Lead Case
No. 22-10948) on June 8, 2022. In the petition signed by Brent
Leffel, chairman of the Board of Managers of TRX Holdco, LLC, the
Debtor disclosed up to $50 million in both assets and liabilities.
Judge Scott C. Clarkson oversees the case.
Ron Bender, Esq., at Levene, Neale, Bender, Yoo and Golubchick LLP,
is the Debtor's counsel.
VOLUNTEER ENERGY: Seeks to Hire Epiq as Administrative Advisor
--------------------------------------------------------------
Volunteer Energy Services, Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of Ohio to hire Epiq
Corporate Restructuring, LLC as its administrative advisor.
The firm's services include:
(a) assisting with, among other things, solicitation,
balloting and tabulation of votes, preparing any related reports in
support of confirmation of a Chapter 11 plan, and processing
requests for documents;
(b) preparing an official ballot certification and, if
necessary, testifying in support of the ballot tabulation results;
(c) assisting in the preparation of the Debtors' schedules of
assets and liabilities and statements of financial affairs, and
gathering data in conjunction therewith;
(d) providing a confidential data room, if requested; and
(e) managing and coordinating any distributions pursuant to a
Chapter 11 plan.
Epiq will charge these hourly fees:
Clerical/Administrative Support $24 - $52
IT / Programming $65 - $72
Project Managers/Consultants/ Directors $72 - $168
Solicitation Consultant $168
Executive Vice President, Solicitation $175
Executives No Charge
The firm received a retainer in the amount of $25,000.
Sophie Frodsham, a senior director at Epiq, disclosed in court
filings that her firm is "disinterested" as defined in Section
101(14) of the Bankruptcy Code.
Epiq can be reached through:
Sophie Frodsham
Epiq Bankruptcy Solutions, LLC
777 Third Avenue, 12th Floor
New York, NY 10017
Phone: (646) 282-2523
About Volunteer Energy Services
Volunteer Energy Services, Inc., an electric power provider based
in Pickerington, Ohio, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Ohio Case No. 22-50804) on March 25,
2022. In the petition signed by David Warner, chief financial
officer, the Debtor disclosed up to $100 million in both assets and
liabilities.
Judge C. Kathryn Preston oversees the case.
McDermott Will & Emery, LLP and Isaac Wiles and Burkholder, LLC
serve as the Debtor's lead bankruptcy counsel and local counsel,
respectively. GlassRatner Advisory & Capital Group, LLC, doing
business as B. Riley Advisory Services, is the Debtor's financial
advisor.
VOYAGEUR IMAGING: Court OKs Cash Collateral Access
--------------------------------------------------
The U.S. Bankruptcy Court for the District of Minnesota authorized
Voyageur Imaging, LLC to use cash collateral on an interim basis in
accordance with the terms of the Stipulation between the Debtor and
CorTrust Bank N.A. and between the Debtor and the U.S. Small
Business Administration.
The Court said the Debtors are authorized to grant adequate
protection to CorTrust Bank, N.A. and the SBA on the terms as set
forth in the stipulation. The replacement liens granted by the
Debtor to CorTrust Bank and the SBA are approved and will have the
same dignity, priority and effect as their respective prepetition
interests, if any.
A copy of the order is available at https://bit.ly/3HeD1LS from
PacerMonitor.com.
About Voyageur Imaging, LLC
Voyageur Imaging, LLC was founded in 2011 and operates an MRI
clinic at its office in St. Paul, Minnesota. The Debtor sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.
Minn. Case No. 22-30753) on May 16, 2022. In the petition signed by
Steven Johnson, MD, as CEO, the Debtor disclosed $1,036,691 in
assets and $1,474,922 in liabilities.
Judge William J. Fisher oversees the case.
Kenneth C. Edstrom, Esq., at Sapienta Law Group is the Debtor's
counsel.
WATSONVILLE HOSPITAL: Disclosures Revised to Address Objections
---------------------------------------------------------------
Watsonville Hospital Corporation, et al., and the Official
Committee of Unsecured Creditors responded to objections by the
U.S. Trustee to approval of the Disclosure Statement in support of
their Chapter 11 Plan.
The Debtors respectfully request that the Court overrule the UST
Objection.
In addition, the Plan Proponents are filing amended versions of the
Plan and Disclosure Statement (the "First Amended Plan" and "First
Amended Disclosure Statement," respectively) that incorporate
informal comments received from various parties, including the
United States Trustee (the "UST").
As with the originally-filed Plan and Disclosure Statement, the
First Amended Plan and First Amended Disclosure Statement are
jointly proposed by the Debtors and the Committee, with the
reasonable consent of the Debtors' secured lender MPT, and thus
enjoy the express support of the major creditor constituents across
the Debtors' capital structure.
The sole objection to the Solicitation Procedures Motion and
approval of the Disclosure Statement -- the UST Objection -- has
largely been addressed through changes reflected in the First
Amended Plan and First Amended Disclosure Statement. Specifically,
as the Plan Proponents informed the UST prior to the filing of the
UST Objection, the First Amended Disclosure Statement includes
projected amounts of Class 4 General Unsecured Claims and potential
recoveries and the First Amended Plan makes clear that the Debtors
or Liquidating Trust, as applicable, will pay Quarterly Fees as
statutorily required.4 Further, both the First Amended Plan and
First Amended Disclosure Statement make clear that the Plan
Proponents do not seek a de facto discharge of the Debtors' unpaid
prepetition obligations, but rather a standard confirmation
injunction to prevent creditors from taking actions against the
Debtors or the Liquidation Trust inconsistent with the terms of the
binding First Amended Plan.
The First Amended Disclosure Statement provides adequate
information to enable a hypothetical investor, typical of the
Holders of Claims in the Voting Classes in these Bankruptcy Cases,
to make an informed judgment about the First Amended Plan
consistent with the statutory requirements of section 1125 of the
Bankruptcy Code. Accordingly, the Plan Proponents respectfully
request that the Court overrule the UST Objection to the extent it
has not otherwise been resolved through the First Amended Plan and
First Amended Disclosure Statement and enter the Revised Proposed
Order.
Counsel to the Debtors:
Debra I. Grassgreen, Esq.
Maxim B. Litvak, Esq.
Steven W. Golden, Esq.
PACHULSKI STANG ZIEHL & JONES LLP
One Market Plaza, Spear Tower, 40th Floor
San Francisco, CA 94105-1020
Telephone: (415) 263-7000
Facsimile: (415) 263-7010
E-mail: dgrassgreen@pszjlaw.com
mlitvak@pszjlaw.com
sgolden@pszjlaw.com
Co-Counsel to the Official Committee of Unsecured Creditors:
Paul S. Jasper, Esq.
PERKINS COIE LLP
505 Howard Street, Suite 1000
San Francisco, CA 94105
Telephone: (415) 344-7000
Facsimile: (415) 344-7050
E-mail: PJasper@perkinscoie.com
- and -
Andrew H. Sherman, Esq.
Boris I. Mankovetskiy, Esq.
SILLS CUMMIS & GROSS P.C.
One Riverfront Plaza
Newark, New Jersey 07102
Telephone: (973) 643-7000
Facsimile: (973) 643-6500
E-mail: ASherman@sillscummis.com
BMankovetskiy@sillscummis.com
About Watsonville Hospital Corporation
Watsonville Hospital Corporation and its affiliates operate
Watsonville Community Hospital, a 106-bed acute care facility
located in Watsonville, Cal. The hospital, which is the only acute
care facility in the area, provides emergency, cardiac, pediatric,
surgical, pharmaceutical, laboratory, radiological and other
critical services.
Watsonville Hospital Corporation and its affiliates filed petitions
for Chapter 11 protection (Bankr. N.D. Cal. Lead Case No. 21-51477)
on Dec. 5, 2021. Jeremy Rosenthal, chief restructuring officer,
signed the petitions. In its petition, Watsonville Hospital
Corporation listed as much as $50 million in both assets and
liabilities.
Judge Elaine M. Hammond oversees the cases.
The Debtors tapped Pachulski Stang Ziehl & Jones, LLP as bankruptcy
counsel; Hooper, Lundy & Bookman, PC and Bartko Zankel Bunzel &
Miller as special counsels; Cowen and Company, LLC as investment
banker; and Force Ten Partners, LLC as restructuring advisor.
Jeremy Rosenthal of Force Ten Partners serves as the Debtors' chief
restructuring officer.
Bankruptcy Management Solutions, Inc., doing business as Stretto,
is the Debtors' claims, noticing and solicitation agent and
administrative advisor.
The U.S. Trustee for Region 17 appointed an official committee of
unsecured creditors on Dec. 22, 2021. Perkins Coie, LLP and Sills
Cummis & Gross, PC serve as the committee's legal counsel.
WATSONVILLE HOSPITAL: Unsecureds Owed $33M to Get 5% to 15% in Plan
-------------------------------------------------------------------
Watsonville Hospital Corp., et al., and their Official Committee of
Unsecured Creditors submitted a Disclosure Statement for their
First Amended Joint Chapter 11 Plan of Liquidation.
The Plan of Liquidation provides for a Liquidation Trustee to
liquidate or otherwise dispose of the remaining assets of the
Estates, to the extent such assets were not previously monetized to
Cash or otherwise transferred by the Debtors prior to the Effective
Date.
The Liquidation Trustee would also distribute all net proceeds to
creditors, including payment in full of all Allowed Administrative
Expense Claims, Allowed Priority Tax Claims, Allowed Other Priority
Claims (Class 1), and Allowed Other Secured Claims (Class 2)
(subject to the Liquidation Trustee's election of alternative
treatments under the Plan and solely to extent of the value of the
collateral which secured such Claims), generally in accordance with
the priority scheme under the Bankruptcy Code, subject to the terms
of the Plan.
In these Chapter 11 Cases, subject to the occurrence of the
Closing, the Debtors have already liquidated substantially all of
their respective assets as part of the Asset Sale, excluding Causes
of Action that have not been waived or settled in accordance with
or pursuant to the Plan, all of which are preserved unless the Plan
expressly provides otherwise. The net proceeds remaining from the
Asset Sale, together with the net proceeds from the sale or other
disposition of the remaining assets of the Estates after the
Effective Date, will be used to fund recoveries under the Plan to
Holders of Allowed Claims entitled to distributions under the
Plan.
Each Holder of an Allowed Other MPT Obligation (or such Holder's
designee) in Class 3 will receive in full satisfaction, settlement,
discharge, and release of, and in exchange for, such Allowed Class
3 Claim, its Pro Rata share of (i) the MPT Excess Sale Proceeds, if
any; (ii) the MPT PostClosing Excess Cash, if any; and (iii) the
Class A Liquidation Trust Interests, which shall entitle the Holder
to its Pro Rata Share of the Class A Liquidation Trust Assets.
Under the Plan, a Holder of an Allowed General Unsecured Claim in
Class 4 will receive its Pro Rata share of the Class B Liquidation
Trust Interests, which, in general, will entitle the Holder thereof
to its Pro Rata interest in the aggregate amount of: (i) the Net
Distributable Assets up to the Minimum Distribution Threshold, and
(ii) half of the Net Distributable Assists in excess of the Minimum
Distribution Threshold. The Net Distributable Assets are net of
amounts necessary to fund the payment of, as applicable and except
as otherwise agreed by the Holders of such Claims, Allowed
Administrative Expense Claims, Allowed Priority Tax Claims, and
Allowed Other Priority Claims of the Debtors and Trust Expenses of
the Liquidation Trust, and/or any reserves established for the
foregoing, and excluding those Distributable Assets of the Debtors
that were subject to any Liens or Secured Claims as of the
Effective Date until such time that such Liens or Secured Claims
are satisfied in full. The Minimum Distribution Threshold is
triggered in the event that the Liquidation Trustee distributes to
Holders of Allowed General Unsecured Claims (after accounting for
all other payments required under the Plan, including Trust
Expenses), the greater of (i) $3,500,000; and (ii) an amount equal
to 20% of the aggregate amount of Allowed General Unsecured
Claims.
Lastly, the Holders of Intercompany Claims (in Class 5) and Equity
Interests (in Class 6) will not receive any distributions or
property under the Plan.
Under the Plan, Class 4 General Unsecured Claims totaling
$33,793,902 and will recover 5% to 15% of their claims. As soon as
practicable after the Effective Date, each Holder of an Allowed
General Unsecured Claim shall receive its Pro Rata share of the
Class B Liquidation Trust Interests, which shall entitle such
Holder to its Pro Rata Share of the Class B Liquidation Trust
Assets. Class 4 is impaired.
The Plan provides for: (a) the disposition of substantially all the
Assets of the Debtors and their estates and the distribution of the
net proceeds thereof to Holders of Allowed Claims, consistent with
the priority provisions of the Bankruptcy Code; (b) the winding
down of the Debtors and their affairs by the Liquidation Trustee;
and (c) the creation of a mechanism for the Liquidation Trustee to
pursue, litigate, waive, settle, and compromise Causes of Action
(including D&O Claims and Tort Claims) to maximize Creditor
recoveries.
The source of all distributions and payments under the Plan will be
the Distributable Assets and the proceeds thereof. Distributions to
the Holders of Liquidation Trust Interests will be funded entirely
from Liquidation Trust Assets consisting of Net Distributable
Assets.
Only the Holders of Claims in Classes 3 and 4 are entitled to vote
to accept or reject the Plan. To be counted, Ballots cast by
Holders must be received by the Voting Agent by 5:00 p.m.
(prevailing Pacific Time) on July 15, 2022, the Voting Deadline.
Voting instructions are attached to each Ballot.
Unless the Plan Proponents in their discretion decide otherwise,
any Ballot received after the Voting Deadline shall not be counted.
On or before July 22, 2022, the Voting Agent will process and
tabulate received Ballots and will File a Tabulation Declaration.
The Plan Confirmation Hearing has been scheduled to commence on
July 27, 2022 at 10:00 a.m. (prevailing Pacific Time). The
deadline for objecting to Confirmation of the Plan is July 15, 2022
at 4:00 p.m. (prevailing Pacific Time).
A copy of the Disclosure Statement dated June 8, 2022, is available
at https://bit.ly/3Qdosfw from Stretto, the claims agent.
About Watsonville Hospital Corporation
Watsonville Hospital Corporation and its affiliates operate
Watsonville Community Hospital, a 106-bed acute care facility
located in Watsonville, Cal. The hospital, which is the only acute
care facility in the area, provides emergency, cardiac, pediatric,
surgical, pharmaceutical, laboratory, radiological and other
critical services.
Watsonville Hospital Corporation and its affiliates filed petitions
for Chapter 11 protection (Bankr. N.D. Cal. Lead Case No. 21-51477)
on Dec. 5, 2021. Jeremy Rosenthal, chief restructuring officer,
signed the petitions. In its petition, Watsonville Hospital
Corporation listed as much as $50 million in both assets and
liabilities.
Judge Elaine M. Hammond oversees the cases.
The Debtors tapped Pachulski Stang Ziehl & Jones, LLP as bankruptcy
counsel; Hooper, Lundy & Bookman, PC and Bartko Zankel Bunzel &
Miller as special counsels; Cowen and Company, LLC as investment
banker; and Force Ten Partners, LLC as restructuring advisor.
Jeremy Rosenthal of Force Ten Partners serves as the Debtors' chief
restructuring officer.
Bankruptcy Management Solutions, Inc., doing business as Stretto,
is the Debtors' claims, noticing and solicitation agent and
administrative advisor.
The U.S. Trustee for Region 17 appointed an official committee of
unsecured creditors on Dec. 22, 2021. Perkins Coie, LLP and Sills
Cummis & Gross, PC serve as the committee's attorneys.
WESTBANK HOLDINGS: Seeks to Hire D. Wesley Moore as Appraiser
-------------------------------------------------------------
Westbank Holdings, LLC and its affiliates seek approval from the
U.S. Bankruptcy Court for the Eastern District of Louisiana to
employ D. Wesley Moore, II, a member at Cook Moore Davenport &
Associates, as appraiser.
The Debtors need an appraiser to determine the value of their
properties for a successful plan of reorganization, as well as to
assist in any litigation that is pending or may arise in this
matter.
The appraiser's fee for each property is $5,000. The total fee for
the bundle of the four reports is $20,000.
Mr. Moore disclosed in a court filing that he and the firm are
"disinterested persons" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The professional can be reached at:
D. Wesley Moore, II
Cook Moore Davenport & Associates
11616 Southfork Avenue, Suite 404
Baton Rouge, LA 70816
Telephone: (225) 293-7006
Facsimile: (225) 293-7009
Email: WMoore@CookMoore.com
About Westbank Holdings
Westbank Holdings, LLC is a New Orleans, La.-based company
primarily engaged in renting and leasing real estate properties.
Westbank Holdings and its affiliates filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La.
Lead Case No. 22-10082) on Jan. 27, 2022. In its petition, Westbank
Holdings listed as much as $50 million in both assets and
liabilities. Joshua Bruno, manager, signed the petition.
Judge Meredith S. Grabill oversees the cases.
Frederick L. Bunol, Esq., at The Derbes Law Firm, LLC, Alvendia
Kelly & Demarest, LLC and G Rowland CPA & Associates serve as the
Debtors' bankruptcy counsel, special counsel and accountant,
respectively. Richard W. Cryar, a partner at F M Reed Company, is
the Debtors' chief restructuring officer.
WEYLOFF SALES: Files for Chapter 11 Pro Se
------------------------------------------
Weyloff Sales, LLC, filed for chapter 11 protection without stating
a reason.
The petition indicates that the Debtor is not represented by an
attorney.
Because no attorney has entered an appearance as counsel for the
Debtor, the U.S. Trustee immediately filed a motion to dismiss the
Chapter 11 case. According to the UST, the Debtor's inability to
prosecute this case is cause for dismissal under 11 U.S.C. Sec.
1112(b).
The Petition states funds will not be available to Unsecured
Creditors.
About Weyloff Sales LLC
Weyloff Sales, LLC -- https://WeyloffSALES.com/ -- offers top
quality Healthcare, Industrial, and Scientific supplies designed to
help improve the quality of life.
Weyloff Sales sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-54332) on June 7,
2022. In the petition filed by James H. Burnett, the Debtor reports
estimated assets and liabilities up to $50,000.
Leon S. Jones has been appointed as Subchapter V trustee.
[*] Sen. Grassley-Led Bankruptcy Bill to Become Law
---------------------------------------------------
According to a statement by Senator Chuck Grassley (R-Iowa),
bipartisan legislation led by Senators Grassley , Sheldon
Whitehouse (D-R.I.), Dick Durbin (D-Ill.) and John Cornyn (R-Texas)
to help small businesses and individuals stay afloat during
bankruptcy is set to become law after clearing the House of
Representatives on a vote of 392-21 last night.
The Bankruptcy Threshold Adjustment and Technical Corrections Act
(S. 3823) was already passed unanimously in the Senate and now
heads to President Biden's desk to be signed into law.
"Small businesses that fall on hard times should not face a
mountain of paperwork designed for major corporations in order to
reorganize and continue operating.? Senator Whitehouse and I passed
the Small Business Reorganization Act in 2019 to streamline and
eliminate barriers in the bankruptcy process for small
businesses.?In a broadly bipartisan manner, Congress has acted to
build on the success of this policy to help more small businesses
stay afloat -- especially in the face of challenging economic
headwinds," Grassley said.
"This is a win for the small businesses and working families trying
to regain their financial footing after a difficult few years,"
said Whitehouse. "We need to do everything we can to help Americans
recover from the pandemic and the economic turmoil it triggered.
That's why I'm glad our bipartisan bill will soon be the law of the
land."
"American families and small businesses facing economic hardship
need Congress's help," said Durbin. "Our bipartisan legislation
will provide small businesses and families with more flexibility to
navigate the bankruptcy system and get back on their feet. I look
forward to President Biden signing the bill into law as soon as
possible so they can have the tools they need to be successful."
Whitehouse and Grassley passed the Small Business Reorganization
Act in 2019 to establish streamlined bankruptcy procedures that
help small business owners keep their companies afloat and preserve
jobs.? The CARES Act of 2020 temporarily allowed more small
businesses to qualify for those streamlined procedures by
increasing the upper debt limit for small businesses from $2.7
million to $7.5 million.? That increase expired on March 27,
2022.?
The new legislation provides a two-year extension to the CARES Act
increase to $7.5 million, and makes minor technical fixes to the
Small Business Reorganization Act.?It also increases the debt limit
for individuals to qualify for Chapter 13 bankruptcy for two years,
allowing more individuals the opportunity to try to save their
homes from foreclosure.?
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- -------
7GC & CO HOLD-A VII US 230.77 216.53 -0.93
7GC & CO HOLDING VIIAU US 230.77 216.53 -0.93
ACCELERATE DIAGN AXDX* MM 70.36 -56.78 52.90
AEMETIS INC DW51 GR 166.49 -128.59 -46.58
AEMETIS INC AMTX US 166.49 -128.59 -46.58
AEMETIS INC AMTXGEUR EU 166.49 -128.59 -46.58
AEMETIS INC AMTXGEUR EZ 166.49 -128.59 -46.58
AEMETIS INC DW51 GZ 166.49 -128.59 -46.58
AEMETIS INC DW51 TH 166.49 -128.59 -46.58
AEMETIS INC DW51 QT 166.49 -128.59 -46.58
AERIE PHARMACEUT AERI US 395.55 -125.71 201.68
AERIE PHARMACEUT AERIEUR EU 395.55 -125.71 201.68
AERIE PHARMACEUT 0P0 GR 395.55 -125.71 201.68
AERIE PHARMACEUT 0P0 GZ 395.55 -125.71 201.68
AERIE PHARMACEUT 0P0 TH 395.55 -125.71 201.68
AERIE PHARMACEUT 0P0 QT 395.55 -125.71 201.68
AIR CANADA AC CN 29,724.00 -1,159.00 2,055.00
AIR CANADA ADH2 GR 29,724.00 -1,159.00 2,055.00
AIR CANADA ACEUR EU 29,724.00 -1,159.00 2,055.00
AIR CANADA ADH2 TH 29,724.00 -1,159.00 2,055.00
AIR CANADA ACDVF US 29,724.00 -1,159.00 2,055.00
AIR CANADA ACEUR EZ 29,724.00 -1,159.00 2,055.00
AIR CANADA ADH2 QT 29,724.00 -1,159.00 2,055.00
AIR CANADA ADH2 GZ 29,724.00 -1,159.00 2,055.00
AIRSPAN NETWORKS MIMO US 170.94 -39.43 61.69
ALPHA CAPITAL -A ASPC US 230.47 209.47 -1.76
ALPHA CAPITAL AC ASPCU US 230.47 209.47 -1.76
ALTICE USA INC-A ATUS* MM 33,144.10 -626.57 -1,994.40
ALTICE USA INC-A ATUS US 33,144.10 -626.57 -1,994.40
ALTICE USA INC-A 15PA TH 33,144.10 -626.57 -1,994.40
ALTICE USA INC-A 15PA GR 33,144.10 -626.57 -1,994.40
ALTICE USA INC-A ATUSEUR EU 33,144.10 -626.57 -1,994.40
ALTICE USA INC-A 15PA GZ 33,144.10 -626.57 -1,994.40
ALTICE USA INC-A ATUS-RM RM 33,144.10 -626.57 -1,994.40
ALTIRA GP-CEDEAR MOC AR 40,235.00 -1,760.00 -4,166.00
ALTIRA GP-CEDEAR MOD AR 40,235.00 -1,760.00 -4,166.00
ALTIRA GP-CEDEAR MO AR 40,235.00 -1,760.00 -4,166.00
ALTRIA GROUP INC MO US 40,235.00 -1,760.00 -4,166.00
ALTRIA GROUP INC MO SW 40,235.00 -1,760.00 -4,166.00
ALTRIA GROUP INC MO* MM 40,235.00 -1,760.00 -4,166.00
ALTRIA GROUP INC PHM7 TH 40,235.00 -1,760.00 -4,166.00
ALTRIA GROUP INC MO TE 40,235.00 -1,760.00 -4,166.00
ALTRIA GROUP INC MOEUR EU 40,235.00 -1,760.00 -4,166.00
ALTRIA GROUP INC PHM7 GR 40,235.00 -1,760.00 -4,166.00
ALTRIA GROUP INC MO CI 40,235.00 -1,760.00 -4,166.00
ALTRIA GROUP INC PHM7 QT 40,235.00 -1,760.00 -4,166.00
ALTRIA GROUP INC ALTR AV 40,235.00 -1,760.00 -4,166.00
ALTRIA GROUP INC MOEUR EZ 40,235.00 -1,760.00 -4,166.00
ALTRIA GROUP INC 0R31 LI 40,235.00 -1,760.00 -4,166.00
ALTRIA GROUP INC MOUSD SW 40,235.00 -1,760.00 -4,166.00
ALTRIA GROUP INC PHM7 GZ 40,235.00 -1,760.00 -4,166.00
ALTRIA GROUP INC MO-RM RM 40,235.00 -1,760.00 -4,166.00
ALTRIA GROUP-BDR MOOO34 BZ 40,235.00 -1,760.00 -4,166.00
AMC ENTERTAINMEN AMC US 10,345.40 -2,178.30 -261.30
AMC ENTERTAINMEN AH9 GR 10,345.40 -2,178.30 -261.30
AMC ENTERTAINMEN AMC* MM 10,345.40 -2,178.30 -261.30
AMC ENTERTAINMEN AH9 TH 10,345.40 -2,178.30 -261.30
AMC ENTERTAINMEN AH9 QT 10,345.40 -2,178.30 -261.30
AMC ENTERTAINMEN AMC4EUR EU 10,345.40 -2,178.30 -261.30
AMC ENTERTAINMEN AH9 GZ 10,345.40 -2,178.30 -261.30
AMC ENTERTAINMEN AMC-RM RM 10,345.40 -2,178.30 -261.30
AMC ENTERTAINMEN A2MC34 BZ 10,345.40 -2,178.30 -261.30
AMERICAN AIR-BDR AALL34 BZ 67,401.00 -8,940.00 -4,104.00
AMERICAN AIRLINE A1G QT 67,401.00 -8,940.00 -4,104.00
AMERICAN AIRLINE AAL US 67,401.00 -8,940.00 -4,104.00
AMERICAN AIRLINE A1G GR 67,401.00 -8,940.00 -4,104.00
AMERICAN AIRLINE AAL* MM 67,401.00 -8,940.00 -4,104.00
AMERICAN AIRLINE A1G TH 67,401.00 -8,940.00 -4,104.00
AMERICAN AIRLINE AAL11EUR EZ 67,401.00 -8,940.00 -4,104.00
AMERICAN AIRLINE AAL11EUR EU 67,401.00 -8,940.00 -4,104.00
AMERICAN AIRLINE AAL AV 67,401.00 -8,940.00 -4,104.00
AMERICAN AIRLINE AAL TE 67,401.00 -8,940.00 -4,104.00
AMERICAN AIRLINE A1G SW 67,401.00 -8,940.00 -4,104.00
AMERICAN AIRLINE 0HE6 LI 67,401.00 -8,940.00 -4,104.00
AMERICAN AIRLINE A1G GZ 67,401.00 -8,940.00 -4,104.00
AMERICAN AIRLINE AAL-RM RM 67,401.00 -8,940.00 -4,104.00
AMERICAN AIRLINE AAL_KZ KZ 67,401.00 -8,940.00 -4,104.00
AMPLIFY ENERGY C MPO2EUR EZ 456.13 -113.00 -84.19
AMPLIFY ENERGY C 2OQ TH 456.13 -113.00 -84.19
AMPLIFY ENERGY C MPO2EUR EU 456.13 -113.00 -84.19
AMPLIFY ENERGY C AMPY US 456.13 -113.00 -84.19
AMPLIFY ENERGY C 2OQ GR 456.13 -113.00 -84.19
AMPLIFY ENERGY C 2OQ GZ 456.13 -113.00 -84.19
AMPLIFY ENERGY C 2OQ QT 456.13 -113.00 -84.19
AMYRIS INC AMRS* MM 898.45 -125.88 204.72
ARENA GROUP HOLD AREN US 171.26 -11.06 -16.05
ASHFORD HOSPITAL AHT US 4,038.19 -37.11 0.00
ASHFORD HOSPITAL AHD GR 4,038.19 -37.11 0.00
ASHFORD HOSPITAL AHT1EUR EU 4,038.19 -37.11 0.00
ASHFORD HOSPITAL AHD TH 4,038.19 -37.11 0.00
ATLAS TECHNICAL ATCX US 510.44 -138.67 83.43
AUTOZONE INC AZO US 14,520.56 -3,387.23 -1,809.36
AUTOZONE INC AZ5 GR 14,520.56 -3,387.23 -1,809.36
AUTOZONE INC AZ5 TH 14,520.56 -3,387.23 -1,809.36
AUTOZONE INC AZOEUR EU 14,520.56 -3,387.23 -1,809.36
AUTOZONE INC AZ5 QT 14,520.56 -3,387.23 -1,809.36
AUTOZONE INC AZOEUR EZ 14,520.56 -3,387.23 -1,809.36
AUTOZONE INC AZ5 GZ 14,520.56 -3,387.23 -1,809.36
AUTOZONE INC AZO AV 14,520.56 -3,387.23 -1,809.36
AUTOZONE INC AZ5 TE 14,520.56 -3,387.23 -1,809.36
AUTOZONE INC AZO* MM 14,520.56 -3,387.23 -1,809.36
AUTOZONE INC AZO-RM RM 14,520.56 -3,387.23 -1,809.36
AUTOZONE INC-BDR AZOI34 BZ 14,520.56 -3,387.23 -1,809.36
AVID TECHNOLOGY AVID US 245.11 -130.02 -21.20
AVID TECHNOLOGY AVD GR 245.11 -130.02 -21.20
AVID TECHNOLOGY AVD TH 245.11 -130.02 -21.20
AVID TECHNOLOGY AVD GZ 245.11 -130.02 -21.20
AVIS BUD-CEDEAR CAR AR 23,573.00 -983.00 -934.00
AVIS BUDGET GROU CAR US 23,573.00 -983.00 -934.00
AVIS BUDGET GROU CUCA GR 23,573.00 -983.00 -934.00
AVIS BUDGET GROU CUCA QT 23,573.00 -983.00 -934.00
AVIS BUDGET GROU CAR2EUR EU 23,573.00 -983.00 -934.00
AVIS BUDGET GROU CAR2EUR EZ 23,573.00 -983.00 -934.00
AVIS BUDGET GROU CUCA TH 23,573.00 -983.00 -934.00
AVIS BUDGET GROU CAR* MM 23,573.00 -983.00 -934.00
AVIS BUDGET GROU CUCA GZ 23,573.00 -983.00 -934.00
BATH & BODY WORK LTD0 GR 4,860.00 -2,658.00 512.00
BATH & BODY WORK BBWI US 4,860.00 -2,658.00 512.00
BATH & BODY WORK LTD0 TH 4,860.00 -2,658.00 512.00
BATH & BODY WORK LBEUR EU 4,860.00 -2,658.00 512.00
BATH & BODY WORK LBEUR EZ 4,860.00 -2,658.00 512.00
BATH & BODY WORK BBWI* MM 4,860.00 -2,658.00 512.00
BATH & BODY WORK LTD0 QT 4,860.00 -2,658.00 512.00
BATH & BODY WORK BBWI AV 4,860.00 -2,658.00 512.00
BATH & BODY WORK LTD0 GZ 4,860.00 -2,658.00 512.00
BATH & BODY WORK BBWI-RM RM 4,860.00 -2,658.00 512.00
BATTALION OIL CO BATL US 410.79 -29.05 -98.10
BATTALION OIL CO RAQB GR 410.79 -29.05 -98.10
BATTALION OIL CO BATLEUR EU 410.79 -29.05 -98.10
BATTERY FUTURE A BFAC/U US 353.36 344.10 1.02
BATTERY FUTURE-A BFAC US 353.36 344.10 1.02
BAUSCH HEALTH CO BHC CN 29,090.00 -141.00 1,062.00
BAUSCH HEALTH CO BHC US 29,090.00 -141.00 1,062.00
BAUSCH HEALTH CO BVF GR 29,090.00 -141.00 1,062.00
BAUSCH HEALTH CO VRX SW 29,090.00 -141.00 1,062.00
BAUSCH HEALTH CO BHCN MM 29,090.00 -141.00 1,062.00
BAUSCH HEALTH CO BVF TH 29,090.00 -141.00 1,062.00
BAUSCH HEALTH CO VRX1EUR EZ 29,090.00 -141.00 1,062.00
BAUSCH HEALTH CO BVF GZ 29,090.00 -141.00 1,062.00
BAUSCH HEALTH CO VRX1EUR EU 29,090.00 -141.00 1,062.00
BAUSCH HEALTH CO BVF QT 29,090.00 -141.00 1,062.00
BELLRING BRANDS BRBR US 657.70 -428.80 228.90
BELLRING BRANDS D51 TH 657.70 -428.80 228.90
BELLRING BRANDS BRBR2EUR EU 657.70 -428.80 228.90
BELLRING BRANDS D51 GR 657.70 -428.80 228.90
BELLRING BRANDS D51 QT 657.70 -428.80 228.90
BENEFITFOCUS INC BNFT US 251.32 -12.12 42.12
BENEFITFOCUS INC BTF GR 251.32 -12.12 42.12
BENEFITFOCUS INC BNFTEUR EU 251.32 -12.12 42.12
BIOCRYST PHARM BCRX US 527.72 -164.22 430.70
BIOCRYST PHARM BO1 GR 527.72 -164.22 430.70
BIOCRYST PHARM BO1 TH 527.72 -164.22 430.70
BIOCRYST PHARM BCRXEUR EZ 527.72 -164.22 430.70
BIOCRYST PHARM BCRXEUR EU 527.72 -164.22 430.70
BIOCRYST PHARM BO1 QT 527.72 -164.22 430.70
BIOCRYST PHARM BCRX* MM 527.72 -164.22 430.70
BIOHAVEN PHARMAC BHVN US 1,371.72 -466.41 594.97
BIOHAVEN PHARMAC 2VN GR 1,371.72 -466.41 594.97
BIOHAVEN PHARMAC BHVNEUR EU 1,371.72 -466.41 594.97
BIOHAVEN PHARMAC 2VN TH 1,371.72 -466.41 594.97
BOEING CO-BDR BOEI34 BZ ######### -15,268.00 24,320.00
BOEING CO-CED BAD AR ######### -15,268.00 24,320.00
BOEING CO-CED BA AR ######### -15,268.00 24,320.00
BOEING CO/THE BA EU ######### -15,268.00 24,320.00
BOEING CO/THE BOE LN ######### -15,268.00 24,320.00
BOEING CO/THE BCO TH ######### -15,268.00 24,320.00
BOEING CO/THE BA PE ######### -15,268.00 24,320.00
BOEING CO/THE BOEI BB ######### -15,268.00 24,320.00
BOEING CO/THE BA US ######### -15,268.00 24,320.00
BOEING CO/THE BA SW ######### -15,268.00 24,320.00
BOEING CO/THE BA* MM ######### -15,268.00 24,320.00
BOEING CO/THE BA TE ######### -15,268.00 24,320.00
BOEING CO/THE BAEUR EU ######### -15,268.00 24,320.00
BOEING CO/THE BCO GR ######### -15,268.00 24,320.00
BOEING CO/THE BA CI ######### -15,268.00 24,320.00
BOEING CO/THE BCO QT ######### -15,268.00 24,320.00
BOEING CO/THE BA-RM RM ######### -15,268.00 24,320.00
BOEING CO/THE BAEUR EZ ######### -15,268.00 24,320.00
BOEING CO/THE BA EZ ######### -15,268.00 24,320.00
BOEING CO/THE BA AV ######### -15,268.00 24,320.00
BOEING CO/THE BAUSD SW ######### -15,268.00 24,320.00
BOEING CO/THE BCO GZ ######### -15,268.00 24,320.00
BOEING CO/THE BACL CI ######### -15,268.00 24,320.00
BOEING CO/THE BA_KZ KZ ######### -15,268.00 24,320.00
BOMBARDIER INC-A BBD1 GR 12,493.00 -2,916.00 880.00
BOMBARDIER INC-A BBD/AEUR EU 12,493.00 -2,916.00 880.00
BOMBARDIER INC-A BBD1 GZ 12,493.00 -2,916.00 880.00
BOMBARDIER INC-B BBDB GR 12,493.00 -2,916.00 880.00
BOMBARDIER INC-B BBDB TH 12,493.00 -2,916.00 880.00
BOMBARDIER INC-B BBDBN MM 12,493.00 -2,916.00 880.00
BOMBARDIER INC-B BBDB QT 12,493.00 -2,916.00 880.00
BOMBARDIER INC-B BBD/BEUR EU 12,493.00 -2,916.00 880.00
BOMBARDIER INC-B BBD/BEUR EZ 12,493.00 -2,916.00 880.00
BOMBARDIER INC-B BBDB GZ 12,493.00 -2,916.00 880.00
BRC INC-A BRCC US 211.84 -187.95 117.87
BRIDGEBIO PHARMA 2CL GZ 813.15 -1,040.69 612.77
BRIDGEBIO PHARMA BBIOEUR EU 813.15 -1,040.69 612.77
BRIDGEBIO PHARMA 2CL TH 813.15 -1,040.69 612.77
BRIDGEBIO PHARMA BBIO US 813.15 -1,040.69 612.77
BRIDGEBIO PHARMA 2CL GR 813.15 -1,040.69 612.77
BRIGHTSPHERE INV 2B9 GR 494.10 -97.90 0.00
BRIGHTSPHERE INV BSIGEUR EU 494.10 -97.90 0.00
BRIGHTSPHERE INV BSIG US 494.10 -97.90 0.00
BRINKER INTL BKJ GR 2,458.80 -311.20 -395.10
BRINKER INTL EAT US 2,458.80 -311.20 -395.10
BRINKER INTL BKJ TH 2,458.80 -311.20 -395.10
BRINKER INTL EAT2EUR EZ 2,458.80 -311.20 -395.10
BRINKER INTL BKJ QT 2,458.80 -311.20 -395.10
BRINKER INTL EAT2EUR EU 2,458.80 -311.20 -395.10
BROOKFIELD INF-A BIPC US 10,086.00 -1,424.00 -4,187.00
BROOKFIELD INF-A BIPC CN 10,086.00 -1,424.00 -4,187.00
BRP INC/CA-SUB V DOO CN 5,210.70 -212.00 -168.70
BRP INC/CA-SUB V B15A GR 5,210.70 -212.00 -168.70
BRP INC/CA-SUB V DOOO US 5,210.70 -212.00 -168.70
BRP INC/CA-SUB V DOOEUR EU 5,210.70 -212.00 -168.70
BRP INC/CA-SUB V B15A GZ 5,210.70 -212.00 -168.70
BRP INC/CA-SUB V B15A TH 5,210.70 -212.00 -168.70
CALUMET SPECIALT CLMT US 2,195.60 -463.80 -424.40
CARDINAL HEA BDR C1AH34 BZ 42,111.00 -693.00 2,169.00
CARDINAL HEALTH CLH TH 42,111.00 -693.00 2,169.00
CARDINAL HEALTH CAH US 42,111.00 -693.00 2,169.00
CARDINAL HEALTH CLH GR 42,111.00 -693.00 2,169.00
CARDINAL HEALTH CAHEUR EZ 42,111.00 -693.00 2,169.00
CARDINAL HEALTH CAH* MM 42,111.00 -693.00 2,169.00
CARDINAL HEALTH CLH GZ 42,111.00 -693.00 2,169.00
CARDINAL HEALTH CLH QT 42,111.00 -693.00 2,169.00
CARDINAL HEALTH CAHEUR EU 42,111.00 -693.00 2,169.00
CARDINAL HEALTH CAH-RM RM 42,111.00 -693.00 2,169.00
CARDINAL-CEDEAR CAHC AR 42,111.00 -693.00 2,169.00
CARDINAL-CEDEAR CAHD AR 42,111.00 -693.00 2,169.00
CARDINAL-CEDEAR CAH AR 42,111.00 -693.00 2,169.00
CEDAR FAIR LP FUN US 2,350.30 -787.58 -142.53
CENTRUS ENERGY-A 4CU TH 537.60 -133.00 70.60
CENTRUS ENERGY-A 4CU GR 537.60 -133.00 70.60
CENTRUS ENERGY-A LEUEUR EU 537.60 -133.00 70.60
CENTRUS ENERGY-A LEU US 537.60 -133.00 70.60
CENTRUS ENERGY-A 4CU GZ 537.60 -133.00 70.60
CF ACQUISITION-A CFVI US 300.50 263.08 -3.07
CF ACQUISITON VI CFVIU US 300.50 263.08 -3.07
CHENIERE ENERGY LNG US 40,055.00 -1,259.00 1,100.00
CHENIERE ENERGY CHQ1 GR 40,055.00 -1,259.00 1,100.00
CHENIERE ENERGY CQP US 19,658.00 -2,230.00 834.00
CHENIERE ENERGY CHQ1 TH 40,055.00 -1,259.00 1,100.00
CHENIERE ENERGY LNG2EUR EZ 40,055.00 -1,259.00 1,100.00
CHENIERE ENERGY LNG* MM 40,055.00 -1,259.00 1,100.00
CHENIERE ENERGY CHQ1 QT 40,055.00 -1,259.00 1,100.00
CHENIERE ENERGY LNG2EUR EU 40,055.00 -1,259.00 1,100.00
CHENIERE ENERGY CHQ1 GZ 40,055.00 -1,259.00 1,100.00
CHOICE CONSOLIDA CDXX-U/U CN 173.41 -19.35 0.00
CHOICE CONSOLIDA CDXXF US 173.41 -19.35 0.00
CINEPLEX INC CX0 GR 2,062.37 -260.19 -393.00
CINEPLEX INC CPXGF US 2,062.37 -260.19 -393.00
CINEPLEX INC CGX CN 2,062.37 -260.19 -393.00
CINEPLEX INC CGXEUR EU 2,062.37 -260.19 -393.00
CINEPLEX INC CX0 TH 2,062.37 -260.19 -393.00
CINEPLEX INC CGXN MM 2,062.37 -260.19 -393.00
CINEPLEX INC CX0 GZ 2,062.37 -260.19 -393.00
COGENT COMMUNICA OGM1 GR 969.77 -408.61 303.58
COGENT COMMUNICA CCOI US 969.77 -408.61 303.58
COGENT COMMUNICA CCOIEUR EU 969.77 -408.61 303.58
COGENT COMMUNICA CCOI* MM 969.77 -408.61 303.58
COMMUNITY HEALTH CYH US 15,263.00 -819.00 1,141.00
COMMUNITY HEALTH CG5 GR 15,263.00 -819.00 1,141.00
COMMUNITY HEALTH CG5 QT 15,263.00 -819.00 1,141.00
COMMUNITY HEALTH CYH1EUR EU 15,263.00 -819.00 1,141.00
COMMUNITY HEALTH CG5 TH 15,263.00 -819.00 1,141.00
COMMUNITY HEALTH CG5 GZ 15,263.00 -819.00 1,141.00
COMPOSECURE INC CMPO US 143.49 -376.59 49.89
CONSENSUS CLOUD CCSI US 615.35 -313.92 17.97
COVEO SOLUTIONS CVO CN 346.24 266.38 199.03
CPI CARD GROUP I PMTSEUR EU 285.74 -114.06 99.44
CPI CARD GROUP I PMTS US 285.74 -114.06 99.44
CPI CARD GROUP I CPB1 GR 285.74 -114.06 99.44
CTI BIOPHARMA CO CTIC1EUR EZ 131.44 -27.92 4.35
CTI BIOPHARMA CO CTIC US 131.44 -27.92 4.35
CTI BIOPHARMA CO CEPS GR 131.44 -27.92 4.35
CTI BIOPHARMA CO CEPS QT 131.44 -27.92 4.35
CTI BIOPHARMA CO CEPS TH 131.44 -27.92 4.35
DELEK LOGISTICS DKL US 935.27 -106.52 -69.94
DELL TECHN-C DELL1EUR EZ 88,406.00 -2,355.00 -11,683.00
DELL TECHN-C DELL US 88,406.00 -2,355.00 -11,683.00
DELL TECHN-C 12DA TH 88,406.00 -2,355.00 -11,683.00
DELL TECHN-C 12DA GZ 88,406.00 -2,355.00 -11,683.00
DELL TECHN-C 12DA GR 88,406.00 -2,355.00 -11,683.00
DELL TECHN-C DELL1EUR EU 88,406.00 -2,355.00 -11,683.00
DELL TECHN-C DELLC* MM 88,406.00 -2,355.00 -11,683.00
DELL TECHN-C 12DA QT 88,406.00 -2,355.00 -11,683.00
DELL TECHN-C DELL AV 88,406.00 -2,355.00 -11,683.00
DELL TECHN-C DELL-RM RM 88,406.00 -2,355.00 -11,683.00
DELL TECHN-C-BDR D1EL34 BZ 88,406.00 -2,355.00 -11,683.00
DENNY'S CORP DENN US 401.39 -47.76 -26.86
DENNY'S CORP DE8 GR 401.39 -47.76 -26.86
DENNY'S CORP DE8 TH 401.39 -47.76 -26.86
DENNY'S CORP DENNEUR EU 401.39 -47.76 -26.86
DENNY'S CORP DE8 GZ 401.39 -47.76 -26.86
DIEBOLD NIXDORF DBD SW 3,316.50 -1,008.60 119.00
DINE BRANDS GLOB DIN US 1,888.28 -265.17 142.08
DINE BRANDS GLOB IHP GR 1,888.28 -265.17 142.08
DINE BRANDS GLOB IHP TH 1,888.28 -265.17 142.08
DINE BRANDS GLOB IHP GZ 1,888.28 -265.17 142.08
DOLLARAMA INC DR3 GR 4,194.28 -17.13 -192.14
DOLLARAMA INC DLMAF US 4,194.28 -17.13 -192.14
DOLLARAMA INC DOL CN 4,194.28 -17.13 -192.14
DOLLARAMA INC DR3 GZ 4,194.28 -17.13 -192.14
DOLLARAMA INC DOLEUR EU 4,194.28 -17.13 -192.14
DOLLARAMA INC DR3 TH 4,194.28 -17.13 -192.14
DOLLARAMA INC DR3 QT 4,194.28 -17.13 -192.14
DOMINION LENDING DLCG CN 241.89 -1.62 -14.70
DOMINO'S P - BDR D2PZ34 BZ 1,674.02 -4,198.64 266.41
DOMINO'S PIZZA EZV GR 1,674.02 -4,198.64 266.41
DOMINO'S PIZZA DPZ US 1,674.02 -4,198.64 266.41
DOMINO'S PIZZA EZV TH 1,674.02 -4,198.64 266.41
DOMINO'S PIZZA EZV QT 1,674.02 -4,198.64 266.41
DOMINO'S PIZZA EZV GZ 1,674.02 -4,198.64 266.41
DOMINO'S PIZZA DPZEUR EZ 1,674.02 -4,198.64 266.41
DOMINO'S PIZZA DPZEUR EU 1,674.02 -4,198.64 266.41
DOMINO'S PIZZA DPZ AV 1,674.02 -4,198.64 266.41
DOMINO'S PIZZA DPZ* MM 1,674.02 -4,198.64 266.41
DOMINO'S PIZZA DPZ-RM RM 1,674.02 -4,198.64 266.41
DOMO INC- CL B DOMO US 231.87 -131.95 -67.81
DOMO INC- CL B 1ON GR 231.87 -131.95 -67.81
DOMO INC- CL B 1ON GZ 231.87 -131.95 -67.81
DOMO INC- CL B DOMOEUR EU 231.87 -131.95 -67.81
DOMO INC- CL B 1ON TH 231.87 -131.95 -67.81
DROPBOX INC-A DBX AV 2,852.00 -463.30 505.50
DROPBOX INC-A DBXEUR EZ 2,852.00 -463.30 505.50
DROPBOX INC-A DBX US 2,852.00 -463.30 505.50
DROPBOX INC-A 1Q5 GR 2,852.00 -463.30 505.50
DROPBOX INC-A 1Q5 SW 2,852.00 -463.30 505.50
DROPBOX INC-A 1Q5 TH 2,852.00 -463.30 505.50
DROPBOX INC-A DBXEUR EU 2,852.00 -463.30 505.50
DROPBOX INC-A 1Q5 QT 2,852.00 -463.30 505.50
DROPBOX INC-A DBX* MM 2,852.00 -463.30 505.50
DROPBOX INC-A 1Q5 GZ 2,852.00 -463.30 505.50
DROPBOX INC-A DBX-RM RM 2,852.00 -463.30 505.50
EAST RESOURCES A ERESU US 346.38 -29.70 -29.74
EAST RESOURCES-A ERES US 346.38 -29.70 -29.74
ESPERION THERAPE ESPR US 342.85 -249.04 211.73
ESPERION THERAPE 0ET GR 342.85 -249.04 211.73
ESPERION THERAPE ESPREUR EZ 342.85 -249.04 211.73
ESPERION THERAPE ESPREUR EU 342.85 -249.04 211.73
ESPERION THERAPE 0ET TH 342.85 -249.04 211.73
ESPERION THERAPE 0ET QT 342.85 -249.04 211.73
ESPERION THERAPE 0ET GZ 342.85 -249.04 211.73
FAIR ISAAC - BDR F2IC34 BZ 1,486.48 -663.42 99.45
FAIR ISAAC CORP FRI GR 1,486.48 -663.42 99.45
FAIR ISAAC CORP FICO US 1,486.48 -663.42 99.45
FAIR ISAAC CORP FRI GZ 1,486.48 -663.42 99.45
FAIR ISAAC CORP FICO1* MM 1,486.48 -663.42 99.45
FAIR ISAAC CORP FICOEUR EZ 1,486.48 -663.42 99.45
FAIR ISAAC CORP FRI QT 1,486.48 -663.42 99.45
FAIR ISAAC CORP FICOEUR EU 1,486.48 -663.42 99.45
FERRELLGAS PAR-B FGPRB US 1,772.51 -112.25 328.19
FERRELLGAS-LP FGPR US 1,772.51 -112.25 328.19
FLUENCE ENERGY I FLNC US 1,500.94 725.46 641.14
FOREST ROAD AC-A FRXB US 350.69 -22.21 0.35
FOREST ROAD ACQ FRXB/U US 350.69 -22.21 0.35
FRONTDOOR INC FTDR US 1,058.00 -20.00 -120.00
FRONTDOOR INC 3I5 GR 1,058.00 -20.00 -120.00
FRONTDOOR INC FTDREUR EU 1,058.00 -20.00 -120.00
GCM GROSVENOR-A GCMG US 517.21 -53.30 120.95
GODADDY INC -BDR G2DD34 BZ 6,901.30 -468.70 -1,030.30
GODADDY INC-A GDDY US 6,901.30 -468.70 -1,030.30
GODADDY INC-A 38D TH 6,901.30 -468.70 -1,030.30
GODADDY INC-A GDDYEUR EZ 6,901.30 -468.70 -1,030.30
GODADDY INC-A 38D GR 6,901.30 -468.70 -1,030.30
GODADDY INC-A 38D QT 6,901.30 -468.70 -1,030.30
GODADDY INC-A GDDY* MM 6,901.30 -468.70 -1,030.30
GODADDY INC-A 38D GZ 6,901.30 -468.70 -1,030.30
GOGO INC GOGO US 685.28 -281.04 82.75
GOGO INC G0G GR 685.28 -281.04 82.75
GOGO INC G0G QT 685.28 -281.04 82.75
GOGO INC G0G TH 685.28 -281.04 82.75
GOGO INC GOGOEUR EU 685.28 -281.04 82.75
GOGO INC G0G GZ 685.28 -281.04 82.75
GOLDEN NUGGET ON GNOG US 257.75 -21.90 94.12
GOOSEHEAD INSU-A 2OX GR 275.27 -67.90 17.11
GOOSEHEAD INSU-A GSHDEUR EU 275.27 -67.90 17.11
GOOSEHEAD INSU-A GSHD US 275.27 -67.90 17.11
GOOSEHEAD INSU-A 2OX TH 275.27 -67.90 17.11
GOOSEHEAD INSU-A 2OX QT 275.27 -67.90 17.11
HCM ACQUISITI-A HCMA US 0.34 0.01 0.01
HCM ACQUISITION HCMAU US 0.34 0.01 0.01
HEALTH ASSURAN-A HAAC US 0.06 0.02 -0.01
HEALTH ASSURANCE HAACU US 0.06 0.02 -0.01
HERBALIFE NUTRIT HLF US 2,824.70 -1,453.30 339.50
HERBALIFE NUTRIT HOO GR 2,824.70 -1,453.30 339.50
HERBALIFE NUTRIT HLFEUR EU 2,824.70 -1,453.30 339.50
HERBALIFE NUTRIT HOO QT 2,824.70 -1,453.30 339.50
HERBALIFE NUTRIT HOO TH 2,824.70 -1,453.30 339.50
HERBALIFE NUTRIT HOO SW 2,824.70 -1,453.30 339.50
HERBALIFE NUTRIT HLFEUR EZ 2,824.70 -1,453.30 339.50
HERBALIFE NUTRIT HOO GZ 2,824.70 -1,453.30 339.50
HEWLETT-CEDEAR HPQ AR 39,901.00 -1,898.00 -5,391.00
HEWLETT-CEDEAR HPQC AR 39,901.00 -1,898.00 -5,391.00
HEWLETT-CEDEAR HPQD AR 39,901.00 -1,898.00 -5,391.00
HILLEVAX INC HLVX US 114.70 -168.37 -171.19
HILTON WORLD-BDR H1LT34 BZ 15,459.00 -697.00 -224.00
HILTON WORLDWIDE HLT US 15,459.00 -697.00 -224.00
HILTON WORLDWIDE HI91 QT 15,459.00 -697.00 -224.00
HILTON WORLDWIDE HI91 TH 15,459.00 -697.00 -224.00
HILTON WORLDWIDE HI91 GR 15,459.00 -697.00 -224.00
HILTON WORLDWIDE HLTEUR EZ 15,459.00 -697.00 -224.00
HILTON WORLDWIDE HLTW AV 15,459.00 -697.00 -224.00
HILTON WORLDWIDE HLT* MM 15,459.00 -697.00 -224.00
HILTON WORLDWIDE HLTEUR EU 15,459.00 -697.00 -224.00
HILTON WORLDWIDE HI91 TE 15,459.00 -697.00 -224.00
HILTON WORLDWIDE HI91 GZ 15,459.00 -697.00 -224.00
HILTON WORLDWIDE HLT-RM RM 15,459.00 -697.00 -224.00
HOME DEPOT - BDR HOME34 BZ 76,567.00 -1,709.00 3,480.00
HOME DEPOT INC HD TE 76,567.00 -1,709.00 3,480.00
HOME DEPOT INC HDI TH 76,567.00 -1,709.00 3,480.00
HOME DEPOT INC HDI GR 76,567.00 -1,709.00 3,480.00
HOME DEPOT INC HD US 76,567.00 -1,709.00 3,480.00
HOME DEPOT INC HD* MM 76,567.00 -1,709.00 3,480.00
HOME DEPOT INC HD CI 76,567.00 -1,709.00 3,480.00
HOME DEPOT INC HD SW 76,567.00 -1,709.00 3,480.00
HOME DEPOT INC HDEUR EU 76,567.00 -1,709.00 3,480.00
HOME DEPOT INC HDI QT 76,567.00 -1,709.00 3,480.00
HOME DEPOT INC HDEUR EZ 76,567.00 -1,709.00 3,480.00
HOME DEPOT INC 0R1G LN 76,567.00 -1,709.00 3,480.00
HOME DEPOT INC HD AV 76,567.00 -1,709.00 3,480.00
HOME DEPOT INC HDUSD SW 76,567.00 -1,709.00 3,480.00
HOME DEPOT INC HDI GZ 76,567.00 -1,709.00 3,480.00
HOME DEPOT INC HD PE 76,567.00 -1,709.00 3,480.00
HOME DEPOT INC HDCL CI 76,567.00 -1,709.00 3,480.00
HOME DEPOT INC HD-RM RM 76,567.00 -1,709.00 3,480.00
HOME DEPOT-CED HDC AR 76,567.00 -1,709.00 3,480.00
HOME DEPOT-CED HD AR 76,567.00 -1,709.00 3,480.00
HOME DEPOT-CED HDD AR 76,567.00 -1,709.00 3,480.00
HORIZON ACQUIS-A HZON US 525.60 -30.68 -2.09
HORIZON ACQUISIT HZON/U US 525.60 -30.68 -2.09
HP COMPANY-BDR HPQB34 BZ 39,901.00 -1,898.00 -5,391.00
HP INC HPQ TE 39,901.00 -1,898.00 -5,391.00
HP INC 7HP GR 39,901.00 -1,898.00 -5,391.00
HP INC HPQ US 39,901.00 -1,898.00 -5,391.00
HP INC 7HP TH 39,901.00 -1,898.00 -5,391.00
HP INC HPQ* MM 39,901.00 -1,898.00 -5,391.00
HP INC HPQ CI 39,901.00 -1,898.00 -5,391.00
HP INC HPQ SW 39,901.00 -1,898.00 -5,391.00
HP INC 7HP QT 39,901.00 -1,898.00 -5,391.00
HP INC HPQEUR EZ 39,901.00 -1,898.00 -5,391.00
HP INC HPQUSD SW 39,901.00 -1,898.00 -5,391.00
HP INC HPQEUR EU 39,901.00 -1,898.00 -5,391.00
HP INC 7HP GZ 39,901.00 -1,898.00 -5,391.00
HP INC HPQ AV 39,901.00 -1,898.00 -5,391.00
HP INC HPQ-RM RM 39,901.00 -1,898.00 -5,391.00
IMMUNITYBIO INC NK1EUR EU 389.59 -337.56 -168.67
IMMUNITYBIO INC 26CA GZ 389.59 -337.56 -168.67
IMMUNITYBIO INC NK1EUR EZ 389.59 -337.56 -168.67
IMMUNITYBIO INC IBRX US 389.59 -337.56 -168.67
IMMUNITYBIO INC 26CA GR 389.59 -337.56 -168.67
IMMUNITYBIO INC 26CA TH 389.59 -337.56 -168.67
IMMUNITYBIO INC 26CA QT 389.59 -337.56 -168.67
IMPINJ INC PI US 316.94 -6.29 209.91
IMPINJ INC PIEUR EZ 316.94 -6.29 209.91
IMPINJ INC 27J GZ 316.94 -6.29 209.91
IMPINJ INC 27J QT 316.94 -6.29 209.91
IMPINJ INC 27J TH 316.94 -6.29 209.91
IMPINJ INC 27J GR 316.94 -6.29 209.91
IMPINJ INC PIEUR EU 316.94 -6.29 209.91
INSEEGO CORP INSG-RM RM 204.18 -34.19 42.74
INSPIRED ENTERTA INSE US 332.20 -70.50 49.20
INSPIRED ENTERTA 4U8 GR 332.20 -70.50 49.20
INSPIRED ENTERTA INSEEUR EU 332.20 -70.50 49.20
INTERCEPT PHARMA ICPT US 503.36 -371.76 326.32
INTERCEPT PHARMA I4P GR 503.36 -371.76 326.32
INTERCEPT PHARMA I4P TH 503.36 -371.76 326.32
INTERCEPT PHARMA ICPT* MM 503.36 -371.76 326.32
INTERCEPT PHARMA I4P GZ 503.36 -371.76 326.32
J. JILL INC JILL US 463.58 -30.32 0.63
J. JILL INC 1MJ1 GR 463.58 -30.32 0.63
J. JILL INC JILLEUR EU 463.58 -30.32 0.63
J. JILL INC 1MJ1 GZ 463.58 -30.32 0.63
JACK IN THE BOX JBX GR 2,823.75 -783.62 -246.78
JACK IN THE BOX JACK US 2,823.75 -783.62 -246.78
JACK IN THE BOX JACK1EUR EU 2,823.75 -783.62 -246.78
JACK IN THE BOX JACK1EUR EZ 2,823.75 -783.62 -246.78
JACK IN THE BOX JBX GZ 2,823.75 -783.62 -246.78
JACK IN THE BOX JBX QT 2,823.75 -783.62 -246.78
KARYOPHARM THERA KPTI US 294.03 -83.08 210.20
KARYOPHARM THERA 25K GR 294.03 -83.08 210.20
KARYOPHARM THERA KPTIEUR EU 294.03 -83.08 210.20
KARYOPHARM THERA 25K QT 294.03 -83.08 210.20
KARYOPHARM THERA 25K TH 294.03 -83.08 210.20
KARYOPHARM THERA 25K GZ 294.03 -83.08 210.20
KENSINGTON CAPIT KCAC/U US 0.09 -0.01 -0.01
KENSINGTON CAPIT KCA/U US 0.09 -0.01 -0.01
L BRANDS INC-BDR B1BW34 BZ 4,860.00 -2,658.00 512.00
LATAMGROWTH SPAC LATG US 134.63 126.37 1.84
LATAMGROWTH SPAC LATGU US 134.63 126.37 1.84
LEAFLY HOLDINGS LFLY US 84.25 -15.04 66.42
LENNOX INTL INC LXI GR 2,456.90 -410.20 577.80
LENNOX INTL INC LII US 2,456.90 -410.20 577.80
LENNOX INTL INC LII* MM 2,456.90 -410.20 577.80
LENNOX INTL INC LXI TH 2,456.90 -410.20 577.80
LENNOX INTL INC LII1EUR EU 2,456.90 -410.20 577.80
LESLIE'S INC LESL US 930.20 -385.73 133.69
LESLIE'S INC LE3 GR 930.20 -385.73 133.69
LESLIE'S INC LESLEUR EU 930.20 -385.73 133.69
LESLIE'S INC LE3 TH 930.20 -385.73 133.69
LESLIE'S INC LE3 QT 930.20 -385.73 133.69
LIGHT & WONDER I TJW TH 7,952.00 -2,137.00 829.00
LIGHT & WONDER I TJW GZ 7,952.00 -2,137.00 829.00
LIGHT & WONDER I LNW US 7,952.00 -2,137.00 829.00
LIGHT & WONDER I TJW GR 7,952.00 -2,137.00 829.00
LIGHT & WONDER I TJW QT 7,952.00 -2,137.00 829.00
LIGHT & WONDER I SGMS1EUR EU 7,952.00 -2,137.00 829.00
LINDBLAD EXPEDIT LIND US 840.64 -23.75 -89.09
LINDBLAD EXPEDIT LI4 GR 840.64 -23.75 -89.09
LINDBLAD EXPEDIT LINDEUR EU 840.64 -23.75 -89.09
LINDBLAD EXPEDIT LI4 TH 840.64 -23.75 -89.09
LINDBLAD EXPEDIT LI4 QT 840.64 -23.75 -89.09
LINDBLAD EXPEDIT LI4 GZ 840.64 -23.75 -89.09
LOWE'S COS INC LOW US 49,725.00 -6,877.00 3,780.00
LOWE'S COS INC LWE TH 49,725.00 -6,877.00 3,780.00
LOWE'S COS INC LWE GR 49,725.00 -6,877.00 3,780.00
LOWE'S COS INC LOWE AV 49,725.00 -6,877.00 3,780.00
LOWE'S COS INC LOWEUR EZ 49,725.00 -6,877.00 3,780.00
LOWE'S COS INC LWE GZ 49,725.00 -6,877.00 3,780.00
LOWE'S COS INC LOW* MM 49,725.00 -6,877.00 3,780.00
LOWE'S COS INC LWE QT 49,725.00 -6,877.00 3,780.00
LOWE'S COS INC LOWEUR EU 49,725.00 -6,877.00 3,780.00
LOWE'S COS INC LWE TE 49,725.00 -6,877.00 3,780.00
LOWE'S COS INC LOW-RM RM 49,725.00 -6,877.00 3,780.00
LOWE'S COS-BDR LOWC34 BZ 49,725.00 -6,877.00 3,780.00
MADISON SQUARE G MSGS US 1,363.77 -177.87 -190.42
MADISON SQUARE G MSG1EUR EU 1,363.77 -177.87 -190.42
MADISON SQUARE G MS8 GR 1,363.77 -177.87 -190.42
MADISON SQUARE G MS8 TH 1,363.77 -177.87 -190.42
MADISON SQUARE G MS8 QT 1,363.77 -177.87 -190.42
MADISON SQUARE G MS8 GZ 1,363.77 -177.87 -190.42
MANNKIND CORP NNFN TH 308.32 -232.06 130.77
MANNKIND CORP MNKD US 308.32 -232.06 130.77
MANNKIND CORP NNFN GR 308.32 -232.06 130.77
MANNKIND CORP MNKDEUR EZ 308.32 -232.06 130.77
MANNKIND CORP NNFN QT 308.32 -232.06 130.77
MANNKIND CORP MNKDEUR EU 308.32 -232.06 130.77
MANNKIND CORP NNFN GZ 308.32 -232.06 130.77
MARKETWISE INC MKTW US 416.42 -394.01 -140.97
MARTIN MIDSTREAM MMLP US 574.11 -37.98 68.93
MASCO CORP MSQ TH 5,568.00 -100.00 1,292.00
MASCO CORP MAS US 5,568.00 -100.00 1,292.00
MASCO CORP MSQ GR 5,568.00 -100.00 1,292.00
MASCO CORP MAS* MM 5,568.00 -100.00 1,292.00
MASCO CORP MAS1EUR EZ 5,568.00 -100.00 1,292.00
MASCO CORP MSQ GZ 5,568.00 -100.00 1,292.00
MASCO CORP MSQ QT 5,568.00 -100.00 1,292.00
MASCO CORP MAS1EUR EU 5,568.00 -100.00 1,292.00
MASCO CORP MAS-RM RM 5,568.00 -100.00 1,292.00
MASON INDUS-CL A MIT US 500.77 -25.59 0.57
MASON INDUSTRIAL MIT/U US 500.77 -25.59 0.57
MATCH GROUP -BDR M1TC34 BZ 5,043.39 -121.77 159.78
MATCH GROUP INC MTCH US 5,043.39 -121.77 159.78
MATCH GROUP INC 4MGN TH 5,043.39 -121.77 159.78
MATCH GROUP INC MTCH1* MM 5,043.39 -121.77 159.78
MATCH GROUP INC 4MGN QT 5,043.39 -121.77 159.78
MATCH GROUP INC 4MGN GR 5,043.39 -121.77 159.78
MATCH GROUP INC MTC2 AV 5,043.39 -121.77 159.78
MATCH GROUP INC 4MGN GZ 5,043.39 -121.77 159.78
MATCH GROUP INC 0JZ7 LI 5,043.39 -121.77 159.78
MATCH GROUP INC MTCH-RM RM 5,043.39 -121.77 159.78
MBIA INC MBJ TH 4,443.00 -552.00 0.00
MBIA INC MBI US 4,443.00 -552.00 0.00
MBIA INC MBJ GR 4,443.00 -552.00 0.00
MBIA INC MBJ QT 4,443.00 -552.00 0.00
MBIA INC MBI1EUR EU 4,443.00 -552.00 0.00
MBIA INC MBJ GZ 4,443.00 -552.00 0.00
MCDONALDS - BDR MCDC34 BZ 50,877.70 -5,990.80 421.80
MCDONALDS CORP MDO TH 50,877.70 -5,990.80 421.80
MCDONALDS CORP MCD SW 50,877.70 -5,990.80 421.80
MCDONALDS CORP MCD US 50,877.70 -5,990.80 421.80
MCDONALDS CORP MDO GR 50,877.70 -5,990.80 421.80
MCDONALDS CORP MCD* MM 50,877.70 -5,990.80 421.80
MCDONALDS CORP MCD TE 50,877.70 -5,990.80 421.80
MCDONALDS CORP MCD CI 50,877.70 -5,990.80 421.80
MCDONALDS CORP MDO QT 50,877.70 -5,990.80 421.80
MCDONALDS CORP MCDEUR EZ 50,877.70 -5,990.80 421.80
MCDONALDS CORP 0R16 LN 50,877.70 -5,990.80 421.80
MCDONALDS CORP MCD AV 50,877.70 -5,990.80 421.80
MCDONALDS CORP MCDUSD SW 50,877.70 -5,990.80 421.80
MCDONALDS CORP MCDEUR EU 50,877.70 -5,990.80 421.80
MCDONALDS CORP MDO GZ 50,877.70 -5,990.80 421.80
MCDONALDS CORP MCD-RM RM 50,877.70 -5,990.80 421.80
MCDONALDS CORP MCDCL CI 50,877.70 -5,990.80 421.80
MCDONALDS-CEDEAR MCD AR 50,877.70 -5,990.80 421.80
MCDONALDS-CEDEAR MCDC AR 50,877.70 -5,990.80 421.80
MCDONALDS-CEDEAR MCDD AR 50,877.70 -5,990.80 421.80
MCKESSON CORP MCK GR 63,298.00 -1,792.00 -2,235.00
MCKESSON CORP MCK US 63,298.00 -1,792.00 -2,235.00
MCKESSON CORP MCK TH 63,298.00 -1,792.00 -2,235.00
MCKESSON CORP MCK* MM 63,298.00 -1,792.00 -2,235.00
MCKESSON CORP MCK1EUR EU 63,298.00 -1,792.00 -2,235.00
MCKESSON CORP MCK QT 63,298.00 -1,792.00 -2,235.00
MCKESSON CORP MCK1EUR EZ 63,298.00 -1,792.00 -2,235.00
MCKESSON CORP MCK GZ 63,298.00 -1,792.00 -2,235.00
MCKESSON CORP MCK-RM RM 63,298.00 -1,792.00 -2,235.00
MCKESSON-BDR M1CK34 BZ 63,298.00 -1,792.00 -2,235.00
MEDIAALPHA INC-A MAX US 275.22 -57.65 54.01
MONEYGRAM INTERN MGI US 4,429.80 -184.30 -17.40
MONEYGRAM INTERN 9M1N GR 4,429.80 -184.30 -17.40
MONEYGRAM INTERN 9M1N QT 4,429.80 -184.30 -17.40
MONEYGRAM INTERN 9M1N TH 4,429.80 -184.30 -17.40
MONEYGRAM INTERN MGIEUR EU 4,429.80 -184.30 -17.40
MOTOROLA SOL-BDR M1SI34 BZ 11,649.00 -298.00 394.00
MOTOROLA SOL-CED MSI AR 11,649.00 -298.00 394.00
MOTOROLA SOLUTIO MOT TE 11,649.00 -298.00 394.00
MOTOROLA SOLUTIO MSI US 11,649.00 -298.00 394.00
MOTOROLA SOLUTIO MTLA TH 11,649.00 -298.00 394.00
MOTOROLA SOLUTIO MTLA GR 11,649.00 -298.00 394.00
MOTOROLA SOLUTIO MTLA QT 11,649.00 -298.00 394.00
MOTOROLA SOLUTIO MSI1EUR EZ 11,649.00 -298.00 394.00
MOTOROLA SOLUTIO MOSI AV 11,649.00 -298.00 394.00
MOTOROLA SOLUTIO MTLA GZ 11,649.00 -298.00 394.00
MOTOROLA SOLUTIO MSI1EUR EU 11,649.00 -298.00 394.00
MOTOROLA SOLUTIO MSI-RM RM 11,649.00 -298.00 394.00
MSCI INC MSCI US 4,691.83 -879.19 172.00
MSCI INC 3HM GR 4,691.83 -879.19 172.00
MSCI INC 3HM GZ 4,691.83 -879.19 172.00
MSCI INC 3HM SW 4,691.83 -879.19 172.00
MSCI INC MSCIEUR EZ 4,691.83 -879.19 172.00
MSCI INC 3HM QT 4,691.83 -879.19 172.00
MSCI INC MSCI* MM 4,691.83 -879.19 172.00
MSCI INC 3HM TH 4,691.83 -879.19 172.00
MSCI INC MSCI AV 4,691.83 -879.19 172.00
MSCI INC MSCI-RM RM 4,691.83 -879.19 172.00
MSCI INC-BDR M1SC34 BZ 4,691.83 -879.19 172.00
N/A TCDAEUR EU 140.41 -90.30 103.00
N/A CTIC1EUR EU 131.44 -27.92 4.35
N/A CC-RM RM 2,992.40 -210.94 289.63
NATHANS FAMOUS NATH US 78.52 -54.99 48.99
NATHANS FAMOUS NFA GR 78.52 -54.99 48.99
NATHANS FAMOUS NATHEUR EU 78.52 -54.99 48.99
NEIGHBOUR-SUBRCT NBLY/R CN 558.21 344.68 53.51
NEIGHBOURLY PHAR NBLY CN 558.21 344.68 53.51
NEW ENG RLTY-LP NEN US 350.20 -56.11 0.00
NORTHERN OIL AND NOG US 2,024.47 -35.30 -302.07
NORTHERN OIL AND 4LT1 GR 2,024.47 -35.30 -302.07
NORTHERN OIL AND NOG1EUR EU 2,024.47 -35.30 -302.07
NORTHERN OIL AND 4LT1 TH 2,024.47 -35.30 -302.07
NORTHERN OIL AND 4LT1 GZ 2,024.47 -35.30 -302.07
NORTONLIFEL- BDR S1YM34 BZ 6,943.00 -93.00 -805.00
NORTONLIFELOCK I NLOK US 6,943.00 -93.00 -805.00
NORTONLIFELOCK I SYM TH 6,943.00 -93.00 -805.00
NORTONLIFELOCK I SYM GR 6,943.00 -93.00 -805.00
NORTONLIFELOCK I SYMC TE 6,943.00 -93.00 -805.00
NORTONLIFELOCK I SYM QT 6,943.00 -93.00 -805.00
NORTONLIFELOCK I SYM SW 6,943.00 -93.00 -805.00
NORTONLIFELOCK I SYMCEUR EZ 6,943.00 -93.00 -805.00
NORTONLIFELOCK I SYMC AV 6,943.00 -93.00 -805.00
NORTONLIFELOCK I NLOK* MM 6,943.00 -93.00 -805.00
NORTONLIFELOCK I SYMCEUR EU 6,943.00 -93.00 -805.00
NORTONLIFELOCK I SYM GZ 6,943.00 -93.00 -805.00
NORTONLIFELOCK I NLOK-RM RM 6,943.00 -93.00 -805.00
NUTANIX INC - A 0NU SW 2,355.89 -721.87 540.46
NUTANIX INC - A NTNXEUR EZ 2,355.89 -721.87 540.46
NUTANIX INC - A 0NU GZ 2,355.89 -721.87 540.46
NUTANIX INC - A 0NU GR 2,355.89 -721.87 540.46
NUTANIX INC - A NTNXEUR EU 2,355.89 -721.87 540.46
NUTANIX INC - A 0NU TH 2,355.89 -721.87 540.46
NUTANIX INC - A 0NU QT 2,355.89 -721.87 540.46
NUTANIX INC - A NTNX US 2,355.89 -721.87 540.46
NUTANIX INC - A NTNX-RM RM 2,355.89 -721.87 540.46
NUTANIX INC-BDR N2TN34 BZ 2,355.89 -721.87 540.46
O'REILLY AUT-BDR ORLY34 BZ 11,760.39 -328.27 -1,647.49
O'REILLY AUTOMOT OM6 TH 11,760.39 -328.27 -1,647.49
O'REILLY AUTOMOT OM6 QT 11,760.39 -328.27 -1,647.49
O'REILLY AUTOMOT OM6 GR 11,760.39 -328.27 -1,647.49
O'REILLY AUTOMOT ORLY US 11,760.39 -328.27 -1,647.49
O'REILLY AUTOMOT ORLYEUR EZ 11,760.39 -328.27 -1,647.49
O'REILLY AUTOMOT ORLY AV 11,760.39 -328.27 -1,647.49
O'REILLY AUTOMOT ORLYEUR EU 11,760.39 -328.27 -1,647.49
O'REILLY AUTOMOT OM6 GZ 11,760.39 -328.27 -1,647.49
O'REILLY AUTOMOT ORLY* MM 11,760.39 -328.27 -1,647.49
O'REILLY AUTOMOT ORLY-RM RM 11,760.39 -328.27 -1,647.49
OAK STREET HEALT OSH US 1,903.20 -2.40 615.70
OAK STREET HEALT HE6 GZ 1,903.20 -2.40 615.70
OAK STREET HEALT HE6 GR 1,903.20 -2.40 615.70
OAK STREET HEALT OSH3EUR EU 1,903.20 -2.40 615.70
OAK STREET HEALT HE6 TH 1,903.20 -2.40 615.70
OAK STREET HEALT HE6 QT 1,903.20 -2.40 615.70
ORACLE BDR ORCL34 BZ ######### -8,211.00 10,842.00
ORACLE CO-CEDEAR ORCL AR ######### -8,211.00 10,842.00
ORACLE CO-CEDEAR ORCLC AR ######### -8,211.00 10,842.00
ORACLE CO-CEDEAR ORCLD AR ######### -8,211.00 10,842.00
ORACLE CORP ORCL US ######### -8,211.00 10,842.00
ORACLE CORP ORC GR ######### -8,211.00 10,842.00
ORACLE CORP ORC TH ######### -8,211.00 10,842.00
ORACLE CORP ORCL TE ######### -8,211.00 10,842.00
ORACLE CORP ORCL* MM ######### -8,211.00 10,842.00
ORACLE CORP ORCL CI ######### -8,211.00 10,842.00
ORACLE CORP ORCL SW ######### -8,211.00 10,842.00
ORACLE CORP ORCLEUR EU ######### -8,211.00 10,842.00
ORACLE CORP ORC QT ######### -8,211.00 10,842.00
ORACLE CORP ORCL AV ######### -8,211.00 10,842.00
ORACLE CORP ORCLUSD EZ ######### -8,211.00 10,842.00
ORACLE CORP ORCLEUR EZ ######### -8,211.00 10,842.00
ORACLE CORP 0R1Z LN ######### -8,211.00 10,842.00
ORACLE CORP ORCLUSD SW ######### -8,211.00 10,842.00
ORACLE CORP ORC GZ ######### -8,211.00 10,842.00
ORACLE CORP ORCLUSD EU ######### -8,211.00 10,842.00
ORACLE CORP ORCLCL CI ######### -8,211.00 10,842.00
ORACLE CORP ORCL-RM RM ######### -8,211.00 10,842.00
ORGANON & CO OGN US 10,597.00 -1,250.00 1,413.00
ORGANON & CO 7XP TH 10,597.00 -1,250.00 1,413.00
ORGANON & CO OGN-WEUR EU 10,597.00 -1,250.00 1,413.00
ORGANON & CO 7XP GR 10,597.00 -1,250.00 1,413.00
ORGANON & CO OGN* MM 10,597.00 -1,250.00 1,413.00
ORGANON & CO 7XP GZ 10,597.00 -1,250.00 1,413.00
ORGANON & CO 7XP QT 10,597.00 -1,250.00 1,413.00
ORGANON & CO OGN-RM RM 10,597.00 -1,250.00 1,413.00
OTIS WORLDWI OTIS US 11,795.00 -2,941.00 1,602.00
OTIS WORLDWI 4PG GR 11,795.00 -2,941.00 1,602.00
OTIS WORLDWI OTIS* MM 11,795.00 -2,941.00 1,602.00
OTIS WORLDWI 4PG GZ 11,795.00 -2,941.00 1,602.00
OTIS WORLDWI OTISEUR EZ 11,795.00 -2,941.00 1,602.00
OTIS WORLDWI OTISEUR EU 11,795.00 -2,941.00 1,602.00
OTIS WORLDWI 4PG TH 11,795.00 -2,941.00 1,602.00
OTIS WORLDWI 4PG QT 11,795.00 -2,941.00 1,602.00
OTIS WORLDWI OTIS AV 11,795.00 -2,941.00 1,602.00
OTIS WORLDWI OTIS-RM RM 11,795.00 -2,941.00 1,602.00
OTIS WORLDWI-BDR O1TI34 BZ 11,795.00 -2,941.00 1,602.00
PANAMERA HOLDING PHCI US 0.00 -0.02 -0.02
PAPA JOHN'S INTL PP1 GR 885.63 -203.12 7.64
PAPA JOHN'S INTL PZZA US 885.63 -203.12 7.64
PAPA JOHN'S INTL PZZAEUR EU 885.63 -203.12 7.64
PAPA JOHN'S INTL PP1 GZ 885.63 -203.12 7.64
PAPA JOHN'S INTL PP1 TH 885.63 -203.12 7.64
PAPA JOHN'S INTL PP1 QT 885.63 -203.12 7.64
PAPAYA GROWTH -A PPYA US 295.28 279.87 1.74
PAPAYA GROWTH OP PPYAU US 295.28 279.87 1.74
PAPAYA GROWTH OP CC40 GR 295.28 279.87 1.74
PAPAYA GROWTH OP PPYAUEUR EU 295.28 279.87 1.74
PET VALU HOLDING PET CN 614.60 -74.88 33.29
PETRO USA INC PBAJ US 0.00 -0.12 -0.12
PHILIP MORRI-BDR PHMO34 BZ 41,733.00 -8,203.00 -1,693.00
PHILIP MORRIS IN 4I1 GR 41,733.00 -8,203.00 -1,693.00
PHILIP MORRIS IN PM US 41,733.00 -8,203.00 -1,693.00
PHILIP MORRIS IN PM1CHF EU 41,733.00 -8,203.00 -1,693.00
PHILIP MORRIS IN PM1 TE 41,733.00 -8,203.00 -1,693.00
PHILIP MORRIS IN 4I1 TH 41,733.00 -8,203.00 -1,693.00
PHILIP MORRIS IN PM1EUR EU 41,733.00 -8,203.00 -1,693.00
PHILIP MORRIS IN PMI SW 41,733.00 -8,203.00 -1,693.00
PHILIP MORRIS IN PMIZ EB 41,733.00 -8,203.00 -1,693.00
PHILIP MORRIS IN PMIZ IX 41,733.00 -8,203.00 -1,693.00
PHILIP MORRIS IN 4I1 QT 41,733.00 -8,203.00 -1,693.00
PHILIP MORRIS IN PMOR AV 41,733.00 -8,203.00 -1,693.00
PHILIP MORRIS IN PM1EUR EZ 41,733.00 -8,203.00 -1,693.00
PHILIP MORRIS IN PM1CHF EZ 41,733.00 -8,203.00 -1,693.00
PHILIP MORRIS IN 0M8V LN 41,733.00 -8,203.00 -1,693.00
PHILIP MORRIS IN 4I1 GZ 41,733.00 -8,203.00 -1,693.00
PHILIP MORRIS IN PM* MM 41,733.00 -8,203.00 -1,693.00
PHILIP MORRIS IN PM-RM RM 41,733.00 -8,203.00 -1,693.00
PHOENIX BIO-CL A PBAX US 1.10 -8.05 0.92
PHOENIX BIOTECH PBAXU US 1.10 -8.05 0.92
PLANET FITNESS I P2LN34 BZ 2,992.40 -210.94 289.63
PLANET FITNESS-A PLNT1EUR EZ 2,992.40 -210.94 289.63
PLANET FITNESS-A PLNT1EUR EU 2,992.40 -210.94 289.63
PLANET FITNESS-A 3PL QT 2,992.40 -210.94 289.63
PLANET FITNESS-A PLNT US 2,992.40 -210.94 289.63
PLANET FITNESS-A 3PL TH 2,992.40 -210.94 289.63
PLANET FITNESS-A 3PL GR 2,992.40 -210.94 289.63
PLANET FITNESS-A 3PL GZ 2,992.40 -210.94 289.63
POTBELLY CORP PBPB US 242.35 -10.03 -42.08
POTBELLY CORP PTB QT 242.35 -10.03 -42.08
PRIME IMPACT A-A PIAI US 324.94 -15.21 0.00
PRIME IMPACT ACQ PIAI/U US 324.94 -15.21 0.00
PROS HOLDINGS IN PH2 GR 486.61 -12.82 122.55
PROS HOLDINGS IN PRO US 486.61 -12.82 122.55
PROS HOLDINGS IN PRO1EUR EU 486.61 -12.82 122.55
PTC THERAPEUTICS PTCT US 1,799.59 -90.58 297.23
PTC THERAPEUTICS BH3 GR 1,799.59 -90.58 297.23
PTC THERAPEUTICS P91 TH 1,799.59 -90.58 297.23
PTC THERAPEUTICS PTCTEUR EZ 1,799.59 -90.58 297.23
PTC THERAPEUTICS P91 QT 1,799.59 -90.58 297.23
RADIUS HEALTH IN RDUS US 154.15 -265.95 65.31
RADIUS HEALTH IN 1R8 GR 154.15 -265.95 65.31
RADIUS HEALTH IN RDUSEUR EZ 154.15 -265.95 65.31
RADIUS HEALTH IN 1R8 TH 154.15 -265.95 65.31
RADIUS HEALTH IN RDUSEUR EU 154.15 -265.95 65.31
RADIUS HEALTH IN 1R8 QT 154.15 -265.95 65.31
RAPID7 INC R7D SW 1,273.87 -136.55 -48.73
RAPID7 INC RPDEUR EU 1,273.87 -136.55 -48.73
RAPID7 INC RPD US 1,273.87 -136.55 -48.73
RAPID7 INC R7D GR 1,273.87 -136.55 -48.73
RAPID7 INC R7D TH 1,273.87 -136.55 -48.73
RAPID7 INC RPD* MM 1,273.87 -136.55 -48.73
RAPID7 INC R7D GZ 1,273.87 -136.55 -48.73
RAPID7 INC R7D QT 1,273.87 -136.55 -48.73
REDBOX ENTERTAIN RDBX US 361.51 -102.02 -79.83
REVLON INC-A RVL1 GR 2,374.80 -2,078.60 196.50
REVLON INC-A REV* MM 2,374.80 -2,078.60 196.50
RIMINI STREET IN RMNI US 387.80 -77.30 -37.49
RIMINI STREET IN 0QH GR 387.80 -77.30 -37.49
RIMINI STREET IN RMNIEUR EU 387.80 -77.30 -37.49
RIMINI STREET IN 0QH QT 387.80 -77.30 -37.49
ROSE HILL ACQU-A ROSE US 147.57 -9.94 0.81
ROSE HILL ACQUIS ROSEU US 147.57 -9.94 0.81
RYMAN HOSPITALIT RHP US 3,539.83 -37.18 73.63
RYMAN HOSPITALIT 4RH GR 3,539.83 -37.18 73.63
RYMAN HOSPITALIT 4RH TH 3,539.83 -37.18 73.63
RYMAN HOSPITALIT 4RH QT 3,539.83 -37.18 73.63
RYMAN HOSPITALIT RHPEUR EU 3,539.83 -37.18 73.63
SABRE CORP SABR US 5,314.48 -437.70 983.90
SABRE CORP 19S GR 5,314.48 -437.70 983.90
SABRE CORP 19S TH 5,314.48 -437.70 983.90
SABRE CORP SABREUR EU 5,314.48 -437.70 983.90
SABRE CORP 19S QT 5,314.48 -437.70 983.90
SABRE CORP 19S GZ 5,314.48 -437.70 983.90
SBA COMM CORP 4SB GR 10,142.10 -5,389.11 -739.13
SBA COMM CORP SBAC US 10,142.10 -5,389.11 -739.13
SBA COMM CORP 4SB TH 10,142.10 -5,389.11 -739.13
SBA COMM CORP SBACEUR EZ 10,142.10 -5,389.11 -739.13
SBA COMM CORP 4SB GZ 10,142.10 -5,389.11 -739.13
SBA COMM CORP 4SB QT 10,142.10 -5,389.11 -739.13
SBA COMM CORP SBACEUR EU 10,142.10 -5,389.11 -739.13
SBA COMM CORP SBAC* MM 10,142.10 -5,389.11 -739.13
SEAWORLD ENTERTA W2L GR 2,577.96 -152.44 65.93
SEAWORLD ENTERTA W2L TH 2,577.96 -152.44 65.93
SEAWORLD ENTERTA SEAS US 2,577.96 -152.44 65.93
SEAWORLD ENTERTA W2L QT 2,577.96 -152.44 65.93
SEAWORLD ENTERTA SEASEUR EU 2,577.96 -152.44 65.93
SEAWORLD ENTERTA W2L GZ 2,577.96 -152.44 65.93
SHELL MIDSTREAM SHLX US 2,197.00 -464.00 17.00
SHOALS TECHNOL-A SHLS US 474.47 -1.45 98.99
SHOALS TECHNOL-A SHLS-RM RM 474.47 -1.45 98.99
SILVER SPIKE-A SPKC/U CN 128.39 -8.33 0.75
SIRIUS XM HOLDIN RDO GR 10,163.00 -3,587.00 -1,765.00
SIRIUS XM HOLDIN RDO TH 10,163.00 -3,587.00 -1,765.00
SIRIUS XM HOLDIN SIRI US 10,163.00 -3,587.00 -1,765.00
SIRIUS XM HOLDIN RDO QT 10,163.00 -3,587.00 -1,765.00
SIRIUS XM HOLDIN SIRIEUR EZ 10,163.00 -3,587.00 -1,765.00
SIRIUS XM HOLDIN SIRI AV 10,163.00 -3,587.00 -1,765.00
SIRIUS XM HOLDIN SIRIEUR EU 10,163.00 -3,587.00 -1,765.00
SIRIUS XM HOLDIN RDO GZ 10,163.00 -3,587.00 -1,765.00
SIX FLAGS ENTERT 6FE GR 2,884.03 -515.71 -10.99
SIX FLAGS ENTERT SIX US 2,884.03 -515.71 -10.99
SIX FLAGS ENTERT 6FE QT 2,884.03 -515.71 -10.99
SIX FLAGS ENTERT 6FE TH 2,884.03 -515.71 -10.99
SIX FLAGS ENTERT SIXEUR EU 2,884.03 -515.71 -10.99
SLEEP NUMBER COR SNBR US 912.59 -469.21 -746.04
SLEEP NUMBER COR SL2 GR 912.59 -469.21 -746.04
SLEEP NUMBER COR SNBREUR EU 912.59 -469.21 -746.04
SLEEP NUMBER COR SL2 TH 912.59 -469.21 -746.04
SLEEP NUMBER COR SL2 QT 912.59 -469.21 -746.04
SLEEP NUMBER COR SL2 GZ 912.59 -469.21 -746.04
SMILEDIRECTCLUB SDC* MM 710.25 -203.54 226.87
SONIDA SENIOR LI SNDA US 703.38 -21.54 -28.81
SONIDA SENIOR LI 13C0 GR 703.38 -21.54 -28.81
SONIDA SENIOR LI CSU2EUR EU 703.38 -21.54 -28.81
SONIDA SENIOR LI 13C0 GZ 703.38 -21.54 -28.81
SOUTHWESTRN ENGY SW5 TH 11,847.00 -119.00 -4,432.00
SOUTHWESTRN ENGY SW5 GR 11,847.00 -119.00 -4,432.00
SOUTHWESTRN ENGY SWN US 11,847.00 -119.00 -4,432.00
SOUTHWESTRN ENGY SWN1EUR EZ 11,847.00 -119.00 -4,432.00
SOUTHWESTRN ENGY SW5 QT 11,847.00 -119.00 -4,432.00
SOUTHWESTRN ENGY SWN1EUR EU 11,847.00 -119.00 -4,432.00
SOUTHWESTRN ENGY SW5 GZ 11,847.00 -119.00 -4,432.00
SOUTHWESTRN ENGY SWN-RM RM 11,847.00 -119.00 -4,432.00
SPLUNK INC SPLK US 5,209.98 -661.87 763.79
SPLUNK INC S0U GR 5,209.98 -661.87 763.79
SPLUNK INC S0U QT 5,209.98 -661.87 763.79
SPLUNK INC S0U TH 5,209.98 -661.87 763.79
SPLUNK INC S0U GZ 5,209.98 -661.87 763.79
SPLUNK INC SPLKEUR EZ 5,209.98 -661.87 763.79
SPLUNK INC SPLKEUR EU 5,209.98 -661.87 763.79
SPLUNK INC SPLK* MM 5,209.98 -661.87 763.79
SPLUNK INC SPLK-RM RM 5,209.98 -661.87 763.79
SPLUNK INC - BDR S1PL34 BZ 5,209.98 -661.87 763.79
SPRAGUE RESOURCE SRLP US 1,560.12 -45.77 -99.60
SQUARESPACE -BDR S2QS34 BZ 990.41 -89.69 -114.85
SQUARESPACE IN-A SQSP US 990.41 -89.69 -114.85
SQUARESPACE IN-A 8DT GR 990.41 -89.69 -114.85
SQUARESPACE IN-A SQSPEUR EU 990.41 -89.69 -114.85
SQUARESPACE IN-A 8DT GZ 990.41 -89.69 -114.85
SQUARESPACE IN-A 8DT TH 990.41 -89.69 -114.85
SQUARESPACE IN-A 8DT QT 990.41 -89.69 -114.85
STARBUCKS CORP SRB GR 29,021.50 -8,761.20 -1,563.20
STARBUCKS CORP SRB TH 29,021.50 -8,761.20 -1,563.20
STARBUCKS CORP SBUX* MM 29,021.50 -8,761.20 -1,563.20
STARBUCKS CORP SBUX CI 29,021.50 -8,761.20 -1,563.20
STARBUCKS CORP SBUX SW 29,021.50 -8,761.20 -1,563.20
STARBUCKS CORP SRB QT 29,021.50 -8,761.20 -1,563.20
STARBUCKS CORP SBUX US 29,021.50 -8,761.20 -1,563.20
STARBUCKS CORP SBUXEUR EZ 29,021.50 -8,761.20 -1,563.20
STARBUCKS CORP 0QZH LI 29,021.50 -8,761.20 -1,563.20
STARBUCKS CORP SBUX AV 29,021.50 -8,761.20 -1,563.20
STARBUCKS CORP SBUX TE 29,021.50 -8,761.20 -1,563.20
STARBUCKS CORP SBUXEUR EU 29,021.50 -8,761.20 -1,563.20
STARBUCKS CORP SBUX IM 29,021.50 -8,761.20 -1,563.20
STARBUCKS CORP SBUXUSD SW 29,021.50 -8,761.20 -1,563.20
STARBUCKS CORP SRB GZ 29,021.50 -8,761.20 -1,563.20
STARBUCKS CORP SBUX PE 29,021.50 -8,761.20 -1,563.20
STARBUCKS CORP SBUX-RM RM 29,021.50 -8,761.20 -1,563.20
STARBUCKS CORP SBUXCL CI 29,021.50 -8,761.20 -1,563.20
STARBUCKS CORP SBUX_KZ KZ 29,021.50 -8,761.20 -1,563.20
STARBUCKS-BDR SBUB34 BZ 29,021.50 -8,761.20 -1,563.20
STARBUCKS-CEDEAR SBUX AR 29,021.50 -8,761.20 -1,563.20
STARBUCKS-CEDEAR SBUXD AR 29,021.50 -8,761.20 -1,563.20
STONEMOR INC STON US 1,785.48 -157.48 120.66
STONEMOR INC 3V8 GR 1,785.48 -157.48 120.66
STONEMOR INC STONEUR EU 1,785.48 -157.48 120.66
TEMPUR SEALY INT TPX US 4,321.90 -91.30 117.70
TEMPUR SEALY INT TPD GR 4,321.90 -91.30 117.70
TEMPUR SEALY INT TPXEUR EU 4,321.90 -91.30 117.70
TEMPUR SEALY INT TPD TH 4,321.90 -91.30 117.70
TEMPUR SEALY INT TPD GZ 4,321.90 -91.30 117.70
TEMPUR SEALY INT T2PX34 BZ 4,321.90 -91.30 117.70
TEMPUR SEALY INT TPX-RM RM 4,321.90 -91.30 117.70
TERRAN ORBITAL C LLAP US 0.17 -0.03 0.06
TORRID HOLDINGS CURV US 567.17 -254.86 -74.52
TRANSAT A.T. TRZ CN 2,162.42 -529.34 -101.14
TRANSDIGM - BDR T1DG34 BZ 18,841.00 -2,893.00 5,263.00
TRANSDIGM GROUP TDG US 18,841.00 -2,893.00 5,263.00
TRANSDIGM GROUP T7D GR 18,841.00 -2,893.00 5,263.00
TRANSDIGM GROUP TDG* MM 18,841.00 -2,893.00 5,263.00
TRANSDIGM GROUP TDGEUR EZ 18,841.00 -2,893.00 5,263.00
TRANSDIGM GROUP T7D TH 18,841.00 -2,893.00 5,263.00
TRANSDIGM GROUP TDGEUR EU 18,841.00 -2,893.00 5,263.00
TRANSDIGM GROUP T7D QT 18,841.00 -2,893.00 5,263.00
TRANSDIGM GROUP TDG-RM RM 18,841.00 -2,893.00 5,263.00
TRAVEL + LEISURE TNL US 6,600.00 -811.00 665.00
TRAVEL + LEISURE WD5A GR 6,600.00 -811.00 665.00
TRAVEL + LEISURE WD5A TH 6,600.00 -811.00 665.00
TRAVEL + LEISURE 0M1K LI 6,600.00 -811.00 665.00
TRAVEL + LEISURE WD5A QT 6,600.00 -811.00 665.00
TRAVEL + LEISURE WYNEUR EU 6,600.00 -811.00 665.00
TRAVEL + LEISURE WD5A GZ 6,600.00 -811.00 665.00
TRAVEL + LEISURE TNL* MM 6,600.00 -811.00 665.00
TRICIDA INC TCDA US 140.41 -90.30 103.00
TRICIDA INC 1T7 GR 140.41 -90.30 103.00
TRICIDA INC 1T7 TH 140.41 -90.30 103.00
TRICIDA INC 1T7 QT 140.41 -90.30 103.00
TRICIDA INC TCDAEUR EZ 140.41 -90.30 103.00
TRICIDA INC 1T7 GZ 140.41 -90.30 103.00
TRIUMPH GROUP TG7 GR 1,761.17 -787.42 360.92
TRIUMPH GROUP TGI US 1,761.17 -787.42 360.92
TRIUMPH GROUP TG7 TH 1,761.17 -787.42 360.92
TRIUMPH GROUP TGIEUR EU 1,761.17 -787.42 360.92
TRIUMPH GROUP TG7 GZ 1,761.17 -787.42 360.92
TUPPERWARE BRAND TUP GR 1,243.40 -266.10 131.70
TUPPERWARE BRAND TUP US 1,243.40 -266.10 131.70
TUPPERWARE BRAND TUP QT 1,243.40 -266.10 131.70
TUPPERWARE BRAND TUP1EUR EZ 1,243.40 -266.10 131.70
TUPPERWARE BRAND TUP TH 1,243.40 -266.10 131.70
TUPPERWARE BRAND TUP1EUR EU 1,243.40 -266.10 131.70
TUPPERWARE BRAND TUP GZ 1,243.40 -266.10 131.70
UBIQUITI INC UI US 759.69 -335.00 301.93
UBIQUITI INC 3UB GR 759.69 -335.00 301.93
UBIQUITI INC UBNTEUR EU 759.69 -335.00 301.93
UBIQUITI INC 3UB TH 759.69 -335.00 301.93
UNISYS CORP USY1 TH 2,277.00 -79.60 331.30
UNISYS CORP USY1 GR 2,277.00 -79.60 331.30
UNISYS CORP UIS US 2,277.00 -79.60 331.30
UNISYS CORP UIS1 SW 2,277.00 -79.60 331.30
UNISYS CORP UISEUR EU 2,277.00 -79.60 331.30
UNISYS CORP UISEUR EZ 2,277.00 -79.60 331.30
UNISYS CORP USY1 GZ 2,277.00 -79.60 331.30
UNISYS CORP USY1 QT 2,277.00 -79.60 331.30
UNITI GROUP INC UNIT US 4,889.91 -2,092.02 0.00
UNITI GROUP INC 8XC GR 4,889.91 -2,092.02 0.00
UNITI GROUP INC 8XC TH 4,889.91 -2,092.02 0.00
UNITI GROUP INC 8XC GZ 4,889.91 -2,092.02 0.00
UROGEN PHARMA LT URGN US 165.72 -17.07 141.43
VECTOR GROUP LTD VGR US 912.57 -840.65 291.67
VECTOR GROUP LTD VGR GR 912.57 -840.65 291.67
VECTOR GROUP LTD VGR QT 912.57 -840.65 291.67
VECTOR GROUP LTD VGREUR EZ 912.57 -840.65 291.67
VECTOR GROUP LTD VGR TH 912.57 -840.65 291.67
VECTOR GROUP LTD VGREUR EU 912.57 -840.65 291.67
VECTOR GROUP LTD VGR GZ 912.57 -840.65 291.67
VERISIGN INC VRS TH 1,973.20 -1,285.10 179.20
VERISIGN INC VRS GR 1,973.20 -1,285.10 179.20
VERISIGN INC VRSN US 1,973.20 -1,285.10 179.20
VERISIGN INC VRS QT 1,973.20 -1,285.10 179.20
VERISIGN INC VRSNEUR EZ 1,973.20 -1,285.10 179.20
VERISIGN INC VRSN* MM 1,973.20 -1,285.10 179.20
VERISIGN INC VRSNEUR EU 1,973.20 -1,285.10 179.20
VERISIGN INC VRS GZ 1,973.20 -1,285.10 179.20
VERISIGN INC VRSN-RM RM 1,973.20 -1,285.10 179.20
VERISIGN INC-BDR VRSN34 BZ 1,973.20 -1,285.10 179.20
VERISIGN-CEDEAR VRSN AR 1,973.20 -1,285.10 179.20
VIVINT SMART HOM VVNT US 2,713.15 -1,753.89 -540.03
VMWARE INC-BDR V2MW34 BZ 27,434.00 -411.00 -2,249.00
VMWARE INC-CL A BZF1 GR 27,434.00 -411.00 -2,249.00
VMWARE INC-CL A BZF1 TH 27,434.00 -411.00 -2,249.00
VMWARE INC-CL A VMW US 27,434.00 -411.00 -2,249.00
VMWARE INC-CL A VMWEUR EU 27,434.00 -411.00 -2,249.00
VMWARE INC-CL A BZF1 QT 27,434.00 -411.00 -2,249.00
VMWARE INC-CL A BZF1 SW 27,434.00 -411.00 -2,249.00
VMWARE INC-CL A VMWEUR EZ 27,434.00 -411.00 -2,249.00
VMWARE INC-CL A VMWA AV 27,434.00 -411.00 -2,249.00
VMWARE INC-CL A VMW* MM 27,434.00 -411.00 -2,249.00
VMWARE INC-CL A BZF1 GZ 27,434.00 -411.00 -2,249.00
W&T OFFSHORE INC WTI US 1,350.15 -249.38 3.40
W&T OFFSHORE INC UWV GR 1,350.15 -249.38 3.40
W&T OFFSHORE INC WTI1EUR EU 1,350.15 -249.38 3.40
W&T OFFSHORE INC UWV TH 1,350.15 -249.38 3.40
W&T OFFSHORE INC UWV GZ 1,350.15 -249.38 3.40
WAYFAIR INC- A W US 4,256.00 -1,904.00 481.00
WAYFAIR INC- A 1WF GR 4,256.00 -1,904.00 481.00
WAYFAIR INC- A 1WF TH 4,256.00 -1,904.00 481.00
WAYFAIR INC- A WEUR EU 4,256.00 -1,904.00 481.00
WAYFAIR INC- A W* MM 4,256.00 -1,904.00 481.00
WAYFAIR INC- A 1WF GZ 4,256.00 -1,904.00 481.00
WAYFAIR INC- A WEUR EZ 4,256.00 -1,904.00 481.00
WAYFAIR INC- A 1WF QT 4,256.00 -1,904.00 481.00
WEBER INC - A WEBR US 1,878.40 -194.08 274.29
WEWORK INC-CL A WE US 20,686.00 -1,860.00 -1,002.00
WEWORK INC-CL A 9WE GR 20,686.00 -1,860.00 -1,002.00
WEWORK INC-CL A 9WE TH 20,686.00 -1,860.00 -1,002.00
WEWORK INC-CL A WE1EUR EU 20,686.00 -1,860.00 -1,002.00
WEWORK INC-CL A 9WE QT 20,686.00 -1,860.00 -1,002.00
WEWORK INC-CL A 9WE GZ 20,686.00 -1,860.00 -1,002.00
WEWORK INC-CL A WE* MM 20,686.00 -1,860.00 -1,002.00
WINGSTOP INC WING1EUR EU 507.30 -424.23 152.86
WINGSTOP INC WING US 507.30 -424.23 152.86
WINGSTOP INC EWG GR 507.30 -424.23 152.86
WINGSTOP INC EWG GZ 507.30 -424.23 152.86
WINMARK CORP WINA US 15.27 -65.77 -6.77
WINMARK CORP GBZ GR 15.27 -65.77 -6.77
WW INTERNATIONAL WW US 1,419.43 -449.33 40.96
WW INTERNATIONAL WW6 GR 1,419.43 -449.33 40.96
WW INTERNATIONAL WTWEUR EU 1,419.43 -449.33 40.96
WW INTERNATIONAL WW6 QT 1,419.43 -449.33 40.96
WW INTERNATIONAL WW6 TH 1,419.43 -449.33 40.96
WW INTERNATIONAL WTWEUR EZ 1,419.43 -449.33 40.96
WW INTERNATIONAL WW6 GZ 1,419.43 -449.33 40.96
WW INTERNATIONAL WTW AV 1,419.43 -449.33 40.96
WW INTERNATIONAL WW-RM RM 1,419.43 -449.33 40.96
WYNN RESORTS LTD WYR GR 12,179.31 -1,033.26 1,511.36
WYNN RESORTS LTD WYR TH 12,179.31 -1,033.26 1,511.36
WYNN RESORTS LTD WYNN* MM 12,179.31 -1,033.26 1,511.36
WYNN RESORTS LTD WYNN US 12,179.31 -1,033.26 1,511.36
WYNN RESORTS LTD WYNN SW 12,179.31 -1,033.26 1,511.36
WYNN RESORTS LTD WYR QT 12,179.31 -1,033.26 1,511.36
WYNN RESORTS LTD WYNNEUR EZ 12,179.31 -1,033.26 1,511.36
WYNN RESORTS LTD WYNNEUR EU 12,179.31 -1,033.26 1,511.36
WYNN RESORTS LTD WYR GZ 12,179.31 -1,033.26 1,511.36
WYNN RESORTS LTD WYNN-RM RM 12,179.31 -1,033.26 1,511.36
WYNN RESORTS-BDR W1YN34 BZ 12,179.31 -1,033.26 1,511.36
YELLOW CORP YELL US 2,405.70 -386.90 191.20
YELLOW CORP YEL GR 2,405.70 -386.90 191.20
YELLOW CORP YEL1 TH 2,405.70 -386.90 191.20
YELLOW CORP YRCWEUR EZ 2,405.70 -386.90 191.20
YELLOW CORP YRCWEUR EU 2,405.70 -386.90 191.20
YELLOW CORP YEL QT 2,405.70 -386.90 191.20
YELLOW CORP YEL GZ 2,405.70 -386.90 191.20
YUM! BRANDS -BDR YUMR34 BZ 5,816.00 -8,491.00 54.00
YUM! BRANDS INC TGR TH 5,816.00 -8,491.00 54.00
YUM! BRANDS INC TGR GR 5,816.00 -8,491.00 54.00
YUM! BRANDS INC YUMEUR EU 5,816.00 -8,491.00 54.00
YUM! BRANDS INC TGR QT 5,816.00 -8,491.00 54.00
YUM! BRANDS INC YUM SW 5,816.00 -8,491.00 54.00
YUM! BRANDS INC YUM US 5,816.00 -8,491.00 54.00
YUM! BRANDS INC YUM* MM 5,816.00 -8,491.00 54.00
YUM! BRANDS INC YUMEUR EZ 5,816.00 -8,491.00 54.00
YUM! BRANDS INC YUMUSD SW 5,816.00 -8,491.00 54.00
YUM! BRANDS INC TGR GZ 5,816.00 -8,491.00 54.00
YUM! BRANDS INC YUM AV 5,816.00 -8,491.00 54.00
YUM! BRANDS INC TGR TE 5,816.00 -8,491.00 54.00
YUM! BRANDS INC YUM-RM RM 5,816.00 -8,491.00 54.00
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA.
Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante,
Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon,
Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and
Peter A. Chapman, Editors.
Copyright 2022. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
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re-mailing and photocopying) is strictly prohibited without prior
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The TCR subscription rate is $975 for 6 months delivered via
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are $25 each. For subscription information, contact Peter A.
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*** End of Transmission ***