/raid1/www/Hosts/bankrupt/TCR_Public/220712.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, July 12, 2022, Vol. 26, No. 192
Headlines
212 EAST 72ND: Bid to Use Cash Collateral Denied
2408 W. KENNEDY: Taps Walters Levine & DeGrave as Special Counsel
26 BOWERY: Hires De Lotto & Fajardo as Landlord-Tenant Counsel
36TH STREET: Seeks Cash Collateral Access Thru July 31
942 PENN RR: Trustee Seeks to Hire KapilaMukamal as Accountant
AGELESS SERUMS: Gets OK to Hire Robert Brackeen as Accountant
AGWAY FARM & HOME: In Chapter 11 to Pursue Sale, Wind Down
AIKIDO PHARMA: Marcum LLP Replaces WithumSmith+Brown as Auditor
ARMSTRONG FLOORING: Bankruptcy Hearing Postponed to July 12
ARMSTRONG FLOORING: Dallas Cowboys Want $1.7-Mil. for Suite
ATIF INC: Taps Buchanan Ingersoll & Rooney as Special Counsel
BIONIK LABORATORIES: Terminates Chief Commercial Officer
BITNILE HOLDINGS: Page Southerland Wins Bid to Acquire EYP
BRAZOS PRESBYTERIAN: Fitch Lowers IDR to BB+, Outlook Negative
BURLINGTON COAT: Moody's Affirms Ba2 CFR & Alters Outlook to Stable
BURTS CONSTRUCTION: Court OKs Interim Cash Collateral Access
BYRNA TECHNOLOGIES: Incurs $3 Million Net Loss in Second Quarter
C.L. MAACK: Gets Interim OK to Hire Tiffany & Bosco as Counsel
CARESTREAM HEALTH: Moody's Lowers PDR to Caa3-PD, Outlook Negative
CARNIVAL BEVERAGES: Wins Cash Collateral Access on Final Basis
CHERRY MAN: Wins Continued Cash Collateral Access
CHORD ENERGY: Moody's Hikes CFR to Ba2 & Alters Outlook to Stable
CLEARDAY INC: Sells 2 Acres of Unimproved Land in Texas for $980K
CTCW-WATERFORD EAST: Gets OK to Hire Special Counsel in CED Suit
DIAMOND SCAFFOLD: May Use Cash Collateral Thru Sept 6
DIAMOND SCAFFOLD: Taps Silver Voit & Garrett as Bankruptcy Counsel
DIOCESE OF ALBANY: Settles First Child Victims Act Case for $750K
DR. R'KIONE BRITTON: Seeks to Hire S.E. Cowen Law as Counsel
ECOARK HOLDINGS: Incurs $10.6 Million Net Loss in FY Ended March 31
EDWARD ZENGEL: Wins Cash Collateral Access
ENOVA INT'L: Moody's Alters Outlook on B2 CFR to Positive
ESCOBAR CONSTRUCTION: Files for Chapter 11 With $5.4-Mil. in Debt
FIRSTENERGY CORP: Investors Lose Bid in Bribe Lawsuit
FRONT SIGHT: Committee Hires Dundon Advisers as Financial Advisor
FRONT SIGHT: Committee Seeks to Tap Carlyon Cica as Nevada Counsel
FRONT SIGHT: Committee Taps Kelley Drye & Warren as Lead Counsel
GAMESTOP CORP: Names Diana Saadeh-Jajeh as Chief Financial Officer
GARUDA HOTELS: Taps Kirby Aisner & Curley as Counsel
GENAPSYS INC: Case Summary & 20 Largest Unsecured Creditors
GENOCEA BIOSCIENCES: Says Landlord Blocking $455K Sale of Equipment
GRACE COMMUNITY BAPTIST: Files Chapter 11 Bankruptcy Protection
GRANITE GENERATION: Moody's Lowers CFR, Outlook Remains Negative
GROWLIFE INC: CEO to Get $250K Annual Salary
GRUPO AEROMEXICO: Poised to Exit Mexican Stock Exchange
HANSABEN INVESTMENTS: Taps Bachecki Crom & Co. as Accountant
HARDIN TRUCKING: Lender Seeks to Prohibit Cash Collateral Access
HARDIN TRUCKING: Taps Law Offices Of Craig M. Geno as Counsel
HERC HOLDINGS: S&P Lowers Senior Unsecured Notes Rating to 'B+'
HIDILI INDUSTRY: Chapter 15 Case Summary
IBIO INC: Stockholders Approve Reverse Common Stock Split Proposal
IRONWOOD FINANCIAL: Wins Cash Collateral Access Thru Aug 23
JAFFAN INTERNATIONAL: Wins Interim Cash Collateral Access
JANE STREET: S&P Alters Outlook to Positive, Affirms 'BB-' ICR
JOHNSON & JOHNSON: Judge Weighs Independent Cancer Claims Valuation
JUUL LABS: Taps Centerview to Raise Financing
KHAF CORP: Court OKs Cash Collateral Access on Final Basis
LASERSHIP INC: S&P Alters Outlook to Negative, Affirms 'B-' ICR
LCN PARTNERS: Wins Cash Collateral Access Thru Oct 14
LOPSANG CONSTRUCTION: Wins Cash Collateral Access Thru July 28
LTL MANAGEMENT: Heads to Pivotal Chapter 11 Hearing
MASTER EQUITY: Hires CMM & Associates as Financial Advisor
MATHESON FLIGHT: Court OKs Deal on Cash Collateral Access
MCCLATCHY COMPANY: Moody's Upgrades CFR to B3, Outlook Stable
MEDICAL TECHNOLOGY: Gets OK to Hire Hangley as Litigation Counsel
MEMORIAL HEALTH: Fitch Lowers Issuer Default Rating to B+
MGAE INC: Hires Michael H. Clinton as Attorney
MISTER CAR WASH: SGL Rating to SGL-2 No Impact on Moody's B2 CFR
MOBIQUITY TECHNOLOGIES: Salkinds Convert $510K Debt Into Equity
MODERN LAND: Chapter 15 Case Summary
MY SIZE: Has Until Jan. 2 to Regain Nasdaq Compliance
MYOMO INC: Expects Q2 Revenue of $3.4M to $3.6M
NEPHROS INC: Expects Q2 Net Revenue of $2.9 Million
NEXTSPORT INC: Has Cash Collateral Access Thru July 27
NORTHERN ENERGY: Wins Cash Collateral Access Thru Aug 9
NUVO TOWER LLC: Taps Davidoff Hutcher & Citron as Counsel
NYMOX PHARMACEUTICAL: Chief Financial Officer Resigns
PERIMETER SOLUTIONS: Fitch Affirms & Then Withdraws 'B' LT IDR
PRECISION AUTOMOTIVE: Wins Interim Cash Collateral Access
PUNYAKAM PLLC: Taps Craig L. Elggren CPA as Accountant
QHC UPSTATE: In Chapter 11, Blames Fidelis, Rival for Shut-Down
RED VENTURES: Debt Repayment No Impact on Moody's 'B1' CFR
RED VENTURES: Fitch Upgrades LongTerm IDR to 'BB-', Outlook Stable
RESOLUTE FOREST: Moody's Puts Ba3 CFR Under Review for Downgrade
RIDER HOTEL: Gets OK to Hire Carlson Dash as Bankruptcy Counsel
RIDER HOTEL: Gets OK to Hire GlassRatner as Financial Advisor
RIDER HOTEL: Gets OK to Hire Stretto as Administrative Agent
RIDER HOTEL: Taps Saul Ewing Arnstein & Lehr as Co-Counsel
ROCKING M MEDIA: Wins Cash Collateral Access Thru Aug 31
ROCKY MOUNTAIN: Seeks Cash Collateral Access
RP RUIZ: Wins Cash Collateral Access Thru Aug 22
RTW CONSTRUCTION: Cash Collateral Access, DIP Loan OK'd
RYAN ENVIRONMENTAL: Has Interim Cash Collateral Access Thru Aug 20
SMART BAKING: Files Emergency Bid to Use Cash Collateral
SMART BAKING: Founder Seeks to Fend Off 'Trojan Horse' Takeover
SMART BANKING: Files for Chapter 11; Creditor Seeks Removal
SPUDDOG FARM PROPERTIES: Hits Chapter 11 Due to Debt Woes
TARINA TARANTINO: Court OKs Deal on Cash Collateral Access
TERWILLIGER PLAZA: Fitch Affirms BB+ Rating on 2021 Bonds
THE GURU OF ABS CORP: Seeks to Tap The Curry Firm as Legal Counsel
THREE ARROWS: Chapter 15 Case Summary
TRX HOLDCO: Wins Cash Collateral Access Thru July 17
UNIVERSAL DOOR: Files for Chapter 11 Bankruptcy
US REALM POWDER: Seeks Cash Collateral Access Thru Oct 31
WATERBRIDGE OPERATING: S&P Raises ICR to 'B-', Outlook Stable
WEYERBACHER BREWING: Court OKs Cash Collateral Access Thru July 20
WHETSTONE PARTNERS: Seeks to Hire C.R. Hyde as Legal Counsel
WOUAFF WOUAFF: Wins Interim Cash Collateral Access
[*] Restaurant Chains Making Comeback After Bankruptcy
[^] Large Companies with Insolvent Balance Sheet
*********
212 EAST 72ND: Bid to Use Cash Collateral Denied
------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
denied the motion to use cash collateral filed by 212 East 72nd
Street LLC due to the objection filed by its secured creditor, 72nd
Ninth LLC.
As previously reported by the Troubled Company Reporter, the Debtor
sought authority to use cash collateral consisting of rents
generated by its real estate located at 212 East 72nd Street, New
York.
The Debtor expected to receive lease income in connection with a
lease recently entered into on February 10, 2022, with David
Elliot, which provides for monthly rent of $62,000 commencing June
15, 2022 through June 15, 2028 to be paid by the Tenant.
The secured creditors that may assert a lien on the rents generated
from the Real Property are the City of New York (approximately
$204,840) and certain Tax Lien Trusts (approximately $817,297) hold
claims in excess of approximately $1,032,127 having a first
priority lien position in the Real Property which accrues interest
at a very substantial rate. It is anticipated, but by no means
assured, that the Debtor will enter into an agreement for the
payment of the tax lien debt to the Tax Lien Creditors. 72nd Ninth
LLC, holding a judgment of foreclosure entered on September 1,
2021, pursuant to a mortgage with a claim of approximately
$9,000,000, may also assert a right in the rents as cash
collateral.
A copy of the order is available at https://bit.ly/3bVZCRT from
PacerMonitor.com.
About 212 East 72nd Street
212 East 72nd Street, LLC owns and operates a townhome located at
212 East 72nd St., N.Y.
212 East 72nd Street filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No.
22-10351) on March 22, 2022, listing as much $50 million in both
assets and liabilities. Evanthia Koutis, member, signed the
petition.
Judge Lisa G. Beckerman oversees the case.
Leo Fox, Esq., in New York, represents the Debtor in its Chapter 11
case.
2408 W. KENNEDY: Taps Walters Levine & DeGrave as Special Counsel
-----------------------------------------------------------------
2408 W. Kennedy, LLC seeks approval from the U.S. Bankruptcy Court
for the Middle District of Florida to hire Walters Levine & DeGrave
as special counsel.
The firm will represent the Debtor in an appeal to the United
States District Court for the Middle District of Florida arising
out of one of the adversary proceedings (Adv. Pro.
8:21-ap-00288-MGW).
The firm will charge these hourly rates:
Stuart J. Levine $350
Heather A. DeGrave $275
Associate $275
Paralegals $125 to $175
The firm has received a fee and cost retainer in the amount of
$10,000.
Heather DeGrave, Esq. a shareholder of Walters Levine, 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:
Heather A. DeGrave, Esq.
Stuart J. Levine, Esq.
Walters Levine & DeGrave
1819 Main Street, Suite 1110
Sarasota, FL 34236
Phone: 941-364-8787
Fax: 941-361-3023
About 2408 W. Kennedy
Tampa, Fla.-based 2408 W. Kennedy, LLC filed a voluntary petition
for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D.
Fla. Case No. 21-02578) on May 18, 2021. Christopher Scott,
managing member, signed the petition. At the time of the filing,
the Debtor disclosed total assets of up to $10 million and total
liabilities of up to $1 million.
Judge Michael G. Williamson oversees the case.
David Jennis, PA, doing business as Jennis Morse Etlinger, serves
as the Debtor's legal counsel. The Debtor also tapped Ferrell &
Company, P.A. and Oscher Consulting, P.A. as its accountants.
26 BOWERY: Hires De Lotto & Fajardo as Landlord-Tenant Counsel
--------------------------------------------------------------
26 Bowery, LLC and 2 Bowery Holding, LLC seek approval from the
U.S. Bankruptcy Court for the Southern District of New York to
employ De Lotto & Fajardo LLP as their landlord-tenant counsel.
To prepare the properties for sale and maximize the properties
value, the Debtors require the assistance of De Lotto to review the
Debtors' leases and the circumstances of the granting of the leases
to determine what steps should be taken, including, but not limited
to, pursuing eviction, collection of rent arrears or avoiding the
execution of the leases under section 548 of the Bankruptcy Code or
New York State Debtor-Creditor law to maximize the value of the
Debtors' estates.
De Lotto & Fajardo will be paid an hourly fee of $425 and will be
reimbursed for work-related expenses.
Lauren De Lotto, Esq., a partner at De Lotto & Fajardo, disclosed
in a court filing that her firm does not hold or represent any
interest adverse to the Debtor.
The firm can be reached through:
Lauren De Lotto, Esq.
De Lotto & Fajardo LLP
200 Liberty Street, 27th Floor
New York, NY 10281
Phone: (212) 404-7069
About 26 Bowery
26 Bowery, LLC is the owner of the real property and improvements
located at 26 Bowery, New York. The property is a mixed-use
commercial property located in Manhattan's Chinatown neighborhood.
26 Bowery and its affiliate, 2 Bowery Holding, LLC, filed their
voluntary petitions for Chapter 11 protection (Bankr. S.D.N.Y. Case
No. 22-10412 and 22-10413) on March 31, 2022. Both reported as much
as $10 million in both assets and liabilities at the time of the
filing.
Judge Martin Glenn oversees the cases.
A. Mitchell Greene, Esq., at Leech Tishman Robinson Brog PLLC
serves as the Debtors' legal counsel.
36TH STREET: Seeks Cash Collateral Access Thru July 31
------------------------------------------------------
36th Street Property Inc. and HR 442 Corp. ask the U.S. Bankruptcy
Court for the Eastern District of New York for authority to use
cash collateral and provide adequate protection.
Wilmington Trust, National Association, As Trustee For The Benefit
of the Registered Holders of UBS Commercial Mortgage Trust
2019-C17, Commercial Mortgage Pass-Through Certificates Series
2019-C17, assert an interest in the Debtor's cash collateral.
The Debtor requires the use of cash collateral to satisfy
postpetition operating expenses described in a budget, and pay
certain reorganization expenses.
The Debtors' ability to use cash collateral pursuant to the
Proposed Order will end on the earlier of: (i) an Event of Default,
(ii) a Court order terminating the use of the cash collateral,
(iii) the closing of a sale of the Property; or (iv) July 31, 2022
at 5:00 p.m.
Pursuant to a loan agreement between the Debtors, as borrowers and
Ladder Capital Finance LLC, lender, the Original Lender made a loan
to the Debtors in the original principal amount of $14,200,000. The
Debtors are jointly and severally liable for all obligations under
the Loan.
To evidence their indebtedness under the Loan Agreement, on
September 3, 2019, the Debtors executed and delivered to the
Original Lender that consolidated, Amended and Restated Promissory
Note in the original principal amount of $14,200,000.
To secure payment of the Note, on September 3, 2019, the Debtors
executed, acknowledged and delivered a mortgage to the Original
Lender. The Mortgage granted a first mortgage lien on the Property
and a security interest in the Debtors' personal property to the
Original Lender. On September 6, 2019, the Original Lender duly
recorded the Mortgage against the Property in the Office of City
Register of the City of New York as City Register File Number
2019000286575 and duly paid the mortgage recording taxes.
As additional collateral security for the payment of the Loan, the
Debtors executed, acknowledged, and delivered to the Original
Lender an Assignment of Leases and Rents dated as of September 3,
2019 pursuant to which the Debtors, inter alia, granted to the
Original Lender a security interest in all Leases and Rents
generated by the Property, which includes all Hotel revenue. On
September 6, 2019, the Original Lender duly recorded the ALR in the
City Register's Office as CRFN 2019000286576.
The Original Lender further perfected its security interests in its
collateral by filing UCC financing statements with the New York
Secretary of State and New York City's Register Office with respect
to the Debtors on September 3, 2019, bearing Filing Numbers
2019090930403150 and 2019090930403162.
As adequate protection, the Debtors propose to provide the
Prepetition Secured Lender with replacement security interests and
liens on all the Debtors' assets and property whether now owned or
hereafter created or acquired, real or personal, assets or rights.
The Debtor will also make monthly adequate protection payments to
the Secured Noteholder in an amount equal to the amount of cash
held by the Debtors on the last day of the previous month minus
$30,000.
To the extent the Replacement Liens prove insufficient to
adequately protect the interests of the Secured Noteholder in the
Collateral, the Secured Noteholder will have a super-priority
administrative claims against the Debtors under section 507(b) of
the Bankruptcy Code.
The Postpetition Liens will be subject to any amounts payable to
the U.S. Trustee pursuant to 28 U.S.C. section 1930(a)(6) or to the
Clerk of the Bankruptcy Court, and to a carve-out of $5,000 per
month for the fees and expenses of the Debtors' bankruptcy counsel,
which carve-out will not exceed a total of $75,000 in the
Bankruptcy Cases.
The Replacement Lien and the Adequate Protection Lien will be
valid, binding, enforceable, non- avoidable and automatically
perfected, notwithstanding the automatic stay, without the
necessity of filing or recording any financing statement, deed of
trust, mortgage, or other instrument or document which otherwise
may be required under the laws of any jurisdiction to validate or
perfect such security interests and liens.
A copy of the order is available at https://bit.ly/3atG1rR from
PacerMonitor.com.
About 36th Street Property Inc.
36th Street Property Inc. is primarily engaged in renting and
leasing real estate properties. The Debtor sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No.
22-40563) on March 22, 2022. In the petition signed by Ae Sook
Choi, president, the Debtor disclosed up to $50,000 in assets and
up to $50 million in liabilities.
Judge Jil Mazer-Marino oversees the case.
Lawrence Morrison, Esq., at Morrison Tenenbaum is the Debtor's
counsel.
942 PENN RR: Trustee Seeks to Hire KapilaMukamal as Accountant
--------------------------------------------------------------
Barry Mukamal, Chapter 11 trustee for 942 Penn RR, LLC, seeks
approval from the U.S. Bankruptcy Court for the Southern District
of Florida to employ KapilaMukamal, LLP as his accountant.
The firm will render these services:
a. review and analysis of the Debtor's accounting records;
b. forensic analysis and support, if necessary;
c. litigation support, if necessary;
d. expert reports and testimony, if necessary;
e. computer/IT analysis, investigation and support, if
necessary
f. preparation of tax returns; and
g. all other ordinary and/or necessary accounting, financial
and forensic related services required in the administration of
this Estate.
The firm will be paid at its normal hourly rates and reimbursed for
out-of-pocket expenses incurred.
Barry Mukamal, a partner at KapilaMukamal, 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 at:
Barry E. Mukamal, CPA
KapilaMukamal, LLC
1000 South Federal Highway, Suite 200
Ft. Lauderdale, FL 33316
Office: (954) 761-1011
Direct: 786-517-5730
Email: bmukamal@kapilamukamal.com
About 942 Penn RR LLC
942 Penn RR, LLC, owns a short-term luxury apartment building
located at 942 Pennsylvania Ave., Miami Beach, FL 33139.
942 Penn RR filed its voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-14038) on
May 23, 2022. In the petition filed by Raziel Ofer, manager, the
Debtor disclosed $1,617,630 in total assets and $27,179,541 in
total liabilities.
Judge Robert A. Mark oversees the case.
The Law Office of Mark S. Roher, PA serves as the Debtor's
counsel.
On June 29, 2022, the court appointed Barry E. Mukamal as the
Debtor's Chapter 11 trustee. Bast Amron, LLP and KapilaMukamal, LLP
serve as the Debtor's legal counsel and accountant, respectively.
AGELESS SERUMS: Gets OK to Hire Robert Brackeen as Accountant
-------------------------------------------------------------
Ageless Serums, LLC received approval from the U.S. Bankruptcy
Court for the Southern District of Texas to hire Robert Brackeen,
CPA to provide post-petition accounting and financial advisory
services.
Mr. Brackeen will render these services:
(a) perform general bookkeeping, accounting, and tax
services;
(b) prepare and file the necessary tax returns in each
jurisdiction in which the Debtor owes sales taxes, and remit
payments to the applicable taxing authorities;
(c) perform income tax services, including the preparation and
filing of annual state and federal tax returns;
(d) prepare monthly operating reports and assist in similar
reporting obligations during the pendency of this case;
(e) prepare budgets, business projections, liquidation
analyses, and similar financial analyses as needed by the Debtor;
and
(f) perform general financial advisory services to the extent
required by the Debtor.
The CPA will charge $200 per hour for its services.
The Debtor believes that the CPA is a "disinterested person," as
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Robert Brackeen, CPA
2225 E Randol Mill Rd #515
Arlington, TX 76011
Phone: +1 817-608-9110
About Ageless Serums
Ageless Serums, LLC filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. S.D. Texas Case No. 22-31259) on May
5, 2022, listing up to $100,000 in assets and up to $1 million in
liabilities. Jarrod B. Martin serves as Subchapter V trustee.
Judge Eduardo V Rodriguez presides over the case.
Benjamin Lawrence Wallen, Esq., at Pachulski Stang Ziehl & Jones,
LLP and Fox Rothschild, LLP serve as the Debtor's bankruptcy
counsel and special litigation counsel, respectively.
AGWAY FARM & HOME: In Chapter 11 to Pursue Sale, Wind Down
----------------------------------------------------------
Agway Farm & Home Supply, LLC, filed for chapter 11 protection in
the District of Delaware.
The Debtor is a wholesale product distribution company that serves
a broad network of independent retail stores and provides
full-service retail advisory support. The Debtor services dealer
locations along the east coast, including Maine, New Hampshire,
Vermont, Massachusetts, Maryland, New York, Delaware, Rhode Island,
New Jersey, Connecticut, Pennsylvania, Kentucky, West Virginia,
Virginia, North Carolina, South Carolina, Georgia, and Ohio.
The Debtor's headquarters is located in Richmond, Virginia and the
Debtor has warehouses and distribution centers in Cloverdale,
Virginia and Westfield, Massachusetts. Additionally, the Debtor
maintains a satellite distribution center in West Springfield,
Massachusetts.
In the ordinary course of business, the Debtor provides wholesale
distribution services across six different major categories: (1)
seasonal home & hardware; (2) farm products; (3) lawn & garden; (4)
bird food & supplies; (5) pet food & supplies; and (6) animal
health needs. Within the product sales channel, the Debtor sells
more than fifteen thousand (15,000) distinctive stock keeping units
or "SKUs" with varying levels of perishability.
The Debtor also licenses the right for dealers to utilize the Agway
brand ("Dealer Fees") and produces revenue from freight costs
("Freight Revenue").
In 2021, the Debtor's unaudited gross revenues were $225,151,432
with an unaudited net loss of $9,118,531. In 2022, through May 31,
unaudited gross revenues were $23,255,753 with an unaudited net
loss of $7,358,072. The Debtor's Product Sales channel accounted
for 98.2% of its revenue in 2021, with the Dealer Fees channel and
Freight Revenue channel accounting for the other 1.8%.
As of the Petition Date, the Debtor had secured debt obligations
owed to CIT Bank N.A. and CCA Financial, LLC for various equipment
financing.
Prior to the Petition Date, the Debtor had a line of credit in the
amount of approximately $20,000,000 with Gibraltar Business
Capital. In January 2022, Gibraltar served the Debtor with a
notice of default. After the notice of default, and before the
Petition Date, the Debtor paid off its balance with Gibraltar.
Agway Farm & Home Supply estimates between 200 and 999 creditors.
The petition states funds will be available to unsecured
creditors.
The Debtor has approximately 500 unsecured creditors totaling
approximately $28 million.
Road to Bankruptcy
In November 2020, the Debtor entered into an agreement with RSM,
LLC to provide technology conversion services whereby the Debtor
would migrate from Southern State's internal systems to their own
internal systems (the "System"). Per the terms of the agreement,
conversion to the System was to begin in January 2021 with a
deadline of July 2021 for the System to be fully implemented and
integrated. Through no fault of the Debtor, implementation of the
System did not begin until September 2021.
Due to the delay, the Debtor was unable to timely reconcile
payments from customers in order to timely pay the Debtor's
vendors, which caused irreparable damage to the Debtor.
Additionally, the Debtor believes that one of its largest freight
providers, HUB Group, Inc., began to violate the terms of its
agreement with the Debtor. Specifically, HUB began to
retroactively charge the Debtor for unauthorized expenses. These
unauthorized charges caused the Debtor to be unable to pay certain
bills and expenses, causing great financial hardship on the Debtor.
As of the Petition Date, HUB is in the process of returning
$140,000 worth of the Debtor's inventory. However, there will be a
shrink from spoilage as a result and labor to restock.
In January 2022, the Debtor was sent the notice of default from
Gibraltar. As a result of the default, Gibraltar refused to advance
funds under its agreement with the Debtor and as such, the Debtor
was unable to purchase additional inventory.
Wind Down and Sale
Due to the cumulative effect of those earlier events, in March
2022, the Debtor initiated a wind-down plan in which the Debtor:
(1) laid off about one-half of the Debtor's employees; (2)
transitioned some employees to stay onboard on an hourly, as-needed
basis; and (3) offered a retention bonus to certain critical
employees to incentivize them to stay.
Per the terms of the wind-down plan, the Debtor will continue
laying off Employees until the end of July when the Debtor intends,
subject to Court approval, to conduct an auction of the Debtor's
assets or an inventory or asset sale to certain businesses.
Jay Quickel says he is in negotiations with several parties with
varying interests in the intellectual property, fixed assets and
inventory of the Debtor. For example, one party is interested in
purchasing substantially all of the intellectual property of the
Debtor while another party is interested solely in the inventory of
the Debtor. The Debtor has already received three letters of intent
offering to purchase portions of the three categories listed
above.
About Agway Farm & Home Supply
Agway Farm & Home Supply LLC -- https://www.agway.com/ -- is a one
stop shopping for lawn, garden, bird, pet and farm products.
Agway Farm & Home Supply LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 22-10602) on July
6, 2022. Jay Quickel, as president and CEO, the Debtor estimated
assets and liabilities between $10 million and $50 million.
Jeffrey R. Waxman, of Morris James LLP, is the Debtor's counsel.
AIKIDO PHARMA: Marcum LLP Replaces WithumSmith+Brown as Auditor
---------------------------------------------------------------
Aikido Pharma Inc. dismissed WithumSmith+Brown, PC on July 5, 2022
as the Company's independent registered public accounting firm.
The reports of Withum on the Company's financial statement as of
and for the year ended Dec. 31, 2021 contained no adverse opinion
or disclaimer of opinion nor were any such reports qualified or
modified as to uncertainty, audit scope or accounting principle.
During the recent fiscal year ending Dec. 31, 2021 and through
July 6, 2022 (the date of this Current Report), there have been no
(i) disagreements with Withum on any matter or accounting
principles or practices, financial statement disclosure, or
auditing scope or procedure, which connects with its reports; or
(ii) "reportable events" as defined in Item 304(a)(1)(v) of
Regulation S-K. Withum did not act as the Company's independent
registered public accounting firm during the fiscal year ending
Dec. 31, 2020.
On July 5, 2022, the Company engaged Marcum LLP, as the Company's
new independent registered public accounting firm.
During the recent fiscal year ending Dec. 31, 2021, and through
July 6, 2022 (the date of this Report), the Company has not
consulted Marcum regarding (i) application of accounting principles
to any specified transaction, either completed or proposed, (ii)
the type of audit opinion that might be rendered on the Company's
financial statements, or (iii) any matter that was either the
subject of a disagreement (as defined in Item 304(a)(1)(iv)) or a
reportable event (as defined in Item 304(a)(1)(v)). During the
fiscal year ending Dec. 31, 2020, Marcum acted as the Company's
independent registered public accounting firm.
About AIkido Pharma
Headquartered in New York, NY, AIkido Pharma Inc. fka Spherix
Incorporated -- http://www.spherix.com-- was initially formed in
1967 and is currently a biotechnology company seeking to develop
small-molecule anti-cancer therapeutics. The Company's activities
generally include the acquisition and development of technology
through internal or external research and development. In addition,
the Company seeks to acquire existing rights to intellectual
property through the acquisition of already issued
patents and pending patent applications, both in the United States
and abroad. The Company may alone, or in conjunction with others,
develop products and processes associated with technology
development. Recently, the Company has invested in and helped
develop technology with Hoth Therapeutics, Inc., DatChat, Inc. and
with its recent asset acquisition with CBM BioPharma, Inc. in
December 2019.
Aikido reported a net loss of $7.17 million for the year ended Dec.
31, 2021, compared to a net loss of $12.34 million for the year
ended Dec. 31, 2020. As of March 31, 2022, the Company had $117.95
million in total assets, $895,000 in total liabilities, $11 million
in Series O redeemable convertible preferred stock, $11 million in
Series P redeemable convertible preferred stock, and $95.05 million
in total stockholders' equity.
ARMSTRONG FLOORING: Bankruptcy Hearing Postponed to July 12
-----------------------------------------------------------
Lisa Scheid of Lancaster Online reports that Armstrong Flooring's
bankruptcy court hearing has been postponed to July 12 so the sale
agreement can 'be finalized.'
Workers leaving Armstrong Flooring's Lancaster city warehouse
Thursday, July 7, 2022, said they were frustrated and confused
after the bankruptcy sale of the company was postponed for a second
time.
Workers at the Loop Road facility, who declined to give their
names, said they had heard nothing from the company and were
frustrated by the ongoing uncertainty that has loomed over the
company's 606 Lancaster County jobs since it filed for Chapter 11
bankruptcy May 8.
Meanwhile, Armstrong Flooring Inc.'s attorneys revealed little in
Delaware bankruptcy court Thursday, not saying why it had postponed
its sale hearing until Tuesday. The sale hearing -- during which
Armstrong Flooring was supposed to present the offer it wanted to
accept for the company -- had been scheduled for Thursday. The
attorneys did, however, hint on Thursday that the sale could be to
someone that would continue to operate the company.
Judge Mary Walrath said the sale hearing was postponed to Tuesday
so details of the Armstrong Flooring sale proposal "can be
finalized."
It was the second postponement. On June 29, 2022, the company
postponed a sale hearing to Thursday, July 7, 2022, because it was
not satisfied with the bids it received.
During Thursday's hearing, an attorney for the company said the
team had resolved objections from the unions regarding ending
collective bargaining agreements and retiree benefits. The
resolution was agreed to by attorneys for United Steelworkers and
International Association of Machinists and Aerospace Workers, and
would be subject to a going-concern sale, which will be addressed
at Tuesday's hearing. Details about the resolution were expected
to be filed in court before Tuesday, July 11, 2022. A
going-concern sale is a sale to a party that would continue
operating the company instead of liquidating its assets.
The company also postponed discussing objections to a retention
bonus plan for about 50 mid-level managers to Tuesday's hearing.
Richard Seltzer, attorney for United Steelworkers, confirmed that
an agreement had been reached. He called the bankruptcy a very
difficult case and said the unions were supportive of a
going-concern sale. The unions had on Wednesday proposed ending
insurance coverage on an employee's last day rather than July 31.
Judge Walrath said she had met with attorneys for the company,
creditors committee and its lenders privately before the hearing.
The attorney for the committee of nonunion retirees said the
committee has not resolved its objections to the sale and also
expressed concern that as a consultation party it should have been
included in discussions with the judge prior to the hearing.
An attorney for Givens Inc. the Virginia-based company that
provides warehouse space for Armstrong Flooring, said issues still
need to be resolved involving the inventory that it holds.
Hearing changes among other developments
Thursday's hearing, which was originally scheduled for 11:30 a.m.
and then pushed back to 3 p.m., was originally scheduled to be a
sale hearing where Armstrong Flooring would present to the
bankruptcy court its plan for a sale or to close down. The company
had indicated it would not have the finances to continue ongoing
operations past Thursday. No explanation was given in court
Thursday about how the company would finance operations until
Tuesday's hearing.
In the lead-up to Thursday's hearing the court had admitted
attorneys for companies not previously involved in the 2-month-old
bankruptcy proceedings: AHF Products, a flooring company based in
West Hempfield Township, and Gordon Brothers, a global advisory
company based in Boston known for liquidating assets.
A source indicated that an all-hands mandatory meeting of all AHF
workers was announced Thursday and then canceled in the afternoon
around the time that Armstrong Flooring filed with the court
paperwork indicating the hearing would be changed to a status
hearing from a sale hearing.
There are approximately 1,200 Armstrong Flooring employees across
the country, including about 606 in Lancaster County where it is
headquartered and operates a manufacturing facility and a
warehouse.
About 215 employees work at Armstrong Flooring’s Lancaster city
facilities on Dillerville Road and Loop Road, and the rest work at,
are assigned to or report to the Greenfield Corporate Office on
Hempstead Road in East Lampeter Township.
The sale of the company would need to be approved by Judge Walrath.
There have been several objections to a sale from unions and
companies such as High Companies, which holds the lease to
Armstrong Flooring's headquarters.
A sale would enable the company to pay its secured creditors,
Pathlight Capital and Bank of America N.A., which are owed $98
million and $65 million respectively. Pathlight and Bank of America
would also be reimbursed for a $24 million loan that got Armstrong
Flooring through bankruptcy to a sale. It’s not clear if all the
money was spent over 60 days.
Other priority payments would include administrative expenses and
pre-bankruptcy bonuses promised to executives. It is not clear how
much, if any, the scores of unsecured creditors or stockholders
would receive.
Unsecured creditors outside the company range from the highest
claim from Klockner-Pentaplast of America Inc., which says it is
owed more than $4.3 million for plastic films used to make luxury
vinyl flooring, to employees seeking unspecified amounts of their
employee stock ownership pension plan and stockholders with as
little as 10 shares.
The company owes an estimated $318 million, including $160 million
in long-term debt. It previously received court approval to sell
off its assets it values at $517 million.
Armstrong operates seven manufacturing plants in three countries.
Two plants are in Pennsylvania, one in Lancaster city and one in
Beech Creek Township, Clinton County, which employed about 35
people. There are plants in Illinois, Mississippi, Oklahoma and one
plant each in China and Australia.
The plants in China and Australia are not part of the bankruptcy
but are up for sale. The assets also include trademarks and
intellectual property.
About American Flooring
Armstrong Flooring, Inc. (NYSE: AFI) --
https://www.armstrongflooring.com/ -- is a leading global
manufacturer of flooring products and one of the industry's most
trusted and celebrated brands. The company continually builds on
its resilient, 150-year legacy by delivering on its mission to
create a stronger future for customers through adaptive and
inventive solutions. Headquartered in Lancaster, Pennsylvania,
Armstrong Flooring safely and responsibly operates eight
manufacturing facilities globally.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 22-10426) on May 8, 2022.
In the petition signed by Michel S. Vermette, president and chief
executive officer, the Debtor disclosed $517,000,000 in assets and
$317,800,000 in liabilities.
Judge Mary F. Walrath oversees the case.
Skadden, Arps, Slate, Meagher and Flom, LLP is the Debtor's
counsel. Riveron Consulting, LP is the financial advisor, Houlihan
Lokey is the investment banker, and Epiq Corporate Restructuring,
LLC, is the claims and noticing agent and administrative advisor.
ARMSTRONG FLOORING: Dallas Cowboys Want $1.7-Mil. for Suite
-----------------------------------------------------------
Lisa Scheid of Lancaster Online reports that the company that runs
the Dallas Cowboys stadium says bankrupt Armstrong Flooring Inc.
owes it $1,707,628 for the remaining eight years of a 20-year lease
of a suite in the "Ring of Honor" at the stadium.
The company, Cowboys Stadium, LP, is based in Frisco, Texas, and
filed the claim against East Hempfield-based Armstrong Flooring on
June 29, 2022. The amount includes a 2022 payment of $191,227 due
in March plus $2,390 late fees for April, May and June. The claim
was submitted by Kaleisha Stuart, deputy counsel for the NFL team.
Armstrong Flooring's communications team declined to comment on the
claim.
Armstrong Flooring filed for bankruptcy protection May 8, 2022,
seeking to sell its assets as an operating company. It received
court approval to sell off its assets, which it values at $517
million. The sale hearing is scheduled for Thursday, July 7, 2022.
Claims are vetted through the bankruptcy court and would be paid
with proceeds from the sale. Unsecured creditors like the Cowboys
fall behind secured creditors. Those secured creditors are
Pathlight Capital and Bank of America N.A, which say they are owed
$98 million and $65 million respectively.
According to the Cowboys' claim, Armstrong World Industries entered
into a 20-year lease in 2009, which is when the Cowboys moved to
what is now called AT&T Stadium in Arlington, Texas, from the
now-demolished Texas Stadium in Irving. That lease was signed by
George Mitchell, then-treasurer for the NFL team.
On Thursday, July 7, 2022, Armstrong Flooring is scheduled to make
its case before a Delaware bankruptcy judge to accept a bid from a
potential buyer or to shut the company down. The sale hearing is
set for 11:30 a.m. Last week, the company postponed the
announcement of a potential buyer for its Lancaster County
operations and with it the fate of 606 jobs here, saying it was not
satisfied with offers to purchase its North American assets.
Thursday is the same day Armstrong’s $24 million loan from
Pathlight Capital and Bank of America N.A. must be paid back.
Company executives have said Armstrong does not have the money to
make the payment without a sale of the company.
Along with the sale hearing, objections to ending union contracts
and retiree benefits and retention bonuses for 50 mid-level
managers will also be discussed on Thursday.
According to the Cowboys claim, Armstrong Flooring has been paying
the rent for the suite that can accommodate up to 30 people.
According to the claim, Armstrong paid $175,000 a year with 3%
annual increases beginning in 2019. With an opt out for 2020,
another year was added to the term, according to the claim. The
company had paid $2,133,407 since 2009. The claim includes a May
24 invoice sent to Armstrong Flooring’s Brent Flaharty, senior
vice president and chief of customer experience.
It is not clear from the claim whether the suite was used by
Armstrong Flooring employees or rented out to other users. It has
become more common for companies to resell unused suites for
specific events through third-party companies.
Armstrong's suite, 564, is one of 60 Ring of Honor Suites and it is
located on the south side of AT&T Stadium. These suites generally
accommodate 18 to 30 guests and include high-end furnishings,
interior and exterior seating, HDTVs, a private bar/kitchen area,
private restroom, and the option to order in-suite catering. Ring
of Honor suites also come with an allotment of VIP parking passes.
According to the claim, the lease was made with Armstrong
Flooring's predecessor, Armstrong World Industries. Armstrong
Flooring Inc. was spun off from Armstrong World Industries in 2016.
On the lease with Cowboy Stadium, the name of Armstrong World
Industries was crossed out and the lease stamped with "Armstrong
Wood Products Inc. doing business as Armstrong Cabinet Products."
At the time the lease was signed, Armstrong World Industries had
three divisions (flooring, ceiling and cabinetry) and sales of
$929.6 million, according to LNP | LancasterOnline archive.
Armstrong at that time was one of Lancaster County's largest
employers, with about 2,000 workers locally among 12,300
worldwide.
The lease was signed by Robert M. Cohen, the president and chief
executive of Armstrong Cabinet Products, who was based in Texas.
Armstrong World Industries stopped making cabinets in 2012 when it
sold its cabinet products division to private equity firm, American
Industrial Partners.
There are more than 2,300 claims filed against Armstrong Flooring
and its associated companies. Armstrong Flooring owes its Chinese
company $12.5 million and its Australian company $26.5 million.
These are unsecured claims.
Unsecured creditors outside the company ranged from the highest
claim of $4.3 million from Klockner-Pentaplast of America Inc. for
plastic films used to make luxury vinyl flooring, to employees
seeking unspecified amounts of their employee stock ownership
pension plan and stockholders with as little as 10 shares.
Creditors have until Aug. 5 to submit claims. It's not clear who
will get paid or how much money will be available to pay creditors,
which will be decided through a repayment plan that has to be
approved by a judge.
About American Flooring
Armstrong Flooring, Inc. (NYSE: AFI) --
https://www.armstrongflooring.com/ -- is a leading global
manufacturer of flooring products and one of the industry's most
trusted and celebrated brands. The company continually builds on
its resilient, 150-year legacy by delivering on its mission to
create a stronger future for customers through adaptive and
inventive solutions. Headquartered in Lancaster, Pennsylvania,
Armstrong Flooring safely and responsibly operates eight
manufacturing facilities globally.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 22-10426) on May 8, 2022.
In the petition signed by Michel S. Vermette, president and chief
executive officer, the Debtor disclosed $517,000,000 in assets and
$317,800,000 in liabilities.
Judge Mary F. Walrath oversees the case.
Skadden, Arps, Slate, Meagher and Flom, LLP is the Debtor's
counsel. Riveron Consulting, LP is the financial advisor, Houlihan
Lokey is the investment banker, and Epiq Corporate Restructuring,
LLC, is the claims and noticing agent and administrative advisor.
ATIF INC: Taps Buchanan Ingersoll & Rooney as Special Counsel
-------------------------------------------------------------
Daniel Stermer, the official appointed to oversee the ATIF Inc.
Creditor Trust, seeks approval from the U.S. Bankruptcy Court for
the Middle District of Florida to employ Buchanan Ingersoll &
Rooney, PC as special counsel.
The trustee needs the firm's legal assistance in connection with
the motions that have been filed in the action styled as Daniel
Stermer, as Creditor Trustee for AITF, Inc. v. Carlton Fields,
P.A., et al., filed in the Thirteenth Judicial Circuit of
Hillsborough County, Florida.
The firm will be paid based upon its normal and usual hourly
billing rates. The firm will also be reimbursed for reasonable
out-of-pocket expenses incurred.
The firm will be paid a retainer in the amount of $80,000.
John Emmanuel, Esq., a partner at Buchanan, 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 at:
John D. Emmanuel, Esq.
Buchanan Ingersoll & Rooney, PC
401 E Jackson St. Suite 2400
Tampa, FL 33602
Tel: (813) 222-8180/(813) 222-1162
Email: john.emmanuel@bipc.com
About ATIF Inc.
ATIF, Inc., sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. M.D. Fla. Case No. 17-01712) on March 2, 2017. In the
petition signed by Gerard A. McHale, its chief executive officer,
the Debtor listed up to $500,000 in assets and up to $50 million in
liabilities.
Michael C. Markham, Esq., at Johnson, Pope, Bokor, Ruppel & Burns,
LLP and Buell & Elligett, P.A. serve as the Debtor's bankruptcy
counsel and special counsel, respectively.
On April 13, 2017, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors. The committee retained
Messana, P.A., as its bankruptcy counsel, and Becker & Poliakoff,
P.A., as its special counsel.
On July 5, 2018, the bankruptcy court entered an order confirming
the second amended Chapter 11 plan and explanatory disclosure
statement filed by the creditors' committee for ATIF, Inc. The plan
establishes the ATIF Inc. Creditor Trust and appointed Daniel
Stermer as the trustee. Mr. Stermer hired Messana, P.A. as
bankruptcy counsel and Buchanan Ingersoll & Rooney, PC as special
counsel.
BIONIK LABORATORIES: Terminates Chief Commercial Officer
--------------------------------------------------------
Loren Wass, Bionik Laboratories Corp.'s chief commercial officer,
was terminated as of June 29, 2022, other than for cause from all
employment and officer positions with Bionik and its subsidiaries.
The Employment Agreement the Company has with Mr. Wass provided
that Mr. Wass executes a general release in form and substance
acceptable to the Company, the Company will pay to Mr. Wass an
amount equal to two months' base salary, or $41,666.68, plus
accrued unused vacation, if any. Such general release was provided
to Mr. Wass, which has not been executed as of July 6, 2022.
The terms and conditions of the Employment Agreement that
specifically survive termination will continue in accordance with
their respective terms.
About BIONIK Laboratories
Bionik Laboratories Corp. -- http://www.BIONIKlabs.com-- is a
robotics company focused on providing rehabilitation and mobility
solutions to individuals with neurological and mobility challenges
from hospital to home. The Company has a portfolio of products
focused on upper and lower extremity rehabilitation for stroke and
other mobility-impaired patients, including three products on the
market and three products in varying stages of development.
Bionik reported a net loss and comprehensive loss of $10.41 million
for the year ended March 31, 2022, compared to a net loss and
comprehensive loss of $13.62 million for the year ended March 31,
2021. As of March 31, 2022, the Company had $4.68 million in total
assets, $1.75 million in total liabilities, and $2.93 million in
total stockholders' equity.
Toronto, Canada-based MNP LLP, the Company's auditor since 2015,
issued a "going concern" qualification in its report dated June 9,
2022, citing that the Company has experienced losses and has a
working capital deficiency and an accumulated deficit. These
conditions, along with other matters, raise substantial doubt about
Company's ability to continue as a going concern.
BITNILE HOLDINGS: Page Southerland Wins Bid to Acquire EYP
----------------------------------------------------------
BitNile Holdings, Inc.'s subsidiary, Ault Alliance, Inc., did not
acquire the assets of EYP, Inc. and its affiliates. The previously
announced asset purchase agreement constituted a "stalking horse"
bid in a sale process being conducted under Section 363 of the U.S.
Bankruptcy Code. The prevailing bidder under the sale process was
Page Southerland Page, Inc.
Ault Alliance lent $8.0 million to EYP and earned $4.7 million in
interest, penalties and break-up fees from October 2021 through
June 2022. The principal amount of the loans, interest, penalties
and break-up fees, were fully repaid on June 30, 2022, though the
Company did incur certain expenses that it will be responsible for
that will not be covered by any of the foregoing payments to the
Company.
Milton "Todd" Ault, III, the Company's executive chairman, stated,
"We congratulate Page Southerland Page on its successful bid to
acquire EYP. While Ault Alliance did not end up with the winning
bid, we did realize a favorable return on capital deployed for less
than nine months, which is generally consistent with our goal of
maximizing returns in pursuit of investments in undervalued
companies or companies with deeply depressed prices."
About BitNile Holdings
BitNile Holdings, Inc. (formerly known as Ault Global Holdings,
Inc.) is a diversified holding company pursuing growth by acquiring
undervalued businesses and disruptive technologies with a global
impact. Through its wholly and majority-owned subsidiaries and
strategic investments, the Company owns and operates a data center
at which it mines Bitcoin and provides mission-critical products
that support a diverse range of industries, including
defense/aerospace, industrial, automotive, telecommunications,
medical/biopharma, and textiles. In addition, the Company extends
credit to select entrepreneurial businesses through a licensed
lending subsidiary. BitNile's headquarters are located at 11411
Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141;
www.BitNile.com.
BitNile reported a net loss of $23.97 million for the year ended
Dec. 31, 2021, a net loss of $32.73 million for the year ended Dec.
31, 2020, a net loss of $32.94 million for the year ended Dec. 31,
2019, and a net loss of $32.98 million for the year ended Dec. 31,
2018. As of March 31, 2022, the Company had $518.92 million in
total assets, $93.74 million in total liabilities, $116.73 million
in redeemable noncontrolling interests in equity of subsidiaries,
and $308.46 million in total stockholders' equity.
BRAZOS PRESBYTERIAN: Fitch Lowers IDR to BB+, Outlook Negative
--------------------------------------------------------------
Fitch Ratings has downgraded the Issuer Default Rating (IDR) and
the rating on $101 million outstanding series 2013A&B and series
2016 revenue bonds issued by Harris County Cultural Education
Facilities Finance Corporation on behalf of Brazos Presbyterian
Homes (Brazos) to 'BB+' from 'BBB-'.
The Rating Outlook is Negative.
SECURITY
The bonds are secured by a gross revenue pledge, mortgage pledge
and debt service reserve fund.
ANALYTICAL CONCLUSION
The rating downgrade to 'BB+' from 'BBB-' reflects continued
weakness in independent living unit (ILU) occupancy, which was 75%
across both campuses as of March 2022. IL demand has been weak on
the Hallmark campus in particular, in the low 70% range in 2021 and
below 70% at the end of the first quarter in 2022. The Houston
market is competitive, and Brazos' weighted average entrance fees
are well above area home values, indicative of very limited pricing
capacity.
The 'BB+' IDR rating also reflects Brazos' midrange operating risk
assessment and weaker financial profile and revenue defensibility
assessments. Despite softer occupancy, Brazos generated solid net
operating margin (NOM) and NOM-adjusted performance through 2021,
though its maximum annual debt service (MADS) coverage was light at
just 1.2x (as calculated by Fitch). And MADS remained a high 20% of
fiscal 2021 revenues, with debt to net available of 11.7%.
Performance through March 2022 has weakened, with coverage reported
at just 1.17x based on a rolling 12-month period (per the covenant
methodology).
The Negative Outlook reflects expected downward rating pressure if
Brazos proceeds with its planned expansion project, Uptown Oaks.
While the project is not yet board approved, marketing efforts are
well underway with 60% presales as of this report. Depending on
sales velocity, construction could begin in the fourth quarter of
2022 with move-ins tentatively beginning in the first quarter of
2025.
The project includes a second tower on the Hallmark campus with 113
independent living (IL) units as well as upscale dining and spa
amenities. Though cost estimates (and related financing plans)
remain fluid Brazos has very limited debt capacity at the 'BB+'
rating level absent commensurate improvement in cash flow and
liquidity.
KEY RATING DRIVERS
Revenue Defensibility: 'bb'
Decreasing IL Occupancy Balanced Against Robust Presales
The 'bb' assessment reflects continued pressure in IL occupancy,
with limited prospects for improvement within a competitive
Houston-area market. Brazos Obligated Group includes two separate
sites approximately six miles apart: the Brazos Towers and the
Hallmark. IL occupancy has been stronger in the towers remaining in
the high 80% range and occasionally hitting 90% in 2021.
Occupancy at the Hallmark is weaker, staying in the low 80% range
at the beginning of 2020 to the low 70%/ high 60% range throughout
2021. On a combined basis, IL occupancy was light at 75% at the end
of March, 2022. In contrast to softening IL occupancy, presales for
the possible expansion are fairly robust at 60%, though it is
unclear if presales are cannibalizing occupancy in existing units.
Although Brazos Towers and Hallmark are in close proximity, each
community draws from different zip codes within the Houston area.
In the affluent Galleria neighborhood of Houston (where the
Hallmark is located), many home values are in excess of the
Hallmark's highest entrance fees of $850,000. However, the weighted
average entrance fee for both communities of $349,000 is
substantially above the average Houston home value of $267,000.
While monthly fee increases occur regularly, entrance fee increases
have been minimal (up to 1% in 2021). These factors along with
Brazos' use of discounting to attract residents and decreasing IL
demand indicates weak pricing flexibility.
Operating Risk: 'bbb'
Midrange Operating Performance; Good Age of Plant
Brazos has a history of adequate cost management, with a five-year
average operating ratio of 99%, a NOM of 10.8% and a NOM-adjusted
of 23.4%. These margins are somewhat soft for the midrange
assessment, particularly in the context of a type B contract.
However, operations improved in 2020 and 2021, due in part to
non-recurring revenues (investment income, paycheck protection
program funds). Fitch expects these cost management and capital
related metrics to soften to weaker assessments if Brazos
undertakes its expansion as planned.
Brazos' capital-related metrics have historically been consistent
within the weak assessment, with an average debt-to-net available
of 10.6x over the past five years. MADS represented an elevated 20%
of revenues on average over the past five years. Average
revenue-only MADS coverage was .8x for the same period, which is at
the lower end of midrange. Within the context of a type B contract,
revenue-only coverage below 1x indicates that Brazos is effectively
reliant on turnover entrance fees for timely payment of debt
service.
Brazos' capital expenditures have averaged about 99% of
depreciation over the past five years. Average age of plant is low
at approximately nine years, which is favorable.
Financial Profile: 'bb'
Weak Debt Service Coverage
Brazos' financial profile is currently consistent with a 'bb'
assessment, in the context of our 'bb' revenue defensibility and
'bbb' operating risk assessments.
As of YE 2021, Brazos had approximately $100 million of debt,
including the series 2013A&B and 2016 bonds. Based on fiscal 2021
results, Brazos' cash-to-adjusted debt was 76% and MADS coverage
was 1.2x. Brazos has very little additional debt capacity at its
'BB+' rating, absent improvement in other key rating
considerations.
Fitch's forward-looking scenario analysis reflects routine capital
expenditures, and does not incorporate any expansion plans.
Liquidity and debt service coverage metrics remain consistent with
the 'BB+' rating. Fitch's baseline scenario is a reasonable forward
look of financial performance over the next five years given
current economic expectations. Fitch's stress scenario assumes an
economic stress (to reflect equity volatility), which is specific
to Brazos' asset allocation. Cash on hand does not fall below 500
days in any year of the forward-looking base case or stress case
and therefore is not an asymmetric risk.
Fitch notes that a portion of Brazos' residency contracts is
refundable with a total refundable entrance fee liability of
approximately $88 million at YE 2021. Entrance fee repayment risk
increases as IL occupancy declines.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- While unlikely, upward rating pressure is possible should ILU
occupancy stabilize to levels consistently above 90%;
-- Upward consideration is also possible if MADS coverage is
sustained above 1.5 times and cash-to-adjusted debt is
sustained above 50%.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Balance sheet erosion or issuance of additional debt that
results in cash-to-adjusted debt sustained at levels below 35%
(post-stabilization);
-- Decrease in operating performance such that MADS coverage
falls to below their covenant requirement of 1.2 times.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Sovereigns, Public Finance
and Infrastructure issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of three notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.
CREDIT PROFILE
Brazos is a life plan community that owns two communities, Brazos
Towers at Bayou Manor (Brazos Towers) and the Hallmark, located in
Houston, TX. Brazos has operated these communities since 1963 and
1972, respectively. Brazos Towers currently has 178 ILUs (84 added
since March 2016), 25 assisted living units (ALUs), eight memory
support units, and 37 licensed skilled nursing (SNF) beds. The
Hallmark has 125 ILUs, 12 ALUs, 10 memory support units and a
32-bed SNF. Brazos had $34 million in operating revenue in 2021
(December 31 YE).
Asymmetric Additional Risk Considerations
No asymmetric risk considerations were relevant to the rating
determination.
Sources of Information
In addition to the sources of information identified in Fitch's
applicable criteria specified below, this action was informed by
information from Lumesis.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
DEBT RATING PRIOR
---- ------ -----
Brazos Presbyterian LT IDR BB+ Downgrade BBB-
Homes, Inc. (TX)
Brazos Presbyterian LT BB+ Downgrade BBB-
Homes, Inc. (TX)
/General Revenues/1 LT
BURLINGTON COAT: Moody's Affirms Ba2 CFR & Alters Outlook to Stable
-------------------------------------------------------------------
Moody's Investors Service changed the outlook for Burlington Coat
Factory Warehouse Corp. to stable from positive and affirmed all
ratings including its corporate family rating at Ba2, its
probability of default rating at Ba2-PD and its senior secured term
loan at Ba1. Its speculative grade liquidity remains unchanged at
SGL-1.
The change in outlook to stable from positive reflects Moody's
expectation that Burlington's margins and profitability will be
lower than previously forecasted for fiscal year ending January
2023 due to lower topline growth, higher input and freight costs,
supply chain bottlenecks, negative impact of high inflation on the
overall retail environment and consumer spending and lastly the
macroeconomic uncertainty. Moody's now expects debt/EBITDA will be
around 3.8x for fiscal 2022 versus Moody's previous estimate of
about 3.2x with EBIT/interest at about 2.7x versus Moody's previous
estimate of 4.2x.
Affirmations:
Issuer: Burlington Coat Factory Warehouse Corp
Corporate Family Rating, Affirmed Ba2
Probability of Default Rating, Affirmed Ba2-PD
Senior Secured Bank Credit Facility, Affirmed Ba1 to (LGD3) from
(LGD2)
Outlook Actions:
Issuer: Burlington Coat Factory Warehouse Corp
Outlook, Changed To Stable From Positive
RATINGS RATIONALE
Burlington's Ba2 CFR reflects its conservative financial strategy
and very good liquidity with cash at approximately $627 million at
the end of its first quarter 2022. The rating is also supported by
Burlington's concentration in off-price retail, a segment which has
historically grown faster than other apparel related sub-sectors
and has performed relatively well during economic downturns. The
company deliberately planned to have lower inventory in the first
quarter of 2022 compared to last year as it estimated the absence
of stimulus dollars would result in a mid-teen decline in
comparable store sales. However, delays in inventory receipts
resulted in a gaps in assortment, especially for stronger selling
items. The lower comparable sales accompanied by margin decline in
the first quarter resulted in lower than expected profitability.
The company has since raised its inventory plans for the rest of
the year and now plans inventory to be slightly above 2021 levels.
The company's improved merchandising initiatives and real estate
expansion through smaller stores has supported sustainable
improvement in operating margins historically. Nonetheless,
headwinds from increased wages and freight costs and the uncertain
economic environment will curtail margin expansion in 2022. The
company still has a relatively weaker competitive position, as it
is still significantly smaller with lower operating margins than
its largest peers -- TJX and Ross Stores.
The stable outlook reflects the expectation that despite an
expected deterioration in operating performance, credit metrics
will remain solid and liquidity will remain very good. The outlook
also reflects that Burlington's new store growth plans will be
successful and that financial strategy will remain conservative.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Ratings could be upgraded if overall operating performance
including EBIT margin demonstrates improvement, such that
debt/EBITDA is sustained below 3.75x and EBIT/interest expense is
sustained above 3.25x. A ratings upgrade will also require
maintaining very good liquidity as well as a conservative financial
strategy.
Ratings could be downgraded in the event Burlington's financial
strategy was to become more aggressive or its liquidity profile
weakens or if operating performance continues to weaken.
Quantitatively, ratings could be downgraded if debt/EBITDA was
sustained above 4.25x and EBIT/interest expense was sustained below
2.75x.
Headquartered in Florence, NJ, Burlington Stores operates a
national chain of off-price retail stores, operating 866 stores as
of April 30, 2022, primarily under the Burlington Stores name. LTM
revenues exceed $9.0 billion as of April 30, 2022.
The principal methodology used in these ratings was Retail
published in November 2021.
BURTS CONSTRUCTION: Court OKs Interim Cash Collateral Access
------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas,
Houston Division, authorized Burts Construction, Inc. to use cash
collateral on an interim basis in accordance with the budget.
The Debtor is permitted to use cash collateral to meet its post
petition obligations in the ordinary course of business.
As adequate protection, Allegiance Bank is granted valid,
perfected, and enforceable replacement security interests in and
liens and mortgages upon all categories of property of the Debtor
and its estate upon which the Lender held valid, perfected,
prepetition liens, security interests, and mortgages, and all
proceeds, rents, products, or profits thereof.
To the extent the replacement liens and adequate protection
payments provided in the Interim Order are insufficient to
adequately protect the Lender's interests in its Collateral, the
Lender will be entitled to a superpriority administrative claim in
an amount equivalent to any diminution in the overall value of its
Collateral (both Prepetition and Postpetition Collateral) during
the term of the Interim Order, pursuant to section 507(b) of the
Bankruptcy Code.
As additional adequate protection to Allegiance Bank, on or before
their due date(s) pursuant to the Allegiance Bank loan documents,
the Debtor will make the payments to Allegiance Bank in the amounts
shown on the Interim Budget; the sums received by the Lender will
be applied to the balance due to Allegiance Bank.
The Debtor is also directed to open its DIP Account no later than
July 15, 2022, and all postpetition receipts and all cash on hand
and held in accounts for Debtor will be deposited in the DIP
Account.
A continued hearing on the matter is scheduled for August 10, 2022
at 10 a.m.
A copy of the order and the Debtor's one-month budget is available
at https://bit.ly/3nQEv5X from PacerMonitor.com.
The Debtor projects $150,000 in gross monthly income and $121,615
in total monthly expenses.
About Burts Construction, Inc.
Burts Construction, Inc. is a family-owned general contractor that
offers, among other services, land clearing, demolition, site
preparation, soil stabilization, underground utilities, and paving
services.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 22-31700) on June 20,
2022. In the petition signed by Katherine Burts, president, the
Debtor disclosed up to $500,000 in assets and up to $10 million in
liabilities.
Judge Christopher M. Lopez oversees the case.
Julie M. Koenig, Esq. at Cooper and Scully, PC is the Debtor's
counsel.
BYRNA TECHNOLOGIES: Incurs $3 Million Net Loss in Second Quarter
----------------------------------------------------------------
Byrna Technologies Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $2.99 million on $11.62 million of net revenue for the three
months ended May 31, 2022, compared to net income of $2.04 million
on $13.40 million of net revenue for the three months ended May 31,
2021.
For the six months ended May 31, 2022, the Company reported a net
loss of $6.22 million on $19.60 million of net revenue compared to
net income of $1.77 million on $22.29 million of net revenue for
the six months ended May 31, 2021.
As of May 31, 2022, the Company had $56.72 million in total assets,
$11.04 million in total liabilities, and $45.68 million in total
stockholders' equity.
During the six months ended May 31, 2022, the Company used $15
million of cash and cash equivalents to repurchase 1,779,458 shares
of its common stock. The Company has invested cash in increased
working capital levels, including a $6.9 million increase in
inventory, and has invested $1.9 million in capital expenditure for
the machinery and equipment to expand its manufacturing
capabilities and product offering. On May 25, 2022, the Company
acquired Fox Labs International, a producer of defensive pepper
sprays, catering primarily to law enforcement and other security
professionals, for a net cash payment of $1.9 million.
Commentary:
Bryan Ganz, CEO of Byrna, commented, "While on face of it, the
second quarter FY2022 numbers appear to suggest that Byrna lost
ground as compared to the second quarter of FY2021, when one peels
back the onion, it is clear that the Company is continuing to make
substantial progress as we lay the foundation for continued
growth."
"Organic order flow for the quarter was quite strong compared to
last year when you consider that last year, approximately $7.5
million of orders could be traced to the "Hannity Effect." During
Q2FY22, excluding the $7.5 million in orders that can be traced
directly to the Hannity endorsement in April of last year, orders
on Byrna.com were up 79% in Q2FY22 vs. Q2FY21. If we include
orders on Amazon.com, total e-commerce orders for the quarter were
up 114% versus a normalized Q2FY21. We also saw sequential
quarter-over-quarter e-commerce order growth (Q2FY22 vs. Q1FY22) of
14% or 17.5% including Amazon.com orders (which equals a 90% CAGR).
We are continuing to see extremely strong order growth on
Amazon.com with sales increasing from $224,000 in January to
$624,000 in June."
"Similarly, while overall margins declined year-over-year, margins
on our critical domestic market were within 1% of last year's level
despite incurring an additional 1.9% in costs directly attributable
to higher freight costs. With the build-up of inventory levels,
Byrna hopes to be able to start taking advantage of the
significantly lower ocean freight costs by the end of 2022."
"Byrna also made substantial progress in terms of both supply chain
management and production. As we announced on May 5th, we moved
into a greenfield manufacturing facility in Ft. Wayne. While the
move was disruptive, we still were able to produce approximately
43,000 launchers during the quarter, up from just 19,000 launchers
in Q1 of this year. This leaves Byrna well stocked for Q3, with
19,500 launchers in finished goods inventory."
"While operating expenses (OPEX) were up $3.2 million
year-over-year, from $5.5 million to $8.7 million, they were in
line with the last two quarters' average of $8.4 million. More
importantly, before non-cash incentive compensation expenses and
one time severance costs, OPEX for the quarter was $6.3 million
(down slightly from last quarter's OPEX less non-cash incentive
stock comp and severance OPEX of $6.45 million)."
"Last quarter we stated that we had seen 'a leveling off in Byrna's
operating expense budget and stated that OPEX should remain
reasonably constant at this level for the remainder of FY 22 with
the only increases coming from one-time charges and additional
variable operating expenses such as credit card fees, Amazon fees
and outbound freight which will all increase as sales increase.'
We continue to believe that we have seen a leveling off of our OPEX
and our Q2FY22 results show this."
"In summary, we are extremely pleased with the progress that we
have made so far this year in terms of not only growing Byrna's
brand awareness and driving our top-line but also in terms of
putting in place the infrastructure and products needed to drive
the Byrna's future growth."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001354866/000143774922016815/byrn20220415_10q.htm
About Byrna Technologies
Headquartered in Byrna Technologies Inc. -- www.byrna.com --
develops, manufactures, and sells non-lethal ammunition and
security devices. These products are used by the military,
correctional services, police agencies, private security and
consumers.
Byrna Technologies reported net loss of $3.28 million for the year
ended Nov. 30, 2021, a net loss of $12.55 million for the year
ended Nov. 30, 2020, a net loss of $4.41 million for the fiscal
year ended Nov. 30, 2019, a net loss of $2.15 million for the
fiscal year ended Nov. 30, 2018, and a net loss of $2.8 million for
the fiscal year ended Nov. 30, 2017. As of Feb. 28, 2022, the
Company had $70.50 million in total assets, $9.10 million in total
liabilities, and $61.41 million in total stockholders' equity.
C.L. MAACK: Gets Interim OK to Hire Tiffany & Bosco as Counsel
--------------------------------------------------------------
C.L. Maack, Inc. received interim approval from the U.S. Bankruptcy
Court for the District of Arizona to employ Tiffany & Bosco, P.A.
as its legal counsel.
The firm's services include:
a. advising the Debtor regarding its duties and powers in its
Chapter 11 case;
b. preparing motions and representing the Debtor at all
hearings, meetings of creditors, conferences, trial and other
proceedings and administrative matters in this case;
c. reviewing and objecting to claims;
d. evaluating causes of action belonging to the bankruptcy
estate, providing advice to Debtor regarding such actions, and
filing complaints initiating and prosecuting causes of action
belonging to the estate;
e. assisting the Debtor in the administration of its case, the
operation of its business, and any other matter relevant to the
case or to the formulation of a Chapter 11 plan;
f. participating in the formulation and preparation of a Chapter
11 plan of reorganization and seeking confirmation of
such a plan; and
g. performing other legal services for the Debtor.
Tiffany & Bosco will be paid at these rates:
Christopher R. Kaup, Esq. $550 per hour
David Barlow $240 per hour
Matthew Burns $235 per hour
The firm will also be reimbursed for its out-of-pocket expenses.
Christopher Kaup, Esq., a partner at Tiffany & Bosco, 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 at:
Christopher R. Kaup, Esq.
David Barlow, Esq.
Tiffany & Bosco, P.A.
2525 East Camelback Road
Phoenix, AZ 85016-4237
Tel: (602) 255-6000
Fax: (602) 255-0103
Email: crk@tblaw.com
dmb@tblaw.com
About C.L. Maack
C.L. Maack Inc., owns and operates a general store, souvenir shop,
coffee shop, and bakery operating under the name "Ponderosa
Market." It is based in Pine, Ariz.
C.L. Maack filed a petition for relief under Subchapter V of
Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No.
22-04046) on June 23, 2022, listing up to $500,000 in assets and up
to $10 million in liabilities. Michael W. Carmel, Esq., at the Law
Offices of Michael W. Carmel, Ltd. serves as Subchapter V trustee.
Judge Paul Sala oversees the case.
Christoper R. Kaup, Esq., at Tiffany & Bosco, P.A., is the Debtor's
legal counsel.
CARESTREAM HEALTH: Moody's Lowers PDR to Caa3-PD, Outlook Negative
------------------------------------------------------------------
Moody's Investors Service downgraded Carestream Health Inc.'s
Probability of Default Rating to Caa3-PD from B3-PD. There is no
change to the B3 Corporate Family Rating, B1 ratings of senior
secured first lien credit facilities and Caa1 rating of second lien
term loan. The outlook remains negative.
The rating action follows Carestream Health's announced agreement
with a substantial majority of its lenders to engage in a
recapitalization transaction. Moody's notes that the transaction
has not yet closed, and it is unclear when a potential
recapitalization would be executed. As part of the
recapitalization, the company announced that Carestream Health's
lenders would be exchanging debt for the company's equity. Moody's
would likely consider this potential transaction to be a distressed
exchange, given it may result in a loss to creditors pursuant to
the exchange of new equity for outstanding debt. Moody's notes that
absent the recapitalization or other liquidity event, substantially
all of the company's debt maturities will become current in 2022.
Specifically, the company's 1st lien credit facilities are already
current and due in May 2023, and its 2nd lien term loan is due in
August 2023. If the distressed exchange is successfully executed,
and the company is able to refinance debt not subject to the
exchange, Moody's would expect Carestream's credit profile to be
improved on a pro forma basis.
The negative outlook primarily reflects the elevated refinancing
risk.
Governance risk considerations are material to the rating action.
The company operates with aggressive financial policies under
private equity ownership, including the recently announced
distressed exchange, of new equity for debt, on the second lien
term loan.
Downgrades:
Issuer: Carestream Health, Inc.
Probability of Default Rating, Downgraded to Caa3-PD from B3-PD
RATINGS RATIONALE
Carestream's B3 Corporate Family Rating reflects the company's high
reliance on its film business, which comprises the majority of
earnings. Moody's expects that the medical film business will
remain in structural decline for the foreseeable future. The
company also has a presence in medical digital products, which
Moody's expects to grow at rates that align with the broader
market. Carestream's ratings reflect the company's moderately
aggressive leverage, which Moody's expects will remain in the
low-five times range over the next 12 to 18 months. Moody's also
expects that the company will generate improved free cash flow in
2022, as non-recurring charges associated with cost saving
initiatives are wound down. Absent the elevated refinancing risk
(substantially all of the company's debt is due in 2023), the
company has an adequate liquidity position. Carestream has access
to a $118 million revolving credit facility with $36 million of
availability as of March 31, 2022, in addition to $65 million in
cash on the balance sheet.
The negative outlook primarily reflects elevated refinancing risk,
as substantially all of the company's debt maturities will become
current in 2022 absent a successful refinancing transaction (or
other liquidity event that would result in the repayment of
outstanding debt).
ESG considerations are material to Carestream's credit profile.
Medical device companies face moderate social risk, however they
regularly encounter elevated elements of social risk including
those associated with responsible production including compliance
with regulatory requirements and potential reputational and
financial impacts from product recalls or related issues.
Governance considerations reflect the company's aggressive
financial policies under private equity ownership, including the
recently announced distressed exchange of new equity for debt. In
addition, the company's controlled ownership limits the
independence of the company's board.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
Ratings could be downgraded if the company is unable to refinance
its 2023 debt maturities in the very near term. Ratings could also
be downgraded if the company's liquidity erodes or it experiences a
deterioration in operational performance, which could include
accelerating negative trends in sales or earnings. In addition, a
downgrade could also be warranted if the company was unable to
generate enough free cash flow to cover mandatory amortization on a
sustained basis, driving a further deterioration in liquidity.
Quantitatively, ratings could be downgraded if debt/EBITDA was
sustained above 5.5 times.
Ratings could be upgraded if Carestream is able to stabilize
earnings and improve market share in the digital radiography
segment. Quantitatively, ratings upside is dependent upon
debt/EBITDA sustained below 4.5 times.
The principal methodology used in this rating was Medical Products
and Devices published in October 2021.
Headquartered in Rochester, NY, Carestream Health, Inc. is a global
provider of medical imaging products. The company's film business
provides specialized paper to produce images from digital x-rays,
printers, non-destructive testing, dental film and contract
manufacturing. The company's medical digital business provides
digital medical imaging systems. The company's LTM revenues are
approximately $1.1 billion. Carestream is owned by affiliates of
Onex Corporation.
CARNIVAL BEVERAGES: Wins Cash Collateral Access on Final Basis
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Pennsylvania
approved the stipulation between Carnival Beverages, Inc. and
Huntington National Bank authorizing the Debtor's use of cash
collateral.
Prior to the Petition Date, the Lender made available to the Debtor
and others a term loan in the original principal amount of $626,600
evidenced by a Note dated May 24, 2016.
In connection with the Term Loan and the Term Loan Agreement, the
Debtor and Datzko Capital, LLC executed a Commercial Security
Agreement in favor of the Lender, dated May 24, 2016, which, among
other things, grants the Lender a security interest in
substantially all of the personal property of the Debtor.
The Lender perfected its first priority security interest in the
Term Loan Collateral by filing UCC-1 financing statements with the
State of Pennsylvania on May 27, 2016, as filing number
2016052700185 and 2016052700187.
Prior to the Petition Date, the Lender also extended a line of
credit to the Debtor on or about May 24, 2016 in the original
principal amount of $25,000.
The Line of Credit is further evidenced by a Loan Agreement dated
May 24, 2016, executed by the Debtor in favor of the Lender.
The Lender perfected its first priority security interest in the
Line of Credit Collateral by filing a UCC-1 financing statement
with the State of Pennsylvania on May 27, 2016 as filing number
2016052700121.
As of the Petition Date, the aggregate balance due under the Loans
owed by the Debtor to Lender is approximately $674,809, together
with interest, fees, costs and other charges accruing thereon and
with respect thereto, not including attorneys' fees and costs
incurred by Lender in connection therewith.
As adequate protection of and for the Debtor's use of cash
collateral, the Debtor will remit monthly debt service payments to
Lender on the fifth day of each calendar month following the entry
of the Stipulation and Order, according to the terms of the Loan
Documents, which are approximately $4,261 -- $4,133 per month on
the Term Loan and approximately $127 per month (varying depending
on the number of days per month) on the Line of Credit).
The Lender will retain its liens and security interests in the
Pre-Petition Collateral, including, but not limited to, its cash
collateral, and the Lender is granted valid, first, perfected and
enforceable security interests in and liens upon all post-petition
assets and property of the Debtor.
Any provision of the Stipulation and Order or the Loan Documents to
the contrary notwithstanding, if sufficient funds are not otherwise
available from the Debtor's estate, the Lender will exclude as
carve-out from its Pre-Petition Liens, the Adequate Protection
Liens, and any Superpriority claims referred to or granted therein,
and make available to the Debtor's estate for payment through the
earlier of (a) an Event of Default or (b) September 11, 2022, the
following: (i) quarterly fees required to be paid pursuant to 28
U.S.C. section 1930(a)(6); (ii) any fees payable to the Clerk of
the Bankruptcy Court or of the District Court (as applicable);
(iii) any fees payable to the Subchapter V Trustee.
These events constitute an "Event of Default:"
a. The failure to make any payment in accordance with the
Stipulation and Order;
b. The failure to grant any lien or security interest provided
for in the Stipulation and Order;
c. The failure to comply with the reporting and inspection
requirements of the Stipulation and Order;
d. The breach of any representation or warranty contained in
the Stipulation and Order;
e. The breach of any covenant contained in the Stipulation and
Order;
f. The use of cash collateral in a way that deviates from the
Budget by more than 10% for any line-item or by more than 10% in
the aggregate which continues for two consecutive months;
g. The appointment of a chapter 11 trustee;
h. The appointment of an examiner with any powers other than
those set forth in Section 1106(a)(3)-(4), unless Lender consents
to such powers; (i) the conversion of the Debtor's case to chapter
7;
j. The dismissal of the Debtor's case;
k. The granting of relief from the automatic stay to permit
any party to recover possession of any property used in the
operation of the Debtor's business;
l. One or more Events of Default under the Loan Documents;
m. The entry of an order pursuant to Section 363 of the
Bankruptcy Code approving the sale of substantially all of the
Debtor's assets;
n. The effective date of any plan of reorganization or
liquidation for the Debtor;
o. Entry of any order pursuant to Section 364 of the
Bankruptcy Code authorizing the Debtor to obtain credit absent the
written consent of Lender;
p. The automatic stay is lifted as to any party in order to
permit foreclosure on the Prepetition Collateral; and
q. The imposition of a lien against the Debtor's assets for
unpaid taxes.
The Stipulation and Order will commence upon approval by the
Bankruptcy Court, and end on the earlier to occur of (i) the date
the Debtor's Chapter 11 plan is confirmed; or (ii) October 28,
2022.
A copy of the order is available at https://bit.ly/3an1uCN from
PacerMonitor.com.
About Carnival Beverages
Carnival Beverages Inc., a manufacturer of crafted beer based in
Mittlin, Pa.,
Carnival Beverages filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 22-20472) on March
15, 2022, listing as much as $500,000 in both assets and
liabilities.
Judge Carlota M. Bohm oversees the case.
Steidl and Steinberg, P.C., led by Christopher M. Frye, Esq., is
the Debtor's legal counsel.
CHERRY MAN: Wins Continued Cash Collateral Access
-------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California,
Los Angeles Division, authorized Hamid R. Rafatjoo, the Chapter 11
Trustee of Cherry Man Industries, Inc., to use cash collateral on
an interim basis, subject to the terms, including but not limited
to the provisions of adequate protection, as set forth in the
Court's prior orders permitting use of cash collateral.
The Court said if a proposed order with an acceptable cash
collateral budget executed by counsel for the Chapter 11 Trustee,
the Official Committee of Unsecured Creditors, Cathay Bank, Dallas
County, the U.S. Small Business Administration is submitted prior
to the continued hearing set forth in the caption of the Order, the
continued hearing will be continued to July 26 at 1 p.m., with no
appearances necessary on July 8.
A copy of the order is available at https://bit.ly/3P0obeG from
PacerMonitor.com.
About Cherry Man Industries
Cherry Man Industries, Inc., sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. C.D. Calif. Case No. 22-11471) on March
17, 2022, listing $100 million to $500 million in assets and $10
million to $50 million in liabilities. Frank Lin, president of
Cherry Man Industries, signed the petition.
El Segundo, Calif.-based Cherry Man was started in 2002 by Frank
Lin. It is one of the largest nationwide importers and distributors
of office furniture case goods. It has five distribution centers
across the United States.
Judge Neil W. Bason oversees the case.
The Law Offices of Michael Jay Berger serves as the Debtor's legal
counsel.
An official committee of unsecured creditors has been appointed in
the case. The Committee has retained Kelley Drye & Warren LLP as
counsel.
CHORD ENERGY: Moody's Hikes CFR to Ba2 & Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Investors Service upgraded Chord Energy Corporation's
(Chord, previously Oasis Petroleum Inc. (Oasis)) Corporate Family
Rating to Ba2 from B1, Probability of Default Rating to Ba2-PD from
B1-PD, senior unsecured notes rating to Ba3 from B3 and Speculative
Grade Liquidity Rating to SGL-1 from SGL-2. The rating outlook was
changed to stable from positive.
This rating action follows the closing of Oasis' merger with
Whiting Petroleum Corporation (Whiting, unrated).
"Chord Energy's upgrade reflects its strong credit metrics upon
doubling its Williston Basin assets through the merger with Whiting
with no additional debt," said Amol Joshi, Moody's Vice President
and Senior Credit Officer. "Combining with Whiting considerably
enhances Chord Energy's scale and cash flow potential with
oil-focused assets, somewhat offset by the risks of its
single-basin focus and still evolving capital allocation
framework."
Upgrades:
Issuer: Chord Energy Corporation
Corporate Family Rating, Upgraded to Ba2 from B1
Probability of Default Rating, Upgraded to Ba2-PD from B1-PD
Speculative Grade Liquidity Rating, Upgraded to SGL-1 from SGL-2
Senior Unsecured Regular Bond/Debenture, Upgraded to Ba3 (LGD5)
from B3 (LGD5)
Outlook Actions:
Issuer: Chord Energy Corporation
Outlook, Changed to Stable from Positive
RATINGS RATIONALE
Chord's upgrade and stable outlook reflects its increased scale and
strong credit metrics upon combining with Whiting. The recently
completed merger with Whiting enhances Chord's cash flow generating
ability even at much less robust oil prices than current
conditions, combining its existing Williston Basin assets with
largely adjacent acreage. Following Oasis' exit from the Permian
Basin in mid-2021, it sharpens the company's focus on its legacy
area of activity. The merger enhances Chord's resilience to a range
of industry conditions and further establishes Chord's track record
of following a consistent operational strategy and conservative
financial policy post emergence from bankruptcy in November 2020.
Chord's Ba2 CFR is supported by even lower leverage metrics
following the merger with Whiting. The merger added significant
reserves and production scale without additional debt. Chord is one
of the largest oil producers in the Williston Basin. The combined
company produced 171 thousand barrels of oil equivalent per day on
a three-stream basis in the first quarter of 2022. and the benefits
of the larger scale are somewhat offset by the risks of its
single-basin focus and lack of portfolio diversification. Chord's
assets are oil-weighted with improved cash margins at higher oil
prices, and the company should generate significant free cash flow
in 2022 supported by modest capital spending. However, the combined
company is expected to return about 60% of its free cash flow to
shareholders through equity dividends and share buybacks in the
second half of 2022, and the track record of its overall capital
allocation framework, financial policy and operations following
merger integration will need to be further established over time.
This rating action reflects Chord's low leverage supported by the
scale and cash flow potential of its largely contiguous assets,
which will enhance the company's resilience and bolster its
capacity to withstand negative credit impacts from carbon
transition risks. While the financial performance of Chord will
continue to be influenced by industry cycles, compared to
historical experience, Moody's expects future profitability and
cash flow in this sector to be less robust at the cycle peak and
worse at the cycle trough because global initiatives to limit
adverse impacts of climate change will constrain the use of
hydrocarbons and accelerate the shift to less environmentally
damaging energy sources.
Chord's notes are rated Ba3, one notch below the Ba2 CFR,
reflecting the notes' junior priority claim on assets to borrowings
under the secured revolving credit facility.
Chord's very good liquidity is reflected by its SGL-1 rating and is
supported by its ability to generate meaningful free cash flow even
at oil prices in the middle of Moody's medium term oil price band.
The combined company had a robust cash balance of about $670
million immediately prior to merger closing, which is before the
payment totaling roughly $540 million for merger consideration to
Whiting shareholders and a special dividend to Oasis shareholders.
Chord's new credit facility has a borrowing base of $2 billion with
elected commitments of $800 million. The revolver matures in 2027
and was undrawn at July 1. The credit facility is subject to
financial covenants including a maximum Total Net Debt to EBITDAX
ratio of 3.5x and minimum current ratio of 1x. Moody's expects
Chord to comfortably comply with these covenants through 2023.
Chord should generate significant free cash flow in 2022 supporting
its liquidity, notwithstanding the company's meaningful commodity
hedge losses expected in 2022.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if the company further increases
scale and diversification, generating consistent free cash flow
after sufficiently reinvesting in the business, balancing
shareholder distributions and debtholders' interests while
sustaining strong credit metrics and establishing a track record at
its increased scale in the context of operating and financial
strategies. For an upgrade, the company should maintain a leveraged
full-cycle ratio (LFCR) above 2x. Ratings could be downgraded if
the company generates meaningful negative free cash flow, LFCR
approaches 1x, retained cash flow (RCF) to debt falls below 25%, or
Chord's financial policy deteriorates, such as using significant
amount of debt for acquisitions or to provide shareholder payouts.
The principal methodology used in these ratings was Independent
Exploration and Production published in August 2021.
Chord Energy Corporation, headquartered in Houston, Texas, is an
independent exploration & production company with operations
focused in the Williston Basin.
CLEARDAY INC: Sells 2 Acres of Unimproved Land in Texas for $980K
-----------------------------------------------------------------
Clearday sold on June 30, 2022 unimproved land of approximately 2
acres of property located in Cibolo, Texas that was held as
non-core assets for an aggregate gross amount of $980,000.
The sale of such land is part of the Company's previously disclosed
course of business to sell or otherwise monetize assets non-core
assets, which are the assets (1) acquired by Clearday Operations,
Inc. (formerly, Allied Integral United, Inc.), on Dec. 31, 2018,
when it began its business and that (2) are not related to its
memory care facilities or its non-acute care and wellness industry.
The Company has agreed to pay a real estate commission of 3% of
the sales price.
About Clearday
Clearday (fka Superconductor Technologies, Inc.) is an innovative
non-acute longevity health care services company with a modern,
hopeful vision for making high quality care options more
accessible, affordable, and empowering for older Americans and
those who love and care for them. Clearday has decade-long
experience in non-acute longevity care through its subsidiary
Memory Care America, which operates highly rated residential memory
care communities in four U.S. states. Clearday at Home -- its
digital service -- brings Clearday to the intersection
oftelehealth, Software-as-a-Service (SaaS), and subscription-based
content.
Clearday reported a net loss of $19.51 million for the year ended
Dec. 31, 2021, compared to a net loss of $13.78 million for the
year ended Dec. 31, 2020. As of March 31, 2022, the Company had
$46.14 million in total assets, $69.55 million in total
liabilities, $18.48 million in temporary equity, and a total
deficit of $41.89 million.
Dallas, Texas-based Turner, Stone & Company, LLP, the Company's
auditor since 2022, issued a "going concern" qualification in its
report dated April 15, 2022, citing that the Company has suffered
recurring losses from operations and has insufficient working
capital to fund future operations both of which raise substantial
doubt about its ability to continue as a going concern.
CTCW-WATERFORD EAST: Gets OK to Hire Special Counsel in CED Suit
----------------------------------------------------------------
CTCW-Waterford East, LLC received approval from the U.S. Bankruptcy
Court for the Middle District of Florida to employ Baker Donelson
Bearman Caldwell & Berkowitz, PC as special counsel.
The Debtor needs the firm's legal assistance in connection with a
case it filed against CED Capital Holdings X, LTD and SAS Waterford
East Managers, LLC (Case No. 2019-CA-002758-O) in the Circuit Court
of the Ninth Judicial Circuit, Orange County, Florida, which was
removed to the Bankruptcy Court as Adv. Proc. No.
6:22-ap-00049-TPG.
Zachary Bancroft, Esq., a partner at Baker, 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 at:
Zachary J. Bancroft, Esq.
Baker Donelson Bearman Caldwell & Berkowitz, PC
200 South Orange Avenue, Suite 2900
Orlando, FL 32801
Tel: (407) 422-6600
Email: zbancrof@bakerdonelson.com
About CTCW-Waterford East
CTCW-Waterford East, LLC, a company in El Paso, Texas, filed a
petition under Chapter 11, Subchapter V of the Bankruptcy Code
(Bankr. M.D. Fla. Case No. 22-01989) on June 3, 2022, disclosing
between $1 million and $10 million in both assets and liabilities.
L. Todd Budgen serves as Subchapter V trustee.
Judge Tiffany P. Geyer oversees the case.
Justin M. Luna, Esq., at Latham, Luna, Eden & Beaudine, LLP and
Baker Donelson Bearman Caldwell & Berkowitz, PC serve as the
Debtor's bankruptcy counsel and special counsel, respectively.
DIAMOND SCAFFOLD: May Use Cash Collateral Thru Sept 6
-----------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Alabama
authorized Diamond Scaffold Services, LLC to use cash collateral on
an interim basis in accordance with the budget through September 6,
2022.
The Debtor requires the use of cash collateral to pay its payroll,
payroll taxes, post-petition trade creditors and vendors, fuel and
transportation costs, professionals fees, and other operating
expenses necessary for the continued operation of the Debtor's
business and the management and preservation of the Debtor's assets
and properties.
The Debtor is permitted to use cash collateral for payment of its
reasonable, ordinary, and necessary business expenses as set forth
more particularly in the Budget for up to 60 days from the date of
entry of the Second Interim Cash Collateral Order, conditioned
upon:
a. the Debtor paying all adequate protection payments
contemplated therein; and
b. the Debtor operating within the Budget, subject to
reasonable variance of up to 10% per expense category. If the
Debtor determines a need to vary from the Budget as to any item in
excess of the Permitted Variances, the Debtor must provide written
notice by email to each of the Equipment Lessors and Cash
Collateral Claimants, or their counsel, if counsel has appeared. If
no objection is raised to the proposed variance within 48 business
hours, the proposed variance will be deemed approved.
Prior to June 2021, the Debtor owned scaffolding and leased it to
its customers. It now leases scaffolding from Sertant Capital, SMA
II LP I, LLC, Mazuma Capital, and First Guaranty Bank and subleases
that scaffolding to its customers.
Sertant, SMA, Mazuma, and First Guaranty Bank claim security
interests in the scaffolding and in the proceeds thereof.
Honest Funding, LLC; Cheetah Capital; Dynasty Capital 26, LLC;
Reserve Capital Management; Byrd Capital, LLC; Granite State
Services, LLC; Strategic Investments, LLC; LCF Group, Inc.; and
Imperial Funding -- which the Debtor calls "Cash Advance
Facilitators" -- may also claim to own or to have a security
interest in certain of Debtor's receivables.
Byrd Capital, LLC, Granite State Services, LLC, and Strategic
Investments, LLC are members of 3 Cajuns, LLC and consolidated
their claims against the Debtor into one promissory note in the
principal amount of $875,000 prior to the petition date.
The IRS, Alabama Department of Revenue, and the State of Texas
recorded tax liens against the Debtor prior to the Petition Date,
which may attach to the Debtor's pre-petition accounts
receivables.
The IRS, Alabama Department of Revenue, and the State of Texas
recorded tax liens against the Debtor prior to the Petition Date,
which may attach to the Debtor's pre-petition accounts receivables.
The Louisiana Department of Revenue claims a statutory lien against
the Debtor's pre-petition receivables.
The IRS, the Alabama Department of Revenue, the Louisiana
Department of Revenue, the State of Texas, and the Funders are the
"Cash Collateral Claimants."
On the petition date, the Debtor had $1,831,275 in accounts
receivable.
To provide adequate protection to those of the Cash Collateral
Claimants that have ownership claims to or valid liens on the
Debtor's cash collateral, the claimants are granted, effective as
of the date of the Interim Order, a post-petition security interest
and replacement lien on the Debtor's post-petition receivables to
the same extent, priority, and perfection status as they have valid
pre-petition liens. No recording will be required for additional
perfection of the replacement liens.
The Debtor will also pay Reserve Capital, Honest Funding, LLC,
Cheetah Capital, and Dynasty Capital 26, LLC, a pro rata share of
$10,000 prior to the final hearing on the Motion.
The monthly adequate protection payments shall be made on or before
the 15 day of each month, beginning on July 15, 2022 and continuing
until the Second Interim Cash Collateral Order expires or is
modified by further order of the Court.
In the event the Debtor's net income after payment of all costs of
sales and operating expenses set forth in the Budget exceeds
$73,378, the Debtor will pay 25% of that portion of the net income
that exceeds $73,378 to the Cash Collateral Claimants according to
the same pro rata shares. The monthly adequate protection payments
will be made on or before the last day of the month following the
month in which excess net income is determined, beginning on August
31, 2022, and continuing until the Second Interim Cash Collateral
Order expires or is modified by further order of the Court.
The pro rata share of the $40,000 adequate protection "pot" payable
to each Cash Collateral Claimant as set forth in the Second Interim
Cash Collateral Order may be modified by subsequent agreement of
the applicable claimant and the Debtor or by further order of the
Court. However, no claimant's share will be decreased without that
claimant's agreement or court order.
The final hearing on the matter is scheduled for September 12 at 2
p.m. Objections are due September 7.
A copy of the order is available at https://bit.ly/3IwscoU from
PacerMonitor.com.
About Diamond Scaffold Services
Diamond Scaffold Services LLC -- https://www.diamondscaffold.com/
-- is an authorized distributor of Ring-lock, Cup-lock, Shoring,
and Frame Scaffold.
Diamond Scaffold Services, LLC, sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D. Ala. Case No. 22-11208) on
June 21, 2022. In the petition filed by Jewell Wayne Sumrall, as
president, the Debtor estimated assets between $1 million and $10
million and liabilities between $10 million and $50 million.
Judge Jerry Oldshue oversees the case.
Alexandra K. Garrett, Esq., at Silver, Voit & Garrett, is the
Debtor's counsel. Jason R. Watkins is serving as special counsel,
representing the Debtor in various litigation.
DIAMOND SCAFFOLD: Taps Silver Voit & Garrett as Bankruptcy Counsel
------------------------------------------------------------------
Diamond Scaffold Services, LLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of Alabama to employ
Silver Voit & Garrett, Attorneys at Law, P.C. to handle its Chapter
11 case.
The firm will be paid at these rates:
Irving Silver $425 per hour
Lawrence B. Voit $425 per hour
Alexandra K. Garett $350 per hour
Matthew C. Butler $300 per hour
The firm will also be reimbursed for its out-of-pocket expenses.
The Debtor paid the firm a retainer of $90,000.
Alexandra Garett, Esq., a partner at Silver Voit & Garrett,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Alexandra K. Garett, Esq.
Matthew C. Butler, Esq.
Silver Voit & Garrett, Attorneys at Law, P.C.
4317-A Midmost Dr.
Mobile, AL 36609-5589
Tel: (251) 343-0800
Fax: (251) 251-343-0800
Email: agarrett@silvervoit.com
mbutler@silvervoit.com
About Diamond Scaffold Services
Diamond Scaffold Services, LLC -- https://www.diamondscaffold.com/
-- is an authorized distributor of Ring-lock, Cup-lock, Shoring,
and Frame Scaffold. It is based in Slidell, La.
Diamond Scaffold Services sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Ala. Case No. 22-11208) on June 21,
2022, disclosing between $1 million and $10 million in assets and
between $10 million and $50 million in liabilities. Jewell Wayne
Sumrall, president of Diamond Scaffold Services, signed the
petition.
Alexandra K. Garrett, Esq., at Silver Voit & Garrett, Attorneys at
Law, P.C. is the Debtor's bankruptcy counsel while Jason R.
Watkins, Esq., at O'Hara Watkins, LLC serves as special counsel.
DIOCESE OF ALBANY: Settles First Child Victims Act Case for $750K
-----------------------------------------------------------------
Brendan J. Lyons of Times Union reports that the Roman Catholic
Diocese of Albany recently paid $750,000 to a 47-year-old Saratoga
County man who was allegedly sexually abused as a child by a former
priest, marking the organization's first settlement in the hundreds
of pending lawsuits that were filed under New York's Child Victims
Act.
The unannounced settlement was reached in early June during
negotiations in which the diocese's attorney, Michael L. Costello,
had warned the alleged victim, Stephen J. Mittler, that if his case
remained on track for its July 25 trial date the diocese would file
for bankruptcy before a jury was picked, according to Matthew J.
Kelly, Mittler's attorney.
"Whether that was hyperbole or truth, my client opted to settle to
avoid waiting for the bankruptcy to resolve itself, which could
take years," Kelly said. "Of course, there was no way for my client
to determine whether the diocese would proceed to file for
bankruptcy to prevent him from getting his case in front of a jury.
He opted to resolve it so he did not face that possibility."
There was no confidentiality agreement as part of the settlement
but the diocese did not announce the resolution of Mittler's case.
A week ago, Bishop Edward Scharfenberger proposed a
court-supervised mediation plan to compensate the roughly 400
alleged victims of sexual abuse who have claims pending against the
diocese.
The bishop's proposal, which must be approved by a state Supreme
Court justice, would seek to "maximize the monetary recovery for
victim/survivors on a fair and equitable basis and to accelerate
the payments," according to a release distributed to dozens of
attorneys on behalf of the diocese by Costello, the diocese's
longtime attorney.
"The diocese seeks to avoid the costly expenses and prolonged
delays that would otherwise be associated with continued litigation
with plaintiffs and their counsel and insurers and their counsel or
a Chapter 11 bankruptcy reorganization case," the statement reads.
Mittler's lawsuit was filed against the diocese and 73-year-old
Mark A. Haight, of Schenectady, a former priest who was ordained in
1976 and stands accused of sexually abusing boys for more than a
decade. Haight, who will pay an additional $2,000 to Mittler under
the settlement, was shuffled through parishes and schools before
his final post at Glens Falls Hospital. Abuse allegations surfaced
at nearly every assignment; the church's response was to keep
moving Haight rather than contacting police or terminating him.
Haight was removed around 1997 from his post at Glens Falls
Hospital, where he had worked for nearly seven years without the
diocese informing hospital officials of his history. Haight
resigned from the priesthood that year, not long after the diocese
paid two settlements to his victims. One of the payments included
$997,500 made to a man who said he had been abused by the priest as
a teenager in the 1970s and '80s.
Records disclosed by the diocese during the pre-trial discovery
phase of Mittler's case indicate former Bishop Howard J. Hubbard,
who also stands accused of sexually abusing children, had twice
sent Haight to treatment programs at facilities used by the
Catholic church to treat sexually abusive clergy: House of
Affirmation in California in 1985 and Servants of the Paraclete in
New Mexico in 1989.
Diocesan officials, including Hubbard, claimed two decades ago that
Haight was working at St. Joseph's Church in Scotia when the first
sexual abuse complaint was lodged against him in 1989.
But testimony and the records turned over by the diocese during
pre-trial discovery indicate that Hubbard and church leaders had
received their first sexual misconduct complaint against Haight not
long after he was ordained more than a decade earlier. In 1980,
rather than seek treatment for alleged pedophilia as Hubbard
directed, Haight took a five-year leave of absence from the church
and landed a job teaching children. The former bishop, according to
court records, wrote a letter of recommendation for the priest
without mentioning his sexual abuse history.
Kelly said it took 13 pre-trial discovery motions to wrest Haight's
personnel records from the diocese, including a batch of "secret"
employment files that contained the details of his inpatient
treatment and alleged history of sexually abusing boys.
Mittler, who said he intends to publicly disclose more of the
details of his case soon, came forward this week after the
diocese's recent announcement that it would seek to set up a
mediation program to compensate victims rather than engage in
protracted litigation, which could prompt it to file for
bankruptcy.
He said that Scharfenberger "is in no way being genuine," and
accused Costello and another attorney for the diocese, Marie Flynn
Danek, of having "stonewalled 400 active abuse lawsuits for three
years."
"At every turn, we needed to seek judicial intervention to compel
the diocese to produce documents that they said they didn't have or
that they were concealing," Mittler said. "The diocese was never
forthcoming, and remains hidden behind meaningless pen-and-paper
announcements of compassion. The bishop and diocesan attorneys are
attempting to create their own narrative, and this cannot happen."
The diocese declined to immediately comment. Costello said
characterizations that the diocese or its attorneys stonewalled the
victim or his attorney during the pre-trial discovery process "are
entirely unfounded and incorrect."
"All aspects of the discovery process were conducted with the
oversight and guidance of the court," Costello said.
In a deposition last year, when Hubbard was asked about the
practice of moving priests accused of sexual abuse to other
parishes or assignments after some had received treatment, he
acknowledged that the diocese did that instead of calling police.
In Haight's case, he was never prosecuted for alleged wrongdoing
and is not on any sexual offender registries. His residence in
Schenectady is three blocks from a middle school.
"Well, as we've testified before, if a priest was accused of sexual
abuse and we determined that the allegation was credible, then we
would send the priest for treatment and then determine upon what
the recommendations of the treatment facility are," Hubbard
testified. "He would either return or not return."
The former bishop also said the strategy of not contacting law
enforcement or warning parishioners of abuse allegations was
intended to avoid scandal and preserve "respect for the
priesthood."
Scharfenberger's proposal to create a mediation program is being
discussed among dozens of attorneys who represent the hundreds of
alleged victims in the pending cases against the diocese.
The bishop, who took over leadership of the 14-county Albany
diocese in 2014, said last week that "two divergent courses of
action are shaping up in the diocese of Albany. One is the path of
litigation; the other is to file for bankruptcy. ... In either
scenario, the amount of funds available to be disbursed to
survivors is the same."
The Child Victims Act, signed into law in 2019, opened a "lookback
window" for previously time-barred civil claims involving sexual
abuse of minors. The initial one-year window for filing claims was
extended to August 2021 following the disruption of the court
system caused by the COVID-19 pandemic. The thousands of cases
filed statewide have already led four New York dioceses —
Rochester, Buffalo, Syracuse and Rockville Centre on Long Island
— to file for bankruptcy protection.
Although the Albany diocese has publicly supported the Child
Victims Act — after years of the Catholic church lobbying against
its passage — and attested to its efforts to help alleged
victims, its legal team has also waged a fierce battle in court to
prevent the release of many of the records that documented the
abuse and the diocese's internal handling of it.
About the Roman Catholic Diocese of Albany
Roman Catholic Diocese of Albany is a religious organization in
Albany, New York. The Roman Catholic Diocese of Albany covers 13
counties in Eastern New York, including a portion of a 14th county.
Its Mother Church is the Cathedral of the Immaculate Conception in
the city of Albany.
New York's Child Victims Act, which took effect in August 2019,
temporarily sets aside the usual statute of limitations for
lawsuits to give victims of childhood sexual abuse a year to pursue
even decades-old claims. Hundreds of new lawsuits have been filed
against churches and other institutions since the law took effect
Aug. 14, 2019.
Facing the financial weight of new sexual misconduct lawsuits, at
least four of the eight Roman Catholic dioceses in the state, has
already sought Chapter 11 protection. The dioceses that have
declared bankruptcy include the Diocese of Rochester and the
Diocese of Rockville Centre on Long Island.
DR. R'KIONE BRITTON: Seeks to Hire S.E. Cowen Law as Counsel
------------------------------------------------------------
Dr. R'Kione Britton Chiropractic Corporation seeks approval from
the U.S. Bankruptcy Court for the Central District of California to
employ S.E. Cowen Law to handle its Chapter 11 bankruptcy case.
The firm will be paid at its hourly rate of $125 and will be
reimbursed for its out-of-pocket expenses.
The retainer fee is $15,000.
Steven Cowen, Esq., a partner at S.E. Cowen Law, 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 at:
Steven E. Cowen, Esq.
S.E. Cowen Law
333 H Street, Suite 500
Chula Vista, CA 91910
Tel: (619) 202–7511
Fax: (619) 489–0431
Email: Cowen.steve@secowenlaw.com
About Dr. R'Kione Britton Chiropractic Corp.
Dr. R'Kione Britton Chiropractic Corporation is a Los Angeles-based
healthcare company offering chiropractic, spinal and joint care;
neuropathy treatment; spinal decompression; soft tissue
rehabilitation and pain relief; muscle and joint injury
rehabilitation; chronic pain relief care; posture restoration;
laser therapy; peak performance and sports injury treatment; and
scar tissue treatment.
Dr. R'Kione Britton Chiropractic sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 22-13004)
on May 31, 2022. In the petition signed by Dr. R'Kione Britton,
president, the Debtor disclosed $226,317 in assets and $1,308,118
in liabilities.
Judge Deborah J. Saltzman oversees the case.
Steven E. Cowen, Esq., at S.E. Cowen Law is the Debtor's counsel.
ECOARK HOLDINGS: Incurs $10.6 Million Net Loss in FY Ended March 31
-------------------------------------------------------------------
Ecoark Holdings, Inc. filed with the Securities and Exchange
Commission its Annual Report on Form 10-K disclosing a net loss of
$10.55 million on $25.60 million of revenues for the year ended
March 31, 2022, compared to a net loss of $20.89 million on $15.08
million of revenues for the year ended March 31, 2021.
As of March 31, 2022, the Company had $35.98 million in total
assets, $13.84 million in total liabilities, and $22.13 million in
total stockholders' equity.
Ecoark stated, "We expect that in the long term the revenue
generated operations in our oil and gas segment will continue to
provide liquidity to the Company moving forward. The Company's
capital program for production enhancement and development is
expected to be significantly focused on exploiting legacy acreage
positions that are economically viable at today's oil prices. We
anticipate that management's focus on legacy acreage enhancement
and development will positively benefit the balance sheet by
producing hydrocarbons during a time of increasing demand after the
negative impacts of COVID-19 and other geopolitical and economic
factors have driven up the prices of crude oil. We continue to
identify drilling projects and our revenue continues to experience
increases due to the price of oil, if and to the extent they remain
at relatively high levels in future periods. Supply chain issues
and inflationary concerns have not materially impacted our business
to-date, however we plan to monitor these developments and adjust
our business where management deems necessary."
"The amount and timing of our capital expenditures are largely
discretionary and within the control of our management and Board of
Directors. We could choose to defer a portion of these planned
capital expenditures depending on a variety of factors, including
but not limited to the success of our drilling activities,
prevailing and anticipated prices for oil, the availability of
necessary equipment, infrastructure and capital, the receipt and
timing of required regulatory permits and approvals, seasonal
conditions, drilling and acquisition costs and the level of
participation by other interest owners. We currently continue to
execute on our strategy to reinvest cash flow from operations to
enhance, develop and increase oil production, strengthening our
balance sheet. We intend to continue monitoring commodity prices
and overall market conditions and can adjust capital deployment in
response to changes in commodity prices and overall market
conditions."
"We monitor and adjust our projected capital expenditures for our
operations in response to the results of our drilling activities,
changes in prices, availability of financing, drilling and
acquisition costs, industry conditions, the timing of regulatory
approvals, the availability of rigs, contractual obligations,
internally generated cash flow and other factors both within and
outside our control. If we require additional capital, we may seek
such capital through traditional reserve base borrowings, joint
venture partnerships, production payment financing, asset sales,
offerings of debt and/or equity securities or other means. There
is no assurance that the needed capital will be available on
acceptable terms or at all. If we are unable to obtain funds when
needed or on acceptable terms, we may be required to curtail our
drilling programs, which could result in a loss of acreage through
lease expirations. In addition, we may not be able to complete
acquisitions that may be favorable to us or finance the capital."
A full-text copy of the Form 10-K is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001437491/000121390022037982/f10k2022_ecoarkhold.htm
About Ecoark Holdings
Rogers, Arkansas-based Ecoark Holdings, Inc., founded in 2011, is a
diversified holding company. Through its wholly-owned
subsidiaries, the Company has operations in three areas: (i) oil
and gas, including exploration, production and drilling operations
and transportation services, (ii) post-harvest shelf-life and
freshness food management technology, and (iii) financial services
including consulting, fund administration and asset management.
Ecoark Holdings reported a net loss of $12.14 million for the year
ended March 31, 2020, and a net loss of $13.65 million for the year
ended March 31, 2019.
EDWARD ZENGEL: Wins Cash Collateral Access
------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida, Fort
Myers Division, authorized Edward Zengel & Son Express, Inc. to use
cash collateral on an interim basis in accordance with the budget,
with a 10% variance.
The Debtor requires the use of cash collateral to pay ordinary and
necessary business expenses.
Synovus Bank is the Debtor's pre-petition senior secured lender.
As adequate protection for the extent of the Debtor's use of cash
collateral, Synovus will have a perfected post-petition lien
against the Prepetition Collateral to the same extent and with the
same validity and priority as the alleged prepetition lien, without
the need to file or execute any document as may otherwise be
required under applicable non-bankruptcy law. Additionally, the
Debtor will remit to Synovus $12,254 and provide an actual budget
on a biweekly basis to Synovus.
A further hearing on the matter is scheduled for July 27, 2022 at
10 a.m.
A copy of the order and the Debtor's budget for the period from
January 15 to June 25, 2022 is available at https://bit.ly/3c1Hc23
from PacerMonitor.com.
The Debtor projects $6,575,660 in total income and $6,620,303 in
total expenses.
About Edward Zengel & Son Express
Edward Zengel & Son Express, Inc., a company in Fort Myers, Fla.,
filed its voluntary petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-00001) on Jan. 1,
2022, listing up to $500,000 in assets and up to $10 million in
liabilities. Edward Zengel, Jr., president, signed the petition.
Judge Caryl E. Delano oversees the case.
The Debtor tapped Mike Dal Lago, Esq., at Dal Lago Law as legal
counsel; AG Employment Law, PLLC as special labor counsel; and The
Spires Group, PA as accountant.
ENOVA INT'L: Moody's Alters Outlook on B2 CFR to Positive
---------------------------------------------------------
Moody's Investors Service has affirmed Enova International, Inc.'s
B2 corporate family rating and B2 long-term senior unsecured
rating. Enova's outlook was changed to positive from stable.
Affirmations:
Issuer: Enova International, Inc.
Corporate Family Rating, Affirmed B2
Senior Unsecured Regular Bond/Debenture, Affirmed B2
Outlook Actions:
Issuer: Enova International, Inc.
Outlook, Changed To Positive From Stable
RATINGS RATIONALE
The ratings affirmation follows Enova's announcement of the
expansion of its secured corporate revolving credit facility by
$130 million to $440 million, along with the closing of a $420
million securitization warehouse. The transactions will provide the
firm with adequate liquidity, approximately $800 million in
aggregate, to support lending operations. At the same time, the
increased use of secured debt limits the firm's financial
flexibility.
Moody's said Enova's B2 CFR is supported by the firm's strong
profitability and capitalization, along with its flexible online
business model. The firm has maintained solid financial metrics
even as loan loss rates have risen from pandemic-era lows. The
affirmation also reflects the performance of the firm's small and
mid-sized business (SMB) lending segment, the majority of which
came from the transformative acquisition of OnDeck Capital in
2020.
The change in Enova's outlook to positive from stable reflects the
benefits of diversification stemming from the successful
integration of OnDeck. Historically, Enova's business has focused
on subprime and near prime consumer lending, a business that has
faced significant regulatory pressures at both the federal and
state level. Since 2020, SMB balances and revenues have steadily
grown, while the firm has maintained strong profitability as well
as solid capitalization and adequate liquidity to support
operations. SMB lending entails materially lower regulatory risks
relative to subprime consumer lending, a benefit to Enova's
creditors. The positive outlook reflects the expectation the firm
will continue to demonstrate strong financial performance with
respect to all of its business segments over the next 12-18
months.
At the same time, the potential for an upgrade of the CFR implied
by Enova's positive outlook does not necessarily extend to the
unsecured rating. As Enova expanded and increasingly utilized its
revolving credit facility, its funding mix has shifted away from
unsecured debt towards secured debt, a negative factor for
unsecured creditors, given their subordination to secured
creditors. The affirmation of the B2 senior unsecured rating
reflects that this negative factor is currently offset by the
improvement in the company's credit fundamentals, which are
reflected in Enova's positive outlook.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Enova's CFR could be upgraded if it is able to continue to
demonstrate strong performance with respect to all its business
segments, with net income to average managed assets (NI/AMA)
consistently at 5% or above and capitalization (measured by
tangible common equity to tangible managed assets) consistently
above 15%. Enova's senior unsecured rating could be upgraded should
its CFR be upgraded, and its funding mix shifts towards unsecured
debt and away from secured debt. However, in the event of an
upgrade of the CFR and if the secured corporate debt ratio
(outstanding balance of the revolver divided by the sum of the
unsecured debt and outstanding balance of the revolver) remains
consistently above 15%, there will likely be a one notch
differential between the CFR and the unsecured bond rating. For
example, if the CFR is upgraded to B1, and the secured corporate
debt ratio remains consistently above 15%, the senior unsecured
rating would likely remain at B2.
The ratings could be downgraded if Moody's expects Enova's NI/AMA
to fall and remain below 4% for a protracted period, or if leverage
and liquidity meaningfully deteriorate, or if the firm experiences
a material operational failure. In addition, the senior unsecured
rating could be downgraded if the positive outlook does not
ultimately result in an upgrade of the CFR and the secured
corporate debt ratio remains consistently above 15%.
The principal methodology used in these ratings was Finance
Companies Methodology published in November 2019.
ESCOBAR CONSTRUCTION: Files for Chapter 11 With $5.4-Mil. in Debt
-----------------------------------------------------------------
Escobar Construction Inc. filed for chapter 11 protection in the
Southern District of Indiana, without stating a reason. The Debtor
filed as a small business debtor seeking relief under Subchapter V
of Chapter 11 of the Bankruptcy Code.
The Debtor disclosed $0 assets, including $0 cash, against $5.410
million in liabilities, all unsecured, in its schedules attached to
the petition. The largest creditors are LeChase Construction
Services LLC (owed $3.344 million) and First Financial Bank (owed
$1.198 million), both with claims on account of a judgment against
the Debtor.
Escobar Construction estimates between 1 and 49 creditors,
according to court documents. 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
Aug. 4, 2022, at 1:00 PM Eastern via a teleconference at
877-988-1312; passcode 6679375. Proofs of claim are due by Sept.
13, 2022.
About Escobar Construction
Escobar Construction Inc. is an Indianapolis-based general
contractor.
Escobar Construction Inc. filed a petition for relief under
Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ind.
Case No. 22-02606) on July 5, 2022. In the petition filed by Johny
Escobar, as president, the Debtor estimated assets up to $50,000
and liabilities between $1 million and $10 million.
Judy Wolf Weiker has been appointed as Subchapter V trustee.
Preeti Gupta, of Preeti (Nita) Gupta, Attorney, is the Debtor's
counsel.
FIRSTENERGY CORP: Investors Lose Bid in Bribe Lawsuit
-----------------------------------------------------
Sarah Jarvis of Law360 reports that FirstEnergy Corp. shareholders
were dealt another setback in trying to finalize a $180 million
settlement when an Ohio federal judge rejected a joint bid to toss
a suit over the company's billion-dollar nuclear energy bailout
bribery scandal, saying the parties did not properly notify
shareholders about their dismissal bid and seem to be forum
shopping for settlement approval.
U.S. District Judge John R. Adams said in a Tuesday order that the
parties did not indicate that they provided shareholders with
proper notice about the proposed dismissal as required under a
federal rule of civil procedure relating to derivative cases.
A full-text copy of the report is available at
https://www.law360.com/bankruptcy/articles/1508739/firstenergy-investors-lose-bid-to-get-bribe-suit-tossed
About FirstEnergy Corp.
FirstEnergy Corp is an electric utility headquartered in Akron,
Ohio. It was established when Ohio Edison acquired Centerior
Energy in 1997. Its subsidiaries and affiliates are involved in
the distribution, transmission, and generation of electricity, as
well as energy management and other energy-related services.
In July 2021, FirstEnergy Corp. said it has agreed to pay a $230
million fine for its central role in a bribery scheme -- the goal
of which was to get legislation passed that included a $1 billion
bailout for two of its power plants in Ohio. Federal prosecutors
charged FirstEnergy, based in Akron, Ohio, with conspiring to
commit honest services wire fraud. In a deal with the Justice
department, the utility company agreed to pay the
multimillion-dollar penalty as part of a deferred prosecution
agreement.
FRONT SIGHT: Committee Hires Dundon Advisers as Financial Advisor
-----------------------------------------------------------------
The official committee of unsecured creditors of Front Sight
Management, LLC seeks approval from the U.S. Bankruptcy Court for
the District of Nevada to hire Dundon Advisers, LLC as its
financial advisor.
The firm's services include:
a. assisting in the analysis, review, and monitoring of the
restructuring process, including, but not limited to an assessment
of the unsecured claims pool and potential recoveries for unsecured
creditors;
b. developing a complete understanding of the Debtor's
business and its valuation;
c. determining whether there are viable alternative paths for
the disposition of the Debtor's assets (e.g., restructuring, sale)
from those proposed now or in the future by the Debtor;
d. monitoring, and to the extent appropriate, assisting the
Debtor in the conduct of, efforts to develop, and solicit
transactions which would support unsecured creditor recovery;
e. assisting the Committee in identifying, valuing, and
pursuing estate causes of action, including, but not limited to
relating to pre-petition transactions, control person liability;
f. assisting the Committee to address claims against the
Debtor;
g. assisting the Committee to identify, preserve, value, and
monetize tax assets of the Debtor;
h. advising the Committee in negotiations with the Debtor and
third parties;
i. assisting the Committee in reviewing the Debtor's financial
reports, including, but not limited to, statements of financial
affairs, schedules of assets and liabilities, cash budgets, and
monthly operating reports;
j. reviewing and providing analysis of any proposed disclosure
statement and Chapter 11 plan, and if appropriate, assist the
Committee in developing an alternative Plan of Reorganization and
disclosure statement;
k. attending meetings and assisting in discussions with the
Committee, the Debtor, the pre-petition and any post-petition
lenders, the U.S. Trustee, and other parties in interest and
professionals;
l. presenting at meetings of the Committee, as well as
meetings with other key stakeholders and parties;
m. performing such other advisory services for the Committee
as may be necessary or proper in these proceedings, subject to the
aforementioned scope; and
n. providing testimony on behalf of the Committee as and when
may be deemed appropriate.
The firm will be paid at these hourly rates:
Rate through July 1, 2022
to
June 30, 2022 June 30,
2023
Ahana Delwar, Associate $350 $370
Eric Reubel , Managing Director $730 $760
Matthew Dundon, Principal $790 $850
Tabish Rizvi, Senior Director $650 $760
Thomas Short, Senior Associate $450 $475
Yi Zhu, Director $550 $625
Dundon Advisers is a “disinterested person” as that term is
defined in Bankruptcy Code Section 101(14), as disclosed in the
court filings.
The firm can be reached through:
Matthew Dundon, Esq.
Dundon Advisers LLC
Ten Bank Street, Suite 1100
White Plains, NY 10606 USA
Phone: +1 (914) 341-1188
Fax +1 (212) 202-4437
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: Committee Seeks to Tap Carlyon Cica as Nevada Counsel
------------------------------------------------------------------
The official committee of unsecured creditors of Front Sight
Management, LLC seeks approval from the U.S. Bankruptcy Court for
the District of Nevada to hire Carlyon Cica Chtd., as its Nevada
counsel and co-counsel.
The firm's services include:
a. acting as designated Nevada counsel for the Committee's
lead counsel in complying with the requirements of a resident
attorney pursuant to all applicable rules, including LR IA11-2(d)
and LR 5005(b);
b. assisting and advising the Committee in its discussions
with the Debtor and other parties-in-interest regarding the overall
administration of this case and related adversary proceedings;
c. representing the Committee at hearings to be held before
this Court and communicating with the Committee regarding the
matters heard and the issues raised as well as the decisions and
considerations of this Court;
d. assisting and advising the Committee in its examination and
analysis of the conduct of the Debtor's affairs.
e. assisting and advising the Committee in its discussions
with the Debtor and other parties-in-interest regarding the
Debtor's sale process or other alternative transactions;
f. reviewing and analyzing pleadings, orders, schedules, and
other documents filed and to be filed with this Court by interested
parties in this casea; advising the Committee as to the necessity,
propriety, and impact of the foregoing upon this case; and
consenting or objecting to pleadings or orders on behalf of the
Committee, as appropriate;
g. assisting the Committee in preparing such applications,
motions, memoranda, proposed orders, and other pleadings as may be
required in support of positions taken by the Committee, including
all trial preparation as may be necessary;
h. conferring with the professionals retained by the Debtor
and other parties-in-interest, as well as with such other
professionals as may be selected and employed by the Committee;
I. coordinating the receipt and dissemination of information
prepared by and received from the Debtor's professionals, as well
as such information as may be received from professionals engaged
by the Committee or other parties-in-interest in this Chapter 11
Case;
j. participating in such examinations of the Debtor and other
witnesses as may be necessary in order to analyze and determine,
among other things, the Debtor's assets and financial condition,
whether the Debtor has made any avoidable transfers of property, or
whether causes of action exist on behalf of the Debtor's estate;
k. negotiating and, if necessary or advisable, formulating a
plan of reorganization for the Debtor, and assisting the Committee
generally in performing such other services as may be desirable or
required for the discharge of the Committee's duties pursuant to
Bankruptcy Code Section 1103;
l. performing all other necessary legal services and provide
all other necessary legal advice to the Committee in connection
with the Chapter 11 Case.
The Committee believes that Carlyon Cica is a disinterested person,
and does not hold or represent any adverse interest under Section
1103(b) with respect to the matters for which Carlyon Cica is to be
employed, as required by Bankruptcy Code Section 328(c).
Attorneys primarily be responsible for Carlyon Cica's
representation their hourly rates are:
Dawn M. Cica, Esq. $620
Candace C. Carlyon, Esq. $620
Tracy M. O'Steen, Esq. $430
The firm can be reached through:
Dawn M. Cica, Esq.
Candace C. Carlyon, Esq.
Carlyon Cica Chtd.
265 E. Warm Springs Road, Suite 107
Las Vegas, NV 89119
Phone: (702) 685-4444
Fax: (725) 220-4360
Email: DCica@CarlyonCica.com
TOSteen@CarlyonCica.com
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: Committee Taps Kelley Drye & Warren as Lead Counsel
----------------------------------------------------------------
The official committee of unsecured creditors of Front Sight
Management, LLC seeks approval from the U.S. Bankruptcy Court for
the District of Nevada to hire Kelley Drye & Warren, LLP as its
lead counsel.
The firm will render these services:
(a) advise the committee with respect to its rights, duties
and powers in this Chapter 11 Case;
(b) assist and advise the committee in its discussions with
the Debtor in connection with the administration of this Chapter 11
Case;
(c) assist the committee in its investigation of the acts,
conduct, assets, liabilities, and financial condition of the
Debtor;
(d) advise and represent the committee in connection with
matters generally arising in this Chapter 11 Case, including the
Debtor's motion to obtain post-petition financing, the chapter 11
plan and potential sale of the Debtor's assets;
(e) appear before this Court, and any other federal or state
court;
(f) prepare, on behalf of the committee, any pleadings,
including motions, memoranda, complaints, objections, and responses
to any of the foregoing; and
(g) perform such other legal services.
The firm will be paid at these hourly rates:
Partners $690 - $1,370
Special Counsel $455 - $885
Associates $475 - $785
Paraprofessionals $135 - $415
Robert LeHane, Esq., member of Kelley Dyre, assured the court that
the firm is a "disinterested person" as that term is defined in
section 101(14) of the Bankruptcy Code, and neither represents nor
holds an interest adverse to the interests of the committee, the
Debtor, or its estate with respect to the matters on which Kelley
Drye is to be employed.
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, Mr.
LeHane 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
-- Kelley Drye anticipates that the budget for committee
professionals will be governed by any order of the Court approving
DIP financing and/or the Debtor's use of cash collateral.
The firm can be reached through:
Robert LeHane, Esq.
Jason R. Adams, Esq.
Lauren S. Schlussel, Esq.
Kelley Drye & Warren, LLP
3 World Trade Center
175 Greenwich Street
New York, NY 10007
Telephone: (212) 808-7800
Facsimile: (212) 808-7897
Email: RLehane@kelleydrye.com
JAdams@kelleydrye.com
LSchlussel@kelleydrye.com
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.
GAMESTOP CORP: Names Diana Saadeh-Jajeh as Chief Financial Officer
------------------------------------------------------------------
GameStop Corp. has appointed Diana Saadeh-Jajeh as chief financial
officer, effective immediately. Ms. Saadeh-Jajeh previously held
the role on an interim basis in 2021 and most recently served as
the Company's chief accounting officer. The appointment coincides
with the Company's termination of the employment of Michael
Recupero.
Subject to his execution of a release, Mr. Recupero will be
entitled to certain remuneration, rights and benefits associated
with a termination without Cause pursuant to his offer letter. Mr.
Recupero is not entitled to any severance payments beyond what is
set forth in his offer letter from the Company.
In connection with her promotion to the role of chief financial
officer, Ms. Saadeh-Jajeh entered into a letter agreement with the
Company on July 7, 2022 describing the basic terms of her
employment, which supersedes all prior agreements or offer letters
between the parties regarding Ms. Saadeh-Jajeh's employment and
compensation. The Offer Letter provides that Ms. Saadeh-Jajeh's
starting annual salary will be $200,000. The Offer Letter also
provides that Ms. Saadeh-Jajeh will continue to be eligible for a
transformation bonus in an aggregate amount of $1,965,000 to be
paid in bi-weekly installments over a two-year period which began
on Aug. 1, 2021, subject to her continued employment with the
Company. All equity and cash incentive awards previously granted
to Ms. Saadeh-Jajeh will continue to vest in accordance with their
original terms, and Ms. Saadeh-Jajeh is entitled to an additional
grant, on July 11, 2022, of a number of restricted stock units of
the Company's Class A common stock determined by dividing
$1,000,000 by the average closing price of the Common Stock for the
30 trading days immediately preceding the grant date, which award
will vest on July 1, 2023, subject to her continued employment
through such date.
Under the Offer Letter, if Ms. Saadeh-Jajeh's employment is
terminated by the Company without Cause (as defined in the Offer
Letter), she will be entitled to receive the following severance
benefits: (i) an amount equal to six months of her base salary,
(ii) an amount equal to six months of COBRA premiums for Ms.
Saadeh-Jajeh and her eligible dependents, (iii) any transformation
bonus installments which have not already been paid, (iv) the
vesting of that portion of any equity award that was otherwise
scheduled to vest in the ordinary course during the six month
period immediately following her termination date, and (v) any
long-term incentive cash award that was otherwise scheduled to vest
in the ordinary course during the six month period immediately
following her termination date. Ms. Saadeh-Jajeh's eligibility for
these severance benefits is subject to her execution of a release
of claims against the Company and her compliance with any
applicable post-employment covenants.
About GameStop
Grapevine, Texas-based GameStop Corp. is a specialty retailer
offering games and entertainment products through its E-Commerce
properties and thousands of stores.
GameStop reported a net loss of $381.3 million in 2021, a net loss
of $215.3 million in 2020, a net loss of $470.9 million in 2019,
and a net loss of $673 million in 2018. As of Jan. 29, 2022, the
Company had $3.49 billion in total assets, $1.89 billion in total
liabilities, and $1.6 billion in total stockholders' equity.
GARUDA HOTELS: Taps Kirby Aisner & Curley as Counsel
----------------------------------------------------
Garuda Hotels, Inc. and Welcome Motels II, Inc. received approval
from the U.S. Bankruptcy Court for the Northern District of New
York to employ Kirby Aisner & Curley, LLP as legal counsel.
The firm will provide these services:
a. give advice to the Debtors with respect to their powers and
duties and the continued management of their property and affairs;
b. negotiate with creditors of the Debtors and work out a plan
of reorganization and take the necessary legal steps in order to
effectuate such a plan;
c. prepare legal papers;
d. appear before the bankruptcy court;
e. attend meetings and negotiate with representatives of
creditors and other parties in interest;
f. advise the Debtors in connection with any potential
refinancing of secured debt and any potential sale of the business
and their assets;
g. represent the Debtors in connection with obtaining
post-petition financing;
h. take any necessary action to obtain approval of a disclosure
statements and confirmation of a plan(s) of reorganization; and
i. perform all other legal services for the Debtors.
The firm will be paid at these rates:
Partners $450 to $550 per hour
Associates $295 per hour
Paraprofessionals $150 per hour
The firm will also be reimbursed for its out-of-pocket expenses.
Dawn Kirby, Esq., a partner at Kirby Aisner & Curley LLP, disclosed
in a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Dawn Kirby, Esq.
Erica R. Aisner, Esq.
Kirby Aisner & Curley, LLP
700 Post Road, Suite 237
Scarsdale, NY 10583
Tel: (914) 401-9500
Email: dkirby@kacllp.com
eaisner@kacllp.com
About Garuda Hotels
Garuda Hotels, Inc. is the operator of a Country Inn and Suites
Hotel and owns the real property upon which the hotel is located,
110 Danby Road, Ithaca, NY.
Welcome Motels II, Inc. is the operator of an Econolodge Hotel and
owns the real property upon which the hotel is located, 2303
Triphammer Road, Ithaca, NY.
Garuda and Welcome Motels II, Inc. sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No.
22-30296-5-wak) on May 13, 2022. In the petition signed by Jay
Bramhandkar, president, Garuda disclosed up to $10 million in both
assets and liabilities.
Judge Wendy A. Kinsella oversees the cases.
Erica Aisner, Esq., at Kirby Aisner & Curley, LLP is the Debtors'
counsel.
GENAPSYS INC: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: GenapSys, Inc.
200 Cardinal Way, 3rd Floor
Redwood City, CA 94063
Business Description: Genapsys is focused on the advancement of
universal access to genomic information by
delivering an affordable, scalable, and
accurate genomic sequencing ecosystem that
empowers both academic and clinical research
applications. Its system leverages a
proprietary electrical microfluidic
sequencing chip with a scalable number of
detectors, allowing for a wide range of
applications.
Chapter 11 Petition Date: July 11, 2022
Court: United States Bankruptcy Court
District of Delaware
Case No.: 22-10621
Judge: Hon. Brendan Linehan Shannon
Debtor's Counsel: Daniel J. DeFranceshi, Esq.
RICHARDS, LAYTON & FINGER, P.A.
One Rodney Square, 920 North King Street
Wilmington, DE 19801
Tel: (302) 651-7700
Email: defranceschi@rlf.com
Debtor's
Special
Litigation
Counsel and
Transactional
Counsel: WILLKIE FARR & GALLAGHER LLP
Debtor's
Investment
Banker: LAZARD FRERES & CO. LLC
Debtor's
Claims,
Noticing &
Administrative
Agent: KROLL RESTRUCTURING ADMINISTRATION LLC
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Britton Russell as chief financial
officer and treasurer.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/4NFRWZY/GenapSys_Inc__debke-22-10621__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. Foresite Capital Fund IV LP Litigation $50,000,000
c/o Foresite Capital Management
600 Montgomery Street, 45th Floor
San Francisco, CA 94111
Email: Jim@foresitecapital.com
2. CDW Direct LLC Trade Debt $348,615
PO Box 75723
Chicago, IL 60675-5723
Tel: (866) 863-9514
Email: achremittance@cdw.com
3. Paramit Corporation Trade Debt $324,625
18735 Madrone Parkway
Morgan Hill CA 95037
Tel: (408) 778-7600
Email: Inham@paramit.com
4. Toolbox Medical Innovations Trade Debt $190,790
1050 Westlakes Drive
Berwyn PA 19312
TEl: (888) 445-2333
Email: lori.stark@te.com
5. New England Biolabs Trade Debt $130,617
PO Box 3933
Boston MA 02241-3933
Tel: (978) 927-5054
Email: accountsreceivable@neb.com
6. UMC Group USA Trade Debt $129,800
488 Deguigne Drive
Sunnyvale CA 94085
Tel: (408) 523-7800
Email: ar@umc-usa.com
7. HCP Life Science REIT Trade Debt $109,235
c/o HealthPeak Properties, Inc.
HCP Life Science REIT (ACH)
1920 Main Street Suite 1200
Irvine CA 92614
Email: lisa.kuhn@cbre.com
8. Cooley LLP Trade Debt $87,063
101 California
5th Floor
San Francisco, CA 94111-5800
Tel: (415) 693-2000
Email: tgibson@cooley.com
9. Novo Construction, Inc. Trade Debt $77,966
1460 O'Brien Drive
Menlo Park CA 94025
Tel: (650) 400-3169
Email: tbriar@novoconstruction.com
10. Sada Systems Trade Debt $77,856
5250 Lankershim Blvd
Suite #620
North Hollywood CA 91601
Tel: (818) 942-2021
Email: ever.deleon@sada.com
11. IMEC VZW Trade Debt $72,675
Kapeldreef 75
B-3001 Leuven
Belgium
Tel: (408) 294-4841
Email: barbb@peninsulacrane.com
12. Willkie Farr & Gallagher LLP Trade Debt $65,482
787 Seventh Avenue
New York, NY 10019-6099
Tel: (212) 728-8000
Fax: (212) 728-8111
13. Daisho Denshi America Inc. Trade Debt $53,524
3480 Torrance Blvd Suite 206
Torrance CA 90503
Tel: (310) 543-4830
14. HDMZ (ACH) Trade Debt $43,131
Harris D. Mckinney
55 West Wacker Drive Suite 850
Chicago, IL 60601
Tel: (312) 506-5200
Email: accounting@hdmz.com
15. Westec Plastics Corporation Trade Debt $36,838
6757 Las Positas Rd
Livermore CA 94551
Tel: (925) 3400 X116
Email: lkulak@westecplastics.com
16. Stinson Communications, Inc. Trade Debt $28,750
141 Adelaide St. W
Toronto ON M5H 3L5
Canada
Tel: (437) 580-6779
Email: surbhi@stinston.com
17. Transperfect Document Trade Debt $23,965
Management, Inc.
1250 Broadway
32d Floor
New York, NY 10001
Tel: (212) 689-5555
Email: ar@transperfect.com
18. Gilmartin Group LLC Trade Debt $20,000
60 E Sir Francis Drake Blvd.
Suite 208
Larkspur CA 94939
Tel: (415) 937-5400
Email: accounting@gilmartinir.com
19. Elsevier Inc. Trade Debt $16,485
PO Box 7247-8455
Philadelphia PA 19170-8455
Email: invoicing_Americas@elsevier.com
20. Oligo Factory Inc. Trade Debt $15,675
70 Bartzak Drive
Unit #1
Holliston MA 01746
Tel: (508) 275-3561
Email: acct@oligofactory.com
GENOCEA BIOSCIENCES: Says Landlord Blocking $455K Sale of Equipment
-------------------------------------------------------------------
Genocea Biosciences Inc., which could no longer sustain its two
clinical stage cancer therapeutic programs, has decided to wind
down its business. Immediately after filing for Chapter 11
bankruptcy, the Debtor filed with the Bankruptcy Court a motion to
conduct a private sale of its equipment. The Debtor signed an
asset purchase agreement dated June 15, 2022, for Surplus solutions
to purchase the equipment for $455,000, payable upon completion of
the removal of the equipment from the Debtor's premises.
The removal of the equipment commenced the week of June 13, 2022,
and was approximately 50 percent complete when the Debtor's
landlord, 100 Discovery Park DE, LLC, denied Genocea and Surplus
Solutions unfettered access to the premises and interposed a number
of objections to the removal of the equipment. The debtor has
filed a motion to enforce the automatic stay to require Discovery
to permit unfettered access to the premises.
About Genocea Biosciences
Genocea Biosciences, Inc., is a biopharmaceutical company dedicated
to discovering and developing novel cancer immunotherapies using
its proprietary ATLASTM platform. The ATLAS platform can profile
each patient's CD4+ and CD8+ T cell immune responses to every
potential target or "antigen" identified by next-generation
sequencing of that patient's tumor.
Genocea Biosciences sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Mass. Case No. 22-10938) on July 5,
2022. In the petition signed by William Clark, president, the
Debtor disclosed up to $10 million in both assets and liabilities.
Andrew G. Lizotte, Esq., at Murphy and King, Professional Corp. is
the Debtor's counsel.
The Debtor tapped Ropes and Gray LLP as special corporate counsel,
Rock Creek Advisors, LLC as financial advisor, and Omni Agent
Solutions as notice, claims, and balloting agent and administrative
advisor.
GRACE COMMUNITY BAPTIST: Files Chapter 11 Bankruptcy Protection
---------------------------------------------------------------
Grace Community Baptist Church of Woodstock Inc., in 3737
Stilesboro Road NW, Kennesaw Georgia, has sought bankruptcy
protection in the Northern District of Georgia.
The Church disclosed $4.333 million in total assets against $2.731
million in liabilities in its schedules. It says that its place of
worship -- a 10,200 square foot sanctuary, 2,400 square foot home,
2,200 square foot metal shed building, located on 22.8 acres of
land -- is worth $4.2 million.
According to the statement of financial affairs, the Church had
revenue of $648,580 in 2021 compared with $615,961 in 2020. Gross
revenue from Jan. 1, 2022 through the filing date was $288,240.
According to court filings, Grace Community Baptist Church of
Woodstock estimates between 1 and 49 unsecured creditors. The
petition states funds will be available to unsecured creditors.
About Grace Community Baptist Church
Grace Community Baptist Church of Woodstock Inc. --
https://www.mygracerocks.org -- is a Baptist church in Kennesaw,
Georgia.
Grace Community Baptist Church of Woodstock Inc. sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case
No. 22-55046) on July 5, 2022. In the petition filed by Christopher
Chappell, as CEO, the Debtor estimated assets and liabilities
between $1 million and $10 million.
Sims W. Gordon, Jr., of The Gordon Law Firm PC, is the Debtor's
counsel.
GRANITE GENERATION: Moody's Lowers CFR, Outlook Remains Negative
----------------------------------------------------------------
Moody's Investors Service downgraded the ratings of Granite
Generation, LLC, including its corporate family rating to B1 from
Ba3, its Probability of Default rating to B1-PD from Ba3-PD and the
rating of its senior secured credit facilities to B1 from Ba3.
Granite's credit facilities are comprised of a term loan B due in
November 2026 and a $100 million revolving bank credit facility due
in November 2024. Granite's speculative grade liquidity rating is
unchanged at SGL-2. The outlook remains negative.
RATINGS RATIONALE
"The downgrade of Granite's ratings is triggered by the recent June
2022 PJM auction that resulted in lower capacity prices for the
2023/24 planning year. This comes on the heels of a more immediate
reduction in capacity prices resulting from the last auction for
the 2022/23 planning period" said Nati Martel, Vice
President-Senior Analyst. "We expect that these lower capacity
prices will contribute to a gradual deterioration in Granite's
financial performance, particularly in 2024, and a higher than
initially anticipated reliance on revenues related to energy
margins" added Martel.
Currently high power prices, Granite's three-year rolling hedging
strategy, along with the declining capacity prices will all
contribute to the growing importance of more volatile energy margin
revenues, increasing risk and weakening the company's credit
profile. Moody's anticipate that energy margins will represent over
60% of Granite's total gross margin in 2022 and 2023 compared to
less than 50% in 2020 and 2021. However, Moody's note that
currently high energy margins will also help to mitigate the drop
in the capacity prices in 2022 and 2023 and help sustain cash flow
to some degree.
Granite's liquidity is supported by a lien-based hedging strategy
that limits its requirement to post letters of credit as
collateral. Leverage has been marginally reduced by management's
decision to use around $110 million, or approximately 30% of excess
cash flow, to fund voluntarily prepayments under its term loan
portion of the credit facility over the last two years.
The negative outlook reflects the uncertainty around the outcome of
the next PJM capacity auction for 2024/2025 scheduled to take place
in January 2023. The capacity pricing resulting from this auction
will determine the severity of the decline in Granite's financial
performance and credit metrics in 2024 and thereafter.
Specifically, in the absence of a material improvement in 2024/2025
capacity prices that will start to apply during the second half of
2024 and incremental voluntary prepayments, the ratio of CFO
pre-changes in working capital (CFO pre-W/C) to debt could drop to
5% or below in 2024 compared to around 15% at year-end 2021.
Liquidity
Granite's SGL-2 speculative grade liquidity rating reflects Moody's
expectation that it will maintain a good liquidity profile over the
next twelve months such that its operating cash flow will be
sufficient to meet its debt service obligations, maintenance
capital expenditures and dividend payments to shareholders.
The SGL-2 also considers Granite's use of lien-based hedging
arrangements that have helped to limit its collateral posting
requirements and somewhat reduce its reliance on the $100 million
revolving credit portion of the credit facility. However, the
availability under the facility dropped to nearly $31 million at
March 31, 2022 compared to around $65 million available at year-end
2021 and 2020. That said, Moody's liquidity analysis also considers
that Granite's restricted cash balance approximated $76 million at
the end of the 1Q2022 (year-end 2021: $36 million). Borrowings
under the revolving credit facility are subject to material adverse
change and representation clauses; however, there are no
maintenance covenants.
Granite is subject to quarterly mandatory debt service payments
(annual payments: $14 million) and cash sweep requirements. Moody's
liquidity analysis acknowledges that Granite has made total
prepayments on top of its 1% annual mandatory payment that
aggregated nearly $95 million during the 2020-1Q2022 period.
According to the term loan agreement, Granite's cash sweep will
step up to 25% if the consolidated first lien net leverage ratio
exceeds 3.75x and 50% if it exceeds 4.50x.
Moody's liquidity analysis anticipates that any liabilities related
to the first-lien hedging arrangements will remain contingent.
These liabilities rank pari passu with the term loan and the
revolving bank credit facilities. However, Granite's assets are
more encumbered due to these liabilities.
Downgrades:
Issuer: Granite Generation, LLC
Corporate Family Rating, Downgraded to B1 from Ba3
Probability of Default Rating, Downgraded to B1-PD from Ba3-PD
Gtd. Senior Secured Term Loan B, Downgraded to B1 (LGD4) from Ba3
(LGD4)
Gtd. Senior Secured Revolving Credit Facility, Downgraded to B1
(LGD4) from Ba3 (LGD4)
Outlook Actions:
Issuer: Granite Generation, LLC
Outlook, Remains Negative
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Factors that could lead to an upgrade
Given Granite's negative outlook, an upgrade of the ratings is
unlikely in the near-term. However, a stable outlook is possible if
the January 2023 PJM capacity auction for the 2024/2025 delivery
year results in a material improvement in Granite's capacity
payments that underpins Granite's ability to report a ratio of CFO
pre-W/C (after maintenance costs) to debt between 5% and 11%. An
upgrade is possible following a credit supportive outcome of the
next capacity auction that results in capacity revenues more in
line with those recorded in 2021 and 2020. An upgrade would also
require a stronger financial profile after 2024, including a ratio
of CFO pre-W/C (after maintenance costs) to debt above 11% on a
sustained basis.
Factors that could lead to a downgrade
A downgrade of Granite's rating is possible if its ratio of CFO
pre-W/C (after maintenance costs) to debt falls below 5% and
Moody's expect it to be sustained at these weak levels. This could
occur, for example, if the January 2023 auction for the 2024/2025
delivery year does not result in a material improvement in
Granite's capacity payments and/or if a material portion of its
capacity is not able to clear the auction. A downgrade is also
possible if, against Moody's expectations, its hedging strategy
causes a material deterioration in its liquidity profile or an
increase in its encumbered asset base.
The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in May 2017.
Granite Generation, LLC (Granite) is an independent power producer
with nearly 5 GW of generating capacity. Granite is indirectly
owned by Granite Energy, LLC, (Sponsor) through Granite Generation
Holdings, LLC (Guarantor). LS Power Equity Partners III, LP owns
100% of the Sponsor.
GROWLIFE INC: CEO to Get $250K Annual Salary
--------------------------------------------
The Compensation Committee of the GrowLife, Inc. entered into an
employment agreement with David Dohrmann to serve as the Company's
chief executive officer for a term of five years, commencing July
1, 2022. Effective July 1, 2022, Mr. Dohrmann was appointed as a
Member of the Board of Directors. On Dec. 1, 2021, Mr. Dohrmann
was appointed as president of the Company.
Mr. Dohrmann will receive an annual salary of $250,000 during the
Term, subject to annual review by the Compensation Committee. Mr.
Dohrmann will earn an annual bonus equal to five percent of the
Company's EBITDA for the year starting in fiscal year 2023, payable
within 15 days of completion of audit for each fiscal year end.
Mr. Dohrmann will be eligible to receive Stock Options, Stock
Awards, Performance Based Awards or other equity incentives under
the Company's Second Amended and Restated 2017 Stock Incentive Plan
as may be determined by the Board from time to time.
In the event that Mr. Dohrmann's continuous status as employee to
the Company is terminated by the Company without Cause or Mr.
Dohrmann terminates his employment with the Company for Good Reason
as defined in the Dohrmann Agreement, in either case upon or within
twelve months after a Change in Control as defined in the Company's
Stock Incentive Plan, then 100% of the total number of equity
incentives and options will immediately become vested.
Mr. Dohrmann is entitled to participate in all group employment
benefits that are offered by the Company to the Company's senior
executives and management employees from time to time, subject to
the terms and conditions of such benefit plans, including any
eligibility requirements.
If the Company terminates Mr. Dohrmann's employment at any time
prior to the expiration of the Term without Cause, as defined in
the Dohrmann Agreement, or if Mr. Dohrmann terminates his
employment at any time for "Good Reason" or due to a "Disability",
Mr. Dohrmann will be entitled to receive (i) his Base Salary amount
through the end of the Term (or the Renewal Term, as applicable);
and (ii) his Annual Bonus amount for each year during the remainder
of the Term (or the Renewal Term, as applicable), which bonus
amount shall be equal to the greater of (A) the annual bonus amount
for the immediately preceding year, or (B) the bonus amount that
would have been earned for the year of termination, absent such
termination; and (iii) vested Options (if applicable) are fully and
immediately available.
Mr. Dohrmann is not related to any officer or director of the
Company.
Other Appointments:
In connection with Mr. Marco Hegyi's departure, Mr. Dohrmann will
serve as interim CFO until such time as the Company identifies a
qualified candidate to fill the role of CFO.
Effective July 1, 2022, the Board appointed Mr. Thom Kozik to serve
as Chairman. Mr. Kozik has been a member of the Board since Oct.
5, 2017.
About GrowLife
GrowLife, Inc. (PHOT)-- http://www.shopgrowlife.com-- focuses on
functional mushroom business opportunities. The Company sees a
growing market, intends to service its existing distribution
channel and will build on opportunities in the medicinal mushroom
industry.
GrowLife reported a net loss of $5.47 million for the year ended
Dec. 31, 2021, compared to a net loss of $6.38 million for the year
ended Dec. 31, 2020. As of March 31, 2022, the Company had $3.56
million in total assets, $9.16 million in total current
liabilities, $243,929 in total long- term liabilities, and a total
stockholders' deficit of $5.85 million.
Irvine, Calif.-based Macias Gini & O'Connell LLP, the Company's
auditor since 2021, issued a "going concern" qualification in its
report dated May 16, 2022, citing that the Company has suffered
recurring losses from operations, incurred negative cash flows from
operating activities, and has an accumulated deficit that raise
substantial doubt about its ability to continue as a going concern.
GRUPO AEROMEXICO: Poised to Exit Mexican Stock Exchange
-------------------------------------------------------
CH Aviation reports that Grupo Aeroméxico will delist from the
Mexican Stock Exchange (Bolsa Mexicana de Valores) following a
decision to this effect by an extraordinary shareholders meeting on
June 27, 2022, the airline announced.
The delisting forms part of its restructuring agreement (Joint Plan
of Reorganisation) with its creditors. It is a precursor to its
expected listing on the New York Stock Exchange by year-end.
In a statement, the airline said the delisting involves:
the cancellation of the shares registry representing its capital
stock from the Mexican securities registry (Registro Nacional de
Valores - RNV);
the delisting of such shares from the Mexican Stock Exchange;
and approval from the Mexican financing and securities commission
(Comisión Nacional Bancaria y de Valores - CNBV) for Aeroméxico
(AM, México City Int'l) to launch and implement a public
acquisition offer for the outstanding shares and, in due course,
cancel the registry of such shares.
Once it has authorisation from the CNBV, Aeroméxico will report on
the terms and scope of the public offer and its start date, the
group said in a statement.
The cancellation of the registry and delisting process is part of
the agreements achieved by Aeroméxico with its former creditors
and investors, now shareholders of the company, as part of the
Registration Rights Agreement (RRA).
"With this, the company has complied with its obligations expressly
assumed under the publicly available documents regarding its Joint
Plan of Reorganisation and related documents, which became fully
effective on March 17, 2022, including its contractual obligations
under the RRA that is part of the plan," the statement read.
In addition, Aeroméxico said it is also required to file a simple
potential registration statement of its shares before the US
Securities Exchange Commission (SEC) no later than December 30,
2022 (unless the parties extend such deadline under the RRA) as
part of the obligations of the company under the RRA.
After more than a year of negotiations with its creditors,
Aeroméxico exited US Chapter 11 bankruptcy protection on March 17,
2022. Like most airlines worldwide, Mexico's biggest airline was
hit hard by a 54.2% drop-off in travel demand in 2020, resulting
from the COVID-19 pandemic. It entered Chapter 11 on June 30,
2020, to implement financial restructuring.
Grupo Aeromexico's first quarter 2022 revenue reached MXN12.9
billion pesos (USD608 million), an 88.4% increase compared to the
same period in 2021. It reported a first-quarter 2022 operating
loss of MXN763.4 million (USD35.9 million), an improvement of
MXN2.7 billion (USD127.1 million) compared to the first quarter in
2021.
Mexico's El Pais newspaper cited Grupo Financiero Monex analyst
Brian Rodríguez predicting that Aeromexico will list on the New
York Stock Exchange before the end of 2022. He explained the
rationale: "It is more attractive for them to go to the United
States because there is much greater marketability. The North
American market is much larger, and it will be able to raise more
capital. The two main shareholders - Apollo and Delta Air Lines
(DL, Atlanta Hartsfield Jackson) - are also American."
Jorge Gordillo, director of Economic Analysis at CIBanco, said
Aeroméxico would have to recover market share lost to low-cost
carriers Volaris (Y4, México City Int'l) and VivaAerobus (VB,
Monterrey General Mariano Escobedo). For this, it needed more
stable and solid capital, he explained.
About Grupo Aeromexico
Grupo Aeromexico, S.A.B. de C.V. (BMV: AEROMEX) --
https://www.aeromexico.com/ -- is a holding company whose
subsidiaries are engaged in commercial aviation in Mexico and the
promotion of passenger loyalty programs. Aeromexico, Mexico's
global airline, has its main hub at Terminal 2 at the Mexico City
International Airport. Its destinations network features the United
States, Canada, Central America, South America, Asia and Europe.
Grupo Aeromexico and three of its subsidiaries sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 20-11563) on June 30,
2020. In the petitions signed by CFO Ricardo Javier Sanchez Baker,
the Debtors reported consolidated assets and liabilities of $1
billion to $10 billion.
The Debtors tapped Davis Polk and Wardell LLP as their bankruptcy
counsel, KPMG Cardenas Dosal S.C. as auditor, and Rothschild & Co
US Inc. and Rothschild & Co Mexico S.A. de C.V. as financial
advisor and investment banker. White & Case LLP, Cervantes Sainz
S.C. and De la Vega & Martinez Rojas, S.C., serve as the Debtors'
special counsel. Epiq Corporate Restructuring, LLC, is the claims
and administrative agent.
The U.S. Trustee for Region 2 appointed a committee to represent
unsecured creditors on July 13, 2020. The committee is represented
by Willkie Farr & Gallagher, LLP and Morrison & Foerster, LLP.
HANSABEN INVESTMENTS: Taps Bachecki Crom & Co. as Accountant
------------------------------------------------------------
Hansaben Investments, LLC and its affiliates received approval from
the U.S. Bankruptcy Court for the Northern District of California
to employ Bachecki Crom & Co., LLP as accountant.
The firm's services include:
a) preparation of monthly operating reports;
b) investigation of potential employee retention credit
refunds;
c) consultations regarding plan-related issues; and
d) cash flow and tax consultations.
Bachecki Crom & Co. will be paid at these rates:
Partners $450 to $575 per hour
Senior Accountant $340 to $425 per hour
Junior Accountant $175 to $280 per hour
The firm will also be reimbursed for its out-of-pocket expenses.
The retainer fee is $27,000.
Jay Crom, a partner at Bachecki Crom & Co., disclosed in a court
filing that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Jay D. Crom
Bachecki Crom & Co., LLP
400 Oyster Point Blvd
San Francisco, CA 94080
Tel: (415) 398-3534
About Hansaben Investments
Hansaben Investments, LLC owns a land and building located at 316
Pittman Road, Fairfield, CA having a fair market value of $9.85
million.
Hansaben Investments and its affiliate, Prithvi Investments, LLC,
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. N.D. Calif. Case Nos. 22-30258 and 22-30259) on May 25,
2022. On June 1, 2022, Rudra Investments, LLC filed its Chapter 11
petition (Bankr. N.D. Calif. Case No. 22-30275). The cases are
jointly administered under Case No. 22-30258.
In the petition filed by Hitesh Patel, Hansaben Investments
disclosed $10,030,061 in assets and $8,330,389 in liabilities.
Judge Dennis Montali oversees the cases.
The Debtors tapped Thomas Willoughby, Esq., at Felderstein
Fitzgerald Willoughby Pascuzzi Rios, LLP as legal counsel, and
Bachecki Crom & Co., LLP as accountant.
HARDIN TRUCKING: Lender Seeks to Prohibit Cash Collateral Access
----------------------------------------------------------------
People's United Equipment Finance Corporation asks the U.S.
Bankruptcy Court for the Northern District of Mississippi to
prohibit Hardin Trucking Co., Inc. from using its cash collateral
and/or conditioning its use by providing People's United with a
replacement lien and providing adequate protection payments to
People's United for the use of its other collateral which is
diminishing in value during this Chapter 11 case.
People's United executed the promissory note dated December 11,
2019, in the amount of $600,780 payable in 60 equal monthly
installments of $10,013, until the note was paid in full.
People's United perfected its security interests in the assets by
filing a UCC-l and by having its lien noted on the certificate of
titles for the chip trailers.
Hardin Trucking executed a promissory note dated January 24, 2020,
in the amount of $401,160 payable in 60 equal monthly installments
of $6,686, until the note was paid in full.
People's United perfected its security interests in the assets by
filing a UCC-1 and by having its lien noted on the certificate of
titles for the chip trailers.
On April 22, 2020, People's United and Hardin Trucking entered into
an extension of Note 1, Note 2, Security Agreement 1 and Security
Agreement 2 which extended the balance due on each note.
On January 25, 2022, People's United and Hardin Trucking entered
into an extension agreement whereby the terms of Note 1, as
previously extended by Extension No. 1, were extended.
People's United perfected its security interests in the 2006
International Tractor by filing a UCC-1 and by having its lien
noted on the certificate of titles for the 2006 International
Tractor.
On January 25, 2022, People's United and Hardin Trucking entered
into an extension agreement whereby the terms of Note 2, as
previously extended by Extension No. 1, were extended.
People's United perfected its security interests in the 2007
International Tractor by filing a UCC-1 and by having its lien
noted on the certificate of titles for the 2007 International
Tractor.
On July 5,2022, People's United filed its proof of claim in this
proceeding. Claim no. 3 on the Claims Docket. As of the petition
date, the Debtor owed People's United $686,988.98, plus
post-petition interest and attorneys' fees.
Hardin Trucking is a trucking company with over 80 trucks with
three locations in Bruce, Mississippi, Fulton, Mississippi and
Holden, Louisiana. The accounts and accounts receivable of Hardin
Trucking are subject to People's United's lien.
People's United contends that, pursuant to 11 U.S.C. section
363(b), Hardin Trucking may not use the cash collateral of People's
United without its consent or pursuant to a court order after
notice and a hearing. People's United does not consent to the use
of its cash collateral and objects to the use of the same without
Hardin Trucking providing People's United adequate protection the
use of its collateral in the form of replacement liens on the
post-petition cash collateral and adequate protection payments for
the diminution in the value of People's United's collateral.
People's United also has a lien on all other equipment of Hardin
Trucking, including the 20 chip trailers and 2 International
Tractors. People's United is entitled to adequate protection for
Hardin Trucking's use of the equipment upon which People's United
has a security interest to compensate it for the loss in value of
equipment occasioned by this bankruptcy filing.
A copy of the motion is available at https://bit.ly/3uFFp9v from
PacerMonitor.com.
About Hardin Trucking Co., Inc.
Hardin Trucking Co., Inc. sought protection under Chapter 11 of the
U.S. Bankruptcy Code (N.D. Miss. Case No. 22-11453) on June 24,
2022. In the petition signed by Harvey L. Hardin, vice president,
the Debtor disclosed up to $10 million in assets and up to $10
million in liabilities.
The Law Offices of Craig M. Peno, PLLC is the Debtor's counsel.
HARDIN TRUCKING: Taps Law Offices Of Craig M. Geno as Counsel
-------------------------------------------------------------
Hardin Trucking Co., Inc. seeks approval from the U.S. Bankruptcy
Court for the Northern District of Mississippi to hire the Law
Offices Of Craig M. Geno, PLLC as its counsel.
The firm will render these legal services:
(a) advise the Debtor regarding questions arising from certain
contract negotiations which will occur during the Debtor's business
operation;
(b) evaluate and attack claims of various creditors;
(c) appear in, prosecute, or defend suits and proceedings, and
take all necessary and proper steps and other matters and things
involved in or connected with the affairs of the Debtor's estate;
(d) represent the Debtor in court hearings and assist in the
preparation of legal papers as may be necessary in this
proceeding;
(e) advise and consult with the Debtor in connection with any
reorganization plan; and
(f) perform such other legal services on behalf of the
Debtor.
The hourly rates of the firm's counsel and staff are as follows:
Craig M. Geno, Esq. $450
Associates $250
Paralegals $200
In addition, the firm will seek reimbursement for expenses
incurred.
The firm also requires a retainer of $27,000 from the Debtor.
Craig Geno, Esq., an attorney at the Law Offices of Craig M. Geno,
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:
Craig M. Geno, Esq.
Law Offices of Craig M. Geno, PLLC
587 Highland Colony Parkway
Ridgeland, MS 39157
Telephone: (601) 427-0048
About Hardin Trucking Co.
Hardin Trucking Co., Inc. filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Miss. Case No.
22-11453) on June 24, 2022. At the time of filing, the Debtor
estimated $1,000,001 to $10 million in assets and $10,000,001 to
$50 million in liabilities. Craig M. Geno, Esq. at the Law Offices
Of Craig M. Geno, PLLC represents the Debtor as counsel.
HERC HOLDINGS: S&P Lowers Senior Unsecured Notes Rating to 'B+'
---------------------------------------------------------------
S&P Global Ratings lowered its issue-level rating on HERC Holdings
Inc.'s $1.2 billion 5.5% senior unsecured notes to 'B+' from 'BB-'
following the company's upsizing of its asset-based lending (ABL)
facility to $3.5 billion from $1.75 billion. At the same time, S&P
revised its recovery rating on the notes to '5' from '4'. The '5'
recovery rating indicates S&P's expectation for modest (10%-30%;
rounded estimated: 20%) recovery for the unsecured noteholders in
the event of a default. S&P lowered its issue-level rating to
reflect the reduced recovery prospects for HERC's senior unsecured
lenders given the larger amount of priority debt in its capital
structure.
S&P said, "We believe the company will use its increased ABL
capacity to purchase rental equipment. Under our base-case
forecast, we assume HERC will focus on expanding its rental fleet
and purchase about $1.0 billion-$1.2 billion of rental equipment in
2022 (net of proceeds from the sales of its rental equipment) and
$1.0 billion-$1.5 billion in 2023. We expect that the substantial
rental equipment purchases will cause its borrowing base to
increase to its full commitment size over the next 12 months.
"Despite some macroeconomic uncertainty, we believe the demand
prospects for the U.S. rental equipment industry remain favorable
over the next 12 months because of continued industrial and
construction activity and customers' increasing reliance on rental
equipment amid the constrained supply of new equipment from the
original equipment manufacturers (OEMs). Therefore, we forecast
HERC's fleet utilization will remain steady even when incorporating
its increased capital expenditure. This will likely enable the
company to maintain S&P Global Ratings-adjusted leverage in the
2.5x-3.0x area through 2023. Our 'BB-' issuer credit ratings and
stable outlooks on both HERC Holdings Inc. and HERC Rentals Inc.
are unchanged."
ISSUE RATINGS--RECOVERY ANALYSIS
Key analytical factors
-- HERC operates in the competitive and cyclical equipment rental
market, predominantly in the U.S. S&P's simulated default scenario
contemplates an unexpected and drastic downturn in the construction
and industrial markets that severely strains its equipment usage,
rental rates, revenue, and cash flow.
-- S&P said, "Although we believe HERC would reorganize after a
default, we use a discrete asset value (DAV) approach to analyze
the recovery prospects for general equipment rental providers. We
believe this method provides a conservative estimate of the likely
value available to creditors, though realization rates could be
lower than we assume if a large quantity of equipment floods the
market."
-- S&P said, "Our DAV approach starts with HERC's net book values
as of March 31, 2022, adjusted for the expected purchase of
additional equipment consistent with the company's plans and the
incremental borrowing capacity from the larger ABL facility. We
assume balance sheet accounts are partially diluted to reflect the
assumed loss of appraised value through additional depreciation or
expected contraction in working capital assets in the period
leading up to the hypothetical default. We then apply realization
rates to the assets, reflecting the friction of selling or the
discounts potential buyers or restructurers would apply in
distressed circumstances."
-- S&P assumes realization rates of 70% for rental equipment, 50%
for other property and nonrental equipment, 65% for inventory, and
80% for unsold accounts receivable.
Simulated default assumptions
-- Simulated year of default: 2026
-- Jurisdiction: U.S.
-- Valuation split (obligors/nonobligors): 90%/10%
-- ABL facility: 60% drawn at default. S&P assumes the company
uses the incremental draw to purchase rental equipment.
Simplified waterfall
-- Gross enterprise value: $2.54 billion
-- Net enterprise value (after 5% administrative expenses): $2.41
billion
-- Value available for first-lien debt claims: $2.39 billion
-- First-lien (ABL) debt claims: $2.14 billion
--Recovery expectations: Not applicable
-- Value available to unsecured debt claims: $267 million
-- Unsecured debt claims: $1.233 billion
--Recovery expectations: 10%-30% (rounded estimate: 20%)
Note: All debt amounts include six months of prepetition interest.
HIDILI INDUSTRY: Chapter 15 Case Summary
----------------------------------------
Chapter 15 Debtor: Hidili Industry International
Development Limited
Cricket Square, Hutchins Drive
2681
Grand Kayman KY1-1111
Cayman Islands
Type of Business: Hidili is an investment holding company that
is the ultimate parent of a large number of
direct and indirect subsidiaries. The Group
is primarily engaged in coal mine production,
mining operations, mine development, and the
manufacture and sale of clean coal and coke in
the PRC. The Group's major assets include
coal mines, coal washing plants and coal yards
in Yunnan, Guizhou and Sichuan provinces. The
Group engages in mining of raw coking coal
from its coal mines located in the Guizhou and
Sichuan Provinces, refining of the raw coking
coal into clean coal, and then selling the
coal to customers, which mostly are large
steel manufacturers in the southern PRC. The
Group also owns 50% of a coal mining joint
venture in the Yunnan Province, but the joint
venture is currently not operating.
Foreign Proceeding: High Court of Hong Kong Special Administrative
Region, Court of First Instance
Chapter 15
Petition Date: June 10, 2022
Court: United States Bankruptcy Court
Southern District of New York
Case No.: 22-10736
Judge: Hon. David S. Jones
Foreign
Representative: Chu Lai Kuen
8 Fleming Road, Rm. 1306, Tai Tung Bldg.
Wanchai, Hong Kong
Foreign
Representative's
Counsel: Stephen M. Wolpert, Esq.
DECHERT LLP
1095 Avenue of the Americas
New York, NY 10036
Tel: (212) 698-3500
Email: stephen.wolpert@dechert.com
Estimated Assets: Unknown
Estimated Debt: Unknown
A full-text copy of the Chapter 15 petition is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/FMLY53Q/Hidili_Industry_International__nysbke-22-10736__0001.0.pdf?mcid=tGE4TAMA
IBIO INC: Stockholders Approve Reverse Common Stock Split Proposal
------------------------------------------------------------------
iBio, Inc. held a special meeting of stockholders virtually on June
30, 2022, at which the stockholders:
(1) approved an amendment to the Company's Certificate of
Incorporation, as amended, to effect a reverse stock split of the
Company's issued and outstanding shares of Common Stock at the
ratio of one share of Common Stock for every 25 shares of Common
Stock, such amendment to be effected after stockholder approval
thereof only in the event the Board of Directors still deems it
advisable;
(2) did not approve an amendment to the Certificate of
Incorporation to decrease, immediately following and conditioned
upon the effectiveness of the Reverse Stock Split, the number of
authorized shares of Common Stock from 275,000,000 to 22,000,000;
and
(3) approved any adjournment or postponement of the Special
Meeting, if necessary or appropriate, to permit further
solicitation and vote of proxies in the event that there are
insufficient votes for, or otherwise in connection with, the
approval of either the Reserve Stock Split Proposal and/or the
Authorized Share Decrease Proposal.
The Company determined not to adjourn the Special Meeting in order
to allow additional time for the Company's stockholders to vote on
Proposal 2. As a result, the number of the Company's authorized
shares of Common Stock will remain at 275,000,000.
About iBio Inc.
iBio, Inc. -- http://www.ibioinc.com-- is a plant-based biologics
manufacturing company. Its FastPharming System combines vertical
farming, automated hydroponics, and novel glycosylation
technologies to rapidly deliver high-quality monoclonal antibodies,
vaccines, bioinks and other proteins. iBio is developing
proprietary products which include biopharmaceuticals for the
treatment of cancers, as well as fibrotic and infectious diseases.
The Company's subsidiary, iBio CDMO LLC, provides FastPharming
Contract Development and Manufacturing Services along with
Glycaneering Development Services for advanced recombinant protein
design.
iBio reported a net loss attributable to the Company of $23.21
million for the year ended June 30, 2021, a net loss attributable
to the company of $16.44 million for the year ended June 30, 2020,
and a net loss attributable to the Company of $17.59 million for
the year ended June 30, 2019. As of March 31, 2022, the Company
had $115.37 million in total assets, $35.99 million in total
liabilities, and $79.38 million in total equity.
IRONWOOD FINANCIAL: Wins Cash Collateral Access Thru Aug 23
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Mississippi
authorized Ironwood Financial, LLC to continue using cash
collateral on an interim basis, pursuant to the budget, through
August 23, 2022.
Specifically, during the months of July and August 2022, Worldpay
ISO, Inc., f/k/a Vantiv, Inc., f/k/a National Processing Company,
is directed to release $122,000 of any residual payments to the
Debtor in the ordinary course of Worldpay's business after
ascertaining the amount of the residual payments in accordance with
the terms of the underlying agreement between the Debtor and
Worldpay provided that the total amount of the residual payment due
to the Debtor for the applicable period is at least $122,000.
Worldpay is permitted, but not directed, to file a motion for
summary judgment in connection with the Cash Collateral Motion on
or before August 23. The Debtor will have 21 days from the date
upon which Worldpay files any motion for summary judgment in which
to file its response. If the Debtor files a response, Worldpay will
have seven days from the date upon which the Debtor files its
response to file a reply.
A further telephonic hearing on the matter is scheduled for August
23, 2022 at 10 a.m.
A copy of the order and the Debtor's budget is available at
https://bit.ly/3nNH2xP from PacerMonitor.com.
The Debtor projects $72,276 in total monthly expenses.
About Ironwood Financial
Oxford, Miss.-based Ironwood Financial, LLC sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Miss. Case No.
21-10866) on May 3, 2021. In the petition signed by John H. Lewis,
manager, the Debtor disclosed up to $10 million in assets and up to
$50 million in liabilities.
Judge Jason D. Woodard oversees the case.
Mitchell, McNutt & Sams, P.A. serves the Debtor's legal counsel.
JAFFAN INTERNATIONAL: Wins Interim Cash Collateral Access
---------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida, Tampa
Division, authorized Jaffan International, LLC to use the cash
collateral of US Foods, Inc. and Syndimate 2017 LP on a further
interim basis, retroactive to February 4, 2022.
The Debtor is permitted to use cash collateral to pay amounts
expressly authorized by the Court, one-quarter of the current and
necessary expenses set forth in the budget plus an amount not to
exceed 10% for each line item, and additional amounts as may be
expressly approved in writing by the Secured Creditors.
Moreover, the Debtor is authorized to make monthly adequate
protection payments to The Tamm Corporation, Inc. in the regular
contractual amount of $1,633. The Tamm Corporation's claim is
secured by a first position lien on the Debtor's 4COP liquor
license.
As adequate protection, the Secured Creditors will have perfected
post-petition liens against cash collateral to the same extent and
with the same validity and priority as the prepetition liens,
without the need to file or execute any document as may otherwise
be required under applicable non-bankruptcy law.
The Debtor will also maintain insurance coverage for its property
in accordance with the obligations under the loan and security
documents with the Secured Creditors.
The continued hearing on the matter is scheduled for September 29,
2022 at 10:30 a.m.
A copy of the order is available at https://bit.ly/3P9QGXk from
PacerMonitor.com.
About Jaffan International, LLC
Jaffan International, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-00459) on
February 4, 2022. In the petition signed by Ahmad Maher AlJaffan,
managing member, the Debtor disclosed up to $500,000 in both assets
and liabilities.
Judge Roberta A. Colton oversees the case.
Buddy D. Ford, Esq., at Buddy D. Ford, P.A. is the Debtor's
counsel.
JANE STREET: S&P Alters Outlook to Positive, Affirms 'BB-' ICR
--------------------------------------------------------------
S&P Global Ratings revised the outlook on New York-based trading
firm Jane Street Group LLC to positive from stable and affirmed the
'BB-' issuer credit and senior secured debt ratings.
The positive outlook reflects recent improvement in capitalization
despite a fast-expanding balance sheet, the strengthening of the
market position, and incremental improvement in the liquidity
position. S&P thinks that, if these trends continue, it could lead
them to raise the ratings. Its affirmation of the 'BB-' ratings
consider the company's highly profitable trading business,
including its leading exchange-traded fund (ETF) market-making
franchise, balanced by its high-risk appetite, volatile principal
trading business, and reliance on short-term wholesale funding.
Initially focused on equity ETF market-making and, particular, in
harder-to-price ETFs for which competition is limited by the need
to have substantial capital, Jane Street has continued to diversify
into additional asset classes such as fixed-income, options, crypto
currencies and commodities derivatives worldwide. Non-ETF trading
now accounts for most of net trading profit. Jane Street has also
expanded its client business, from portfolio trading with
institutional clients to include wholesaling U.S. equity orders for
retail brokers (although it remains much smaller in that specific
segment than the largest two incumbents in the space, Citadel
Securities and VFH Parent LLC). Jane Street seeks to provide
liquidity in all market conditions, which has so far served the
company well, with record revenues in periods of high market
volatility (such as first-quarter 2020).
S&P said, "Thanks to solid capital generation (shareholders' equity
has more than quadrupled since the end of 2019), its capital
position has improved in our view despite a fast-expanding balance
sheet and market risk. Our risk-adjusted capital (RAC) ratio was a
solid 13.8% as of March 31, 2022, and we expect it to remain above
12% this year. But given its history of very rapid growth in its
balance sheet (faster than peers), which could result in volatility
in risk-based capital (RAC) results, we view the company's risk
appetite as higher than some peers. This higher risk appetite is
further shown by Jane Street's relatively high volatility in its
trading book value-at-risk and of daily and weekly profit and loss
versus peers. We think this indicates the willingness of the
company to opportunistically seize trading opportunities and take
risks. The surge in crypto trading in 2021 also shows a high risk
appetite, in our view. In addition to potential market risk
(particularly during volatile crypto environments like today), the
fast expansion of crypto trading raises counterparty risk, to
crypto exchanges or crypto lenders/other crypto trading firms. To
reflect these risks, we fully deduct crypto long positions from our
total adjusted capital (the numerator of the RAC ratio) and we
treat secured lending in fiat currencies backed by crypto
collateral as unsecured loans. We also note that, in contrast with
Jane Street, some higher rated peers (like Citadel Securities) have
not formally started trading crypto assets.
"We think the firm has also solidified its funding and liquidity
position. Sources of stable funding include a secured term bank
loan ($2.45 billion) and $600 million of senior secured notes
issued in November 2021. The company also recently added a $250
million committed term revolver at the holding company. The ratio
of required margins to (S&P adjusted) net trading capital is below
70%--in line with market-making peers. We believe this level of
excess trading capital is needed to meet potential margin calls or
the loss of secured funding in a stress scenario.
"Our issuer credit and debt ratings on Jane Street are two notches
lower than the group credit profile, reflecting the fact that the
debt-issuing nonoperating holding company is structurally
subordinated to its operating subsidiaries and open to potential
regulatory interference in dividends to the parent.
"The positive outlook reflects recent improvements in the company's
capitalization and the strengthening of the business franchise. We
expect Jane Street to maintain solid, albeit potentially volatile,
profitability as it expands and diversifies its trading business.
We also expect the company to maintain sufficient liquidity,
including a margin to trading capital ratio consistently below
70%.
"We could revise the outlook to stable if we think the improvement
in the capital position is temporary or if liquidity were to
deteriorate; or if we expect market and credit risks related to
crypto exposures are set to expand substantially.
"We could raise the ratings in the next 12 months if we expect the
current improvement in the capital position to be sustained, with a
RAC ratio above 12% and if, at the same time, the company maintains
good liquidity (as shown by a ratio of required margins to net
trading capital consistently below 65%). We could also raise the
ratings if available liquidity at nonregulated subsidiaries grows
sufficiently to reduce the risk of potential regulatory
interference in dividends to the holding company from regulated
subsidiaries."
JOHNSON & JOHNSON: Judge Weighs Independent Cancer Claims Valuation
-------------------------------------------------------------------
Dietrich Knauth of Reuters reports that a U.S. bankruptcy judge
said on Wednesday, July 6, 2022, that he may appoint an independent
expert to assess the value of lawsuits alleging that Johnson &
Johnson's talc products caused ovarian cancer and mesothelioma.
U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey said
during a court hearing that mediation talks have thus far failed to
produce a viable framework for settling the cancer claims,
threatening to engulf the bankruptcy case of J&J subsidiary, LTL
Management LLC, in protracted litigation.
An independent valuation opinion might be a faster way to break
that impasse than either of the two paths proposed by talc
plaintiffs or LTL Management, Kaplan said.
The company has proposed a one-year process to estimate the number
and value of talc claims in bankruptcy court, while plaintiffs in
the talc lawsuits have asked the court to allow some of the
lawsuits to resume outside of the bankruptcy court.
J&J, which maintains that its Baby Powder and other talc products
are safe, assigned its talc liabilities to a new subsidiary, LTL
Management, and placed it in bankruptcy in October, pausing 38,000
lawsuits that had been filed against J&J.
The talc plaintiffs have argued that J&J's move was a "sham"
designed to protect J&J. They have appealed Kaplan's decision to
allow the bankruptcy case to block their lawsuits, and the U.S.
Department of Justice's bankruptcy watchdog has backed their
position on appeal.
Kaplan will choose a path forward at a July 26 hearing which he
views as a "turning point" in the bankruptcy case.
He promised to hear both sides then, but expressed "serious
reservations" about the plaintiffs' proposal. The judge said he was
"troubled" by the possibility that re-opening some lawsuits would
lead to duplicative litigation in multiple courts.
LTL's attorney said that he was open to Kaplan's valuation proposal
and remained confident that the mediation could still lead to a
settlement.
"We haven't lost faith in the mediation at all," LTL attorney Greg
Gordon of Jones Day said.
An attorney for the talc plaintiffs, David Molton of Brown Rudnick,
said he was disappointed by the lack of progress in mediation, and
that he believed the talks could benefit from a "reset."
Before the bankruptcy filing, J&J spent nearly $1 billion defending
itself against talc lawsuits, and settlements and verdicts cost the
company about $3.5 billion more. One verdict awarded a judgment of
more than $2 billion to 22 women, according to court records.
The case is LTL Management LLC, U.S. Bankruptcy Court for the
District of New Jersey, No. 21-30589.
For LTL: Greg Gordon of Jones Day
For Talc Claimants Committee: David Molton of Brown Rudnick;
Melanie Cyganowski of Otterbourg; Daniel Stolz of Genova Burns;
Brian Glasser of Bailey & Glasser; Lenard Parkins of Parkins &
Rubio; and Jonathan Massey of Massey & Gail
About Johnson & Johnson
Johnson & Johnson is an American multinational corporation founded
in 1886 that develops medical devices, pharmaceuticals, and
consumer packaged goods. It is the world's largest and most broadly
based healthcare company.
Johnson & Johnson is headquartered in New Brunswick, New Jersey,
the consumer division being located in Skillman, New Jersey. The
corporation includes some 250 subsidiary companies with operations
in 60 countries and products sold in over 175 countries.
The corporation had worldwide sales of $82.6 billion in 2020.
About LTL Management
LTL Management, LLC, is a subsidiary of Johnson & Johnson (J&J),
which was formed to manage and defend thousands of talc-related
claims and oversee the operations of Royalty A&M. Royalty A&M owns
a portfolio of royalty revenue streams, including royalty revenue
streams based on third-party sales of LACTAID, MYLANTA/MYLICON and
ROGAINE products.
LTL Management filed a petition for Chapter 11 protection (Bankr.
W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was
transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov.
16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time
of the filing, the Debtor was estimated to have $1 billion to $10
billion in both assets and liabilities.
The Debtor tapped Jones Day and Rayburn Cooper & Durham, P.A., as
bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon
LLP as special counsel; McCarter & English, LLP as litigation
consultant; Bates White, LLC as financial consultant; and
AlixPartners, LLP as restructuring advisor. Epiq Corporate
Restructuring, LLC, is the claims agent.
An official committee of talc claimants was formed in the Debtor's
Chapter 11 case on Nov. 9, 2021. On Dec. 24, 2021, the U.S. Trustee
for Regions 3 and 9 reconstituted the talc claimants' committee and
appointed two separate committees: (i) the official committee of
talc claimants I, which represents ovarian cancer claimants, and
(ii) the official committee of talc claimants II, which represents
mesothelioma claimants.
The official committee of talc claimants I tapped Genova Burns LLC,
Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its
legal counsel. Meanwhile, the official committee of talc claimants
II is represented by the law firms of Cooley LLP, Bailey Glasser
LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and
Sherman Silverstein Kohl Rose & Podolsky P.A.
JUUL LABS: Taps Centerview to Raise Financing
---------------------------------------------
Eliza Ronalds-Hannon of Bloomberg News reports that Juul Labs Inc.
is working with bankers at Centerview Partners to help raise
financing as it faces consumer lawsuits and an attempt by federal
regulators to ban its e-cigarettes from the US market, according to
people with knowledge of the matter.
Juul also is getting litigation and restructuring advice from
Kirkland & Ellis and Alvarez & Marsal, said the people, who asked
not to be identified because they aren't authorized to speak. The
company is weighing options including a potential bankruptcy
filing, which could change depending on the outcome of its appeal
of the Food and Drug Administration's ban.
A full-text copy of the Bloomberg article is available at
https://www.bloomberg.com/news/articles/2022-07-06/juul-taps-advisers-for-financing-amid-stay-on-fda-ban#xj4y7vzkg
About Juul Labs Inc.
JUUL Labs, Inc., formerly known as Pax Labs, Inc., is an American
electronic cigarette company, with its principal place of business
in San Francisco, California.
KHAF CORP: Court OKs Cash Collateral Access on Final Basis
----------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas, Fort
Worth Division, authorized Khaf Corporation to use cash collateral
on a final basis in accordance with the budget, with a 15%
variance.
An immediate and critical need exists for the Debtor to obtain
funds to continue operating its business.
The U.S. Small Business Administration and New Plan Investments LLC
are the Debtor's secured creditors. Both assert liens on the
Debtor's personal property including accounts.
As adequate protection for the diminution in value of the Secured
Lenders' interests, the Secured Lenders are granted replacement
liens and security interests, in accordance with Bankruptcy Code
Sections 361 and 363, co-extensive with their pre-petition liens.
The replacement liens granted to the Secured Lenders are
automatically perfected without the need for filing of a UCC-1
financing statement with the Secretary of State's Office or any
other such act of perfection.
During the pendency of the order, the Debtor will maintain
insurance on the Secured Lenders' collateral and pay taxes when
due. The automatic stay under Section 362(a) of the Bankruptcy Code
will be modified to the extent necessary to permit the Secured
Lenders to retrieve, collect and apply payments and proceeds in
respect of the Pre-petition Collateral and Post-petition Collateral
in accordance with the terms and provisions of the Order.
A copy of the order and the Debtor's budget is available at
https://bit.ly/3PjIK5O from PacerMonitor.com.
The Debtor projects $100,000 in income and $19,204 in total
expenses.
About Khaf Corporation
Khaf Corporation operates a flooring and remodeling business with
three locations in the D/FW Metroplex in Texas. The Debtor sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
N.D. Tex. Case No. 22-40941) on April 27, 2022. In the petition
signed by Jessica Concepcion, owner, the Debtor disclosed up to $1
million in assets and up to $10 million in liabilities.
Judge Edward L. Morris oversees the case.
Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC is the
Debtor's counsel.
LASERSHIP INC: S&P Alters Outlook to Negative, Affirms 'B-' ICR
---------------------------------------------------------------
S&P Global Ratings revised its outlook to negative from stable and
affirmed all ratings on Parcel delivery company LaserShip Inc.,
including its 'B-' issuer credit rating.
S&P said, "There is no change to our '3' recovery rating on the
company's first-lien debt or the '6' recovery rating on the
second-lien debt. However, we revised our rounded estimate on the
first-lien debt to 50% from 60% due to additional debt associated
with the company's new receivables securitization facility.
"The negative outlook reflects our expectation that we could lower
our rating if the company experiences additional operational
disruptions or is unable to execute on its expansion plans such
that credit metrics do not improve in line with our current
forecast or liquidity becomes constrained.
"We believe the company faces execution risk around its plan to
increase capacity ahead of the 2022 peak holiday season.In early
December 2021, traffic congestion related to LaserShip's primary
sort center in the northeastern U.S. caused the local municipality
to shut down the facility for about a week. This disruption led
customers to divert business, while the company had already added
staff and transportation capacity to handle the peak season.
Consequently, the company's profitability was significantly lower
in 2021 than we previously expected. Furthermore, volumes did not
fully recover until May 2022, leading to lower-than-expected
revenue and profitability through the first quarter."
The company has taken several steps to improve operations, with a
primary focus on the expansion of its sort center in Columbus, Ohio
and the addition of a new automated facility in Logan, N.J. The
company also has hired additional staff focused on operations and
network design. At the same time, the company plans to launch
transcontinental service later this year and expand into Texas by
the first half of 2023. Although these expansion plans could
support volume growth, S&P believes they also increase execution
risk surrounding the projects that it views as necessary for
improving service ahead of the peak season later this year.
Additional material disruptions could hurt LaserShip's reputation
and lead to permanent customer attrition.
S&P said, "We forecast the company will generate negative FOCF in
2022 due in part to elevated capital expenditures (capex).
LaserShip's plans to improve operating efficiency through automated
equipment and new sort centers, as well as its expansion into new
regions, will require significant investment in 2022. We anticipate
total capex will increase to at least $115 million this year from
around $40 million in 2021. At the same time, we also expect
significant working capital outflows, especially during the peak
season, due in part to the timing of payments it receives from
shipping customers and growth in the business following its
acquisition of OnTrac, another parcel delivery company in Oct.
2021. As a result, our base case scenario assumes the company will
generate substantially negative FOCF this year of approximately
negative $175 million. In order to finance this shortfall,
LaserShip entered into a new receivables securitization facility
with a borrowing capacity of up to $250 million during peak season.
Our base case scenario assumes this facility will be fully drawn at
year-end. However, we also assume that FOCF will improve to around
breakeven on a lease-adjusted basis in 2023, as working capital
uses normalize and capex declines to around $65 million.
"We believe the company faces a more difficult macroeconomic
environment.S&P Global economists forecasts lower U.S. economic
growth in 2022 and 2023, as the effects of inflation and rising
interest rates take hold. We also forecast lower consumer-spending
growth. Despite these challenging conditions, we believe LaserShip
will likely continue to grow volumes (albeit at a lower rate),
given its position as a lower-cost alternative to larger parcel
delivery companies such as FedEx Corp. and United Parcel Service
Inc. Therefore, assuming the company does not experience any
material disruptions, we forecast revenue will grow around 30% on a
pro forma basis in 2022 and in the high-single-digit percent area
in 2023.
"Nonetheless, we expect rising base rates, along with incremental
debt associated with its new securitization facility, will weigh on
cash flows and certain credit metrics. The company's capital
structure consists mainly of floating rate debt. Its first lien
term loan bears interest at LIBOR plus 4.5%, and its second lien
term loan bears interest at LIBOR plus 7.5%. While we forecast debt
to EBITDA will improve to around 7x in 2023 from around 8x in 2022,
we forecast funds from operations (FFO, which we define as EBITDA
minus cash interest and taxes) to debt will remain in the
mid-single-digit percent area over the same period.
"The negative outlook reflects our expectation that LaserShip's
leverage will remain elevated through 2022 following the
operational disruptions the company experienced late in the prior
year. Although we forecast credit metrics will improve in 2023, we
believe this improvement is somewhat contingent on the opening of
new sorting centers and execution in the peak season. We also
believe LaserShip will benefit from volume growth despite
expectations for lower consumer spending, as the company's
lower-cost services allow it to gain market share. We forecast debt
to EBITDA will improve to around 7x in 2023 from around 8x in 2022
and funds from operations (FFO) to debt will remain in the
mid-single-digit percent area over the same period.
"We could lower our ratings if we expect LaserShip's liquidity will
become constrained, or we come to view the company's capital
structure as unsustainable."
ESG Credit Indicators: E-2; S-2; G-3
LCN PARTNERS: Wins Cash Collateral Access Thru Oct 14
-----------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Pennsylvania
authorized LCN Partners, Inc., to use cash collateral in accordance
with the budget, with a 10% variance through October 15, 2022.
The Debtor requires immediate authority to use cash collateral to
continue its business operations without interruption toward the
objective of formulating an effective plan of reorganization. The
Debtor's use of cash collateral is necessary to avoid immediate and
irreparable harm to the estate pending a final hearing. The amount
of cash collateral authorized to be used pending a final hearing or
entry of a final order is not to exceed $800,215 on an aggregate
basis, for the time period from July 6 to October 14.
As adequate protection for the use of cash collateral, secured
creditors are granted a replacement perfected security interest
under Section 361(2) of the Bankruptcy Code to the extent the cash
collateral is used by the Debtor, to the extent and validity and
with the same priority in the Debtor's post-petition collateral,
and proceeds thereof, the Secured Creditors may have held in the
Debtor's pre-petition collateral. To the extent any other creditor
holds or asserts a lien position in cash collateral, such creditor
will receive a replacement lien to the same extent, priority and
validity as it existed prior to the Petition Date.
To the extent the adequate protection provided proves insufficient
to protect the interest of parties found to have an interest in and
to the cash collateral, they will have a super-priority
administrative expense claim.
The replacement liens and security interests granted are
automatically deemed perfected upon entry of the Order without the
necessity of the Secured Creditors taking possession, filing
financing statements, mortgages or other documents only to the same
extent priority and validity as existed pre-petition.
A copy of the order is available at https://bit.ly/3Ay6VJG from
PacerMonitor.com.
About LCN Partners, Inc.
LCN Partners, Inc. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Pa. Case No. 22-10665) on March 17,
2022. In the petition signed by Joseph E. Robbins, president, the
Debtor disclosed up to $1 million in both assets and liabilities.
Judge Ashely M. Chan oversees the case.
Albert A. Ciardi III, Esq., at Ciardi Ciardi and Astin is the
Debtor's counsel.
LOPSANG CONSTRUCTION: Wins Cash Collateral Access Thru July 28
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida,
Orlando Division, authorized Lopsang Construction Services, LLC to
use cash collateral on an interim basis to pay it normal monthly
operating expenses pursuant to the revised Cash Collateral Budget
until the continued hearing date.
The continued hearing date is scheduled for July 28, 2022 at 1:30
p.m.
As adequate protection, the U.S. Small Business Administration and
ENGS Commercial Finance Co. will each have a replacement lien on
its post-petition cash collateral to the same extent and with the
same validity and priority as their prepetition liens, without the
need to file or execute any documents as may otherwise be required
under applicable non-bankruptcy law.
On the first day of each month until confirmation of a plan,
dismissal of this case, or conversion to Chapter 7, ENGS will
receive monthly payments in the amount of $3,500 as adequate
protection in addition to the replacement lien. The Adequate
Protection payments will be applied to the allowed claim of ENGS.
The Debtor must maintain insurance coverage for its property and
operations in accordance with their obligations as
debtors-in-possession and as required under the loan and security
documents with the Secured Creditors. Proof of coverage will be
provided upon request.
A copy of the order and the Debtor's July 2022 budget is available
at https://bit.ly/3nZxTCl from PacerMonitor.com.
The Debtor projects $79,134 in total income and $25,350 in total
expenses.
About Lopsang Construction Service, LLC
Lopsang Construction Service, LLC sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-01879)
on May 25, 2022. In the petition filed by Angel G. Arias, manager,
the Debtor disclosed up to $500,000 in assets and up to $1million
in liabilities.
Judge Tiffany P. Geyer oversees the case.
Justin M. Luna, Esq., at Lathan Luna Eden and Beaudine LLP is the
Debtor's counsel.
LTL MANAGEMENT: Heads to Pivotal Chapter 11 Hearing
---------------------------------------------------
Vince Sullivan of Law360 reports that the New Jersey bankruptcy
judge presiding over the Chapter 11 case of Johnson & Johnson's
talc unit, LTL Management, urged the debtor, its insurers and the
committee representing thousands of talc injury claimants to
continue meaningful engagement in mediation ahead of a critical
hearing set for later this July 2022.
U.S. Bankruptcy Judge Michael B. Kaplan made the comments during a
virtual case status conference for LTL Management LLC Wednesday,
saying he has received reports from the co-mediators facilitating
settlement negotiations indicating that the parties have come to an
impasse in those talks.
A full-text copy of the report is available at
https://www.law360.com/bankruptcy/articles/1509031/j-j-talc-unit-headed-for-pivotal-ch-11-hearing
About LTL Management
LTL Management, LLC, is a subsidiary of Johnson & Johnson (J&J),
which was formed to manage and defend thousands of talc-related
claims and oversee the operations of Royalty A&M. Royalty A&M owns
a portfolio of royalty revenue streams, including royalty revenue
streams based on third-party sales of LACTAID, MYLANTA/MYLICON and
ROGAINE products.
LTL Management filed a petition for Chapter 11 protection (Bankr.
W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was
transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov.
16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time
of the filing, the Debtor was estimated to have $1 billion to $10
billion in both assets and liabilities.
The Debtor tapped Jones Day and Rayburn Cooper & Durham, P.A., as
bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon
LLP as special counsel; McCarter & English, LLP as litigation
consultant; Bates White, LLC as financial consultant; and
AlixPartners, LLP as restructuring advisor. Epiq Corporate
Restructuring, LLC, is the claims agent.
An official committee of talc claimants was formed in the Debtor's
Chapter 11 case on Nov. 9, 2021. On Dec. 24, 2021, the U.S. Trustee
for Regions 3 and 9 reconstituted the talc claimants' committee and
appointed two separate committees: (i) the official committee of
talc claimants I, which represents ovarian cancer claimants, and
(ii) the official committee of talc claimants II, which represents
mesothelioma claimants.
The official committee of talc claimants I tapped Genova Burns LLC,
Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its
legal counsel. Meanwhile, the official committee of talc claimants
II is represented by the law firms of Cooley LLP, Bailey Glasser
LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and
Sherman Silverstein Kohl Rose & Podolsky P.A.
About Johnson & Johnson
Johnson & Johnson is an American multinational corporation founded
in 1886 that develops medical devices, pharmaceuticals, and
consumer packaged goods. It is the world's largest and most broadly
based healthcare company.
Johnson & Johnson is headquartered in New Brunswick, New Jersey,
the consumer division being located in Skillman, New Jersey. The
corporation includes some 250 subsidiary companies with operations
in 60 countries and products sold in over 175 countries.
The corporation had worldwide sales of $82.6 billion in 2020.
MASTER EQUITY: Hires CMM & Associates as Financial Advisor
----------------------------------------------------------
Master Equity Group, LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of Michigan to employ CMM &
Associates as financial advisor.
The firm will provide these services:
a. provide assistance to management in connection with the
Debtor's preparation and development of its rolling 13-week cash
receipts and disbursements forecasting tool, designed to provide
on-time information related to the Debtor's liquidity;
b. assist the Debtor in developing an actual to forecast
variance reporting mechanism including written explanations of key
differences;
c. provide assistance to management in connection with the
Debtor's development of its revised business plan, and such other
related financial forecasts as may be required in connection with
the negotiation and preparation of a Plan of Reorganization or for
other corporate purposes;
d. assist management of the Debtor in the design and
implementation of a restructuring strategy designed to maximize
enterprise value, taking into
account the unique interests of all constituencies;
e. advise senior management in the negotiation and
implementation of restructuring initiatives and evaluation of
strategic initiatives;
f. assist in negotiations with stakeholders and their
representatives;
g. assist the Debtor in other business and financial aspects of
a Chapter 11 proceeding, including, but not limited to, development
of a Disclosure Statement and Plan of Reorganization;
h. assist with such other matters as may be requested that fall
within the firm's expertise and that are mutually agreeable.
The firm will be paid at the rate of $300 per hour, and a retainer
of $5,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Chuck Mouranie, a partner at CMM & Associates, disclosed in a court
filing that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Chuck Mouranie
CMM & Associates
43313 Woodward Ave # 1189
Bloomfield Hills, MI 48302
Tel: (248) 767-9492
Fax: (248) 562-1959
Email: cmouranie@cmmengllc.com
About Master Equity Group
Master Equity Group, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Mich. Case No. 22-00818) on April 20,
2022, listing up to $500,000 in both assets and liabilities. Adam
Tucker, chief executive officer, signed the petition.
Judge John T. Gregg oversees the case.
The Debtor tapped Steinberg Shapiro & Clark and Robert Bassel,
Esq., as the Debtor's legal counsel.
MATHESON FLIGHT: Court OKs Deal on Cash Collateral Access
---------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of California,
Sacramento Division, authorized Matheson Flight Extenders, Inc. and
Matheson Postal Services, Inc. on an interim basis.
The Court will conduct a hearing on July 27, 2022, at 11 a.m. to
consider final approval of the Cash Collateral Stipulation, the
granting of adequate protection to Bank of America, and continued
use of cash collateral. All creditors and parties in interest may
object to the Cash Collateral Stipulation, the provisions of this
order, or the Debtors' use of cash collateral in connection with
the Final Hearing. Any objections will be filed and served on
counsel for the Debtors, Bank of America, N.A. and Banc of America
Leasing & Capital LLC, the Official Committee of Unsecured
Creditors, and the Office of the United States Trustee on or before
July 21, 2022.
Unless modified by a subsequent order entered after the Final
Hearing, Matheson Flight Extenders, Inc. is authorized to use cash
collateral through the Termination Date consistent with the terms
and conditions and subject to the limitations set forth in the Cash
Collateral Stipulation.
Matheson Postal Services, Inc. is authorized to use cash collateral
through the Termination Date consistent with the terms and
conditions and subject to the limitations set forth in the Cash
Collateral Stipulation. Prior to the Final Hearing, the OCUC will
be permitted to seek emergency relief requesting that the Court
terminate the Debtors' interim authorization to use cash collateral
on one business days' notice to the Debtors, BofA, and the Office
of the United States Trustee.
The Debtors will only use the cash collateral for working capital
purposes, the payment of certain obligations in accordance with the
relief authorized by the Court, and to conduct the Chapter 11 cases
described in the budget; provided, however, that the Debtors will
be permitted without BofA's consent or further Court order to
expend amounts within the Line Item Variance and Total Budget
Variance.
The Budget may be revised, updated, and modified through the
Termination Date, by: (i) consensual agreement between the Debtors,
BofA, and the OCUC or (ii) by further order of the Court.
As adequate protection for, and to the extent of, any diminution in
the value of BofA's secured claim existing as of May 5, 2022
resulting from the Debtors' use of cash collateral pursuant to the
order and any prior agreement with BofA, BofA is granted valid and
perfected, replacement security interests in and liens on all
postpetition assets.
The Replacement Liens will attach to all properties of the Debtors
of any kind or nature.
To the extent the Replacement Liens together with any other lien
granted by Debtors for the benefit of BoA is insufficient to
adequately protect the BofA Secured Claim against any diminution in
value as it existed on May 5, 2022, resulting from use of cash
collateral, then BofA will also be allowed an administrative
priority claim in accordance with the provisions of Bankruptcy Code
section 507(b) for any deficiency.
Any replacement or additional liens or administrative claim granted
to BofA in this order, the Cash Collateral Stipulation or any other
stipulations for use of cash collateral between the Debtors and
BofA will be of the same extent, validity and priority as the
prepetition lien of BofA, if any.
The Replacement Liens and any Bankruptcy Code section 507(b) claim
that may arise in favor of BofA will be subordinate in payment to
any fees payable by the Debtors under 28 U.S.C. section 1930(a)(6),
and to the payment of compensation and expense reimbursement to any
trustee hereafter appointed in this action.
As further adequate protection in respect to the security interests
relating to the equipment evidenced by Equipment Note No. 4 granted
by MFE, BofA will be entitled to a monthly payment of $17,812 to
compensate BofA for the diminution of the value of such equipment
though its continued use.
The Debtors' authorization to use cash collateral under the Cash
Collateral Stipulation may be terminated after the occurrence and
continuance of any of the following events (unless waived by BofA
"Events of Default") beyond any applicable grace period as follows:
a. A violation by the Debtors of the terms of the Cash
Collateral Stipulation;
b. Failure of the Debtors to comply with the Budget (within
the Permitted Variance, unless agreed to by BofA or permitted by
order of the Court);
c. Failure of the Debtors to comply with the Reporting
Requirements if such failure will continue unremedied for more than
five business days; or
d. The conversion of the Debtors' cases to proceedings under
Chapter 7 of of the Bankruptcy Code.
A copy of the order and the Debtor's 13-week budget is available at
https://bit.ly/3uzfrV5 from PacerMonitor.com.
The budget provides for total cash outflows, on a weekly basis, as
follows:
$3,183,792 for the week ending June 10, 2022;
$3,716,492 for the week ending June 17, 2022;
$2,961,125 for the week ending June 24, 2022;
$3,968,775 for the week ending July 1, 2022;
$3,664,542 for the week ending July 8, 2022;
$2,361,125 for the week ending July 15, 2022;
$2,711,125 for the week ending July 22, 2022;
$2,631,125 for the week ending July 29, 2022;
$5,030,370 for the week ending August 5, 2022;
$2,673,125 for the week ending August 12, 2022;
$2,361,125 for the week ending August 19, 2022;
$2,693,625 for the week ending August 26, 2022; and
$4,903,392 for the week ending September 2, 2022
About Matheson Flight Extenders, Inc.
Matheson Flight Extenders, Inc. and Matheson Postal Services, Inc.
provide short and long-haul transportation, logistics and ground
handling services. The Debtors sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 22-21148)
on May 5, 2022. In the petition signed by Charles J. Mellor, chief
restructuring officer, the Debtors disclosed up to $50 million in
both assets and liabilities.
Judge Christopher M. Klein oversees the case.
Gregory C. Nuti, Esq., at Nuti Hart LLP is the Debtors' counsel.
MCCLATCHY COMPANY: Moody's Upgrades CFR to B3, Outlook Stable
-------------------------------------------------------------
Moody's Investors Service upgraded The McClatchy Company, LLC's
corporate family rating to B3 from Caa1 and probability of default
rating to B3-PD from Caa1-PD. Moody's also upgraded the company's
term loan due 2026 to B1 from B3. The outlook is stable.
The upgrades reflect faster than previously expected earnings
improvement that in combination with asset sales led to $117
million in first lien debt repayments over the past 12 months and
leverage reduction to 1.5x as of LTM Q1 2022 from 6.9x at the same
time last year. The repayment reduced total reported debt by about
42% over the past four quarters, demonstrating management's
commitment to delevering. Despite strong credit metrics, the
company's long-term financial policy under the private equity
ownership remains uncertain, constraining the rating. Governance
considerations are key factors in the rating actions.
Moody's expects that McClatchy's already implemented cost
reductions, lower debt service burden and continued solid operating
performance through 2022 will help withstand macroeconomic
headwinds. McClatchy's reported positive operating cash flows of
$78 million for the twelve months ending March 2022, compared to
negative cash flows in the same period last year as it grew
consolidated adjusted EBITDA by 53% despite a 12% decline in
revenue.
Upgrades:
Issuer: McClatchy Company, LLC (The)
Corporate Family Rating, Upgraded to B3 from Caa1
Probability of Default Rating, Upgraded to B3-PD from Caa1-PD
Senior Secured Term Loan, Upgraded to B1 (LGD2) from B3 (LGD3)
Outlook Actions:
Issuer: McClatchy Company, LLC (The)
Outlook, Remains Stable
RATINGS RATIONALE
McClatchy's B3 CFR reflects the ongoing secular decline in the
company's core print business and execution risks associated with
converting print circulation to a sustainable and profitable
digital platform. McClatchy faces secular declines in its print and
advertising focused activities as consumer preferences continue to
gravitate towards digital media and advertisers shift to more
efficient, high returning ad channels to reach their customers.
McClatchy's share of digital revenue is growing but remains low. As
of Q1 2022 the company generated roughly 28% from digital-only
products and 55% from digital including digital/print bundles.
The B3 CFR also reflects governance risks stemming from
concentrated ownership by the private equity sponsor, Chatham Asset
Management, LLC., which raises the potential for levering
transactions. This is counterbalanced by the company's financial
strategy focused on debt repayment currently and over the next
12-18 months, a prudent strategy considering the secular business
risks facing the company.
McClatchy's credit profile benefits from one of the largest
portfolios of newspaper assets in the U.S. The company's print and
online operations deliver locally oriented content and advertising
to a broad audience. McClatchy has good geographic diversification
with 30 newspaper and affiliated media companies located in 14
states across the United States. The company has the potential to
mitigate the revenue impact from the decline in print circulation
by growing digital consumer revenue through migration of current
print subscribers to digital, capturing new subscribers by
providing differentiated news and information products, and
targeted, premium pricing tactics across its media portfolio.
The B1 rating on the term loan reflects the probability of default
of the company, as reflected in the B3-PD probability of default
rating, an average expected family recovery rate of 50% at default,
and the term loan's ranking in the capital structure ahead of $108
million of the 1.5-lien senior secured PIK Toggle notes due 2027.
Having repaid $136 million of the term loan since its launch in
September 2020, McClatchy's remaining term loan balance ($36
million as of March 28, 2022) is small relative to the amount of
junior debt. This affords significant protection in the potential
case of default and results in a two notch differential between the
CFR and the term loan rating. The term loan ranks junior to the ABL
facility (unrated), which benefits from a priority claim on the ABL
collateral.
Moody's expects that the company will maintain good liquidity over
the next year, driven by positive cash flow generation in the
$70-$80 million range annually in 2022 and 2023 despite rising
macroeconomic headwinds. Moody's expects that excess cash will
continue to be prioritized for debt reduction. The company's
liquidity profile is constrained by limited borrowing capacity
under the $50 million ABL facility maturing in September 2023.
There was $11 million and $8 million of borrowing capacity at
December 31, 2021 and March 31, 2022, respectively, with no
borrowings outstanding. Given some seasonality of the business,
with accounts receivable and inventory being highest at the end of
Q4, Moody's expects that the borrowing base will fluctuate between
$10-$20 million over the next 12-18 months, which provides a
limited source of external liquidity.
The term loan is governed by a first lien net leverage maintenance
covenant. The covenant stepped down to 3.5x for the quarter ending
June 2022 and thereafter. The net leverage ratio was 0.19x as of Q1
2022. Moody's expects McClatchy to maintain ample headroom over the
covenant requirement until the term loan is redeemed in full.
The stable outlook reflects Moody's expectations that the company
will maintain good liquidity, grow EBITDA despite an expected
overall revenue decline, and continue to apply free cash flows for
debt repayment.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Ratings could be upgraded if McClatchy demonstrates meaningful
progress in growing its digital revenue that offsets print revenue
declines leading to overall organic revenue growth and continued
EBITDA growth. Maintaining good liquidity, generating sustained
positive free cash flow, maintaining Moody's adjusted leverage
under 2x with a clearly articulated financial policy supporting
operating with low leverage will also be needed for an upgrade.
Ratings could be downgraded if liquidity deteriorates, Moody's
adjusted leverage rises above 3x, or operating performance weakens
such that Moody's believes that the company will not be able to
generate positive free cash flow.
The principal methodology used in these ratings was Media published
in June 2021.
Headquartered in Sacramento, California, The McClatchy Company,
LLC, is one of the largest media companies in the U.S., with 30
daily newspapers, community newspapers, websites, mobile news and
advertising. It is a publisher of brands such as the Miami Herald,
The Kansas City Star, The Sacramento Bee and The Charlotte
Observer. Revenue for the LTM ended March 27, 2022 was
approximately $470 million. The company is majority owned by
Chatham Asset Management, LLC.
MEDICAL TECHNOLOGY: Gets OK to Hire Hangley as Litigation Counsel
-----------------------------------------------------------------
Medical Technology Associates II, Inc. received approval from the
U.S. Bankruptcy Court for the District of Delaware to employ
Hangley Aronchick Segal Pudlin & Schiller, P.C. as special
litigation counsel.
The Debtor needs the firm's legal assistance in connection with a
case it filed against Carl W. Rausch and World Technology East II
Limited (Case No. 21-1095 and Case No. 21-5411) in the U.S.
District Court for the Eastern District of Pennsylvania.
The firm will be paid at these rates:
Attorneys $265 to $825 per hour
Legal Assistants $110 to $185 per hour
The retainer fee is $200,000.
Jason Levine, Esq., a partner at Hangley, 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 at:
Jason A. Levine, Esq.
Hangley Aronchick Segal Pudlin & Schiller, P.C.
One Logan Square, 27th Floor
Philadelphia, PA 19103-6933
Tel: (215) 568-6200/(215) 496-7038
Email: jlevine@hangley.com
About Medical Technology Associates II
Medical Technology Associates II -- https://www.8biomed.com/ --
doing business as 8BioMed, is a biotechnology venture company in
Thousand Oaks, Calif.
Medical Technology Associates II filed a petition for relief under
Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D. Del.
Case No. 22-10534) on June 14, 2022, listing up to $10 million in
assets and up to $50 million in liabilities. Richard E. Furtek has
been appointed as Subchapter V trustee.
Judge Craig T Goldblatt oversees the case.
Michael G. Busenkell, Esq., at Gellert Scali Busenkell & Brown, LLC
and Hangley Aronchick Segal Pudlin & Schiller, P.C. serve as the
Debtor's bankruptcy counsel and special litigation counsel,
respectively.
MEMORIAL HEALTH: Fitch Lowers Issuer Default Rating to B+
---------------------------------------------------------
Fitch Ratings has downgraded to 'B+' from 'BB-' the rating on the
revenue bond on debt issued by Southeastern Ohio Port Authority on
behalf of Marietta Area Health Care Inc. (dba Memorial Health
System; MHS). Fitch has also downgraded MHS's Issuer Default Rating
(IDR) to 'B+' from 'BB-'.
The Rating Outlook is Stable.
SECURITY
The bonds are secured by general revenues of the obligated group, a
mortgage on certain system facilities and a debt service reserve
fund.
ANALYTICAL CONCLUSION
The downgrade of the IDR to 'B+' reflects MHS's weak net leverage
profile through Fitch's forward-looking scenario analysis given
stated growth and spending objectives. While operating performance
has stabilized over the past three years (averaging about 7.5%
operating EBITDA margin) and reflects cost efficiency strategies
and pandemic relief funding, improved cash flow funded higher
levels of capital spending in fiscals 2020 and 2021. Capex is
expected to continue at higher levels in the medium term. As a
result, MHS's balance sheet remains very constrained, and Fitch
expects financial profile metrics will continue to be weak given
MHS's growth objectives.
Fitch expects operating performance may soften moderately but
remain consistent with the midrange operating risk assessment (with
operating EBITDA margins around 6.5%) as stimulus funds are
exhausted and labor cost pressures remain. Management continues to
focus on growth and improving access to fuel volume, top line
revenue growth and margin improvement.
There are execution risks related to the growth strategy. Fitch
believes that if MHS successfully executes on strategic growth and
improved access investments, and cash flows remain consistent with
the midrange operating risk assessment, the financial profile and
liquidity metrics will begin to stabilize, supporting the Stable
Outlook. Meaningful balance sheet growth and improved financial
flexibility is likely beyond Fitch's five year forward look.
KEY RATING DRIVERS
Revenue Defensibility: 'bbb'
Marginally Leading Market Position
MHS has a stable 40% primary service area market share that has
been supported by recent strategic initiatives and a large,
predominantly employed medical staff. Softer inpatient volumes are
somewhat offset by increasing outpatient visits and generally
increasing surgical procedures. Competition stems primarily from
West Virginia University Camden Clark located about 15 miles to the
south. MHS introduced cardiac surgery in July 2020 and continues to
build that program and benefit from ancillary procedures.
Competition for cardiac surgery is primarily from Camden Clark.
Continued focus on expanding access, including the recent
acquisition of a critical access hospital, Sistersville General
Hospital in West Virginia (total annual revenues of about $20
million) and growth in strategic locations should support the
leading market position and moderate revenue growth.
The service area is characterized by weaker demographics compared
to state and national averages and declining population trends.
Medicaid and self-pay of totaled 20% of gross revenues in fiscal
2021 and Fitch expects the service area will continue to support a
stable payor mix.
Operating Risk: 'bbb'
Softer Operations to Reflect Cost Pressures
MHS's operating performance has been consistent with the midrange
assessment with operating EBITDA margins averaging about 7.5% over
the past three years, with the benefit of relief funding totaling
about $65 million from 2020 through the first six months of 2021.
MHS recognized $34.6 million, $15.7 million and $14.8 million of
relief funding in fiscal 2020, 2021 and the six months ended March
31, 2022, respectively. There remains about $3.5 million relief
funding that MHS expects to recognize by the end of fiscal 2022.
MHS also received about $11 million in American Rescue Plan (ARP)
rural distribution funds if the first quarter of 2022. There is no
expectation of further relief funding.
Fitch expects operating EBITDA margins to stabilize around 6.5%,
softer but still consistent with the midrange operating risk
assessment. MHS continues to focus on cost structure and margin
improvement initiatives and physician productivity and standards.
Capital spending plans are high, consistent with the current growth
strategy, with stated capex to average about 180% of depreciation
expense over the next five years, which is captured in Fitch's five
year forward looking scenario. Given stated plans, flexibility to
defer or delay capex is somewhat limited. The average age of plant
is somewhat elevated at about 15 years.
Financial Profile: 'b'
Financial Flexibility Remains Weak.
As of FYE 2021, MHS had about $298 million of adjusted debt,
including long-term debt, a line of credit, about $4 million in
unfunded pension liability (capped at 80% funding) and new
operating lease accounting treatment. Unrestricted cash and
investment was about $61 million (net of Medicare advanced
payments) at FYE 2021. The resulting cash to adjusted debt of 27%
demonstrates very constrained financial flexibility. MHS has given
conditional notice of its intention to refund all or a portion of
its series 2012 bonds.
MHS's financial profile is assessed as weak and reflects the
constrained liquidity position and high leverage. Improved
operating cash flow will help to fund expansion but may be
insufficient to fund stated growth plans without further eroding
the balance sheet. MHS has made favorable progress in reducing the
pension liability in recent years.
Through Fitch's base case scenario over the next five years given
Fitch's expectations of MHS's operating performance and capital
spending, Fitch expects that MHS will see some improvement in
liquidity given unrestricted cash and investment balances improved
as of the second quarter ended March 31, 2022, partly due to a
distribution of ARS funding. Fitch's base cash shows cash to
adjusted debt just over 30% through the base case.
Asymmetric Additional Risk Considerations
MHS's day's cash on hand (DCOH), as calculated by Fitch including
unrestricted cash and investments on an annual basis, is
consistently below 75 days, averaging about 60 days over the past
three years (net of Medicare advances). The DCOH is factored into
the rating.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to a
positive rating action/upgrade:
-- MHS successfully demonstrates sustained operating improvement
with operating EBITDA margins exceeding 8%;
-- Successful execution of the MHS's growth strategy while
maintaining midrange operating EBITDA margins and
strengthening of the balance sheet through cash flow.
Factors that could, individually or collectively, lead to a
negative rating action/downgrade:
-- Continued weakening of the balance sheet due to an erosion of
liquidity and/or financial profile metrics;
-- Failure to maintain margins at or above 6% while executing the
aggressive growth strategy;
-- Volume weakness or a trend of decreasing market share.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Sovereigns, Public Finance
and Infrastructure issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of three notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.
CREDIT PROFILE
MHS operates the 199-bed Marietta Memorial Hospital (MMH) and a
25-bed critical access hospital, Selby General Hospital (SGH), both
located in Marietta, OH, and the recently acquired Sisterville
General Hospital, a critical access hospital, as well as nine
outpatient care centers, 26 medical staff offices, and clinical
care delivery locations in southeast Ohio.
The system delivers services primarily in Washington County (OH)
and Wood County (WV). The obligated group includes employed
physicians and the foundation and accounted for substantially all
of total revenues and assets of the system. Operating revenues
totaled approximately $522 million in fiscal 2021.
In addition to the sources of information identified in Fitch's
applicable criteria specified below, this action was informed by
information from Lumesis.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
DEBT RATING PRIOR
---- ------ -----
Marietta Area LT IDR B+ Downgrade BB-
Health Care Inc.
dba Memorial Health
System (OH)
Marietta Area LT B+ Downgrade BB-
Health Care Inc.
dba Memorial
Health System (OH)
/General Revenues/1 LT
MGAE INC: Hires Michael H. Clinton as Attorney
----------------------------------------------
MGAE, Inc. seeks approval from the U.S. Bankruptcy Court for the
District of Connecticut to employ the Law Offices of Michael H.
Clinton, LLC as summary process attorney.
The firm will render these legal services:
(a) advise the Debtor regarding its rights, duties and powers
in operating and managing its affairs;
(b) advise and assist the Debtor with respect to financial
agreements, debt restructuring, cash collateral orders and other
financial transactions;
(c) review and advise the Debtor regarding the validity of
liens asserted against property of the Debtor;
(d) advise the Debtor as to actions to collect and recover
property for the benefit of the Debtor's estate;
(e) prepare on behalf of the Debtor necessary legal papers;
(f) counsel the Debtor in connection with all aspects of a
plan of reorganization and related documents; and
(g) perform all other 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:
Michael H. Clinton $400
Support Staff $190
In addition, the firm will seek reimbursement for expenses
incurred.
Prior to the petition date, the firm received a retainer of $10,000
from the Debtor.
Michael Clinton, Esq. 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 H. Clinton, Esq.
Law Offices of Michael H. Clinton, LLC
212A New London Turnpike
Glastonbury, CT 06033
Phone: +1 860-430-4350
About MGAE Inc.
MGAE Inc. is engaged in activities related to real estate. The
Debtor owns a real property in Hartford, Connecticut having a
current value of $4.55 million.
MGAE sought Chapter 11 protection (Bankr. D. Conn. Case No.
22-20316) on May 9, 2022. In the petition signed by Michael Ancona,
principal, the Debtor listed $4,839,000 in total assets and
$1,950,000 in total liabilities.
Judge James J. Tancredi oversees the case.
Joseph J. D'Agostino, Jr., Esq., serves as the Debtor's counsel.
MISTER CAR WASH: SGL Rating to SGL-2 No Impact on Moody's B2 CFR
----------------------------------------------------------------
Moody's Investors Service has downgraded Mister Car Wash Holdings,
Inc.'s Speculative Grade Liquidity ("SGL") Rating to SGL-2 from
SGL-1. Mister Car Wash's other ratings including its B2 Corporate
Family Rating, B2-PD Probability of Default Rating, and B2 senior
secured ratings remain unchanged. The outlook remains positive.
RATINGS RATIONALE
The downgrade of Mister Car Wash's SGL Rating to SGL-2 (good) from
SGL-1 (very good) reflects the company's lower cash balances and
high reliance on sale lease-backs in addition to its internal cash
generation to cover its capital expenditures given its growth plans
to increase its store base by about 10% per year. The SGL-2
considers the potential for a lag between cash inflows from sale
lease backs and growth CAPEX, which can make the company more
reliant on its $150 million revolving credit facility.
Mister Car Wash's B2 CFR continues to reflect company's leading
market position in the fragmented car wash segment as well as the
significant portion of revenues generated from its unlimited wash
subscription business which enhances revenue stability. The rating
is also supported by Mister Car Wash's good liquidity. The
ratings continue to consider the risk inherent in it still being
sponsor-controlled, which can result in financial strategy
decisions that favor shareholders over creditors. Moody's expects
that, barring an increase in debt levels, debt/EBITDA will be
sustained below 5 times and EBIT/interest will be sustained above
2.25 times.
The positive outlook reflects Moody's view that Mister Car Wash
will continue to generate solid comp revenue growth which when
combined with new location openings will drive earnings growth that
supports a reduction in leverage in spite of a tough operating
environment for retailers.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
-- Ratings could be upgraded if debt/EBITDA is sustained below 5x
and EBIT/interest is sustained above 2.25x while maintaining at
least good liquidity.
-- Ratings could be downgraded if for any reason debt/EBITDA
approached 6.5x or EBIT/interest fell below 1.5x or if liquidity
were to weaken.
The principal methodology used in this rating was Retail published
in November 2021.
Headquartered in Tucson, Arizona, Mister Car Wash is the largest
operator of car washes in North America, operating nearly 400 car
wash locations across 21 states with LTM March 31, 2022 revenues of
approximately $800 million. Following the company's June 2021 IPO,
its sponsor, Leonard Green & Partners, remains the majority owner.
MOBIQUITY TECHNOLOGIES: Salkinds Convert $510K Debt Into Equity
---------------------------------------------------------------
Dr. Salkind and his wife converted their secured principal debt in
the amount of $510,000 at a conversion price of $1.25 per share. A
total of 408,000 restricted common shares were issued and per his
loan agreement, the Company issued warrants to purchase 204,000
additional restricted common shares at an exercise price of $4.00
per share through September 2029. No commissions were paid in
connection with this transaction which is exempt under Section 3
(a) (9) of the Securities Act of 1934, as amended.
About Mobiquity
Headquartered in Shoreham, NY, Mobiquity Technologies, Inc. is a
next generation, Platform-as-a-Service (PaaS) company for data and
advertising. The Company maintains one of the largest audience
databases available to advertisers and marketers through its data
services division. Mobiquity Technologies' Advangelists subsidiary
(www.advangelists.com) provides programmatic advertising
technologies and insights on consumer behavior. For more
information, please visit: https://mobiquitytechnologies.com/
Mobiquity reported a net comprehensive loss of $34.95 million for
the year ended Dec. 31, 2021, a net comprehensive loss of $15.03
million for the year ended Dec. 31, 2020, and a net comprehensive
loss of $44.03 million for the year ended Dec. 31, 2019. As of
March 31, 2022, the Company had $5.80 million in total assets,
$2.52 million in total liabilities, and a total stockholders'
equity of $3.28 million.
Lakewood, Co-based BF Borgers CPA PC, the Company's auditor since
2018, issued a "going concern" qualification in its report dated
March 29, 2022, citing that the Company has suffered recurring
losses from operations and has a significant accumulated deficit.
In addition, the Company continues to experience negative cash
flows from operations. These factors raise substantial doubt about
the Company's ability to continue as a going concern.
MODERN LAND: Chapter 15 Case Summary
------------------------------------
Chapter 15 Debtor: Modern Land (China) Co., Limited
Cricket Square, Hutchins Drive
P.O. Box 2681
Grand Cayman, KY1-1111
Cayman Islands
Business Description: Modern Land is the ultimate holding company
of a group of companies comprising the
Company and its subsidiaries, including
Great Trade Technology Ltd., a holding
company incorporated with limited liability
in the British Virgin Islands, the Modern
Land HK Companies, and Jiu Yun Development
Co., Limited, a holding company
incorporated with limited liability in Hong
Kong, that carries out the business of real
estate investment and development in the
People's Republic of China and the United
States.
Foreign Proceeding: Scheme proceedings under section 86 of the
Cayman Islands Companies Act
Chapter 15
Petition Date: June 3, 2022
Court: United States Bankruptcy Court
Southern District of New York
Case No.: 22-10707
Judge: Hon. Martin Glenn
Foreign Representative: Zhang Peng
No. 1 Xiang He Yuan Road
Dong Cheng, Beijing
People's Republic of China
Foreign
Representative's
Counsel: Anthony Grossi, Esq.
SIDLEY AUSTIN LLP
787 Seventh Avenue
New York, New York 10019
Tel: (212) 839-5300
Fax: (212) 839-5599
Email: agrossi@sidley.com
- and -
Juliana Hoffman, Esq.
SIDLEY AUSTIN LLP
2021 McKinney Avenue
Suite 2000
Dallas, Texas 75201
Tel: (214) 969-3581
Fax: (214) 981-3400
Estimated Assets: Unknown
Estimated Debt: Unknown
A full-text copy of the Chapter 15 petition is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/2LXWL6Q/Modern_Land_China_Co_Limited_and__nysbke-22-10707__0001.0.pdf?mcid=tGE4TAMA
MY SIZE: Has Until Jan. 2 to Regain Nasdaq Compliance
-----------------------------------------------------
My Size, Inc. received notice from Nasdaq granting the Company an
additional 180 day period, or until Jan. 2, 2023, to meet Nasdaq's
minimum $1.00 bid price per share requirement.
The Company was first notified by Nasdaq of its failure to maintain
a minimum bid price of $1.00 per share for 30 consecutive trading
days under Nasdaq Listing Rule 5550(a)(2) and 5810(c)(3)(A) on Jan.
3, 2022, and was given until July 5, 2022 to regain compliance. The
Company did not regain compliance with the minimum $1 bid price per
share requirement during the first 180 calendar day compliance
period and submitted written request to the Nasdaq to afford it an
additional 180-day compliance period to cure the deficiency.
If at any time before Jan. 2, 2023, the bid price of the Company's
common stock is at least $1.00 per share for a minimum of 10
consecutive business days, Nasdaq is expected to provide written
confirmation of compliance to the Company and the listing
compliance matter will be closed.
"Nasdaq's extension is well received by MySize, as we expect
significant momentum in our revenue and operational performance
over the next six months. As reported in our first quarter
financial report, our revenue guidance for calendar 2022 is $5
million, a substantial increase over prior years," said Ronen
Luzon, CEO, and Founder of MySize.
About My Size
Headquartered in Airport City, Israel, My Size, Inc. --
www.mysizeid.com -- is a creator of mobile device measurement
solutions that has developed innovative solutions designed to
address shortcomings in multiple verticals, including the
e-commerce fashion/apparel, shipping/parcel and do it yourself, or
DIY, industries. Utilizing its sophisticated algorithms within its
proprietary technology, the Company can calculate and record
measurements in a variety of novel ways, and most importantly,
increase revenue for businesses across the globe.
My Size reported a net loss of $10.52 million for the year ended
Dec. 31, 2021, a net loss of $6.16 million for the year ended Dec.
31, 2020, and a net loss of $5.50 million for the year ended Dec.
31, 2019. As of March 31, 2022, the Company had $12.28 million in
total assets, $2.98 million in total liabilities, and $9.30 million
in total stockholders' equity.
Tel Aviv, Israel-based Somekh Chaikin, member firm of KPMG
International, the Company's auditor since 2017, issued a "going
concern" qualification in its report dated March 18, 2022, citing
that the Company has incurred significant losses and negative cash
flows from operations and has an accumulated deficit that raises
substantial doubt about its ability to continue as a going concern.
MYOMO INC: Expects Q2 Revenue of $3.4M to $3.6M
------------------------------------------------
Myomo, Inc. announced preliminary second quarter revenue and
provided an update on its pipeline entering the third quarter.
Revenue for the second quarter of 2022 is expected to be $3.4
million to $3.6 million, an increase of 10% to 16% compared with
the second quarter of 2021. All revenue in the second quarter of
2022 was product revenue, as the Company did not receive payment of
the remaining license fee from its joint venture partner in China.
Also, Myomo expects to report more than 400 additions to its
pipeline of prospective MyoPro patients, a quarterly record, which
reflects continued success with its new marketing and advertising
strategies.
"We are pleased with the results to date from changes we have been
implementing to our marketing and advertising since the beginning
of the year, which helped us generate a record number of additions
to our pipeline in the second quarter. We are seeing strong
interest from patients and clinicians for our MyoPro product line,
and we expect to report a continued decrease in our cost per
pipeline add in the second quarter," said Paul R. Gudonis, chairman
and chief executive officer.
"With respect to receipt of the second and final JV license
payment, we have been told by our partner that there is a backlog
of transactions awaiting banking and government approvals in China
as a result of the recent outbreak of COVID-19. At this time, it
is unclear when we will receive the remainder of the license fee,"
added Gudonis.
During the quarter, the Company also participated in the Centers
for Medicare and Medicaid Services (CMS) public hearing to request
a Benefit Category Determination change so that the MyoPro is
properly classified as a custom-fabricated brace.
The Company plans to report full financial results for the second
quarter of 2022 and hold an investment community conference call on
Aug. 3, 2022. Details will be provided in the coming weeks.
About Myomo
Headquartered in Cambridge, Massachusetts, Myomo, Inc. --
http://www.myomo.com-- is a wearable medical robotics company
that offers expanded mobility for those suffering from
neurologicaldisorders and upper limb paralysis. Myomo develops and
markets the MyoPro product line. MyoPro is a powered upper limb
orthosis designed to support the arm and restore function to the
weakened or paralyzed arms of patients suffering from CVA stroke,
brachial plexus injury, traumatic brain or spinal cord injury, ALS
or other neuromuscular disease or injury.
Myomo reported a net loss of $10.37 million for the year ended Dec.
31, 2021, a net loss of $11.56 million for the year ended Dec. 31,
2020, a net loss of $10.71 million for the year ended Dec. 31,
2019, and a net loss of $10.32 million for the year ended Dec. 31,
2018. As of March 31, 2022, the Company had $17.98 million in
total assets, $5.11 million in total liabilities, and $12.87
million in total stockholders' equity.
NEPHROS INC: Expects Q2 Net Revenue of $2.9 Million
---------------------------------------------------
Nephros, Inc. announced preliminary revenue results for the second
quarter ended June 30, 2022.
Net revenue for the quarter ended June 30, 2022 is expected to be
approximately $2.9 million, a year-over-year increase of 27%. In
addition, the number of customer sites that have purchased from
Nephros during the trailing 12 months, which Nephros refers to as
Active Customer Sites ("ACS"), increased to 1,349, compared to
1,117 one year ago, an increase of 232 sites, or 21%.
"We are very pleased with our revenue growth in the second
quarter," said Andy Astor, president and chief executive officer.
"Coupled with the leading indicators of ACS growth and a strong
sales opportunity pipeline, we are optimistic for continued strong
revenue growth."
Mr. Astor continued, "During the second quarter, we also
established a broad expense management plan, including headcount
reductions, facility consolidations, and other cost controls. We
expect that these expense reductions, in combination with
anticipated revenue growth, will yield positive net cash flow
within the next 12 months."
Nephros ended the second quarter with approximately $4.2 million in
cash on a consolidated basis.
The Company will announce its second-quarter results on Wednesday,
Aug. 10, 2022 after market close, and host a conference call that
same day at 4:30 PM ET.
About Nephros
South Orange, New Jersey-based Nephros, Inc. -- www.nephros.com --
is a commercial-stage company that develops and sells water
solutions to the medical and commercial markets.
Nephros reported a net loss of $3.87 million for the year ended
Dec. 31, 2021, a net loss of $4.53 million for the year ended Dec.
31, 2020, a net loss of $3.18 million for the year ended Dec. 31,
2019, and a net loss of $3.32 million for the year ended Dec. 31,
2018. As of March 31, 2022, the Company had $15.53 million in
total assets, $2.13 million in total liabilities, and $13.40
million in total stockholders' equity.
NEXTSPORT INC: Has Cash Collateral Access Thru July 27
------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of California
authorized Nextsport, Inc. to continue using cash collateral
pursuant to the budget. The Debtor is permitted to use cash
collateral including any funds held in its accounts at Bank of the
West, Royal Bank of Canada and Paypal.
A continued hearing on the Debtor's request is set for July 27,
2022 at 10:30 a.m.
JAS Forwarding Netherlands, JAS Forwarding UK and Tigers
International Solutions PTY LTD. AU, Tigers International Logistics
BV, Tigers Global Logistics Limited UK are granted adequate
protection through the Debtor maintaining inventory in the Tigers
International warehouses having a cumulative minimum value of
$1,000,000, with all parties reserving all rights and arguments
relating to the secured status of JAS.
To address JAS' assertion that it is a secured creditor for
purposes of the Debtor's continued use of cash collateral, JAS will
be treated on an interim basis as a secured creditor.
A copy of the order is available at https://bit.ly/3axkVZF from
PacerMonitor.com.
About Nextsport, Inc.
Nextsport, Inc. sought protection under Chapter 11 of the U.S.
Bankruptcy Court (Bankr. N.D. Cal. Case No. 2-40569) on June 13,
2022. In the petition signed by David Lee, chief executive officer,
the Debtor disclosed $13,381,220 in assets and $10,668,143 in
liabilities.
Judge William J. Lafferty oversees the case.
Eric A. Nyberg, Esq. at Kornfeld, Nyberg, Bendes, Kuhner and Little
PC is the Debtor's counsel.
NORTHERN ENERGY: Wins Cash Collateral Access Thru Aug 9
-------------------------------------------------------
The U.S. Bankruptcy Court for the District of New Jersey in Newark
authorized Northern Energy Solutions, LLC to use cash collateral on
an interim basis in accordance with the budget through August 9,
2022.
As previously reported by the Troubled Company Reporter, the U.S.
Small Business Administration has asserted a secured claim against
the Debtor in the approximate amount of $475,000 as of the Petition
Date. The Court order acknowledges the Secured Creditor holds or
may hold a properly perfected lien on the Debtor's personal
property (including proceeds) at the commencement of the case,
including the Debtor's accounts, inventory and other collateral
which is or may result in cash collateral.
The Debtor has had discussions with counsel for the SBA and in an
effort to provide the Secured Creditor with ample time to review
this matter, the Debtor agrees to an adjournment of the matter and
entry of an Order so the time within which the Debtor is authorized
to use cash collateral on an interim basis is extended through the
new final hearing date.
The Court said the period within which the First Interim Cash
Collateral Order authorized the Debtor to use cash collateral is
extended from July 7 through and including August 9, 2022.
The Secured Creditor or any other interested party having any
objection to the Interim Order will file with the Clerk of the
Court and serve upon counsel for the Debtor on or before August 2,
a written objection, with any response to same filed on or before
August 5 at 2 p.m. Any party filing a written objection shall
appear to advocate said objection at a Final Hearing to be held at
11 a.m. on August 9. In the event no objections are filed or not
advocated at such hearing, then the Order shall continue in full
force and effect and will be deemed a Final Order without further
notice or hearing in accordance with Federal Rules of Bankruptcy
Procedure 4001(d)(3).
A copy of the order is available at https://bit.ly/3nNzLOv from
PacerMonitor.com.
About Northern Energy Solutions, LLC
Northern Energy Solutions, LLC operates an electrical installation,
management and maintenance business located at 79 4th Avenue,
Hawthorne, New Jersey 07506. Northern Energy Solutions does not own
the real property.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.N.J. Case No. 22-14449) on June 3, 2022.
In the petition filed by Evangelo G. Petropoulos, owner and
president, the Debtor disclosed up to $100,000 in assets and up to
$1 million in liabilities.
Judge Stacey L. Meisel oversees the case.
Brian G. Hannon, Esq., at Norgaard, O'Boyle & Hannon is the
Debtor's counsel.
NUVO TOWER LLC: Taps Davidoff Hutcher & Citron as Counsel
---------------------------------------------------------
Nuvo Tower, LLC seeks approval from the U.S. Bankruptcy Court for
the Eastern District of New York to hire Davidoff Hutcher & Citron,
LLP to serve as legal counsel in its Chapter 11 case.
The firm will provide these services:
a. give advice to the Debtor with respect to its powers and
duties and the continued management of its property and affairs;
b. negotiate with creditors of the Debtor, work out a plan of
reorganization, and take the necessary legal steps in order to
effectuate such a plan;
c. prepare legal papers;
d. appear before the bankruptcy court;
e. attend meetings and negotiate with representatives of
creditors and other parties in interest;
f. advise the Debtor in connection with any potential
refinancing of secured debt and any potential sale of its
business;
g. represent the Debtor in connection with obtaining
post-petition financing;
h. take any necessary action to obtain approval of a disclosure
statement and confirmation of a plan of reorganization; and
i. perform all other necessary legal services for the Debtor.
Davidoff Hutcher & Citron will be paid at these rates:
Attorneys $400 to $775 per hour
Paraprofessionals $195 to $260 per hour
The firm will also be reimbursed for its out-of-pocket expenses.
The retainer fee is $7,500.
Jonathan Pasternak, Esq., a partner at Davidoff Hutcher & Citron,
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 at:
Jonathan S. Pasternak, Esq.
Davidoff Hutcher & Citron LLP
605 Third Avenue
New York, NY 10158
Tel: 212-557-7200
Fax: 212 286 1884
Email: rlr@dhclegal.com
About Nuvo Tower
Nuvo Tower LLC is a single asset real estate (as defined in 11
U.S.C. Sec. 101(51B)). It owns four contiguous building lots
located at 2954-2958 Brighton 6th St. and 6-7 Brighton Fifth Place
in the Brighton Beach section of Brooklyn, which lots are intended
for construction of 23-unit condominium complex.
Nuvo Tower sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 22-41444) on June 22,
2022, listing $1 million to $10 million in both assets and
liabilities. Haim Pinhas, manager, signed the petition.
Judge Nancy Hershey Lord oversees the case.
Robert L. Rattet, Esq., at Davidoff Hutcher & Citron, LLP is the
Debtor's counsel.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
Aug. 15, 2022, at 12:00 p.m.
NYMOX PHARMACEUTICAL: Chief Financial Officer Resigns
-----------------------------------------------------
Nymox Pharmaceutical Corporation accepted the resignation of Erik
Danielsen as chief financial officer of the Company effective
June 28, 2022.
About Nymox
Headquartered in Nassau, The Bahamas, Nymox Pharmaceutical
Corporation -- www.nymox.com -- specializes in the research and
development of therapeutics and diagnostics, with a particular
emphasis on products targeted for the unmet needs of the rapidly
aging male population in developed economies. The Company's lead
drug candidate for benign prostatic hyperplasia (BPH), Fexapotide
Triflutate (FT), has completed Phase 3 development in more than 70
clinical centers in the United States, involving more than 1700
patients during the entire clinical development program.
Currently, the Company will soon be filing for approval in major
economies around the world, including the United States and
Europe.
NYMOX reported a net loss of US$12.54 million for the year ended
Dec. 31, 2021, a net loss of US$11.74 million for the year ended
Dec. 31, 2020, and a net loss of US$13.16 million for the year
ended Dec. 31, 2019. As of Dec. 31, 2021, the Company had $1.44
million in total assets, $1.95 million in total liabilities, and a
total stockholders' deficit of $506,000.
Sugar Land, Texas-based TPS Thayer, LLC, the Company's auditor
since 2020, issued a "going concern" qualification in its report
dated March 30, 2022, citing that the failure of U.S. phase 3
studies of NX – 1207 materially affects the Company's current
ability to fund its operations, meet its cash flow requirements,
realize its assets and discharge its obligations. These
conditions, along with other matters, indicate the existence of the
material uncertainty that casts substantial doubt about Nymox
Pharmaceutical Corporation's ability to continue as a going
concern.
PERIMETER SOLUTIONS: Fitch Affirms & Then Withdraws 'B' LT IDR
--------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings of
Perimeter Solutions SA (Perimeter) and SK Invictus Intermediate II
S.a.r.l. (SK Invictus) at 'B'. Fitch also affirmed the ratings of
the first lien senior secured revolver and first lien senior
secured notes at 'BB-'/'RR2'. The Rating Outlook remains Stable.
Concurrently, Fitch has withdrawn Perimeter's and SK Invictus'
ratings for commercial reasons.
Fitch has chosen to withdraw the ratings of Perimeter and SK
Invictus for commercial reasons.
KEY RATING DRIVERS
Solid Recent Performance: Perimeter generated solid sales growth of
approximately 70% and roughly flat Fitch Operating EBITDA growth,
yoy through YTD 1Q22, supported by a healthy U.S. fire season and
firm demand for oil additives, partially offset by lower fire
activity in Europe. Fitch projects the company's fire safety
segment to continue to generate solid earnings growth throughout
the forecast period, with additional upside potential stemming from
diversification into new regions, U.S. Forest Services (USFS)
initiatives to increase tanker capacity and pre-treatment measures
taken by utilities and homeowners. Furthermore, Fitch believes that
favorable structural shifts within forest firefighting tactics
towards more aerial based approaches provides additional upside for
the company.
Elevated Leverage: Pro forma for the 2021 acquisition by EverArc
Holdings, Limited and after giving 0% equity credit to the
company's $100 million in new preferred shares, Perimeter's pro
forma capital structure with around 5.4x Fitch-estimated gross
leverage is more levered compared to the company's pre-transaction
capital structure. While Fitch expects Perimeter to adopt more
conservative financial policies as a public company, uncertainty
remains around the company's appetite towards share repurchases and
dividends in the longer term.
M&A-Focused Capital Deployment: Perimeter has historically been an
active acquirer of smaller companies in the fire safety industry,
with three bolt-on acquisitions completed in 2021. Fitch expects
the company to continue to be an active acquirer going forward,
with an added potential for expansion outside of fire safety. While
Fitch would view increased end market diversification as favorable
toward Perimeter's business profile, Fitch expects that any
leveraging transaction would be immediately followed up with debt
repayment such that total debt with equity credit/ operating EBITDA
remains around 5.0x-5.5x.
Leading Market Positions: Perimeter holds the #1 market position in
both fire safety retardants, where it sells fire retardants for use
in fighting forest fires and fire suppressant foam, and in its Oil
Additives segment, where Perimeter supplies P2S5 for use in
lubricant additives. Both segments are highly consolidated and have
considerable barriers to entry.
Perimeter is the sole supplier of fire retardants to the U.S.
government and primarily sells to governmental and municipal
entities such as USFS. Potential competitors would have to go
through rigorous approval processes due to the mission-critical
characteristics of the products. Likewise, the P2S5 Perimeter sells
is hazardous in nature and requires specialized storage facilities
to safely transport. Perimeter is the only competitor within the
P2S5 market to have production capacity in both North America and
Europe.
Oil Additives Stability: Perimeter's position in the lubricant
additives market has historically enabled it to post consistent
EBITDA generation, with strong forecast FCF due in part to the
segment's minimal capex requirements. While 2020 represented a
challenging year for travel and fuel demand, the company was able
to improve segment EBITDA within oil additives yoy by approximately
32% versus 2019. Through YTD 1Q22, the segment's earnings have
continued to rebound in line with improving miles driven.
Fitch projects that EBITDA generation within oil additives improves
sequentially in 2022 towards 2018 levels and around GDP thereafter,
supported by continued rebounds in vehicle miles driven. This is
consistent with Fitch's views that lubricant additive producers
have historically enjoyed very consistent earnings even in times of
rising raw material costs due to the stable demand profile of the
industry.
Substantial FCF Generation: Fitch projects Perimeter will generate
around $50 million-$70 million on average of positive FCF
throughout the forecast due to the anticipation for more normalized
fire seasons and a continued return to historical demand levels
within the oil additives segment. The company benefits from high
consolidated EBITDA margins and minimal capex requirements that
have traditionally resulted in substantial FCF generation that is
notably above the metrics of other 'B' peers.
Perimeter's products are highly specialized and account for only a
small portion of its customers' overall costs, which has enabled it
to consistently pass on any increases in the price of its
underlying raw materials helping support margin and cash flow
resiliency.
Equity Credit: For purposes of calculating leverage, Fitch
currently assigns 0% equity credit for the $100 million in SK
Invictus Holdings 6.5% cumulative preferred stock based on the
structural features of the instrument as analyzed under Fitch's
"Corporate Hybrids Treatment and Notching Criteria."
DERIVATION SUMMARY
Perimeter is relatively small and generally more highly levered
when compared to chemical peers such as Kronos Worldwide
(B+/Stable), Ingevity Corp. (BB/Stable) and SK Mohawk Holdings,
SARL (B/Negative). Perimeter's main differentiating factors from
its peer group are its highly specialized products and leading
market positions within each of its segments that typically lead to
higher EBITDA margins and strong FCF generation far above the
average for most peers.
As such, Perimeter is able to support a higher debt load than a
peer such as Kronos, which sells more commoditized products and has
less of a leadership position in its industry. SK Blue Holdings is
projected to have a similar mid-cycle leverage profile to
Perimeter, but has less growth opportunities in its end-markets and
its margin expansion opportunities are more cost-linked.
Perimeter's typically substantial FCF generation compares with
Ingevity given leading positions within Perimeter's fire safety and
Ingevity's Performance Chemicals segments.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer:
-- Robust fire season in 2022 with annual growth thereafter in
the low- to mid-single digits;
-- Oil Additives demonstrates solid growth in 2022 and
thereafter, supported by continued improvements in miles
driven and fuel demand;
-- Capex between 2%-3% of sales annually;
-- Bolt-on acquisitions totaling $35 million annually on average;
-- No dividends or share repurchases projected.
Key Recovery Rating Assumptions:
The recovery analysis assumes that Perimeter would be reorganized
as a going-concern in bankruptcy rather than liquidated. We have
assumed a 10% administrative claim.
Fitch's recovery analysis considered the high barriers to entry,
leading market positions and specialized product portfolio of
Perimeter's two businesses as well as the considerable FCF
generation ability of each.
Fitch's $90 million going concern EBITDA assumption is made up of
an assumed $25 million from the Oil Additives business and $65
million from the Fire Safety business. In Oil Additives, Fitch
believes customer production issues like the one seen in 2019 and
coronavirus-related impacts have largely subsided. The company is
the market leader in a specialized product that only accounts for a
small percentage of its customers' total costs.
The Zinc Dialkyldithiophosphate (ZDDP) Perimeter provides has no
readily available substitute and requires specialized equipment to
safely transport. Fitch believes the generally stable demand
profile of the lubricant additives industry would allow the segment
to generate around $25 million in EBITDA out of a distressed
period.
In Fire Safety, Perimeter is the unquestioned leader, with
substantial market share. The company's products are essentially
the only products certified to be used by its customers, which are
governmental agencies which require years of approval procedures
before a new product can be used. Perimeter's products are also
mission-critical, further limiting new entrants. Demand has
benefited from a structural shift towards greater use of fire
retardants as well as longer fire seasons. However, should
firefighting preferences or tactics change, or should fire activity
dramatically decrease, the company would be vulnerable to declines
in its earnings as exhibited in 2019.
As such, Fitch believes a going concern EBITDA for this segment of
around $65 million appropriately reflects emergence from a stressed
scenario and reflects an amount between the earnings generated
during years considered 'normal' fire seasons and 'weaker' fire
seasons.
Fitch has assigned a 7.0x recovery multiple, which is consistent
with highly specialized and highly value-add specialty chemical
producers such as Perimeter. The highly consolidated industries in
which it operates, with high barriers to entry and the significant
growth potential of the Fire Safety segment further support a
higher multiple and the resulting enterprise value.
With the revolver fully drawn, the first-lien debt recovers at a
'BB-'/'RR2' rating.
RATING SENSITIVITIES
Not relevant as the ratings have been withdrawn.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
LIQUIDITY AND DEBT STRUCTURE
Solid Liquidity: The company's $100 million senior secured revolver
maturing in 2026 is forecasted to stay mostly undrawn, with any
drawdowns likely to be repaid relatively quickly, and Fitch
currently expects the company to continue to keep a moderate amount
of cash on hand. Together with the revolver and around $50
million-$70 million on average of positive FCF throughout the
forecast, Perimeter should have a comfortable liquidity buffer.
ISSUER PROFILE
Perimeter Solutions, SA (NYSE: PRM) is a chemical company with two
business segments: Fire Safety and Oil Additives. In Fire Safety,
Perimeter's aerial retardants are used by forest service agencies
to fight and contain forest fires. In Oil Additives, Perimeter is
the market leader in ZDDP.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
Following the withdrawal of ratings for Perimeter and SK Invictus,
Fitch will no longer be providing the associated ESG Relevance
Scores.
DEBT RATING RECOVERY PRIOR
---- ------ -------- -----
Perimeter
Solutions SA. LT IDR B Affirmed B
LT IDR WD Withdrawn B
SK Invictus
Intermediate
II S.a.r.l. LT IDR B Affirmed B
LT IDR WD Withdrawn B
senior secured LT BB- Affirmed RR2 BB-
senior secured LT WD Withdrawn BB-
PRECISION AUTOMOTIVE: Wins Interim Cash Collateral Access
---------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Tennessee
authorized Precision Automotive LLC to use cash collateral on an
interim basis. The Debtor is permitted to pay these expenses:
Employees $1,000
Payroll tax $380
Electricity $400
Misc Utilities $350
Insurance $965
Gasoline $800
Dealer Center website $465
And the payoff of any floor plan vehicle sold
As previously reported by the Troubled Company Reporter, Automobile
Finance Corporation, Floor Plan Express LLC, Kinetic Advantage LLC,
Nextgear Capital, Inc., SDS, and the Small Business Administration
assert a security interest and lien in cash collateral of the
Debtor. The Debtor is not aware of any other creditor claiming an
interest in the cash collateral, and more specifically the Debtor's
accounts receivables.
The final hearing on the matter is scheduled for July 19, 2022 at
10:30 a.m.
A copy of the order is available at https://bit.ly/3RnX6nC from
PacerMonitor.com.
About Precision Automotive LLC
Precision Automotive LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 22-02067) on July
1, 2022. In the petition signed by Renicia Williams, chief manager,
the Debtor disclosed up to $50,000 in assets and up to $1 million
in liabilities.
Judge Marian F. Harrison oversees the case.
Steven L. Lefkovitz, Esq., at Lefkovitz and Lefkovitz is the
Debtor's counsel.
PUNYAKAM PLLC: Taps Craig L. Elggren CPA as Accountant
------------------------------------------------------
Punyakam, PLLC received approval from the U.S. Bankruptcy Court for
the District of Arizona to employ Craig L. Elggren, CPA PC as
accountant.
The firm will provide these services:
a. prepare the federal, state and local income tax returns with
supporting schedules;
b. perform any bookkeeping necessary for preparation of the
income tax returns;
c. assist with any bookkeeping needs as requested;
d. provide periodic input for tax planning opportunities as
requested;
e. consultation as requested;
f. prepare quarterly payroll tax reports, if needed;
g. prepare monthly sales tax returns as needed;
h. provide IRS representation as requested; and
i. render any other service mutually agreed upon with the
Debtor, including, but not limited to monthly and periodic
operating reports.
The firm will be paid $335 per month for bookkeeping services and
$985 per year for S-Corp tax returns.
The firm will also be reimbursed for its out-of-pocket expenses.
Craig Elggren, a partner at Craig L. Elggren, CPA, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Craig L. Elggren
Craig L. Elggren, CPA PC
1467 W Elliot Rd Suite 102
Gilbert, AZ 85233
Tel: (480) 464-0205/(623) 400-5661
Fax: (480) 464-4674
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
under $500,000 in assets and under $1 million in liabilities. Punya
R. Gammage, its member, signed the petition.
D. Lamar Hawkins, Esq., at Guidant Law, PLC and Craig L. Elggren,
CPA PC serve as the Debtor's legal counsel and accountant,
respectively.
QHC UPSTATE: In Chapter 11, Blames Fidelis, Rival for Shut-Down
---------------------------------------------------------------
QHC Upstate Medical, P.C., a medical services provider in several
sites in New York before being forced to shutter in mid-2021, has
sought chapter 11 protection in the Southern District of New York.
Founded by Seth Kurtz, a licensed doctor, QHC began as a summer
practice in 2009 to provide medical services to people who migrated
to Sullivan and Ulster counties during the summer months primarily
from New York City.
The Debtor at its height in 2020 operated three full time
locations: one in Brooklyn, a second in Staten Island, and the
primary practice at One Main Street, in Monsey, New York. These
practices were multi-specialty groups providing a range of services
including radiology, podiatry, emergency care and cardiology. The
Monsey location was opened in September of 2018 and since that time
had more than 17,000 patient visits, 80% of whom were insured by
New York Quality Healthcare Corp. d/b/a Fidelis Care.
The Debtor entered into a Standard Health Services Agreement with
Fidelis on June 20, 2011. During the ensuing eight years, the
parties maintained a productive relationship, and the agreement was
automatically renewed year after year.
But in 2019, Fidelis sent the Debtor an audit demand letter and
then a
non-renewal/termination letter. The audit letter, dated March 29,
20219, sought a recovery of $1.90 million, citing "improper
billing" by the Debtor. By letter dated April 15, 2019, Fidelis
notified that it was exercising its option not to renew the
Agreement.
On Oct. 28, 2019, the Debtor initiated a lawsuit styled as QHC
Upstate Medical PC v. Fidelis Care et al. (Index No. 36072/2019),
Rockland County Supreme Court of the State of New York, seeking to
enjoin Fidelis from effectuating the termination of the Agreement.
On Nov. 15, 2019, Fiedelis filed a cross-motion to dismiss the
state court action, and on June 1, 2020 an answer with
counterclaims, alleging breach of contract and of good faith.
Ultimately, the State Court issued a judgement in favor of Fidelis
on June 7, 2022, awarding Fidelis $1.148 million on its breach of
contract counter-claim, together with prejudgment interest of 9% in
the amount of $368,700. The decision and judgment are now on
appeal to the Second Department Appellate Division.
Due to the circumstances prior to and during the State Court
Action, including Fidelis' bad faith termination of the Agreement
and impending judgement, the Debtor's operations were irreparably
harmed, and the Debtor was forced to cease operations at its
various sites in mid-2021.
The Debtor would later learn that the Audit Letter and the
purported "audit" that followed, was a coordinated, retributive and
retaliatory illegal act initiated by Refuah Health Center Inc., a
provider in the same geographical market as the Debtor's Rockland
facility and practice and a competitor.
The Debtor is in the process of further investigating these claims,
inter alia, whether to pursue further litigation.
Due, however, to the judgment recently obtained by Fidelis, the
Debtor was forced to seek protection under Chapter 11 while it
prosecutes its newly discovered claims against Fidelis and Refuah.
About QHC Upstate Medical
QHC Upstate Medical P.C. was a medical services provider in several
sites in New York before being forced to shutter in mid-2021.
QHC Upstate Medical P.C. sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 22-22410) on July 5,
2022. In the petition filed by Seth Kurtz, as president, the Debtor
estimated assets between $100,000 and $500,000 and liabilities
between $1 million and $10 million. Davidoff Hutcher & Citron LLP
is the Debtor's counsel.
RED VENTURES: Debt Repayment No Impact on Moody's 'B1' CFR
----------------------------------------------------------
Moody's Investors Service said Red Ventures, LLC's ("Red Ventures",
"RV" or the "company") B1 Corporate Family Rating, B1 ratings on
the senior secured first-lien credit facilities, comprising the
$754.25 million revolving credit facility (RCF) due November 2023
($460 million outstanding) and $2.52 billion term loan due November
2024, and stable outlook are not impacted by last week's
announcement that the company repaid $1.289 billion of the term
loan on June 30, 2022 ($1.23 billion currently outstanding
post-repayment). In connection with the debt repayment, Red
Ventures announced that it completed the formation of a new joint
venture called RVO Health (JV) with UnitedHealth Group Inc. (UHG)
in which RV contributed its healthcare assets (RV Health, primarily
consisting of the Healthline and Healthgrades businesses and
accounting for roughly 20% of company earnings) and UHG contributed
a portion of its Optum Health assets. Under the terms of the JV
arrangement, in exchange for the contributed assets, RV received
cash proceeds, which were used to pay down the term loan. UHG will
consolidate the financials of RVO Health in its future financial
statements.
Red Ventures has repaid a significant amount of debt, which is
credit positive. However, the company will no longer consolidate
the health assets in its financial statements, which means RV
Health's EBITDA will be eliminated from RV's consolidated earnings.
As of LTM March 31, 2022, RV's EBITDA pro forma for the
deconsolidation of RV Health is $319 million on a Moody's adjusted
basis. While Moody's adjusted EBITDA calculation makes an
adjustment for loss on equity investments, Moody's do not adjust
out expenses associated with equity incentive-based compensation or
start-up losses. Nonetheless, owing to the disproportionately
higher amount of debt repayment relative to deconsolidated EBITDA,
gross financial leverage declines from approximately 7x at LTM
March 31, 2022 to 5.5x pro forma on a Moody's adjusted basis.
Moody's expects Red Ventures will de-lever further to the 4.5x-5x
area over the next 12-18 months, notwithstanding the challenging
macroeconomic environment. Over the past three years, Red Ventures'
gross leverage has consistently remained above 6x chiefly due to
debt-financed acquisitions. While these asset purchases helped to
diversify the business, their EBITDA contributions did not increase
fast enough to offset weakening EBITDA from legacy clients in the
home and media verticals. Additionally, during the pandemic-induced
recession, RV's consumer finance and travel segments experienced
sharp declines. Leverage has now returned to the appropriate level
for the rating category as a result of the recent debt paydown.
Following the deconsolidation of RV Health, Red Ventures' largest
verticals will be (in descending order): consumer finance, travel,
home, media & commerce, red digital (includes Red Ventures'
partnerships) and education. As the economy slows and risk of
recession rises, Moody's expects consumer finance, travel and media
& commerce to experience the biggest headwinds offset by relative
stability in home, red digital and education. Red digital's
performance is expected to be consistent with the overall digital
advertising market, though likely experience some pressure in
certain areas as advertisers pull back on overall spend. However,
Moody's remains constructive for online ad spending growth over the
medium to long-term as advertisers increasingly allocate a greater
portion of their ad budgets to performance-based digital
advertising, which has historically delivered higher customer
traffic and sales conversions than traditional marketing programs.
As the economy slows, Moody's expects that Red Ventures will
maintain good liquidity given that the business model is profitable
on an EBITDA basis and requires minimal capex and working capital.
This will be supported by cash levels of at least $100 million (pro
forma cash balances at March 31, 2022 were roughly $500 million,
including $300 million of proceeds from the contribution of RV
Health to the JV), access to the $754.25 million RCF (currently
$460 million outstanding) and projected annual free cash flow (FCF)
in the range of $200-$300 million.
RVO Health combines UHG's scale of 120 million customers and 50
million members with RV Health's 95+ million monthly unique
visitors to create a compelling consumer digital health platform of
complementary assets. The JV will accelerate RV Health's access to
new products, services and solutions, as well as provide access to
a sizable first-party data audience, while UHG will enhance its
digital transformation and momentum from Red Venture's technology
platform and digital marketing expertise. To the extent that RVO
Health issues debt in the future, Red Ventures will not be a
guarantor.
Founded in 2000 and headquartered in Fort Mill, South Carolina, Red
Ventures, LLC is a wholly-owned operating subsidiary of Red
Ventures Holdco, LP, which owns a portfolio of growing digital
businesses that bring consumers and brands together through
integrated e-commerce, strategic partnerships, and proprietary
brands across the consumer finance & travel, home, health and
education end markets. In November 2017, Red Ventures completed the
acquisition of Bankrate, Inc. for approximately $1.4 billion. RV
completed four mid-sized acquisitions in the recent past,
including: HigherEducation.com in April 2019; Healthline Media in
July 2019; CNET Media Group in October 2020; and Healthgrades.com
in August 2021. Revenue totaled $1.7 billion for the twelve months
ended March 31, 2022.
RED VENTURES: Fitch Upgrades LongTerm IDR to 'BB-', Outlook Stable
------------------------------------------------------------------
Fitch Ratings has upgraded the Long-Term Issuer Default Ratings
(IDRs) of Red Ventures Holdco, LP, Red Ventures, LLC and New
Imagitas, Inc. to 'BB-' from 'B+' following Red Ventures' creation
of a joint venture with UnitedHealth Group (UHG). In addition,
Fitch has affirmed Red Ventures, LLC's and New Imagitas, Inc.'s
senior secured debt at 'BB+'/'RR1'. The Rating Outlook is Stable.
Fitch views RVO Health's creation positively as it creates
significant cross fertilization opportunities between UHG's and RV
Health's customer base benefitting from RV Health's digital health
platform. The JV combines Red Venture's health assets (RV Health)
with UHG's Optum Health assets to form RVO Health. In consideration
for Red Ventures contributing its RH Health assets to the JV, they
received $2 billion in cash from UHG, a 50% interest in RVO Health
and equal board representation with UHG. RV Health's financials
will be deconsolidated from Red Ventures' financial reporting.
KEY RATING DRIVERS
Significant Leverage Improvement: Red Ventures repaid approximately
$1.3 billion of debt (41% of total debt outstanding as of March 31,
2022) using a portion of net proceeds generated by the creation of
the RVO Health joint venture. As a result, Fitch-calculated
leverage as of March 31, 2022, pro forma for the deconsolidation of
Red Ventures' Health assets, the debt paydown and a full year of
prior acquisitions, improved to approximately 3.7x.
This debt reduction brings leverage in line with the company's
3x-4x leverage target range and was a primary driver of the
Long-Term IDR upgrade. Fitch expects Red Ventures' leverage to
remain within its new rating sensitivities despite recent softness
in the company's financial segment and Fitch's expectation for an
advertising recession in 2023.
Highly Acquisitive Strategy: Fitch expects Red Ventures will return
to making both large- and small-scale acquisitions once RVO Health
is fully established. Although Red Ventures has historically used
debt to finance some if its acquisitions, Fitch expects future
acquisitions to be funded internally given the company's improved
closing cash position and cash generation profile following RVO
Health's formation.
If Red Ventures uses debt, considering its history of delevering
after large acquisitions such as Bankrate, Healthline and CNET,
Fitch believes the company will reduce leverage to its target range
of 3x-4x over the medium term. Red Ventures also has a strong track
record of integrating its acquisitions, realizing cost
efficiencies, improving operations and growing revenue and EBITDA,
which further supports Fitch's expectation for delevering.
Capital Allocation Strategy: Fitch expects management's primary use
of FCF is for acquisitions and debt repayment. Management continues
to guide to a long-term gross leverage target range of 3.0x-4.0x.
However, it also stated it would remain opportunistic with M&A and
indicated leverage could exceed its target for the right
acquisition. While Fitch has not included capital returns to
shareholders, that remains a potential issue given the company's
private equity ownership.
Leading Customer Acquisition Platform: Red Ventures is the market
leader in screening potential customers online, using its
technology-enabled customer acquisition and marketing services
platform to deliver higher qualified leads, conversions and
retention to its partners, consistently outperforming its partners'
in-house marketing teams. Fitch notes the company has been honing
its approach to data-driven marketing using proprietary technology
refined over more than 15 years across several leading digital
brands including Bankrate, The Points Guy and CNET. Although its
product offerings can be reproduced, the company's specific
analytics capabilities and successful track record of value
creation are difficult to recreate.
Sticky Partner Relationships: The company has consistently provided
higher sales conversions and customer retention as measured by
average life time value than its partners and competitors. As a
result, eight of Red Ventures' top 10 partners having been with the
company for more than five years. Management notes the company has
never lost a partner due to poor performance.
Customer Concentration: The company's top three customers generated
26% of pro forma revenues for the LTM ended March 31, 2022, versus
22% in 2019 and 30% in 2018. Fitch expects customer concentration
will continue to decline as Red Ventures diversifies its end
markets and adds new customers via strategic acquisitions.
DERIVATION SUMMARY
Red Ventures does not have any direct peers in Fitch's rated
universe. Red Ventures' 'B+' Long-Term IDR incorporates the
company's leading position as a digital marketing services provider
that helps its clients acquire customers using proprietary
technology and data analytics.
As a result of strategic acquisitions, the company has achieved
meaningful scale even after the deconsolidation of RH Health.
Additionally, Red Ventures generates consistently strong FCF, with
recent FCF margins in the mid-teens despite broad macroeconomic
weakness and severe cyclical advertising impacts. Red Ventures'
scale, dominant market position, and strong cash flow
characteristics of the business remain positives, according to
Fitch.
Rating limitations include the sector's low barriers to entry and
modest customer and end market concentration. However, Red Ventures
has consistently refined its data-driven marketing services,
creating a long-term track record of value creation that is
difficult to replicate and was one of the drivers behind the
creation of the RVO Health JV. Additionally, Fitch sees as
positives, Red Ventures' continued push to diversify its end
markets, reducing concerns of customer concentration and
cyclicality.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within The Rating Case for the Issuer:
-- Fitch excludes the Health segment's operating performance for
2022;
-- 2022 organic revenue grows in the low teens. Fitch expects
weak growth in financials, caused by rising mortgage rates,
and declines in media & commerce, due to near-term weakness,
and education. However, strength in Red Ventures' remaining
segments, led by travel and Red Digital, more than offset the
weakness. EBITDA improves due to the revenue growth and the
swing to positive EBITDA generation by the company's startups;
-- Thereafter, total organic revenue grows in the mid-single
digits annually despite Fitch's expectations for an ad
recession in 2023. However, media & commerce's revenue growth
snaps back in 2024, in line with historical sector performance
following recessionary periods. Red Venture's startups grow in
the mid-20% range annually. Fitch-calculated EBITDA margins
return to the mid-30% range over the rating horizon;
-- Red Ventures returns to M&A activity in late 2023 completing
$1.2 billion of aggregate acquisitions at mid-teen multiples
over the rating horizon, funded with FCF;
-- Modest synergy realization and operating leverage benefits
drive a pro forma 300 bps EBITDA margin improvement;
-- Revolver and term loan maturities are extended;
-- 1% capital intensity;
-- Dividends remain minimal with low single digit annual growth;
-- Fitch-calculated leverage declines below 3.5x during 2023 and
below 3.0x thereafter.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Management maintains total debt with equity credit to EBITDA
below 3.5x;
-- Operating scale improvement such that revenue grows in the
mid- to high-teens and EBITDA exceeds $650 million on an
ongoing basis.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Total debt with equity credit to EBITDA increases above 4.0x ;
-- Deterioration in operating profile including a significant
slowdown in revenue and/or EBITDA growth;
-- Increased partner and end-market concentration.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity: At March 31, 2022, the company had
approximately $500 million in balance sheet cash, pro forma for
remaining net cash proceeds from UHG's $2 billion cash payment
related to the RHO Health JV. Red Ventures also had $290 million of
capacity under its $754 million revolver.
Fitch expects Red Ventures to maintain sufficient liquidity to
support operations and debt service. Fitch expects Red Ventures
will apply FCF to debt reduction to reduce leverage and strengthen
liquidity. The revolver matures in November 2023 and the term loan
in November 2024. Fitch expects Red Ventures will refinance its
debt facilities ahead of upcoming maturities.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. ESG issues are credit
neutral or have only a minimal credit impact on the entity, either
due to their nature or the way in which they are being managed by
the entity.
ISSUER PROFILE
Red Ventures is a leading technology-enabled customer acquisition
platform that partners with companies to optimize the customer
acquisition lifecycle. Notable brands include Bankrate, The Points
Guy and CNET among several others.
DEBT RATING RECOVERY PRIOR
---- ------ -------- -----
New Imagitas, Inc LT IDR BB- Upgrade B+
senior secured LT BB+ Affirmed RR1 BB+
Red Ventures, LLC LT IDR BB- Upgrade B+
senior secured LT BB+ Affirmed RR1 BB+
Red Ventures LT IDR BB- Upgrade B+
Holdco, LP
RESOLUTE FOREST: Moody's Puts Ba3 CFR Under Review for Downgrade
----------------------------------------------------------------
Moody's Investors Service placed Resolute Forest Products Inc.'s
Ba3 corporate family rating, Ba3-PD probability of default rating,
and B1 guaranteed senior unsecured notes rating under review for
downgrade. The review follows the company's announcement that it
has entered into a definitive agreement with Paper Excellence Group
(Paper Excellence, unrated) under which Paper Excellence through
its subsidiary Domtar Corporation (Domtar, Ba2 RUR) will acquire
Resolute's outstanding shares for $20.50 per share or an enterprise
value of $2.7 billion (including pension liabilities).
"The review for downgrade was prompted by the possibility that
Resolute's credit profile will weaken once acquired by Paper
Excellence, a private company with an unknown strategy for Resolute
and uncertain financial policy" said Aziz Al Sammarai, Moody's
Analyst.
On Review for Downgrade:
Issuer: Resolute Forest Products Inc.
Corporate Family Rating, Placed on Review for Downgrade, currently
Ba3
Probability of Default Rating, Placed on Review for Downgrade,
currently Ba3-PD
Senior Unsecured Regular Bond/Debenture, Placed on Review for
Downgrade, currently B1 (LGD4)
Outlook Actions:
Issuer: Resolute Forest Products Inc.
Outlook, Changed To Rating Under Review From Stable
RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR
DOWNGRADE OF THE RATINGS
Moody's review will focus on: the amount of acquisition debt
financing taken to fund the transaction, post-closing credit
metrics, Resolute's future capital and organizational structure,
new ownership financial strategy, and the company's ability to
maintain very good liquidity. The review will also incorporate
future governance considerations for Resolute as a private company.
The change of ownership would be a credit negative if Paper
Excellence decides to pursue a more aggressive financial policy.
The transaction is expected to close by first half of 2023 and is
subject to shareholder and regulatory approvals and other customary
closing conditions.
Headquartered in Montreal (Quebec, Canada), Resolute Forest
Products Inc. produces lumber, newsprint and specialty paper,
market pulp and tissue. Sales in the twelve months ended March 31,
2022 were approximately $3.7 billion.
Headquartered in Fort Mill, South Carolina, Domtar is North
America's largest producer of uncoated freesheet (UFS) paper (used
primarily for photocopying) and is the third largest global
producer of fluff pulp. Sales in the twelve months ended March 31,
2022 were approximately $3.8 billion.
The principal methodology used in these ratings was Paper and
Forest Products published in December 2021.
RIDER HOTEL: Gets OK to Hire Carlson Dash as Bankruptcy Counsel
---------------------------------------------------------------
Rider Hotel, LLC received approval from the U.S. Bankruptcy Court
for the District of Delaware to employ Carlson Dash, LLC to serve
as legal counsel in its Chapter 11 case.
The firm's services include:
a. providing legal advice with respect to the Debtor's powers
and duties in the continued operation of its business and
management of its property;
b. preparing and pursuing confirmation of a Chapter 11 plan and
approval of a disclosure statement;
c. preparing legal papers;
d. appearing in court;
e. providing assistance, advice and representation concerning
any investigation of the assets, liabilities and financial
condition of the Debtor that may be required under local, state or
federal law or orders of this or any other court of competent
jurisdiction;
f. providing counseling and representation with respect to
assumption or rejection of executory contracts and leases, sales of
assets and other bankruptcy-related matters arising from the
Debtor's Chapter 11 case; and
g. performing all other services assigned by the Debtor to the
firm.
The firm will be paid at these rates:
Partners $375 to $450 per hour
Associates $220 to $375 per hour
Paraprofessionals $110 per hour
The firm will also be reimbursed for its out-of-pocket expenses.
Prior to the petition date, the Debtor paid the firm a retainer of
$280,000.
Kurt Carlson, Esq., a partner at Carlson Dash, 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 at:
Kurt M. Carlson, Esq.
Martin J. Wasserman, Esq.
C. Douglas Moran, Esq.
Carlson Dash, LLC
10411 Corporate Dr., Suite 100
Pleasant Prairie, WI 53158
Tel: (262) 857-1600
Email: kcarlson@carlsondash.com
mwasserman@carlsondash.com
cdmoran@carlsondash.com
About Rider Hotel
Rider Hotel, LLC owns The Iron Horse Hotel located at 500 W.
Florida St., in Milwaukee, Wis. The hotel, which opened in 2008,
has about 100 rooms, two banquet facilities and two restaurants;
and features a motorcycle theme and decor building off the nearby
Harley-Davidson Museum.
Rider Hotel sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Del. Case No. 22-10522) on June 9, 2022, listing
between $10 million and $50 million in both assets and liabilities.
Timothy J. Dixon, president of Rider Hotel, signed the petition.
Judge John T. Dorsey oversees the case.
The Debtor tapped Carlson Dash, LLC and Saul Ewing Arnstein & Lehr,
LLP as legal counsels; and GlassRatner Advisory & Capital Group,
LLC, doing business as B. Riley Advisory Services, as financial
advisor. Stretto is the claims, noticing and administrative agent.
RIDER HOTEL: Gets OK to Hire GlassRatner as Financial Advisor
-------------------------------------------------------------
Rider Hotel, LLC received approval from the U.S. Bankruptcy Court
for the District of Delaware to employ GlassRatner Advisory &
Capital Group, LLC as its financial advisor.
The Debtor requires a financial advisor to:
a. assist the management team and other professionals, as
necessary, with the Debtor's liquidity, financial, operational and
strategic planning, including the development of a Chapter 11
strategy;
b. assist in the negotiations with various stakeholders;
c. assist in the development and negotiations of a Chapter 11
plan;
d. prepare analyses related to potential third party causes of
action, if any;
e. assist in the administration of the bankruptcy filings,
including schedules of assets and liabilities, statement of
financial affairs, and monthly operating reports;
f. provide support in the development of a cash flow budget;
g. work with statutorily appointed committee, if any, to
facilitate the flow of information;
h. provide additional assistance as directed by the Debtor's
management, professionals and legal counsel; and
i. render any other requested services.
The firm will be paid at these rates:
Senior Managing Directors $525 to $725 per hour
Managing Directors $375 to $450 per hour
Sr. Associates/Associate Directors $225 to $375 per hour
The firm will also be reimbursed for its out-of-pocket expenses.
To date, the Debtor paid $220,661 to the firm for its
pre-bankruptcy services.
Dan Berman, a senior managing director at GlassRatner, 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 at:
Dan Berman
GlassRatner Advisory & Capital Group, LLC
d/b/a B. Riley Advisory Services
11100 Santa Monica Blvd. Suite 800
Los Angeles, CA 90025
Tel: (310) 966-1444
Fax: (310) 966-1448
Email: dberman@brileyfin.com
About Rider Hotel
Rider Hotel, LLC owns The Iron Horse Hotel located at 500 W.
Florida St., in Milwaukee, Wis. The hotel, which opened in 2008,
has about 100 rooms, two banquet facilities and two restaurants;
and features a motorcycle theme and decor building off the nearby
Harley-Davidson Museum.
Rider Hotel sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Del. Case No. 22-10522) on June 9, 2022, listing
between $10 million and $50 million in both assets and liabilities.
Timothy J. Dixon, president of Rider Hotel, signed the petition.
Judge John T. Dorsey oversees the case.
The Debtor tapped Carlson Dash, LLC and Saul Ewing Arnstein & Lehr,
LLP as legal counsels; and GlassRatner Advisory & Capital Group,
LLC, doing business as B. Riley Advisory Services, as financial
advisor. Stretto is the claims, noticing and administrative agent.
RIDER HOTEL: Gets OK to Hire Stretto as Administrative Agent
------------------------------------------------------------
Rider Hotel, LLC received approval from the U.S. Bankruptcy Court
for the District of Delaware to employ Stretto as administrative
agent.
The firm's services include:
a. assisting in the 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 Debtor's schedules of
assets and liabilities and statements of financial affairs, and
gather 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.
Stretto will be paid at these rates:
Analyst Waived
Consultants $70 to $200 per hour
Directors/Managing Directors $210 to $250 per hour
Executive Management Waived
Solicitation Associate $230 per hour
Director of Securities/Solicitation $250 per hour
The firm will also be reimbursed for its out-of-pocket expenses.
The retainer fee is $10,000.
Sheryl Betance, a senior managing director at Stretto, disclosed in
a court filing that her firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Sheryl Betance
Stretto
410 Exchange, Suite 100
Irvine, CA 92602
Tel: (800) 634-7734
Email: sheryl.betance@stretto.com
About Rider Hotel
Rider Hotel, LLC owns The Iron Horse Hotel located at 500 W.
Florida St., in Milwaukee, Wis. The hotel, which opened in 2008,
has about 100 rooms, two banquet facilities and two restaurants;
and features a motorcycle theme and decor building off the nearby
Harley-Davidson Museum.
Rider Hotel sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Del. Case No. 22-10522) on June 9, 2022, listing
between $10 million and $50 million in both assets and liabilities.
Timothy J. Dixon, president of Rider Hotel, signed the petition.
Judge John T. Dorsey oversees the case.
The Debtor tapped Carlson Dash, LLC and Saul Ewing Arnstein & Lehr,
LLP as legal counsels; and GlassRatner Advisory & Capital Group,
LLC, doing business as B. Riley Advisory Services, as financial
advisor. Stretto is the claims, noticing and administrative agent.
RIDER HOTEL: Taps Saul Ewing Arnstein & Lehr as Co-Counsel
----------------------------------------------------------
Rider Hotel, LLC received approval from the U.S. Bankruptcy Court
for the District of Delaware to employ Saul Ewing Arnstein & Lehr,
LLP as co-counsel with Carlson Dash, LLC.
The firm's services include:
a. providing legal advice with respect to the Debtor's powers
and duties in the continued operation of its business and
management of its property;
b. preparing and pursuing confirmation of a Chapter 11 plan and
approval of a disclosure statement;
c. preparing legal papers;
d. appearing in court;
e. providing assistance, advice and representation concerning
any investigation of the assets, liabilities and financial
condition of the Debtor that may be required under local, state or
federal law or orders of this or any other court of competent
jurisdiction;
f. providing counseling and representation with respect to
assumption or rejection of executory contracts and leases, sales of
assets and other bankruptcy-related matters arising from the
Debtor's Chapter 11 case; and
g. performing all other services assigned by the Debtor to the
firm.
Saul will be paid at these rates:
Partners $425 to $1,100 per hour
Counsel $440 to $850 per hour
Associates $285 to $450 per hour
Paraprofessionals $175 to $395 per hour
The firm will also be reimbursed for its out-of-pocket expenses.
Prior to the petition date, the firm received from the Debtor a
retainer of $150,000.
Monique DiSabatino, Esq., a partner at Saul, disclosed in a court
filing that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Monique B. DiSabatino, Esq.
Mark Minuti, Esq.
Matthew P. Milana, Esq.
Saul Ewing Arnstein & Lehr, LLP
1201 N. Market Street, Suite 2300
Wilmington, DE 19801
Tel: (302) 421-6800
Email: monique.disabatino@saul.com
mark.minuti@saul.com
matthew.milana@saul.com
About Rider Hotel
Rider Hotel, LLC owns The Iron Horse Hotel located at 500 W.
Florida St., in Milwaukee, Wis. The hotel, which opened in 2008,
has about 100 rooms, two banquet facilities and two restaurants;
and features a motorcycle theme and decor building off the nearby
Harley-Davidson Museum.
Rider Hotel sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Del. Case No. 22-10522) on June 9, 2022, listing
between $10 million and $50 million in both assets and liabilities.
Timothy J. Dixon, president of Rider Hotel, signed the petition.
Judge John T. Dorsey oversees the case.
The Debtor tapped Carlson Dash, LLC and Saul Ewing Arnstein & Lehr,
LLP as legal counsels; and GlassRatner Advisory & Capital Group,
LLC, doing business as B. Riley Advisory Services, as financial
advisor. Stretto is the claims, noticing and administrative agent.
ROCKING M MEDIA: Wins Cash Collateral Access Thru Aug 31
--------------------------------------------------------
The U.S Bankruptcy Court for the District of Kansas authorized
Rocking M Media, LLC and its debtor-affiliates to use cash
collateral and inventory on a temporary basis until August 31,
2022, and provide adequate protection.
Kansas State Bank of Manhattan, Bank of Commerce & Trust Co.,
Farmers & Merchants Bank of Colby, the Small Business
Administration and Belate, LLC serve as the Debtors' Pre-Petition
Lenders, and may claim valid, perfected and enforceable liens on
and security interests in, among other things, depository accounts,
real property and/or specific furniture, fixtures and equipment.
As adequate protection, the Creditors are granted replacement
security interests in, and liens on, all post-Petition Date
acquired property of the Debtors and the Debtors' bankruptcy
estates that is the same type of property that the Creditor holds a
pre-petition interest, lien or security interest to the extent of
the validity and priority of such interests, liens, or security
interests, if any. The amount of each of the Replacement Liens will
be up to the amount of any diminution of each of the Creditors'
respective collateral positions from the Petition Date. The
priority of the Replacement Liens will be in the same priority as
each of the Creditors pre-petition interests, liens, and security
interests in similar property.
Any Replacement Lien granted will be effective and perfected upon
the date of entry of the Interim Order without necessity for the
execution or recordation of filings of deeds of trust, mortgages,
security agreements, control agreements, pledge agreements,
financing statements or similar documents, or the possession or
control by the Creditors of, or over, any property subject to the
Replacement Liens.
KSB, Belate and Farmers will be provided additional adequate
protection as follows:
a. The Debtors will pay KSB $10,000 per month beginning July
15, 2022, and the 15th day of each month thereafter until further
Court order.
b. The Debtors will pay Farmers $5,000 per month beginning
July 15, 2022, and the 15th day of each month thereafter until
further Court order.
c. The Debtors will pay Belate $5,000 per month beginning July
15, 2022, and the 15th day of each month thereafter until further
Court order.
To the extent the Replacement Liens prove inadequate to protect the
Creditors, they are granted an administrative expense claim.
The Debtors will continue to maintain adequate and sufficient
insurance on all their properties and assets.
A final hearing on the matter is scheduled for August 19 at 1:30
p.m.
A copy of the order and the Debtor's budget is available at
https://bit.ly/3IsHnPW from PacerMonitor.com.
The Debtor projects $387,060 in total income and $335,283 in total
expenses.
About Rocking M Media, LLC
Rocking M Media, LLC and its affiliates own and operate radio
stations, radio networks, and digital media platforms that provide
music, news, sports, and weather to its listeners and viewers.
Rocking M Media supports local, regional, and national businesses
and organizations across the State of Kansas as well as Nebraska,
Colorado, Oklahoma, and Texas.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Kan. Case No. 22-20242) on March 26,
2022. In the petition signed by Monte M. Miller, chief executive
officer, the Debtors disclosed up to $1 million in assets and up to
$10 million in liabilities.
Judge Dale L. Somers oversees the case.
Sharon L. Stolte, Esq., at Sandberg Phoenix & von Gontard PC is the
Debtors' counsel.
Kansas State Bank of Manhattan, as creditor, is represented by
Nicholas J. Zluticky, Esq., at Stinson LLP.
Belate, LLC, as creditor, is represented by Andrea Chase, Esq., at
Spencer Fane LLP.
Farmers and Merchants Bank of Colby, as creditor, is represented by
Scott M. Hill, Esq. at Hite, Fanning & Honeyman L.L.P.
ROCKY MOUNTAIN: Seeks Cash Collateral Access
--------------------------------------------
Rocky Mountain Homecare, Inc. asks the U.S. Bankruptcy Court for
the District of Colorado for authority to use cash collateral and
provide adequate protection.
The Debtor requires the use of cash collateral to continue its
business operations post-petition and maintain its inventory.
On November 10, 2017, the Debtor entered into a Negotiable
Promissory Note with McKesson MedicalSurgical, Inc., McKesson
Medical-Surgical Supply Minnesota, Inc., and/or PSS World Medical,
Inc. In accordance with the Loan Documents, the Debtor granted
McKesson a secured interest in substantially all of the Debtor's
assets, including its inventory, equipment, accounts, deposit
accounts, and accounts receivables.
McKesson duly perfected its interest by filing a UCC-1 financing
statement with the Colorado Secretary of State on January 12, 2018,
Master ID No. 20182004243. The balance owed to McKesson as of the
Petition Date is approximately $486,899 on account of its secured
claim.
On the Petition Date, the Debtor had zero cash, approximately
$30,000 in receivables, and approximately $4,000 in inventory. The
Debtor receives payment from its main clients on Thursdays. The
Debtor's total non-purchase money assets, including cash,
equipment, inventory, vehicles and office equipment are valued at
approximately $50,000.
As adequate protection, the Debtor will provide the Secured
Creditor with a post-petition lien on all postpetition accounts
receivable and contracts and income derived from the operation of
the business and assets, to the extent that the use of the cash
results in a decrease in the value of the Secured Creditor's
interest in the collateral pursuant to 11 U.S.C. section 361(2).
All replacement liens will hold the same relative priority to
assets as did the pre-petition liens.
A copy of the motion is available at https://bit.ly/3AABLBn from
PacerMonitor.com.
About Rocky Mountain Homecare
Rocky Mountain Homecare, Inc., filed a petition for relief under
Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D. Colo.
Case No. 22-12306) on June 28, 2022. In the petition filed by Joey
Gallegos, as operations manager, the Debtor estimated assets up to
$50,000 and liabilities between $1 million and $10 million.
Mark David Dennis has been appointed as Subchapter V trustee.
Jenny M.F. Fujii, Esq., at Kutner Brinen Dickey Riley, P.C., is the
Debtor's counsel.
RP RUIZ: Wins Cash Collateral Access Thru Aug 22
------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California,
Santa Barbara Division, authorized R. P. Ruiz Corporation to use
cash collateral on an interim basis through August 22, 2022.
The Debtor is permitted to use cash collateral in accordance with
the budget, with a 20% variance.
The Court said the Debtor's request to roll over any unused expense
allowance from week to week by category also is approved.
As adequate protection, the Secured Creditors are granted
replacement lien in all post-petition assets of the Debtor, other
than avoidance power actions and recoveries. The replacement liens
will have the same validity, extent and priority (and will be
subject to the same defenses) as the Secured Creditors' liens held
in prepetition collateral.
The replacement liens will be deemed valid and perfected with such
priority as provided in the Order, without any further notice or
act by any party
that may otherwise be required under any law.
A hearing on the final use of cash collateral is scheduled for
August 24, 2022 at 2 pm.
A copy of the order is available at https://bit.ly/3AGm242 from
PacerMonitor.com.
About R. P. Ruiz, Corporation
R. P. Ruiz, Corporation is a concrete subcontractor. The Debtor
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. C.D. Cal. Case No. 22-10501) on July 5, 2022. In the
petition signed by Richard Ruiz, Jr., president, the Debtor
disclosed up to $10 million in both assets and liabilities.
Judge Ronald A. Clifford III oversees the case.
Steven R. Fox, Esq., at The Fox Law Corporation, Inc. is the
Debtor's counsel.
RTW CONSTRUCTION: Cash Collateral Access, DIP Loan OK'd
-------------------------------------------------------
The U.S. Bankruptcy Court for the District of New Jersey authorized
RTW Construction, Inc. on an interim basis, to use cash collateral
and obtain post-petition financing from Change Capital Holdings I,
LLC.
The DIP Loan is a revolver that will allow the Debtor to obtain
funds, repay, and obtain more funds up to the maximum principal
amount of $1,000,000 with a maximum outstanding amount during the
initial 13-week period of not more than $250,000.
The Debtor acknowledges that separate and apart from its
negotiations with the DIP Lender, the Debtor has assured First
Indemnity of America Insurance Company that proceeds of each of the
Debtor's contracts for which FIA issued a surety bond will be
deposited into a segregated bank account and used first for
paying:
(a) beneficiaries of the New Jersey Trust Fund Act (NJ Rev.
Stat section 2A:44-148) associated with that particular Bonded
Contract who are unpaid at the time of the Debtor's receipt of the
funds; or
(b) FIA directly to the extent that FIA pays such claims
(e.g., claims to subcontractors and material suppliers for that
particular Bonded Contract).
The Budget and any subsequent Budget(s) will not deviate or
infringe upon this assurance. Proceeds of each of Debtor's
contracts in excess of subsection (a) and (b) herein constitute
cash collateral and may be used in accordance with the Order.
The security interest and lien granted post-petition by the Debtor
to the DIP Lender pursuant to the DIP Loan Documents is approved
and granted on a first priority basis on all assets of the Debtor,
subject to (i) valid and properly perfected pre-petition liens and
(ii) the Trust Fund Act.
As adequate protection for the Debtor's continued use of the DIP
Lender's cash collateral, to the extent of any diminution in the
value of its collateral, the DIP Lender continues to be granted a
replacement lien in all of the Debtor's presently owned or
hereafter acquired property and assets.
The DIP Lender is also granted, to the extent of any diminution in
the value of its collateral, an allowed super priority
administrative claim as provided in section 507(b) of the
Bankruptcy Code against the Debtor's estate which will have
priority in payment over any other indebtedness and/or obligations
now in existence or incurred hereafter by the Debtor and over all
administrative expenses or charges against property arising in the
Debtor's Chapter 11 case or any superseding Chapter 7 case.
The Debtor's authorization to use cash collateral and obtain DIP
Financing pursuant to the Order, will be in effect for the period
commencing with the date of the commencement of the case through
and including the earlier of the entry of a Final Order or August
4, 2022. The Debtor and the DIP Lender may amend or provide for new
Budgets and extend the Expiration Date, without the need for
further Court approval provided that any amended Budget and notice
of any extension of the Expiration Date is filed with the Court.
A hearing to consider the DIP Financing and entry of a Final Order
is scheduled for August 2, 2022, at 10 p.m.
A copy of the order and the Debtor's weekly budget through the week
of August 26, 2022, and for a 52-week period is available at
https://bit.ly/3uBklAL from PacerMonitor.com.
The Debtor projects $2,643,607 in net receipts and $2,403,611 in
total operating expenses for weeks 1-52.
About RTW Construction, Inc.
RTW Construction, Inc. sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 21-18595) on November
4, 2021. In the petition signed by Randy Worrell, chief executive
officer, the Debtor disclosed $1,376,365 in assets and $3,032,627
in liabilities.
Judge Christine M. Gravelle oversees the case.
Vincent Roldan, Esq., at Mandelbaum and Salsburg PC is the Debtor's
counsel.
Change Capital Holdings I, LLC, the DIP lender, is represented by
Henry G. Swergold, Esq. at Platzer, Swergold, Goldberg, Katz &
Jaslow, LLP
RYAN ENVIRONMENTAL: Has Interim Cash Collateral Access Thru Aug 20
------------------------------------------------------------------
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 its stipulation
with First United Bank and Trust and the budget, with a 10%
variance through August 20, 2022.
The Debtor needs to use 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 meet the Debtor's ordinary cash needs,
in accordance with the July/August 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 Stipulated Consent Order, including, inter alia,
the line-item limitations on payments in excess of the July/August
Budget for any weekly period (inclusive of the 10% variance
permitted therefrom;
b. Entry of an order: (i) dismissing the 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 Court approval by July 22,
2022 of: (i) that proposed sale of those assets of the Debtor
described in the Debtor's Motion to Sell Asset Free and Clear of
Liens, and Notice Of Upset Bid Procedures upon substantially those
terms and conditions therein contained; or (ii) a comparable sale
of substantial assets of the Debtor upon terms and conditions
acceptable to First United; or
h. Failure of the Debtor to close by July 29, 2022 upon any
sale approved as contemplated under the provisions of the
immediately preceding sub-paragraph with payment by that date to
First United, in-hand received, in immediately available funds for
application to reduction of the unpaid principal balance of the
Indebtedness, of a sum not less than $300,000; or
i. Failure of the Debtor by August 5, 2022 to pay to First
United, in-hand received, in immediately available funds for
application to reduction of the unpaid principal balance of the
Indebtedness, the sum of $100,000; or
j. Failure of the Debtor by August 12, 2022 to pay to First
United, in-hand received, in immediately available funds for
application to reduction of the unpaid principal balance of the
Indebtedness, the sum of $500,000; or
k. Failure of the Debtor by August 19, 2022 to pay to First
United, in-hand received, in immediately available funds for
application to reduction of the unpaid principal balance of the
Indebtedness, the sum of $300,000; or
1. Expiration of the Term of this Order without: (i) extension
of the Term by entry of an Order of this Court; or (ii)
substitution of the relief granted hereunder under the provisions
of a subsequent Order.
A copy of the order is available at https://bit.ly/3Iv2zFi 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.
Judge David L. Bissett oversees the case.
The Debtor tapped Martin P. Sheehan, Esq., at Sheehan & Associates,
P.L.L.C. as counsel.
SMART BAKING: Files Emergency Bid to Use Cash Collateral
--------------------------------------------------------
Smart Baking Company, LLC asks the U.S. Bankruptcy Court for the
Middle District of Florida, Orlando Division, for authority to use
cash collateral and provide adequate protection to Mareth
Collective Trusts, LLC and the United States Small Business
Administration.
The Debtor requires the use of approximately $239,046 of cash
collateral to continue to operate its business for the next four
weeks, and, depending on the circumstances, a greater or lesser
amount will be required each comparable period thereafter. The
Debtor will use the cash collateral to pay its tenant leases, sales
taxes, utilities and management fees, along with other ordinary
course expenses to maintain its business, which may be subject to
the lien of its secured lenders.
The Debtor asserts its motion must be considered on an expedited
basis because its business operations and reorganization efforts
will suffer immediate and irreparable harm if the Debtor is not
permitted to use cash collateral.
The cash collateral is comprised of cash on hand and funds to be
received during normal operations which may be encumbered by liens
of Mareth Collective Trusts and the SBA. A receiver has been
appointed through a Seminole Circuit Court foreclosure action
without notice to the Debtor's principals, or a hearing, and the
Debtor's principals have been completely shut out of the Debtor's
daily operations.
As adequate protection for the use of cash collateral, the Debtor
proposes to grant the Secured Lenders a replacement lien on its
post-petition cash collateral to the same extent, priority, and
validity as its pre-petition lien. The Debtor will also maintain
all liability and property insurance and shall not pay any insider
compensation if ordinary course non-insider expenses have not been
paid.
As demonstrated by its Budget, the Debtor will operate on a
positive cash flow basis during the interim four-week period and
asserts all interests on cash collateral are adequately protected
by replacement liens and the other protections.
A copy of the motion and the Debtor's budget for the period from
July 11 to August 11, 2022, is available at https://bit.ly/3RgG5vz
from PacerMonitor.com.
The Debtor projects $273,386 in total revenue and $239,046 in total
expenses.
About Smart Baking Company, LLC
Smart Baking Company, LLC is a food manufacturer in Florida. It
offers snack cakes, hamburger buns and breakfast items.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-02365) on July 5,
2022. In the petition signed by Harvey F. Heuvel, chief executive
officer, the Debtor disclosed up to $10 million in both assets and
liabilities.
Justin M. Luna, Esq., at Latham Luna Eden and Beaudine LLP is the
Debtor's counsel.
SMART BAKING: Founder Seeks to Fend Off 'Trojan Horse' Takeover
---------------------------------------------------------------
Smart Baking Company LLC says it filed for bankruptcy protection to
stop its lender and member from launching a "trojan horse" takeover
of the business.
The Debtor was formed on or about Jan. 18, 2005 by Ms. Joan Hensen
("Founder") and her family, to own and operate a bakery that makes
and distributes healthy snacks and food across the country. With
backgrounds as restauranteurs and fitness buffs, Founder and her
family spent several years in research and development kitchen
seeking out the best ingredients, trying various combinations and
perfecting processes. From this extensive research and having
Founder's baking knowledge, the Debtor developed a proprietary
blend of fibers and flax using a cutting-edge pharmaceutical
process. Smart Baking Company(TM) was born.
From the Debtor's headquarters in Sanford, Florida, the Debtor
creates healthy, and nutrient dense "fun foods" for breakfast,
lunch, snack time and dinner. These products have zero digestible
carbs, which make them ideal to help those looking for weight
control. Loaded with Omega-3 fatty acids, vitamins B1, 6, 12, C+E,
the Debtor created a nutrient dense energy source with clients
across the country. The Debtor is uniquely situated in the food
industry.
The Debtor filed this case to prevent a trojan horse takeover
attempt by a non-founding lender and member, Mr. Mareth. In May
2019, Mr. Mareth offered a couple of loans to the Debtor to assist
with operations and expansion. Mr. Mareth made these loans through
an entity he controls, the Mareth Collective Trusts. Trusts made
the loans starting in May in the amounts of $250,000 (secured) and
advances up to $4,400,000 over the next year. The Loans may be
secured by a blanket lien on all of the Debtor's assets, although
that is disputed by the Debtor. The Loans were used to facilitate
an expansion of the Debtor's operations and baking facilities. The
Loans had an above market 15% interest rate.
Despite the financial obstacles associated with these Loans, the
Debtor timely made every single payment until June 2022.
In June 2022, the Debtor attempted to renegotiate the terms of the
Loans with the Trusts and Mr. Mareth, Mr. Mareth attempted to
negotiate a buyout of the Trusts interest in the Debtor or buyout
of the Founder's and other members interest in the company. The
Board and the members did not agree to the proposal by the Trusts.
The Founder was not interested in such offers, but while such
discussions were occurring, the Trusts filed suit against the
Debtor in Seminole County for breach of notes, foreclosure or
security interests and the appointment of a receiver.
Notably, the Trusts, without notice and hearing, had a receiver
appointed on an interim basis1.
Upon information and belief, the receiver, Anthony Septich is an
officer/affiliate of the Trusts and Mr. Mareth. The Debtor and the
Founder were shocked by this unilateral move. The Founder and its
family were immediately locked out from operations and any
transparency into the business's operations. Customers, suppliers,
vendors and employees all panicked with many threatening to cut
ties with the Debtor's business. On July 5, 2022, the Debtor's
board of directors voted to approve the filing of the instant
bankruptcy case to preserve the going concern, take back control of
the business and its assets for the benefit of all stakeholders.
About Smart Baking Company
Smart Baking Company LLC -- https://smartbakingco.com/ -- produces
gluten-free smart baked goods are low-calorie, sugar-free,
zero-net-carb. They have all-natural, healthy ingredients and taste
really good.
Smart Baking Company LLC filed a petition for relief under
Subchapter V of Chapter 11 of the Bankruptcy Code sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case
No. 22-02365) on July 5, 2022. In the petition filed by Harvey F.
Heuvel, as chief executive officer, the Debtor reports estimated
assets and liabilities between $1 million and $10 million.
Todd Budgen has been appointed as Subchapter V trustee.
Justin M Luna, of Latham, Luna, Eden & Beaudine, LLP, is the
Debtor's counsel.
Secured creditor Mareth Collective Trusts, LLC, is represented by
attorneys at GrayRobinson P.A.
SMART BANKING: Files for Chapter 11; Creditor Seeks Removal
-----------------------------------------------------------
Smart Baking Company LLC 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 secured creditor, Mareth Collective Trusts, LLC, immediately
filed motions to (i) dismiss the case or expand the powers of the
Chapter 11 trustee, and a (ii) remove the Debtor in Possession.
"The Debtor-in-Possession should be removed because the Debtor's
management, Harvey Heuvel, Val Heuvel, Dave Heuvel and Joan Hensen
and their employee allies have grossly mismanaged the Debtor, have
acted fraudulently, dishonestly, and incompetently, there is
substantial and continuing diminution in estate value, and the
absence of a reasonable likelihood of rehabilitation," Mareth said
in court filings.
Mareth claims to be the largest creditor in the case, the single
largest outside investor and the largest non-family shareholder of
the Debtor. Mareth also has a blanket lien on all of the Debtor's
assets.
Prepetition, Mareth initiated a foreclosure case and receivership
in order to preserve the value of the Debtor as a going concern and
to take control away from current management who has proven
themselves incapable of proper management.
But mere days ago the Heuval Organization was actively trying to
sabotage the receivership and to shut down the ebtor all to spite
Mareth's efforts to preserve value.
According to Mareth, the Heuval Organization cannot be trusted to
properly manage the Debtor.
"The Heuval Organization's gross mismanagement includes, but is not
limited to, fraudulently obtained SBA disaster loans, misuse of
funds received from the SBA, terminating board members without
cause, failure to follow the advice of legal counsel, failure to
pay taxes, mislabeling nutrition declarations, operations without
proper permitting, sale of defective products, harrassment and
mistreatment of employees and missing regulated substances (CBD)."
About Smart Baking Company
Smart Baking Company LLC -- https://smartbakingco.com/ -- produces
gluten-free smart baked goods are low-calorie, sugar-free,
zero-net-carb. They have all-natural, healthy ingredients and taste
really good.
Smart Baking Company LLC filed a petition for relief under
Subchapter V of Chapter 11 of the Bankruptcy Code sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case
No. 22-02365) on July 5, 2022. In the petition filed by Harvey F.
Heuvel, as chief executive officer, the Debtor reports estimated
assets and liabilities between $1 million and $10 million.
Todd Budgen has been appointed as Subchapter V trustee.
Justin M Luna, of Latham, Luna, Eden & Beaudine, LLP, is the
Debtor's counsel.
Secured creditor Mareth Collective Trusts, LLC, is represented by
attorneys at GrayRobinson P.A.
SPUDDOG FARM PROPERTIES: Hits Chapter 11 Due to Debt Woes
---------------------------------------------------------
Spuddog Farm Properties LLC and its owner, Karen Hall, have sought
Chapter 11 bankruptcy protection. The Debtors each filed as a
small business debtor seeking relief under Subchapter V of Chapter
11 of the Bankruptcy Code.
Spuddog Farm Properties' primary business is owning and leasing one
piece of real property that is identified as having three street
addresses (with three separate corresponding purposes). First,
8013 Long Lane, Temperanceville, Virginia 23442 (the "Rental") is
used as a VRBO vacation home rental property. Second, 8250 Long
Lane, Temperanceville, Virginia 23442 (the "Farm") is used for a
chicken house, cold storage shop and office. Third, Grotontown
Road, Hallwood, Virginia 23359 (the "Land") is vacant land.
Karen W. Hall and husband and Benny F. Hall, Sr., are the managing
members of Spuddog Farm Properties.
The Debtors' need for filing bankruptcy largely dates back to 2015.
In that year one of the companies Benny F. Hall & Sons, LLC lost
its seasonal line of credit stemming from litigation between Benny
F. Hall, Sr. and his son Benny F. Hall, Jr. over the dissolution of
their prior farming operation (which transpired in the lawsuit
Benny F. Hall, Sr. v. Benny F. Hall, Jr., Case Number CL13000042-00
before the Circuit Court of the County of Accomack, Virginia). The
dissolution litigation lasted for several years, and the fees
associated with the litigation were extensive.
After dissolution, the Halls began paying down the debts in excess
of their proportionate share since Mr. Hall, Jr., refused to do so.
This created a significant strain on the business and personal
cash flows. Mr. Hall obtained several additional loans to replace
the lost line of credit, many of these being merchant cash advance
financing (and at interest rates considerably higher than typical
market rates).
Eventually, Mr. Hall engaged Michael Clements to negotiate payments
terms for these loans. Mr. Clements then in turn introduced Mr.
Hall to Tesh Shere, Vice-President of Kwick Capital. Mr. Shere was
represented as a loan broker who could obtain a long-term loan with
a working capital component that would not only settle the
outstanding loans but provide operating capital for the farming
business. Mr. Shere then recommended World Business Lenders, LLC
("WBL"). WBL initially indicated that it was very interested in
making the loan, and indeed sent one of its corporate loan
officers, Michael John, down to Virginia from New York in order to
discuss in person. During that meeting, Mr. John stated that he
"was a magician" and could get them (i) $350,000.00 in 2-3 weeks
and (ii) another $2,000,000 to $2,500,000 in 4-6 weeks. But after
reviewing the property Mr. John indicated he could obtain an even
larger loan for around 10%-13% interest rates.
At the time, the Debtor and its principals made clear that they
were running seasonal businesses, and thus could not make daily or
even monthly regular payments. Mr. John indicated that he
understood the property and would arrange for a loan which was
interest only for the "down" months in order to accommodate the
seasonal business needs. After completion of a loan application
and wire of $10,000 (to cover an "appraisal fee"), WBL provided the
Debtor with a term sheet for an undetermined loan amount ranging
from 20% to 99% per annum, with a pre-payment penalty. The Debtor
and its members understandably questioned the transaction. Mr.
Shere reassured them the term sheet was only for a bridge loan
which would last 6 to 8 months and then WBL would provide a larger
loan on ordinary commercial terms to both refinance the bridge loan
and provide working capital. Ultimately in May of 2016 WBL closed
on a $350,000 note (which based on the interest rate would require
repayment of $605,500 no later than 12 months after origination).
After closing the Debtor repeatedly inquired as to the larger
consolidation loan. WBL made clear that it was working on the
permanent loan and in the interim would advance additional funds.
Again, relying upon those statements, in June of 2016 WBL closed on
a $935,795.00 note. By January of 2017 the Debtor, and its
affiliates, had already repaid $1,014,000 on a loan in the
principal amount of $940,000. Yet by the Spring of 2017 when
refinancing discussions broke down WBL claimed there was still an
outstanding $1,507,294.07 left on the obligation (meaning, a total
repayment of $2,514,000.00 on a $940,000.00 loan!). On July 6,
2017, WBL filed its Complaint (WBL Doc. No. 1) alleging breach of
contract and unjust enrichment. On August 1, 2017, the Debtor
(along with others) defended by filing their Answer to Complaint
and Counter-Claim (WBL Doc. No. 2) (the "Answer") asserting fraud
in the inducement, doctrine of first breaching party and unlawful
penalty. The Answer also contained counterclaims for rescission
-– fraud in the inducement, and, declaratory judgment.
The Debtor believes in its business model and reputation. However,
the significant amount of energy and time the Debtor has been
forced to spend dealing with the above concerns has taken its toll
on the Debtor and therefore necessitated the instant filing.
Through bankruptcy, the Debtor shall continue to operate its
businesses to preserve their going concern value, good will and
reputation; and, shall seek to file a proposal plan of
reorganization that the Debtor believes will be for the benefit of
its creditors in an efficient and equitable and orderly manner.
About Spuddog Farm Properties
Spuddog Farm Properties LLC is in the business of owning and
leasing property comprising a vacation home rental property and a
farm in Temperanceville, Virginia, and a vacant land in Hallwood,
Virginia. Karen W. Hall and husband and Benny F. Hall, Sr., are
the managing members of Spuddog Farm Properties.
Karen W. Hall filed for relief under Subchapter V of Chapter 11 of
the Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-bk-01326) on July
1, 2022.
Spuddog Farm Properties then sought protection under Chapter 11
Subchapter V of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No.
22-01341) on July 5, 2022. In the petition filed by Karen Hall, as
managing member, the Debtor estimated assets and liabilities
between $1 million and $10 million.
The two cases are jointly administered under Case No. 22-01326.
David S Jennis, of Jennis Morse Etlinger, is the Debtors' counsel.
TARINA TARANTINO: Court OKs Deal on Cash Collateral Access
----------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California,
Los Angeles Division, approved the stipulation filed by Tarina
Tarantino Management, LLC and Argentic Services Company L.P. as
special servicer for Wells Fargo Bank, National Association, as
Trustee for the benefit of the registered holders of UBS Commercial
Mortgage Trust 2018-C11, Commercial Mortgage Pass-Through
Certificates, Series 2018-C11, authorizing the Debtor's use of cash
collateral on a final basis through August 2, 2022.
As previously reported by the Troubled Company Reporter, the
Debtor's primary secured creditor is Wells Fargo Bank as Trustee,
and its special servicer, Argentic Services Company LP.
In addition to the Bank, the SBA holds a second priority security
interest in the Property to secure a $202,000 obligation. However,
the SBA's security interest does not include an assignment of rents
provision.
A copy of the stipulation and the Debtor's budget for the period
from July to October 2022 is available at https://bit.ly/3yi2IXQ
from PacerMonitor.com.
The Debtor projects $24,639 in total income and $42,952 in total
expenses.
A copy of the order is available at https://bit.ly/3uuotmd from
PacerMonitor.com.
About Tarina Tarantino Management, LLC
Tarina Tarantino Management, LLC is the 100% owner of a commercial
real property located at 908-910 S. Broadway, Los Angeles, CA.
Tarina Tarantino sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-11910) on April 5,
2022. In the petition signed by Alfonso Campos, president, the
Debtor disclosed $18,181,129 in assets and $8,317,564 in
liabilities.
Judge Barry Russell oversees the case.
David B. Golubchik, Esq., at Levene, Neale, Bender, Yoo and
Golubchik, LLP is the Debtor's counsel.
TERWILLIGER PLAZA: Fitch Affirms BB+ Rating on 2021 Bonds
---------------------------------------------------------
Fitch Ratings has affirmed its long-term 'BB+' rating on the
following bonds issued by the Hospital Facilities Authority of
Multnomah County, OR on behalf of Terwilliger Plaza (Terwilliger):
-- $93.3 million, series 2021A;
-- $15.5 million, series 2021B-1;
-- $42.2 million, series 2021B-2;
-- $9.1 million, series 2021C;
-- 10.4 million revenue refunding bonds, series 2016;
-- $11.1 million revenue refunding bonds, series 2012.
Additionally, Fitch has affirmed Terwilliger's Issuer Default
Rating at 'BB+'.
The Rating Outlook is Stable.
SECURITY
The bonds are a joint and several obligation of the obligated group
(OG) and are secured by a first mortgage lien on all properties and
a gross revenue pledge of the OG. A fully-funded debt service
reserve fund (DSRF) provides additional security.
ANALYTICAL CONCLUSION
The rating affirmation and Stable Outlook reflect Terwilliger's
ongoing strength of its' independent living unit (ILU) occupancy,
while also reflecting operational and balance sheet challenges.
Terwilliger Plaza is in the midst of a 10 story, 127-unit ILU
expansion project with amenity spaces situated over a basement
parking structure scheduled to open in September 2023. Currently,
only 62 (about 49%) units are presold, which consists of a 10%
deposit. Fitch continues to believe the new project has potential
to be accretive in the longer term if it is completed and filled on
time and within budget.
KEY RATING DRIVERS
Revenue Defensibility: 'bbb'
Strong Demand Indicators Despite Pandemic
Terwilliger continues to maintain strong occupancy in its ILU's
with a five-year average of 96% (2017-2021 FYE December) and
current occupancy of 91% as of the end of March due to slightly
higher than expected turnover. Assisted living unit (ALU) census
averaged 83% over the last five years but has recovered to 93%
occupancy as of March 2022. There is some competition in the
primary market area (PMA), but nearby comparable life plan
communities (LPCs) have not materially impacted Terwilliger's
ability to fill its units. Pricing for entrance fee contracts are
affordable relative to residents' average net worth and prevailing
home values, and management has implemented rate increases for
monthly fees and entrance fees each year.
Fitch expects Terwilliger's market position to remain strong.
Terwilliger has operated in the Portland market since 1962 and is
well established in the service area. Differentiating competitive
factors include not only its downtown location on the west side of
the Willamette River, but also its long history in the market,
optional rather than mandatory meal plan, and the provision of
on-site in-home health services.
Operating Risk: 'bb'
Weak Core Operations; Steady Entrance Fee Cash Flow
Terwilliger Plaza is a type-B LPC that offers a traditional
non-refundable contract and an 80% refundable contract. The
community's operating performance is on par with a weak assessment.
Core operations have shown deterioration in recent years driven by
ramp-up costs for the expansion, including increased marketing
expenses. Terwilliger also continued to experience operating
disruptions due to the pandemic, with an operating ratio, NOM, and
NOM-adjusted of 114.8%, -7.9%, and 14.6%, respectively.
Following the series 2021 bond issuance, capital-related metrics
more closely align with a weak assessment, with maximum annual debt
service (MADS) representing a very high 40.2% of revenues and
revenue-only MADS coverage of -0.1x in 2021. Debt-to-net available
was 59.9x in 2021 a significant rise from the 6.0x in the prior
year.
Financial Profile: 'bb'
New Debt Materially Increases Leverage Position
In fiscal 2021, Terwilliger's $30 million in unrestricted cash and
investments and $185 million in debt translated to 688 days cash on
hand, 16.2% cash-to-adjusted debt, and a 4.0x cushion. The current
rating incorporates the significant increase in leverage following
Terwilliger's $160 million series 2021 bond issue. Terwilliger's
cash-to-adjusted debt levels remain stressed throughout Fitch's
forward-looking scenario analysis, which factors in the current
project timeline including repayment of approximately $67 million
in temporary debt with initial entrance fees by 2024. Lastly,
according to their disclosure they covered their actual debt
service requirement at 2.20x and will not be tested on their higher
MADS until post project stabilization in 2026.
Fitch believes that Terwilliger's strong demand for existing units
and unique location will allow the community to accrue sufficient
entrance fee cash flows to pay down temporary debt and rebuild its
balance sheet over time. However, given that stabilized occupancy
will not occur until 2025, it will take several years to improve
key balance sheet metrics.
Asymmetric Additional Risk Considerations
The majority of Terwilliger Plaza's board is made up of residents
(six of the 11 board members), which is very unusual in the sector.
Generally, LPC boards are composed almost completely of independent
board members, who reside in the community outside the LPC, with
only one or two residents represented on the board. This
self-governance structure is a potential credit risk. Mitigating
this risk is Terwilliger's long operating history using this
governance structure, as well as board decisions that are
consistent with sector expectations, including implementing ongoing
service fee increases, even through economic downturns and good
levels of capital spending and strategic investments, such as in IL
expansions, that position the campus for longer term economic and
market viability.
The low pre-sale levels are also considered an asymmetric risk and
relevant to the rating.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Positive rating action will ultimately be predicated on
successful completion and fill of the ILU expansion project,
coupled with balance sheet growth, with sustained cash-to-
adjusted debt levels above 50%;
-- Improvement in operations once the project reaches
stabilization, whereby NOM and operating ratio return to
roughly 3%-4% and 98%-100%.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Significant project execution issues that materially disrupt
construction and fill-up of the new project, or deteriorate
current operations or liquidity levels;
-- Sale of units not filling on time or within budget or material
construction cost overruns.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Sovereigns, Public Finance
and Infrastructure issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of three notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.
CREDIT PROFILE
Located in Portland, OR, Terwilliger Plaza offers independent,
assisted and residential care living services in 289 units
including 247 ILUs, 43 ALUs, and 29 residential care units.
Terwilliger does not offer skilled nursing facility units, but
nursing care is provided to residents who require a higher level of
care in the ALUs and residential care units. In early 2020,
Terwilliger began the Parkview project which entails a 10 story
127-unit ILU expansion. The community generated $17.7 million of
operating revenue in fiscal 2021.
Sources of Information
In addition to the sources of information identified in Fitch's
applicable criteria specified below, this action was informed by
information from Lumesis.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
DEBT RATING PRIOR
---- ------ -----
Terwilliger Plaza (OR) LT IDR BB+ Affirmed BB+
Terwilliger Plaza (OR) LT BB+ Affirmed BB+
/General Revenues/1 LT
THE GURU OF ABS CORP: Seeks to Tap The Curry Firm as Legal Counsel
------------------------------------------------------------------
The Guru of ABS Corporation seeks approval from the U.S. Bankruptcy
Court for the Northern District of Georgia to employ The Curry
Firm, LLC as its counsel.
The firm will render these legal services:
(a) advise, assist and represent the Debtor with respect to
its rights, powers, duties and obligations in the administration of
its Chapter 11 case and the operation of its business;
(b) advise, assist and represent the Debtor in connection with
the analysis of its assets, liabilities and financial condition;
(c) advise, assist and represent the Debtor in connection with
the development of a plan of reorganization and in consideration of
sale of assets;
(d) advise, assist, and represent the Debtor with regard to
any claims and causes of action;
(e) advise, assist and represent the Debtor with regard to the
investigation of the desirability and feasibility of the rejection
or assumption and potential assignment of any executory contracts
or unexpired leases;
(f) advise, assist and represent the Debtor in connection with
all applications, motions and complaints;
(g) advise, assist and represent the Debtor in connection with
the sale or other disposition of any assets of the estate;
(h) prepare legal papers;
(i) assist the Debtor with regard to the proper receipt,
disbursement and accounting for funds and property of the estate;
and
(j) perform other legal services incident or necessary to the
proper administration of this case.
Joycelyn Curry, Esq., an attorney at The Curry Firm, will be
compensated at her hourly rate of $300.
The firm has been employed under a retainer of $7,000.
Ms. Curry 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:
Joycelyn R. Curry, Esq.
The Curry Firm, LLC
P.O. Box 162670
Atlanta, GA 30321
Telephone: (404) 850-2330
Facsimile: (678) 890-5956
Email: jrcurryesq@gmail.com
About The Guru of ABS Corporation
The Guru of ABS Corporation -- https://theguruofabs.com/ -- is a
guru in the abdomen training exercise and a coach in fitness
programs.
The Guru of ABS Corporation sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-54274) on
June 6, 2022. In the petition signed by DaShaun Johnson, president
and chief financial officer, the Debtor disclosed between $500,000
and $1 million in both assets and liabilities.
Judge Jeffery W. Cavender oversees the case.
Joycelyn R. Curry, Esq., at The Curry Firm, LLC serves as the
Debtor's counsel.
THREE ARROWS: Chapter 15 Case Summary
-------------------------------------
Chapter 15 Debtor: Three Arrows Capital, Ltd
ABM Chambers
P.O. Box 2283
Road Town, Tortola, VG-1110
British Virgin Islands
Business Description: The Debtor is an investment firm
incorporated in the BVI with a focus on
trading cryptocurrency and other digital
assets.
Foreign Proceeding: Insolvency proceedings pending before
the Eastern Caribbean Supreme Court in
the High Court of Justice Virgin
Islands, Commercial Division, under
sections 159(1) and 162(1)(a) and (b) of
the Insolvency Act 2003, Case No.
BVIHCOM2022/0117
Chapter 15 Petition Date: July 1, 2022
Court: United States Bankruptcy Court
Southern District of New York
Case No.: 22-10920
Judge: Hon. Martin Glenn
Foreign Representatives: Russell Crumpler and Christopher Farmer
c/o Teneo (BVI) Limited
3rd Floor, Banco Pupular Building
Road Town, Tortola, VG-1110
British Virgin Islands
Foreign
Representatives'
Counsel: Adam J. Goldberg, Esq.
Brett M. Neve, Esq.
Nacif Taousse, Esq.
Brian S. Rosen, Esq.
LATHAM & WATKINS LLP
1271 Avenue of the Americas
New York, NY 10020
Tel: (212) 906-1200
Fax: (212) 751-4864
Email: adam.goldberg@lw.com
brett.neve@lw.com
nacif.taousse@lw.com
brian.rosen@lw.com
- and -
Daniel Scott Schecter, Esq.
Nima H. Mohebbi, Esq.
Caitlin J. Campbell, Esq.
LATHAM & WATKINS LLP
355 South Grand Avenue, Suite 100
Los Angeles, CA 90071
Tel: (213) 485-1234
Fax: (213) 891-8763
E-mail: daniel.schecter@lw.com
nima.mohebbi@lw.com
caitlin.campbell@lw.com
Estimated Assets: Unknown
Estimated Debt: Unknown
A full-text copy of the Chapter 15 petition is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/Z5WV3CQ/Three_Arrows_Capital_Ltd_and_Russell__nysbke-22-10920__0001.0.pdf?mcid=tGE4TAMA
TRX HOLDCO: Wins Cash Collateral Access Thru July 17
----------------------------------------------------
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 Debtors are permitted to use cash collateral 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 July 17, 2022; and (c)
pay up to $100,000 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 tomorrow, July 13 at
1:30 p.m.
A copy of the order is available at https://bit.ly/3RjU3wO 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.
UNIVERSAL DOOR: Files for Chapter 11 Bankruptcy
-----------------------------------------------
Universal Door and Window Manufacturer Inc. returned to Chapter 11
bankruptcy protection in Puerto Rico.
The Debtor disclosed total assets of $1.692 million against total
liabilities of $3.403 million in its schedules. The Debtor says
its real property assets in Puerto Rico total $1.666 million.
Evelio Vidal Crespo Traverzo and Lillian Alers Sotto each owns 50%
of the Debtor.
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
Aug. 15, 2022, at 9:00 AM via Telephonic Conference Information for
AUST/Trial Attys.
Proofs of claim are due by Nov. 14, 2022.
About Universal Door and Window Manufacturer
Universal Door and Window Manufacturer Inc. was originally
dedicated to the manufacturing of security doors and windows in
aluminum and glass for the Puerto Rico housing and commercial
markets. In 2011 manufacturing
operations were closed and the conversion to a commercial income
producing property was commenced.
The remaining assets of the company are its real estate, equipment
and inventory. At present it owns three properties consisting of
commercial and residential buildings and parcels of land located in
San Sebastian, Puerto Rico with an aggregate value of
$1.67million.
Universal Door and Window Manufacturer previously sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No.
15-01120) on Feb. 19, 2015.
Universal Door and Window Manufacturer Inc. sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No.
22-01961) on July 5, 2022. In its petition, the Debtor estimated
assets and liabilities between $1 million and $10 million.
Alexis Fuentes Hernandez, of FUENTES LAW OFFICES LLC, is the
Debtor's counsel. CPA LUIS R. CARRASQUILLO & CO., P.S.C., is the
Debtor's financial consultant.
US REALM POWDER: Seeks Cash Collateral Access Thru Oct 31
---------------------------------------------------------
US Realm Powder River, LLC, f/k/a Moriah Powder River, LLC, asks
the U.S. Bankruptcy Court for the District of Wyoming for authority
to use cash collateral for the period of August 1 to October 31,
2022.
The Debtor needs access to cash collateral to continue paying
operating expenses associated with its business operations, all in
accordance with a budget, with a 10% variance.
A significant portion of the Prepetition Collateral consists of the
Debtor's oil and gas properties and related assets which includes
the hydrocarbons extracted by the Debtor from those properties and
the proceeds generated from sales thereof. The Debtor's business
model is predicated upon its ability to exploit its hydrocarbon
assets, bring them to market, and use the proceeds in its business
operations.
The Debtor's previous obligation to secured creditor, Powder River
VPP, LLC and related authorized use of cash collateral is nearing
its conclusion. Specifically, unless other arrangements are made,
the Lender will be paid in full on or around August 5, 2022. In
light of other potentially secured claims being asserted against
the estate and the Debtor's cash collateral (which are currently
junior to the Lender), the Debtor may require the continued use of
cash collateral pursuant to further Court order to fund its
operations and reorganization expenses to get the Debtor through
confirmation of a proposed plan of reorganization or otherwise
through an orderly exit from the bankruptcy case.
The Debtor holds significant mineral leases and owns approximately
6,800 coal-bed methane gas wells. The Gas Leases are entered into
with the owners of certain real property. The Gas Leases provide
the Debtor with the right to exploit the natural gas reserves under
the surface of the real estate. While the Debtor holds the Gas
Leases and owns the Gas Wells, the Debtor relies on services
provided by its affiliates, Powder River Midstream, LLC and Carbon
Creek Energy, LLC, in order to produce natural gas. PRM provides
the Debtor with pipeline assets and midstream services while CCE is
the contract operator of the Gas Wells.
On September 1, 2015, the Debtor entered into a Credit Agreement
for Senior Secured Revolving Credit Facility and Senior Secured
Bridge Loan with certain lenders and Societe Generale, as
administrative agent and issuing bank. The Prepetition Credit
Agreement is guaranteed by CCE.
The Prepetition Credit Agreement provided the Debtor with a reserve
based revolving credit facility and other commitments in an
aggregate principal amount of up to $210 million.
Pursuant to the Successor Agent and Issuer Agreement dated as of
June 26, 2018, Societe Generale resigned as the Administrative
Agent under the Prepetition Credit Agreement, and West Texas
National Bank was appointed by the Prior Prepetition Lenders as the
successor Administrative Agent under the Prepetition Credit
Agreement, and WTNB accepted the appointment.
Pursuant to (i) the Assignment and Assumption Agreements, by and
between each of the Prior Prepetition Lenders, as assignor, and
Mutual of Omaha Bank, as assignee, all dated as of June 26, 2018,
(ii) those Assignment and Assumption Agreements, by and between
each of the Prior Prepetition Lenders, as assignor, and WTNB, as
assignee, all dated as of June 26, 2018, and (iii) the Assignment
and Assumption Agreement, by and between Omaha Bank, as assignor,
and WTNB, as assignee, dated as of October 12, 2018, WTNB acquired
100% of the Debtor's debt obligations under the Prepetition Credit
Agreement and related Prepetition Liens from the Prior Prepetition
Lenders and Omaha Bank.
On October 12, 2018, the Debtor and WTNB, as Administrative Agent
and the then sole lender under the Prepetition Credit Agreement,
entered into a Forbearance Agreement with respect to the
Prepetition Credit Agreement.
On July 10, 2019, pursuant to an Assignment and Assumption
Agreement, Lender purchased and acquired 100% of the Debtor's debt
obligations under the Prepetition Credit Agreement and related
Prepetition Liens from WTNB. On July 10, 2019, WTNB resigned as the
Administrative Agent under the Prepetition Credit Agreement, and
Lender was appointed as the successor Administrative Agent under
the Prepetition Credit Agreement, and Lender accepted such
appointment.
As of the Petition Date, the outstanding principal amount due under
the Prepetition Credit Agreement was in an amount of no less than
$80,205,994.
While the Debtor is aware of the secured claims filed on the
official claims register in this case and otherwise made known to
the Debtor, it is unclear who is the most-senior secured creditor
after Lender, or if other unknown secured creditors exist.
Specifically, no less than these creditors have asserted secured
claims against the estate, which may include secured claims against
the cash collateral:
1. Monarch West LLC (Claim No. 15)
2. Devon Energy/WPX (Claim No. 23)
3. Johnson County, Wyoming (Claim Nos. 39 and 40)
3. Honor Fullerton Stone (Claim No. 48)
5. Constance L. Loundagin Revocable Trust (Claim No. 49)
6. David K. Stone (Claim No. 50)
7. Nicholas B. Loundagin Family Trust (Claim No. 51)
8. Redbud E&P (Claim No. 52)
9. Constance L. Smith (Claim No. 53)
10. WGR Operating LLC (Claim No. 55)
11. Pegasus Optimization Managers, LLC (Notices of Lien
filed at Doc. Nos. 338 and 498)
12. Thunder Creek Gas Services (Recorded Memorandum of
Amended and Restated Gas Transportation Agreement)
As adequate protection, the Debtor proposes to provide the Alleged
Secured Parties with replacement liens and security interests upon
the Debtor's post-petition assets with the same priority and
validity as the Alleged Secured Parties' pre-petition liens and
security interests to the extent of any diminution in the value of
the Alleged Secured Parties collateral resulting from the Debtor's
post-petition use of cash on hand and the proceeds of any
Pre-Petition Collateral, if any.
To the extent the Adequate Protection Liens prove to be
insufficient, each of the Alleged Secured Parties, as may be
applicable, will be granted superpriority administrative expense
claims under section 507(b) but only to the extent that such
Alleged Secured Party has a valid allowed secured claim under
section 506(a) in the cash collateral used.
A copy of the motion is available at https://bit.ly/3nPkixB from
PacerMonitor.com.
About US Realm Powder River
US Realm Powder River, LLC, previously known as Moriah Powder
River, LLC, is a privately held natural gas company with
headquarters in Sheridan, Wyo., and operates in the Powder River
Basin located in northeast Wyoming.
US Realm Powder River filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Wyo. Case No.
19-20699) on Oct. 31, 2019. Craig Camozzi, chief operating
officer, signed the petition. In the petition, the Debtor
disclosed $100 million to $500 million in assets and $50 million to
$100 million in liabilities.
Judge Cathleen D. Parker oversees the case.
Markus Williams Young & Zimmermann LLC and Hall & Evans, LLC serve
as the Debtor's bankruptcy counsel and special counsel,
respectively. Mark J. Welch, a principal at Morris Anderson &
Associates, Ltd., is the Debtor's chief restructuring officer.
WATERBRIDGE OPERATING: S&P Raises ICR to 'B-', Outlook Stable
-------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Texas-based
water management solutions company WaterBridge Midstream Operating
LLC and its parent company, WaterBridge Operating LLC, to 'B-' from
'CCC+'.
S&P said, "At the same time, we raised our issue-level rating on
Midstream's secured term loan B (TLB) to 'B-' from 'CCC+'. Our
recovery rating on the company's debt is unchanged at '3', which
indicates a meaningful (50%-70%; rounded estimate: 60%) recovery in
the event of default. The '1' recovery rating on the $100 million
super-priority revolving credit facility (RCF) is unchanged,
resulting in a 'B+' rating.
"The stable outlook reflects our expectation that WaterBridge will
continue to increase its throughput volumes and EBITDA, while
reducing leverage to the high 6x area in 2022 and 6.25x-6.5x in
2023.
"We expect steady cash flows will support WaterBridge's
deleveraging. The upgrade reflects favorable market conditions in
light of strong commodity prices that will support increased
production volumes on the company's dedicated acreage. This
dynamic, combined with limited expansion spending, should lead to
strong EBITDA and free cash flow that the company will use to
reduce its leverage. We forecast WaterBridge's 2022 volumes will be
in the 950 million barrel per day (mmbbl/d)-1,000 mmbbl/d range as
its customers ramp up production activity supported by strong
commodity prices."
Upstream consolidation improved counterparty quality.
Investment-grade-rated producers now account for about 60% of
WaterBridge's volumes, which reflects the upstream industry
consolidation with larger exploration and production companies
acquiring smaller players. WaterBridge's customer portfolio
includes well-capitalized companies like ConocoPhillips,
Diamondback Energy Inc., Devon Energy Corp., and Chevron Corp.
S&P said, "The TLB has a springing maturity clause, although we
expect WaterBridge will address any debt acceleration in a timely
manner. The company's approximately $140 million of series A
preferred security has a put right option that begins in 2024. As
per the credit agreement, if the preferred security remains
outstanding by September 2023, the TLB will be subject to springing
maturity--ultimately leading the TLB to mature in November 2023. We
understand that WaterBridge's management team is evaluating various
options to address the potential debt acceleration. We expect the
company will resolve this matter before September 2022.
"We view WaterBridge's lack of volume protection as a key credit
risk. WaterBridge is exposed to volumetric risk, given that its
portfolio of acreage-dedication contracts contains very limited
minimum volume commitments (MVCs). Due to the limited number of
MVCs, we believe that a prolonged period of weak commodity prices
would adversely affect WaterBridge's cash flows. That said, the
company's extensive footprint in the Permian, strong connectivity,
integrated water system, and low-cost operations provide
competitive strength. Its operations are concentrated in the
Permian, and we forecast about 80%–85% of revenue will come from
the Delaware basin and the remainder from the Arkoma. Drilling
activity in the Delaware has been robust given its superior
economics compared with other regions.
"We expect steady cash flows generated by the company's scalable
infrastructure will support credit metrics. As WaterBridge's
infrastructure system has already gone through significant
expansion, the company's assets should be well positioned to
capitalize on currently favorable market conditions, which would
lead to higher cash flow generation and improved credit metrics. As
a result, we forecast adjusted EBITDA of about $190 million-$200
million in 2022, and about $210 million in 2023. Consequently, we
project debt to EBITDA in the high 6x area for 2022, improving to
the low-to-mid-6x area for 2023, as the company uses free cash flow
to reduce debt. Our calculated metrics do not assume any
distribution payment to the company's sponsor, as we understand
that free cash flow will be allocated toward any capital spending
and voluntary debt repayments.
"Our calculation of consolidated adjusted leverage incorporates the
preferred securities issued at the parent company, which we treat
as 100% debt. The preferred shares accrue interest periodically;
however, the company has been deferring these payments, which
ultimately increases the amount due to the preferred shareholders.
Given our treatment of preferred shares as debt, the deferral and
accumulation of interest increases our adjusted debt balance. Under
our forecast, we expect the company will make no cash payments to
preferred shareholders.
"The stable outlook reflects our expectation that WaterBridge will
continue to increase its throughput volumes and EBITDA, while
reducing its leverage to the high 6x area in 2022 and the
low-to-mid 6x area in 2023. We anticipate WaterBridge will generate
strong free operating cash flow with support from production growth
in its dedicated acreage, which will facilitate near-term
deleveraging. In addition, we expect WaterBridge to address the
debt acceleration of its TLB before it becomes current.
"We would consider taking a negative rating action on WaterBridge
if we believed its capital structure was unsustainable. This could
occur if throughput volumes underperform our expectations for a
prolonged period and if the company fails to reduce its debt
balance substantially through voluntary debt repayment. We could
also lower the rating if the company's debt becomes current and
refinancing prospects are weaker.
"We could consider a positive rating action if we believed the
company could achieve leverage approaching 5.5x. This would likely
be an outcome of the company exceeding our volume growth
expectations or higher-than-expected debt repayment."
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 WaterBridge. As the
energy transition gathers pace, WaterBridge's volumes may be
reduced due to a decline in oil and natural gas drilling and
production activities. The company's integrated pipeline and header
network enables it to distribute produced water for reuse in
customers' well-completion activities, reducing the quantity of
fresh water required for development. Governance is a moderately
negative consideration, as is the case for most rated entities
owned by private-equity sponsors. We believe the company's highly
leveraged financial risk profile points to corporate
decision-making that prioritizes the interests of the controlling
owners. This also reflects the generally finite holding periods and
a focus on maximizing shareholder returns."
WEYERBACHER BREWING: Court OKs Cash Collateral Access Thru July 20
------------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Pennsylvania
authorized Weyerbacher Brewing Company, Inc. to use cash collateral
on an interim basis in accordance with the budget through July 20,
2022.
As adequate protection, the Lenders are granted a replacement
perfected security interest under 11 U.S.C. Section 361(2) to the
extent the Lenders' cash collateral is used by the Debtor, to the
extent and validity and with the same priority in the Debtor's
post-petition collateral, and proceeds thereof, that the Lenders
held in the Debtor's pre-petition collateral, subject to payments
due under 28 U.S.C. section 1930(a)(6). To the extent any other
creditor holds or asserts a lien position in cash collateral, such
creditor will receive a replacement lien to the same extent,
priority and validity as it existed pre-petition.
To the extent the adequate protection provided for proves
insufficient to protect the Lenders' interests in and to the cash
collateral, they will have a super-priority administrative expense
claim, pursuant to 11 U.S.C. Section 507(b), senior to any and all
claims against the Debtor under Section 507(a), whether in this
proceeding or in any superseding proceeding, subject to payments
due under 28 U.S.C. section 1930(a)(6).
The replacement liens and security interests granted are
automatically deemed perfected upon entry of the Order without the
necessity of the Lenders taking possession, filing financing
statements, mortgages or other documents.
The Debtor is authorized to pay Unpaid Compensation, inclusive of
all taxes associated therewith, accruing from June 20,2022 through
June 27,2022 on or about July 8, 2022. Moreover, the Debtor is
authorized to continue the payment of the Prepetition Employee
Obligations and the continuation of the related employment benefit
policies. Lastly, the Order, as it pertains to the payment of
Prepetition Employee Obligations, is entered nunc pro tunc to the
Petition Date.
A further interim hearing on the matter is scheduled for July 20,
2022 at 11 a.m.
A copy of the order and the Debtor's budget is available at
https://bit.ly/3aodEey from PacerMonitor.com.
The budget provides for total cost of goods cash outflow, on a
weekly basis, as follows:
$43,000 for the week ending July 8, 2022;
$46,500 for the week ending July 15, 2022;
$26,500 for the week ending July 22, 2022;
$60,000 for the week ending July 29, 2022;
$33,340 for the week ending August 5, 2022;
$1,500 for the week ending August 12, 2022;
$41,950 for the week ending August 19, 2022;
$16,000 for the week ending August 26, 2022;
$3,000 for the week ending September 2, 2022; and
$44,700 for the week ending September 9, 2022.
About Weyerbacher Brewing Co.
Weyerbacher Brewing Company, Inc., sought protection under Chapter
11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 22-11665) on
June 27, 2022.
In the petition signed by Daniel Weirback, president, the Debtor
disclosed up to $10 million in both assets and liabilities.
Judge Patricia M. Mayer oversees the case.
Albert A. Ciardi III, Esq., at Ciardi Ciardi & Astin, P.C., is the
Debtor's counsel.
WHETSTONE PARTNERS: Seeks to Hire C.R. Hyde as Legal Counsel
------------------------------------------------------------
Whetstone Partners, LLP seeks approval from the U.S. Bankruptcy
Court for the District of Arizona to hire The Law Offices of C.R.
Hyde, PLC as its counsel.
The firm's services will include:
a) providing the Debtor with legal advice and assistance as to
its powers and duties as debtor-in-possession in the continued
operation of its affairs;
b) providing legal advice and assistance to the Debtor as is
necessary to preserve and protect assets, to arrange for a
continuation of any working capital and other financing, to prepare
all necessary applications, answers, orders, reports and other
legal documents;
c) appearing before the Bankruptcy Court to represent and
protect the interests of the Debtor and its estate;
d) negotiating with the Debtor's creditors and taking the
necessary legal steps to confirm and consummate a plan of
reorganization;
e) providing other legal services as may be necessary during
the course of the bankruptcy proceedings.
C.R. Hyde, Esq., will charge $350 per hour for attorney's services
and $150 per hour for paralegal services. The retainer fee is
$20,000.
The firm can be reached at:
Charles Richard Hyde, Esq.
The Law Offices of C.R. Hyde, PLC
2810 N Swan Rd. #150
Tucson, AZ 85712
Tel: 520-270-1110
About Whetstone Partners
Whetstone Partners, LLP filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No.
22-04271) on June 30, 2022. At the time of filing, the Debtor
estimated $1,000,001 to $10 million in assets and $500,001 to $1
million in liabilities.
Charles R. Hyde, Esq. at the Law Offices Of C.R. Hyde, PLC serves
as the Debtor's counsel.
WOUAFF WOUAFF: Wins Interim Cash Collateral Access
--------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida, Tampa
Division, authorized Wouaff Wouff LLC to use cash collateral on an
interim basis in accordance with the budget.
The Debtor is permitted to use cash collateral to pay: (a) amounts
expressly authorized by the Court; (b) the current and necessary
expenses set forth in the budget attached as Exhibit A, plus an
amount not to exceed 10% for each line item; and (c) such
additional amounts as may be expressly approved in writing by the
Lenders Arsenal Funding, Bluevine, Cloud Fund LLC, Fortress
Merchant Solutions, Fox Business Funding, Loan Builder, U.S. Small
Business Administration and Rapid Finance. This authorization will
continue until further Court order.
Each creditor with a security interest in cash collateral will have
a perfected post-petition lien against cash collateral to the same
extent and with the same validity and priority as the prepetition
lien, without the need to file or execute any document as may
otherwise be required under applicable non bankruptcy law.
The Debtor will maintain insurance coverage for its property in
accordance with the obligations under the loan and security
documents with the Lenders.
The preliminary hearing is continued to July 27, 2022, at 2 p.m.
A copy of the order and the Debtor's budget is available at
https://bit.ly/3ySXeEv from PacerMonitor.com.
The budget provides for total cash outflow, on a weekly basis, as
follows:
$25,042 for Week 1;
$25,588 for Week 2;
$28,797 for Week 3;
$22,288 for Week 4;
$25,042 for Week 5;
$39,944 for Week 6;
$20,145 for Week 7;
$43,425 for Week 8;
$35,688 for Week 9;
$40,178 for Week 10;
$22,729 for Week 11;
$37,260 for Week 12;
$31,618 for Week 13;
$45,918 for Week 14;
$27,483 for Week 15;
$39,996 for Week 16;
$32,144 for Week 17;
$37,218 for Week 18;
$35,938 for Week 19;
$24,481 for Week 20;
$41,237 for Week 21;
$45,355 for Week 22;
$34,079 for Week 23;
$22,361 for Week 24;
$44,963 for Week 25; and
$37,553 for Week 26.
About Wouaff Wouff LLC
Wouaff Wouff LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 8:22-bk-01595) on April
21, 2022. In the petition signed by Julian M. Mackenzie, managing
member, the Debtor disclosed up to $50,000 in assets and up to $500
million in liabilities.
Marshall G. Reissman, Esq., at Reissman Law Group, P. A, is the
Debtor's counsel.
[*] Restaurant Chains Making Comeback After Bankruptcy
------------------------------------------------------
Owen Duff of Eat This, Not That reports on four restaurant chains
making the biggest comebacks after bankruptcy.
Corporate bankruptcy filings increased significantly during the
first months of the pandemic, according to a 2020 study from
Harvard Business School. Between January 1 and August 31, 2022
filings with assets valued at $50 million or more shot up nearly
200% on a one-year basis.
While those figures might not sound surprising, it's worth noting
that filings did not increase at the same rate among small
businesses. In fact, bankruptcies for small businesses actually
decreased in the first months of the pandemic.
The Harvard study confirmed the "very different role" that
bankruptcy plays for large corporations as compared to individual
consumers and small firms. While corporations are adept at using
bankruptcy as a source of debt protection, smaller businesses are
more likely to refrain from filing, and to view bankruptcy as "a
last resort."
With that difference in approach and attitude in mind, here's a
look at four restaurant chains making the biggest comebacks after
bankruptcy.
And don't miss These Popular Restaurant Chains Plan On Keeping
Prices Competitive, CEO Says.
1 California Pizza Kitchen
California Pizza Kitchen was hit hard by the pandemic: dine-in
sales at the chain dropped a precipitous 77% in the last week of
March of 2020, and by the end of the year the chain had lost more
than a tenth of its store count. When CPK declared bankruptcy in
July of 2020, it was $403 million in debt.
Not long after the filing though, a debt-for-equity deal was
secured, decreasing the overall debt load by $220 million. With its
finances in better shape—and with a major menu upgrade—business
at the chain has rebounded in the past two years. In 2021, annual
sales climbed back to $490 million. CPK will be expanding in the
near future, with plans for development abroad and the launch of a
new domestic franchising program.
2 Logan's Roadhouse
The steakhouse chain's parent company, CraftWorks Holdings,
declared bankruptcy in March of 2020, furloughing almost all of its
18 thousand employees.
Not long after, however, Nashville-based restaurant group SPB
Hospitality acquired the CraftWorks portfolio for $93 million.
Logan's Roadhouse has so far thrived under the new leadership: SPB
has winnowed Logan's footprint down to a lean 146 restaurants and
has succeeded in restoring sales. Following a decline of nearly 50%
in 2020, annual sales bounced back in 2021 to $417 million.
3 Golden Corral
Buffet chains were particularly hard-hit by the pandemic, and
Golden Corral was no exception. Sales plummeted over 60% in 2020,
and in the year following, the beloved chain closed a quarter of
all locations.
It also saw two of its largest franchisees go bankrupt:
Orlando-based Operator 1069 Restaurant Group filed for Chapter 11
debt protection in late 2020, followed soon after by Platinum
Corral, which declared bankruptcy in April of 2021. Between them,
the operators accounted for over 12% of the Golden Corral
footprint.
Two years later, however, Golden Corral's store count appears to
have finally bottomed out—at about 360 units—and the chain is
showing signs of recovery. Operating on a significantly reduced
footprint, revenue climbed back to above $1 billion in 2021 and in
2022 comparable sales are currently up 30%.
Looking ahead, Golden Corral intends to invest in off-premise
formats, with plans for a new drive-thru-equipped fast-casual
prototype.
4 Friendly's
Friendly's has declared bankruptcy twice in the past twelve
years—once in 2011, and then again in 2020. Sales at the family
dining chain plummeted 40% during the pandemic, and store closures
totaled nearly a fifth of the overall footprint.
But in the past year, Friendly's has started making a comeback.
Following an acquisition last year by Amici Partners Group, sales
have picked back up and restaurant closures have finally
slowed—the store count bottomed out this year at 125.
Moving forward, the chain plans to further develop its mobile app,
expand its digital marketing, and invest in a new fast-casual
prototype called Friendly's Cafe, which will be geared towards
off-premise sales.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- -------
7GC & CO HOLD-A VII US 230.8 216.5 -0.9
7GC & CO HOLDING VIIAU US 230.8 216.5 -0.9
ACCELERATE DIAGN AXDX* MM 70.4 -56.8 52.9
AEMETIS INC DW51 GR 166.5 -128.6 -46.6
AEMETIS INC AMTX US 166.5 -128.6 -46.6
AEMETIS INC AMTXGEUR EU 166.5 -128.6 -46.6
AEMETIS INC AMTXGEUR EZ 166.5 -128.6 -46.6
AEMETIS INC DW51 GZ 166.5 -128.6 -46.6
AEMETIS INC DW51 TH 166.5 -128.6 -46.6
AEMETIS INC DW51 QT 166.5 -128.6 -46.6
AERIE PHARMACEUT AERI US 395.5 -125.7 201.7
AERIE PHARMACEUT AERIEUR EU 395.5 -125.7 201.7
AERIE PHARMACEUT 0P0 GR 395.5 -125.7 201.7
AERIE PHARMACEUT 0P0 GZ 395.5 -125.7 201.7
AERIE PHARMACEUT 0P0 TH 395.5 -125.7 201.7
AERIE PHARMACEUT 0P0 QT 395.5 -125.7 201.7
AIR CANADA AC CN 29,724.0 -1,159.0 2,055.0
AIR CANADA ADH2 GR 29,724.0 -1,159.0 2,055.0
AIR CANADA ACEUR EU 29,724.0 -1,159.0 2,055.0
AIR CANADA ADH2 TH 29,724.0 -1,159.0 2,055.0
AIR CANADA ACDVF US 29,724.0 -1,159.0 2,055.0
AIR CANADA ACEUR EZ 29,724.0 -1,159.0 2,055.0
AIR CANADA ADH2 QT 29,724.0 -1,159.0 2,055.0
AIR CANADA ADH2 GZ 29,724.0 -1,159.0 2,055.0
AIRSPAN NETWORKS MIMO US 170.9 -39.4 61.7
ALPHA CAPITAL -A ASPC US 230.5 209.5 -1.8
ALPHA CAPITAL AC ASPCU US 230.5 209.5 -1.8
ALTICE USA INC-A 15PA GZ 33,144.1 -626.6 -1,994.4
ALTICE USA INC-A ATUS* MM 33,144.1 -626.6 -1,994.4
ALTICE USA INC-A ATUS US 33,144.1 -626.6 -1,994.4
ALTICE USA INC-A 15PA TH 33,144.1 -626.6 -1,994.4
ALTICE USA INC-A 15PA GR 33,144.1 -626.6 -1,994.4
ALTICE USA INC-A ATUSEUR EU 33,144.1 -626.6 -1,994.4
ALTICE USA INC-A ATUS-RM RM 33,144.1 -626.6 -1,994.4
ALTIRA GP-CEDEAR MOC AR 40,235.0 -1,760.0 -4,166.0
ALTIRA GP-CEDEAR MOD AR 40,235.0 -1,760.0 -4,166.0
ALTIRA GP-CEDEAR MO AR 40,235.0 -1,760.0 -4,166.0
ALTRIA GROUP INC MOEUR EU 40,235.0 -1,760.0 -4,166.0
ALTRIA GROUP INC MO SW 40,235.0 -1,760.0 -4,166.0
ALTRIA GROUP INC MO US 40,235.0 -1,760.0 -4,166.0
ALTRIA GROUP INC PHM7 TH 40,235.0 -1,760.0 -4,166.0
ALTRIA GROUP INC MO TE 40,235.0 -1,760.0 -4,166.0
ALTRIA GROUP INC PHM7 GR 40,235.0 -1,760.0 -4,166.0
ALTRIA GROUP INC PHM7 QT 40,235.0 -1,760.0 -4,166.0
ALTRIA GROUP INC ALTR AV 40,235.0 -1,760.0 -4,166.0
ALTRIA GROUP INC MO CI 40,235.0 -1,760.0 -4,166.0
ALTRIA GROUP INC MO* MM 40,235.0 -1,760.0 -4,166.0
ALTRIA GROUP INC PHM7 GZ 40,235.0 -1,760.0 -4,166.0
ALTRIA GROUP INC 0R31 LI 40,235.0 -1,760.0 -4,166.0
ALTRIA GROUP INC MOEUR EZ 40,235.0 -1,760.0 -4,166.0
ALTRIA GROUP INC MOUSD SW 40,235.0 -1,760.0 -4,166.0
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AMC ENTERTAINMEN A2MC34 BZ 10,345.4 -2,178.3 -261.3
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AMPLIFY ENERGY C MPO2EUR EZ 456.1 -113.0 -84.2
AMPLIFY ENERGY C 2OQ TH 456.1 -113.0 -84.2
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AMPLIFY ENERGY C AMPY US 456.1 -113.0 -84.2
AMPLIFY ENERGY C 2OQ GR 456.1 -113.0 -84.2
AMPLIFY ENERGY C 2OQ GZ 456.1 -113.0 -84.2
AMPLIFY ENERGY C 2OQ QT 456.1 -113.0 -84.2
AMYRIS INC AMRS* MM 898.4 -125.9 204.7
AMYRIS INC A2MR34 BZ 898.4 -125.9 204.7
ARCH BIOPARTNERS ARCH CN 2.0 -3.9 -0.5
ARENA GROUP HOLD AREN US 171.3 -11.1 -16.1
ASHFORD HOSPITAL AHT US 4,038.2 -37.1 0.0
ASHFORD HOSPITAL AHD GR 4,038.2 -37.1 0.0
ASHFORD HOSPITAL AHT1EUR EU 4,038.2 -37.1 0.0
ASHFORD HOSPITAL AHD TH 4,038.2 -37.1 0.0
ATLAS TECHNICAL ATCX US 510.4 -138.7 83.4
AUTOZONE INC AZ5 GR 14,520.6 -3,387.2 -1,809.4
AUTOZONE INC AZ5 TH 14,520.6 -3,387.2 -1,809.4
AUTOZONE INC AZO US 14,520.6 -3,387.2 -1,809.4
AUTOZONE INC AZOEUR EU 14,520.6 -3,387.2 -1,809.4
AUTOZONE INC AZ5 QT 14,520.6 -3,387.2 -1,809.4
AUTOZONE INC AZOEUR EZ 14,520.6 -3,387.2 -1,809.4
AUTOZONE INC AZ5 GZ 14,520.6 -3,387.2 -1,809.4
AUTOZONE INC AZO AV 14,520.6 -3,387.2 -1,809.4
AUTOZONE INC AZ5 TE 14,520.6 -3,387.2 -1,809.4
AUTOZONE INC AZO* MM 14,520.6 -3,387.2 -1,809.4
AUTOZONE INC AZO-RM RM 14,520.6 -3,387.2 -1,809.4
AUTOZONE INC-BDR AZOI34 BZ 14,520.6 -3,387.2 -1,809.4
AVID TECHNOLOGY AVID US 245.1 -130.0 -21.2
AVID TECHNOLOGY AVD GR 245.1 -130.0 -21.2
AVID TECHNOLOGY AVD TH 245.1 -130.0 -21.2
AVID TECHNOLOGY AVD GZ 245.1 -130.0 -21.2
AVIS BUD-CEDEAR CAR AR 23,573.0 -983.0 -934.0
AVIS BUDGET GROU CUCA GR 23,573.0 -983.0 -934.0
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BATH & BODY WORK BBWI US 4,860.0 -2,658.0 512.0
BATH & BODY WORK LTD0 TH 4,860.0 -2,658.0 512.0
BATH & BODY WORK LBEUR EU 4,860.0 -2,658.0 512.0
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BATH & BODY WORK BBWI-RM RM 4,860.0 -2,658.0 512.0
BATTALION OIL CO RAQB GR 410.8 -29.0 -98.1
BATTALION OIL CO BATLEUR EU 410.8 -29.0 -98.1
BATTERY FUTURE A BFAC/U US 353.4 344.1 1.0
BATTERY FUTURE-A BFAC US 353.4 344.1 1.0
BAUSCH HEALTH CO BVF GR 29,090.0 -141.0 1,062.0
BAUSCH HEALTH CO BHC US 29,090.0 -141.0 1,062.0
BAUSCH HEALTH CO BHC CN 29,090.0 -141.0 1,062.0
BAUSCH HEALTH CO VRX SW 29,090.0 -141.0 1,062.0
BAUSCH HEALTH CO BHCN MM 29,090.0 -141.0 1,062.0
BAUSCH HEALTH CO BVF TH 29,090.0 -141.0 1,062.0
BAUSCH HEALTH CO VRX1EUR EZ 29,090.0 -141.0 1,062.0
BAUSCH HEALTH CO BVF GZ 29,090.0 -141.0 1,062.0
BAUSCH HEALTH CO VRX1EUR EU 29,090.0 -141.0 1,062.0
BAUSCH HEALTH CO BVF QT 29,090.0 -141.0 1,062.0
BED BATH &BEYOND BBBY* MM 4,949.1 -220.3 30.9
BED BATH &BEYOND BBY TH 4,949.1 -220.3 30.9
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BED BATH &BEYOND BBBY-RM RM 4,949.1 -220.3 30.9
BELLRING BRANDS BRBR US 657.7 -428.8 228.9
BELLRING BRANDS D51 TH 657.7 -428.8 228.9
BELLRING BRANDS BRBR2EUR EU 657.7 -428.8 228.9
BELLRING BRANDS D51 GR 657.7 -428.8 228.9
BELLRING BRANDS D51 QT 657.7 -428.8 228.9
BENEFITFOCUS INC BNFT US 251.3 -12.1 42.1
BENEFITFOCUS INC BTF GR 251.3 -12.1 42.1
BENEFITFOCUS INC BNFTEUR EU 251.3 -12.1 42.1
BIOCRYST PHARM BCRX US 527.7 -164.2 430.7
BIOCRYST PHARM BO1 GR 527.7 -164.2 430.7
BIOCRYST PHARM BO1 TH 527.7 -164.2 430.7
BIOCRYST PHARM BCRXEUR EZ 527.7 -164.2 430.7
BIOCRYST PHARM BCRX* MM 527.7 -164.2 430.7
BIOCRYST PHARM BO1 QT 527.7 -164.2 430.7
BIOCRYST PHARM BCRXEUR EU 527.7 -164.2 430.7
BIOHAVEN PHARMAC BHVN US 1,371.7 -466.4 595.0
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BOEING CO-BDR BOEI34 BZ 135,801.0 -15,268.0 24,320.0
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BOEING CO-CED BAD AR 135,801.0 -15,268.0 24,320.0
BOEING CO/THE BCO GR 135,801.0 -15,268.0 24,320.0
BOEING CO/THE BAEUR EU 135,801.0 -15,268.0 24,320.0
BOEING CO/THE BA EU 135,801.0 -15,268.0 24,320.0
BOEING CO/THE BOE LN 135,801.0 -15,268.0 24,320.0
BOEING CO/THE BA PE 135,801.0 -15,268.0 24,320.0
BOEING CO/THE BOEI BB 135,801.0 -15,268.0 24,320.0
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BOEING CO/THE BA* MM 135,801.0 -15,268.0 24,320.0
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BOMBARDIER INC-A BDRAD US 12,493.0 -2,916.0 880.0
BOMBARDIER INC-A BBD/A CN 12,493.0 -2,916.0 880.0
BOMBARDIER INC-A BBD GR 12,493.0 -2,916.0 880.0
BOMBARDIER INC-A BBD/AEUR EU 12,493.0 -2,916.0 880.0
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BOMBARDIER INC-B BBD/BEUR EU 12,493.0 -2,916.0 880.0
BOMBARDIER INC-B BBDB QT 12,493.0 -2,916.0 880.0
BOMBARDIER INC-B BBDC QT 12,493.0 -2,916.0 880.0
BRC INC-A BRCC US 211.8 -188.0 117.9
BRIDGEBIO PHARMA 2CL GZ 813.1 -1,040.7 612.8
BRIDGEBIO PHARMA BBIOEUR EU 813.1 -1,040.7 612.8
BRIDGEBIO PHARMA 2CL TH 813.1 -1,040.7 612.8
BRIDGEBIO PHARMA BBIO US 813.1 -1,040.7 612.8
BRIDGEBIO PHARMA 2CL GR 813.1 -1,040.7 612.8
BRIGHTSPHERE INV 2B9 GR 494.1 -97.9 0.0
BRIGHTSPHERE INV BSIGEUR EU 494.1 -97.9 0.0
BRIGHTSPHERE INV BSIG US 494.1 -97.9 0.0
BRINKER INTL EAT US 2,458.8 -311.2 -395.1
BRINKER INTL BKJ GR 2,458.8 -311.2 -395.1
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BRINKER INTL BKJ QT 2,458.8 -311.2 -395.1
BRINKER INTL EAT2EUR EU 2,458.8 -311.2 -395.1
BROOKFIELD INF-A BIPC US 10,086.0 -1,424.0 -4,187.0
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BRP INC/CA-SUB V B15A GR 5,210.7 -212.0 -168.7
BRP INC/CA-SUB V DOOO US 5,210.7 -212.0 -168.7
BRP INC/CA-SUB V DOO CN 5,210.7 -212.0 -168.7
BRP INC/CA-SUB V B15A GZ 5,210.7 -212.0 -168.7
BRP INC/CA-SUB V DOOEUR EU 5,210.7 -212.0 -168.7
BRP INC/CA-SUB V B15A TH 5,210.7 -212.0 -168.7
CALUMET SPECIALT CLMT US 2,195.6 -463.8 -424.4
CARDINAL HEA BDR C1AH34 BZ 42,111.0 -693.0 2,169.0
CARDINAL HEALTH CLH TH 42,111.0 -693.0 2,169.0
CARDINAL HEALTH CAH US 42,111.0 -693.0 2,169.0
CARDINAL HEALTH CLH GR 42,111.0 -693.0 2,169.0
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CARDINAL HEALTH CAHEUR EU 42,111.0 -693.0 2,169.0
CARDINAL HEALTH CAH-RM RM 42,111.0 -693.0 2,169.0
CARDINAL-CEDEAR CAH AR 42,111.0 -693.0 2,169.0
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CEDAR FAIR LP FUN US 2,350.3 -787.6 -142.5
CENTRUS ENERGY-A 4CU GR 537.6 -133.0 70.6
CENTRUS ENERGY-A 4CU TH 537.6 -133.0 70.6
CENTRUS ENERGY-A LEU US 537.6 -133.0 70.6
CENTRUS ENERGY-A LEUEUR EU 537.6 -133.0 70.6
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CF ACQUISITION-A CFVI US 300.5 263.1 -3.1
CF ACQUISITON VI CFVIU US 300.5 263.1 -3.1
CHENIERE ENERGY CQP US 19,658.0 -2,230.0 834.0
CHENIERE ENERGY CHQ1 TH 40,055.0 -1,259.0 1,100.0
CHENIERE ENERGY LNG US 40,055.0 -1,259.0 1,100.0
CHENIERE ENERGY CHQ1 GR 40,055.0 -1,259.0 1,100.0
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CHENIERE ENERGY CHQ1 GZ 40,055.0 -1,259.0 1,100.0
CHOICE CONSOLIDA CDXX-U/U CN 173.4 -19.3 0.0
CHOICE CONSOLIDA CDXXF US 173.4 -19.3 0.0
CINEPLEX INC CPXGF US 2,062.4 -260.2 -393.0
CINEPLEX INC CX0 GR 2,062.4 -260.2 -393.0
CINEPLEX INC CGX CN 2,062.4 -260.2 -393.0
CINEPLEX INC CGXEUR EU 2,062.4 -260.2 -393.0
CINEPLEX INC CX0 TH 2,062.4 -260.2 -393.0
CINEPLEX INC CGXN MM 2,062.4 -260.2 -393.0
CINEPLEX INC CX0 GZ 2,062.4 -260.2 -393.0
CLOVIS ONCOLOGY C6O SW 451.5 -303.3 63.7
COGENT COMMUNICA CCOI US 969.8 -408.6 303.6
COGENT COMMUNICA OGM1 GR 969.8 -408.6 303.6
COGENT COMMUNICA CCOIEUR EU 969.8 -408.6 303.6
COGENT COMMUNICA CCOI* MM 969.8 -408.6 303.6
COMMUNITY HEALTH CYH US 15,263.0 -819.0 1,141.0
COMMUNITY HEALTH CG5 GR 15,263.0 -819.0 1,141.0
COMMUNITY HEALTH CG5 QT 15,263.0 -819.0 1,141.0
COMMUNITY HEALTH CYH1EUR EU 15,263.0 -819.0 1,141.0
COMMUNITY HEALTH CG5 TH 15,263.0 -819.0 1,141.0
COMMUNITY HEALTH CG5 GZ 15,263.0 -819.0 1,141.0
COMPOSECURE INC CMPO US 143.5 -376.6 49.9
CONSENSUS CLOUD CCSI US 615.3 -313.9 18.0
CPI CARD GROUP I PMTSEUR EU 285.7 -114.1 99.4
CPI CARD GROUP I PMTS US 285.7 -114.1 99.4
CPI CARD GROUP I CPB1 GR 285.7 -114.1 99.4
CTI BIOPHARMA CO CTIC US 131.4 -27.9 4.4
CTI BIOPHARMA CO CEPS GR 131.4 -27.9 4.4
CTI BIOPHARMA CO CTIC1EUR EZ 131.4 -27.9 4.4
CTI BIOPHARMA CO CEPS QT 131.4 -27.9 4.4
CTI BIOPHARMA CO CEPS TH 131.4 -27.9 4.4
DELEK LOGISTICS DKL US 935.3 -106.5 -69.9
DELL TECHN-C DELL1EUR EZ 88,406.0 -2,355.0 -11,683.0
DELL TECHN-C DELL US 88,406.0 -2,355.0 -11,683.0
DELL TECHN-C 12DA TH 88,406.0 -2,355.0 -11,683.0
DELL TECHN-C 12DA GZ 88,406.0 -2,355.0 -11,683.0
DELL TECHN-C 12DA GR 88,406.0 -2,355.0 -11,683.0
DELL TECHN-C DELLC* MM 88,406.0 -2,355.0 -11,683.0
DELL TECHN-C DELL1EUR EU 88,406.0 -2,355.0 -11,683.0
DELL TECHN-C 12DA QT 88,406.0 -2,355.0 -11,683.0
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DELL TECHN-C DELL-RM RM 88,406.0 -2,355.0 -11,683.0
DELL TECHN-C-BDR D1EL34 BZ 88,406.0 -2,355.0 -11,683.0
DENNY'S CORP DENN US 401.4 -47.8 -26.9
DENNY'S CORP DE8 GR 401.4 -47.8 -26.9
DENNY'S CORP DE8 TH 401.4 -47.8 -26.9
DENNY'S CORP DENNEUR EU 401.4 -47.8 -26.9
DENNY'S CORP DE8 GZ 401.4 -47.8 -26.9
DIEBOLD NIXDORF DBD GR 3,316.5 -1,008.6 119.0
DIEBOLD NIXDORF DBD US 3,316.5 -1,008.6 119.0
DIEBOLD NIXDORF DBD SW 3,316.5 -1,008.6 119.0
DIEBOLD NIXDORF DBDEUR EU 3,316.5 -1,008.6 119.0
DIEBOLD NIXDORF DBD GZ 3,316.5 -1,008.6 119.0
DINE BRANDS GLOB DIN US 1,888.3 -265.2 142.1
DINE BRANDS GLOB IHP GR 1,888.3 -265.2 142.1
DINE BRANDS GLOB IHP GZ 1,888.3 -265.2 142.1
DOLLARAMA INC DOL CN 4,194.3 -17.1 -192.1
DOLLARAMA INC DR3 GR 4,194.3 -17.1 -192.1
DOLLARAMA INC DLMAF US 4,194.3 -17.1 -192.1
DOLLARAMA INC DOLEUR EU 4,194.3 -17.1 -192.1
DOLLARAMA INC DR3 GZ 4,194.3 -17.1 -192.1
DOLLARAMA INC DR3 TH 4,194.3 -17.1 -192.1
DOLLARAMA INC DR3 QT 4,194.3 -17.1 -192.1
DOMINION LENDING DLCG CN 241.9 -1.6 -14.7
DOMINO'S P - BDR D2PZ34 BZ 1,674.0 -4,198.6 266.4
DOMINO'S PIZZA EZV GR 1,674.0 -4,198.6 266.4
DOMINO'S PIZZA DPZ US 1,674.0 -4,198.6 266.4
DOMINO'S PIZZA EZV TH 1,674.0 -4,198.6 266.4
DOMINO'S PIZZA EZV QT 1,674.0 -4,198.6 266.4
DOMINO'S PIZZA DPZEUR EU 1,674.0 -4,198.6 266.4
DOMINO'S PIZZA EZV GZ 1,674.0 -4,198.6 266.4
DOMINO'S PIZZA DPZEUR EZ 1,674.0 -4,198.6 266.4
DOMINO'S PIZZA DPZ AV 1,674.0 -4,198.6 266.4
DOMINO'S PIZZA DPZ* MM 1,674.0 -4,198.6 266.4
DOMINO'S PIZZA DPZ-RM RM 1,674.0 -4,198.6 266.4
DOMO INC- CL B DOMO US 231.9 -132.0 -67.8
DOMO INC- CL B 1ON GR 231.9 -132.0 -67.8
DOMO INC- CL B 1ON GZ 231.9 -132.0 -67.8
DOMO INC- CL B DOMOEUR EU 231.9 -132.0 -67.8
DOMO INC- CL B 1ON TH 231.9 -132.0 -67.8
DROPBOX INC-A DBX AV 2,852.0 -463.3 505.5
DROPBOX INC-A DBX US 2,852.0 -463.3 505.5
DROPBOX INC-A 1Q5 GR 2,852.0 -463.3 505.5
DROPBOX INC-A 1Q5 SW 2,852.0 -463.3 505.5
DROPBOX INC-A 1Q5 TH 2,852.0 -463.3 505.5
DROPBOX INC-A 1Q5 QT 2,852.0 -463.3 505.5
DROPBOX INC-A DBXEUR EU 2,852.0 -463.3 505.5
DROPBOX INC-A DBXEUR EZ 2,852.0 -463.3 505.5
DROPBOX INC-A DBX* MM 2,852.0 -463.3 505.5
DROPBOX INC-A 1Q5 GZ 2,852.0 -463.3 505.5
DROPBOX INC-A DBX-RM RM 2,852.0 -463.3 505.5
EMBECTA CORP EMBC US 833.5 -967.5 257.6
EMBECTA CORP EMBC* MM 833.5 -967.5 257.6
ESPERION THERAPE ESPR US 342.9 -249.0 211.7
ESPERION THERAPE 0ET GR 342.9 -249.0 211.7
ESPERION THERAPE ESPREUR EZ 342.9 -249.0 211.7
ESPERION THERAPE 0ET TH 342.9 -249.0 211.7
ESPERION THERAPE ESPREUR EU 342.9 -249.0 211.7
ESPERION THERAPE 0ET QT 342.9 -249.0 211.7
ESPERION THERAPE 0ET GZ 342.9 -249.0 211.7
FAIR ISAAC - BDR F2IC34 BZ 1,486.5 -663.4 99.4
FAIR ISAAC CORP FICO US 1,486.5 -663.4 99.4
FAIR ISAAC CORP FRI GR 1,486.5 -663.4 99.4
FAIR ISAAC CORP FRI GZ 1,486.5 -663.4 99.4
FAIR ISAAC CORP FICO1* MM 1,486.5 -663.4 99.4
FAIR ISAAC CORP FRI QT 1,486.5 -663.4 99.4
FAIR ISAAC CORP FICOEUR EZ 1,486.5 -663.4 99.4
FAIR ISAAC CORP FICOEUR EU 1,486.5 -663.4 99.4
FERRELLGAS PAR-B FGPRB US 1,772.5 -112.3 328.2
FERRELLGAS-LP FGPR US 1,772.5 -112.3 328.2
FLUENCE ENERGY I FLNC US 1,500.9 725.5 641.1
FOREST ROAD AC-A FRXB US 350.7 -22.2 0.3
FOREST ROAD ACQ FRXB/U US 350.7 -22.2 0.3
FRONTDOOR INC FTDR US 1,058.0 -20.0 -120.0
FRONTDOOR INC 3I5 GR 1,058.0 -20.0 -120.0
FRONTDOOR INC FTDREUR EU 1,058.0 -20.0 -120.0
GCM GROSVENOR-A GCMG US 517.2 -53.3 121.0
GODADDY INC -BDR G2DD34 BZ 6,901.3 -468.7 -1,030.3
GODADDY INC-A GDDY US 6,901.3 -468.7 -1,030.3
GODADDY INC-A 38D TH 6,901.3 -468.7 -1,030.3
GODADDY INC-A GDDY* MM 6,901.3 -468.7 -1,030.3
GODADDY INC-A 38D GR 6,901.3 -468.7 -1,030.3
GODADDY INC-A 38D QT 6,901.3 -468.7 -1,030.3
GODADDY INC-A 38D GZ 6,901.3 -468.7 -1,030.3
GOGO INC GOGO US 685.3 -281.0 82.8
GOGO INC G0G GR 685.3 -281.0 82.8
GOGO INC G0G QT 685.3 -281.0 82.8
GOGO INC G0G TH 685.3 -281.0 82.8
GOGO INC GOGOEUR EU 685.3 -281.0 82.8
GOGO INC G0G GZ 685.3 -281.0 82.8
GOOSEHEAD INSU-A GSHD US 275.3 -67.9 17.1
GOOSEHEAD INSU-A 2OX GR 275.3 -67.9 17.1
GOOSEHEAD INSU-A GSHDEUR EU 275.3 -67.9 17.1
GOOSEHEAD INSU-A 2OX TH 275.3 -67.9 17.1
GOOSEHEAD INSU-A 2OX QT 275.3 -67.9 17.1
GUSKIN GOLD CORP GKIN US 0.0 -7.6 -7.6
HCM ACQUISITI-A HCMA US 0.3 0.0 0.0
HCM ACQUISITION HCMAU US 0.3 0.0 0.0
HEALTH ASSURAN-A HAAC US 0.1 0.0 -0.0
HEALTH ASSURANCE HAACU US 0.1 0.0 -0.0
HERBALIFE NUTRIT HOO GR 2,824.7 -1,453.3 339.5
HERBALIFE NUTRIT HLF US 2,824.7 -1,453.3 339.5
HERBALIFE NUTRIT HLFEUR EU 2,824.7 -1,453.3 339.5
HERBALIFE NUTRIT HOO QT 2,824.7 -1,453.3 339.5
HERBALIFE NUTRIT HOO TH 2,824.7 -1,453.3 339.5
HERBALIFE NUTRIT HOO GZ 2,824.7 -1,453.3 339.5
HEWLETT-CEDEAR HPQ AR 39,901.0 -1,898.0 -5,391.0
HEWLETT-CEDEAR HPQC AR 39,901.0 -1,898.0 -5,391.0
HEWLETT-CEDEAR HPQD AR 39,901.0 -1,898.0 -5,391.0
HILLEVAX INC HLVX US 114.7 -168.4 -171.2
HILTON WORLDWIDE HLT US 15,459.0 -697.0 -224.0
HILTON WORLDWIDE HI91 QT 15,459.0 -697.0 -224.0
HILTON WORLDWIDE HI91 TH 15,459.0 -697.0 -224.0
HILTON WORLDWIDE HI91 GR 15,459.0 -697.0 -224.0
HILTON WORLDWIDE HLT* MM 15,459.0 -697.0 -224.0
HILTON WORLDWIDE HLTEUR EZ 15,459.0 -697.0 -224.0
HILTON WORLDWIDE HLTW AV 15,459.0 -697.0 -224.0
HILTON WORLDWIDE HLTEUR EU 15,459.0 -697.0 -224.0
HILTON WORLDWIDE HI91 TE 15,459.0 -697.0 -224.0
HILTON WORLDWIDE HI91 GZ 15,459.0 -697.0 -224.0
HILTON WORLDWIDE HLT-RM RM 15,459.0 -697.0 -224.0
HOME DEPOT - BDR HOME34 BZ 76,567.0 -1,709.0 3,480.0
HOME DEPOT INC HD TE 76,567.0 -1,709.0 3,480.0
HOME DEPOT INC HD US 76,567.0 -1,709.0 3,480.0
HOME DEPOT INC HDI TH 76,567.0 -1,709.0 3,480.0
HOME DEPOT INC HDI GR 76,567.0 -1,709.0 3,480.0
HOME DEPOT INC HD* MM 76,567.0 -1,709.0 3,480.0
HOME DEPOT INC HD SW 76,567.0 -1,709.0 3,480.0
HOME DEPOT INC HDEUR EU 76,567.0 -1,709.0 3,480.0
HOME DEPOT INC HDI QT 76,567.0 -1,709.0 3,480.0
HOME DEPOT INC HD CI 76,567.0 -1,709.0 3,480.0
HOME DEPOT INC HDI GZ 76,567.0 -1,709.0 3,480.0
HOME DEPOT INC HD AV 76,567.0 -1,709.0 3,480.0
HOME DEPOT INC HDEUR EZ 76,567.0 -1,709.0 3,480.0
HOME DEPOT INC 0R1G LN 76,567.0 -1,709.0 3,480.0
HOME DEPOT INC HDUSD SW 76,567.0 -1,709.0 3,480.0
HOME DEPOT INC HD PE 76,567.0 -1,709.0 3,480.0
HOME DEPOT INC HD-RM RM 76,567.0 -1,709.0 3,480.0
HOME DEPOT-CED HDD AR 76,567.0 -1,709.0 3,480.0
HOME DEPOT-CED HDC AR 76,567.0 -1,709.0 3,480.0
HOME DEPOT-CED HD AR 76,567.0 -1,709.0 3,480.0
HORIZON ACQUIS-A HZON US 525.6 -30.7 -2.1
HORIZON ACQUISIT HZON/U US 525.6 -30.7 -2.1
HP COMPANY-BDR HPQB34 BZ 39,901.0 -1,898.0 -5,391.0
HP INC HPQ TE 39,901.0 -1,898.0 -5,391.0
HP INC HPQ US 39,901.0 -1,898.0 -5,391.0
HP INC 7HP TH 39,901.0 -1,898.0 -5,391.0
HP INC 7HP GR 39,901.0 -1,898.0 -5,391.0
HP INC HPQ* MM 39,901.0 -1,898.0 -5,391.0
HP INC HPQ SW 39,901.0 -1,898.0 -5,391.0
HP INC 7HP QT 39,901.0 -1,898.0 -5,391.0
HP INC HPQ CI 39,901.0 -1,898.0 -5,391.0
HP INC HPQEUR EU 39,901.0 -1,898.0 -5,391.0
HP INC 7HP GZ 39,901.0 -1,898.0 -5,391.0
HP INC HPQEUR EZ 39,901.0 -1,898.0 -5,391.0
HP INC HPQUSD SW 39,901.0 -1,898.0 -5,391.0
HP INC HPQ AV 39,901.0 -1,898.0 -5,391.0
HP INC HPQ-RM RM 39,901.0 -1,898.0 -5,391.0
IMMUNITYBIO INC NK1EUR EU 389.6 -337.6 -168.7
IMMUNITYBIO INC 26C GZ 389.6 -337.6 -168.7
IMMUNITYBIO INC NK1EUR EZ 389.6 -337.6 -168.7
IMMUNITYBIO INC 26CA TH 389.6 -337.6 -168.7
IMMUNITYBIO INC IBRX US 389.6 -337.6 -168.7
IMMUNITYBIO INC 26CA GR 389.6 -337.6 -168.7
IMMUNITYBIO INC 26CA QT 389.6 -337.6 -168.7
IMPINJ INC PI US 316.9 -6.3 209.9
IMPINJ INC 27J TH 316.9 -6.3 209.9
IMPINJ INC 27J GZ 316.9 -6.3 209.9
IMPINJ INC 27J QT 316.9 -6.3 209.9
IMPINJ INC 27J GR 316.9 -6.3 209.9
IMPINJ INC PIEUR EU 316.9 -6.3 209.9
INSEEGO CORP INSG-RM RM 204.2 -34.2 42.7
INSPIRED ENTERTA INSE US 332.2 -70.5 49.2
INSPIRED ENTERTA 4U8 GR 332.2 -70.5 49.2
INSPIRED ENTERTA INSEEUR EU 332.2 -70.5 49.2
INTERCEPT PHARMA ICPT US 503.4 -371.8 326.3
INTERCEPT PHARMA I4P GR 503.4 -371.8 326.3
INTERCEPT PHARMA I4P TH 503.4 -371.8 326.3
INTERCEPT PHARMA ICPT* MM 503.4 -371.8 326.3
INTERCEPT PHARMA I4P GZ 503.4 -371.8 326.3
J. JILL INC JILL US 463.6 -30.3 0.6
J. JILL INC 1MJ1 GR 463.6 -30.3 0.6
J. JILL INC JILLEUR EU 463.6 -30.3 0.6
J. JILL INC 1MJ1 GZ 463.6 -30.3 0.6
JACK IN THE BOX JBX GR 2,823.8 -783.6 -246.8
JACK IN THE BOX JACK US 2,823.8 -783.6 -246.8
JACK IN THE BOX JACK1EUR EU 2,823.8 -783.6 -246.8
JACK IN THE BOX JBX GZ 2,823.8 -783.6 -246.8
JACK IN THE BOX JBX QT 2,823.8 -783.6 -246.8
JACK IN THE BOX JACK1EUR EZ 2,823.8 -783.6 -246.8
KARYOPHARM THERA KPTI US 294.0 -83.1 210.2
KARYOPHARM THERA KPTIEUR EU 294.0 -83.1 210.2
KARYOPHARM THERA 25K TH 294.0 -83.1 210.2
KARYOPHARM THERA 25K GR 294.0 -83.1 210.2
KARYOPHARM THERA 25K QT 294.0 -83.1 210.2
KARYOPHARM THERA 25K GZ 294.0 -83.1 210.2
KENSINGTON CAPIT KCAC/U US 0.1 -0.0 -0.0
KENSINGTON CAPIT KCA/U US 0.1 -0.0 -0.0
L BRANDS INC-BDR B1BW34 BZ 4,860.0 -2,658.0 512.0
LATAMGROWTH SPAC LATGU US 134.6 126.4 1.8
LATAMGROWTH SPAC LATG US 134.6 126.4 1.8
LEAFLY HOLDINGS LFLY US 84.2 -15.0 66.4
LENNOX INTL INC LII US 2,456.9 -410.2 577.8
LENNOX INTL INC LII* MM 2,456.9 -410.2 577.8
LENNOX INTL INC LXI GR 2,456.9 -410.2 577.8
LENNOX INTL INC LXI TH 2,456.9 -410.2 577.8
LENNOX INTL INC LII1EUR EU 2,456.9 -410.2 577.8
LESLIE'S INC LESL US 930.2 -385.7 133.7
LESLIE'S INC LE3 GR 930.2 -385.7 133.7
LESLIE'S INC LESLEUR EU 930.2 -385.7 133.7
LESLIE'S INC LE3 QT 930.2 -385.7 133.7
LIGHT & WONDER I TJW TH 7,952.0 -2,137.0 829.0
LIGHT & WONDER I TJW GZ 7,952.0 -2,137.0 829.0
LIGHT & WONDER I LNW US 7,952.0 -2,137.0 829.0
LIGHT & WONDER I TJW GR 7,952.0 -2,137.0 829.0
LIGHT & WONDER I TJW QT 7,952.0 -2,137.0 829.0
LIGHT & WONDER I SGMS1EUR EU 7,952.0 -2,137.0 829.0
LINDBLAD EXPEDIT LIND US 840.6 -23.7 -89.1
LINDBLAD EXPEDIT LI4 GR 840.6 -23.7 -89.1
LINDBLAD EXPEDIT LINDEUR EU 840.6 -23.7 -89.1
LINDBLAD EXPEDIT LI4 TH 840.6 -23.7 -89.1
LINDBLAD EXPEDIT LI4 QT 840.6 -23.7 -89.1
LINDBLAD EXPEDIT LI4 GZ 840.6 -23.7 -89.1
LOWE'S COS INC LWE GR 49,725.0 -6,877.0 3,780.0
LOWE'S COS INC LWE TH 49,725.0 -6,877.0 3,780.0
LOWE'S COS INC LOW US 49,725.0 -6,877.0 3,780.0
LOWE'S COS INC LWE GZ 49,725.0 -6,877.0 3,780.0
LOWE'S COS INC LOW* MM 49,725.0 -6,877.0 3,780.0
LOWE'S COS INC LOWE AV 49,725.0 -6,877.0 3,780.0
LOWE'S COS INC LOWEUR EZ 49,725.0 -6,877.0 3,780.0
LOWE'S COS INC LWE TE 49,725.0 -6,877.0 3,780.0
LOWE'S COS INC LWE QT 49,725.0 -6,877.0 3,780.0
LOWE'S COS INC LOWEUR EU 49,725.0 -6,877.0 3,780.0
LOWE'S COS INC LOW-RM RM 49,725.0 -6,877.0 3,780.0
LOWE'S COS-BDR LOWC34 BZ 49,725.0 -6,877.0 3,780.0
MADISON SQUARE G MSGS US 1,363.8 -177.9 -190.4
MADISON SQUARE G MSG1EUR EU 1,363.8 -177.9 -190.4
MADISON SQUARE G MS8 GR 1,363.8 -177.9 -190.4
MADISON SQUARE G MS8 TH 1,363.8 -177.9 -190.4
MADISON SQUARE G MS8 QT 1,363.8 -177.9 -190.4
MADISON SQUARE G MS8 GZ 1,363.8 -177.9 -190.4
MANNKIND CORP NNFN TH 308.3 -232.1 130.8
MANNKIND CORP MNKD US 308.3 -232.1 130.8
MANNKIND CORP NNFN GR 308.3 -232.1 130.8
MANNKIND CORP MNKDEUR EZ 308.3 -232.1 130.8
MANNKIND CORP MNKDEUR EU 308.3 -232.1 130.8
MANNKIND CORP NNFN QT 308.3 -232.1 130.8
MANNKIND CORP NNFN GZ 308.3 -232.1 130.8
MARKETWISE INC MKTW US 416.4 -394.0 -141.0
MASCO CORP MSQ TH 5,568.0 -100.0 1,292.0
MASCO CORP MAS US 5,568.0 -100.0 1,292.0
MASCO CORP MSQ GR 5,568.0 -100.0 1,292.0
MASCO CORP MAS* MM 5,568.0 -100.0 1,292.0
MASCO CORP MAS1EUR EZ 5,568.0 -100.0 1,292.0
MASCO CORP MSQ GZ 5,568.0 -100.0 1,292.0
MASCO CORP MSQ QT 5,568.0 -100.0 1,292.0
MASCO CORP MAS1EUR EU 5,568.0 -100.0 1,292.0
MASCO CORP MAS-RM RM 5,568.0 -100.0 1,292.0
MASON INDUS-CL A MIT US 500.8 -25.6 0.6
MASON INDUSTRIAL MIT/U US 500.8 -25.6 0.6
MATCH GROUP -BDR M1TC34 BZ 5,043.4 -121.8 159.8
MATCH GROUP INC MTCH US 5,043.4 -121.8 159.8
MATCH GROUP INC 4MGN TH 5,043.4 -121.8 159.8
MATCH GROUP INC MTCH1* MM 5,043.4 -121.8 159.8
MATCH GROUP INC 4MGN GR 5,043.4 -121.8 159.8
MATCH GROUP INC 4MGN QT 5,043.4 -121.8 159.8
MATCH GROUP INC MTC2 AV 5,043.4 -121.8 159.8
MATCH GROUP INC 4MGN GZ 5,043.4 -121.8 159.8
MATCH GROUP INC 0JZ7 LI 5,043.4 -121.8 159.8
MATCH GROUP INC MTCH-RM RM 5,043.4 -121.8 159.8
MBIA INC MBJ TH 4,443.0 -552.0 0.0
MBIA INC MBI US 4,443.0 -552.0 0.0
MBIA INC MBJ GR 4,443.0 -552.0 0.0
MBIA INC MBJ QT 4,443.0 -552.0 0.0
MBIA INC MBI1EUR EU 4,443.0 -552.0 0.0
MBIA INC MBI1EUR EZ 4,443.0 -552.0 0.0
MBIA INC MBJ GZ 4,443.0 -552.0 0.0
MCDONALDS - BDR MCDC34 BZ 50,877.7 -5,990.8 421.8
MCDONALDS CORP MDO TH 50,877.7 -5,990.8 421.8
MCDONALDS CORP MCD US 50,877.7 -5,990.8 421.8
MCDONALDS CORP MCD SW 50,877.7 -5,990.8 421.8
MCDONALDS CORP MDO GR 50,877.7 -5,990.8 421.8
MCDONALDS CORP MCD* MM 50,877.7 -5,990.8 421.8
MCDONALDS CORP MCD TE 50,877.7 -5,990.8 421.8
MCDONALDS CORP MDO QT 50,877.7 -5,990.8 421.8
MCDONALDS CORP MCD CI 50,877.7 -5,990.8 421.8
MCDONALDS CORP MCDEUR EU 50,877.7 -5,990.8 421.8
MCDONALDS CORP MDO GZ 50,877.7 -5,990.8 421.8
MCDONALDS CORP MCD AV 50,877.7 -5,990.8 421.8
MCDONALDS CORP MCDEUR EZ 50,877.7 -5,990.8 421.8
MCDONALDS CORP 0R16 LN 50,877.7 -5,990.8 421.8
MCDONALDS CORP MCDUSD SW 50,877.7 -5,990.8 421.8
MCDONALDS CORP MCD-RM RM 50,877.7 -5,990.8 421.8
MCDONALDS CORP MCDCL CI 50,877.7 -5,990.8 421.8
MCDONALDS-CEDEAR MCD AR 50,877.7 -5,990.8 421.8
MCDONALDS-CEDEAR MCDC AR 50,877.7 -5,990.8 421.8
MCDONALDS-CEDEAR MCDD AR 50,877.7 -5,990.8 421.8
MCKESSON CORP MCK* MM 63,298.0 -1,792.0 -2,235.0
MCKESSON CORP MCK TH 63,298.0 -1,792.0 -2,235.0
MCKESSON CORP MCK1EUR EU 63,298.0 -1,792.0 -2,235.0
MCKESSON CORP MCK QT 63,298.0 -1,792.0 -2,235.0
MCKESSON CORP MCK GR 63,298.0 -1,792.0 -2,235.0
MCKESSON CORP MCK US 63,298.0 -1,792.0 -2,235.0
MCKESSON CORP MCK GZ 63,298.0 -1,792.0 -2,235.0
MCKESSON CORP MCK1EUR EZ 63,298.0 -1,792.0 -2,235.0
MCKESSON CORP MCK-RM RM 63,298.0 -1,792.0 -2,235.0
MCKESSON-BDR M1CK34 BZ 63,298.0 -1,792.0 -2,235.0
MEDIAALPHA INC-A MAX US 275.2 -57.6 54.0
MONEYGRAM INTERN 9M1N GR 4,429.8 -184.3 -17.4
MONEYGRAM INTERN 9M1N QT 4,429.8 -184.3 -17.4
MONEYGRAM INTERN MGI US 4,429.8 -184.3 -17.4
MONEYGRAM INTERN 9M1N TH 4,429.8 -184.3 -17.4
MONEYGRAM INTERN MGIEUR EU 4,429.8 -184.3 -17.4
MOTOROLA SOL-BDR M1SI34 BZ 11,649.0 -298.0 394.0
MOTOROLA SOL-CED MSI AR 11,649.0 -298.0 394.0
MOTOROLA SOLUTIO MTLA GR 11,649.0 -298.0 394.0
MOTOROLA SOLUTIO MOT TE 11,649.0 -298.0 394.0
MOTOROLA SOLUTIO MSI US 11,649.0 -298.0 394.0
MOTOROLA SOLUTIO MTLA TH 11,649.0 -298.0 394.0
MOTOROLA SOLUTIO MTLA QT 11,649.0 -298.0 394.0
MOTOROLA SOLUTIO MSI1EUR EU 11,649.0 -298.0 394.0
MOTOROLA SOLUTIO MTLA GZ 11,649.0 -298.0 394.0
MOTOROLA SOLUTIO MSI1EUR EZ 11,649.0 -298.0 394.0
MOTOROLA SOLUTIO MOSI AV 11,649.0 -298.0 394.0
MOTOROLA SOLUTIO MSI-RM RM 11,649.0 -298.0 394.0
MSCI INC 3HM GR 4,691.8 -879.2 172.0
MSCI INC MSCI US 4,691.8 -879.2 172.0
MSCI INC 3HM SW 4,691.8 -879.2 172.0
MSCI INC 3HM GZ 4,691.8 -879.2 172.0
MSCI INC 3HM QT 4,691.8 -879.2 172.0
MSCI INC MSCIEUR EZ 4,691.8 -879.2 172.0
MSCI INC MSCI* MM 4,691.8 -879.2 172.0
MSCI INC 3HM TH 4,691.8 -879.2 172.0
MSCI INC MSCI AV 4,691.8 -879.2 172.0
MSCI INC MSCI-RM RM 4,691.8 -879.2 172.0
MSCI INC-BDR M1SC34 BZ 4,691.8 -879.2 172.0
N/A TCDAEUR EU 140.4 -90.3 103.0
N/A CTIC1EUR EU 131.4 -27.9 4.4
N/A CC-RM RM 2,992.4 -210.9 289.6
NATHANS FAMOUS NATH US 78.5 -55.0 49.0
NATHANS FAMOUS NFA GR 78.5 -55.0 49.0
NATHANS FAMOUS NATHEUR EU 78.5 -55.0 49.0
NEW ENG RLTY-LP NEN US 350.2 -56.1 0.0
NORTHERN OIL AND 4LT1 GR 2,024.5 -35.3 -302.1
NORTHERN OIL AND NOG US 2,024.5 -35.3 -302.1
NORTHERN OIL AND NOG1EUR EU 2,024.5 -35.3 -302.1
NORTHERN OIL AND 4LT1 TH 2,024.5 -35.3 -302.1
NORTHERN OIL AND 4LT1 GZ 2,024.5 -35.3 -302.1
NORTONLIFEL- BDR S1YM34 BZ 6,943.0 -93.0 -805.0
NORTONLIFELOCK I SYM TH 6,943.0 -93.0 -805.0
NORTONLIFELOCK I SYM GR 6,943.0 -93.0 -805.0
NORTONLIFELOCK I SYMC TE 6,943.0 -93.0 -805.0
NORTONLIFELOCK I NLOK US 6,943.0 -93.0 -805.0
NORTONLIFELOCK I SYM QT 6,943.0 -93.0 -805.0
NORTONLIFELOCK I SYMCEUR EU 6,943.0 -93.0 -805.0
NORTONLIFELOCK I SYM GZ 6,943.0 -93.0 -805.0
NORTONLIFELOCK I SYMC AV 6,943.0 -93.0 -805.0
NORTONLIFELOCK I SYMCEUR EZ 6,943.0 -93.0 -805.0
NORTONLIFELOCK I NLOK* MM 6,943.0 -93.0 -805.0
NORTONLIFELOCK I NLOK-RM RM 6,943.0 -93.0 -805.0
NUTANIX INC - A 0NU SW 2,355.9 -721.9 540.5
NUTANIX INC - A 0NU GZ 2,355.9 -721.9 540.5
NUTANIX INC - A NTNXEUR EZ 2,355.9 -721.9 540.5
NUTANIX INC - A 0NU GR 2,355.9 -721.9 540.5
NUTANIX INC - A NTNXEUR EU 2,355.9 -721.9 540.5
NUTANIX INC - A 0NU TH 2,355.9 -721.9 540.5
NUTANIX INC - A 0NU QT 2,355.9 -721.9 540.5
NUTANIX INC - A NTNX US 2,355.9 -721.9 540.5
NUTANIX INC - A NTNX-RM RM 2,355.9 -721.9 540.5
NUTANIX INC-BDR N2TN34 BZ 2,355.9 -721.9 540.5
O'REILLY AUT-BDR ORLY34 BZ 11,760.4 -328.3 -1,647.5
O'REILLY AUTOMOT OM6 TH 11,760.4 -328.3 -1,647.5
O'REILLY AUTOMOT OM6 QT 11,760.4 -328.3 -1,647.5
O'REILLY AUTOMOT OM6 GR 11,760.4 -328.3 -1,647.5
O'REILLY AUTOMOT ORLY US 11,760.4 -328.3 -1,647.5
O'REILLY AUTOMOT ORLYEUR EU 11,760.4 -328.3 -1,647.5
O'REILLY AUTOMOT OM6 GZ 11,760.4 -328.3 -1,647.5
O'REILLY AUTOMOT ORLY AV 11,760.4 -328.3 -1,647.5
O'REILLY AUTOMOT ORLYEUR EZ 11,760.4 -328.3 -1,647.5
O'REILLY AUTOMOT ORLY* MM 11,760.4 -328.3 -1,647.5
O'REILLY AUTOMOT ORLY-RM RM 11,760.4 -328.3 -1,647.5
OAK STREET HEALT OSH US 1,903.2 -2.4 615.7
OAK STREET HEALT HE6 GZ 1,903.2 -2.4 615.7
OAK STREET HEALT OSH3EUR EU 1,903.2 -2.4 615.7
OAK STREET HEALT HE6 GR 1,903.2 -2.4 615.7
OAK STREET HEALT HE6 QT 1,903.2 -2.4 615.7
OMEROS CORP OMER US 369.3 -4.9 175.2
OMEROS CORP 3O8 GR 369.3 -4.9 175.2
OMEROS CORP 3O8 QT 369.3 -4.9 175.2
OMEROS CORP 3O8 TH 369.3 -4.9 175.2
OMEROS CORP OMEREUR EU 369.3 -4.9 175.2
OMEROS CORP 3O8 GZ 369.3 -4.9 175.2
OPTINOSE INC OPTN US 133.8 -44.9 78.4
OPTINOSE INC 0OP GR 133.8 -44.9 78.4
OPTINOSE INC OPTNEUR EU 133.8 -44.9 78.4
OPTINOSE INC 0OP GZ 133.8 -44.9 78.4
ORACLE BDR ORCL34 BZ 109,297.0 -5,768.0 12,122.0
ORACLE CO-CEDEAR ORCLC AR 109,297.0 -5,768.0 12,122.0
ORACLE CO-CEDEAR ORCL AR 109,297.0 -5,768.0 12,122.0
ORACLE CO-CEDEAR ORCLD AR 109,297.0 -5,768.0 12,122.0
ORACLE CORP ORCL* MM 109,297.0 -5,768.0 12,122.0
ORACLE CORP ORCL US 109,297.0 -5,768.0 12,122.0
ORACLE CORP ORC GR 109,297.0 -5,768.0 12,122.0
ORACLE CORP ORC TH 109,297.0 -5,768.0 12,122.0
ORACLE CORP ORCL TE 109,297.0 -5,768.0 12,122.0
ORACLE CORP ORCL SW 109,297.0 -5,768.0 12,122.0
ORACLE CORP ORCLEUR EU 109,297.0 -5,768.0 12,122.0
ORACLE CORP ORC QT 109,297.0 -5,768.0 12,122.0
ORACLE CORP 0R1Z LN 109,297.0 -5,768.0 12,122.0
ORACLE CORP ORCL AV 109,297.0 -5,768.0 12,122.0
ORACLE CORP ORCL CI 109,297.0 -5,768.0 12,122.0
ORACLE CORP ORC GZ 109,297.0 -5,768.0 12,122.0
ORACLE CORP ORCLEUR EZ 109,297.0 -5,768.0 12,122.0
ORACLE CORP ORCLUSD SW 109,297.0 -5,768.0 12,122.0
ORACLE CORP ORCLUSD EU 109,297.0 -5,768.0 12,122.0
ORACLE CORP ORCLCL CI 109,297.0 -5,768.0 12,122.0
ORACLE CORP ORCL-RM RM 109,297.0 -5,768.0 12,122.0
ORGANON & CO OGN US 10,597.0 -1,250.0 1,413.0
ORGANON & CO 7XP TH 10,597.0 -1,250.0 1,413.0
ORGANON & CO OGN-WEUR EU 10,597.0 -1,250.0 1,413.0
ORGANON & CO 7XP GR 10,597.0 -1,250.0 1,413.0
ORGANON & CO OGN* MM 10,597.0 -1,250.0 1,413.0
ORGANON & CO 7XP GZ 10,597.0 -1,250.0 1,413.0
ORGANON & CO 7XP QT 10,597.0 -1,250.0 1,413.0
ORGANON & CO OGN-RM RM 10,597.0 -1,250.0 1,413.0
OTIS WORLDWI OTIS US 11,795.0 -2,941.0 1,602.0
OTIS WORLDWI 4PG GR 11,795.0 -2,941.0 1,602.0
OTIS WORLDWI OTIS* MM 11,795.0 -2,941.0 1,602.0
OTIS WORLDWI 4PG GZ 11,795.0 -2,941.0 1,602.0
OTIS WORLDWI OTISEUR EU 11,795.0 -2,941.0 1,602.0
OTIS WORLDWI OTISEUR EZ 11,795.0 -2,941.0 1,602.0
OTIS WORLDWI 4PG TH 11,795.0 -2,941.0 1,602.0
OTIS WORLDWI 4PG QT 11,795.0 -2,941.0 1,602.0
OTIS WORLDWI OTIS AV 11,795.0 -2,941.0 1,602.0
OTIS WORLDWI OTIS-RM RM 11,795.0 -2,941.0 1,602.0
OTIS WORLDWI-BDR O1TI34 BZ 11,795.0 -2,941.0 1,602.0
PANAMERA HOLDING PHCI US 0.0 -0.0 -0.0
PAPA JOHN'S INTL PP1 GR 885.6 -203.1 7.6
PAPA JOHN'S INTL PZZA US 885.6 -203.1 7.6
PAPA JOHN'S INTL PZZAEUR EU 885.6 -203.1 7.6
PAPA JOHN'S INTL PP1 GZ 885.6 -203.1 7.6
PAPA JOHN'S INTL PP1 TH 885.6 -203.1 7.6
PAPA JOHN'S INTL PP1 QT 885.6 -203.1 7.6
PAPAYA GROWTH -A PPYA US 295.3 279.9 1.7
PAPAYA GROWTH OP PPYAU US 295.3 279.9 1.7
PAPAYA GROWTH OP CC40 GR 295.3 279.9 1.7
PAPAYA GROWTH OP PPYAUEUR EU 295.3 279.9 1.7
PET VALU HOLDING PET CN 614.6 -74.9 33.3
PETRO USA INC PBAJ US - -0.1 -0.1
PHILIP MORRI-BDR PHMO34 BZ 41,733.0 -8,203.0 -1,693.0
PHILIP MORRIS IN 4I1 GR 41,733.0 -8,203.0 -1,693.0
PHILIP MORRIS IN PM US 41,733.0 -8,203.0 -1,693.0
PHILIP MORRIS IN PM1CHF EU 41,733.0 -8,203.0 -1,693.0
PHILIP MORRIS IN PM1 TE 41,733.0 -8,203.0 -1,693.0
PHILIP MORRIS IN 4I1 TH 41,733.0 -8,203.0 -1,693.0
PHILIP MORRIS IN PMI SW 41,733.0 -8,203.0 -1,693.0
PHILIP MORRIS IN PM1EUR EU 41,733.0 -8,203.0 -1,693.0
PHILIP MORRIS IN PMIZ IX 41,733.0 -8,203.0 -1,693.0
PHILIP MORRIS IN PMIZ EB 41,733.0 -8,203.0 -1,693.0
PHILIP MORRIS IN 4I1 QT 41,733.0 -8,203.0 -1,693.0
PHILIP MORRIS IN PMOR AV 41,733.0 -8,203.0 -1,693.0
PHILIP MORRIS IN 0M8V LN 41,733.0 -8,203.0 -1,693.0
PHILIP MORRIS IN PM1EUR EZ 41,733.0 -8,203.0 -1,693.0
PHILIP MORRIS IN PM1CHF EZ 41,733.0 -8,203.0 -1,693.0
PHILIP MORRIS IN 4I1 GZ 41,733.0 -8,203.0 -1,693.0
PHILIP MORRIS IN PM* MM 41,733.0 -8,203.0 -1,693.0
PHILIP MORRIS IN PM-RM RM 41,733.0 -8,203.0 -1,693.0
PHOENIX BIO-CL A PBAX US 1.1 -8.0 0.9
PHOENIX BIOTECH PBAXU US 1.1 -8.0 0.9
PLANET FITNESS I P2LN34 BZ 2,992.4 -210.9 289.6
PLANET FITNESS-A PLNT1EUR EZ 2,992.4 -210.9 289.6
PLANET FITNESS-A 3PL QT 2,992.4 -210.9 289.6
PLANET FITNESS-A PLNT1EUR EU 2,992.4 -210.9 289.6
PLANET FITNESS-A PLNT US 2,992.4 -210.9 289.6
PLANET FITNESS-A 3PL TH 2,992.4 -210.9 289.6
PLANET FITNESS-A 3PL GR 2,992.4 -210.9 289.6
PLANET FITNESS-A 3PL GZ 2,992.4 -210.9 289.6
POTBELLY CORP PBPB US 242.3 -10.0 -42.1
POTBELLY CORP PTB QT 242.3 -10.0 -42.1
PRIME IMPACT A-A PIAI US 324.9 -15.2 -0.0
PRIME IMPACT ACQ PIAI/U US 324.9 -15.2 -0.0
PROS HOLDINGS IN PRO US 486.6 -12.8 122.5
PROS HOLDINGS IN PH2 GR 486.6 -12.8 122.5
PROS HOLDINGS IN PRO1EUR EU 486.6 -12.8 122.5
PTC THERAPEUTICS PTCT US 1,799.6 -90.6 297.2
PTC THERAPEUTICS BH3 GR 1,799.6 -90.6 297.2
PTC THERAPEUTICS P91 TH 1,799.6 -90.6 297.2
PTC THERAPEUTICS P91 QT 1,799.6 -90.6 297.2
RADIUS HEALTH IN RDUS US 154.1 -265.9 65.3
RADIUS HEALTH IN 1R8 GR 154.1 -265.9 65.3
RADIUS HEALTH IN RDUSEUR EZ 154.1 -265.9 65.3
RADIUS HEALTH IN 1R8 TH 154.1 -265.9 65.3
RADIUS HEALTH IN RDUSEUR EU 154.1 -265.9 65.3
RADIUS HEALTH IN 1R8 QT 154.1 -265.9 65.3
RAPID7 INC R7D SW 1,273.9 -136.6 -48.7
RAPID7 INC RPDEUR EU 1,273.9 -136.6 -48.7
RAPID7 INC R7D TH 1,273.9 -136.6 -48.7
RAPID7 INC RPD US 1,273.9 -136.6 -48.7
RAPID7 INC R7D GR 1,273.9 -136.6 -48.7
RAPID7 INC RPD* MM 1,273.9 -136.6 -48.7
RAPID7 INC R7D GZ 1,273.9 -136.6 -48.7
RAPID7 INC R7D QT 1,273.9 -136.6 -48.7
REALREAL INC/THE 6RR QT 698.4 -69.3 284.5
REDBOX ENTERTAIN RDBX US 361.5 -102.0 -79.8
REVLON INC-A RVL1 GR 2,374.8 -2,078.6 196.5
REVLON INC-A REV US 2,374.8 -2,078.6 196.5
REVLON INC-A REV* MM 2,374.8 -2,078.6 196.5
REVLON INC-A RVL1 TH 2,374.8 -2,078.6 196.5
REVLON INC-A REVEUR EU 2,374.8 -2,078.6 196.5
RIMINI STREET IN RMNI US 387.8 -77.3 -37.5
RIMINI STREET IN 0QH GR 387.8 -77.3 -37.5
RIMINI STREET IN RMNIEUR EU 387.8 -77.3 -37.5
RIMINI STREET IN 0QH QT 387.8 -77.3 -37.5
RITE AID CORP RAD US 8,549.8 -8.4 741.2
RITE AID CORP RTA1 GR 8,549.8 -8.4 741.2
RITE AID CORP RTA1 TH 8,549.8 -8.4 741.2
RITE AID CORP RTA1 QT 8,549.8 -8.4 741.2
RITE AID CORP RADEUR EU 8,549.8 -8.4 741.2
RITE AID CORP RTA1 GZ 8,549.8 -8.4 741.2
ROSE HILL ACQU-A ROSE US 147.6 -9.9 0.8
ROSE HILL ACQUIS ROSEU US 147.6 -9.9 0.8
RYMAN HOSPITALIT 4RH GR 3,539.8 -37.2 73.6
RYMAN HOSPITALIT RHP US 3,539.8 -37.2 73.6
RYMAN HOSPITALIT 4RH TH 3,539.8 -37.2 73.6
RYMAN HOSPITALIT 4RH QT 3,539.8 -37.2 73.6
RYMAN HOSPITALIT RHPEUR EZ 3,539.8 -37.2 73.6
RYMAN HOSPITALIT RHPEUR EU 3,539.8 -37.2 73.6
SABRE CORP SABR US 5,314.5 -437.7 983.9
SABRE CORP 19S GR 5,314.5 -437.7 983.9
SABRE CORP 19S TH 5,314.5 -437.7 983.9
SABRE CORP 19S QT 5,314.5 -437.7 983.9
SABRE CORP SABREUR EU 5,314.5 -437.7 983.9
SABRE CORP SABREUR EZ 5,314.5 -437.7 983.9
SABRE CORP 19S GZ 5,314.5 -437.7 983.9
SBA COMM CORP 4SB GR 10,142.1 -5,389.1 -739.1
SBA COMM CORP SBAC US 10,142.1 -5,389.1 -739.1
SBA COMM CORP 4SB TH 10,142.1 -5,389.1 -739.1
SBA COMM CORP 4SB GZ 10,142.1 -5,389.1 -739.1
SBA COMM CORP SBACEUR EZ 10,142.1 -5,389.1 -739.1
SBA COMM CORP SBAC* MM 10,142.1 -5,389.1 -739.1
SBA COMM CORP 4SB QT 10,142.1 -5,389.1 -739.1
SBA COMM CORP SBACEUR EU 10,142.1 -5,389.1 -739.1
SEAWORLD ENTERTA W2L TH 2,578.0 -152.4 65.9
SEAWORLD ENTERTA SEAS US 2,578.0 -152.4 65.9
SEAWORLD ENTERTA W2L GR 2,578.0 -152.4 65.9
SEAWORLD ENTERTA W2L QT 2,578.0 -152.4 65.9
SEAWORLD ENTERTA SEASEUR EU 2,578.0 -152.4 65.9
SEAWORLD ENTERTA W2L GZ 2,578.0 -152.4 65.9
SHELL MIDSTREAM SHLX US 2,197.0 -464.0 17.0
SHOALS TECHNOL-A SHLS US 474.5 -1.4 99.0
SHOALS TECHNOL-A SHLS-RM RM 474.5 -1.4 99.0
SILVER SPIKE-A SPKC/U CN 128.4 -8.3 0.8
SIRIUS XM HO-BDR SRXM34 BZ 10,163.0 -3,587.0 -1,765.0
SIRIUS XM HOLDIN SIRI US 10,163.0 -3,587.0 -1,765.0
SIRIUS XM HOLDIN RDO GR 10,163.0 -3,587.0 -1,765.0
SIRIUS XM HOLDIN RDO TH 10,163.0 -3,587.0 -1,765.0
SIRIUS XM HOLDIN RDO QT 10,163.0 -3,587.0 -1,765.0
SIRIUS XM HOLDIN SIRIEUR EU 10,163.0 -3,587.0 -1,765.0
SIRIUS XM HOLDIN RDO GZ 10,163.0 -3,587.0 -1,765.0
SIRIUS XM HOLDIN SIRI AV 10,163.0 -3,587.0 -1,765.0
SIRIUS XM HOLDIN SIRIEUR EZ 10,163.0 -3,587.0 -1,765.0
SIX FLAGS ENTERT 6FE GR 2,884.0 -515.7 -11.0
SIX FLAGS ENTERT SIX US 2,884.0 -515.7 -11.0
SIX FLAGS ENTERT 6FE QT 2,884.0 -515.7 -11.0
SIX FLAGS ENTERT SIXEUR EU 2,884.0 -515.7 -11.0
SIX FLAGS ENTERT 6FE TH 2,884.0 -515.7 -11.0
SK GROWTH OPPORT SKGRU US 0.6 -0.0 -0.5
SLEEP NUMBER COR SL2 GR 912.6 -469.2 -746.0
SLEEP NUMBER COR SNBR US 912.6 -469.2 -746.0
SLEEP NUMBER COR SNBREUR EU 912.6 -469.2 -746.0
SLEEP NUMBER COR SL2 TH 912.6 -469.2 -746.0
SLEEP NUMBER COR SL2 QT 912.6 -469.2 -746.0
SLEEP NUMBER COR SL2 GZ 912.6 -469.2 -746.0
SMILEDIRECTCLUB SDC* MM 710.2 -203.5 226.9
SOUTHWESTRN ENGY SW5 TH 11,847.0 -119.0 -4,432.0
SOUTHWESTRN ENGY SW5 GR 11,847.0 -119.0 -4,432.0
SOUTHWESTRN ENGY SWN US 11,847.0 -119.0 -4,432.0
SOUTHWESTRN ENGY SWN1EUR EZ 11,847.0 -119.0 -4,432.0
SOUTHWESTRN ENGY SW5 QT 11,847.0 -119.0 -4,432.0
SOUTHWESTRN ENGY SWN1EUR EU 11,847.0 -119.0 -4,432.0
SOUTHWESTRN ENGY SW5 GZ 11,847.0 -119.0 -4,432.0
SOUTHWESTRN ENGY SWN-RM RM 11,847.0 -119.0 -4,432.0
SPLUNK INC S0U GR 5,210.0 -661.9 763.8
SPLUNK INC SPLK US 5,210.0 -661.9 763.8
SPLUNK INC S0U QT 5,210.0 -661.9 763.8
SPLUNK INC S0U TH 5,210.0 -661.9 763.8
SPLUNK INC S0U GZ 5,210.0 -661.9 763.8
SPLUNK INC SPLKEUR EZ 5,210.0 -661.9 763.8
SPLUNK INC SPLK* MM 5,210.0 -661.9 763.8
SPLUNK INC SPLKEUR EU 5,210.0 -661.9 763.8
SPLUNK INC SPLK-RM RM 5,210.0 -661.9 763.8
SPLUNK INC - BDR S1PL34 BZ 5,210.0 -661.9 763.8
SPRAGUE RESOURCE SRLP US 1,560.1 -45.8 -99.6
SQUARESPACE -BDR S2QS34 BZ 990.4 -89.7 -114.9
SQUARESPACE IN-A SQSP US 990.4 -89.7 -114.9
SQUARESPACE IN-A SQSPEUR EU 990.4 -89.7 -114.9
SQUARESPACE IN-A 8DT GZ 990.4 -89.7 -114.9
SQUARESPACE IN-A 8DT GR 990.4 -89.7 -114.9
SQUARESPACE IN-A 8DT TH 990.4 -89.7 -114.9
SQUARESPACE IN-A 8DT QT 990.4 -89.7 -114.9
STARBUCKS CORP SBUX* MM 29,021.5 -8,761.2 -1,563.2
STARBUCKS CORP SRB GR 29,021.5 -8,761.2 -1,563.2
STARBUCKS CORP SRB TH 29,021.5 -8,761.2 -1,563.2
STARBUCKS CORP SBUX SW 29,021.5 -8,761.2 -1,563.2
STARBUCKS CORP SRB QT 29,021.5 -8,761.2 -1,563.2
STARBUCKS CORP SBUX US 29,021.5 -8,761.2 -1,563.2
STARBUCKS CORP SBUX CI 29,021.5 -8,761.2 -1,563.2
STARBUCKS CORP SBUX AV 29,021.5 -8,761.2 -1,563.2
STARBUCKS CORP SBUX TE 29,021.5 -8,761.2 -1,563.2
STARBUCKS CORP SBUXEUR EU 29,021.5 -8,761.2 -1,563.2
STARBUCKS CORP SBUX IM 29,021.5 -8,761.2 -1,563.2
STARBUCKS CORP SBUXEUR EZ 29,021.5 -8,761.2 -1,563.2
STARBUCKS CORP 0QZH LI 29,021.5 -8,761.2 -1,563.2
STARBUCKS CORP SBUXUSD SW 29,021.5 -8,761.2 -1,563.2
STARBUCKS CORP SRB GZ 29,021.5 -8,761.2 -1,563.2
STARBUCKS CORP SBUX PE 29,021.5 -8,761.2 -1,563.2
STARBUCKS CORP SBUX-RM RM 29,021.5 -8,761.2 -1,563.2
STARBUCKS CORP SBUXCL CI 29,021.5 -8,761.2 -1,563.2
STARBUCKS CORP SBUX_KZ KZ 29,021.5 -8,761.2 -1,563.2
STARBUCKS-BDR SBUB34 BZ 29,021.5 -8,761.2 -1,563.2
STARBUCKS-CEDEAR SBUXD AR 29,021.5 -8,761.2 -1,563.2
STARBUCKS-CEDEAR SBUX AR 29,021.5 -8,761.2 -1,563.2
STONEMOR INC STON US 1,785.5 -157.5 120.7
STONEMOR INC 3V8 GR 1,785.5 -157.5 120.7
STONEMOR INC STONEUR EU 1,785.5 -157.5 120.7
TEMPUR SEALY INT TPX US 4,321.9 -91.3 117.7
TEMPUR SEALY INT TPD GR 4,321.9 -91.3 117.7
TEMPUR SEALY INT TPXEUR EU 4,321.9 -91.3 117.7
TEMPUR SEALY INT TPD TH 4,321.9 -91.3 117.7
TEMPUR SEALY INT TPD GZ 4,321.9 -91.3 117.7
TEMPUR SEALY INT T2PX34 BZ 4,321.9 -91.3 117.7
TEMPUR SEALY INT TPX-RM RM 4,321.9 -91.3 117.7
TERRAN ORBITAL C LLAP US 0.2 -0.0 0.1
TORRID HOLDINGS CURV US 567.2 -254.9 -74.5
TRANSDIGM - BDR T1DG34 BZ 18,841.0 -2,893.0 5,263.0
TRANSDIGM GROUP TDG US 18,841.0 -2,893.0 5,263.0
TRANSDIGM GROUP T7D GR 18,841.0 -2,893.0 5,263.0
TRANSDIGM GROUP TDG* MM 18,841.0 -2,893.0 5,263.0
TRANSDIGM GROUP T7D TH 18,841.0 -2,893.0 5,263.0
TRANSDIGM GROUP TDGEUR EZ 18,841.0 -2,893.0 5,263.0
TRANSDIGM GROUP T7D QT 18,841.0 -2,893.0 5,263.0
TRANSDIGM GROUP TDGEUR EU 18,841.0 -2,893.0 5,263.0
TRANSDIGM GROUP TDG-RM RM 18,841.0 -2,893.0 5,263.0
TRAVEL + LEISURE WD5A TH 6,600.0 -811.0 665.0
TRAVEL + LEISURE WD5A GR 6,600.0 -811.0 665.0
TRAVEL + LEISURE 0M1K LI 6,600.0 -811.0 665.0
TRAVEL + LEISURE TNL US 6,600.0 -811.0 665.0
TRAVEL + LEISURE WD5A QT 6,600.0 -811.0 665.0
TRAVEL + LEISURE WYNEUR EU 6,600.0 -811.0 665.0
TRAVEL + LEISURE WD5A GZ 6,600.0 -811.0 665.0
TRAVEL + LEISURE TNL* MM 6,600.0 -811.0 665.0
TRICIDA INC TCDA US 140.4 -90.3 103.0
TRICIDA INC 1T7 GR 140.4 -90.3 103.0
TRICIDA INC 1T7 TH 140.4 -90.3 103.0
TRICIDA INC 1T7 QT 140.4 -90.3 103.0
TRICIDA INC 1T7 GZ 140.4 -90.3 103.0
TRIUMPH GROUP TG7 GR 1,761.2 -787.4 360.9
TRIUMPH GROUP TGI US 1,761.2 -787.4 360.9
TRIUMPH GROUP TG7 TH 1,761.2 -787.4 360.9
TRIUMPH GROUP TGIEUR EU 1,761.2 -787.4 360.9
TRIUMPH GROUP TG7 GZ 1,761.2 -787.4 360.9
TUPPERWARE BRAND TUP GR 1,243.4 -266.1 131.7
TUPPERWARE BRAND TUP US 1,243.4 -266.1 131.7
TUPPERWARE BRAND TUP QT 1,243.4 -266.1 131.7
TUPPERWARE BRAND TUP GZ 1,243.4 -266.1 131.7
TUPPERWARE BRAND TUP TH 1,243.4 -266.1 131.7
TUPPERWARE BRAND TUP1EUR EU 1,243.4 -266.1 131.7
TUPPERWARE BRAND TUP1EUR EZ 1,243.4 -266.1 131.7
UBIQUITI INC UI US 759.7 -335.0 301.9
UBIQUITI INC 3UB GR 759.7 -335.0 301.9
UBIQUITI INC UBNTEUR EU 759.7 -335.0 301.9
UBIQUITI INC 3UB TH 759.7 -335.0 301.9
UNISYS CORP USY1 TH 2,277.0 -79.6 331.3
UNISYS CORP USY1 GR 2,277.0 -79.6 331.3
UNISYS CORP UIS US 2,277.0 -79.6 331.3
UNISYS CORP UIS SW 2,277.0 -79.6 331.3
UNISYS CORP UISEUR EU 2,277.0 -79.6 331.3
UNISYS CORP USY1 GZ 2,277.0 -79.6 331.3
UNISYS CORP USY1 QT 2,277.0 -79.6 331.3
UNISYS CORP UISEUR EZ 2,277.0 -79.6 331.3
UNITI GROUP INC 8XC TH 4,889.9 -2,092.0 0.0
UNITI GROUP INC UNIT US 4,889.9 -2,092.0 0.0
UNITI GROUP INC 8XC GR 4,889.9 -2,092.0 0.0
UNITI GROUP INC 8XC GZ 4,889.9 -2,092.0 0.0
UROGEN PHARMA LT UR8 GR 165.7 -17.1 141.4
UROGEN PHARMA LT URGNEUR EU 165.7 -17.1 141.4
UROGEN PHARMA LT URGN US 165.7 -17.1 141.4
VECTOR GROUP LTD VGR US 912.6 -840.7 291.7
VECTOR GROUP LTD VGR GR 912.6 -840.7 291.7
VECTOR GROUP LTD VGR QT 912.6 -840.7 291.7
VECTOR GROUP LTD VGREUR EU 912.6 -840.7 291.7
VECTOR GROUP LTD VGREUR EZ 912.6 -840.7 291.7
VECTOR GROUP LTD VGR TH 912.6 -840.7 291.7
VECTOR GROUP LTD VGR GZ 912.6 -840.7 291.7
VERISIGN INC VRS TH 1,973.2 -1,285.1 179.2
VERISIGN INC VRSN US 1,973.2 -1,285.1 179.2
VERISIGN INC VRS GR 1,973.2 -1,285.1 179.2
VERISIGN INC VRS QT 1,973.2 -1,285.1 179.2
VERISIGN INC VRSNEUR EU 1,973.2 -1,285.1 179.2
VERISIGN INC VRS GZ 1,973.2 -1,285.1 179.2
VERISIGN INC VRSN* MM 1,973.2 -1,285.1 179.2
VERISIGN INC VRSNEUR EZ 1,973.2 -1,285.1 179.2
VERISIGN INC VRSN-RM RM 1,973.2 -1,285.1 179.2
VERISIGN INC-BDR VRSN34 BZ 1,973.2 -1,285.1 179.2
VERISIGN-CEDEAR VRSN AR 1,973.2 -1,285.1 179.2
VIVINT SMART HOM VVNT US 2,713.2 -1,753.9 -540.0
VMWARE INC-BDR V2MW34 BZ 27,434.0 -411.0 -2,249.0
VMWARE INC-CL A VMW US 27,434.0 -411.0 -2,249.0
VMWARE INC-CL A BZF1 GR 27,434.0 -411.0 -2,249.0
VMWARE INC-CL A BZF1 TH 27,434.0 -411.0 -2,249.0
VMWARE INC-CL A VMWEUR EU 27,434.0 -411.0 -2,249.0
VMWARE INC-CL A BZF1 QT 27,434.0 -411.0 -2,249.0
VMWARE INC-CL A BZF1 SW 27,434.0 -411.0 -2,249.0
VMWARE INC-CL A BZF1 GZ 27,434.0 -411.0 -2,249.0
VMWARE INC-CL A VMW* MM 27,434.0 -411.0 -2,249.0
VMWARE INC-CL A VMWEUR EZ 27,434.0 -411.0 -2,249.0
VMWARE INC-CL A VMWA AV 27,434.0 -411.0 -2,249.0
W&T OFFSHORE INC UWV GR 1,350.1 -249.4 3.4
W&T OFFSHORE INC WTI US 1,350.1 -249.4 3.4
W&T OFFSHORE INC WTI1EUR EU 1,350.1 -249.4 3.4
W&T OFFSHORE INC UWV TH 1,350.1 -249.4 3.4
W&T OFFSHORE INC UWV GZ 1,350.1 -249.4 3.4
WAYFAIR INC- A W US 4,256.0 -1,904.0 481.0
WAYFAIR INC- A 1WF GR 4,256.0 -1,904.0 481.0
WAYFAIR INC- A 1WF TH 4,256.0 -1,904.0 481.0
WAYFAIR INC- A WEUR EU 4,256.0 -1,904.0 481.0
WAYFAIR INC- A W* MM 4,256.0 -1,904.0 481.0
WAYFAIR INC- A 1WF GZ 4,256.0 -1,904.0 481.0
WAYFAIR INC- A 1WF QT 4,256.0 -1,904.0 481.0
WAYFAIR INC- A WEUR EZ 4,256.0 -1,904.0 481.0
WEBER INC - A WEBR US 1,878.4 -194.1 274.3
WEWORK INC-CL A WE US 20,686.0 -1,860.0 -1,002.0
WEWORK INC-CL A WE1EUR EU 20,686.0 -1,860.0 -1,002.0
WEWORK INC-CL A 9WE GR 20,686.0 -1,860.0 -1,002.0
WEWORK INC-CL A 9WE TH 20,686.0 -1,860.0 -1,002.0
WEWORK INC-CL A 9WE QT 20,686.0 -1,860.0 -1,002.0
WEWORK INC-CL A 9WE GZ 20,686.0 -1,860.0 -1,002.0
WEWORK INC-CL A WE* MM 20,686.0 -1,860.0 -1,002.0
WINGSTOP INC WING1EUR EU 507.3 -424.2 152.9
WINGSTOP INC WING US 507.3 -424.2 152.9
WINGSTOP INC EWG GR 507.3 -424.2 152.9
WINGSTOP INC EWG GZ 507.3 -424.2 152.9
WINMARK CORP WINA US 15.3 -65.8 -6.8
WINMARK CORP GBZ GR 15.3 -65.8 -6.8
WW INTERNATIONAL WW US 1,419.4 -449.3 41.0
WW INTERNATIONAL WW6 GR 1,419.4 -449.3 41.0
WW INTERNATIONAL WTWEUR EU 1,419.4 -449.3 41.0
WW INTERNATIONAL WW6 QT 1,419.4 -449.3 41.0
WW INTERNATIONAL WW6 TH 1,419.4 -449.3 41.0
WW INTERNATIONAL WTWEUR EZ 1,419.4 -449.3 41.0
WW INTERNATIONAL WW6 GZ 1,419.4 -449.3 41.0
WW INTERNATIONAL WTW AV 1,419.4 -449.3 41.0
WW INTERNATIONAL WW-RM RM 1,419.4 -449.3 41.0
WYNN RESORTS LTD WYNN* MM 12,179.3 -1,033.3 1,511.4
WYNN RESORTS LTD WYNN US 12,179.3 -1,033.3 1,511.4
WYNN RESORTS LTD WYR GR 12,179.3 -1,033.3 1,511.4
WYNN RESORTS LTD WYR TH 12,179.3 -1,033.3 1,511.4
WYNN RESORTS LTD WYR QT 12,179.3 -1,033.3 1,511.4
WYNN RESORTS LTD WYNNEUR EU 12,179.3 -1,033.3 1,511.4
WYNN RESORTS LTD WYR GZ 12,179.3 -1,033.3 1,511.4
WYNN RESORTS LTD WYNNEUR EZ 12,179.3 -1,033.3 1,511.4
WYNN RESORTS LTD WYNN-RM RM 12,179.3 -1,033.3 1,511.4
WYNN RESORTS-BDR W1YN34 BZ 12,179.3 -1,033.3 1,511.4
YELLOW CORP YEL GR 2,405.7 -386.9 191.2
YELLOW CORP YELL US 2,405.7 -386.9 191.2
YELLOW CORP YEL1 TH 2,405.7 -386.9 191.2
YELLOW CORP YRCWEUR EZ 2,405.7 -386.9 191.2
YELLOW CORP YRCWEUR EU 2,405.7 -386.9 191.2
YELLOW CORP YEL QT 2,405.7 -386.9 191.2
YELLOW CORP YEL GZ 2,405.7 -386.9 191.2
YUM! BRANDS -BDR YUMR34 BZ 5,816.0 -8,491.0 54.0
YUM! BRANDS INC TGR TH 5,816.0 -8,491.0 54.0
YUM! BRANDS INC TGR GR 5,816.0 -8,491.0 54.0
YUM! BRANDS INC YUMEUR EU 5,816.0 -8,491.0 54.0
YUM! BRANDS INC TGR QT 5,816.0 -8,491.0 54.0
YUM! BRANDS INC YUM SW 5,816.0 -8,491.0 54.0
YUM! BRANDS INC YUM US 5,816.0 -8,491.0 54.0
YUM! BRANDS INC YUM* MM 5,816.0 -8,491.0 54.0
YUM! BRANDS INC TGR GZ 5,816.0 -8,491.0 54.0
YUM! BRANDS INC YUMEUR EZ 5,816.0 -8,491.0 54.0
YUM! BRANDS INC YUMUSD SW 5,816.0 -8,491.0 54.0
YUM! BRANDS INC YUM AV 5,816.0 -8,491.0 54.0
YUM! BRANDS INC TGR TE 5,816.0 -8,491.0 54.0
YUM! BRANDS INC YUM-RM RM 5,816.0 -8,491.0 54.0
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA.
Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante,
Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon,
Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and
Peter A. Chapman, Editors.
Copyright 2022. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $975 for 6 months delivered via
e-mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each. For subscription information, contact Peter A.
Chapman at 215-945-7000.
*** End of Transmission ***