/raid1/www/Hosts/bankrupt/TCR_Public/220816.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, August 16, 2022, Vol. 26, No. 227
Headlines
2377 NW KEARNEY: Taps Law Offices of Keith Y. Boyd as Counsel
312 EUCLID: Case Summary & Five Unsecured Creditors
AEARO TECHNOLOGIES: 3M Wants Ch. 11 Court to Decide Suits' Pause
ALTAGAS LTD: Fitch Gives BB+ Rating to CAD250MM Sub. Notes
APPLIED ENERGETICS: Incurs $1.6 Million Net Loss in Second Quarter
ARETEC GROUP: Moody's Affirms B3 CFR & Alters Outlook to Positive
ASPIRA WOMEN'S: Incurs $8.2 Million Net Loss in Second Quarter
AVAYA INC: Fitch Lowers Issuer Default Rating to 'CCC+'
BAUSCH + LOMB: Fitch Cuts IDR to B+ on Deteriorating Credit Profile
BAUSCH HEALTH: Fitch Lowers IDR to 'B-', On Rating Watch Negative
BESTWALL LLC: Judge Stops Sanctions on Asbestos Claimants
BLINK CHARGING: Incurs $22.6 Million Net Loss in Second Quarter
BURTS CONSTRUCTION: Court OKs Interim Cash Collateral Access
CELSIUS NETWORK: DOJ Demands Oversight Into Bitcoin Sales, Severanc
CHERRY MAN: Trustee Taps Province LLC as Financial Advisor
CIRCOR INT'L: Moody's Confirms B3 CFR & Alters Outlook to Negative
CIRCOR INTERNATIONAL: S&P Affirms 'B-' ICR, Outlook Negative
CLEANSPARK INC: Incurs $29.3 Million Net Loss in Third Quarter
DACO CONSTRUCTION: Seeks Chapter 11 Bankruptcy Protection
DIOCESE OF CAMDEN: Insurers Seek Chapter 11 Confirmation Delay
DR. R'KIONE: Seeks to Hire Small Business Tax as Tax Advisor
EDUCATIONAL TRAVEL: Seeks to Hire Troutman as Bankruptcy Counsel
EVOKE PHARMA: Incurs $2.2 Million Net Loss in Second Quarter
FINGERLAKES HOSPITALITY: Unsecureds Will Get 2% in 60 Months
FORTOVIA THERAPEUTICS: Asks Court OK of Deal With Distributor
GARDEN VIEW: Gets Court OK to Hire Boyd as Litigation Counsel
GBT TECHNOLOGIES: Incurs $3.4 Million Net Loss in Second Quarter
GT REAL ESTATE: Recovery for Unsecureds Still to Be Determined
GYP HOLDINGS III: Moody's Hikes CFR & Sr. Secured Term Loan to Ba2
HANJIN INTERNATIONAL: S&P Alters Outlook to Stable, Affirms B- ICR
HGIM CORP: S&P Withdraws 'CCC+' Issuer Credit Rating
HOPE TRUCKER: Seeks Cash Collateral Access, DIP Loan
HORIZON GLOBAL: Incurs $22.4 Million Net Loss in Second Quarter
INSPIREMD INC: Incurs $4.6 Million Net Loss in Second Quarter
IRONSTONE PROPERTIES: Reports $144K Net Operating Loss in Q2
J.C. PENNEY: Gets Court Approval to Settle Claims for $12.4M
KOSMOS ENERGY: Posts $117.2 Million Net Income in Second Quarter
LATAM AIRLINES: Touts Q2 Progress, Sees Chapter 11 Exit in Q4
M/I HOMES: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
MAGIC DESIGNS: Wins Cash Collateral Access Thru Sept 30
MILLER'S ALE HOUSE: S&P Upgrades ICR to 'B-', Outlook Stable
NORTH BROOKLYN: In Chapter 11 to Stop Foreclosure
NORTHWEST BIOTHERAPEUTICS: Incurs $29.7 Million Net Loss in Q2
OBLONG INC: Incurs $9 Million Net Loss in Second Quarter
OCULAR THERAPEUTIX: Incurs $18.8 Million Net Loss in Second Quarter
OFF-SPEC SOLUTIONS: Seeks to Hire Johnson May as Local Counsel
OFF-SPEC SOLUTIONS: Taps Felderstein as Legal Counsel
PARFUMS HOLDING: Moody's Affirms B3 CFR & Alters Outlook to Stable
PARTY CITY: S&P Downgrades ICR to 'CCC+', Outlook Negative
PETROLIA ENERGY: Reports 117K Net Loss for Third Quarter 2021
PULMATRIX INC: Incurs $4.6 Million Net Loss in Second Quarter
QUOTIENT LIMITED: Incurs $38.9 Million Net Loss in First Quarter
RITHM CAPITAL: S&P Affirms 'B' Long-Term ICR, Outlook Stable
RYERSON HOLDING: Moody's Hikes CFR to Ba3, Outlook Remains Stable
SANDY ROAD FARMS: Has Deal on Cash Collateral Access Thru Nov 30
SAS AB: Gets $700 Mil. Financing From Apollo to Aid Restructuring
SAS AB: Pilots in Sweden, Denmark and Norway Adopt New CBA
SAS AB: Seeks to Hire Seabury Securities as Restructuring Advisor
SAS AB: Taps Skandinaviska Enskilda Banken as Co-Investment Banker
SAS SAB: Seeks to Hire FTI Consulting as Financial Advisor
SAS SAB: Seeks to Hire Mannheimer as Special Counsel
SAS SAB: Seeks to Hire Weil Gotshal & Manges as Bankruptcy Counsel
SAS SAB: Taps Kroll Restructuring as Administrative Advisor
SASHAY SAND: Hits Chapter 11 Bankruptcy Protection
SEARS HOLDINGS: Sears Estate to End Lampert Suits in $175 Mil. Deal
SKYBAR HOLDINGS: Involuntary Chapter 11 Case Summary
SOUTH EDGE: Taps Law Office of Gina R. Klump as Bankruptcy Counsel
TABOOLA INC: Moody's Affirms 'B1' CFR, Outlook Remains Stable
TALEN ENERGY SUPPLY: Creditors Seek Clawback of $500M Dividends
VBI VACCINES: Incurs $45.7 Million Net Loss in Second Quarter
WIRELESS SYSTEMS: Wins Interim Cash Collateral Access
YIELD10 BIOSCIENCE: Incurs $3.4 Million Net Loss in Second Quarter
[^] Large Companies with Insolvent Balance Sheet
*********
2377 NW KEARNEY: Taps Law Offices of Keith Y. Boyd as Counsel
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2377 NW Kearney, LLC seeks approval from the U.S. Bankruptcy Court
for the District of Oregon to hire The Law Offices of Keith Y. Boyd
to serve as legal counsel in its Chapter 11 case.
The firm will be paid at these rates:
Keith Y. Boyd $400 an hour
Melissa A. Arnold, ACP $150 an hour
Law Clerk $200 an hour
Legal Assistants $50 - $100 an hour
On July 26, 2022 Boyd received a retainer of $25,000 from Morale
Orchards, LLC. Of that amount, $22,500 represents a retainer for
attorneys fees and $2,500 for costs, including the filing fee.
The Law Offices of Keith Y. Boyd neither holds nor represents an
interest adverse to the Debtor's estate.
The firm can be reached through:
Keith Y. Boyd, Esq.
The Law Offices of Keith Y. Boyd
724 S. Central Ave., Suite 106
Medford, OR 97501
Telephone: (541) 973-2422
Facsimile: (541) 973-2426
Email: keith@boydlegal.net
About 2377 NW Kearney
2377 NW Kearney, LLC, a company in Portland, Ore., filed a Chapter
11 petition (Bankr. D. Ore. Case No. 22-31209) on July 26, 2022. In
the petition signed by Jacqueline Alexander, member, the Debtor
disclosed $1 million to $10 million in both assets and
liabilities.
Judge David W. Hercher oversees the case.
The Law Offices of Keith Y. Boyd serves as the Debtor's counsel.
312 EUCLID: Case Summary & Five Unsecured Creditors
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Debtor: 312 Euclid, LLC
312 Euclid Avenue
Allenhurst, NJ 07711
Business Description: 312 Euclid is a Single Asset Real Estate (as
defined in 11 U.S.C. Section 101(51B)). The
Debtor is the 100% owner of the real
property located at 312 Euclid Avenue
Allenhurst, NJ valued at $3.45 million.
Chapter 11 Petition Date: August 15, 2022
Court: United States Bankruptcy Court
District of New Jersey
Case No.: 22-16403
Debtor's Counsel: Anthony Sodono, III, Esq.
MCMANIMON, SCOTLAND & BAUMAN, LLC
75 Livingston Avenue
Second Floor
Roseland, NJ 07068
Tel: 973-622-1800
Fax: 973-622-7333
Email: asodono@msbnj.com
Total Assets: $3,450,000
Total Liabilities: $2,410,135
The petition was signed by Zachary Gindi, manager of RIG Brothers,
LLC, Sole Member.
A full-text copy of the petition containing, among other items, a
list of the Debtor's five unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/BDX5FUA/312_Euclid_LLC__njbke-22-16403__0001.0.pdf?mcid=tGE4TAMA
AEARO TECHNOLOGIES: 3M Wants Ch. 11 Court to Decide Suits' Pause
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Martina Barash of Bloomberg Law reports that upcoming bankruptcy
proceedings involving 3M Co.'s subsidiary Aearo Technologies LLC,
which made combat earplugs blamed for service members' hearing
loss, should determine whether the vast personal injury litigation
should be paused, 3M told a federal court in Florida.
It responded Tuesday to separate requests by two veterans that the
US District Court for the Northern District of Florida take matters
into its own hands by preserving the litigation during the
bankruptcy process.
Plaintiff Richard Valle argued Aug. 3 that Judge M. Casey Rodgers,
who oversees the multidistrict litigation, should prevent 3M from
filing any paperwork to block the personal injury claims.
Read the full article at
https://news.bloomberglaw.com/bankruptcy-law/3m-wants-bankruptcy-court-to-decide-on-pauses-in-earplug-suits
About Aearo Technologies
Aearo Technologies -- https://earglobal.com/en -- is a 3M company
that designs, manufactures, and sells personal protection
equipment. The Company offers prescription and non-prescription
safety eye wear, face shields, hard hats, and respirators. Aearo
serves customers worldwide.
To address claims related to the Combat Arms Earplugs Version 2,
Aearo Technologies LLC and its affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Lead Case
No. 22-02890) on July 26, 2022. In the petition filed by John R.
Castellano, as authorized signatory, Aearo Technologies estimated
assets and liabilities between $1 billion and $10 billion each.
3M is not a debtor in the Chapter 11 cases. 3M has committed $1
billion to fund a trust allocated for Combat Arms claims.
Kirkland & Ellis LLP is serving as legal counsel and AlixPartners
LLP is serving as restructuring advisor to Aearo Technologies. Ice
Miller LLP, is serving as bankruptcy co-counsel to the Debtors.
Kroll is the claims agent.
PJT Partners is serving as financial advisor and White & Case LLP
is serving as legal counsel to 3M.
ALTAGAS LTD: Fitch Gives BB+ Rating to CAD250MM Sub. Notes
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Fitch Ratings has assigned a 'BB+' rating to AltaGas Ltd.'s CAD250
million subordinated notes, series 2 due August 2082. AltaGas'
Issuer Default Rating is 'BBB'. The Rating Outlook is Stable.
AltaGas plans to use the net proceeds from this issuance to pay off
series C preferred shares due September 2022.
The notes are eligible for 50% equity credit based on Fitch's
hybrid methodology, dated Nov. 12, 2020 titled "Corporates Hybrids
Treatment and Notching Criteria," available at
www.fitchratings.com. Features supporting the equity categorization
of these notes include their subordinate priority, the option to
defer interest payments on a cumulative basis for up to five-years
on each occasion and a 60-year maturity.
KEY RATING DRIVERS
Strategic U.S. Utility/Canadian Midstream Focus: AltaGas acquired
WGL Holdings, Inc. (WGLH) in July 2018, thereby meaningfully
increasing the size and scope of its U.S. natural gas distribution
business. Since taking the helm at the company, President and CEO
Randall Crawford has articulated and implemented a strategy focused
on measured expansion of its U.S. gas utility and Canadian
midstream business in the Montney shale, while divesting noncore
midstream, power and utility assets.
Low Risk Business Profile: Fitch expects the majority of future
consolidated AltaGas EBITDA to be contributed by its U.S. gas
utilities, with the vast majority of the remainder coming from its
Canadian midstream operation. AltaGas' utility operations are
expected to represent approximately 55% of normalized 2022 EBITDA
(up from 52% in 2021) and its midstream business 45%. By 2023,
Fitch expects utility operations will contribute up to 57% of the
EBITDA.
AltaGas' diversified group of relatively low-risk U.S. gas
distribution utilities serve 1.7 million customers in parts of
Maryland, Virginia, D.C., Michigan and Alaska with generally
credit-supportive economic regulation, customer growth of
approximately 1% and significant potential rate-base growth driven
by infrastructure investment. Unexpected deterioration in rate
regulation could result in future credit rating downgrades.
The company's midstream operations are highly contracted or hedged,
integrated assets that provide value to customers across the energy
value chain in the prolific Montney shale play. Approximately
two-thirds of AltaGas' 2022 midstream field services EBITDA,
including 70% of Ridley Island Propane Export Terminal (RIPET) is
hedged for 2022.
Slower Than Expected Improvement in Leverage: In 2021, leverage was
lower than the previous year but still higher than expected,
largely due to higher gas purchase costs, delayed late fee
collections and slightly higher O&M costs than expected. A portion
of the capex programs was also delayed at the utilities, which
resulted in lower cashflows than previously expected.
AltaGas announced the sale of all its assets in Alaska with the
resulting proceeds of approximately USD800 million going toward
reduction of debt. In Fitch's view, this transaction, which is
likely to close in 1Q2023 is key in achieving leverage that is
below the downgrade threshold for the company.
Focused Capex: Fitch expects AltaGas' future capex will primarily
focus on its core, low-risk utility and, to a lesser degree,
midstream segments. Projected Capex in over the next three years is
expected to approximate $1.1 billion/year. The utility segment is
expected to account for 70%-80% of total capex in 2022, with vast
majority of the remaining 20%-30% targeting the midstream segment,
including optimization and subsequent expansion of the RIPET export
facility.
RIPET Propane Export Terminal Growth Continues: RIPET, Canada's
first marine propane export facility, placed into service in 2Q19
and is expected to reach approximately 60,000 Bbl/d by YE 2022.
RIPET can ship propane to Japan in 10-11 days, compared with 25
days for propane shipped from alternative U.S. locations, while
providing enhanced netbacks to producers. 85% of total 2021 RIPET
volumes were hedged, split between financial hedges (at
approximately USD10.25/Bbl FEI-Mt. Belvieu) and tolling
arrangements. Approximately 35% of RIPET's 2022 propane export
volume is currently contracted under tolling arrangements and
AltaGas expects that proportion to increase to 50% over the next
five-years.
Petrogas Investment: AltaGas recently increased its ownership in
Petrogas to 100%, acquiring the remaining 26% interest for
approximately CAD285 million. Fitch believes this is a constructive
development that is consistent with its strategic focus on Western
Canadian midstream and Asian export markets for liquid petroleum
gas. Petrogas operates the Ferndale export terminal (handling up to
50,000 Bbls/day with 800,000 Bbls of on-site storage capacity),
which ships natural gas liquids to Asian markets.
Parent Subsidiary Rating Linkages: Two parent-subsidiary
relationships have been analyzed as part of Fitch's assessment of
AltaGas. Fitch considers the relationships between AltaGas and WGLH
as weak parent and strong subsidiary. Fitch determined the
standalone credit profile of AltaGas on a consolidated basis. The
ratings are consolidated on the basis of open legal ring-fencing
and open access and control. Fitch expects future funding at the
WGLH level will be facilitated at the AltaGas corporate parent and
does not anticipate WGLH will access long-term debt capital markets
directly. Fitch expects maturing WGLH debt will be refinanced at
the AltaGas parent level as it matures.
DERIVATION SUMMARY
AltaGas Ltd., is weakly positioned at its 'BBB' rating. With
operating EBITDA of approximately CAD1.4 billion at YE 2021, it is
smaller than Emera Incorporated (Emera; BBB/Stable), but larger
than Algonquin Power & Utilities Corp. (APUC; BBB/Stable). By way
of comparison, Emera and APUC had operating EBITDA of approximately
CAD1.8 billion and CAD1.0 billion, respectively, at YE 2021. Fitch
estimates AltaGas' FFO Leverage will average 5.2x during 2023-2024
comparable with APUC's 4.9x-5.3x range over the same time period
and stronger than Emera's 5.7x in 2022.
Canadian utility holding company APUC, benefits from regulatory
diversification but owns utilities that operate in somewhat less
constructive regulatory environments, in Fitch's view, with APUC's
largest utility operating in Missouri. Utility operations are
expected to account for approximately 75%-80% of consolidated APUC
EBITDA. Emera in recent years has deemphasized unregulated
investment to focus on utility operations in the U.S., Canada and
the Caribbean. Fitch believes regulation in Emera's two largest
jurisdictions, Florida and Nova Scotia, are balanced from a credit
perspective. Emera derives around 95% of its earnings from
regulated operations. By comparison, AltaGas generates only 57% of
its cash flows from regulated utility operations.
Like Emera and APUC, AltaGas' operations include significant, low
risk, utility operations. AltaGas, through WGL, provides gas
utility services to affluent populations in parts of Virginia,
Maryland and D.C. with prospective customer growth estimated at 1%
per year. AltaGas also provides gas distribution service to parts
on Michigan and Alaska. Collectively, AltaGas' U.S. utilities have
experienced customer growth of 1%, and approximately 70% of its
customers are residential. Emera and APUC, unlike AltaGas, also
have meaningful electric utility operations.
KEY ASSUMPTIONS
-- Continuation of reasonable economic regulation across AltaGas'
jurisdictional service territory;
-- One-percent annual customer growth at AltaGas' U.S. gas
utility segment on average;
-- RIPET exports about 60,000 Bbl/d on average in 2022, while
increasing the proportion of export volumes from the facility
to take or pay contracts from merchant;
-- Sale of all Alaskan assets for USD800 million in 1H 2023;
-- Maintaining normalized annual sales at WGL in 2022-2024;
-- Capex averages CAD1.1 billion per annum during 2022-2024.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Continuation of credit supportive regulatory trends and better
than expected final decisions at AltaGas' and WGLH's
U.S.utility subsidiaries compared with Fitch's rating case;
-- Stronger than expected performance at AltaGas' Canadian
midstream businesses;
-- Sustained FFO Leverage of 4.5x or better on a consistent
basis.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Significant deterioration across AltaGas' jurisdictional
service territory;
-- Unexpected delay to capacity expansion targets at RIPET;
-- FFO Leverage above 5.5x post 2023 on a sustained basis could
cause a negative rating action;
-- Failure to raise financing from assets sales or other sources,
if required to lower leverage;
-- Greater than expected impact on utility and midstream
operations due to coronavirus effects.
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity: In Fitch's opinion, liquidity is adequate at
AltaGas and WGL. AltaGas has negotiated consolidated credit
facilities with total borrowing capacity of CAD3.7 billion. As of
June 30, 2022, AltaGas had drawn CAD416 million and had remaining
borrowing capacity of about 3.34 billion.
AltaGas had cash and cash equivalents of CAD229million on its
balance sheet as of June 30, 2022. The company has CAD500 million
notes due December 2022. Thereafter, maturities are generally well
spaced out with larger scheduled maturities in 2024 and 2025 of
CAD550 million and CAD858 million, respectively.
ISSUER PROFILE
AltaGas is a Canada-based energy infrastructure company with
operations in the U.S. and Canada with CAD22 billion of total
assets. The company has two primary business segments: Utilities
and Midstream.
RATING ACTIONS
ENTITY/DEBT RATING
----------- ------
AltaGas Ltd.
Subordinated LT BB+ New Rating
APPLIED ENERGETICS: Incurs $1.6 Million Net Loss in Second Quarter
------------------------------------------------------------------
Applied Energetics, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $1.56 million on $190,922 of revenue for the three months ended
June 30, 2022, compared to a net loss of $1.23 million on zero
revenue for the three months ended June 30, 2021.
For the six months ended June 30, 2022, the Company reported a net
loss of $3.34 million on $190,922 of revenue compared to a net loss
of $2.31 million on zero revenue for the six months ended June 30,
2021.
As of June 30, 2022, the Company had $2.55 million in total assets,
$1.91 million in total liabilities, and $646,874 in total
stockholders' equity.
For the six months ended June 30, 2022, the company had negative
cash flows from operations of approximately $2,213,347 and may
incur additional future losses due to the possible reduction in
government contract activity and the expenses discussed under
Results of Operations.
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0000879911/000121390022046386/f10q0622_applied.htm
About Applied Energetics
Headquartered in Tucson, Arizona, Applied Energetics, Inc. --
www.aergs.com -- specializes in the development and manufacture of
advanced high-performance lasers, high voltage electronics,
advanced optical systems, and integrated guided energy systems for
prospective defense, aerospace, industrial, and scientific
customers worldwide.
Applied Energetics reported a net loss of $5.42 million for the
year ended Dec. 31, 2021, a net loss of $3.23 million for the year
ended Dec. 31, 2020, and a net loss of $5.56 million for the year
ended Dec. 31, 2019. As of March 31, 2022, the Company had $3.75
million in total assets, $2.01 million in total liabilities, and
$1.74 million in total stockholders' equity.
Las Vegas, NV-based RBSM LLP, the Company's auditor since 2016,
issued a "going concern" qualification in its report dated March
30, 2022, citing that the company has suffered recurring losses
from operations, will require additional capital to fund its
current operating plan, that raises substantial doubt about the
Company's ability to continue as a going concern.
ARETEC GROUP: Moody's Affirms B3 CFR & Alters Outlook to Positive
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Moody's Investors Service affirmed Aretec Group, Inc.'s B3
Corporate Family Rating, B2 Senior Secured Bank Credit Facility
rating and Caa2 senior unsecured rating. At the same time, Moody's
has changed Aretec's outlook to positive from stable.
Affirmations:
Issuer: Aretec Group, Inc.
Corporate Family Rating, Affirmed B3
Senior Secured 1st Lien Bank Credit Facility, Affirmed B2
Senior Unsecured Regular Bond/Debenture, Affirmed Caa2
Outlook Actions:
Issuer: Aretec Group, Inc.
Outlook, Changed To Positive From Stable
RATINGS RATIONALE
Moody's said Aretec's B3 CFR is supported by its strong franchise
and presence in the wealth management sector, but constrained by
its high leverage, low profitability and debt servicing capacity.
Aretec's ratings are supported by strong advisor retention rates,
solid organic growth in client assets, and favorable shift toward
advisory assets and related fees. The broad declines in equity and
bond markets so far in 2022 will put some pressure on fees tied to
the level of client assets for the remainder of the year. However,
Aretec is strongly positioned to benefit from interest rate
increases, said Moody's. The Federal Open Market Committee has
raised the target federal funds rate range by 225 basis points
(bps) since the beginning of 2022. Moody's expects the rate to be
in the range of 3.50%-3.75% by the end of 2022, which will boost
Aretec's interest revenue and profitability. Interest revenue
generally accretes substantially to the firm's bottom-line because
of the rate-insensitivity of client transactional cash balances and
the exclusion of most cash sweep-related net interest revenues from
the calculation of advisor compensation.
The change in Aretec's outlook to positive from stable reflects
Moody's expectation that the benefits to profitability from higher
interest rates will support delevering over the next twelve to
eighteen months.
Aretec has improved its trailing-12-months debt / EBITDA ratio on a
Moody's adjusted basis to around 6.8x at March 31, 2022, compared
to 7.5x at June 30, 2021 shortly after its most recent debt
issuance. Moody's expects Aretec's leverage ratio will be around
6.5x at the end of 2022, with the possibility of significant
delevering throughout 2023 if interest rates remain high and there
are no significant increases in debt.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Aretec's ratings could be upgraded if the company were to
sustainably improve its debt leverage on a Moody's adjusted basis
to below 6.5x. A significant expansion of existing revenue streams,
or development of new ones, resulting in a sustainable increase in
revenue diversification and less reliance on the macroeconomic
environment could also result in an upgrade. Also, strong advisor
recruitment and improved advisor retention rates leading to growth
in client assets and a sustainable improvement in profitability
could also lead to an upgrade.
Moody's said Aretec's ratings could be downgraded if there were a
sustained deterioration in the firm's debt leverage on a Moody's
adjusted basis above 7.5x. A deterioration in revenue following a
severe financial markets correction, not offset by flexible expense
management, resulting in a Moody's-adjusted interest coverage ratio
below 1x, could also result in a downgrade. Also, a significant
decline in the number of financial advisors, or a deterioration in
advisor retention levels that results in significant attrition of
client assets could also lead to a downgrade.
The principal methodology used in these ratings was Securities
Industry Service Providers Methodology published in November 2019.
ASPIRA WOMEN'S: Incurs $8.2 Million Net Loss in Second Quarter
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Aspira Women's Health Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $8.24 million on $2.07 million of total revenue for the three
months ended June 30, 2022, compared to a net loss of $7.07 million
on $1.80 million of total revenue for the three months ended June
30, 2021.
For the six months ended June 30, 2022, the Company reported a net
loss of $17.51 million on $3.96 million of total revenue compared
to a net loss of $12.99 million on $3.30 million of total revenue
for the same period in 2021.
As of June 30, 2022, the Company had $24.02 million in total
assets, $9.89 million in total liabilities, and $14.12 million in
total stockholders' equity.
"We are pleased by our continued progress and execution during the
second quarter, particularly on our three key strategic
initiatives: Growth, Innovation, and Operational Excellence. Our
commercial team achieved strong sequential and year-over-year
growth that will be further fueled in the second half by our
recently announced OVA1plus co-marketing agreement with
BioReference," said Nicole Sandford, president and chief executive
office of Aspira.
Ms. Sandford continued, "On the innovation side, we reiterate our
intention to launch OvaWatch – our next generation ovarian cancer
laboratory developed test – by the end of the year. Today, we
also announce an exciting expansion to our relationship with a
consortium of world-class academic institutions that we believe
will accelerate our endometriosis product development.
Operationally, we reduced our cash utilization by $3.9 million
compared to the first quarter of 2022 without sacrificing progress
on our most strategic priorities. I am encouraged by our progress
on all strategic fronts and look forward to continuing to deliver
on our Growth, Innovation, and Operational Excellence
initiatives."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/926617/000092661722000052/awh-20220630x10q.htm
About Aspira Women's Health
Formerly known as Vermillion, Inc., Aspira Women's Health Inc. --
http://www.aspirawh.com-- is transforming women's health with the
discovery, development and commercialization of innovative testing
options and bio-analytical solutions that help physicians assess
risk, optimize patient management and improve gynecologic health
outcomes for women. OVA1 plus combines its FDA-cleared products
OVA1 and OVERA to detect risk of ovarian malignancy in women with
adnexal masses. ASPiRA GenetiXSM testing offers both targeted and
comprehensive genetic testing options with a gynecologic focus.
With over 10 years of expertise in ovarian cancer risk assessment
ASPIRA has expertise in cutting-edge research to inform its next
generation of products. Its focus is on delivering products that
allow healthcare providers to stratify risk, facilitate early
detection and optimize treatment plans.
Aspira Women's reported a net loss of $31.66 million for the year
ended Dec. 31, 2021, a net loss of $17.91 million for the year
ended Dec. 31, 2020, a net loss of $15.24 million for the year
ended Dec. 31, 2019, and a net loss of $11.37 million for the year
ended Dec. 31, 2018. As of March 31, 2022, the Company had $30.86
million in total assets, $9.12 million in total liabilities, and
$21.74 million in total stockholders' equity. Aspira Women's Health
Inc. filed with the Securities and Exchange Commission its Quarterl
Report on Form 10-Q disclosing a net loss of $8.24 million on $2.07
million of total revenue for the three months ended June 30, 2022,
compared to a net loss of $7.07 million on $1.80 million of total
revenue for the three months ended June 30, 2021.
AVAYA INC: Fitch Lowers Issuer Default Rating to 'CCC+'
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Fitch Ratings has downgraded Avaya Inc.'s Issuer Default Rating
(IDR) to 'CCC+' from 'B' and its senior secured term loans and
notes to 'B-'/'RR3' from 'BB-'/'RR2'. Fitch does not typically
assign Rating Outlooks to ratings in the 'CCC' category or below.
The downgrade reflects uncertainties posed by Avaya's preliminary
third quarter FY2022 results, which were materially below prior
guidance for revenue and EBITDA. Management has stated that prior
financial guidance can no longer be relied upon. The potential
impact on financial results in future periods is not clear at this
time. Adding to its uncertainties, Avaya has removed its CEO, and
the new CEO will review the company's strategy and operations.
Avaya's cash flows have been under pressure as it transitions to a
cloud/subscription-based model. A cost reduction program slated to
begin in FY2023 should partially mitigate the pressure on cash flow
from this transition and from recent declines in operating
results.
KEY RATING DRIVERS
Guidance Revised Down: Management projects revenues in the range of
$575 million to $580 million compared to prior guidance of $685
million to $700 million and lowered adjusted EBITDA guidance to $50
million to $55 million compared to guidance of $140 million to $150
million. Significant non-cash impairment charges are also likely.
Fitch's ratings case assumes that there will be similar pressure in
the fiscal fourth quarter, but Avaya's forecast for fiscal 2022 and
beyond is subject to a high degree of uncertainty.
New CEO: The company appointed Alan Masarek CEO, previously CEO of
Vonage Holdings Corp. from 2014 to 2020, and who led Vonage's
transition to an enterprise-focused cloud communications services
provider from a residential phone provider. The new CEO plans to
initiate a comprehensive review of Avaya's strategic and business
operations. Fitch believes that there is material execution risk
associated with possible strategic changes and the company's cost
reduction plans. The new CEO's prior experience has the potential
to mitigate the execution risk as Avaya continues to transition to
the cloud/subscription-based model.
Cost Reduction Plans: To offset the pressure on cash flow, the
company has targeted cost reductions beginning in FY2023 in the
range of $225 million to $250 million. Cuts are expected in
selling, general and administrative expenses, as well as
discretionary spending. The reductions are a material part of the
company's cost base, may be challenging to achieve, and could have
some impact on the customer sales and support. Fitch has assumed a
moderately lower level of cost savings in its forecast.
Market Position Evolving: Avaya's business continues to shift to a
recurring revenue and software-based model. However, it has
experienced working capital headwinds resulting from this shift in
the business model. OneCloud ARR, a key measure of this change, has
increased from $35 million at the end of fiscal 2019 to $750
million at the end of 2Q22. Similarly, revenue from cloud, alliance
partners and subscription has increased from 14% in fiscal 2018 to
54% in 2Q22. The ratings are limited by the competitiveness of the
company's markets, particularly for cloud-based solutions.
Near-Term Leverage Increasing: Gross leverage (total debt with
equity credit/operating EBITDA) at the parent was approximately was
5.1x for the LTM ending March 31, 2022. Fitch estimates gross
leverage and net leverage will exceed 8x at the end of fiscal 2022.
Fitch's forecast assumes the company's cost reductions in FY2023
mitigate some of impact on the company's EBITDA from lower
expectations for revenue, leading to improvements in leverage to
around 6x, in fiscal 2023.
Cash Generation Pressured in FY22: Fitch estimates CFO as a
percentage of revenues will approximate (10%) in FY22. Fitch
expects CFO as a percentage of revenues along with FCF to improve
in FY23 but still remain negative, before turning positive in 2024,
as the company works its way through the shift to
subscription-based services. Fitch estimates the CFO deficit would
have to be less than approximately $30 million in FY23 in order to
maintain a minimum level of cash of $250 million.
DERIVATION SUMMARY
Avaya faces numerous competitors given its cloud-based, on-premise
and hybrid solutions for CC and UC applications. Avaya is a large
vendor in the global UC industry but is substantially smaller and
less diversified than its primary competitors in the enterprise
market: Cisco Systems, Inc. and Microsoft Corporation
(AAA/Stable).
Additional competitors in the enterprise market include NEC, Atos
Unify, Alcatel-Lucent Enterprise and Huawei. In the mid-market UC
industry, competitors include Mitel, NEC, Cisco and Microsoft.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within the Rating Case for the Issuer
Include:
-- Revenue declines in the low double digits in fiscal 2022 based
on preliminary results for the third quarter of fiscal 2022
and continuation through the fourth quarter of fiscal 2022;
-- Revenue declines in the low single digits in fiscal 2023
before returning to moderate growth as the effects of the
transition to the cloud/subscription model tapers off;
-- EBITDA margin in the mid-teens in FY2022, improving to the low
20% range as cost saving initiatives take hold;
-- Capital intensity in the low single digits;
-- Fitch forecasts FCF deficits during fiscals 2022 and 2023 due
to the drag from the shift to subscription-based offerings. In
fiscal 2023 the FCF deficit is less than $100 million and
turns positive in fiscal 2024 as the working capital headwinds
from the shift are overcome.
Recovery Rating (RR) Assumptions: The recovery analysis assumes the
enterprise value of Avaya is maximized in a going-concern scenario
versus liquidation. Fitch contemplates a scenario in which default
may be caused by continued secular pressure in premise-based
offerings, and setbacks in its recent success with
subscription/cloud-based products arising from heightened
competitive pressures.
Additionally, while the strategic partnership with RingCentral is
successful, Avaya Cloud Office sales are lower than expected, and
the company experiences EBITDA margin pressure. Under this
scenario, Fitch estimates a going-concern EBITDA of $440 million,
which is approximately 26% below Fitch-calculated EBITDA for the
LTM ended March 31, 2022.
Fitch assumes Avaya will receive a going-concern recovery multiple
of 5.5x EBITDA under this scenario. The 5.5x multiple compares with
the bankruptcy exit multiple for Avaya of 8.1x, and the median
multiple of 8.4x for recent transactions for low-to-moderate growth
enterprise communications companies in the 8x-9x range, including
ShoreTel, Intrado, Polycom, and Alcatel Lucent's enterprise
business, among others.
Fitch assumes $150 million of the $200 million secured ABL is drawn
(based on the current borrowing base) at the time of default and a
10% administrative claim through a restructuring. Fitch-forecasted
going-concern EBITDA of $515 million and recovery multiple of 5.5x
results in a post-reorganization enterprise value of $2.18 billion
after the deduction of expected administrative claims and the
assumed ABL drawn amount, resulting in 65% recovery for the $3.14
billion first-lien senior secured term loan and notes which allows
for notching of +1 from the IDR of 'CCC+' to 'B-'/'RR3'
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Sustained revenue growth, combined with stable margins due to
successful execution on its cost reduction plans in fiscal
2023, and success in transitioning to newer market areas,
including cloud services;
-- Expectation of positive FCF on a sustained basis;
-- Gross debt leverage sustainable at or below 6.0x.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Expectations for declining revenues due to weakness in
addressing competitive pressures combined with margin
pressure;
-- Liquidity issues, including continued working capital
headwinds;
-- Inability to maintain readily available cash of at least $250
million.
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: Avaya has been facing pressure on cash from its
transition to cloud-based/subscription services. Fitch believes
Avaya has adequate liquidity in the near term based on the $324
million cash balance as of March 31, 2022 ($171 million was held
outside the U.S.).
Liquidity is also supported by an undrawn $200 million ABL facility
which matures in 2025. Avaya had $118 million of availability on
the facility after $32 million of outstanding LOCs and guarantees
as the borrowing basis at the end of the quarter was $150 million.
The ABL facility was amended in September 2020, reducing its size
from $300 million to $200 million, and the maturity was extended to
September 2025 from December 2022.
In July 2022, the company closed on a $350 million senior secured
term loan and $250 million of 8% first lien exchangeable notes due
2027. Proceeds were used to repay $129 million of 2.25% senior
unsecured convertible notes due in June 2023 at the parent, with
the remainder to be used to repay the $221 million remain
convertibles outstanding and for general corporate purposes.
The debt structure, in addition to the ABL facility and the July
2023 refinancing, now consists of a $1.893 billion first-lien term
loan, consisting of three tranches, that mature in December 2027,
$1 billion of 6.125% senior secured first-lien notes due 2028, and
$250 million of first lien 8% exchangeable notes. Owing to a $250
million prepayment in November 2019, Fitch believes there will be
no further required amortization payments on the term loan prior to
maturity under the credit agreement.
ISSUER PROFILE
Avaya Inc. provides digital communications products, solutions and
services, including contact center and unified communications and
collaboration products and services. Its primary customers are
enterprises and midmarket businesses. Avaya operates in
approximately 190 countries and has about 90,000 customers.
ESG CONSIDERATIONS
Avaya Inc. has an ESG Relevance Score of '4' for Governance
Structure due to the sudden departure of the CEO and uncertainties
regarding potential changes in strategy and operations, which has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.
Avaya Inc. has an ESG Relevance Score of '4' for Financial
Transparency due to preliminary third quarter results for revenue
and adjusted EBITDA that were materially lower than the most recent
guidance, which has a negative impact on the credit profile, and is
relevant to the ratings in conjunction with other factors.
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.
RATING ACTIONS
ENTITY/DEBT RATING RECOVERY PRIOR
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Avaya Inc. LT IDR CCC+ Downgrade B
senior secured LT B- Downgrade RR3 BB-
BAUSCH + LOMB: Fitch Cuts IDR to B+ on Deteriorating Credit Profile
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Fitch Ratings has downgraded Bausch + Lomb Corporation's (BLCO)
Long-Term Issuer Default Rating (IDR) to 'B+' from 'BB-' due to the
deteriorating credit profile of Bausch Health Companies and Bausch
Health Americas (collectively BHC) following a recent court ruling
that involves key patents that increase the likelihood of
meaningfully lower cashflows from affected drugs over the medium
term.
In addition, Fitch has maintained BLCO's secured term loan at
'BB+'/'RR1'.
Fitch has revised the Rating Watch Positive on BLCO's ratings,
including the instrument ratings, to Rating Watch Evolving. The
Rating Watch Evolving reflects the potential for BLCO's ratings to
move higher should it become an unrestricted subsidiary, and BHC's
ownership diminishes through the distribution and/or sale of its
remaining interests. Conversely, BLCO's ratings could move lower if
BHC's ratings are downgraded prior to, or in the absence of, the
aforementioned separation. Fitch could also downgrade BLCO's
ratings should it reconsider the strength of the linkage between
the entities. BHC has not announced any plans that change their
intentions for, or relationship, with BLCO.
KEY RATING DRIVERS
BLCO Solid Eye Care Business: Bausch + Lomb Corporation (BLCO) is a
leading global eye health company with a portfolio of over 400
products. Fitch expects BLCO will maintain an investment grade
capitalization upon its separation from BHC, and transition from a
secured borrowing base to unsecured. Fitch views BLCO as
significantly smaller than Boston Scientific Corp. (BBB/Positive),
Baxter International (BBB/Stable), Becton, Dickinson & Company
(BBB/Stable) and Zimmer Biomet Holdings, Inc. (BBB/Stable).
BLCO also operates in consumer health and prescription
pharmaceuticals, providing some additional sector diversification
compared to Boston Scientific and Zimmer Biomet. It also presents a
moderate degree of regulatory risk regarding drug pricing.
BLCO's Ratings Tied to BHC's: Until the complete separation, BHC's
'B+' IDR is the primary driver of BLCO's ratings. Fitch views the
ringfencing and access and control factors as porous as opposed to
open or insulated, thereby allowing BHC's credit profile to
influence BLCO's. Fitch notches BLCO's ratings up two from BHC's,
and until the separation any changes in the linkage could lower
BLCO's ratings.
Moreover, changes to BHC's ratings would influence BLCO's until
they are assessed on a stand-alone basis. An investment-grade
rating would likely have leverage below 3.5x and an unsecured
capital structure. Fitch will assess BLCO's Corporate Governance
and its impact on ratings and ESG Relevance Scores relating to the
separation.
Separation Mechanics Unaffected: The mixed ruling affecting BHC
does not directly influence the timing of a complete separation of
the entities, as management has already stated their intention. The
net leverage needed to unrestrict BLCO from BHC's secured debt is
on a trailing basis, and the timing of potential cashflow losses
are prospective.
Assessing Changes to Incentives for Separation: BHC is not legally
obligated to complete the separation. The likelihood of achieving
the leverage needed to unrestrict it is lower given continued
weakness in EBITDA and lower equity market valuations. This reduces
potential additional proceeds from the sale of more of BHC's
ownership in BLCO. Moreover, BLCO's stronger credit profile could
become crucial in supporting BHC's credit profile, including
providing covenant headroom.
Conversely, if BHC could unrestrict BLCO and effectuate the
separation, it may further incentivize the company to do so, given
increasing uncertainty at BHC. Advancing the separation would
ensure BLCO's relatively healthy business and balance sheet are
isolated from BHC's creditors. In addition, BHC's shareholders
ownership in both entities would remain the same if a distribution
in kind.
Coronavirus Impact Moderating: BLCO's business is recovering from
pandemic-related negative impacts. Cataract and laser vision
correction surgeries faced significant challenges as these
procedures are generally considered elective or deferrable. Looking
back, 2Q20 will likely remain the trough in revenues. Fitch
believes growth will continue as population immunity increases,
more therapeutics and diagnostic tests become available and
protocols by providers mitigate the risk and patient concerns
associated with having these procedures. Nevertheless, potentially
vaccine resistant and virulent variants could lead to setbacks in
procedure volumes.
Supply Chain/Inflation: Supply chain constraints and inflationary
pressures present challenges to many firms in the healthcare
sector. BLCO is generally managing these issues through building
stocks of raw materials and API. In addition, the company is adding
redundancies in its suppliers.
Reliably Increasing Demand: Aging demographics, improved income
demographics in emerging markets, increasing digital screen times
and the ongoing increase in the incidence of diabetes will likely
drive low- to mid-single digit growth in the demand for eye health
products and services during the intermediate term. A significant
number of BLCO's products enjoy leading market positions and strong
brand recognition. Consumables and contracted services account for
roughly 78% of BLCO's revenues, and the company's product portfolio
has only limited exposure to market exclusivity losses.
Pipeline to Support Growth: Innovation is important in order to
remain competitive in the eye health market. Fitch believes the
company's R&D efforts will help to drive intermediate- and
long-term revenue growth while also supporting margins. BLCO makes
consistent and significant investments in new product development.
Its R&D efforts span all three businesses with intensity geared
more towards Surgical and Opthalmic Pharmaceuticals. Fitch expects
the company will also continue to pursue innovation in its Vision
Care business with more incremental technological advancements.
Margin Expansion: Fitch assumes that margins will improve over the
forecast period. Improving sales mix and manufacturing efficiency
gains should increase gross margins. Fitch forecasts SG&A, as a
percent of sales, to decline due to the strong management of other
operating costs. In addition, increasing revenue should provide
additional operating leverage. Less than 15% of BLCO's revenues are
exposed to branded pharmaceuticals pricing issues in the U.S.
Consistently Positive FCF: Advancing sales, improving margins,
solid working capital management and moderate capital expenditure
requirements should support consistently positive and increasing
FCF. Fitch does not expect that BLCO will pay dividends or engage
in share repurchases during the near term. Capital deployment will
focus on internal investment, external collaborations and targeted
acquisitions.
For a global eye health company, Fitch believes BLCO has relatively
minimal contingent liability risk regarding product liability,
intellectual property and other regulatory issues. As such, Fitch
forecasts BLCO's leverage (total debt/EBITDA) will decline over the
forecast period to below 2.5x, primarily through EBITDA growth. The
current level of balance sheet debt is generally viewed as a
permanent component of the capital structure, and Fitch expects
maturities will be refinanced.
DERIVATION SUMMARY
BLCO's 'B+'/Evolving Watch reflects its status as a majority owned
subsidiary of Bausch Health until the separation. Fitch believes
BLCO is a stronger than the weaker parent, and notches BLCO's
ratings from the consolidated parent's IDR. The notching is based
on Fitch's view of the ringfencing as porous, as opposed to open or
insulated, due to the potential for some cashflow leakage under the
credit agreement's investment and dividend covenants (i.e. limited
efficacy documentation).
In addition, Fitch views access and control as porous, as opposed
to open or insulated, as BLCO is a separate public company with
only minority shareholders and some overlapping Board of Directors
with BHC. Until the separation, BLCO's ratings will be influenced
by BHC's.
BLCO is significantly smaller than Boston Scientific Corp.
(BBB/Positive), Baxter International (BBB/Stable), Becton,
Dickinson & Company (BBB/Stable) and Zimmer Biomet Holdings, Inc.
(BBB/Stable). BLCO also operates in consumer health and
prescription pharmaceuticals, providing some additional sector
diversification compared to Boston Scientific and Zimmer Biomet. It
also presents a moderate degree of regulatory risk regarding drug
pricing.
BLCO is somewhat less diversified than Becton, Dickenson and
Baxter. In addition, BLCO is solely focused on eye health, while
all of its peers address a number of disease markets, with Zimmer
Biomet also being somewhat less diversified than the others. Zimmer
Biomet and Becton, Dickenson have a similar financial profile to
BLCO, and Fitch expects the company to maintain gross debt/EBITDA
between 2.5x-3.0x.
Parent-Subsidiary Linkage
The approach taken is a weak parent (BHC)/strong subsidiary (BLCO).
Using Fitch's Parent-Subsidiary Linkage criteria, the agency
concludes that there is porous ring fencing and porous access &
control. As such, Fitch rates the parent and subsidiary at the
consolidated level while notching the subsidiary's rating up by
two.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within The Rating Case for BLCO:
-- Mid- to high-single-digit organic revenue growth driven by the
uptake of new product commercialization moderately offset by
increased competitive pressure for some established products;
-- Annual FCF generation greater than $400 million during the
forecast period with moderately improving operating EBITDA
margins;
-- Dividends are not included in the forecast, but if instituted
would decrease FCF by the same amount as Fitch defines as
CFFO-capex-dividends;
-- Cash deployment prioritized for tuck-in acquisitions.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Fitch viewing BLCO on a standalone basis;
-- An upgrade at BHC. Rating Sensitivities for BHC are detailed
in the Rating Action Commentary dated August 3, 2022.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Evidence of factors related to ring-fencing and access and
control that would lead Fitch to rate BLCO on a consolidated
basis with BHC or with one notch rather than two notches;
-- A downgrade at BHC. Rating Sensitivities for BHC are detailed
in the Rating Action Commentary dated Aug. 3, 2022.
Resolution of the separation of BLCO and/or further clarity on
BHC's patent defense may occur more than six months into the future
which may influence the timing of the resolution of the Rating
Watch.
LIQUIDITY AND DEBT STRUCTURE
BLCO Liquidity: Fitch expects BLCO will have sufficient financial
flexibility with an undrawn $500 million, five-year secured
revolving credit facility, and aside from manageable annual term
loan amortizations, no debt maturities given a $2.5 billion secured
five-year term loan.
Debt Instrument Notching: For issuers with 'B+' Long-Term IDRs and
below, Fitch assigns instrument ratings through a bespoke analysis.
The recovery analysis assumes that BLCO would be considered a going
concern in bankruptcy and that the company would be reorganized
rather than liquidated. Fitch estimates a going concern enterprise
value (EV) of $3.5 billion for Bausch Health and assumes that
administrative claims consume 10% of this value in the recovery
analysis.
The going concern EV is based upon estimates of post-reorganization
EBITDA and the assignment of an EBITDA multiple. Fitch's estimate
of Bausch Health's going concern EBITDA of $500 million is roughly
38% lower than the FYE 2021 EBITDA. The assumed going concern
EBITDA reflects a scenario where the pandemic continues to weigh on
certain business segments during the intermediate term and the
company experiences shortfalls in commercializing the R&D pipeline,
thereby resulting in a restructuring or default.
Fitch assumes a recovery EV/EBITDA multiple of 7.0x for Bausch.
This is generally in line with the 6.0x-7.0x Fitch typically
assigns to medical device/specialty pharmaceutical manufacturers.
Fitch applies a waterfall analysis to the going concern EV based on
the relative claims of the debt in the capital structure, and
assumes that the company would fully draw the revolvers in a
bankruptcy scenario. The $3.0 billion of fully drawn senior secured
credit facility are rated 'BB'/'RR1', three notches above the IDR.
ISSUER PROFILE
Bausch + Lomb Corporation (BLCO) is currently a majority-owned
subsidiary of Bausch Health Companies Inc (BHC) and a leading
global eye health company with a portfolio of over 400 products.
The company has a global research, development, manufacturing and
commercial footprint of approximately 12,000 employees and a
presence in approximately 90 countries.
ESG CONSIDERATIONS
Bausch + Lomb Corporation has an ESG Relevance Score of '4' for
Exposure to Social Impacts due to pressure to contain health care
spending growth; highly sensitive political environment, and social
pressure to contain costs or restrict pricing, which has a negative
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors. Pharmaceuticals account for less
than 17% of the firm's total sales.
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.
RATING ACTIONS
ENTITY/DEBT RATING RECOVERY PRIOR
----------- ------ -------- -----
Bausch + Lomb LT IDR B+ Downgrade BB-
Corporation
senior secured LT BB+ RR1 BB+
Rating Watch Revision
BAUSCH HEALTH: Fitch Lowers IDR to 'B-', On Rating Watch Negative
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Fitch Ratings has downgraded Bausch Health Companies Inc.'s (BHC)
and Bausch Health Americas Inc.'s (BHA) Issuer Default Ratings
(IDRs) to 'B-' from 'B' and the secured debt ratings to 'BB-'/'RR1'
from 'BB'/'RR1'. In addition, Fitch has downgraded BHC's and BHA's
unsecured debt ratings to 'B-'/'RR4' from 'B'/'RR4'. All issuer and
instrument ratings have been placed on Rating Watch Negative,
reflecting the potential for additional downgrades.
The rating actions follow a U.S. District court oral order that
found the XIFAXAN hepatic encephalopathy (HE) patents valid and
infringed and the XIFAXAN composition and irritable bowel syndrome
with diarrhea (IBS-D) patents invalid. XIFAXAN, when prescribed to
treat IBS-D, is a significant contributor to the company's overall
cashflows. The oral order had mixed results for Bausch, most
notably some that place a significant portion of XIFAXAN cashflows
could be at risk from competition sooner than anticipated.
The downgrades reflect that Bausch's leverage has been elevated for
several years and is unlikely to drop below 7x given tepid
operating results and the at-risk XIFAXAN cashflows. The firm is
also less likely to repay as much gross debt as initially projected
due to postponing the Solta initial public offering and raising
fewer proceeds than expected from the Bausch + Lomb Corporation
(BLCO) IPO (estimated to be as much as $1 billion lower when
assuming no more is sold at the high end of the offering range to
this point).
Should Bausch continue to separate BLCO and if Bausch's XIFAXAN
cash flows are expected to decline meaningfully (i.e. appeals are
unsuccessful and Norwich is able to launch a competitor), Bausch's
leverage would likely exceed 10x on a gross debt basis and the
firm's capital structure may not be sustainable. Fitch will seek to
resolve the Rating Watch when there is more clarity on Bausch's
plans for BLCO and on the timing, degree and probability of XIFAXAN
competition and whether these events may occur more than six months
in the future.
KEY RATING DRIVERS
Court Ruling Stresses Credit Profile: A U.S. District court
invalidated the patents regarding U.S. patents protecting the
composition and use of XIFAXAN for the treatment of IBS-D. The
court also held the U.S. patents protecting the use of XIFAXAN for
reducing the risk of HE recurrence valid and infringed.
BHC will appeal the court's anticipated final order, and the FDA
may require an in vivo bioequivalency study before approving a
generic version of XIFAXAN that meets the specific indication as
specified by the court. As such, a generic entrant for the IBS-D
indication may be delayed for some time. Nevertheless, the order
places revenues and profitability of XIFAXAN at risk, earlier than
expected in 2028. If BHC proceeds with the spinoff of BLCO, the
XIFAXAN patent risk to BHC is amplified.
Watch Reflects Potential Operating/Financial Headwinds: The
possibility of losing a significant portion of its profitable
product, XIFAXAN poses significant headwinds to the company's
operating and financial performance. Cash generation would be
meaningfully stressed, hampering the company's ability to fund
growth initiatives and reduce leverage. The timing of a generic
entrant remains unclear, as it depends on the outcome of future
litigation and the FDA regulatory approval process.
Since 2016, the company significantly reduced the absolute level of
Fitch-calculated debt outstanding since with a combination of
internally generated cash flow and proceeds from asset
divestitures. However, that initiative is at risk.
BLCO Spinoff Underway: Fitch views the planned spinoff of Bausch's
eye care business as strategically sound, given limited synergies
between the branded pharma business and eye care. However, the loss
of BLCO's operating and financial stability creates significant
risk to BHC's credit profile.
BHC already executed an 11.3% IPO of BLCO in 1H22 and, prior to the
court ruling, was clear that it intends to follow with another 8.7%
and to unrestrict the entity and distribute the remaining shares
through an in-kind transaction. Proceeds from such transactions and
the potential debt reduction will likely be insufficient to reduce
leverage to offset the loss of diversification and cashflows.
Coronavirus Headwinds: The pandemic adversely affected Bausch's
operating performance during 2020, particularly in the second
quarter. The company's Ortho Dermatologics, Dentistry and Global
Surgical businesses, which account for roughly 13% of revenues have
been hit the hardest. The company adjusted its operations to
mitigate some of challenges, including manufacturing and marketing.
While Fitch believes the industry is now more prepared to deal with
the effects of the virus with protocols, vaccines and therapeutics,
some uncertain related to the evolution of the virus remain.
Reliance on New Products: The stabilization of Bausch Health's
operating profile relies on an increased focus on developing an
internal research and development pipeline, which Fitch believes is
constructive for the company's credit profile over the long term.
This strategy is not without risk since Bausch Health needs to ramp
up the utilization of recently-approved products through successful
commercialization efforts.
These products include Siliq (for the treatment of
moderate-to-severe plaque psoriasis, although with safety
restrictions), Bryhali (plaque psoriasis), Lumify (red eye) and
Vyzulta (glaucoma). The latter two will move with BLCO post
spinoff. BHC also has a phase II pipeline candidate for the
treatment of ulcerative colitis, two candidates to treat acne and a
number of products that it will incorporate into its International
business as greenfield geographic expansion opportunities.
DERIVATION SUMMARY
Bausch Health is significantly larger and more diversified than
specialty pharmaceutical industry peers Mallinckrodt plc and Endo
International plc. While all three manufacture and market specialty
pharmaceuticals and have maturing pharmaceutical products, Bausch
Health's BLCO business meaningfully decreases business
concentration risk relative to Mallinckrodt and Endo. BLCO offers
operational diversification in terms of geographies and payers.
However, the proposed complete separation of BLCO will narrow the
company's focus.
Bausch Health's rating also reflects gross debt leverage that is
higher than peers. But unlike its peers, BHC does not face
contingent liabilities related to the opioid epidemic. However, the
company does face significant patent expiry risk, which is
amplified by the proposed spinoff of BLCO. Bausch accumulated a
significant amount of debt through numerous acquisitions. In
addition, Bausch Health had a number of missteps in the integration
process and other operational issues. Management has been focusing
on reducing leverage by applying operating cash flow and
divestiture proceeds to debt reduction and returning the business
to organic growth through internal product development efforts.
Parent-Subsidiary Linkage
The approach taken is a weak parent (BHC)/strong subsidiary (BHA).
Using Fitch's Parent and Subsidiary Linkage Rating Criteria, Fitch
concludes there is open ring fencing and access & control. As such,
Fitch rates the parent and subsidiary at the consolidated level
with no notching between the two.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Bausch
Health
-- BLCO is separated from BHC through the sale of the remaining
interests up to 20% and the distribution of the remainder to
shareholders resulting in the complete loss of associated
revenues and EBITDA.
-- EBITDA of $2.3 billion-$2.4 billion post BLCO spinoff and
significantly lower if XIFAXAN patent defense does not
prevail;
-- Annual FCF of $600 million-$700 million post BLCO spinoff and
potentially flat to negative if XIFAXAN patent defense does
not prevail.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- An expectation of gross debt leverage (total debt/EBITDA)
durably below 7.0x;
-- Bausch Health continues to maintain a stable operating profile
and refrains from pursuing large, leveraging transactions
including acquisitions;
-- Forecasted FCF remains significantly positive.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Gross debt leverage (total debt/EBITDA) durably above 8.5x;
-- FCF significantly and durably deteriorates, particularly
related to the potential loss of some market exclusivity of
XIFAXAN;
-- BHC completes the spinoff before and unless the XIFAXAN
litigation is favorably resolved;
-- Refinancing risk increases and the prospect for meaningful
leverage reduction erodes.
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
BHC Liquidity: Bausch Health had adequate near-term liquidity at
March 31, 2022, including restricted and unrestricted cash on hand
of $2.46 billion of which $1.2 billion of the restricted cash will
be used to fund the pending settlement with the U.S. securities
litigation. The company's amended credit facility includes a $975
million revolver and matures in 2027. At May 10, 2022, the company
borrowed $350 million on this facility. The company's most recent
refinancing activities have satisfied debt maturities through
2024.
Debt Instrument Notching & Recovery Assumptions: The recovery
analysis assumes that BHC would be considered a going concern (GC)
in bankruptcy and that the company would be reorganized rather than
liquidated. The analysis is based on the on the pro forma loss of
the eye care business and debt outstanding at May 10, 2022. Fitch
estimates a standalone reorganized EV for BHC of $11.9 billion and
then adds an assumed $2.9 billion to reflect BHC's share of BLCO's
equity post BLCO fully drawing down on its revolver, resulting in
$14.8 billion of EV available for claimants. Fitch assumes that
administrative claims consume 10% of this value in the recovery
analysis.
The GC EV is based upon estimates of post-reorganization EBITDA and
the assignment of an EBITDA multiple. Fitch's estimate of BHC's GC
EBITDA, excluding BHC, is $1.7 billion. The assumed going concern
EBITDA reflects a scenario where the XIFAXAN loses significant
market share and the company experiences some shortfalls in
commercializing the R&D pipeline, thereby resulting in a
restructuring or default. The GC EBITDA in Fitch's previous review
was higher as it then incorporated BLCO on a consolidated basis as
the review was prior to the completion of the IPO.
Fitch assumes a recovery EV/EBITDA multiple of 7.0x for Bausch.
This is generally above the 6.0x-7.0x Fitch typically assigns to
specialty pharmaceutical manufacturers. However, BHC is more
diversified than many of its peers, and the BLCO business adds
significant stability to the operations. The current average
forward public market trading multiple of Bausch Health and the
company's closet peers is about 9x. Fitch has revised this
assumption from 7.5x to 7x since the BLCO investment is being
estimated separately rather than on a consolidated basis.
Fitch applies a waterfall analysis to the going concern EV based on
the relative claims of the debt in the capital structure, and
assumes that the company would fully draw the revolvers in a
bankruptcy scenario. The senior secured credit facility, including
the term loans and revolver, and senior secured notes ($8.4 billion
if fully drawn), have outstanding recovery prospects in a
reorganization scenario and are rated 'BB-'/'RR1', three notches
above the IDR. The senior unsecured notes ($12.3 billion) have an
average recovery and are rated 'B-/'RR4'.
ISSUER PROFILE
BHC is a multinational healthcare company headquartered in Laval,
Quebec that develops, manufactures and markets pharmaceutical and
medical products. It has significantly expanded the scope and
geographic reach of its product offering since the initial merger
of Bausch and Biovail in 2009.
ESG CONSIDERATIONS
Bausch Health Companies Inc. has an ESG Relevance Score of '4' for
Exposure to Social Impacts due to pressure to contain healthcare
spending growth; highly sensitive political environment, and social
pressure to contain costs or restrict pricing which has a negative
impact on the credit profile, and is relevant to the rating in
conjunction with other factors.
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.
RATING ACTIONS
ENTITY/DEBT RATING RECOVERY PRIOR
----------- ------ -------- -----
Bausch Health LT IDR B- Downgrade B
Americas, Inc.
senior secured LT BB- Downgrade RR1 BB
senior unsecured LT B- Downgrade RR4 B
Bausch Health LT IDR B- Downgrade B
Companies Inc.
senior secured LT BB- Downgrade RR1 BB
senior unsecured LT B- Downgrade RR4 B
BESTWALL LLC: Judge Stops Sanctions on Asbestos Claimants
---------------------------------------------------------
Hayley Fowler of Law360 reports that a North Carolina bankruptcy
judge has called off daily fines against nearly 500 asbestos
claimants in the Chapter 11 case of Georgia-Pacific unit Bestwall
LLC after sanctions — which were imposed for missing exposure
information — climbed into the six-figure range.
At least 81% of claimants had responded to personal injury
questionnaires crucial to Bestwall's claim estimation efforts
within a few weeks of the April 2022 sanctions order, U.aS.
Bankruptcy Judge Laura T. Beyer said Monday, August 8, 2022, adding
that those who weren't fully compliant had at least filled out some
useful information.
About Bestwall LLC
Bestwall LLC -- http://www.Bestwall.com/-- was created in an
internal corporate restructuring and now holds asbestos
liabilities. Bestwall's asbestos liabilities relate primarily to
joint systems products manufactured by Bestwall Gypsum Company, a
company acquired by Georgia-Pacific in 1965. The former Bestwall
Gypsum entity manufactured joint compounds containing small amounts
of chrysotile asbestos; the manufacture of these
asbestos-containing products ceased in 1977.
Bestwall's non-debtor subsidiary, GP Industrial Plasters
LLC("PlasterCo"), develops, manufactures, sells and distributes
gypsum plaster products, including gypsum floor underlayment,
industrial plaster, metal casting plaster, industrial tooling
plaster, dental plaster, medical plaster, arts and crafts plaster,
pottery plaster and general purpose plaster.
On Nov. 2, 2017, Bestwall sought Chapter 11 protection (Bankr.
W.D.N.C. Case No. 17-31795) in an effort to equitably and
permanently resolve all its current and future asbestos claims. The
Debtor estimated assets and debt of $500 million to $1 billion. It
has no funded indebtedness.
The Hon. Laura T. Beyer is the case judge.
The Debtor tapped Jones Day as bankruptcy counsel; Robinson,
Bradshaw & Hinson, P.A., as local counsel; Schachter Harris, LLP as
special litigation counsel for medicine science issues; King &
Spalding as special counsel for asbestos matters; and Bates White,
LLC, as asbestos consultants. Donlin Recano LLC is the claims and
noticing agent.
On Nov. 8, 2017, the U.S. bankruptcy administrator appointed an
official committee of asbestos claimants in the Debtor's case. The
Committee retained Montgomery McCracken Walker & Rhoads LLP as its
legal counsel, Hamilton Stephens Steele + Martin, PLLC and JD
Thompson Law as local counsel, FTI Consulting, Inc., as financial
advisor.
On Feb. 22, 2018, the court approved the appointment of Sander L.
Esserman as the future claimants' representative in its case. Mr.
Esserman tapped Young Conaway Stargatt & Taylor, LLP as his legal
counsel; Hull & Chandler, P.A. as local counsel; Ankura Consulting
Group, LLC as claims evaluation consultant; and FTI Consulting,
Inc., as financial advisor.
BLINK CHARGING: Incurs $22.6 Million Net Loss in Second Quarter
---------------------------------------------------------------
Blink Charging Co. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $22.62 million on $11.49 million of total revenues for the three
months ended June 30, 2022, compared to a net loss of $13.46
million on $4.36 million of total revenues for the three months
ended June 30, 2021.
For the six months ended June 30, 2022, the Company reported a net
loss of $37.76 million on $21.29 million of total revenues compared
to a net loss of $20.82 million on $6.59 million of total revenues
for the same period during the prior year.
As of June 30, 2022, the Company had $383.51 million in total
assets, $90.92 million in total liabilities, and $292.59 million in
total stockholders' equity.
Management Commentary
"Our second quarter results are indicative of the fundamental
strengths of our business due to organic growth as well as growth
from acquisitions," stated Michael D. Farkas, chairman and chief
executive officer of Blink Charging. "We provide unparalleled
flexibility and support to our site hosts through a variety of
business models and advanced hardware solutions. We have launched
several new products throughout the first six months of 2022 that
address charging demands across the entire EV ecosystem including
home, fleet, multifamily and retail locations, which will be
excellent additions to our portfolio of available products. In
essence, whether we own and operate or sell hardware, Blink strives
to deliver best-in-class products and services."
Mr. Farkas continued, "Strategic acquisitions remain a key part of
our growth strategy. In the second quarter, we completed the
acquisition of SemaConnect, adding over 12,800 active chargers and
151,000 registered users to Blink's portfolio. Importantly, our
acquisition of SemaConnect also provides us with vertically
integrated manufacturing capabilities in the United States. This
instantly qualifies Blink for the Buy American mandate and the $7.5
billion in grant money being allocated by the U.S. government to
further EV adoption nationwide. Alongside our strong organic
results, acquisitions are a key growth driver for us, and we look
forward to growing our charging footprint and expanding the Blink
network."
"We continue to see success with municipal and government
contracts, as well as with state and federal programs awarding
grant funds for the promotion of a nationwide EV infrastructure,"
says Brendan Jones, president of Blink Charging. "In the second
quarter, we entered into a cooperative purchasing agreement with
the Illinois Region 1 Planning Council to expand electric vehicle
charging options in public spaces throughout northern Illinois, and
we were selected as a purchasing program vendor by the Florida
Sherriff's Association to provide EV charging stations. Moreover,
we received $2 million in grants from state and federal programs
looking to further EV adoption."
Mr. Farkas concluded, "This is an exciting time for Blink as we
continue to rapidly expand our market presence in an industry that
is poised for exponential growth. We're energized by the
developments that we are making and the opportunities that we are
seeing in the EV charging industry as we continue to establish
ourselves as a leading provider of EV charging technology in
services on a global scale."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1429764/000149315222021758/form10-q.htm
About Blink Charging
Based in Miami Beach, Florida, Blink Charging Co. (OTC: CCGID)
f/k/a Car Charging Group Inc. -- http://www.CarCharging.com-- is
an owner and operator of electric vehicle (EV) charging equipment
and has deployed over 30,000 charging ports across 18 countries,
many of which are networked EV charging stations, enabling EV
drivers to easily charge at any of the Company's charging locations
worldwide. Blink's principal line of products and services include
the Blink EV charging network, EV charging equipment, EV charging
services, and the products and services of recent acquisitions,
including Blue Corner and BlueLA. The Blink Network uses
proprietary, cloud-based software that operates, maintains, and
tracks the EV charging stations connected to the network and the
associated charging data.
Blink Charging reported a net loss of $55.12 million for the year
ended Dec. 31, 2021, a net loss of $17.85 million for the year
ended Dec. 31, 2020, a net loss of $9.65 million for the year ended
Dec. 31, 2019, and a net loss of $3.42 million for the year ended
Dec. 31, 2018. As of March 31, 2022, the Company had $221.27
million in total assets, $21.18 million in total liabilities, and
$200.09 million in total stockholders' equity.
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
through the date of the final hearing, which is scheduled for
September 1, 2022 at 10 a.m.
The Debtor is permitted to use cash collateral to meet its
postpetition 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.
A copy of the order and the Debtor's one-month budget is available
at https://bit.ly/3dwtVzv from PacerMonitor.com.
The Debtor projects $59,200 in gross monthly income and $53,270 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.
CELSIUS NETWORK: DOJ Demands Oversight Into Bitcoin Sales, Severanc
-------------------------------------------------------------------
Dietrich Knauth of Reuters reports that the U.S. Department of
Justice has demanded more court oversight of Celsius Networks'
plans to make employee severance payments and to sell bitcoins
during the cryptocurrency lender's bankruptcy.
The U.S. Trustee, DOJ's bankruptcy watchdog, filed an objection on
Wednesday in the U.S. Bankruptcy Court in Manhattan opposing
Celsius' proposed severance payments of $409,000 to 19 employees,
following a separate objection Tuesday to the company's bitcoin
mining proposal. In both objections, the DOJ called on the
bankruptcy court to require more transparency from Celsius about
its assets and plans to pay back creditors before allowing it to
move forward.
The DOJ said it may ask for a court-appointed examiner to ensure
that Celsius is providing creditors with accurate information in
the bankruptcy case, according to its filings.
New Jersey-based Celsius did not respond to a request for comment
on Wednesday, August 10, 2022.
Celsius filed for Chapter 11 protection on July 13, listing a $1.19
billion deficit on its balance sheet. Its, as well as other crypto
lenders', business model came under scrutiny following a sharp
sell-off in the crypto market spurred by the collapse of major
tokens terraUSD and luna in May 2022.
The DOJ said Wednesday that 12 of Celsius' proposed severance
payments exceed the norms for bankruptcy cases, with some as high
as $80,000. One former employee is set to receive more than $20,000
in severance pay after just six weeks of work with the company,
according to the DOJ's objection.
Those former employees should not necessarily be paid before
Celsius' customers, who are creditors in the bankruptcy case, the
DOJ said. Celsius froze customer accounts in June and prevented
them from withdrawing cryptocurrency assets held on its platform.
The DOJ also opposed Celsius' request to sell bitcoin during its
bankruptcy case. Before allowing Celsius to sell mined bitcoin, the
court must require the company to give a clearer picture of its
assets, the need for the sales, and how it would spend any sales
proceeds, the DOJ argued.
For example, Celsius could use the bitcoin sales to repay a $750
million loan to an affiliated company that is not bankrupt,
according to the DOJ objection. In that case, the money would not
be available to creditors in the bankruptcy, including customers
whose accounts were frozen, the DOJ said.
Celsius has previously said bitcoin mining is key to its
restructuring efforts, and it received permission early in its
bankruptcy case to spend $5.2 million on bitcoin mining efforts.
The case is In re Celsius Network LLC, U.S. Bankruptcy Court for
the Southern District of New York, No. 22-10964
For Celsius Network: Joshua Sussberg of Kirkland & Ellis
For the DOJ: Shara Claire Cornell of the U.S. Department of
Justice
For the creditors' committee: Michael Andolina and Gregory Pesce of
White & Case
About Celsius Network
Celsius Network LLC -- http://www.celsius.network/-- is a
financial services company that generates revenue through
cryptocurrency trading, lending, and borrowing, as well as by
engaging in proprietary trading.
Celsius helps over a million customers worldwide to find the path
towards financial independence through a compounding yield service
and instant low-cost loans accessible via a web and mobile app.
Celsius has a blockchain-based fee-free platform where membership
provides access to curated financial services that are not
available through traditional financial institutions.
The Celsius Wallet claims to be one of the only online crypto
wallets designed to allow members to use coins as collateral to get
a loan in dollars, and in the future, to lend their crypto to earn
interest on deposited coins (when they're lent out).
Crypto lenders such as Celsius boomed during the COVID-19 pandemic,
drawing depositors with high interest rates and easy access to
loans rarely offered by traditional banks. But the lenders'
business model came under scrutiny after a sharp sell-off in the
crypto market spurred by the collapse of major tokens terraUSD and
luna in May 2022.
New Jersey-based Celsius froze withdrawals in June 2022, citing
"extreme" market conditions, cutting off access to savings for
individual investors and sending tremors through the crypto
market.
The list of major crypto firms that have filed for bankruptcy
protection in 2022 now includes Celsius Network, Three Arrows
Capital and Voyager Digital.
Celsius Network LLC and its subsidiaries sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No.
22-10964) on July 14, 2022. In the petition filed by CEO Alex
Mashinsky, the Debtor estimated assets and liabilities between $1
billion and $10 billion.
Joshua A. Sussberg, of Kirkland & Ellis LLP, is serving as legal
counsel, Centerview Partners is serving as financial advisor, and
Alvarez & Marsal is serving as restructuring advisor.
Kirkland & Ellis LLP is serving as legal counsel, Centerview
Partners is serving as financial advisor, and Alvarez & Marsal is
serving as restructuring advisor to Celsius.
Stretto, the claims agent, maintain the page
https://cases.stretto.com/celsius
CHERRY MAN: Trustee Taps Province LLC as Financial Advisor
----------------------------------------------------------
Hamid Rafatjoo, the Chapter 11 trustee for Cherry Man Industries,
Inc., received approval from the U.S. Bankruptcy Court for the
Central District of California to employ Province, LLC as its
financial advisor and sales advisor.
The firm's services include:
a. analyzing the Debtor's budget, assets and liabilities, and
overall financial condition;
b. reviewing financial and operational information furnished by
the Debtor;
c. executing or assisting in monitoring any sale or capital
raise process, reviewing bidding procedures, stalking horse bids,
and asset purchase agreements, interfacing with the Debtor's
professionals, and advising the trustee regarding the process;
d. scrutinizing the economic terms of various agreements;
e. analyzing the trustee's proposed business plans and
developing alternative scenarios, if necessary;
f. assessing the trustee's various pleadings and proposed
treatment of creditor claims therefrom;
g. preparing, or reviewing as applicable, avoidance action and
claim analyses;
h. assisting the trustee in reviewing the Debtor's financial
reports, including, but not limited to, statements of financial
affairs, schedules of assets and liabilities, budgets, and monthly
operating reports;
i. advising the trustee on the current state of the Debtor's
Chapter 11 case;
j. advising the trustee in negotiations with the Debtor,
creditors and third parties as necessary;
k. if necessary, participating as a witness in hearings before
the court with respect to matters upon which Province has provided
advice; and
l. other activities approved by the trustee, the trustee's
counsel and Province.
The standard hourly rates charged by the firm for its financial
advisory services are as follows:
Edward Kim, Principal $800 per hour
Paul Navid, Senior Director $690 per hour
Paul Baik, Senior Associate $510 per hour
Paraprofessionals $185 - $225 per hour
Province will bill the Debtor on an hourly basis at a capped hourly
rate of $550, with a further monthly fee cap of $75,000.
Meanwhile, for its services as sales advisor, the firm will bill on
an hourly basis at a capped hourly rate of $550, with a further
total fee cap of $100,000.
In the event an asset sale is consummated with any non-objecting
lender, Province will be paid a "success fee" of 3 percent of total
consideration for assets purchased due and payable to the firm,
provided that (i) if total consideration involves an assumption of
the objecting lender's debt, this success fee associated and due
with such assumption will only be paid as the objecting lender's
debt is repaid in cash and (ii) any assumption of pre-bankruptcy,
non-objecting lender debt will not apply toward total consideration
when calculating the success fee.
In the event the objecting lender prevails in a sale process by
bidding more than $5 million and an asset sale is consummated with
such lender or its designee, then Province will get a success fee
of 3 percent of total consideration for the assets purchased.
Edward Kim, a principal at Province, 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:
Edward Kim
Province, LLC
2360 Corporate Circle, Suite 340
Henderson, NV 89074
Tel: (646) 509-3490
Email: ekim@provincefirm.com
About Cherry Man Industries
Cherry Man Industries, Inc. was started in 2002 by Frank Lin. It is
one of the largest nationwide importers and distributors of office
furniture case goods. It is headquartered in El Segundo, Calif.,
with five distribution centers across the U.S.
Cherry Man Industries 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.
Judge Neil W. Bason oversees the case.
The Law Offices of Michael Jay Berger serves as the Debtor's legal
counsel.
The U.S. Trustee for Region 15 appointed an official committee of
unsecured creditors on March 31, 2022. Kelley Drye & Warren, LLP
and Province, LLC serve as the committee's legal counsel and
financial advisor, respectively.
Hamid R. Rafatjoo, the Chapter 11 trustee appointed in the Debtor's
case, tapped Levene Neale Bender Yoo & Golubchik, LLP as his legal
counsel and Province, LLC as his financial advisor and sales
process advisor.
CIRCOR INT'L: Moody's Confirms B3 CFR & Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service confirmed the ratings of CIRCOR
International, Inc., including the B3 corporate family rating,
B3-PD probability of default rating and B2 senior secured debt
rating. Moody's also changed the outlook to negative from ratings
under review. This concludes the review for downgrade that was
initiated on March 15, 2022. The SGL-3 speculative grade liquidity
rating remains unchanged.
This rating action follows CIRCOR's filing of its 2021 10-K, which
included the current year and restated prior-year financial
statements. The filing was delayed by the discovery of accounting
irregularities in the company's Pipeline Engineering business,
resulting in earnings overstatements over five years through Q3
2021. This has led to weaker credit metrics than Moody's previous
expectations, including adjusted debt-to-EBITDA (currently above
8.5x). The leverage will likely remain high through 2022, despite
moderating from expected EBITDA growth. Moody's also expects free
cash flow to be constrained by rising interest expense, given the
company's all-floating rate debt structure with no interest rate
hedging, as well as supply chain challenges.
The negative outlook reflects the uncertain timing and challenges
with remediating the material weaknesses in the company's internal
controls. There is also uncertainty around the company's ongoing
strategic review that could include the divestiture of
significant/core assets.
Governance risks were a key consideration in the rating action,
including the weak internal controls and recent senior management
turnover following a period of underperformance.
Confirmations:
Issuer: CIRCOR International, Inc.
Corporate Family Rating, confirmed B3
Probability of Default Rating, confirmed B3-PD
Senior Secured 1st Lien Bank Credit Facility, confirmed B2 (LGD3)
Outlook Actions:
Issuer: CIRCOR International, Inc.
Outlook changed to negative from ratings under review
RATINGS RATIONALE
CIRCOR's ratings reflect its favorable niche market focus within
severe flow control applications, a diverse customer base
highlighted by blue-chip industry leaders and improved cost
flexibility. Scale and scope remain modest within the large, highly
fragmented global flow control sector. However, revenue should
rise as demand gradually strengthens in the commercial aerospace
industry along with order growth in certain sectors within CIRCOR's
industrial end markets, including commercial marine aftermarket,
chemical processing and machinery. Resilience from defense revenue,
approximately 21% of total revenue, and benefits from the
aftermarket revenue stream (roughly 35% of revenue) should lead to
stronger earnings over the next couple of years.
The ratings also reflect Moody's expectation that CIRCOR's
debt-to-EBITDA will remain high over the next year but fall towards
7x, applying Moody's standard adjustments that include a pension
liability of approximately $125 million. Operations are exposed
to key end markets that can be cyclical, especially within the
industrial segment. Cost inflation pressures, labor availability
constraints and supply chain challenges that impact the timing of
order shipments will continue to exert margin and cash flow
pressures into 2023. However, CIRCOR's price increases, cost
measures and productivity initiatives should help offset these
pressures and support moderate margin expansion, aided by the order
backlog.
Moody's expects CIRCOR to have adequate liquidity, with cash
balances (about $61 million at April 3, 2022) and revolver
availability balancing modest free cash flow over the next 12 to 15
months. Free cash flow is constrained by lumpiness in the timing of
collections for large orders, although deliveries of certain large
orders expected to ship in the near term will help offset these
constraints. Moody's believes the company will use a majority of
free cash flow for debt repayment, which would accelerate
de-leveraging and restore balance sheet flexibility. The $100
million revolving facility, expiring in 2026, will likely be drawn
periodically for working capital requirements. The revolver had
roughly $22 million drawn and about $49 million available, net of
letters of credit at April 3, 2022, although the availability has
since likely diminished to accommodate seasonal working capital
needs.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded with a robust uptick in performance
from stronger and sustained demand in the industrial, oil & gas,
and aerospace & defense sectors, resulting in a meaningful
improvement in margins and cash flow. Debt-to-EBITDA expected to
remain below 5.75x, an EBITDA margin approaching 15% and good
liquidity, including free cash flow-to-debt sustained around 5%,
reduced reliance on the revolver and ample covenant headroom could
also lead to a ratings upgrade. Additionally, resolution of the
material weaknesses in internal controls would be important for an
upgrade. Accelerated growth in higher-margin, recurring
(aftermarket) revenue could also drive upward ratings pressure.
The ratings could be downgraded with negative organic growth,
inability to demonstrate steady improvement in earnings. A lack of
demonstrated progress of steady reduction in debt-to-EBITDA to
around 7x through 2023 could also lead to a ratings downgrade.
Deteriorating liquidity, including sustained negative free cash
flow and/or diminishing revolver availability, could also drive a
negative rating action.
The principal methodology used in these ratings was Manufacturing
published in September 2021.
CIRCOR International, Inc. provides flow and motion control
precision-engineered pumps, valves, fittings, switches, sensors and
flight components for use in extreme operating environments (e.g.
high pressure, high temperature, caustic fluids, fluids with
abrasives) within the industrial and aerospace & defense markets.
Net revenue approximated $768 million for the twelve months ended
April 3, 2022.
CIRCOR INTERNATIONAL: S&P Affirms 'B-' ICR, Outlook Negative
------------------------------------------------------------
S&P Global Ratings affirmed all its ratings, including its 'B-'
issuer credit rating, and removed them from CreditWatch, where S&P
placed them with negative implications on March 17, 2022.
The negative outlook reflects the possibility that S&P could lower
its ratings on CIRCOR over the next 12 months if it does not
generate positive S&P Global Ratings-adjusted free operating cash
flow (FOCF) over the next 12 months. This could occur if the
company encounters continued supply chain constraints or the
economic environment worsens meaningfully.
Persistent supply chain challenges are likely to constrain CIRCOR's
revenue growth in the near term. In the industrial segment, these
supply chain constraints are likely to persist through 2022 and
early 2023, weighing on the company's ability to deliver on its
backlog, which remains strong. In the commercial aerospace
business, S&P is uncertain about a recovery in volumes on key
platforms supported by CIRCOR due to airliner manufacturers' supply
chain troubles. Still, S&P expects modest organic revenue growth in
the low- to mid-single-digit percentages in 2022 from generally
positive end-market trends.
S&P said, "We expect a near-term modest increase in EBITDA margins,
primarily on the closure of the U.K. pipeline engineering business.
The move followed the company's discovery of an accounting
irregularity. We expect the closure of this loss-making division to
drive higher margins in 2022 compared to 2021. We believe CIRCOR
will face continued cost inflation in materials, logistics, and
labor, which we believe it will partially offset with price
increases in 2022.
"We expect FOCF deficits in the near term, primarily from higher
working capital investment and capital expenditures. We expect
CIRCOR to increase investment to build its "safety stock" of
inventory. The increased availability of products would drive a net
cash outflow from working capital. Additionally, we expect a slight
increase in capital expenditures to support machinery upgrades at
key facilities. Consequently, we expect an S&P Global
Ratings-adjusted FOCF deficit in 2022 of about $5 million-$10
million.
A prolonged economic slowdown would erode CIRCOR's performance
prospects in 2023. Several of CIRCOR's end-markets--general
industrial, commercial marine, and commercial aerospace--are
cyclical and likely to be affected by a pullback in new equipment
spending and lower need for aftermarket parts in a deeper economic
downturn. A decline in volumes would reduce operating leverage,
further squeeze already thin margins in the industrial segment, and
result in continued pressure on covenants and/or S&P Global
Ratings-adjusted FOCF in 2023.
Environmental, social, and governance (ESG) credit factors for this
change in credit rating/outlook and/or CreditWatch status:
Governance structure
-- Risk management, culture and oversight
-- Transparency and reporting
-- The negative outlook reflects the possibility that S&P could
lower its ratings on CIRCOR over the next 12 months if it does not
generate positive FOCF over the next 12 months.
S&P could lower the ratings if CIRCOR's financial position
deteriorates such that it views the capital structure as
unsustainable. This could occur if:
-- The company generates persistently negative FOCF; or
-- Liquidity becomes constrained, for example due to pressure on
revenue and earnings amid an economic slowdown, elevated working
capital needs due to persistent supply chain challenges, or
covenant headroom declining below 10%.
S&P could revise the outlook to stable if:
-- The company generates positive FOCF;
-- Operating trends remain stable across key end markets as
reflected in orders, revenue, and margins; and
-- Liquidity remains adequate.
ESG credit indicators: to E-2, S-2, G-4; from E-2, S-2, G-3
S&P said, "Governance factors are a negative consideration in our
credit rating analysis of CIRCOR. Over the past few years, the
company has had a pattern of incidents that we believe indicates a
systemic weakness in internal controls around risk management and
financial reporting. Most recently, it discovered an accounting
irregularity in its U.K. pipeline engineering business, which
resulted in a downward restatement of S&P Global Ratings-adjusted
EBITDA in 2020 by 15%. We believe this impairs the company's
ability to execute strategy and track performance. Additionally, we
believe the high turnover in senior leadership the past several
years creates risk in CIRCOR's ability to improve profitability and
cash flow in its core businesses.
"Environmental factors are an overall neutral consideration in our
credit rating analysis. CIRCOR designs and manufactures diversified
flow and motion control products and systems. The company has
reduced its exposure to oil and gas the past few years, but
maintains some exposure to energy markets, including downstream,
midstream, and power applications--though together these represent
a modest portion of the overall business."
CLEANSPARK INC: Incurs $29.3 Million Net Loss in Third Quarter
--------------------------------------------------------------
CleanSpark, Inc. filed with the Securities and Exchange Commission
its Quarterly Report on Form 10-Q disclosing a net loss of $29.34
million on $31.03 million of total net revenues for the three
months ended June 30, 2022, compared to a net loss of $16.68
million on $9.05 million of total net revenues for the three months
ended June 30, 2021.
For the nine months ended June 30, 2022, the Company reported a net
loss of $15.03 million on $105.35 million of total net revenues
compared to a net loss of $16.44 million on $17.31 million of total
net revenues for the nine months ended June 30, 2021.
As of June 30, 2022, the Company had $411.06 million in total
assets, $34.19 million in total liabilities, and $376.87 million in
total stockholders' equity.
Management Commentary
"CleanSpark continued to grow by mining a record number of bitcoin
and substantially increasing our hashrate," said Zach Bradford,
chief executive officer. "We are optimizing uptime and maximizing
profits with our wholly owned locations. We have also made
efficient use of our capital by putting new miner purchases to work
quickly. Despite macroeconomic headwinds, our results demonstrate
the resiliency of our strategy, and we expect to grow in what is
otherwise a bear market."
Bradford continued: "In line with our strategy to make CleanSpark a
top five publicly traded miner, today we announced two
transformative matters. Foremost, we have entered into an asset
purchase agreement for the acquisition of a third wholly owned
facility, located in Washington, GA. This new facility has 86MW of
total capacity, 36MW of which is online and available immediately.
An additional 50MW is expected to be available in 2023. We are
also announcing that CleanSpark is formally selling its energy
business assets. We are now a pure play bitcoin miner. These two
announcements represent the closing of one chapter and the opening
of another, and I look forward to where our strategic direction is
taking us."
"The importance of our Adjusted EBITDA margins is not to be
overlooked," said Gary A. Vecchiarelli, CFO. "Our Adjusted EBITDA
for the third quarter was approximately $15 million, which
represents margins on revenue of 49%. These are great margins and
why we are in the bitcoin mining business. Furthermore, our
decision to divest energy assets will allow us to focus our time,
people, and resources on our core business."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0000827876/000095017022016238/clsk-20220630.htm
About CleanSpark
Headquartered in Bountiful, Utah, CleanSpark, Inc. --
www.cleanspark.com -- is a sustainable bitcoin mining and energy
technology company that is solving modern energy challenges.
CleanSpark reported a net loss of $21.81 million for the year ended
Sept. 30, 2021, a net loss of $23.35 million for the year ended
Sept. 30, 2020, and a net loss of $26.12 million for the year ended
Sept. 30, 2019. As of Dec. 31, 2021, the Company had $418.14
million in total assets, $24.07 million in total liabilities, and
$394.08 million in total stockholders' equity.
DACO CONSTRUCTION: Seeks Chapter 11 Bankruptcy Protection
---------------------------------------------------------
DACO Construction Corporation filed for chapter 11 protection in
the District of Maryland.
The Debtor disclosed $1.830 million in assets against $5.074
million in liabilities in its schedules. The Debtor doesn't own
any real property -- it leases the premises at 7541 and 7538 Old
Coaling Road, Harmans, Maryland. The Debtor owns several dump
trucks, crew cab trucks, utility trucks, trailers, and Chevy
Silverado pick-up trucks that are used in connection with its
business. The debt includes just $638,950 in secured claims.
According to the statement of financial affairs, the business
generated $12.78 million of gross revenue for the fiscal year ended
March 31, 2020, $12.26 million for fiscal year ended March 30,
22021, and $8.786 million for the fiscal year ended March 31,
2022.
According to court filing, DACO Construction estimates between 50
and 99 creditors. The petition states funds will be available to
unsecured creditors.
About DACO Construction Corporation
DACO Construction Corporation is a construction company based in
Hanover, Maryland.
DACO Construction Corporation sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 22-14371) on
August 10, 2022. In the petition filed by Pedro Couto, as chief
operating officer, the Debtor reported assets between $1 million
and $10 million and liabilities between $1 million and $10 million.
Marc Robert Kivitz, of Law Office of Marc R. Kivitz, is the
Debtor's counsel.
DIOCESE OF CAMDEN: Insurers Seek Chapter 11 Confirmation Delay
--------------------------------------------------------------
Vince Sullivan of Law360 reports that insurers that issued policies
to the bankrupt Diocese of Camden told a New Jersey judge on
Wednesday, August 9, 2022, that a Chapter 11 plan confirmation
trial slated for August 29, 2022 needs to be delayed because
additional discovery is required.
During a hearing in Camden, attorneys for Interstate Fire and
Casualty Co. said the insurers that are opposing the debtor's
proposed plan need additional time to take discovery that will be
critical to the formulation of plan objections, which currently
must be filed by August 15, 2022.
A full-text copy of the article is available at
https://www.law360.com/bankruptcy/articles/1519857/insurers-seek-delay-of-camden-diocese-ch-11-confirmation
About The Diocese of Camden, NJ
The Diocese of Camden, New Jersey is a nonprofit religious
corporation organized pursuant to Title 16 of the Revised Statutes
of New Jersey. The Diocese is the secular legal embodiment of the
Roman Catholic Diocese of Camden, a juridic person recognized under
Canon Law.
The Diocese of Camden sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.N.J. Case No. 20-21257) on Oct. 1, 2020.
The petition was signed by Reverend Robert E. Hughes, vicar General
and vice president. At the time of the filing, the Debtor had
total assets of $53,575,365 and liabilities of $25,727,209. Judge
Jerrold N. Poslusny Jr. oversees the case. McManimon, Scotland &
Baumann, LLC, is the Debtor's legal counsel.
DR. R'KIONE: Seeks to Hire Small Business Tax as Tax Advisor
------------------------------------------------------------
Dr. R'Kione Britton Chiropractic Corporation seeks approval from
the U.S. Bankruptcy Court for the Central District of California to
employ Small Business Tax, Inc. to provide tax-related services.
The services include:
a. negotiating with and resolving the tax claim made by the
Internal Revenue Service;
b. negotiating with and resolving the tax claims made by the
Franchise Tax board;
c. preparing required tax filings;
d. providing advice and analysis on tax issues to both the
Debtor's president, Dr. R'Kione Britton, and to the Debtor's
bankruptcy counsel.
The firm will charge $300 per hour for its services.
Nicole Queeney of Small Business Tax disclosed in a court filing
that her firm neither represents nor holds any interest adverse to
the Debtor and its estate.
The firm can be reached through:
Nicole R. Queeney, EA
Small Business Tax, Inc.
1403 N. Batavia St, Ste 103
Orange, CA 92867
Phone: 714-221-8080
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.
The Debtor tapped Steven E. Cowen, Esq., at S.E. Cowen Law as legal
counsel; Small Business Tax, Inc. as tax advisor; and Scott
Christansen, a principal at AAdvanced Business Systems, as
bookkeeper.
EDUCATIONAL TRAVEL: Seeks to Hire Troutman as Bankruptcy Counsel
----------------------------------------------------------------
Educational Travel Services, Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Oregon to hire Troutman Law
Firm, PC to serve as legal counsel in its Chapter 11 case.
The firm's hourly rates are as follows:
Ted A. Troutman, Esq. $495 per hour
Paralegal $220 per hour
Ted Troutman, Esq., the firm's attorney who will be providing the
services, disclosed in a court filing that he is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Ted A. Troutman, Esq.
Troutman Law Firm, PC
5075 SW Griffith Dr., Suite 220
Beaverton, OR 97005
Tel: 503-292-6788
Fax: 503-596-2371
Email: tedtroutman@sbcglobal.net
About Educational Travel
Gladstone, Ore.-based Educational Travel Services, Inc. sought
Chapter 11 protection (Bankr. D. Ore. Case No. 22-31272) on Aug. 5,
2022, disclosing $516,453 in assets and $1,419,136 in liabilities.
Ted A. Troutman, Esq., at Troutman Law Firm P.C. is the Debtor's
counsel.
EVOKE PHARMA: Incurs $2.2 Million Net Loss in Second Quarter
------------------------------------------------------------
Evoke Pharma, Inc. filed with the Securities and Exchange
Commission is Quarterly Report on Form 10-Q disclosing a net loss
of $2.23 million on $461,795 of net product sales for the three
months ended June 30, 2022, compared to a net loss of $2.29 million
on $236,635 of net product sales for the three months ended June
30, 2021.
For the six months ended June 30, 2022, the Company reported a net
loss of $4.41 million on $880,175 of net product sales compared to
a net loss of $4.90 million on $327,056 of net product sales for
the six months ended June 30, 2021.
As of June 30, 2022, the Company had $14.40 million in total
assets, $7.21 million in total liabilities, and $7.19 million in
total stockholders' equity.
As of June 30, 2022, cash and cash equivalents were approximately
$13.5 million. Evoke believes, based on its current operating
plan, that its existing cash and cash equivalents, as well as
future cash flows from net product sales of GIMOTI, will be
sufficient to fund operations into the second quarter of 2023.
"Evoke delivered a solid second quarter based on several key
metrics and developments," David A. Gonyer, R.Ph., president and
CEO of Evoke Pharma. "Net product sales during the second quarter
of 2022 were approximately $462,000, up 11% compared with first
quarter of 2022. Patient prescriptions had the largest number of
quarterly enrollments to date and posted an increase of 24%,
compared with the first quarter. In addition, the cumulative
number of new GIMOTI prescribers increased by approximately 23%,
through June 30, 2022 compared to March 31, 2022. Although filled
prescriptions were up modestly in the second quarter, we believe
the increased patient enrollments in our vitaCare Prescription
Services and EvokeAssist reimbursement programs during Q2 will
convert to higher new prescriptions in the second half of the year.
Finally, we substantially bolstered our cash reserves in Q2 and
extended our operational runway. We believe the additional capital
positions us to sustain and increase GIMOTI sales and to capitalize
on future market opportunities and provide more patients with
access to our novel GIMOTI treatment option."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1403708/000156459022028943/evok-10q_20220630.htm
About Evoke Pharma
Headquartered in Solana Beach, California, Evoke Pharma, Inc. --
http://www.evokepharma.com-- is a specialty pharmaceutical company
focused primarily on the development of drugs to treat GI disorders
and diseases. The Company is developing Gimoti, a nasal spray
formulation of metoclopramide, for the relief of symptoms
associated with acute and recurrent diabetic gastroparesis in adult
women.
Evoke Pharma reported a net loss of $8.54 million for the year
ended Dec. 31, 2021, compared to a net loss of $13.15 million for
the year ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had
$10.57 million in total assets, $7.02 million in total liabilities,
and $3.56 million in total stockholders' equity.
San Diego, California-based BDO USA, LLP, the Company's auditor
since 2014, issued a "going concern" qualification in its report
dated March 8, 2022, citing that the Company has suffered recurring
losses and negative cash flows from operations since inception.
These factors raise substantial doubt about the Company's ability
to continue as a going concern.
FINGERLAKES HOSPITALITY: Unsecureds Will Get 2% in 60 Months
------------------------------------------------------------
Fingerlakes Hospitality Group, LLC, filed with the U.S. Bankruptcy
Court for the Northern District of New York a Small Business Plan
of Reorganization dated August 11, 2022.
The Debtor is an L.L.C. with operations located at 101 Main Street,
Groton, NY 130731. The Debtor operates The Groton Hotel, which is
an historic hotel that rents out rooms, apartments, retail space,
and operates a bar/cafe/event space, as well as operating an "Air
BNB".
The circumstances that led the Debtor to seek Chapter 11 relief in
2020 were that in 2018 the business had little to no income due to
the principal's health and financial issues stemming from an
automobile accident. In addition, the property was undergoing
extensive renovations. Much of the renovation work was completed
and it was anticipated that the property would re-open in the
spring of 2020, but the COVID-19 pandemic made that impossible.
Debtor got behind in the mortgage payments, and was facing
foreclosure, and the property taxes were substantially increased.
Debtor's sole member made attempts to get a property tax abatement,
however the county denied the abatement request and more than
doubled the previous tax assessment. Debtor was unable to pay the
increased taxes due, and is currently working to get the assessment
reduced.
As of the Petition Date, the Debtor listed debts classified as
secured debts totaling $459,361.13, and unsecured debts totaling
$24,519.55. Debtor listed priority debts of $919.59.
This Plan of Reorganization under Chapter 11 of the Code proposes
to pay creditors of the Debtor from Debtor's cash flow from
operations and future income.
This Plan provides for 1 class of Secured Claims (Class 1), 1 class
of Priority Claims (Class 2), 1 class of Unsecured Claims (Class
3), and 1 class of Equity Interests (Class 4). Creditors in Class 3
will receive distributions which the proponent of this Plan has
valued at approximately 2 cents on the dollar. This Plan also
provides for payment of Administrative Expense and Priority Claims.
Class 3 consists of General Unsecured Claims. All Class 3 Claims
shall be paid as wholly unsecured claims. Debtor will pay an amount
equal to approximately 2% of all allowed Class 3 claims. Monthly
payments of Class 3 claims will begin 30 days after confirmation
and continue for 60 months or until paid 2% of their Claims. Each
allowed unsecured creditor will receive a pro rata portion of the
monthly payment which will be $35.00 for a total payout of
$2,100.00 to unsecured creditors.
Class 4 consists of Equity Security Holder Jeffrey Toolan. Equity
Interest holders shall receive 100% of the shareholder (member)
interests in the reorganized Debtor.
The Plan will be implemented by the Debtor remitting payment to
creditors from the Debtor's cash flow derived from income from
rentals of rooms, apartments, retail space, and proceeds from
operating a bar, cafe and events, and from operating an air bnb.
Upon Confirmation of the Plan, all property of the Debtor, tangible
and intangible, including, without limitation, licenses, furniture,
fixtures, and equipment, will revert free and clear of all Claims
and Equitable Interests except as provided in the Plan, to the
Debtor. The Debtor expects to have sufficient cash on hand to make
the payments required on the Effective Date.
A full-text copy of the Plan of Reorganization dated August 11,
2022, is available at https://bit.ly/3wrbSBp from PacerMonitor.com
at no charge.
Attorneys for Debtor:
Peter A. Orville, Esq.
Orville & McDonald Law, P.C.
30 Riverside Drive
Binghamton, NY 13905
Tel: (607) 770-1007
About Fingerlakes Hospitality
Group
Fingerlakes Hospitality Group, LLC, filed a petition under Chapter
11, Subchapter V of the Bankruptcy Code (Bankr. N.D.N.Y. Case No.
22-30294) on May 13, 2022, disclosing as much as $1 million in both
assets and liabilities. Paul Arthur Levine serves as Subchapter V
trustee.
Judge Wendy A. Kinsella oversees the case.
The Debtor is represented by Peter A. Orville, Esq., at Orville
& McDonald Law, P.C.
FORTOVIA THERAPEUTICS: Asks Court OK of Deal With Distributor
-------------------------------------------------------------
Fortovia Therapeutics, Inc., which won court approval of its Plan
in 2021, has returned to bankruptcy court to seek approval of a
settlement it reached with an affiliate of drug distributor
Cardinal Health resolving mutual debts owed under an arrangement
the pair entered over a decade ago.
Cardinal Health and the Debtor were parties to a certain Wholesale
Purchase Agreement, effective as of June 15, 2012, pursuant to
which the Debtor appointed Cardinal Health as an authorized
distributor of certain pharmaceutical products manufactured and/or
marketed by the Debtor. Cardinal Health and the Debtor are also
parties to a certain Developing Suppliers Program Distribution
Services Agreement, effective as of April l, 2012, (the "DSA"),
pursuant to which Cardinal Health provided certain services,
including logistics and inventory management, administrative, and
financial services, to the Debtor
Cardinal Health timely filed its proof of claim in the Debtor's
Chapter 11 case. Cardinal Health asserted that the Debtor owed
Cardinal Health $67,352.49 for distribution service fees and
chargebacks, and Cardinal Health owed the Debtor $12,370.72 for the
purchase of products, resulting in a net prepetition amount due to
Cardinal Health of $54,981.77. The Debtor objected to the proof of
claim.
Cardinal Health filed an Application for Allowance and Payment of
Administrative Expense Claim in the amount of $37,329.15. The
Debtor objected to the Application.
On Feb. 23, 2022, the Debtor filed an amended complaint against
Cardinal Health demanding payment on account of alleged outstanding
amounts due and owing in the amount of $235,369.13. Cardinal Health
filed its Answer and Separate Defenses to the Amended Complaint
denying all liability alleged by the Debtor.
The Debtor and Cardinal have, subject to court approval, agreed to
resolve all disputes between them. The most material terms of the
agreement are:
a. Cardinal Health will pay the Debtor $95,000.
b. Cardinal Health shall have an Allowed Unsecured Claim for
$54,981.77, and to the extent the stay applies to the agreed upon
relief, it is modified or vacated.
c. Cardinal Health shall have no administrative claim.
d. The parties shall execute mutual releases.
About Fortovia Therapeutics
Fortovia Therapeutics, Inc., is an oncology supportive care
pharmaceutical and medical device company headquartered in Raleigh,
North Carolina.
Fortovia Therapeutics, Inc., filed a voluntary petition pursuant to
Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No.
20-02970) on August 31, 2020. The petition was signed by Ernest De
Paolantonio, CFO. The Debtor estimated between $1 million to $10
million in assets and liabilities. William P. Janvier, Esq. at
JANVIER LAW FIRM, PLLC, represents the Debtor as counsel.
* * *
The Debtor's Chapter 11 Plan was confirmed on March 11, 2021.
Caleb Thomas was named as Plan Administrator and vested with all
powers of the
Debtor's officers and directors.
GARDEN VIEW: Gets Court OK to Hire Boyd as Litigation Counsel
-------------------------------------------------------------
Garden View Condominium Apartments Association, Inc. received
approval from the U.S. Bankruptcy Court for the Southern District
of Florida to hire Boyd, Richards, Parker & Colonnelli, P.L. as its
litigation counsel.
The Debtor needs the firm's legal assistance to determine the value
of claims asserted by its creditors, Rene Miller and Oscar
Limprich.
The Debtor continues to negotiate with the creditors to resolve
their claims. If no resolution is reached, the automatic stay may
likely be lifted so that the claims can be liquidated by a trial in
Miami Dade County Circuit Court. In the event the cases are
remanded for trial in state court, Boyd will represent the Debtor
in the litigation.
The hourly rates charged by the firm's attorneys and paralegals are
as follows: $395 an hour for partners, $295 an hour for associates,
and $175 an hour for paralegals. In addition, the firm will seek
reimbursement for work-related expenses.
The retainer fee is $20,000.
As disclosed in court filings, Boyd does not represent any interest
adverse to the Debtor.
The firm can be reached at:
Gissell Jorge, Esq.
Boyd, Richards, Parker & Colonnelli, P.L.
100 S.E. 2nd Street, Suite 2600
Miami, FL 33131
Phone: 786-425-1045
Fax: 786-425-3905
About Garden View Condominium
Apartments Association
Miami-based Garden View Condominium Apartments Association, Inc.
filed its voluntary petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 21-21650) on Dec. 13,
2021, listing up to $500,000 in assets and up to $10 million in
liabilities. Joseph Varela, president, signed the petition.
Judge Robert A. Mark oversees the case.
John Paul Arcia, Esq., at John Paul Arcia, P.A. and Boyd, Richards,
Parker & Colonnelli, P.L. serve as the Debtor's bankruptcy counsel
and litigation counsel, respectively.
GBT TECHNOLOGIES: Incurs $3.4 Million Net Loss in Second Quarter
----------------------------------------------------------------
GBT Technologies Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $3.44 million on $344,981 of sales for the three months ended
June 30, 2022, compared to a net loss of $27.05 million on zero
sales for the three months ended June 30, 2021.
For the six months ended June 30, 2022, the Company reported net
income of $485,102 on $569,951 of sales compared to a net loss of
$32.42 million on zero sales for the same period during the prior
year.
As of June 30, 2022, the Company had $714,689 in total assets,
$25.44 million in total liabilities, and a total stockholders'
deficit of $24.72 million.
The Company has an accumulated deficit of $304,096,671 and has a
working capital deficit of $24,370,394 as of June 30, 2022, which
raises substantial doubt about its ability to continue as a going
concern.
GBT stated, "The Company's ability to continue as a going concern
is dependent upon its ability to generate profitable operations in
the future and/or obtain the necessary financing to meet its
obligations and repay its liabilities arising from normal business
operations when they come due. Management has plans to seek
additional capital through some private placement offerings of debt
and equity securities. These plans, if successful, will mitigate
the factors which raise substantial doubt about the Company's
ability to continue as a going concern."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001471781/000173112222001305/e3961_10q.htm
About GBT
Headquartered in Santa Monica, CA, GBT Technologies, Inc. is
targeting growing markets such as development of Internet of Things
(IoT) and Artificial Intelligence (AI) enabled networking and
tracking technologies, including wireless mesh network technology
platform and fixed solutions, development of an intelligent human
body vitals device, asset-tracking IoT, and wireless mesh networks.
The Company derived revenues from the provision of IT services.
The Company is seeking to generate revenue from the licensing of
its technology.
GBT Technologies reported a net loss of $33.93 million for the year
ended Dec. 31, 2021, a net loss of $17.99 for the year ended Dec.
31, 2020, and a net loss of $186.51 for the year ended Dec. 31,
2019. As of March 31, 2022, the Company had $774,031 in total
assets, $25.46 million in total liabilities, and a total
stockholders' deficit of $24.68 million.
Lakewood, Colo.-based BF Borgers CPA PC, the Company's auditor
since 2017, issued a "going concern" qualification in its report
dated March 25, 2022, citing that the Company's significant
operating losses raise substantial doubt about its ability to
continue as a going concern.
GT REAL ESTATE: Recovery for Unsecureds Still to Be Determined
--------------------------------------------------------------
GT Real Estate Holdings, LLC, filed with the U.S. Bankruptcy Court
for the District of Delaware a Disclosure Statement for the Plan of
Reorganization dated August 11, 2022.
GT Real Estate was created to, among other things, own and develop
a mixed-use, pedestrian-friendly community, sports, and
entertainment venue in Rock Hill, South Carolina, (the "City").
The Project would also include a new headquarters and practice
facility for the Carolina Panthers (a National Football League
team) (the "Project"). This Project was announced in 2019, but the
Debtor did not acquire the 243-acre land in the City, which is
located in York County (the "County"), on which to construct the
venue until March 2020. The Debtor broke ground on the Project in
July 2020.
On June 2, 2022, the Debtor commenced chapter 11 proceedings to,
among other things, (1) provide a centralized and efficient forum
for the orderly and safe wind-down, sale or other resolution of the
Project, (2) equitably address its legitimate liabilities, and (3)
preserve the Project safely and securely while pursuing a process
to maximize the value of the Debtor's assets and resolve legitimate
claims. DT Sports Holding, LLC agreed to provide a multi-draw term
loan debtor-in-possession financing facility (the "DIP Facility")
that allows the Debtor access of amounts up to $20 million
(inclusive of a rollup of $3.2 million in prepetition amounts) to
fund the Debtor's restructuring process and maintain the safety,
security, and value of the Project in its current state.
Following negotiations and to facilitate their original objectives,
on August 11, 2022, the Debtor entered into a plan support and
sponsorship agreement (the "Plan Sponsor Agreement") with DT Sports
Holding, LLC (the "Parent" and "Plan Sponsor") that provides value
and other considerations to the Debtor, a near-term conclusion to
the Chapter 11 Case, and distributions to the Debtor's creditors.
Among other things, while the Plan Sponsor Agreement provides a
binding commitment from the Plan Sponsor for these foundational
elements of the Plan, it also includes a customary fiduciary out
for the Debtor to the extent that any alternatives arise that
represents a higher or otherwise better economic recovery for the
Debtor's estate than the Plan Sponsor proposal.
As a result of these commitments and contributions, the Debtor is
able to provide the following distributions to Holders of Claims
and Interests pursuant to the Plan:
* Holders of Non-Insider Administrative Claims (excluding DIP
Claims and Secured Contractor Claims) will be paid in full in cash;
* Holders of DIP Claims will receive the membership interests
in the Reorganized Debtor;
* Holders of Other Priority Claims will receive payment in
full in cash;
* Holders of Other Secured Claims will either (a) receive
payment in full in cash, the Debtor's interest in their respective
collateral, or other treatment that renders such Claims unimpaired
or (b) have their Claims reinstated;
* Holders of Prepetition Secured Note Claims will receive 100%
of the membership interests in non-debtors Waterford Golf Club, LLC
and Waterford Golf Club 1, LLC;
* Holders of Secured Contractor Claims will receive their pro
rata share of the $60 million Settlement Amount through the
Settlement Trust until paid in full in cash, subject to the
Reserve;
* on account of the County Claims, which are disputed by the
Debtor, the County will receive either of the following:
-- if the County votes to accept the Plan, a $21.165 million
distribution in Cash from the County Escrow Account; or
-- if the County does not vote to accept the Plan, then a
distribution in Cash from the County Escrow Account pursuant to the
terms and conditions of the County Escrow Agreement in an amount
equal to either (i) the amount set forth in an agreement by and
between the County and the Debtor or (ii) an amount set forth in a
Final order of the Bankruptcy Court determining the Allowed amount
(if any) of the County Claims;
* on account of the City Claims, which are disputed by the
Debtor, the City will receive either of the following:
-- if the City votes to accept the Plan, the proceeds of the
Third Party Project Site Sale of the Project Site up to the capped
amount of $20 million after the Plan Sponsor Obligations are paid
in full, and then the remaining proceeds will be divided equally
between the City and Plan Sponsor until the Plan Sponsor receives
an amount equal to the amount of the DIP Claims as of the Effective
Date with any remaining amounts thereafter being paid to the City;
or
-- if the City does not vote to accept the Plan, the
proceeds of the Third Party Project Site Sale up to the Allowed
City Claim4 after the Plan Sponsor Obligations are paid in full,
and then the remaining proceeds will be divided equally between the
City and Plan Sponsor until the Plan Sponsor receives an amount
equal to the amount of the DIP Claims as of the Effective Date with
any remaining amounts thereafter being paid to the City;
* Holders of General Unsecured Claims (including Unsecured
Contractor Claims) will receive their pro rata share of (a) the GUC
Allocation and (b) the remaining Settlement Amount after the
Secured Contractor Claims, Administrative Contractor Claims, and
Priority Contractor Claims are paid in full, in each case subject
to the Reserve;
* Holders of the Affiliate Unsecured Claims will not receive a
distribution; and
* Holders of Interests in the Debtor will not receive any
distribution and will have such interests be cancelled.
The Disclosure Statement still has blanks as to the estimated
allowed amount and percentage recovery for holders of claims.
There are three primary sources of consideration to fund the Plan:
(1) the Settlement Amount; (2) the assets of the Debtor (including
Cash in its possession, the Property, and the membership interests
in Waterford); (3) County Escrow Amount; (4) the GUC Allocation;
(5) any remaining availability under the DIP Facility (as defined
in the DIP Credit Agreement).
The Plan contemplates a marketing process for the Project, which
may or may not conclude prior to the Effective Date. To support the
Debtor in this effort, the Debtor has engaged Colliers
International Valuation & Advisory Services, LLC and Clarus
Properties, Inc. d/b/a Colliers International (together "Colliers")
to render real estate brokerage and appraisal services (the
"Services") to the Debtor in connection with this Chapter 11 Case,
subject to approval by the Bankruptcy Court of a retention
application, which the Debtor expects to file shortly.
Colliers will also serve as the real estate broker that will
perform due diligence on the Project Site, develop and launch the
marketing plan intended to generate interest among potential
buyers, and assist with negotiations with the prospective buyers.
The sale process is expected to launch on an external basis in late
August or early September 2022. The Debtor and Colliers have been
and continue to be proactive in ensuring that a marketing process
designed to maximize value for the benefit of the estate is
pursued.
Counsel to Debtor:
WHITE & CASE LLP
Thomas E Lauria
Varoon Sachdev
200 South Biscayne Boulevard, Suite 4900
Miami, Florida 33131
Telephone: (305) 371-2700
- and -
WHITE & CASE LLP
J. Christopher Shore
Stephen Moeller-Sally
Mark Franke
Brandon Batzel
1221 Avenue of the Americas
New York, New York 10020
Telephone: (212) 446-4800
WHITE & CASE LLP
William A. Guerrieri
111 South Wacker Drive
Chicago, Illinois 60606
Telephone: (312) 881-5400
- and -
FARNAN, LLP
Joseph J. Farnan, Jr.
Brian E. Farnan, Jr.
Michael J. Farnan
919 North Market Street, 12th Floor
Wilmington, Delaware 19801
Telephone: (302) 777-0300
About GT Real Estate Holdings
GT Real Estate Holdings is a real estate company owned by David
Tepper. It was created to own and develop a mixed-use,
pedestrian-friendly community, sports, and entertainment venue,
that would also include a new headquarters and practice facility
for the Carolina Panthers, a National Football League team,
situated on a 234-acre site located in Rock Hill, South Carolina.
The company suspended further development of the Project in March
2022.
GT Real Estate Holdings sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Case No. 22-10505) on June 2,
2022. In the petition filed by Jonathan Hickman, as chief
restructuring officer, the Debtor reports estimated assets and
liabilities between $100 million and $500 million each.
The Hon. Karen B. Owens is the case judge.
The Debtor tapped White & Case LLP as restructuring counsel; Farnan
LLP, as Delaware counsel; and Alvarez & Marsal as financial
advisor. Kroll Restructuring Administration LLC is the claims
agent.
GYP HOLDINGS III: Moody's Hikes CFR & Sr. Secured Term Loan to Ba2
------------------------------------------------------------------
Moody's Investors Service upgraded GYP Holdings III Corp.'s
(operating as GMS Inc.) Corporate Family Rating to Ba2 from Ba3 and
Probability of Default Rating to Ba2-PD from Ba3-PD. Moody's also
upgraded the ratings on GMS' senior secured term loan to Ba2 from
Ba3 and senior unsecured notes due 2029 to B1 from B2. The
company's speculative grade liquidity rating is maintained at
SGL-1. The outlook remains stable.
The upgrade of GMS' CFR to Ba2 from Ba3 reflects Moody's
expectation that GMS will continue to perform well, generating
solid operating margin and cash flow. Moody's forecasts good
operating performance, with EBITDA margin of 13% through fiscal
year 2024 (ending April 30) based on revenue approaching $5 billion
by late 2024. High profitability should translate into low
leverage, remaining below 2.5x over the same period and free cash
flow-to-debt of 19% in fiscal year 2024 further support the rating
upgrade. GMS also has a strong track record of conservative
financial policies and increasing diversity and scale, which better
position the company to industry cyclicality.
"Strong margins relative to peers, low leverage and conservative
financial policies support GMS' rating upgrade," said Peter Doyle,
Vice President at Moody's.
The following ratings are affected by the action:
Upgrades:
Issuer: GYP Holdings III Corp.
Corporate Family Rating, Upgraded to Ba2 from Ba3
Probability of Default Rating, Upgraded to Ba2-PD from Ba3-PD
Senior Secured Bank Credit Facility, Upgraded to Ba2 (LGD3) from
Ba3 (LGD3)
Senior Unsecured Regular Bond/Debenture, Upgraded to B1 (LGD5)
from B2 (LGD5)
Outlook Actions:
Issuer: GYP Holdings III Corp.
Outlook, Remains Stable
RATINGS RATIONALE
GMS' Ba2 CFR reflects Moody's expectation that the company will
maintain very good liquidity and that the company will benefit from
positive but moderating end market dynamics that continue to
support growth. Moody's projects 1.65 million new housing starts, a
key driver of revenue for wallboard, in 2022 but decreasing to 1.56
million in 2023, representing a 2.5% decrease from 1.60 million for
2021. Also, it appears that GMS is successfully integrating AMES
Taping Tools (AMES), which GMS acquired on December 1, 2021, Ames
added about 85 new store locations, expanded GMS' product offerings
and is contributing to sound operating performance.
Although Moody's expects good growth prospects over the next
eighteen months, new home construction is very cyclical and poses a
meaningful credit risk. Also, GMS is a small company in terms of
revenue, limiting absolute levels of earnings, which dictates that
the company maintain low leverage and fixed charges.
GMS' SGL-1 Speculative Grade Liquidity Rating reflects Moody's view
that the company will maintain a very good liquidity profile,
generating over $200 million in free cash flow in each of the next
two years. Cash on hand, totaling $102 million on April 30, 2022,
is more than sufficient to meet working capital needs due to
seasonal demands. GMS has access to a $545 million asset based
revolving credit facility with good availability and no near-term
maturities.
The stable outlook reflects Moody's expectation that GMS will
continue to perform well, generating good operating margins. Very
good liquidity and maintaining conservative financial policies
further support the stable outlook.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade would be predicated on debt-to-EBITDA near 2.0x,
preservation of the company's very good liquidity profile and
continuing conservative financial policies.
A downgrade could occur should GMS adopt an aggressive financial
strategy, particularly with respect to share repurchases and
acquisitions, or experience a weakening of liquidity. Negative
rating pressure also would result from debt-to-EBITDA above 3.25x.
The principal methodology used in these ratings was Distribution &
Supply Chain Services Industry published in June 2018.
GMS Inc., headquartered in Tucker, Georgia, is a North American
distributor of wallboard, steel framing, ceiling systems and other
related building products.
HANJIN INTERNATIONAL: S&P Alters Outlook to Stable, Affirms B- ICR
------------------------------------------------------------------
On Aug 12, 2022, S&P Global Ratings revised the outlook on
U.S.-based hotel company Hanjin International Corp. (HIC) to stable
from negative, while affirming the long-term issuer credit rating
at 'B-'. At the same time, S&P affirmed the issue rating on HIC's
senior secured first-lien loan at 'B+'. The recovery rating is
'1'.
The stable outlook is based on substantial improvement in HIC's
prospects of refinancing its near-term maturities with the
assistance of KAL. In 2020 and 2021, KAL, despite its own
deteriorating performance, stepped in to help HIC meet its
maturities.
S&P said "We base the outlook revision on substantial improvement
in refinancing prospects.Strong performance at KAL and a rebound in
HIC's hotel operations have substantially improved the prospect of
refinancing. And KAL is in a better position to provide potential
financial support. However, we believe KAL is more likely to
provide some sort of financial guarantee (similar to existing bank
loans) than provide direct cash injection."
HIC's hotel operations meaningfully recovered in the first half of
2022. The travel and tourism industry in the U.S. has started to
pick up in 2022 due to pent-up travel demand following COVID-19.
Following this, HIC's hotel operations have started to see recovery
in both occupancy rates and average daily rates (ADR). Occupancy
rates recorded 71% in the first half of 2022, which is still below
pre-COVID levels. However, in June 2022 the rate was 88%, which is
a meaningful increase given the rate of 30% in 2020 and 51% in
2021. ADR in the first half of 2022 was US$264 compared to US$220
in 2021, and US$213 in 2020. S&P said, "We expect HIC's hotel
business revenues to continue their recovery. We estimate US$106
million in 2022, and US$110 million in 2023. This is comparable to
pre-COVID levels of US$112 million in 2019, and US$103 million in
2018."
HIC's discretionary cash flow will remain negative. S&P said, "We
expect HIC's EBITDA to improve to US$16 million in 2022 and to
US$22 million in 2023 from US$1 million in 2021. We base this
forecast on the recovery of its hotel business. We expect operating
cash outflow of US$5 million in 2022 and inflow of US$1 million in
2023." However, these amounts aren't sufficient to cover the
company's US$25 million-US$30 million annual cash interest payments
in 2022-23 and maintenance capital expenditure (capex).
Additionally, these cash flow figures are somewhat overstated. KAL
is allowing interest payment deferral on its US$606 million
intercompany loan. Without the deferral, the cash interest expense
would have been US$40 million-US$45 million higher in 2022-2023.
HIC's debt capital structure is unsustainable. The company's
debt-to-EBITDA ratio is very high at well over 10x. HIC has nearly
US$1 billion in debt; and EBITDA generation at HIC will be below
$25 million at least until 2023. Additionally, the company faces
significant near-term maturities, with US$343 million senior
secured first-lien notes maturing in December 2022, and a US$606
million intercompany loan maturing in March 2023. Without
assistance from KAL, HIC will be unable to support its debt capital
structure for some time.
KAL is performing very strongly. KAL's credit profile has
strengthened, with strong cargo operations and more recently a jump
in passenger traffic. KAL posted a record quarterly operating
performance in the first quarter 2022--a trend that continued in
the second quarter of 2022. Favorable supply-demand dynamics
stemming from lack of passenger belly cargo supply and increased
yield contributed to the outperformance.
KAL has recently taken a more conservative stance on fleet
investments, leading to lower capex and declining lease debt.
Moreover, KAL raised Korean won (KRW) 3.3 trillion of equity back
in March 2021 and has also sold various noncore assets over the
past two years. Overall, all of this has enabled KAL to lower its
debt and increase its cash balance. KAL's adjusted debt stood at
KRW10 trillion as of the first quarter of 2022--a notable reduction
from KRW18.4 trillion in end-2019.
S&P said, "We expect KAL's operating performance to peak in 2022
before normalizing in 2023. We also expect the Asiana merger, which
we now incorporate starting 2023, to diminish KAL's credit metrics.
On a pro forma basis adjusting for the Asiana merger, we estimate
KAL's debt-to-EBITDA ratio to further improve to 3.6x in 2022
before weakening to 4.2x in 2023, from 3.9x in 2021.
"The stable outlook on HIC is based on the refinancing prospects of
its short-term debt maturing in December 2022 and early 2023. We
expect HIC to continue generating negative free operating cash flow
in 2022-2023, although we believe the commitment shown by KAL to
HIC will lead to a group-led refinancing of its maturing short-term
debt on similar terms. We believe KAL's relationship with HIC is
unlikely to change in the near-to-medium term given the support
shown in the past and upcoming refinancing commitments.
"We could lower the rating on HIC if the company's liquidity and
operations deteriorate from current levels despite the broader
recovery in the U.S. lodging market. HIC faces a solid maturity
wall in December 2022. Presently, we expect that KAL will assist in
the refinancing of this maturity.
"Separately, we could downgrade HIC if its relationship with KAL
weakens, resulting in a lower likelihood of support from the parent
company. This could occur if KAL significantly reduces its
ownership in HIC or takes other similar steps that suggest HIC's
relative importance to the group has decreased.
"We may raise the rating if we believe that HIC's strategic
importance to KAL has increased. For example, if HIC becomes a more
integral part of KAL's longer term growth strategy or expansion
plan.
"We see lower probability of upgrading HIC based on its stand-alone
credit profile because of its high debt burden and weak cash flow
generation capabilities."
ESG credit indicators: E-2, S-4, G-2
Social factors are a negative consideration in S&P's credit rating
analysis of HIC. The company's asset concentration exposes it to
health and safety concerns: Its only asset is a hotel/office
complex in Los Angeles. COVID-19 has had a big impact on its hotel
operations, causing occupancy rates to be much lower than
expected.
HGIM CORP: S&P Withdraws 'CCC+' Issuer Credit Rating
----------------------------------------------------
S&P Global Ratings withdrew its ratings on HGIM Corp. at the
company's request. S&P's issuer credit rating on the company was
'CCC+' and the outlook was negative at the time of withdrawal. HGIM
recently repaid its term loan, which was rated 'CCC+', in full,
ahead of its August 2023 maturity date.
HOPE TRUCKER: Seeks Cash Collateral Access, DIP Loan
----------------------------------------------------
Hope Trucker Logistics, LLC asks the U.S. Bankruptcy Court for the
Eastern District of Virginia, Alexandria Division, for authority
to:
-- obtain post-petition financing from Phoenix Capital Group,
PLC; and
-- use, sale, or lease cash collateral,
pursuant to a pre-petition agreement.
The Debtor and Phoenix are parties to a Factoring and Security
Agreement dated September 22, 2021, pursuant to which the Secured
Party made credit accommodations to the Debtor on a secured basis.
On September 22, 2021, the Secured Party perfected its security
interest in the Debtor's assets by filing a UCC Financing Statement
in the state of Virginia.
The Pre-Petition Agreement provides for advances by the Secured
Party to the Debtor, so long such advances do not cause the ratio
of the Debtor's obligations to the Secured Party to the value (as
determined in the Pre-Petition Agreement) of the Debtor's eligible
(as determined in the Pre-Petition Agreement) accounts to exceed
that set forth in the Pre-Petition Agreement.
As of the Petition Date, the Debtor owed the Secured Party
approximately $100,000 secured by the collateral described in the
Pre-Petition Agreement.
The Debtor has assigned and sold its accounts to the Secured Party
under the PrePetition Agreement and the Secured Party has agreed to
consider making purchases of eligible accounts from the Debtor
pursuant thereto.
The Secured Party has agreed to consider providing financial
accommodations through the purchase of accounts from the Debtor in
accordance with the Pre-Petition Agreement in good faith, within
the meaning of 11 U.S.C. Section 364(e).
The Debtor has constructed a cash-flow projection showing its
sources and uses of cash necessary for ongoing operations on a
weekly basis for the first three weeks of the case.
A copy of the motion is available at https://bit.ly/3zXuARI from
PacerMonitor.com.
About Hope Trucker Logistics, LLC
Hope Trucker Logistics, LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 22-11038) on
August 6, 2022. In the petition signed by Faisal Khan, sole member,
the Debtor disclosed up to $500,000 in both assets and
liabilities.
Ashvin Pandurangi, Esq., at Vivona Pandurangi, PLC is the Debtor's
counsel.
HORIZON GLOBAL: Incurs $22.4 Million Net Loss in Second Quarter
---------------------------------------------------------------
Horizon Global Corporation filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $22.43 million on $181.22 million of net sales for the three
months ended June 30, 2022, compared to net income of $960,000 on
$222.12 million of net sales for the three months ended June 30,
2021.
For the six months ended June 30, 2022, the Company reported a net
loss of $49.38 million on $362.08 million of net sales compared to
a net loss of $14.19 million on $421.31 million of net sales for
the same period during the prior year.
As of June 30, 2022, the Company had $554.81 million in total
assets, $640.37 million in total liabilities, and a total
shareholders' deficit of $85.56 million.
"We entered the quarter with inventory levels positioned to meet
expected seasonal demand levels for our higher margin non-OE
business," stated Terry Gohl, Horizon Global's president and chief
executive officer. "Seasonal demand fell significantly below our
expectations as many of our larger customers deployed their own
elevated inventories to service the market. This led to lower than
expected in-bound orders and reduced volumes in our higher margin
sales channels, which resulted in lower net sales and an
unfavorable volume mix. We expect non-OE order volumes to pick up
as our customers' inventory tapers off, which, together with
significant reductions to our purchasing levels, should
meaningfully reduce our inventory levels and improve our working
capital position during the back half of 2022."
Gohl continued, "We continued to contend with unpredictable OEM
production schedules due to ongoing supply chain constraints. This
choppiness negatively impacted our volumes and resulted in
operational inefficiencies at facilities where we were unable to
fully flex our operations. We expect our performance to improve in
this sales channel based on a recent stabilization of OEM
production schedules and a positive global OEM outlook for the
remainder of 2022."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1637655/000163765522000173/hzn-20220630.htm
About Horizon Global
Horizon Global Corporation -- http://www.horizonglobal.com-- is a
designer, manufacturer, and distributor of a wide variety of
custom-engineered towing, trailering, cargo management and other
related accessory products in North America, Australia and Europe.
The Company serves OEMs, retailers, dealer networks and the end
consumer.
Horizon Global reported a net loss of $33.12 million for the 12
months ended Dec. 31, 2021, compared to a net loss of $37.98
million for the 12 months ended Dec. 31, 2020. As of March 31,
2022, the Company had $488.50 million in total assets, $550.15
million in total liabilities, and a total shareholders' deficit of
$61.65 million.
INSPIREMD INC: Incurs $4.6 Million Net Loss in Second Quarter
-------------------------------------------------------------
InspireMD, Inc. filed with the Securities and Exchange Commission
its Quarterly Report on Form 10-Q disclosing a net loss of $4.64
million on $1.53 million of revenues for the three months ended
June 30, 2022, compared to a net loss of $3.51 million on $1.04
million of revenues for the three months ended June 30, 2021.
For the six months ended June 30, 2022, the Company reported a net
loss of $9.12 million on $2.71 million of revenues compared to a
net loss of $6.75 million on $2.04 million of revenues for the six
months ended June 30, 2021.
As of June 30, 2022, the Company had $32.77 million in total
assets, $7.02 million in total liabilities, and $25.74 million in
total equity.
At June 30, 2022, the Company had cash and cash equivalents of
$6,393,000 as compared to $12,004,000 as of Dec. 31, 2021. The
Company has historically met its cash needs through a combination
of issuing new shares, borrowing activities and product sales. The
Company's cash requirements are generally for research and
development, marketing and sales activities, finance and
administrative costs, capital expenditures and general working
capital.
The Company said that as of June 30, 2022, it has the ability to
fund its planned operations for at least the next 12 months from
issuance date of the financial statement. However, the Company
expects to continue incurring losses and negative cash flows from
operations until CGuard EPS reaches commercial profitability.
Therefore, in order to fund its operations until such time that it
can generate substantial revenues, it may need to raise additional
funds.
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1433607/000149315222021613/form10-q.htm
About InspireMD
Headquartered in Tel Aviv, Israel, InspireMD, Inc. --
http://www.inspiremd.com-- is a medical device company focusing on
the development and commercialization of its proprietary MicroNet
stent platform technology for the treatment of complex vascular and
coronary disease. A stent is an expandable "scaffold-like" device,
usually constructed of a metallic material, that is inserted into
an artery to expand the inside passage and improve blood flow. Its
MicroNet, a micron mesh sleeve, is wrapped over a stent to provide
embolic protection in stenting procedures.
InspireMD reported a net loss of $14.92 million for the year ended
Dec. 31, 2021, a net loss of $10.54 million for the year ended Dec.
31, 2020, a net loss of $10.04 million for the year ended Dec. 31,
2019, and a net loss of $7.24 million for the year ended Dec. 31,
2018. As of March 31, 2022, the Company had $35.17 million in total
assets, $5.47 million in total liabilities, and $29.70 million in
total equity.
IRONSTONE PROPERTIES: Reports $144K Net Operating Loss in Q2
------------------------------------------------------------
Ironstone Properties, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net
operating loss of $143,835 for the three months ended June 30,
2022, compared to a net operating loss of $130,242 for the three
months ended June 30, 2021.
For the six months ended June 30, 2022, the Company reported a net
operating loss of $289,587 compared to a net operating loss of
$209,640 for the same period in 2021.
As of June 30, 2022, the Company had $5.40 million in total assets,
$3.14 million in total liabilities, and $2.26 million in total
stockholders' equity.
The Company stated it has operated in the past principally with the
assistance of loans from private institutions and related party
individuals. The on-going accrual of unpaid interest on external
and related party debt, excluding the LOC, continues to increase
the financial risk to the Company as a going concern. Conversion
of a material portion of the outstanding debt to equity will help
alleviate such financial pressure.
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/723269/000143774922019319/irns20220630_10q.htm
About Ironstone
Ironstone Properties, Inc.'s main assets are investments in
non-marketable securities of TangoMe Inc., and Buoy Health, Inc.,
and marketable securities of Arcimoto Inc. There can be no
assurance that a market will continue to exist for these
investments.
Ironstone Properties reported a net operating loss of $523,401 for
the 12 months ended Dec. 31, 2021, compared to a net operating loss
of $301,658 for the 12 months ended Dec. 31, 2020. As of March 31,
2022, the Company had $5.48 million in total assets, $3.90 million
in total liabilities, and $1.58 million in total stockholders'
equity.
J.C. PENNEY: Gets Court Approval to Settle Claims for $12.4M
------------------------------------------------------------
Rick Archer of Law360 reports that a Texas bankruptcy judge has
given the wind-down estate of retail chain J.C. Penney permission
to settle nearly $30.3 million in claims for just more than $12.4
million, which the estate said was more efficient than attempting
to fight the claims in court.
U.S. Bankruptcy Judge David R. Jones gave his approval to the
settlements, which the company said were largely for personal
injury claims brought against the retail chain that would have
required fact-intensive litigation.
About J.C. Penney Co. Inc.
J.C. Penney Company, Inc. -- http://www.jcpenney.com/-- is an
apparel and home retailer, offering merchandise from an extensive
portfolio of private, exclusive, and national brands at over 850
stores and online. It sells clothing for women, men, juniors, kids,
and babies.
On May 15, 2020, J.C. Penney entered into a restructuring support
agreement with lenders holding 70% of its first lien debt. The RSA
contemplates agreed-upon terms for a pre-arranged financial
restructuring plan that is expected to reduce several billion
dollars of indebtedness.
To implement the plan, J.C. Penney and its affiliates on May 15,
2020, filed voluntary petitions for reorganization under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No.
20-20182). At the time of the filing, J.C. Penney disclosed assets
of between $1 billion and $10 billion and liabilities of the same
range.
Judge David R. Jones oversaw the cases.
The Debtors tapped Kirkland & Ellis and Jackson Walker, LLP as
legal counsel; Katten Muchin Rosenman, LLP as special counsel;
Lazard Freres & Co. LLC as investment banker; AlixPartners, LLP as
restructuring advisor; and KPMG, LLP as tax consultant. Prime Clerk
is the claims agent, maintaining the page
http://cases.primeclerk.com/JCPenney
The committee of unsecured creditors retained Cole Schotz, P.C.,
and Cooley, LLP.
* * *
J.C. Penney in November 2020 won approval to sell substantially all
of its retail and operating assets ("OpCo") to a group formed by
landlords Brookfield Asset Management, Inc. and Simon Property
Group and senior lenders through a combination of cash and new term
loan debt.
Paul, Weiss, Rifkind, Wharton & Garrison LLP was the legal counsel,
and BRG Capital Advisors, LLC, served as financial adviser to Simon
and Brookfield.
KOSMOS ENERGY: Posts $117.2 Million Net Income in Second Quarter
----------------------------------------------------------------
Kosmos Energy Ltd. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing net income
of $117.17 million on $620.88 million of total revenue and other
income for the three months ended June 30, 2022, compared to a net
loss of $57.19 million on $384.12 million of total revenue and
other income for the three months ended June 30, 2021.
For the six months ended June 30, 2022, the Company reported net
income of $118.57 million on $1.28 billion of total revenues and
other income compared to a net loss of $147.96 million on $560.69
million of total revenues and other income for the same period in
2021.
As of June 30, 2022, the Company had $4.93 billion in total assets,
$865.96 million in total current liabilities, $3.40 billion in
total long-term liabilities, and $662.37 million in total
stockholders' equity.
Commenting on the Company's second quarter 2022 performance,
Chairman and Chief Executive Officer Andrew G. Inglis said: "Kosmos
delivered another quarter of strong operational and financial
performance. Production at the upper end of guidance and continued
free cash flow delivery helped reduce debt and drive net leverage
lower. Following the robust underlying business performance
year-to-date, and despite seeing some inflationary cost pressures,
we expect full year free cash flow generation and debt reduction to
be in line with previous guidance with year-end net leverage
expected to be lower than our 1.5x target.
"We continued to make good progress on our three core development
projects -- Tortue Phase 1, Jubilee Southeast and Winterfell --
which we expect will collectively grow production by ~50% by 2024.
We are also advancing our other gas projects in Mauritania and
Senegal, which are expected to drive the next phase of growth
beyond 2024 as we continue to materially increase the gas weighting
of the portfolio.
"With low-cost, high margin oil assets that generate material cash
to both de-lever and fund our investment in our world-class gas
assets, we believe we have the right portfolio at the right time.
We are well positioned for the energy transition and expect to play
an increasingly important role alongside our host countries in
providing energy security to nations looking to diversify current
supply sources."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1509991/000150999122000056/kos-20220630.htm
About Kosmos Energy
Kosmos Energy Ltd. is a full-cycle deepwater independent oil and
gas exploration and production company focused along the Atlantic
Margins. The Company's key assets include production offshore
Ghana, Equatorial Guinea and the U.S. Gulf of Mexico, as well as a
world-class gas development offshore Mauritania and Senegal. The
Company also maintains a sustainable proven basin exploration
program in Equatorial Guinea, Ghana and the U.S. Gulf of Mexico.
Kosmos is listed on the NYSE and LSE and is traded under the ticker
symbol KOS.
Kosmos reported a net loss of $77.84 million in 2021, a net loss of
$411.59 million in 2020, a net loss of $55.78 million in 2019, a
net loss of $93.99 million in 2018, and a net loss of $222.79
million in 2017. As of March 31, 2022, the Company had $5.02
billion in total assets, $933.11 million in total current
liabilities, $3.55 billion in total long-term liabilities, and
$536.32 million in total stockholders' equity.
LATAM AIRLINES: Touts Q2 Progress, Sees Chapter 11 Exit in Q4
-------------------------------------------------------------
ATAM Group announced Aug. 12, 2022, its consolidated financial
results for the second quarter of the year, which reflect a gradual
recovery of the operation, reaching a consolidated capacity
(measured in ASK) of 72.6% compared to 2019 levels, which in turn
represents more than double the capacity of the same quarter of
2021, growing by 135.2%. This recovery of capacity is mainly
explained by the solidity of the domestic markets in Brazil,
Colombia and Ecuador, in addition to the recovery of international
operations, and takes place in a context marked by a sharp increase
in fuel prices.
During the period, the group's total operating revenues reached
US$2.226 billion, 6.1% less than in 2019, but showed an increase of
150.5% compared to last year. In turn, total operating expenses
increased by 3.5% compared to the same quarter of 2019, driven by a
31.5% increase in the Fuel cost line in the quarter compared to the
same period of 2019.
At the end of the second quarter, LATAM reported losses of US$523.2
million.
Roberto Alvo, CEO of LATAM Airlines Group, commented that "we have
closed a second quarter with significant progress in our
reorganization process under Chapter 11 and we hope to emerge from
it during the last quarter of this year. Although the group has
made advances in its operational recovery, we continue to remain
cautiously optimistic about the coming months, closely monitoring
fuel prices and macroeconomic variables, as the industry still
finds itself in the midst of a very dynamic environment."
During the period, LATAM Group obtained the approval of its
Reorganization Plan by the United States Bankruptcy Court and
secured its exit financing.
At the Extraordinary Shareholders' Meeting, LATAM obtained the
necessary approval from its shareholders for the company's new
capital structure and the issuance of the financing instruments
presented in the Plan, receiving the support of the vast majority
of shareholders, corresponding to 99.8% of the shares present or
represented at the Meeting, which correspond to 77.5% of the total
shares with voting rights, allowing LATAM to begin the final phase
of regulatory requirements in Chile for the eventual implementation
of the Plan.
LATAM has already begun the process of registering the instruments
of the Plan in Chile, which began with the submission of the
request for registration of the instruments before the Commission
for the Financial Market (CMF) on July 8, 2022.
Sustainability
In order to reach carbon neutrality by 2050, LATAM announced in
April that it will seek to reach 5% sustainable fuel use by 2030,
prioritizing production in South America. In addition, the group
announced in July its intention to explore opportunities for CO2
removal through the Direct Air Carbon Capture and Storage System
(DACCS). This announcement was made collaboratively and in
association with other industry players after signing a letter of
intent with Airbus.
In terms of circular economy, the "Recycle your Trip" program was
implemented during the quarter in the Peruvian subsidiary and later
in the Colombian subsidiary, which consists of segregating the
waste generated on board and which was already operational on the
domestic flights of the affiliates in Chile and Ecuador.
Finally, LATAM added new alliances to its Solidarity Plane program
by signing cooperation agreements with ANIQUEM in Peru and
Firefighters of Chile. Currently, the group has more than 20
alliances in Latin America.
About LATAM Airlines Group
LATAM Airlines Group S.A. -- http://www.latam.com/-- is a
pan-Latin American airline holding company involved in the
transportation of passengers and cargo and operates as one unified
business enterprise. It is the largest passenger airline in South
America.
Before the onset of the COVID-19 pandemic, LATAM offered passenger
transport services to 145 different destinations in 26 countries,
including domestic flights in Argentina, Brazil, Chile, Colombia,
Ecuador and Peru, and international services within Latin America
as well as to Europe, the United States, the Caribbean, Oceania,
Asia and Africa.
LATAM and its 28 affiliates sought Chapter 11 protection (Bankr.
S.D.N.Y. Lead Case No. 20-11254) on May 25, 2020. Affiliates in
Chile, Peru, Colombia, Ecuador and the United States are part of
the Chapter 11 filing.
The Debtors disclosed $21,087,806,000 in total assets and
$17,958,629,000 in total liabilities as of Dec. 31, 2019.
The Hon. James L. Garrity, Jr., is the case judge.
The Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as
bankruptcy counsel, FTI Consulting as restructuring advisor, Lee
Brock Camargo Advogados as local Brazilian litigation counsel, and
Togut, Segal & Segal LLP and Claro & Cia in Chile as special
counsel. The Boston Consulting Group, Inc. and The Boston
Consulting Group UK LLP serve as the Debtors' strategic advisors.
Prime Clerk LLC is the claims agent.
The official committee of unsecured creditors formed in the case
tapped Dechert LLP as its bankruptcy counsel, Klestadt Winters
Jureller Southard & Stevens, LLP as conflicts counsel, UBS
Securities LLC as investment banker, and Conway MacKenzie, LLC as
financial advisor. Ferro Castro Neves Daltro & Gomide Advogados is
the committee's Brazilian counsel.
The Ad Hoc Group of LATAM Bondholders tapped White & Case LLP as
counsel.
Glenn Agre Bergman & Fuentes, LLP, led by managing partner Andrew
Glenn and partner Shai Schmidt, has been retained as counsel to the
Ad Hoc Committee of Shareholders.
M/I HOMES: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed M/I Homes, Inc.'s (NYSE: MHO) ratings,
including the company's Long-Term Issuer Default Rating (IDR) at
'BB'. The Rating Outlook is Stable.
The 'BB' IDR reflects the company's execution of its business model
in the upcycle, conservative land policies, management's
demonstrated ability to manage land and development spending,
healthy liquidity position, and strong credit metrics. Risk factors
include the cyclical nature of the homebuilding industry, MHO's
somewhat limited geographic diversity and its relatively high
speculative-inventory levels. The company currently has solid
financial flexibility and meaningful cushion relative to Fitch's
negative sensitivities to withstand a potential correction in the
single-family market.
The rating affirmation and Stable Outlook are based on the
assumptions of a mid-single digit decline in housing activity in
2023, and a further decrease in 2024, as affordability continues to
constrain demand, further exacerbated by meaningful margin
compression. While Fitch's Rating Case does not assume a severe
contraction, the likelihood of one has increased, and negative
rating actions could result should market fundamentals track closer
to the Downgrade Case than the Ratings Case.
Fitch envisions negative rating actions could result in a more
pronounced downturn, including housing activity falling 30% over a
multi-year period and meaningful home price declines and/or the
management team employing aggressive capital allocation strategies
that diminish liquidity. Such actions by management would be a
departure from Fitch's expectation and MHO's strategy during the
last housing downturn and the beginning of the pandemic.
KEY RATING DRIVERS
Meaningful Rating Headroom: MHO has meaningful rating headroom
relative to the negative rating sensitivities for the 'BB' IDR,
principally net debt to capitalization below 45%. Fitch expects the
company will remain disciplined with its capital allocation
strategy during these uncertain times. This should result in net
debt to capitalization remaining near or below 25%, and total debt
to operating EBITDA situating below 2.5x during the next few years,
compared with 23.3% at June 30, 2022 and 1.2x for the LTM period
ending June 30, 2022, respectively.
Land Strategy: MHO has successfully increased land controlled
through options and has one of the shortest owned-land positions
among the builders in Fitch's coverage. This strategy reduces the
risk of downside volatility and impairment charges in a contracting
housing market. As of June 30, 2022, the company controlled 47,846
lots, of which 52% were owned and the remaining lots were
controlled through options. Based on LTM closings, MHO controlled
5.8 years of land and owned roughly 3.0 years of land.
Land and Development Spending: MHO meaningfully increased spending
in 2020 and 2021 to acquire and develop land to keep pace with
strong housing demand. The company spent $1.05 billion and $733.3
million on land and development activities in 2021 and 2020,
respectively. MHO pulled back modestly on land purchases in 2Q22,
spending about 20% less than 2Q21. Fitch expects management will
continue to pull back on spending if housing activity shows further
signs of slowing.
Cash Flow Generating Ability: Fitch expects MHO will likely
generate positive cash flow from operations (CFFO) in most periods
throughout the housing cycle as it executes its land-light
strategy, although at lower levels during periods of housing
expansions. The company's more consistent cash flow generation,
combined with its strong balance sheet, allows the company to
execute on its capital allocation priorities, including investing
in its homebuilding operations and repurchasing its stock.
The company reported negative CFFO of $16.7 million in 2021 due to
increased land and development spending, including some catch up
from lower land spending in 2020. MHO generated positive CFFO of
$168.3 million or 5.7% of revenues in 2020, due to a combination of
strong profitability and a temporary pullback in land acquisitions
following the onset of the pandemic. Fitch expects the company will
generate about modest CFFO this year at around 1% of revenues and
5%-6% in 2023.
Speculative Strategy: Management estimates that about 35% of the
total number of homes closed in 2021 were speculative (spec) homes,
down from 49% in 2020. As of June 30, 2022, MHO had 1,732 spec
homes, of which 91 were completed. Total specs at the end of 2Q22
were up about 42% from the end of 1Q22. MHO has effectively managed
its spec activity in the past, though Fitch views high spec
activity as a credit negative, all else equal, as rapidly
deteriorating market conditions could result in sharply lower
margins.
Limited Geographic Diversification: The company has expanded into
new markets over the past few years, but continues to have limited
geographic diversification. Compared with larger, more
geographically-diversified public builders, MHO's operating results
have less cushion from regional downturns. Nevertheless, its scale
and leadership position in local metro markets, particularly in
Midwest markets, enhances the company's access to local land and
labor pool in those markets.
MHO offers homes for sale in 176 communities across 15 local
markets in 10 states. The company has a top-10 position in 11 of
the 50 largest MSAs in the country. Most recently, the company
announced its entry into the Nashville, TN market, targeting a 2023
opening.
Shift Towards Entry-Level: Due to the robustness in the affordable
segment of the market, MHO has shifted its offerings to target the
entry-level buyer. At the end of 2021, MHO's affordable product,
Smart Series, was offered in more than 40% of communities, compared
with 31% at the end of 2020 and 27% at the end of 2019.
The entry-level/first-time homebuyer represented about 55% of MHO's
2Q22 orders, up from 54% in 1Q22 and 53% in 4Q21. The entry-level
market is generally the deepest buyer segment and Fitch expects
this customer segment will continue to represent a sizeable part of
new home demand. However, this could also pose a considerable risk
to MHO given the sensitivity of this buyer cohort to affordability
constraints.
Rating Incorporates Housing Cyclicality: The company's rating
incorporates the cyclicality of the housing market. Fitch assumes
housing activity will fall mid-single digits in 2023 and low-single
digits in 2024, leading to revenue contraction in the mid- to
high-single digits in 2023 and low- to mid-single digits in 2024
and EBITDA margins contracting roughly 600 bps during the two-year
period.
Prospects for Downgrade Case Increasing: Fitch's Ratings Case
forecast does not assume a meaningful contraction similar to the
last housing downturn. Should that be the case, there could be
negative momentum on the ratings and/or Outlook, particularly if
management employs an aggressive capital allocation strategy.
DERIVATION SUMMARY
MHO's net debt to capitalization ratio and is on par with M.D.C.
Holdings, Inc. (MDC; BBB-/Stable), but weaker than Meritage Homes
Corporation (MTH; BB+/Stable). The company is similarly
geographically diversified, but is smaller than these peers and has
weaker profitability metrics. However, MHO has a relatively
more-conservative land position with 48% of its lots controlled
through options compared with 34% for MTH and 22% for MDC. MHO also
has a lower owned-lot supply than its peers.
Meritage also has a more aggressive speculative building strategy
compared with MHO, while all three companies have meaningful
exposure to the first-time buyer segment. MDC's build-to-order
strategy and conservatively-managed balance sheet through housing
cycles are strengths relative to MHO.
KEY ASSUMPTIONS
-- Homebuilding revenues increase 10.5%-11.0% in 2022 and fall 8%
in 2023;
-- EBITDA margins of around 14.5% in 2022 and 10%-11% in 2023;
-- CFFO flat in 2022 and 2%-3% of homebuilding revenues in 2023;
-- Net debt to capitalization below 30% and total debt to
operating EBITDA peaking at about 2.5x during the forecast
period.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- The company increases its size and further enhances its
geographic diversification and local market leadership
positions;
-- EBITDA margins sustain in the low-double-digits;
-- Fitch's expectation that net debt-to-capitalization will
sustain below 40%. Management's commitment to maintain a
leverage ratio below this level would also support positive
rating momentum.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Fitch's expectation that net debt-to-capitalization will
approach or exceed 45%;
-- Fitch's expectation that total debt to operating EBITDA will
exceed 3.8x for a sustained period;
-- The company maintains an aggressive land and development
spending program that leads to consistently negative CFFO,
higher debt levels and a diminished liquidity position;
-- If MHO's liquidity position (cash plus revolver availability)
falls sharply and cannot cover maturities over the next two
years and any cash flow shortfall in the next 12 months, this
would also pressure the rating.
LIQUIDITY AND DEBT STRUCTURE
Strong Liquidity Position: As of June 30, 2022, MHO had $187.6
million of unrestricted cash and $444.3 million of borrowing
availability under its $550 million revolving credit facility
($105.7 million of letters of credit and no borrowings
outstanding), which matures on July 18, 2025. The company has
sufficient liquidity to cover working capital needs in the
intermediate term. MHO has a relatively long-dated maturity
schedule, with no maturities until 2028, when $400 million of
senior notes come due.
ISSUER PROFILE
M/I Homes, Inc. designs, markets, constructs and sells
single-family homes and attached townhomes to first-time, move-up,
empty-nester and luxury buyers. The company offers homes for sale
in 176 communities across 15 local markets in 10 states.
SUMMARY OF FINANCIAL ADJUSTMENTS
Historical and projected EBITDA is adjusted to add back non-cash
stock-based compensation and interest expense included in cost of
sales and also excludes impairment charges and land option
abandonment costs.
Fitch excludes the EBITDA and debt of MHO's financial services
operations as this subsidiary's only major debt, a mortgage
repurchase facility and mortgage warehouse facility, are
non-recourse to MHO and the finance subsidiary generally sells the
mortgage it originates and the related servicing rights to
third-party purchases within 30 days.
Fitch's Corporate Criteria outlines adjusting consolidated profiles
for group structures under which Fitch partially deconsolidates the
mortgage origination operations from homebuilders' results as Fitch
believes there is weak linkage to the parent based on the debt
being 364-day nonrecourse facilities, the assets securing it are
typically held for short periods of time and limited strategic and
operational links.
When applying this adjustment, Fitch removes the associated debt
and EBITDA from relevant ratios. Shareholders' equity is assumed to
be unaffected. Fitch reviews historical cash flow from operations
on a consolidated basis and also estimates CFFO excluding these
operations.
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.
RATING ACTIONS
ENTITY/DEBT RATING RECOVERY PRIOR
----------- ------ -------- -----
M/I Homes, Inc. LT IDR BB Affirmed BB
senior unsecured LT BB Affirmed RR4 BB
MAGIC DESIGNS: Wins Cash Collateral Access Thru Sept 30
-------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California,
Los Angeles Division, authorized Magic Designs, Inc. to use cash
collateral on an interim basis in accordance with the budget
through September 30, 2022.
As previously reported by the Troubled Company Reporter, the Debtor
requires the use of cash collateral to pay its normal and ordinary
operating expenses as they come due in the ordinary course of the
Debtor's business.
The Debtor has a few judgment creditors that assert an interest in
the Debtor's cash, most of which are disputed. The Debtor submitted
that the secured creditors will not be harmed in any way by the
Debtor's use of cash collateral. Without the proposed use of cash
collateral, the Debtor will not have any liquidity to operate its
business and will be unable to fund its ordinary course
expenditures or pay the expenses necessary to administer the
chapter 11 case.
As adequate protection, any and all secured creditors with a
perfected security interest will be granted a replacement lien to
the same extent, validity, and priority, and the same dollar amount
as their secured claims as existed on the Petition Date.
The further hearing on the matter is scheduled for August 23 at 1
p.m.
A copy of the order is available at https://bit.ly/3QnFY0t from
PacerMonitor.com.
About Magic Designs, Inc.
Magic Designs, Inc. is a clothing manufacturer. The Debtor sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
C.D. Cal. Case No. 22-13987) on July 23, 2022. In the petition
signed by Xanlhyl Zuleika Nuno Aquiono, president, the Debtor
disclosed up to $50,000 in assets and up to $500,000 in
liabilities.
Judge Neil W. Bason oversees the case.
Tamar Terzian, Esq., at Epps and Coulson, LLP is the Debtor's
counsel.
MILLER'S ALE HOUSE: S&P Upgrades ICR to 'B-', Outlook Stable
------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Florida-based
casual dining restaurant chain operator Miller's Ale House Inc. to
'B-' from 'CCC+'.
At the same time, S&P raised its issue-level rating on its term
loan facility and revolving credit facility to 'B-' from 'CCC+'.
The stable outlook on Miller's reflects S&P's expectation for a
continued improvement in its operating performance and credit
metrics, including S&P Global Ratings-adjusted leverage in the
mid-5x range.
Miller's Ale House successfully extended the maturity of its
revolving credit facility through 2025 and recently reported a
better-than-expected operating performance.
The upgrade reflects Miller's better-than-expected performance
trends and revolver extension. The company's extension of its
undrawn revolver's maturity to 2025 will mitigate its liquidity
risk by providing it with access to additional reserves during
periods of economic uncertainty. S&P said, "We expect Miller's
credit metrics will improve this year as it increases its sales
volumes by more than 15%, which will support an improvement in its
operating leverage and a double-digit percent rise in its S&P
Global Ratings-adjusted EBITDA. The company has benefited from the
improving demand for dining out, contributions from its new unit
openings, and rising sales from its delivery channel, although its
growth prospects are moderating amid the deteriorating
macroeconomic conditions and rising recession risk. In addition, we
expect elevated wages, high commodity costs, and supply chain
pressures will continue to weigh on its margins. Still, we believe
that, on balance, Miller's risks have declined due to the
successful extension of its revolver and its improved performance
in the first half of 2022."
S&P said, "We now assess the company's liquidity as adequate
following the extension of its revolving credit facility to March
2025. Miller's improving operating performance has led to a
continued increase in its cash generation through the second
quarter of 2022. Additionally, the successful extension of its
revolving credit facility will provide the company with additional
financial flexibility during economic downturns (such as when it
drew on its revolver to meet its liquidity needs during the
pandemic). We expect Miller's will generate relatively flat free
operating cash flow (FOCF) over the next year as elevated capital
expenditure (capex) spending on new units, maintenance, remodels,
and information technology (IT) investments consumes its operating
cash flow. In connection with this, we believe the company's growth
strategy continues to entail certain execution risks. That said,
Miller's has no immediate maturities given that its term loan
matures in 2025 while $28.5 million of its revolver will now mature
in 2025 (with the remaining $6.5 million set to mature in 2023). As
of the second quarter of 2022, the company had full availability
under its $35 million revolver and balance sheet cash of roughly
$22 million.
"We forecast the company's S&P Global Ratings-adjusted leverage
will remain in the mid-5x area in 2022 before improving to 5x or
below in 2023. We expect Miller's EBITDA growth will be constrained
this year due to the ongoing uncertainty around the supply chain,
rising commodity prices, and the wage pressures affecting the
restaurant industry. Our cash flow forecast assumes the company
will reinvest nearly all of its operating cash into its business
via capex for new unit growth and existing unit maintenance and
remodels, which will leave its debt levels relatively unchanged
absent a modest level of contractual term loan amortization.
However, there is a risk that management will issue additional debt
to fund its aggressive growth plans or a potential dividend payment
given its financial-sponsor ownership.
"The stable outlook on Miller's reflects our expectation that
improving performance trends, including positive comparable store
sales and EBITDA growth, will lead to modest improvements in its
credit metrics. We also anticipate the company's liquidity will
likely remain sufficient to support its operations."
S&P could lower its rating on Miller's if:
-- Its operating performance is weaker than expected, including
weaker sales and margin trends, such that its credit metrics
deteriorate; and
-- It generates negative FOCF, which pressures its liquidity and
causes S&P to view its capital structure as unsustainable.
S&P could raise its rating on Miller's if:
-- The company successfully executes its growth strategy by
improving its profitability, including by expanding its S&P Global
Ratings-adjusted EBITDA margins beyond S&P's base-case projections
and materially increasing its profitability through continued
successful store developments; and
-- Management adopts a more conservative financial policy such
that S&P expects its S&P Global Ratings-adjusted leverage will
remain below 5.5x on a sustained basis.
ESG credit indicators: E-2, S-2, G-3
NORTH BROOKLYN: In Chapter 11 to Stop Foreclosure
-------------------------------------------------
North Brooklyn Real Estate Initiative Corp. filed for chapter 11
protection in the Eastern District of New York.
Frederico Frazer, manager and owner, says the Debtor's business is
the operation of a three-family building at 56 Martense Street,
Brooklyn, New York.
Frazer said he was compelled to file for relief under Title 11 due
to the pending foreclosure of the property. The cause of the
current financial condition was the unanticipated additional costs
of the recently completed renovation of almost all the apartments
in the building.
The Debtor has assets that equal $799,466, predominantly equity in
real property against liabilities of $1,012,258. It has 3 secured
creditors: Nationstar Mortgage LLC with a principal balance of
$1,000,533.86, NYC Water Board with a principal balance of $2,185,
NYC Department of Finance with a balance of $7,935.
According to court documents, North Brooklyn Real Estate Initiative
Corp. estimates between 1 and 49 unsecured creditors. The petition
states funds will be available to unsecured creditors.
About North Brooklyn Real Estate Initiative
North Brooklyn Real Estate Initiative Corp. is a Single Asset Real
Estate (as defined in 11 U.S.C. Sec. 101(51B)).
North Brooklyn Real Estate Initiative Corp. sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No.
22-41926) on August 10, 2022. In the petition filed by Federico
Frazer, as president, the Debtor reports estimated assets between
$1 million and $10 million and estimated liabilities of $500,000
and $1 million.
David J. Doyaga, Attorney at Law, is the Debtor's counsel.
NORTHWEST BIOTHERAPEUTICS: Incurs $29.7 Million Net Loss in Q2
--------------------------------------------------------------
Northwest Biotherapeutics, Inc. filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q disclosing a
net loss of $29.67 million on $477,000 of total revenues for the
three months ended June 30, 2022, compared to net income of $4.41
million on $416,000 of total revenues for the three months ended
June 30, 2021.
For the six months ended June 30, 2022, the Company reported a net
loss of $43.88 million on $880,000 of total revenues compared to
net income of $287,000 on $655,000 of total revenues for the same
period during the prior year.
As of June 30, 2022, the Company had $27.52 million in total
assets, $119.18 million in total liabilities, and a total
stockholders' deficit of $91.67 million.
The Company stated, "We have experienced recurring losses from
operations since inception. We have not yet established an ongoing
source of revenues and must cover our operating expenses through
debt and equity financings to allow us to continue as a going
concern. Our ability to continue as a going concern depends on the
ability to obtain adequate capital to fund operating losses until
we generate adequate cash flows from operations to fund our
operating costs and obligations. If we are unable to obtain
adequate capital, we could be forced to cease operations.
"We depend upon our ability, and will continue to attempt, to
secure equity and/or debt financing. We cannot be certain that
additional funding will be available on acceptable terms, or at
all. Our management determined that there was substantial doubt
about our ability to continue as a going concern within one year
after the condensed consolidated financial statements were issued,
and management's concerns about our ability to continue as a going
concern within the year following this report persist."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1072379/000141057822002177/nwbo-20220630x10q.htm
About Northwest Biotherapeutics
Headquartered in Bethesda, MD, Northwest Biotherapeutics, Inc. --
www.nwbio.com -- is a biotechnology company focused on developing
personalized immune therapies for cancer. The Company has
developed a platform technology, DCVax, which uses activated
dendritic cells to mobilize a patient's own immune system to attack
their cancer.
Northwest reported net income of $179.13 million for the year ended
Dec. 31, 2021, compared to a net loss of $529.82 million for the
year ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had
$40.16 million in total assets, $164.15 million in total
liabilities, and a total stockholders' deficit of $123.99 million.
Tampa, Florida-based Cherry Bekaert LLP, the Company's auditor
since 2021, issued a "going concern" qualification in its report
dated March 1, 2022, citing that the Company has recurring losses
and negative cash flows from operations that raise substantial
doubt about its ability to continue as a going concern.
OBLONG INC: Incurs $9 Million Net Loss in Second Quarter
--------------------------------------------------------
Oblong, Inc. filed with the Securities and Exchange Commission its
Quarterly Report on Form 10-Q disclosing a net loss of $9.03
million on $1.33 million of revenue for the three months ended June
30, 2022, compared to a net loss of $2.25 million on $2.05 million
of revenue for the three months ended June 30, 2021.
For the six months ended June 30, 2022, the Company reported a net
loss of $13.57 million on $2.87 million of revenue compared to a
net loss of $5.68 million on $3.97 million of revenue for the six
months ended June 30, 2021.
As of June 30, 2022, the Company had $14.57 million in total
assets, $2.65 million in total liabilities, and $11.92 million in
total stockholders' equity.
"Our second quarter results were consistent with prior guidance
related to ongoing shifts in hybrid work models and macro trends in
facility and IT spending. We believe those trends will gradually
move toward Oblong's vision of creating greater situational
awareness, collaboration and data interaction through Mezzanine.
We also remain focused on exploring strategic alternatives,
including a potential sale or merger, to maximize value for our
shareholders," commented Pete Holst, president and CEO of Oblong.
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/746210/000074621022000039/glow-20220630.htm
About Oblong Inc.
Oblong, Inc. -- www.oblong.com -- is a provider of patented
multi-stream collaboration products and managed services for video
collaboration and network solutions.
Oblong reported a net loss of $9.05 million for the year ended Dec.
31, 2021, a net loss of $7.42 million for the year ended Dec. 31,
2020, and a net loss of $7.76 million for the year ended Dec. 31,
2019. As of Dec. 31, 2021, the Company had $28.61 million in total
assets, $3.11 million in total liabilities, and $25.50 million in
total stockholders' equity.
Iselin, New Jersey-based EisnerAmper LLP, the Company's auditor
since 2010, issued a "going concern" qualification in its report
dated March 29, 2022, citing that the Company has incurred losses
and expects to continue to incur losses. These conditions raise
substantial doubt about its ability to continue as a going concern.
OCULAR THERAPEUTIX: Incurs $18.8 Million Net Loss in Second Quarter
-------------------------------------------------------------------
Ocular Therapeutix, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $18.77 million on $12.27 million of total net revenue for the
three months ended June 30, 2022, compared to a net loss of $8.48
million on $11.72 million of total net revenue for the three months
ended June 30, 2021.
For the six months ended June 30, 2022, the Company reported a net
loss of $31.31 million on $25.45 million of total net revenue
compared to a net loss of $5.36 million on $19.06 million of total
net revenue for the six months ended June 30, 2021.
As of June 30, 2022, the Company had $173.07 million in total
assets, $107.27 million in total liabilities, and $65.80 million in
total stockholders' equity.
"Through the first half of the year we are making good progress
executing on our commercial strategy and developing our strong
ophthalmology pipeline," said Antony Mattessich, president and
chief executive officer. "Looking ahead, we plan to announce
interim data from the U.S.-based Phase 1 clinical trial of OTX-TKI
for the treatment of wet AMD in the third quarter. Wet AMD
represents a large market opportunity for a highly differentiated
product, and we believe that OTX-TKI has the potential to become a
new standard of care in the management of serious retinal diseases.
On the commercial front, DEXTENZA achieved net revenue of $12.1
million for the quarter despite staffing challenges at our ASC and
HOPD customers that hindered their ability to operate at full
capacity.
We believe these challenges are transient in nature and that
drivers such as the recent recommendation of continued separate
payment through 2023 by CMS, bringing new territories online, and
the ramp-up of our new office-based salesforce should have a
positive impact on DEXTENZA sales over the remainder of 2022 and
beyond."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1393434/000155837022012623/ocul-20220630x10q.htm
About Ocular Therapeutix
Headquartered in Bedford, MA, Ocular Therapeutix, Inc. --
http://www.ocutx.com-- is a biopharmaceutical company focused on
the formulation, development, and commercialization of innovative
therapies for diseases and conditions of the eye using its
proprietary bioresorbable hydrogel-based formulation technology.
Ocular Therapeutix's first commercial drug product, DEXTENZA, is
FDA-approved for the treatment of ocular inflammation and pain
following ophthalmic surgery.
Ocular Therapeutix reported a net loss and comprehensive loss of
$6.55 million for the year ended Dec. 31, 2021, a net loss and
comprehensive loss of $155.64 million for the year ended Dec. 31,
2020, and a net loss and comprehensive loss of $86.37 million for
the year ended Dec. 31, 2019. As of March 31, 2022, the Company
had $187.62 million in total assets, $107.83 million in total
liabilities, and $79.80 million in total stockholders' equity.
OFF-SPEC SOLUTIONS: Seeks to Hire Johnson May as Local Counsel
--------------------------------------------------------------
Off-Spec Solutions, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Idaho to hire Johnson May as its local
counsel.
The firm's services include:
a) assisting in the preparation and filing of bankruptcy
schedules, reports, objections, and other pleadings as required and
requested by the Debtor's lead counsel;
b) attending all meetings of creditors, hearings, pretrial
conferences, and trials in the case or any litigation arising in
connection with the case, whether in state or federal court;
c) preparing, filing and presenting to the bankruptcy court
any pleadings requesting relief as assigned by the lead counsel;
d) preparing, filing and presenting to the court all
applications to employ and compensate professionals as requested by
the lead counsel; and
e) other tasks as requested by the Debtor or its lead counsel.
The firm's hourly rates are as follows:
Attorneys $195 to $375 per hour
Paralegal $95 to $175 per hour
The Debtor agreed to pay the firm $30,000 as retainer.
As disclosed in court filings, Johnson May does not represent
interests adverse to the Debtor and its estate.
The firm can be reached through:
Matthew T. Christensen, Esq.
Chad R. Moody, Esq.
Johnson May
199 N. Capitol Blvd., Suite 200
Boise, ID 83702
Phone: (208) 384-8588
Fax: (208) 629-2157
Email: mtc@johnsonmaylaw.com
crm@johnsonmaylaw.com
About Off-Spec Solutions
Off-Spec Solutions, LLC is a trucking logistics and transportation
company in Nampa, Idaho.
Off-Spec Solutions sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Idaho Case No. 22-00346) on Aug. 5,
2022, disclosing up to $10 million in both assets and liabilities.
Richard Coyle, president of Off-Spec Solutions, signed the
petition.
Judge Noah G. Hillen oversees the case.
Felderstein Fitzgerald Willoughby Pascuzzi & Rios, LLP and Johnson
May serve as the Debtor's bankruptcy counsel and local counsel,
respectively.
OFF-SPEC SOLUTIONS: Taps Felderstein as Legal Counsel
-----------------------------------------------------
Off-Spec Solutions, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Idaho to hire Felderstein Fitzgerald
Willoughby Pascuzzi & Rios, LLP as its legal counsel.
The firm's services include:
a. advising the Debtor with respect to matters and proceedings
in this Chapter 11 case;
b. assisting the Debtor with bankruptcy issues, which may
arise in the operation of its business, including negotiations with
creditors, interest groups and any official committee of unsecured
creditors;
c. assisting the Debtor with the preparation of and
confirmation of a plan of reorganization or other disposition of
the case;
d. advising the Debtor with respect to its powers and duties
to the estate;
e. advising the Debtor regarding motions and other
developments in the case;
f. advising the Debtor with respect to recovery of assets of
the bankruptcy estate, including preferential payments and
fraudulent transfers;
g. advising the Debtor with respect to potential actions or
claims against third parties;
h. advising the Debtor with respect to any other litigation or
contested matters that may arise in the course of the case;
i. assisting the Debtor with respect to other matters
connected with its Chapter 11 case.
Felderstein will be paid at these rates:
Paul J. Pascuzzi, Managing Partner $525 per hour
Thomas A. Willoughby, Partner $525 per hour
Jason E. Rios, Partner $450 per hour
Associates/Of Counsel $350 - $450 per hour
Legal Assistants $100 per hour
The firm also will bill the estate for work-related expenses
incurred.
Jason Rios, Esq., a partner at Felderstein, disclosed in a court
filing that his firm neither holds nor represents any interest
materially adverse to the interests of the Debtor's bankruptcy
estate, creditors and equity security holders.
The firm can be reached through:
Jason E. Rios, Esq.
Jennifer E. Niemann, Esq.
Felderstein Fitzgerald Willoughby Pascuzzi & Rios LLP
500 Capitol Mall, Suite 2250
Sacramento, CA 95814
Telephone: (916) 329-7400
Facsimile: (916) 329-7435
Email: jrios@ffwplaw.com
jniemann@ffwplaw.com
About Off-Spec Solutions
Off-Spec Solutions, LLC is a trucking logistics and transportation
company in Nampa, Idaho.
Off-Spec Solutions sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Idaho Case No. 22-00346) on Aug. 5,
2022, disclosing up to $10 million in both assets and liabilities.
Richard Coyle, president of Off-Spec Solutions, signed the
petition.
Judge Noah G. Hillen oversees the case.
Felderstein Fitzgerald Willoughby Pascuzzi & Rios, LLP and Johnson
May serve as the Debtor's bankruptcy counsel and local counsel,
respectively.
PARFUMS HOLDING: Moody's Affirms B3 CFR & Alters Outlook to Stable
------------------------------------------------------------------
Moody's Investors Service affirmed Parfums Holding Company, Inc.'s
B3 Corporate Family Rating, B3-PD Probability of Default Rating,
and the B3 rating to the company's senior secured credit facility.
Parfums' senior secured credit facility includes a $39 million
senior secured revolving credit facility expiring in March 2024 and
a senior secured first lien term loan due in June 2024. The
outlook is changed to stable from positive.
The change in the rating outlook to stable from positive reflects
Moody's view that it is unlikely that Parfums will reach Moody's
upgrade triggers in the near them, including to maintain debt-to
EBITDA sustained below 6.0x and free cash flow-to-debt sustained
above 6%. As of March 31, 2022, Parfums' debt-to-EBITDA was 6.4x
and the company's operating performance continues to be negatively
impacted by industry-wide higher input and transportation costs, as
well as supply chain disruptions. Parfums has benefitted from
strong demand for self-care products because the effects of the
coronavirus and consumers spent more time at home. As coronavirus
subsides and more consumers shift spending to services and
away-from-home products, Moody's expects the company's revenue
growth to slow to a mid-single-digit percentage. Moody's also
expects the company's earnings and cash flow generation to decline
as a result of higher costs and working capital investment.
Moreover, Parfums has a relatively short-dated debt capital
structure with the revolver and term loan both due in 2024.
The affirmation of the B3 CFR reflects Moody's expectation that
Parfums will maintain EBITA margin in the mid-teens despite higher
costs and lower revenue growth. Moody's also expects the company to
generate positive free cash flow and maintain good liquidity.
Affirmations:
Issuer: Parfums Holding Company, Inc.
Probability of Default Rating, Affirmed B3-PD
Corporate Family Rating, Affirmed B3
Backed Senior Secured Bank Credit Facility (Local Currency),
Affirmed B3 (LGD4)
Outlook Action:
Issuer: Parfums Holding Company, Inc.
Outlook, Changed To Stable From Positive
RATINGS RATIONALE
Parfums' B3 CFR reflects its high financial leverage of 6.4x
debt-to-EBITDA as of March 31, 2022, small scale relative to larger
and better capitalized competitors, and event risk related to its
majority ownership by a financial sponsor. Demand for the company's
products is vulnerable to shifts in consumer preferences, weakness
in household income, retailers' shelf space allocation and
marketing support. The mass fragrance, bath, multicultural hair
care and beauty segments are highly competitive and Parfums faces
steep competition from branded product companies that are
significantly larger, more diverse, financially stronger, and which
have much greater investment capacity. These factors are partially
balanced by the company's projected ability to generate free cash
flow, good geographic and product diversification and solid
historical organic growth in several of the company's key product
categories. The rating is also supported by Parfums'
well-recognized brand name in niche markets, its good liquidity and
Moody's expectation that continued distribution gains and product
development will support the company's operating performance over
the next 12 to 18 months.
The majority of Parfums' operations were assembled through a series
of acquisitions prior to 2017. Since then, revenue grew at about
10% organically over the last four years. The management team has
delivered strong growth despite the uncertain economic environment
through actions such as increasing distribution and focusing on
products with favorable demographics. Moody's expects performance
to gradually moderate following a period of strong growth. In
addition, the company's revenues and earnings are vulnerable to
changing customer preferences and competition -- in particular from
much larger, better capitalized competitors in the beauty and
multi-cultural haircare care categories. Continued investment in
new product development and marketing is necessary to attract and
retain consumers.
In terms of Environmental, Social and Governance (ESG)
considerations, the most important factor for Parfums' ratings are
governance considerations related to its financial policies.
Moody's views Parfums' financial policies as aggressive given its
appetite for debt financed acquisitions. Social risk is a factor
for Parfums because it sells products that appeal to customers
almost entirely due to "social" considerations. To the extent such
social factors change, it could have an impact -- positive or
negative -- on the company's sales and earnings.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Customer or competitor actions that pressure Parfums' revenue and
EBITDA through a deterioration in market share, retail distribution
or pricing could result in a downgrade. Acquisitions, shareholder
distributions, earnings weakness or other actions that lead to
debt-to-EBITDA above 7.5x, or a deterioration in liquidity or
failure to refinance in a timely fashion could also result in a
downgrade.
An upgrade could be considered if Parfums continues to demonstrate
a track record of profitable growth. An upgrade would also require
that Parfums maintains more conservative financial policies that
support debt-to-EBITDA sustained below 6.0x and free cash flow to
debt sustained above 6%. Parfums will also need to maintain good
liquidity.
The principal methodology used in these ratings was Consumer
Packaged Goods published in June 2022.
Parfums Holding Company, Inc. headquartered in Stamford, CT,
develops, markets and sells fragrance, bath care and specialty bath
and hair care products to mass market consumers. Key brands include
Dr. Teal's, Cantu, Body Fantasies, Eylure, BODman, and Bodycology.
Parfums is majority-owned by CVC Partners since a leveraged buyout
in 2017 and the company generates annual revenues of about $600
million.
PARTY CITY: S&P Downgrades ICR to 'CCC+', Outlook Negative
----------------------------------------------------------
S&P Global Ratings lowers its issuer credit rating on Party goods
retailer and wholesaler Party City Holdings Inc. to 'CCC+' from
'B-'. S&P also lowered its issue-level ratings on the company's
senior secured debt to 'CCC+' from 'B-' and its ratings on the
senior unsecured debt to 'CCC-' from 'CCC'. The recovery ratings
are unchanged.
The negative outlook reflects the potential for a lower rating if
liquidity becomes more constrained than S&P anticipates or if a
distressed exchange appears more likely.
Party City's capital structure appears unsustainable because of
weakening operating performance, elevated leverage, and negative
FOCF. Party City's cash flow and profitability remain challenged by
on-going cost pressures and declining demand amid a weakening
macroeconomic environment. The company reported negative FOCF of
approximately $150 million during the six-months-ended June 30,
2022. S&P said, "We now anticipate constrained EBITDA margins will
cause S&P Global Ratings'-adjusted leverage to remain above 7x with
significantly negative FOCF in fiscal 2022. Our leverage forecast
incorporates more than $150 million of borrowings under the under
the asset-based lending (ABL) revolving credit facility. In our
view, these weak credit protection metrics, in addition to a
challenging operating environment, leave Party City more vulnerable
to business, economic, and financial conditions to meet its
financial commitments."
S&P notes that the company's near-term financial obligations appear
manageable with $23 million of senior notes maturing over the next
12 months.
S&P said, "We believe operating challenges will persist amid
ongoing industry headwinds and deteriorating macroeconomic
conditions. The company reported second-quarter results (ended June
30, 2022) below our expectations and revised its fiscal 2022
guidance downward due to inventory challenges, ongoing cost
pressures, and slowing consumer demand for party décor. Brand
comparable sales decreased 5.6% in the quarter over the prior year
period as consumers pulled back on discretionary spending, spending
shifted to away-from-home celebrations, and the company lapped
strong performance in 2021 bolstered by stimulus checks. Quarterly
S&P Global Ratings'-adjusted EBITDA margins also declined 840 basis
points (bps), reflecting a 700- bp decline in gross margins driven
by freight, labor, and raw material costs. Specifically, the
company paid a premium for helium amid global shortages and faced
logistical challenges moving elevated levels of inventory through
its distribution center. Price increases should offset some cost
pressures, but Party City's position as a discretionary specialty
retailer leaves it particularly vulnerable to reduced consumer
purchasing power in our view. As such, we once again revised our
forecast downward, and we now expect a low- to mid-single-digit
percent revenue decline and adjusted EBITDA margin sustained in the
15%-16% area for Party City in fiscal 2022.
"We recognize that the company's performance through the important
Halloween season is a key driver of performance in the second half
of the year. To the extent that macroeconomic conditions further
deteriorate or supply chain headwinds persist longer than we
currently anticipate, Party City will likely face additional
challenges in stabilizing its operating performance.
Party City has sufficient liquidity to withstand near-term cash
burn, though covenant headroom is shrinking. Despite material cash
burn associated with elevated inventory purchases and higher than
anticipated freight costs, the company had about $200 million in
liquidity available as of the end of the second quarter, consisting
of $39 million of cash on hand and $157 million of availability on
its asset-based lending (ABL) revolver. Subsequently, the
commitments under the ABL facility were increased to $562 million
from $475 million. Given the company's current liquidity position,
S&P does not anticipate issues addressing the upcoming 2023 senior
notes maturity of $23 million at this time. Beyond 2023, the next
material maturities occur in 2025, including $193 million of
first-lien Party City notes, $149 million of first-lien Anagram
notes, and a springing maturity under the company's $562 million
ABL facility.
S&P said, "However, we note the cushion under Party City's
springing fixed-charge coverage covenant is thinning. We forecast
the company will have more than 10% headroom under its covenant,
which springs when excess availability is less than the greater of
10% of the line cap and $46 million. However, we think its
liquidity could become constrained quickly if additional headwinds,
such as continued inventory challenges and slower demand in the
back half of the year, further weaken its operating performance and
cash flow generation.
"The negative outlook reflects the possibility that we could lower
the rating further if Party City cannot stabilize performance and
improve its liquidity position through cash generation and lower
revolver borrowings in the second half of the year, which would
increase the risk of a distressed exchange or liquidity crisis."
S&P could lower its rating on Party City if:
-- S&P envisions a specific default scenario over the next 12
months, including the possibility of a distressed exchange,
near-term liquidity crisis, or violation of its springing
fixed-charge coverage covenant; or
-- S&P does not expect Party City to restore operating performance
to levels that support the company's current capital structure,
increasing the likelihood of a distressed exchange.
S&P could revise the outlook to stable or raise its rating on Party
City if:
-- Operating performance improves meaningfully;
-- S&P expects the company to generate sustained moderately
positive FOCF while maintaining adequate liquidity; and
-- S&P is confident in the company's ability to refinance its
capital structure at par.
ESG credit indicators: E-2, S-2, G-2
PETROLIA ENERGY: Reports 117K Net Loss for Third Quarter 2021
-------------------------------------------------------------
Petrolia Energy Corporation filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
attributable to common stockholders of $117,309 on $1.72 million of
total revenue for the three months ended Sept. 30, 2021, compared
to a net loss attributable to common stockholders of $4.38 million
on $953,524 of total revenue for the three months ended Sept. 30,
2020.
For the nine months ended Sept. 30, 2021, the Company reported a
net loss attributable to common stockholders of $1.60 million on
$4.05 million of total revenue compared to a net loss attributable
to common stockholders of $6.63 million on $1.94 million of total
revenue for the nine months ended Sept. 30, 2020.
As of Sept. 30, 2021, the Company had $7.22 million in total
assets, $11.87 million in total liabilities, and a total
stockholders' deficit of $4.65 million.
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1368637/000149315222020602/form10-q.htm
About Petrolia
Petrolia Energy Corporation is engaged in the exploration and
development of oil and gas properties. Since 2015, the Company has
established a strategy to acquire, enhance and redevelop
high-quality, resource in place assets. As of 2018, the Company has
included strategic acquisitions in western Canada while actively
pursuing the strategy to execute low-cost operational solutions,
and affordable technology.
Petrolia Energy reported a net loss of $10.31 million for the year
ended Dec. 31, 2020, compared to a net loss of $2.89 million for
the year ended Dec. 31, 2019. As of March 31, 2021, the Company had
$7.40 million in total assets, $10.94 million in total liabilities,
and a total stockholders' deficit of $3.54 million.
Houston, Texas-based M&K CPAS, PLLC, the Company's auditor since
2019, issued a "going concern" qualification in its report dated
May 13, 2022, citing that the company suffered recurring net losses
from operations for the years ended December 31, 2020 and 2019 and
has a working capital deficit at Dec. 31, 2020, which raises
substantial doubt about its ability to continue as a going concern.
PULMATRIX INC: Incurs $4.6 Million Net Loss in Second Quarter
-------------------------------------------------------------
Pulmatrix, Inc. filed with the Securities and Exchange Commission
its Quarterly Report on Form 10-Q disclosing a net loss of $4.60
million on $1.33 million of revenues for the three months ended
June 30, 2022, compared to a net loss of $3.85 million on $2.25
million of revenues for the three months ended June 30, 2021.
For the six months ended June 30, 2022, the Company reported a net
loss of $9.57 million on $2.49 million of revenues compared to a
net loss of $7.96 million on $3.64 million of revenues for the six
months ended June 30, 2021.
As of June 30, 2022, the Company had $49.40 million in total
assets, $10.96 million in total liabilities, and $38.44 million in
total stockholders' equity.
Ted Raad, chief executive officer of Pulmatrix commented, "Our
focus this quarter has been on advancing both PUR3100 and Pulmazole
towards important data catalysts. We initiated patient dosing for
PUR3100, our orally inhaled dihydroergotamine (DHE), in a Phase 1
study with data anticipated in Q4 2022. In addition to safety and
tolerability, the study will evaluate the pharmacokinetics of
PUR3100 and intravenous dihydroergotamine (DHE). This will allow
us to better understand the potential efficacy and tolerability
profile of PUR3100." Mr. Raad continued, "We also commenced study
start-up activities for the Pulmazole Phase 2b study and remain on
track to initiate patient dosing in Q1 2023. Pulmazole has the
potential to be the first approved therapy for treatment of
Allergic Bronchopulmonary Aspergillosis (ABPA) in patients with
Asthma."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001574235/000149315222021838/form10-q.htm
About Pulmatrix
Pulmatrix, Inc. -- http://www.pulmatrix.com-- is a clinical stage
biopharmaceutical company developing innovative inhaled therapies
to address serious pulmonary and non-pulmonary disease using its
patented iSPERSE technology. The Company's proprietary product
pipeline includes treatments for serious lung diseases such as
allergic ronchopulmonary aspergillosis and lung cancer, as well as
neurologic disorders such as acute migraine. Pulmatrix's product
candidates are based on iSPERSE, its proprietary engineered dry
powder delivery platform, which seeks to improve therapeutic
delivery to the lungs by maximizing local concentrations and
reducing systemic side effects to improve patient outcomes.
Pulmatrix reported a net loss of $20.17 million for the year ended
Dec. 31, 2021, a net loss of $19.31 million for the year ended Dec.
31, 2020, a net loss of $20.59 million for the year ended Dec. 31,
2019, and a net loss of $20.56 million for the year ended Dec. 31,
2018. As of March 31, 2022, the Company had $54.30 million in
total assets, $11.55 million in total liabilities, and $42.76
million in total stockholders' equity.
QUOTIENT LIMITED: Incurs $38.9 Million Net Loss in First Quarter
----------------------------------------------------------------
Quotient Limited filed with the Securities and Exchange Commission
its Quarterly Report on Form 10-Q disclosing a net loss of $38.87
million on $8.81 million of total revenue for the quarter ended
June 30, 2022, compared to a net loss of $27.29 million on $9.09
million of total revenue for the quarter ended June 30, 2021.
As of June 30, 2022, the Company had $174.59 million in total
assets, $325.67 million in total liabilities, and a total
shareholders' deficit of $151.08 million.
Since its commencement of operations in 2007, the Company has
incurred net losses and negative cash flows from operations. As of
June 30, 2022, the Company had an accumulated deficit of $763.9
million. During the three month period ended June 30, 2022, the
Company used $35.5 million of cash in operating activities. The
Company's use of cash during the three month period ended June 30,
2022 was primarily attributable to its investment in the
development of MosaiQ and corporate costs, including costs related
to being a public company.
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1596946/000095017022016119/qtnt-20220630.htm
About Quotient Limited
Penicuik, United Kingdom-based Quotient Limited is a
commercial-stage diagnostics company committed to reducing
healthcare costs and improving patient care through the provision
of innovative tests within established markets. With an initial
focus on blood grouping and serological disease screening, Quotient
is developing its proprietary MosaiQTM technology platform to offer
a breadth of tests that is unmatched by existing commercially
available transfusion diagnostic instrument platforms. The
Company's operations are based in Edinburgh, Scotland; Eysins,
Switzerland and Newtown, Pennsylvania.
Quotient Limited reported a net loss of $125.13 million for the
year ended March 31, 2022, compared to a net loss of $111.03
million for the year ended March 31, 2021. As of March 31, 2022,
the Company had $193.99 million in total assets, $338.09 million in
total liabilities, and a total shareholders' deficit of $144.10
million.
Belfast, United Kingdom-based Ernst & Young LLP, the Company's
auditor since 2007, issued a "going concern" qualification in its
report dated June 28, 2022, citing that the Company has incurred
recurring net losses and negative cash flows from operations, its
planned expenditures exceed available funding, and has stated that
substantial doubt exists about the Company's ability to continue as
a going concern.
RITHM CAPITAL: S&P Affirms 'B' Long-Term ICR, Outlook Stable
------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit rating
and 'B-' senior unsecured debt rating on Rithm Capital Corp. The
outlook remains stable.
S&P said, "Our ratings on Rithm reflect its reliance on recourse
repurchase agreement funding and its highly encumbered balance
sheet. The company's strong profitability, improved liquidity, and
favorable market position as one of the largest investors in
residential mortgage assets are countervailing strengths.
"Credit positives also include the company's scale, stable revenue
from its servicing portfolio, and strong operating performance over
the years. Rithm's investment portfolio consists of $7.1 billion of
agency securities, which we view as relatively high quality. As of
June 30, 2022, agency securities represented approximately 20% of
Rithm's total assets.
"Our stable outlook on Rithm reflects our expectation that the
company will continue to generate stable earnings and maintain
adequate liquidity. We expect leverage over the next 12 months will
be 4.5x-6.0x, as measured by debt to ATE.
"We could lower the rating over the next year if the company has
trouble renewing any of its funding facilities or if margin calls
stress liquidity in our view. We could also lower the rating if
debt to ATE rises above 6.5x on a sustained basis, the company
shifts into riskier assets, or the company increases its use of
repurchase agreements to fund assets other than agency residential
mortgage-backed securities and mortgage originations.
"We could raise our rating on Rithm if the company is able to
demonstrate continued earnings stability relative to peers,
diversifying funding sources while maintaining sufficient capital
and liquidity without shifting into risker assets."
RYERSON HOLDING: Moody's Hikes CFR to Ba3, Outlook Remains Stable
-----------------------------------------------------------------
Moody's Investors Service upgraded Ryerson Holding Corporation's
corporate family rating to Ba3 from B1 and its probability of
default rating to Ba3-PD from B1-PD. Moody's maintained the
Speculative Grade Liquidity Rating of SGL-2 and the ratings outlook
for Ryerson Holding Corporation remains stable. At the same time,
Moody's assigned a Ba3 rating to Joseph T. Ryerson & Son's $1.3
billion revolving credit facility with a stable outlook. Moody's
previously withdrew the rating on Joseph T. Ryerson & Son's senior
secured notes since they were repaid in full in July 2022.
"The upgrade of Ryerson's rating reflects corporate governance
considerations since the company has pursued aggressive debt
reduction supported by its strong free cash flow that has resulted
in an improved credit profile. This will enable the company to
maintain a stronger credit profile even when end market demand and
metals prices decline to more sustainable levels," said Michael
Corelli, Moody's Senior Vice President and lead analyst for Ryerson
Holding Corporation.
Assignments:
Issuer: Joseph T. Ryerson & Son
GTD Senior Secured Revolving Credit Facility, Assigned Ba3 (LGD3)
Upgrades:
Issuer: Ryerson Holding Corporation
Corporate Family Rating, Upgraded to Ba3 from B1
Probability of Default Rating, Upgraded to Ba3-PD from B1-PD
Outlook Actions:
Issuer: Joseph T. Ryerson & Son
Outlook, Assigned Stable
Issuer: Ryerson Holding Corporation
Outlook, Remains Stable
RATINGS RATIONALE
Ryerson's Ba3 corporate family rating is supported by the company's
recent debt pay downs, which along with a materially stronger
operating performance supported by improved end market demand and
substantially higher product pricing, has resulted in substantially
stronger credit metrics. The rating also incorporates the company's
product and customer diversification and overall size and scale,
its limited capital spending requirements, countercyclical working
capital needs and good liquidity profile. The rating also reflects
the risks related to its private equity ownership and its recent
focus on shareholder returns, its exposure to cyclical end markets,
volatile steel and metals prices and the competitiveness of the
metals distribution sector which results in somewhat weak and
volatile profit margins through the cycle.
Ryerson's operating performance significantly improved in 2021 due
to stronger end market demand and substantially higher product
prices. Its adjusted EBITDA surged to a record high level of about
$525 million despite the negative impact of $366 million of LIFO
expense related to increased prices for all product lines. This
compares to adjusted EBITDA of only around $150 million in 2020
when the pandemic weighed heavily on demand and product pricing.
Ryerson's operating performance has further strengthened during the
first half of 2022 due to substantially higher product prices which
have more than offset weaker end market demand. This enabled the
company to generate free cash flow of $117 million despite working
capital investments of $221 million. It used this free cash along
with revolving credit facility borrowings to repurchase $250
million of its 8.5% senior secured notes and redeemed the remaining
$50 million in July 2022. Therefore, the company repurchased the
entire $500 million of senior notes issued in July 2020 within two
years by capitalizing on redemption options and utilizing its free
cash flow, sale-leaseback proceeds and lower cost revolver
borrowings. These actions have materially strengthened the
company's credit profile.
Ryerson's debt reduction initiatives along with its robust
operating performance have reduced its leverage ratio (Debt/EBITDA)
to only 0.9x in June 2022 from 6.8x in December 2020, while its
interest coverage (EBITA) has risen to around 16.1x from 1.0x.
These metrics are strong for the Ba3 corporate family rating and
that has been reflected in the stable ratings outlook. However,
they are expected to weaken over the next 12 to 18 months as metals
prices decline and end market demand softens. If the company
maintains metrics that are commensurate with a higher rating as
business conditions weaken and Platinum Equity reduces its
ownership position below the 30% threshold that changes the
composition of the Board to a majority of independent directors,
then additional upgrades are possible. Platinum's ownership
interest declined to 43% from 54% in May 2022 when it sold 5.1
million shares with Ryerson repurchasing 1.6 million of that total
as it has ramped up its focus on shareholder returns. Ryerson
initiated an $0.08 per share quarterly dividend in August 2021 and
established an initial $50 million share repurchase program. It
subsequently increased the quarterly dividend to $0.15 per share in
August 2022 and established a new $75 million repurchase
authorization after completing the initial authorization. The
company has maintained a balance between creditor and shareholder
interests to date and a continuation of that posture will be
necessary for additional upgrades to be considered.
Ryerson's SGL-2 speculative grade liquidity rating reflects its
good liquidity profile consisting of $41.4 million of unrestricted
cash and $817 million of availability on its revolving credit
facility as of June 30, 2022. This facility was amended in late
June 2022 and was upsized to $1.3 billion from $1.0 billion while
its maturity date was extended to June 2027 from November 2025. The
revolver had $468.5 million of outstanding borrowings and $15
million of letters of credit issued as of June 2022. The company is
expected to continue to generate free cash flow in the near term
supported by the countercyclical nature of working capital
investments for metals distributors which becomes a source of cash
during downturns and could enable the company to further reduce
debt by paying down its revolver borrowings.
Ryerson's stable ratings outlook reflects Moody's expectation that
its operating performance will weaken over the next 12 to 18
months, but its credit metrics will remain commensurate with its
rating.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade of Ryerson's ratings could be considered if it sustains
an adjusted leverage ratio below 3.0x and EBIT margins of at least
8.0% while maintaining a good liquidity profile. An upgrade would
also be contingent on a reduction in Platinum Equity's ownership
position and the company having a majority of independent
directors.
Ryerson's ratings could come under pressure if its operating
performance and credit metrics materially weaken, and it sustains a
leverage ratio above 4.0x and EBIT margins below 6.0% or
experiences a significant deterioration in its liquidity. More
aggressive financial policies such as debt financed dividends or
acquisitions could also result in a downgrade.
Ryerson Holding Corporation, through various operating
subsidiaries, is the second largest metals service center company
in North America, with about 91 locations in the US, Canada and
Mexico. The company also has four locations in China. Ryerson
provides a full line of carbon steel, stainless steel and aluminum
products to approximately 40,000 customers in a broad range of end
markets. The company generated revenues of approximately $6.6
billion for the 12-month period ended June 30, 2022. Ryerson was
controlled by Platinum Equity since 2007 but Platinum reduced its
ownership interest from 54% to about 43% in May 2022.
The principal methodology used in these ratings was Distribution &
Supply Chain Services Industry published in June 2018.
SANDY ROAD FARMS: Has Deal on Cash Collateral Access Thru Nov 30
----------------------------------------------------------------
Sandy Road Farms LLC and Rabo AgriFinance LLC advised the U.S.
Bankruptcy Court for the District of Kansas that they have reached
an agreement regarding the Debtor's use of cash collateral and now
desire to memorialize the terms of this agreement into an agreed
order.
The Debtor has a continuing need to use and spend Rabo's cash
collateral during the pendency of the bankruptcy case. The Debtor
projects business revenues and expenses for the cash collateral.
Rabo asserts it is a secured creditor of the Debtor with a valid,
properly perfected and unavoidable lien on and security interest in
essentially all real and personal property assets of the Debtor
other than titled vehicles and trailers.
As of July 31,2022, the Debtor owed Rabo no less than $64,146,260
under the Rabo Loan Documents.
The parties agree to the use of cash collateral from the Petition
Date through November 30, 2022, or the effective date of a
confirmed Chapter 11 Plan, whichever occurs first. Further, any
Chapter 11 Plan proposed by the Debtor in the Case will provide
Rabo, at a minimum, with all of the benefits and protections agreed
to by the Debtor in the Stipulation.
Subject to the terms and conditions of the Stipulation, the Debtor
will be authorized to use and spend Rabo's cash collateral during
the Cash Collateral Period as set forth in the Budget in the
ordinary course of business for the categories of and in amounts
not exceeding 10% more than the expenses reflected in the Budget
provided, however, that the Debtor's overall expenditure of cash
collateral during the Cash Collateral Period will not exceed the
estimated expenditures set forth on the Budget without Rabo's
express consent.
As partial adequate protection for the Debtor's use of Rabo's cash
collateral, subject to the entry of a final order approving this
stipulation, and to the extent of any diminution in the amount or
value of Rabo's cash collateral after the Petition Date, Rabo will
have and continue to hold a valid, automatically perfected
post-petition replacement lien against any all post-petition farm
products, cash, accounts receivable, inventory and other like
property generated or acquired by the Debtor after the Petition
Date, and in any products, proceeds or insurance recoveries or
governmental payments related thereto. Rabo's replacement lien will
have the same validity, avoidability and priority as Rabo's
pre-petition security interest and liens as of the Petition Date.
Further, Rabo fully reserves all rights and remedies concerning
requesting adequate protection payments as additional adequate
protection, if and to the extent Rabo deems it necessary or
appropriate to make such a request in its discretion.
Rabo's replacement lien will be deemed valid and perfected without
the need for the execution, recording or filing of any further
document or instrument or the taking of any further act otherwise
required under non-bankruptcy law.
As additional adequate protection for the use of Rabo's cash
collateral, and to the extent provided by Sections 503(b) and
507(b) of the Bankruptcy Code, Rabo also will be granted an allowed
superpriority administrative expense claim in the Case, which
Senior Adequate Protection Superpriority Claim will have priority
over all administrative expenses and unsecured claims against
Debtor and its estate.
The Debtor will continue to insure, maintain and protect all of
Rabo's Collateral, both real and personal, in accordance with the
requirements of the Rabo Loan Documents.
A copy of the stipulation is available at https://bit.ly/3SPukgw
from PacerMonitor.com.
Rabo is represented by Michael R. Johnson, Esq. -- mjohnson@rqn.com
-- Ray Quinney & Nebeker.
About Sandy Road Farms
Sandy Road Farms LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Kan. Case No. 22-40446) on August 1,
2022. In the petition filed by Glenn Karlberg, as manager and chief
restructuring officer, the Debtor reported assets between $1
million and $10 million and liabilities between $50 million and
$100 million.
The law firms McDowell Rice Smith & Buchanan and Cairncross &
Hempelmann serve as the Debtor's counsel.
SAS AB: Gets $700 Mil. Financing From Apollo to Aid Restructuring
-----------------------------------------------------------------
SAS AB announced Aug. 14, 2022, that it has entered into a
debtor-in-possession ("DIP") financing credit agreement for USD 700
million (the equivalent of approximately SEK 7.0 billion) with
funds managed by Apollo Global Management.
The DIP financing, along with cash generated from the Company's
ongoing operations, enables SAS to continue meeting its obligations
throughout the chapter 11 process. The DIP financing is subject to
approval by the U.S. Bankruptcy Court for the Southern District of
New York (the "Court"). The DIP financing is structured as a
delayed draw term loan with a nine-month maturity from the Closing
Date. The maturity date can be extended incrementally up to an
18-month term. SAS selected Apollo's DIP financing proposal
following a competitive process and considers the terms of the DIP
financing to be on market terms.
"We are pleased to have secured this financing commitment from
investment firm Apollo Global Management, which follows an
extensive and competitive process", says Carsten Dilling, Chairman
of the Board of SAS. "With this financing, we will have a strong
financial position to continue supporting our on-going operations
throughout our voluntary restructuring process in the U.S. Apollo
Global Management has a long track record of helping build
stronger, more competitive businesses and extensive experience in
the aviation sector. With their substantial financing commitment,
we can now focus entirely on accelerating the implementation our
SAS FORWARD plan, and to continue our more than 75-year legacy of
being the leading airline in Scandinavia."
"SAS is one of Europe's leading airlines and we are pleased to
support the business operations as they implement their
restructuring plans to emerge a stronger company," said Apollo
Partner Antoine Munfakh. "At Apollo we have a wealth of experience
in commercial aviation and fully support the comprehensive SAS
FORWARD plan as well as the goals of recapitalizing the Company
upon its emergence from the chapter 11 process."
Key Terms for the DIP financing:
* The DIP financing will be provided by Apollo under a term
loan agreement (the "DIP Term Loan Agreement") by way of
non-amortizing senior secured super-priority debtor-in-possession
delayed-draw term loan facility (the "DIP Facility") in an
aggregate principal amount of USD 700 million (the "Total Aggregate
Commitment"), of which USD 350 million will be available following
the Court's approval of the DIP Term Loan Agreement, which is
expected to take place in mid-September, and satisfaction of
certain conditions precedent under the DIP Term Loan Agreement (the
"Closing Date"). The remaining USD 350 million will be available
upon the satisfaction of certain other conditions precedent under
the DIP Term Loan Agreement.
* Loans under the DIP Facility will bear interest at a rate per
annum equal to adjusted term SOFR (Secured Overnight Financing
Rate) plus 9.0 percent, payable in cash or in kind at the
borrower’s election, which may be increased by 2.0 percent per
annum during the continuance of any event of default under the DIP
Term Loan Agreement.
* The DIP Term Loan Agreement requires the payment of certain
fees to Apollo on the Closing Date; an upfront fee of 1.0 percent
of the Total Aggregate Commitment, an advisor fee of 1.0 percent of
the Total Aggregate Commitment, an unused commitment fee of 2.0
percent of the unused amount of the Total Aggregate Commitment per
annum and an initial work fee of USD 1 million. Moreover, certain
fees are payable upon the occurrence of specific events, including
a break-up fee of 1.0 percent of the Total Aggregate Commitment,
and an exit fee of 4.0 percent of the Total Aggregate Commitment.
* Moreover, under the terms of the DIP Term Loan Agreement, in
the event Apollo elects, but is not provided the opportunity, to
subscribe for equity interests of the Company on the effective date
of the chapter 11 plan of reorganization (the "Effective Date"),
with the amount of such equity interests calculated assuming a
total enterprise value of the Company of USD 3.2 billion, SAS shall
pay Apollo a fee equal to (a) if such fee event occurs within 12
months of the Closing Date, USD 19.5 million; or (b) if such fee
event occurs after the 12-month anniversary of the Closing Date, an
amount such that Apollo receives an all-in internal rate of return
of 23.2 percent on the DIP financing.
* In addition, the DIP Term Loan Agreement requires the payment
of a 4.0 percent fee of the Total Aggregate Commitment in the event
Apollo elects, but is not provided the opportunity, to provide up
to 30.0 percent of any new money equity or equity-like financing
for the Company that is provided by any third party on the
Effective Date, on the same terms and conditions made available to
any such third parties.
* The DIP Facility matures nine months after the Closing Date,
but may be extended for an additional three-month period, at the
election of the Company, up to three times, subject to the Company
paying an escalating extension fee equal to 0.75 percent (first
extension), 1.25 percent (second extension) and 1.50 percent (third
extension), respectively, of the Total Aggregate Commitment,
together with any accrued and unpaid interest or expenses.
* The obligations of Scandinavian Airlines System
Denmark-Norway-Sweden (the "Consortium") as borrower under the DIP
Term Loan Agreement will be entitled to super priority
administrative expense claim status in the chapter 11 process and
will be guaranteed by the Company and all wholly-owned subsidiaries
of the Company that are or become debtors in the chapter 11 process
(the "Guarantors"). All amounts owing by the Consortium and the
Guarantors under the DIP Term Loan Agreement will be secured by
substantially all property of the Consortium and the Guarantors,
whether real or personal, tangible or intangible, now existing or
hereafter acquired (subject to certain customary exclusions),
including certain take-off and landing slots at Heathrow Airport;
all shares in certain entities of the SAS group, including the
Consortium and EuroBonus AB (which owns all rights to the EuroBonus
loyalty program); all material registered intellectual property;
certain unencumbered aircraft and engines; intercompany
receivables; and the products and proceeds of the foregoing.
* The DIP Term Loan Agreement contains customary covenants,
events of default and representations and warranties. The Company
has also undertaken to comply with certain milestones customary for
chapter 11 proceedings.
As previously disclosed by the Company, the SAS FORWARD plan
incorporates raising at least SEK 9.5 billion in a new equity
capital as well as reducing or converting over SEK 20 billion of
pre-petition debt, hybrid securities and other obligations into new
shares or other forms of consideration. The Company intends to
conduct a competitive capital raising process to secure the best
available terms and conditions for such equity capital raise in the
first half of 2023.
If, pursuant to the equity capital raise process, the Company
determines that allowing Apollo to subscribe for shares as
described above is in the best interests of the Company and its
creditors, Apollo would be permitted to convert its DIP loans into
new equity of the Company on the Effective Date, subject to
required approvals (including from regulatory authorities, the
Court and the Company's shareholders). In such case, Apollo has
agreed to negotiate with the Danish State terms and conditions
under which the Danish State would acquire up to USD 250 million of
equity interests of the Company associated with Apollo’s
conversion of its DIP loans into new equity of the Company.
Because any conversion of the DIP financing commitments may be
insufficient to fully meet the objectives of the equity capital
raise, the Company may seek to raise the additional equity capital
required to meet that level. Furthermore, the Company is the sole
party that may negotiate and propose its plan of reorganization
during the exclusivity period under the applicable provisions of
the U.S. Bankruptcy Code, subject to required approvals (including
from regulatory authorities, the Court and the Company's
shareholders). Given the Danish State's expressed interest in
possibly participating in the Company's equity capital raise, the
Company intends to work closely with the Danish State towards
accommodating such an investment interest in the context of the
equity capital raise process.
About Apollo Global Management
Apollo Global Management is a leading alternative asset manager,
headquartered in the U.S. and operating globally. Apollo is listed
on the New York Stock Exchange (NYSE: APO). Apollo has more than
three decades of experience investing in and working with leading
management teams to build and transform their businesses. Apollo
provides companies with innovative capital solutions and support to
fund their growth and position businesses for long-term success.
About Scandinavian Airlines
SAS SAB, Scandinavia's leading airline, with main hubs in
Copenhagen, Oslo and Stockholm, is flying to destinations in
Europe, USA and Asia. Spurred by a Scandinavian heritage and
sustainable values, SAS aims to be the global leader in sustainable
aviation. The airline will reduce total carbon emissions by 25
percent by 2025, by using more sustainable aviation fuel and our
modern fleet with fuel-efficient aircraft. In addition to flight
operations, SAS offers ground handling services, technical
maintenance and air cargo services. SAS is a founder member of the
Star Alliance, and together with its partner airlines offers a wide
network worldwide. On the Web: https://www.sasgroup.net
SAS AB and its affiliates, including Scandinavian Airlines Systems
Denmark-Norway-Sweden and Scandinavian Airlines of North America
Inc., sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. S.D.N.Y. Case No. 22-10925) on July 5, 2022. In the
petition filed by Erno Hildén, as authorized representative, the
Debtor SAS AB estimated assets between $10 billion and $50 billion
and liabilities between $1 billion and $10 billion.
Weil, Gotshal & Manges LLP is serving as global legal counsel and
Mannheimer Swartling Advokatbyra AB is serving as Swedish legal
counsel to SAS. Seabury Securities LLC and Skandinaviska Enskilda
Banken AB are serving as investment bankers, Seabury is also
serving as restructuring advisor. FTI Consulting is serving as
financial advisor. Kroll Restructuring Advisors is the claims
agent.
SAS AB: Pilots in Sweden, Denmark and Norway Adopt New CBA
----------------------------------------------------------
Dave Simpson of Hospitality Ireland reports that Swedish, Danish
and Norwegian pilot union members voted to adopt a collective
bargaining agreement reached with airline SAS last month, and will
thus not resume their strike, the labour unions have said.
"I am incredibly happy about the great support for the agreement,
not least when we have been through such a long and tough
conflict," said Henrik Thyregod, chairman of the Danish pilots
union.
"The members have clearly understood the gravity (of the situation)
and this shows how strong the unity is among the pilots," he said.
Unions in Norway and Sweden said a majority of their members also
backed the deal, but did not immediately disclose how many had
voted in favour.
Long-struggling SAS, which filed for US bankruptcy protection on
the second day of the strike, has estimated the industrial action
cost it more than $145 million during what is normally the
profitable peak summer travel season.
The deal entails lower wages and longer hours for the pilots but
also a commitment from SAS, whose biggest owners are the
governments of Sweden and Denmark, to rehire pilots laid off during
the pandemic.
The new collective bargaining deal between SAS and unions also
needs approval by a US court handling creditors' interests in the
Chapter 11 process.
Under the agreement, pilots were given a guarantee that SAS will
not set up new subsidiaries on different terms than what has now
been agreed, Dansk Metal, the union representing Danish pilots,
said in a statement.
SAS, which was already loss-making before the pandemic due to
rising competition from low-cost carriers, has said it needs to
slash costs further and raise more capital in order to survive.
Fresh Funds
While the Swedish government has rejected the company's plea for
more cash, Denmark says it might inject fresh funds if SAS also
finds support from private-sector investors.
About Scandinavian Airlines
SAS SAB, Scandinavia's leading airline, with main hubs in
Copenhagen, Oslo and Stockholm, is flying to destinations in
Europe, USA and Asia. Spurred by a Scandinavian heritage and
sustainable values, SAS aims to be the global leader in sustainable
aviation. The airline will reduce total carbon emissions by 25
percent by 2025, by using more sustainable aviation fuel and our
modern fleet with fuel-efficient aircraft. In addition to flight
operations, SAS offers ground handling services, technical
maintenance and air cargo services. SAS is a founder member of the
Star Alliance, and together with its partner airlines offers a wide
network worldwide. On the Web: https://www.sasgroup.net
SAS AB and its affiliates, including Scandinavian Airlines Systems
Denmark-Norway-Sweden and Scandinavian Airlines of North America
Inc., sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. S.D.N.Y. Case No. 22-10925) on July 5, 2022. In the
petition filed by Erno Hildén, as authorized representative, the
Debtor SAS AB estimated assets between $10 billion and $50 billion
and liabilities between $1 billion and $10 billion.
Weil, Gotshal & Manges LLP is serving as global legal counsel and
Mannheimer Swartling Advokatbyra AB is serving as Swedish legal
counsel to SAS. Seabury Securities LLC and Skandinaviska Enskilda
Banken AB are serving as investment bankers, Seabury is also
serving as restructuring advisor. FTI Consulting is serving as
financial advisor. Kroll Restructuring Advisors is the claims
agent.
SAS AB: Seeks to Hire Seabury Securities as Restructuring Advisor
-----------------------------------------------------------------
SAS AB and its subsidiaries seek approval from the U.S. Bankruptcy
Court for the Southern District of New York to hire Seabury
Securities, LLC as their principal restructuring advisor,
investment banker and financial advisor.
The firm's services include:
Principal Restructuring Advisor Services
a. evaluating the Debtors' business and prospects;
b. advising on the development of the Debtors' long-term
business plan and related financial projections;
c. preparing the development of financial data and
presentations to the Debtors' board of directors, various
creditors, and other third parties;
d. analyzing the Debtors' financial liquidity and evaluating
alternatives to improve such liquidity;
e. evaluating the Debtors' debt capacity and alternative
capital structures;
f. analyzing various restructuring scenarios and, together
with the Debtors' other advisors, and making recommendations to the
Debtors' management and board of directors;
g. providing strategic advice with regard to restructuring and
refinancing initiatives and activities;
h. participating in any other negotiations with the Debtors'
creditors, major suppliers, lenders, lessors, original equipment
manufacturers (OEM), and other interested parties, as necessary to
effectuate the successful restructuring of the Debtors' business,
including assisting the Debtors and their legal advisors in
formulating a Chapter 11 plan and related disclosure statement;
i. assisting with court testimony on matters that are within
the scope of Seabury's engagement with the Debtors and area of
testimonial competency;
j. together with the Debtors' other advisors, leading the
overall financial restructuring process;
Investment Banker/Financial Advisor Services
a. conducting an independent assessment of the Debtors'
current and future financial prospects and fully understanding all
dimensions of the Debtors' SAS FORWARD program;
b. preparing solicitation materials for raising
debtor-in-possession (DIP) financing for the Debtors as well as
exit equity capital financing as necessary to fund the Debtors'
emergence from these Chapter 11 cases;
c. securing DIP financing for funding the Debtors'
reorganization process;
d. securing exit equity capital financing;
e. if appropriate, structuring and securing any exit debt
financing for the Debtors;
Other Services
a. providing services related to aircraft sale and leaseback
transactions or other aircraft financing; and
b. assisting with fleet sourcing activities.
The firm will be compensated as follows:
a. Principal Restructuring Advisor Retainer Fees. Equal
consecutive monthly retainer fees, commencing as of July 1, 2022
and on the first day of each month thereafter equal to $400,000.
The first six Monthly Retainer Fees received by Seabury shall be
100 percent creditable against any Restructuring Success Fees.
b. Restructuring Success Fees. Upon the Debtors closing one or
more restructuring transactions, restructuring success fees of 2
percent of the net present value, using a discount rate of 8
percent per annum, of fleet debt and lease obligations, OEM new
aircraft obligations, or engine or component maintenance
agreements, which are forgiven or otherwise converted into equity
of the reorganized Debtors. The Restructuring Success Fees, after
crediting any Monthly Retainer Fees in a manner outlined above,
shall be capped at $6,250,000.
c. Restructuring Hourly Fees. Fees on an hourly basis at
Seabury's standard rates in effect at the time for (i) overseeing
the Debtors' strategy for restructuring, assuming, or rejecting the
Debtors' executory contracts other than aircraft fleet, debt and
OEM agreements described above, including strategic advice and
industry expertise with respect to implementation of the automatic
stay, (ii) assisting the Debtors in determining a methodology for
valuing various claims (including aircraft-related claims) and
negotiating certain claims with creditors. The Restructuring Hourly
Fees are not subject to the fee cap noted above.
d. Investment Banker Retainer Fees. Equal fixed consecutive
monthly investment banking retainer fees equal to $80,000. The
first six Investment Banking Retainer Fees received by Seabury
shall be 100 percent creditable against any applicable success fees
owed to Seabury.
e. Debtor-in-Possession Financing Success Fee. Upon the
closing of any DIP financing secured for the Debtors, a success fee
equal to 2 percent of the principal commitment amount of such DIP
financing, with 75 percent payable to Seabury and 25 percent
payable to Skandinaviska Enskilda Banken AB, the Debtors' proposed
co-investment banker.
f. Debt-to-Equity Conversions Success Fee. Upon the closing of
one or more debt-to-equity conversions of unsecured debt, a success
fee equal to 0.50 percent of all principal and accrued interest
converted into equity of the Debtors, with 50 percent payable to
Seabury and 50 percent payable to Skandinaviska Enskilda Banken.
g. Equity success fees for:
i. any equity rights offering executed without a backstop
underwriting, an Equity Success Fees equal to 0.5 percent of the
total amount raised and 1.2 percent on that portion of the rights
offering that is backstopped by any party other than the
Governments of Denmark and Sweden upon closing of a binding
commitment for such backstop financing by any such party; and
ii. any equity private placement (direct cash investment),
an Equity Success Fee equal to 1.50 percent of such amounts upon
closing of such transaction. The Debtors shall pay 50 percent of
any Equity Success Fee to Seabury and 50 percent to SEB.
h. Exit Debt Success Fee. Upon closing of an exit debt
financing, an exit debt success fee equal to 1.25 percent of the
amount of debt financing, with 50 percent payable to Seabury and 50
percent payable to Skandinaviska Enskilda Banken.
i. M&A Success Fee. With respect to any M&A transaction, an
M&A success fee equal to 0.50 percent of the Transaction Value upon
closing of any such transaction, with 50 percent payable to Seabury
and 50 percent payable to Skandinaviska Enskilda Banken.
The Debtors will also reimburse Seabury for its out-of-pocket
expenses.
As disclosed in court filings, Seabury is a "disinterested person"
within the meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Ginger Hughes
Seabury International Corporate Finance LLC
1350 Avenue of the Americas, 31st Floor
New York, NY 10019
Tel: +1 212 284 1150
Mobile: +1 214 725 5121
Email: ghughes@seaburysecurities.com
About Scandinavian Airlines
SAS SAB, Scandinavia's leading airline, with main hubs in
Copenhagen, Oslo and Stockholm, is flying to destinations in
Europe, USA and Asia. Spurred by a Scandinavian heritage and
sustainable values, SAS aims to be the global leader in sustainable
aviation. The airline will reduce total carbon emissions by 25% by
2025, by using more sustainable aviation fuel and its modern fleet
with fuel-efficient aircraft. In addition to flight operations,
SAS offers ground handling services, technical maintenance and air
cargo services. SAS is a founder member of the Star Alliance, and
together with its partner airlines offers a wide network worldwide.
On the Web: https://www.sasgroup.net
SAS AB and its subsidiaries, including Scandinavian Airlines
Systems Denmark-Norway-Sweden and Scandinavian Airlines of North
America Inc., sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-10925) on July 5,
2022. In the petition filed by Erno Hilden, as authorized
representative, SAS AB estimated assets between $10 billion and $50
billion and liabilities between $1 billion and $10 billion.
The Debtors tapped Weil, Gotshal & Manges, LLP as global legal
counsel; Mannheimer Swartling Advokatbyra AB as special counsel;
FTI Consulting, Inc. as financial advisor; and Seabury Securities,
LLC and Skandinaviska Enskilda Banken AB as investment bankers.
Seabury is also serving as restructuring advisor. Kroll
Restructuring Administration, LLC is the claims agent and
administrative advisor.
SAS AB: Taps Skandinaviska Enskilda Banken as Co-Investment Banker
------------------------------------------------------------------
SAS AB and its subsidiaries seek approval from the U.S. Bankruptcy
Court for the Southern District of New York to hire Skandinaviska
Enskilda Banken AB as their co-investment banker.
The firm's services include:
a. conducting an independent assessment of the Debtors'
current and future financial prospects and fully understand all
dimensions of the SAS FORWARD program;
b. adapting the SAS FORWARD restructuring road show
presentation for use in interacting with the Debtors' unsecured
debt holders and hybrid bond holders;
c. preparing solicitation materials for raising
debtor-in-possession financing (DIP) for the Debtors as well as
such exit equity financing and exit debt financing as necessary to
fund the Debtors' emergence from these Chapter 11 cases;
d. developing strategic plans for successfully gaining
sufficient consents to effectuate the conversion of all relevant
parts of the Debtors' unsecured debt and hybrid bonds into equity
of the Debtors;
e. coordinating the possible conversion of certain claims
arising from SEB's restructuring of the Debtors' aircraft financing
agreements, original equipment manufacturer agreements and vendor
agreements into equity of the Debtors;
f. securing DIP financing for funding the Debtors'
reorganization process under the Bankruptcy Code;
g. securing exit equity capital financing of at least 9.5
billion SEK from private equity sources (both global and
Scandinavian institutional markets) as well as possibly from one or
more of the States of Denmark, Norway and Sweden;
h. if appropriate and otherwise supported by the necessary
quantum of unsecured creditors and private equity capital sources,
structuring a rights offering for certain stakeholders;
i. in the event of any possible M&A transaction, assisting the
Debtors in conducting due diligence, negotiating agreements and
executing such an M&A transaction; and
j. if appropriate, structuring and securing any requisite exit
debt financing for the Debtors from one or more debt financing
facilities.
The firm will be compensated as follows:
a. Investment Banker Retainer Fees. Equal fixed consecutive
monthly investment banking retainer fees for their investment
banking engagement equal to $80,000. The first six Investment
Banking Retainer Fees received by SEB shall be 100 percent
creditable against any applicable success fees owed to SEB.
b. Debtor-in-Possession Financing Success Fee. Upon the
closing of any DIP financing secured for the Debtors, a success fee
equal to 2.0 percent of the principal commitment amount of such DIP
financing, with 25 percent payable to SEB and 75 percent payable to
Seabury Securities, LLC.
c. Debt-to-Equity Conversions Success Fee. Upon the closing of
one or more Debt-to-Equity Conversions of Unsecured Debt, a success
fee equal to 0.5 percent of all principal and accrued interest
converted into equity of the Debtors, with 50 percent of any Debt
Conversion Success Fee payable to SEB and 50 percent payable to
Seabury.
d. Equity success fees for (i) any equity rights offering
executed without a backstop underwriting, an Equity Success Fees
equal to 0.5 percent of the total amount raised and 1.2 percent on
that portion of the rights offering that is backstopped by any
party other than the Governments of Denmark and Sweden upon closing
of a binding commitment for such backstop financing by any such
party; and (ii) any equity private placement (direct cash
investment), an Equity Success Fee equal to 1.50 percent of such
amounts upon closing of such transaction. The Debtors shall pay 50
percent of any Equity Success Fee to SEB and 50 percent to Seabury.
e. Exit Debt Success Fee. Upon closing of an exit debt
financing, an exit debt success fee equal to 1.25 percent of the
amount of debt financing, with 50 percent payable to SEB and 50
percent payable to Seabury.
f. M&A Success Fee. With respect to any M&A transaction, an
M&A success fee equal to 0.50 percent of the Transaction Value upon
closing of any such transaction, with 50 percent payable to SEB and
50 percent payable to Seabury.
The Debtors will also reimburse SEB for its reasonable
out-of-pocket expenses.
As disclosed in court filings, Skandinaviska Enskilda is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Carlo Lugani
Skandinaviska Enskilda Banken AB
Kungstradgardsgatan 8
Stockholm, 106 40 Sweden
Switchboard: 0771-621000
Tel: +46771621000
About Scandinavian Airlines
SAS SAB, Scandinavia's leading airline, with main hubs in
Copenhagen, Oslo and Stockholm, is flying to destinations in
Europe, USA and Asia. Spurred by a Scandinavian heritage and
sustainable values, SAS aims to be the global leader in sustainable
aviation. The airline will reduce total carbon emissions by 25% by
2025, by using more sustainable aviation fuel and its modern fleet
with fuel-efficient aircraft. In addition to flight operations,
SAS offers ground handling services, technical maintenance and air
cargo services. SAS is a founder member of the Star Alliance, and
together with its partner airlines offers a wide network worldwide.
On the Web: https://www.sasgroup.net
SAS AB and its subsidiaries, including Scandinavian Airlines
Systems Denmark-Norway-Sweden and Scandinavian Airlines of North
America Inc., sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-10925) on July 5,
2022. In the petition filed by Erno Hilden, as authorized
representative, SAS AB estimated assets between $10 billion and $50
billion and liabilities between $1 billion and $10 billion.
The Debtors tapped Weil, Gotshal & Manges, LLP as global legal
counsel; Mannheimer Swartling Advokatbyra AB as special counsel;
FTI Consulting, Inc. as financial advisor; and Seabury Securities,
LLC and Skandinaviska Enskilda Banken AB as investment bankers.
Seabury is also serving as restructuring advisor. Kroll
Restructuring Administration, LLC is the claims agent and
administrative advisor.
SAS SAB: Seeks to Hire FTI Consulting as Financial Advisor
----------------------------------------------------------
SAS AB and its subsidiaries seek approval from the U.S. Bankruptcy
Court for the Southern District of New York to hire FTI Consulting,
Inc. as their financial advisor.
The firm's services include:
a. preparing statements of financial affairs and schedules of
assets and Liabilities for each Debtor;
b. assisting the Debtors in the development of a 13-week and
26-week cash flow forecast and any associated debtor-in-possession
financing (DIP) forecast;
c. assisting with the development of monthly operating reports
and any other necessary financial disclosures required in
connection with the Debtors' Chapter 11 cases;
d. identifying accounting system capabilities for pre-filing
or post-filing cut-off and ongoing implementation of cut-off
process;
e. developing and monitoring claims data base including
analysis of claims for accuracy, entity and classification;
f. assisting with the development of emergence accounting
protocols and statement; and
g. assisting the Debtors with updating and monitoring support
for a 13-week and 26-week cash flow forecast and associated DIP
financing forecast.
The hourly rates for FTI's professional services are within the
following ranges:
U.S. Professionals
Senior Managing Directors $975 to $1,325
Directors/ Managing Directors $735 to $960
Consultants/Senior Consultants $395 to $695
Administrative/Paraprofessionals $160 to $300
U.K. / Brazil Professionals
Senior Managing Directors $820 to $1,440
Directors/ Managing Directors $625 to $1,210
Consultants/Senior Consultants $410 to $920
Administrative/Paraprofessionals $150 to $505
The Debtors provided FTI with advance payments totaling $500,000.
Michael Healys, senior managing director at FTI, disclosed in a
court filing that his firm is a "disinterested person" within the
meaning of Bankruptcy Code Section 101(14).
The firm can be reached through:
Michael Healy
FTI Consulting, Inc.
1166 Avenue of the Americas, 15th Floor
New York, NY 10036
Tel: +1 212 247 1010
Email: michael.healy@fticonsulting.com
About Scandinavian Airlines
SAS SAB, Scandinavia's leading airline, with main hubs in
Copenhagen, Oslo and Stockholm, is flying to destinations in
Europe, USA and Asia. Spurred by a Scandinavian heritage and
sustainable values, SAS aims to be the global leader in sustainable
aviation. The airline will reduce total carbon emissions by 25% by
2025, by using more sustainable aviation fuel and its modern fleet
with fuel-efficient aircraft. In addition to flight operations,
SAS offers ground handling services, technical maintenance and air
cargo services. SAS is a founder member of the Star Alliance, and
together with its partner airlines offers a wide network worldwide.
On the Web: https://www.sasgroup.net
SAS AB and its subsidiaries, including Scandinavian Airlines
Systems Denmark-Norway-Sweden and Scandinavian Airlines of North
America Inc., sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-10925) on July 5,
2022. In the petition filed by Erno Hilden, as authorized
representative, SAS AB estimated assets between $10 billion and $50
billion and liabilities between $1 billion and $10 billion.
The Debtors tapped Weil, Gotshal & Manges, LLP as global legal
counsel; Mannheimer Swartling Advokatbyra AB as special counsel;
FTI Consulting, Inc. as financial advisor; and Seabury Securities,
LLC and Skandinaviska Enskilda Banken AB as investment bankers.
Seabury is also serving as restructuring advisor. Kroll
Restructuring Administration, LLC is the claims agent and
administrative advisor.
SAS SAB: Seeks to Hire Mannheimer as Special Counsel
----------------------------------------------------
SAS AB and its subsidiaries seek approval from the U.S. Bankruptcy
Court for the Southern District of New York to hire Mannheimer
Swartling Advokatbyra AB as their special counsel.
The Debtors need the firm's legal advice on (i) regulatory and
trade; (ii) insurance coverage matters; (iii) matters related to
corporate governance, Swedish securities laws, and public company
reporting obligations; (iv) matters related to financing (including
leasing) and aircraft fleet; (v) intellectual property, trademark,
and marketing law; (vi) mergers and acquisitions; (vii) consumer
law; (viii) labor law matters, (ix) general corporate law; (x)
various litigation matters, (xi) debt or equity transactions in the
Scandinavian capital markets.
The firm will be paid at these rates:
Partners SEK 4,000 - SEK 10,000 (US$400 -
US$1,000)
Specialist Counsel SEK 3,000 - SEK 8,000 (US$300 - US$800)
Associates SEK 1,100 - SEK 3,600 (US$110 - US$360)
Andreas Zettergren, a partner at Mannheimer, disclosed in a court
filing that his firm does not represent any interest adverse to the
Debtors or their estates.
In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, Mr.
Zettergren disclosed that:
-- Mannheimer 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
cases;
-- Mannheimer represented the Debtors in the 12 months prior
to the petition date during which the firm charged the Debtors for
services rendered in accordance with its fee structure; and
-- Mannheimer is developing a prospective budget and staffing
plan for these Chapter 11 cases for the period beginning July 5 and
ending Dec. 31.
The firm can be reached through:
Andreas Zettergren
Mannheimer Swartling Advokatbyra AB
Norrlandsgatan 21
111 87 Stockholm, Sweden
Mobile: +46 709 777 557
Direct: +46 8 5950 6557
Email: andreas.zettergren@msa.se
About Scandinavian Airlines
SAS SAB, Scandinavia's leading airline, with main hubs in
Copenhagen, Oslo and Stockholm, is flying to destinations in
Europe, USA and Asia. Spurred by a Scandinavian heritage and
sustainable values, SAS aims to be the global leader in sustainable
aviation. The airline will reduce total carbon emissions by 25% by
2025, by using more sustainable aviation fuel and its modern fleet
with fuel-efficient aircraft. In addition to flight operations,
SAS offers ground handling services, technical maintenance and air
cargo services. SAS is a founder member of the Star Alliance, and
together with its partner airlines offers a wide network worldwide.
On the Web: https://www.sasgroup.net
SAS AB and its subsidiaries, including Scandinavian Airlines
Systems Denmark-Norway-Sweden and Scandinavian Airlines of North
America Inc., sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-10925) on July 5,
2022. In the petition filed by Erno Hilden, as authorized
representative, SAS AB estimated assets between $10 billion and $50
billion and liabilities between $1 billion and $10 billion.
The Debtors tapped Weil, Gotshal & Manges, LLP as global legal
counsel; Mannheimer Swartling Advokatbyra AB as special counsel;
FTI Consulting, Inc. as financial advisor; and Seabury Securities,
LLC and Skandinaviska Enskilda Banken AB as investment bankers.
Seabury is also serving as restructuring advisor. Kroll
Restructuring Administration, LLC is the claims agent and
administrative advisor.
SAS SAB: Seeks to Hire Weil Gotshal & Manges as Bankruptcy Counsel
------------------------------------------------------------------
SAS AB and its subsidiaries seek approval from the U.S. Bankruptcy
Court for the Southern District of New York to hire Weil Gotshal &
Manges, LLP to serve as their bankruptcy counsel.
The firm's services include:
a. preparing legal papers in connection with the
administration of the Debtors' estates;
b. taking all necessary actions to protect and preserve the
Debtors' estates, including the prosecution of actions on behalf of
the Debtors, the defense of any actions commenced against the
Debtors, the negotiation of any disputes in which the Debtors are
involved, and the preparation of objections to any claims filed
against the estates;
c. taking all necessary actions in connection with any Chapter
11 plan and related disclosure statement and all related documents,
and such further actions as may be required in connection with the
administration of the estates; and
d. performing all other necessary legal services for the
Debtors.
Kelly DiBlasi, Esq., a partner at Weil, 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.
In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, Ms.
DiBlasi disclosed that:
-- Weil 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;
-- Weil was engaged by the Debtors on Nov. 30, 2021. In Nov.
2021, Weil's hourly rates were $1,150 to $1,795 for partners and
counsel, $630 to $1,100 for associates, and $260 to $460 for
paraprofessionals. On Jan. 1 this year, Weil adjusted its standard
billing rates for its professionals and paraprofessionals in the
normal course to $1,250 to $1,950 for partners and counsel, $690 to
$1,200 for associates, and $275 to $495 for paraprofessionals.
Weil's billing rates and the material financial terms with respect
to this representation have not changed post-petition; and
-- Weil is developing a prospective budget and staffing plan
for these Chapter 11 cases for the period beginning July 4 and
ending Dec. 31.
The firm can be reached through:
Gary T. Holtzer, Esq.
Kelly DiBlasi, Esq.
David Griffiths, Esq.
Lauren Tauro, Esq.
Weil Gotshal & Manges, LLP
767 Fifth Avenue
New York, NY 10153
Tel: (212) 310-8000
Fax: (212) 310-8007
Email: Gary.Holtzer@weil.com
kelly.diblasi@weil.com
david.griffiths@weil.com
lauren.tauro@weil.com
About Scandinavian Airlines
SAS SAB, Scandinavia's leading airline, with main hubs in
Copenhagen, Oslo and Stockholm, is flying to destinations in
Europe, USA and Asia. Spurred by a Scandinavian heritage and
sustainable values, SAS aims to be the global leader in sustainable
aviation. The airline will reduce total carbon emissions by 25% by
2025, by using more sustainable aviation fuel and its modern fleet
with fuel-efficient aircraft. In addition to flight operations,
SAS offers ground handling services, technical maintenance and air
cargo services. SAS is a founder member of the Star Alliance, and
together with its partner airlines offers a wide network worldwide.
On the Web: https://www.sasgroup.net
SAS AB and its subsidiaries, including Scandinavian Airlines
Systems Denmark-Norway-Sweden and Scandinavian Airlines of North
America Inc., sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-10925) on July 5,
2022. In the petition filed by Erno Hilden, as authorized
representative, SAS AB estimated assets between $10 billion and $50
billion and liabilities between $1 billion and $10 billion.
The Debtors tapped Weil, Gotshal & Manges, LLP as global legal
counsel; Mannheimer Swartling Advokatbyra AB as special counsel;
FTI Consulting, Inc. as financial advisor; and Seabury Securities,
LLC and Skandinaviska Enskilda Banken AB as investment bankers.
Seabury is also serving as restructuring advisor. Kroll
Restructuring Administration, LLC is the claims agent and
administrative advisor.
SAS SAB: Taps Kroll Restructuring as Administrative Advisor
-----------------------------------------------------------
SAS AB and its subsidiaries seek approval from the U.S. Bankruptcy
Court for the Southern District of New York to hire Kroll
Restructuring Administration, LLC as their administrative advisor.
The firm's services include:
a. assisting with, among other things, solicitation, balloting
and tabulation of votes, preparing any related reports in support
of confirmation of a Chapter 11 plan, and processing requests for
documents;
b. preparing an official ballot certification and, if
necessary, testifying in support of the ballot tabulation results;
c. assisting with the preparation of the Debtors' schedules of
assets and liabilities and statements of financial affairs, and
gathering data in conjunction therewith;
d. providing a confidential data room, if requested; and
e. managing and coordinating any distributions pursuant to a
Chapter 11 plan.
Prior to their bankruptcy filing, the Debtors provided Kroll an
advance in the amount of $50,000. Additionally, Kroll received
payments in the amounts of $25,000 and $15,000 on June 28 and July
1, respectively, for actual and estimated pre-bankruptcy fees and
expenses.
Benjamin Steele, a managing director at Kroll, disclosed in a court
filing that his firm is a "disinterested person" within the meaning
of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Benjamin J. Steele
Kroll Restructuring Administration LLC
55 East 52nd Street, 17th Floor
New York, NY 10055
Telephone: (212) 593-1000
About Scandinavian Airlines
SAS SAB, Scandinavia's leading airline, with main hubs in
Copenhagen, Oslo and Stockholm, is flying to destinations in
Europe, USA and Asia. Spurred by a Scandinavian heritage and
sustainable values, SAS aims to be the global leader in sustainable
aviation. The airline will reduce total carbon emissions by 25% by
2025, by using more sustainable aviation fuel and its modern fleet
with fuel-efficient aircraft. In addition to flight operations,
SAS offers ground handling services, technical maintenance and air
cargo services. SAS is a founder member of the Star Alliance, and
together with its partner airlines offers a wide network worldwide.
On the Web: https://www.sasgroup.net
SAS AB and its subsidiaries, including Scandinavian Airlines
Systems Denmark-Norway-Sweden and Scandinavian Airlines of North
America Inc., sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-10925) on July 5,
2022. In the petition filed by Erno Hilden, as authorized
representative, SAS AB estimated assets between $10 billion and $50
billion and liabilities between $1 billion and $10 billion.
The Debtors tapped Weil, Gotshal & Manges, LLP as global legal
counsel; Mannheimer Swartling Advokatbyra AB as special counsel;
FTI Consulting, Inc. as financial advisor; and Seabury Securities,
LLC and Skandinaviska Enskilda Banken AB as investment bankers.
Seabury is also serving as restructuring advisor. Kroll
Restructuring Administration, LLC is the claims agent and
administrative advisor.
SASHAY SAND: Hits Chapter 11 Bankruptcy Protection
--------------------------------------------------
Sashay Sand LLC filed for chapter 11 protection in the District of
Central California without stating a reason.
The Debtor's principal asset is located at 8701-8703 West Olympic
Blvd. Los Angeles, CA 90035.
According to court filing, Sashay Sand LLC estimates between 1 and
49 creditors. The bare-bones petition states funds will be
available to unsecured creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
Sept. 14, 2022, at 10:30 AM at UST-LA2, TELEPHONIC MEETING.
CONFERENCE LINE:1-866-816-0394, PARTICIPANT CODE:5282999.
About Sashay Sand LLC
Sashay Sand LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-14332) on August 10,
2022. In the petition filed by Kasher Mehrdad, as managing member
and owner, the Debtor reported assets and liabilities between $1
million and $10 million.
Louis J Esbin, of Law Offices of Louis J. Esbin, is the Debtor's
counsel.
SEARS HOLDINGS: Sears Estate to End Lampert Suits in $175 Mil. Deal
-------------------------------------------------------------------
The bankrupt estate of Sears Holdings Corp. and the company's
unsecured creditors agreed to resolve their sprawling litigation
against former owner Eddie Lampert and other shareholders over
pre-bankruptcy asset transfers for $175 million.
The deal ends three-year-old claims seeking $2 billion, based on
past transactions spearheaded by Lampert and his hedge fund ESL
Investments Inc. It also allows the implementation of Sears'
liquidating plan that was confirmed more than two years ago to
finally proceed.
Sears Holdings Corporation and its debtor affiliates, and their
Official Committee of Unsecured Creditors ask the Bankruptcy Court
to
(i) approve the settlement agreement dated August 9, 2022,
concerning
(a) the Jointly Asserted Causes of Action, which comprise
any and all claims and causes of action asserted in Sears Holdings
Corp. v. Lampert, Case No. 19-08250 (RDD) (Bankr. S.D.N.Y.) (the
"Insider Action") and Sears Holdings Corp. v. Tisch, Case No.
20-07007 (RDD) (Bankr. S.D.N.Y.) (the "Public Shareholder Action"),
as well as any and all claims or causes of action against insurance
carriers related to coverage for claims asserted in the
Consolidated Adversary Proceeding or a related proceeding,
(b) certain additional matters in connection with the
Chapter
11 Cases, including (1) the claims under Bankruptcy Code section
507(b) asserted by ESL Investments, Inc., JPP, LLC and JPP II, LLC
in In re Sears Holdings Corp., No. 20-3343 (2d Cir.), (2) certain
of the liabilities contested by Transform in In re Sears Holdings
Corp., No. 22-1249 (2d Cir.) (the "Transform Foreign Cash Appeal")
and (3) claims between the Debtors and the Seritage Defendants (the
"Seritage Disputes");
(ii) granting certain additional relief related to the
Settlement Agreement;
(iii) approving settlement of claims under Bankruptcy Code
section 507(b) asserted by Wilmington Trust, National Association,
as Indenture Trustee and Collateral Agent in In re Sears Holdings
Corp., No. 20-3343 (2d Cir.) and related claims (the "Second Lien
Notes Settlement"); and
(iv) authorizing certain nonmaterial amendments to the Plan in
furtherance of the Effective Date.
A hearing on the Settlement is slated for Aug. 31, 2022 at 10:00
a.m. (Eastern Time).
"The Settlement Agreement represents a monumental achievement by
bringing
closer to a successful conclusion these historic Chapter 11 Cases
and the related Consolidated Adversary Proceeding. Nearly three
years after confirmation of the Plan in October 2019, and following
years of litigation on numerous fronts and, more recently, months
of hard-fought
mediation and good faith, arm's-length negotiations, the Effective
Date is now within reach," Ira S. Dizengoff of AKIN GUMP STRAUSS
HAUER & FELD LLP, counsel to the Creditors' Committee, said in
court filings.
The Settlement Payment Parties/Entities will collectively pay or
cause to
be paid $175 million to the Debtors. The Settlement Amount is
apportioned as follows:
* The Sears Insurers shall pay $125,625,000 on behalf of the
Sears
D&O Defendants.
* The Original Action Defendants shall pay $41,875,000 on claims
not
covered by the Sears Policies.
* The Participating Public Shareholder Defendants shall pay
$7,500,000, subject to Section 3(d) of the Settlement Agreement.
To recall, in the first year of the Chapter 11 Cases, the Debtors
sold substantially all of their assets on a going concern basis,
assumed and assigned hundreds of contracts and leases and, with the
support of the Creditors' Committee, confirmed the Plan. In doing
so, the Debtors paid over $4 billion in administrative expenses to
thousands of parties in interest, including hundreds of vendors and
suppliers and thousands of employees. Since confirmation, the
Debtors, the Creditors' Committee and their respective
professionals endeavored to bring sufficient additional value into
the Estates and to reduce asserted liabilities to take the Plan
effective. Since confirmation, the Debtors satisfied more than $64
million in additional administrative expenses incurred prior to
confirmation.
With the approval of the Settlement Agreement, the Debtors will be
poised to consummate the Plan, complete final distributions to
secured, administrative expense and priority creditors and,
ultimately, wind-up the Estates. The Settlement Agreement largely
resolves the Consolidated Adversary Proceeding, ends the Transform
Foreign Cash Appeal, significantly de-risks the 507(b) Appeal
(particularly when combined with the Second Lien Notes Settlement)
and will significantly narrow the remaining open issues in the
Chapter 11 Cases.
The Settlement Agreement will provide an immediate cash influx of
more than $180 million into the Estates. Additionally, the
Settlement Agreement will eliminate the substantial financial
burdens, risks and uncertainty associated with litigation of the
underlying disputes and will minimize the ongoing expenses of
administering the Chapter 11 Cases. With this cash influx, in
addition to the Debtors' current assets, the Debtors believe they
will have sufficient funds to complete distributions to holders of
Administrative Expense Claims and other claims that must be paid
prior to the Effective Date.
"Like any compromise, the Settlement Agreement is neither poison
nor panacea. The Litigation Designees -- the parties vested under
the Confirmation Order with the exclusive right to prosecute and
settle the claims asserted in the Consolidated Adversary Proceeding
-- believe that, in isolation, the asserted claims and causes of
actions were worth more than the cash that will be obtained through
the Settlement Agreement. But potential value cannot be evaluated
in a vacuum. The Defendants have made clear that they believe that
they have substantial defenses to the claims. As with any
litigation, the ultimate outcome if the case were
litigated to judgment is uncertain. Moreover, the Plaintiffs do not
have the luxury of infinite time or resources, and the Debtors'
secured, administrative expense and priority creditors have needs
of their own. The reality is that the circumstances of the Chapter
11 Cases necessitate material compromise, not intransigence, and
the benefits of the Settlement Agreement -- the prompt resolution
not just of the Consolidated Adversary Proceeding, but other
ancillary, costly and potentially value -- destructive disputes --
will give certainty to creditors and provide a viable path for the
Debtors to emerge from bankruptcy. These benefits cannot be
understated," Garrett Fail, of WEIL, GOTSHAL & MANGES LLP, counsel
for the Debtors, tells the Court.
About Sears Holdings Corp.
Sears Holdings Corporation -- http://www.searsholdings.com/--
began as a mail ordering catalog company in 1887 and became the
world's largest retailer in the 1960s. At its peak, Sears was
present in almost every big mall across the U.S., and sold
everything from toys and auto parts to mail-order homes. Sears
claims to be a market leader in the appliance, tool, lawn and
garden, fitness equipment, and automotive repair and maintenance
retail sectors.
Sears and Kmart merged to form Sears Holdings in 2005 when they had
3,500 US stores between them. Kmart emerged in 2005 from its own
bankruptcy.
Unable to keep up with online stores and other brick-and-mortar
retailers, a long series of store closings left it with 687 retail
stores in 49 states, Guam, Puerto Rico, and the U.S. Virgin Islands
as of mid-October 2018. At that time, the Company employed 68,000
individuals.
As of Aug. 4, 2018, Sears Holdings had $6.93 billion in total
assets against $11.33 billion in total liabilities.
Unable to cover a $134 million debt payment due Oct. 15, 2018,
Sears Holdings Corporation and 49 subsidiaries sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 18-23538) on Oct. 15,
2018. The Hon. Robert D. Drain is the case judge.
The Debtors tapped Weil, Gotshal & Manges LLP as legal counsel;
M-III Partners as restructuring advisor; Lazard Freres & Co. LLC as
investment banker; DLA Piper LLP as real estate advisor; and Prime
Clerk as claims and noticing agent.
The U.S. Trustee for Region 2 appointed nine creditors, including
the Pension Benefit Guaranty Corp., and landlord Simon Property
Group, L.P., to serve on the official committee of unsecured
creditors. The committee tapped Akin Gump Strauss Hauer & Feld LLP
as legal counsel; FTI Consulting as financial advisor; and Houlihan
Lokey Capital, Inc. as investment banker.
The U.S. Trustee for Region 2 on July 9, 2019, appointed five
retirees to serve on the committee representing retirees with life
insurance benefits in the Chapter 11 cases.
* * *
In February 2019, Bankruptcy Judge Robert Drain authorized Sears
Holdings approval to sell the business to majority shareholder and
CEO Eddie Lampert for approximately $5.2 billion. Lampert's ESL
Investments, Inc., won an auction to acquire substantially all of
Sears' assets, including the "Go Forward Stores" on a going-concern
basis. The proposal allowed 425 stores to remain open and provided
ongoing employment to 45,000 employees.
The new parent is Transform SR Brands LLC, doing business as
Transformco, referred to as "New Sears". Transform is an American
privately held company formed on Feb. 11, 2019, to acquire some of
the assets of Sears Holdings Corporation. The new company is owned
by Eddie Lampert's ESL Investments.
SKYBAR HOLDINGS: Involuntary Chapter 11 Case Summary
----------------------------------------------------
Alleged Debtor: Skybar Holdings, LLC
217 E. Atlantic Ave.
Delray Beach FL 33444-0000
Type of Business: Single Asset Real Estate (as defined in 11
U.S.C. Section 101(51B)
Involuntary Chapter
11 Petition Date: August 14, 2022
Court: United States Bankruptcy Court
Southern District of Florida
Case No.: 22-16224
Judge: Hon. Erik P. Kimball
Petitioner's Counsel: Adam I. Skolnik, Esq.
LAW OFFICE OF ADAM I. SKOLNIK, PA
1761 West Hillsboro Boulevard
Suite 201
Deerfield Beach FL 33442-0000
Tel: 561-265-1120
Email: askolnik@skolniklawpa.com
A full-text copy of the Involuntary Petition is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/PPHTQ6Y/Skybar_Holdings_LLC__flsbke-22-16224__0001.0.pdf?mcid=tGE4TAMA
Alleged creditor who signed the petition:
Petitioner Nature of Claim Claim Amount
---------- --------------- ------------
Christopher Licata Monies Owed $2,700,000
6361 Via Vinetta N.
Delray Beach, FL 33484-0000
SOUTH EDGE: Taps Law Office of Gina R. Klump as Bankruptcy Counsel
------------------------------------------------------------------
The South Edge seeks approval from the U.S. Bankruptcy Court for
the Northern District of California to hire the Law Office of Gina
R. Klump to serve as legal counsel in its Chapter 11 case.
The Debtor has agreed to pay an hourly fee of $450 to Gina Klump,
Esq., the firm's attorney who will be providing the services.
Paralegals will be paid at the rate of $75 per hour.
The firm received a retainer fee of $12,000 from the Debtor.
Ms. Klump disclosed in a court filing that she is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
Ms. Klump can be reached at:
Gina Klump, Esq.
Law Office of Gina R. Klump
30 5th Street, Suite 200
Petaluma, CA 94952
Tel: (707) 778-0111
Fax: (707) 778-1086
Email: klumplaw@gmail.com
About the South Edge
The South Edge is a company in Petaluma, Calif., which is primarily
engaged in renting and leasing real estate properties.
The South Edge filed a petition for relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No.
22-10269) on July 14, 2022, listing $1 million to $10 million in
both assets and liabilities. Mark M. Sharf has been appointed as
Subchapter V trustee.
Judge Roger L. Efremsky oversees the case.
Gina R. Klump, Esq., at the Law Office of Gina R. Klump is the
Debtor's legal counsel.
TABOOLA INC: Moody's Affirms 'B1' CFR, Outlook Remains Stable
-------------------------------------------------------------
Moody's Investors Service affirmed Taboola, Inc.'s credit ratings,
including its B1 corporate family rating, and upgraded its
speculative grade liquidity rating (SGL) to SGL-1 from SGL-2. The
rating outlook is stable.
The affirmation of the credit ratings reflects Moody's expectation
that despite slowing revenue growth, rising costs and a meaningful
decline in free cash flows, Taboola's disciplined financial
policies will sustain leverage as measured by Moody's adjusted debt
to EBITDA in the 3x-4x range. Governance considerations are a key
driver of the rating actions.
The upgrade of the company's Speculative Grade Liquidity rating to
SGL-1 reflects Moody's expectation that Taboola will maintain very
good liquidity over the next 12-18 months. The upgrade was prompted
by the launch of a new five-year $90 million revolver earlier this
month. This added access to a committed external credit line,
further enhancing liquidity. Significant cash on hand, full
revolver availability, comfortable cushion under its financial
covenant and no near-term maturities contribute to Taboola's very
good liquidity.
Ratings Affirmed:
Issuer: Taboola, Inc.
Corporate Family Rating, Affirmed B1
Probability of Default Rating, Affirmed B1-PD
Gtd. Senior Secured Revolving Credit Facility, Affirmed B1 (LGD3)
Gtd. Senior Secured First Lien Term Loan B, Affirmed B1 (LGD3)
Ratings Upgraded:
Issuer: Taboola, Inc.
Speculative Grade Liquidity Rating, Upgraded to SGL-1 from SGL-2
Outlook Actions:
Issuer: Taboola, Inc.
Outlook, Remains Stable
RATINGS RATIONALE
The B1 CFR reflects Taboola's exposure to cyclical advertising
revenue, intense industry competition, changing regulations towards
greater privacy and the elimination of third-party cookies. Taboola
is well diversified within its advertisers' base but has some
concentration in its publishing partners' base. Its largest digital
property, Microsoft and affiliates, accounted for 17% of Taboola's
2021 gross revenues (this percentage is expected to decline in 2022
with full year of Connexity revenue). Counterbalancing these credit
challenges are Taboola's all-digital business model, global
diversification, moderate financial leverage and very good
liquidity. The company's growth prospects are supported by the
ongoing shift of brand marketing spend and consumer purchase
activity from traditional channels to online platforms.
Moody's expects that headwinds from macroeconomic factors will
drive declines in revenue and free cash flow in 2022, and it may
take longer to fully realize synergies from Connexity integration
in current environment. However, Taboola's financial strategies
emphasizing moderate debt levels and ample liquidity will lead to
leverage sustained in the 3x – 4x (Moody's adjusted) over the
next 18 months. Incorporating Moody's adjustments, Taboola's LTM
6/2022 Debt/EBITDA on a gross and net basis was 3.2x and 0.7x,
respectively. Moody's projects leverage to remain close to these
levels despite weaker than expected free cash flows in 2022 and
2023. Taboola's LTM 6/2022 FCF/Debt (Moody's adjusted) was 7% and
projected to decline to around 3% by the end of 2022. After a
period of weak free cash flow generation in 2022, Moody's projects
the company's FCF/Debt will not return to its current level until
the end of 2023.
The SGL-1 speculative grade liquidity rating reflects Moody's
expectation that the company will maintain very good liquidity over
the next 12 to 18 months, driven by a substantial cash balance,
fully available $90 million revolver, and operating cash flow in
the $50 - $65 million range over the next 12 months. As of June 30,
2022, Taboola had $309 million in cash and short-term investments.
Moody's projects Taboola to hold near $300 million cash over the
next 18 months. The company's cash needs are modest and predictable
relative to internally generated cash flows and consist of roughly
$25 million of capex, $10 million in working capital cash use and
approximately $3 million term loan amortization. The company's only
funded debt maturity is in September 2028, when the term loan comes
due. The company's revolver matures in August 2027. Taboola cash
flows are moderately seasonal, with higher in Q4 as advertisers
tend to increase their spending around the holidays. Seasonality
has not been pronounced historically because of rapid growth but it
is likely to become more impactful on cash flows because of
Connexity's focus on e-commerce.
Moody's does not expect Taboola to draw on the revolver over the
next 12-18 months given its high cash balance. Following the August
2022 amendment, the company's credit agreement includes one
financial maintenance covenant (maximum net leverage of 3.25x) that
applies to revolver only. Moody's expects Taboola to maintain ample
cushion over the requirement over the next 12-18 months.
The B1 rating on the term loan reflects the probability of default
of the company, based on the B1-PD probability of default rating,
an average expected family recovery rate at default given an
all-bank debt structure with maintenance financial covenant that is
only applicable to a revolver and the first lien's debt
preponderance in the capital structure.
The stable outlook reflects Moody's expectation that despite a
decline in free cash flow, slowing growth and an increase in costs,
Taboola will manage through current macroeconomic headwinds while
sustaining Debt/EBITDA in the 3x -4x range over the next 12-18
months.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Taboola's ratings could be considered for an upgrade if the company
continues to operate with moderate leverage and very good liquidity
while pursuing growth, demonstrates a commitment to a disciplined
financial policy that balances the interests of creditors and
equity holders, and delivers organic EBITDA growth leading to
growing free cash flow generation. Quantitatively, an upgrade will
require maintaining leverage of under 3.5x and FCF/Debt (Moody's
adjusted) of at least 10% (both metrics are Moody's adjusted).
Ratings will be downgraded if an aggressive financial policy or
weak earnings cause leverage to exceed 4.5x and FCF/Debt declining
closer to 5% (both Moody's adjusted). Significant client losses,
weak organic revenue growth, and significant decline in cash
balance could also lead to a downgrade.
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
Taboola, Inc. (NASDAQ:TBLA) is a technology company that runs a
recommendation platform across the open web with an artificial
intelligence-based, algorithmic approach. The company became public
in June 2021, via a combination with ION Acquisition Corp 1, Ltd.,
a special purpose acquisition company. Taboola's LTM 6/2022 revenue
was $1.4 billion.
TALEN ENERGY SUPPLY: Creditors Seek Clawback of $500M Dividends
---------------------------------------------------------------
James Nani of Bloomberg Law reports that some creditors of power
generation company Talen Energy Supply LLC have asked a bankruptcy
court for authority to claw back about $500 million in dividend
payments it made to shareholders and affiliates of its private
equity owner, Riverstone Holdings LLC.
The committee representing Talen Energy's unsecured creditors urged
a Texas bankruptcy court Tuesday to let it sue to recover the $500
million in dividends issued in December 2017, arguing the
extraction was a fraudulent transfer.
"By issuing the 2017 dividend, Riverstone caused Talen to engage in
a transaction that rendered it insolvent," the committee said in
its filing.
About Talen Energy Corp.
Allentown, Pennsylvania-based Talen Energy Corp. is an independent
power producer founded in 2015. Riverstone Holdings LLC completed
its acquisition of the remaining 65% stake of Talen Energy in 2016
for $5.2 billion.
Talen Energy Corporation, through subsidiary Talen Energy Supply
LLC, is one of the largest competitive power generation and
infrastructure companies in North America. Through subsidiary
Cumulus Growth, TEC is developing a large-scale portfolio of
renewable energy, battery storage, and digital infrastructure
assets across its expansive footprint. On the Web:
https://www.talenenergy.com/
TES owns and/or controls approximately 13,000 Megawatts of
generating capacity in wholesale U.S. power markets, principally in
the Mid-Atlantic, Texas and Montana. Woodlands, Texas-based TES
runs 18 power generation facilities, at eight of which rely on
natural gas to make electricity.
Talen Energy Supply, LLC, and 71 affiliates sought Chapter 11
protection (Bankr. S.D. Tex. Lead Case No. 22-90054) on May 9,
2022. The Hon. Marvin Isgur is the case judge.
Talen Energy Corporation (TEC), its Cumulus Growth subsidiary, and
TES' LMBE subsidiaries are excluded from the in-court process.
TES has retained Weil Gotshal & Manges LLP as its legal advisor,
Evercore as its investment banker and Alvarez & Marsal as its
financial advisor for its restructuring. Kroll is the claims
agent.
TEC is represented by PJT Partners as financial advisors and Vinson
& Elkins as legal counsel.
Cumulus Growth is represented by Ardea Partners and DH Capital as
its investment bankers, and Gibson Dunn as legal counsel.
The Consenting Noteholders are represented by Kirkland & Ellis LLP
and Rothschild & Co US Inc.
VBI VACCINES: Incurs $45.7 Million Net Loss in Second Quarter
-------------------------------------------------------------
VBI Vaccines Inc. filed with the Securities and Exchange Commission
its Quarterly Report on Form 10-Q disclosing a net loss of $45.70
million on $346,000 of net revenues for the three months ended June
30, 2022, compared to a net loss of $17.48 million on $142,000 of
net revenues for the three months ended June 30, 2021.
For the six months ended June 30, 2022, the Company reported a net
loss of $66.95 million on $472,000 of net revenues compared to a
net loss of $35.12 million on $443,000 of net revenues for the six
months ended June 30, 2021.
As of June 30, 2022, the Company had $172.16 million in total
assets, $40.53 million in total current liabilities, $26.07 million
in total non-current liabilities, and $105.56 million in total
stockholders' equity.
VBI ended the second quarter of 2022 with $82.4 million in cash
compared with $121.7 million in cash as of Dec. 31, 2021.
The Company had an accumulated deficit of $443,259,000 as of June
30, 2022 and cash outflows from operating activities of $37,375,000
for the six months ended June 30, 2022.
VBI Vaccines said, "The Company will require significant additional
funds to conduct clinical and non-clinical trials, commercially
launch our products, and achieve regulatory approvals. Additional
financing may be obtained from the issuance of equity securities,
the issuance of additional debt, structured asset financings,
government or non-governmental organization grants or subsidies,
and/or revenues from potential business development transactions,
if any. There is no assurance the Company will manage to obtain
these sources of financing, if required. The above conditions
raise substantial doubt about the Company's ability to continue as
a going concern."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/764195/000149315222021559/form10-q.htm
About VBI Vaccines
VBI Vaccines Inc. -- www.vbivaccines.com -- is a biopharmaceutical
company driven by immunology in the pursuit of powerful prevention
and treatment of disease. Through its innovative approach to
virus-like particles ("VLPs"), including a proprietary enveloped
VLP ("eVLP") platform technology, VBI develops vaccine candidates
that mimic the natural presentation of viruses, designed to elicit
the innate power of the human immune system. VBI is committed to
targeting and overcoming significant infectious diseases, including
hepatitis B, coronaviruses, and cytomegalovirus (CMV), as well as
aggressive cancers including glioblastoma (GBM). VBI is
headquartered in Cambridge, Massachusetts, with research operations
in Ottawa, Canada, and a research and manufacturing site in
Rehovot, Israel.
VBI Vaccines reported a net loss of $69.75 million for the year
ended Dec. 31, 2021, compared to a net loss of $46.23 million for
the year ended Dec. 31, 2020. As of March 31, 2022, the Company
had $194.01 million in total assets, $33.99 million in total
current liabilities, $30.45 million in total non-current
liabilities, and $129.56 million in total stockholders' equity.
Iselin, New Jersey-based EisnerAmper LLP, the Company's auditor
since 2016, issued a "going concern" qualification in its report
dated March 7, 2022, citing that the Company has an accumulated
deficit as of Dec. 31, 2021 and cash outflows from operating
activities for the year-ended Dec. 31, 2021 and, as such, will
require significant additional funds to conduct clinical and
non-clinical trials, achieve regulatory approvals, and subject to
such approvals, commercially launch its products. These factors
raise substantial doubt about its ability to continue as a going
concern.
WIRELESS SYSTEMS: Wins Interim Cash Collateral Access
-----------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of North
Carolina, Raleigh Division, authorized Wireless Systems Solutions
LLC to use cash collateral on an interim basis in accordance with
the budget.
To the extent the Debtor needs to use more than the permitted
amount, the Debtor may seek court approval on an expedited basis.
The Debtor needs to use cash collateral to pay ordinary operating
expenses as reflected on its proposed budget.
The Debtor has represented that a UCC search at the North Carolina
Secretary of State's web portal revealed the following UCC-1
filings which may reflect perfected liens on cash collateral:
a. File # 20200123929A recorded August 10, 2020, in favor of
the U.S. Small Business Administration, 2 North Street, Suite 320,
Birmingham, AL 35203;
b. File # 20200171957F recorded November 19, 2020, in favor of
CIT Bank, N.A., 10201 Centurion Parkway North, Suite 100,
Jacksonville, FL 32256;
c. File # 20210022796B recorded February 24, 2021, in favor of
CIT Bank, N.A., 10201 Centurion Parkway North, Suite 100,
Jacksonville, FL 32256; and
d. File # 20210126133B recorded September 16, 2021, in favor
of Corporation Service Company, as representative, PO Box 2576,
Springfield, IL 62708.
The SBA and the Bankruptcy Administrator have agreed to the
Debtor's interim use of cash collateral.
As adequate protection, and to the extent that cash collateral is
used, the Potential Secured Creditors will receive a post-petition
lien on the Debtor's cash and inventory to the extent of the use
and to the extent that the pre-petition lien in the same type of
collateral was valid, perfected, enforceable, and non-avoidable as
of the petition date.
The Debtor's use of cash collateral will expire or terminate on the
earlier of: (i) the Debtor ceasing operations of its business; or
(ii) the non-compliance or default of the Debtor with any terms and
provisions of the Order.
The next hearing on the interim use of cash collateral is scheduled
for September 7, 2022 at 2 p.m. via Zoom.
A copy of the order and the Debtor's budget is available at
https://bit.ly/3dpFZSU from PacerMonitor.com.
The Debtor projects $$114,734 in total expenses for the period from
August 11 to September 10, 2022.
About Wireless Systems Solutions LLC
Wireless Systems Solutions LLC is a North Carolina Limited
Liability Company formed in 2015 with a principal offices and
assets in Cary, North Carolina, and Morrisville, North Carolina.
WSS is a designer and developer of multi-standard, frequency band
agnostic, cellular network solutions that leverage its expertise in
cellular and wireless communications technology at large. WSS is
able to offer a portfolio of products and platforms suitable for
multiple markets including defense, first-responders, utilities,
telcos, and general network infrastructure solutions.
WSS sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. E.D.N.C. Case No. 22-00513-5) on March 9, 2022. In the
petition signed by Susan Gross, vice president, the Debtor
disclosed up to $10 million in assets and up to $10 billion in
liabilities.
William P. Janvier, Esq., at Stevens Martin Vaughn & Tadych, PLLC
is the Debtor's counsel.
YIELD10 BIOSCIENCE: Incurs $3.4 Million Net Loss in Second Quarter
------------------------------------------------------------------
Yield10 Bioscience, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $3.44 million on $103,000 of total revenue for the three months
ended June 30, 2022, compared to a net loss of $3.09 million on
$174,000 of total revenue for the three months ended June 30,
2021.
For the six months ended June 30, 2022, the Company reported a net
loss of $6.77 million on $252,000 of total revenue compared to a
net loss of $5.65 million on $370,000 of total revenue for the six
months ended June 30, 2021.
As of June 30, 2022, the Company had $14.27 million in total
assets, $4 million in total liabilities, and $10.27 million in
total stockholders' equity.
Management Commentary
"We are making solid progress operationalizing our commercial plan
to launch Camelina as a platform crop to supply low-carbon
feedstock oil for the biofuel market and to produce omega-3
nutritional oil and PHA bioplastic longer term," said Oliver
Peoples, Ph.D., chief executive officer of Yield10 Bioscience.
"Our market development efforts focused on the biofuel feedstock
opportunity have positioned us to contract more than 1,000 acres of
winter Camelina with growers in the U.S. and Canada. We expect
planting to be completed by early October 2022 and harvest of
Camelina grain for processing into oil and protein meal is
anticipated in second quarter 2023. In addition, our ongoing and
planned winter and contra-season Camelina seed production
activities are ramping up with the goal of enabling the expansion
of grower contracts in 2023 for oil production and off-take to the
biofuel market. In the second half of 2022, we will continue our
market development efforts building relationships with contract
growers and biofuel supply chain participants.
"We have a significant effort underway to deploy novel performance
traits as well as established herbicide tolerance and pest
resistance traits into our Elite Camelina germplasm. Our spring
2022 field test program includes evaluating herbicide tolerance in
more than 30 candidate Camelina lines. In these ongoing field
tests, these plants have displayed excellent herbicide tolerance
throughout the growing season. Following harvest, we will be
evaluating a range of agronomic parameters as well as seed yield
obtained in these lines. Based on positive preliminary results, we
are planning contra- season seed scale up to accelerate the pace of
development and commercialization of the best herbicide tolerant
Camelina lines. We believe herbicide tolerant Camelina will be
very attractive to growers and enable planting of the crop on large
acreage."
"As 2022 progresses, we continue to focus on market development and
seed production activities to enable a significant ramp-up in
contracted acres in 2023 and beyond. We will also continue to
generate proof points supporting the agronomics and seed yield of
our Elite Camelina varieties. We are currently completing the
evaluation of seed yield data obtained across several geographies
in our recent winter planting. Further, we expect to harvest our
2022 spring field test planting and in the months ahead conduct an
evaluation of seed yield and oil content as well as herbicide
tolerance and pest resistance to inform future trials and the
selection of new Camelina lines for development," said Peoples.
A full-text copy of the For 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1121702/000112170222000039/yten-20220630.htm
About Yield10
Yield10 Bioscience, Inc. -- http://www.yield10bio.com-- is an
agricultural bioscience company that uses its "Trait Factory" and
the Camelina oilseed "Fast Field Testing" system to develop high
value seed traits for the agriculture and food industries. Yield10
is headquartered in Woburn, MA and has an Oilseeds Center of
Excellence in Saskatoon, Canada.
Yield10 Bioscience reported a net loss of $11.03 million for the
year ended Dec. 31, 2021, compared to a net loss of $10.21 million
for the year ended Dec. 31, 2020. As of Dec. 31, 2021, the Company
had $20.42 million in total assets, $4.39 million in total
liabilities, and $16.03 million in total stockholders' equity.
Boston, Massachusetts-based RSM US LLP, the Company's auditor since
2017, issued a "going concern" qualification in its report dated
March 25, 2022, citing that the Company has suffered recurring
losses from operations. This raises substantial doubt about the
Company's ability to continue as a going concern.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($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 GZ 178.5 -122.7 -45.3
AEMETIS INC DW51 TH 178.5 -122.7 -45.3
AEMETIS INC DW51 QT 178.5 -122.7 -45.3
AEMETIS INC DW51 GR 178.5 -122.7 -45.3
AEMETIS INC AMTX US 178.5 -122.7 -45.3
AEMETIS INC AMTXGEUR EZ 178.5 -122.7 -45.3
AEMETIS INC AMTXGEUR EU 178.5 -122.7 -45.3
AERIE PHARMACEUT AERIEUR EU 385.3 -141.1 191.7
AERIE PHARMACEUT 0P0 GR 385.3 -141.1 191.7
AERIE PHARMACEUT 0P0 QT 385.3 -141.1 191.7
AERIE PHARMACEUT 0P0 TH 385.3 -141.1 191.7
AERIE PHARMACEUT AERI US 385.3 -141.1 191.7
AERIE PHARMACEUT 0P0 GZ 385.3 -141.1 191.7
AIR CANADA ADH2 GZ 30,364.0 -1,458.0 1,369.0
AIR CANADA AC CN 30,364.0 -1,458.0 1,369.0
AIR CANADA ADH2 QT 30,364.0 -1,458.0 1,369.0
AIR CANADA ACEUR EZ 30,364.0 -1,458.0 1,369.0
AIR CANADA ADH2 TH 30,364.0 -1,458.0 1,369.0
AIR CANADA ADH2 GR 30,364.0 -1,458.0 1,369.0
AIR CANADA ACEUR EU 30,364.0 -1,458.0 1,369.0
AIR CANADA ACDVF US 30,364.0 -1,458.0 1,369.0
AIRSPAN NETWORKS MIMO US 170.9 -39.4 61.7
ALTICE USA INC-A ATUS-RM RM 33,119.6 -474.6 -1,901.6
ALTICE USA INC-A 15PA GZ 33,119.6 -474.6 -1,901.6
ALTICE USA INC-A ATUS US 33,119.6 -474.6 -1,901.6
ALTICE USA INC-A ATUSEUR EU 33,119.6 -474.6 -1,901.6
ALTICE USA INC-A 15PA GR 33,119.6 -474.6 -1,901.6
ALTICE USA INC-A 15PA TH 33,119.6 -474.6 -1,901.6
ALTICE USA INC-A ATUS* MM 33,119.6 -474.6 -1,901.6
ALTIRA GP-CEDEAR MOC AR 36,746.0 -2,403.0 -4,225.0
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AUTOZONE INC AZO-RM RM 14,520.6 -3,387.2 -1,809.4
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AVID TECHNOLOGY AVD TH 247.1 -136.4 -14.9
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BATTALION OIL CO RAQB GR 449.2 -15.4 -101.0
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BATTERY FUTURE A BFAC/U US 353.4 344.1 1.0
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BGP ACQUISITI-A BGPPF US 144.1 -4.0 -147.7
BIOCRYST PHARM BO1 GR 510.5 -213.2 399.5
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CF ACQUISITION-A CFVI US 300.5 263.1 -3.1
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CHOICE CONSOLIDA CDXX-U/U CN 173.4 -19.3 0.0
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CINEPLEX INC CX0 TH 2,036.3 -256.3 -380.8
CINEPLEX INC CGXEUR EU 2,036.3 -256.3 -380.8
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CINEPLEX INC CGX CN 2,036.3 -256.3 -380.8
CLOVIS ONCOLOGY C6O SW 392.9 -367.7 21.0
COGENT COMMUNICA OGM1 GR 1,014.6 -440.2 340.6
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COHERUS BIOSCIEN 8C5 QT 546.0 -22.6 306.0
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COMPOSECURE INC CMPO US 143.5 -376.6 49.9
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CPI CARD GROUP I PMTSEUR EU 289.7 -107.0 99.4
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CTI BIOPHARMA CO CTIC US 134.5 -5.3 77.6
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MANNKIND CORP NNFN GZ 285.8 -247.1 133.9
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MANNKIND CORP MNKD US 285.8 -247.1 133.9
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MARKETWISE INC MKTW* MM 426.6 -359.6 -124.1
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MCDONALD'S - CDR MCDS CN 49,247.8 -6,369.8 1,439.2
MCDONALD'S - CDR MDO0 GR 49,247.8 -6,369.8 1,439.2
MCDONALDS - BDR MCDC34 BZ 49,247.8 -6,369.8 1,439.2
MCDONALDS CORP MCD-RM RM 49,247.8 -6,369.8 1,439.2
MCDONALDS CORP MCDCL CI 49,247.8 -6,369.8 1,439.2
MCDONALDS CORP MCD US 49,247.8 -6,369.8 1,439.2
MCDONALDS CORP MCD SW 49,247.8 -6,369.8 1,439.2
MCDONALDS CORP MDO GR 49,247.8 -6,369.8 1,439.2
MCDONALDS CORP MCD* MM 49,247.8 -6,369.8 1,439.2
MCDONALDS CORP MCD TE 49,247.8 -6,369.8 1,439.2
MCDONALDS CORP MDO TH 49,247.8 -6,369.8 1,439.2
MCDONALDS CORP MCDEUR EU 49,247.8 -6,369.8 1,439.2
MCDONALDS CORP MDO GZ 49,247.8 -6,369.8 1,439.2
MCDONALDS CORP MCD AV 49,247.8 -6,369.8 1,439.2
MCDONALDS CORP MCD CI 49,247.8 -6,369.8 1,439.2
MCDONALDS CORP MCDUSD SW 49,247.8 -6,369.8 1,439.2
MCDONALDS CORP MCDEUR EZ 49,247.8 -6,369.8 1,439.2
MCDONALDS CORP 0R16 LN 49,247.8 -6,369.8 1,439.2
MCDONALDS CORP MDO QT 49,247.8 -6,369.8 1,439.2
MCDONALDS-CEDEAR MCD AR 49,247.8 -6,369.8 1,439.2
MCDONALDS-CEDEAR MCDC AR 49,247.8 -6,369.8 1,439.2
MCDONALDS-CEDEAR MCDD AR 49,247.8 -6,369.8 1,439.2
MCKESSON CORP MCK GR 62,295.0 -1,472.0 -1,818.0
MCKESSON CORP MCK US 62,295.0 -1,472.0 -1,818.0
MCKESSON CORP MCK* MM 62,295.0 -1,472.0 -1,818.0
MCKESSON CORP MCK-RM RM 62,295.0 -1,472.0 -1,818.0
MCKESSON CORP MCK TH 62,295.0 -1,472.0 -1,818.0
MCKESSON CORP MCK GZ 62,295.0 -1,472.0 -1,818.0
MCKESSON CORP MCK1EUR EZ 62,295.0 -1,472.0 -1,818.0
MCKESSON CORP MCK1EUR EU 62,295.0 -1,472.0 -1,818.0
MCKESSON CORP MCK QT 62,295.0 -1,472.0 -1,818.0
MCKESSON-BDR M1CK34 BZ 62,295.0 -1,472.0 -1,818.0
MEDIAALPHA INC-A MAX US 285.9 -59.5 25.0
MICROSTRATEG-BDR M2ST34 BZ 2,568.4 -187.1 -54.4
MICROSTRATEGY MIGA TH 2,568.4 -187.1 -54.4
MICROSTRATEGY MIGA QT 2,568.4 -187.1 -54.4
MICROSTRATEGY MSTREUR EZ 2,568.4 -187.1 -54.4
MICROSTRATEGY MSTR* MM 2,568.4 -187.1 -54.4
MICROSTRATEGY MIGA GZ 2,568.4 -187.1 -54.4
MICROSTRATEGY MSTR-RM RM 2,568.4 -187.1 -54.4
MICROSTRATEGY MSTR AR 2,568.4 -187.1 -54.4
MICROSTRATEGY MSTR US 2,568.4 -187.1 -54.4
MICROSTRATEGY MIGA GR 2,568.4 -187.1 -54.4
MICROSTRATEGY MIGA SW 2,568.4 -187.1 -54.4
MICROSTRATEGY MSTREUR EU 2,568.4 -187.1 -54.4
MONEYGRAM INTERN MGI US 4,504.7 -184.9 -16.6
MONEYGRAM INTERN 9M1N GR 4,504.7 -184.9 -16.6
MONEYGRAM INTERN 9M1N TH 4,504.7 -184.9 -16.6
MONEYGRAM INTERN MGIEUR EU 4,504.7 -184.9 -16.6
MONEYGRAM INTERN 9M1N QT 4,504.7 -184.9 -16.6
MOTOROLA SOL-BDR M1SI34 BZ 11,672.0 -430.0 610.0
MOTOROLA SOL-CED MSI AR 11,672.0 -430.0 610.0
MOTOROLA SOLUTIO MTLA GR 11,672.0 -430.0 610.0
MOTOROLA SOLUTIO MSI-RM RM 11,672.0 -430.0 610.0
MOTOROLA SOLUTIO MOT TE 11,672.0 -430.0 610.0
MOTOROLA SOLUTIO MSI US 11,672.0 -430.0 610.0
MOTOROLA SOLUTIO MTLA TH 11,672.0 -430.0 610.0
MOTOROLA SOLUTIO MSI1EUR EU 11,672.0 -430.0 610.0
MOTOROLA SOLUTIO MTLA GZ 11,672.0 -430.0 610.0
MOTOROLA SOLUTIO MSI1EUR EZ 11,672.0 -430.0 610.0
MOTOROLA SOLUTIO MOSI AV 11,672.0 -430.0 610.0
MOTOROLA SOLUTIO MTLA QT 11,672.0 -430.0 610.0
MSCI INC 3HM TH 4,833.4 -1,026.4 368.8
MSCI INC MSCI AV 4,833.4 -1,026.4 368.8
MSCI INC MSCI-RM RM 4,833.4 -1,026.4 368.8
MSCI INC MSCI US 4,833.4 -1,026.4 368.8
MSCI INC 3HM GR 4,833.4 -1,026.4 368.8
MSCI INC 3HM SW 4,833.4 -1,026.4 368.8
MSCI INC 3HM QT 4,833.4 -1,026.4 368.8
MSCI INC 3HM GZ 4,833.4 -1,026.4 368.8
MSCI INC MSCIEUR EZ 4,833.4 -1,026.4 368.8
MSCI INC MSCI* MM 4,833.4 -1,026.4 368.8
MSCI INC-BDR M1SC34 BZ 4,833.4 -1,026.4 368.8
N/A CC-RM RM 2,884.1 -229.0 259.8
N/A TCDAEUR EU 114.3 -111.2 82.3
N/A CTIC1EUR EU 134.5 -5.3 77.6
NATHANS FAMOUS NATH US 83.5 -50.8 53.2
NATHANS FAMOUS NFA GR 83.5 -50.8 53.2
NATHANS FAMOUS NATHEUR EU 83.5 -50.8 53.2
NEW ENG RLTY-LP NEN US 389.9 -59.4 0.0
NEXTSOURCE MATER NEXT CN 27.1 -35.9 -42.5
NORTONLIFEL- BDR S1YM34 BZ 6,247.0 -299.0 -995.0
NORTONLIFELOCK I NLOK-RM RM 6,247.0 -299.0 -995.0
NORTONLIFELOCK I SYM TH 6,247.0 -299.0 -995.0
NORTONLIFELOCK I SYM GR 6,247.0 -299.0 -995.0
NORTONLIFELOCK I SYMC TE 6,247.0 -299.0 -995.0
NORTONLIFELOCK I NLOK US 6,247.0 -299.0 -995.0
NORTONLIFELOCK I SYMCEUR EU 6,247.0 -299.0 -995.0
NORTONLIFELOCK I SYM GZ 6,247.0 -299.0 -995.0
NORTONLIFELOCK I SYMC AV 6,247.0 -299.0 -995.0
NORTONLIFELOCK I NLOK* MM 6,247.0 -299.0 -995.0
NORTONLIFELOCK I SYMCEUR EZ 6,247.0 -299.0 -995.0
NORTONLIFELOCK I SYM QT 6,247.0 -299.0 -995.0
NOVAVAX INC 0A3S LI 2,623.0 -417.0 -20.2
NOVAVAX INC NVV1 TH 2,623.0 -417.0 -20.2
NOVAVAX INC NVV1 SW 2,623.0 -417.0 -20.2
NOVAVAX INC NVAX* MM 2,623.0 -417.0 -20.2
NOVAVAX INC NVV1 GZ 2,623.0 -417.0 -20.2
NOVAVAX INC NVAX US 2,623.0 -417.0 -20.2
NOVAVAX INC NVV1 GR 2,623.0 -417.0 -20.2
NOVAVAX INC NVAXEUR EU 2,623.0 -417.0 -20.2
NOVAVAX INC NVV1 QT 2,623.0 -417.0 -20.2
NUTANIX INC - A NTNX-RM RM 2,355.9 -721.9 540.5
NUTANIX INC - A 0NU GZ 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 NTNXEUR EZ 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 12,067.7 -1,107.4 -1,613.3
O'REILLY AUTOMOT ORLY-RM RM 12,067.7 -1,107.4 -1,613.3
O'REILLY AUTOMOT OM6 TH 12,067.7 -1,107.4 -1,613.3
O'REILLY AUTOMOT ORLYEUR EU 12,067.7 -1,107.4 -1,613.3
O'REILLY AUTOMOT OM6 GZ 12,067.7 -1,107.4 -1,613.3
O'REILLY AUTOMOT ORLY AV 12,067.7 -1,107.4 -1,613.3
O'REILLY AUTOMOT OM6 GR 12,067.7 -1,107.4 -1,613.3
O'REILLY AUTOMOT ORLY US 12,067.7 -1,107.4 -1,613.3
O'REILLY AUTOMOT ORLY* MM 12,067.7 -1,107.4 -1,613.3
O'REILLY AUTOMOT ORLYEUR EZ 12,067.7 -1,107.4 -1,613.3
O'REILLY AUTOMOT OM6 QT 12,067.7 -1,107.4 -1,613.3
OAK STREET HEALT HE6 GZ 2,063.2 -101.9 507.9
OAK STREET HEALT HE6 GR 2,063.2 -101.9 507.9
OAK STREET HEALT OSH3EUR EU 2,063.2 -101.9 507.9
OAK STREET HEALT HE6 TH 2,063.2 -101.9 507.9
OAK STREET HEALT HE6 QT 2,063.2 -101.9 507.9
OAK STREET HEALT OSH US 2,063.2 -101.9 507.9
OMEROS CORP 3O8 GZ 345.6 -32.7 154.2
OMEROS CORP OMER US 345.6 -32.7 154.2
OMEROS CORP 3O8 GR 345.6 -32.7 154.2
OMEROS CORP 3O8 TH 345.6 -32.7 154.2
OMEROS CORP OMEREUR EU 345.6 -32.7 154.2
OMEROS CORP 3O8 QT 345.6 -32.7 154.2
OPTINOSE INC 0OP GZ 122.8 -60.8 63.0
OPTINOSE INC OPTN US 122.8 -60.8 63.0
OPTINOSE INC 0OP GR 122.8 -60.8 63.0
OPTINOSE INC OPTNEUR EU 122.8 -60.8 63.0
ORACLE BDR ORCL34 BZ 109,297.0 -5,768.0 12,122.0
ORACLE CO-CEDEAR ORCLD AR 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 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
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* 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 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 ORC GZ 109,297.0 -5,768.0 12,122.0
ORACLE CORP ORCL CI 109,297.0 -5,768.0 12,122.0
ORACLE CORP ORCLUSD SW 109,297.0 -5,768.0 12,122.0
ORACLE CORP ORCLEUR EZ 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
ORGANON & CO OGN US 10,614.0 -1,137.0 1,378.0
ORGANON & CO 7XP TH 10,614.0 -1,137.0 1,378.0
ORGANON & CO OGN-WEUR EU 10,614.0 -1,137.0 1,378.0
ORGANON & CO 7XP GR 10,614.0 -1,137.0 1,378.0
ORGANON & CO OGN* MM 10,614.0 -1,137.0 1,378.0
ORGANON & CO 7XP GZ 10,614.0 -1,137.0 1,378.0
ORGANON & CO 7XP QT 10,614.0 -1,137.0 1,378.0
ORGANON & CO OGN-RM RM 10,614.0 -1,137.0 1,378.0
OTIS WORLDWI OTIS AV 9,913.0 -4,752.0 -188.0
OTIS WORLDWI OTIS-RM RM 9,913.0 -4,752.0 -188.0
OTIS WORLDWI OTIS US 9,913.0 -4,752.0 -188.0
OTIS WORLDWI 4PG GR 9,913.0 -4,752.0 -188.0
OTIS WORLDWI 4PG GZ 9,913.0 -4,752.0 -188.0
OTIS WORLDWI OTISEUR EZ 9,913.0 -4,752.0 -188.0
OTIS WORLDWI OTISEUR EU 9,913.0 -4,752.0 -188.0
OTIS WORLDWI OTIS* MM 9,913.0 -4,752.0 -188.0
OTIS WORLDWI 4PG TH 9,913.0 -4,752.0 -188.0
OTIS WORLDWI 4PG QT 9,913.0 -4,752.0 -188.0
OTIS WORLDWI-BDR O1TI34 BZ 9,913.0 -4,752.0 -188.0
PAPA JOHN'S INTL PP1 GR 836.3 -232.6 -10.7
PAPA JOHN'S INTL PZZA US 836.3 -232.6 -10.7
PAPA JOHN'S INTL PP1 TH 836.3 -232.6 -10.7
PAPA JOHN'S INTL PP1 QT 836.3 -232.6 -10.7
PAPA JOHN'S INTL PZZAEUR EU 836.3 -232.6 -10.7
PAPA JOHN'S INTL PP1 GZ 836.3 -232.6 -10.7
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 657.4 -49.4 46.8
PETRO USA INC PBAJ US 0.0 -0.1 -0.1
PHATHOM PHARMACE PHAT US 213.5 -7.0 188.2
PHILIP MORRI-BDR PHMO34 BZ 40,960.0 -7,260.0 -2,171.0
PHILIP MORRIS IN PM-RM RM 40,960.0 -7,260.0 -2,171.0
PHILIP MORRIS IN 4I1 GR 40,960.0 -7,260.0 -2,171.0
PHILIP MORRIS IN PM US 40,960.0 -7,260.0 -2,171.0
PHILIP MORRIS IN PM1CHF EU 40,960.0 -7,260.0 -2,171.0
PHILIP MORRIS IN 4I1 TH 40,960.0 -7,260.0 -2,171.0
PHILIP MORRIS IN PM1 TE 40,960.0 -7,260.0 -2,171.0
PHILIP MORRIS IN PMI SW 40,960.0 -7,260.0 -2,171.0
PHILIP MORRIS IN PM1EUR EU 40,960.0 -7,260.0 -2,171.0
PHILIP MORRIS IN PMOR AV 40,960.0 -7,260.0 -2,171.0
PHILIP MORRIS IN 4I1 GZ 40,960.0 -7,260.0 -2,171.0
PHILIP MORRIS IN 0M8V LN 40,960.0 -7,260.0 -2,171.0
PHILIP MORRIS IN PMIZ IX 40,960.0 -7,260.0 -2,171.0
PHILIP MORRIS IN PMIZ EB 40,960.0 -7,260.0 -2,171.0
PHILIP MORRIS IN PM1CHF EZ 40,960.0 -7,260.0 -2,171.0
PHILIP MORRIS IN PM1EUR EZ 40,960.0 -7,260.0 -2,171.0
PHILIP MORRIS IN PM* MM 40,960.0 -7,260.0 -2,171.0
PHILIP MORRIS IN 4I1 QT 40,960.0 -7,260.0 -2,171.0
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 2,884.1 -229.0 259.8
PLANET FITNESS-A 3PL GZ 2,884.1 -229.0 259.8
PLANET FITNESS-A 3PL QT 2,884.1 -229.0 259.8
PLANET FITNESS-A PLNT1EUR EU 2,884.1 -229.0 259.8
PLANET FITNESS-A PLNT US 2,884.1 -229.0 259.8
PLANET FITNESS-A 3PL TH 2,884.1 -229.0 259.8
PLANET FITNESS-A 3PL GR 2,884.1 -229.0 259.8
PLANET FITNESS-A PLNT1EUR EZ 2,884.1 -229.0 259.8
POTBELLY CORP PBPBEUR EU 245.8 -8.9 -42.3
POTBELLY CORP PBPB US 245.8 -8.9 -42.3
POTBELLY CORP PTB GR 245.8 -8.9 -42.3
POTBELLY CORP PBPBEUR EZ 245.8 -8.9 -42.3
POTBELLY CORP PTB QT 245.8 -8.9 -42.3
PRIME IMPACT A-A PIAI US 324.9 -15.2 -0.0
PRIME IMPACT ACQ PIAI/U US 324.9 -15.2 -0.0
PROS HOLDINGS IN PH2 GR 461.8 -25.1 110.4
PROS HOLDINGS IN PRO US 461.8 -25.1 110.4
PROS HOLDINGS IN PRO1EUR EU 461.8 -25.1 110.4
PTC THERAPEUTICS PTCT US 1,804.1 -182.2 127.3
PTC THERAPEUTICS P91 QT 1,804.1 -182.2 127.3
PTC THERAPEUTICS BH3 GR 1,804.1 -182.2 127.3
PTC THERAPEUTICS P91 TH 1,804.1 -182.2 127.3
RADIUS HEALTH IN RDUS US 154.4 -273.4 58.6
RADIUS HEALTH IN 1R8 TH 154.4 -273.4 58.6
RADIUS HEALTH IN RDUSEUR EU 154.4 -273.4 58.6
RADIUS HEALTH IN 1R8 QT 154.4 -273.4 58.6
RADIUS HEALTH IN RDUSEUR EZ 154.4 -273.4 58.6
RADIUS HEALTH IN 1R8 GR 154.4 -273.4 58.6
RAPID7 INC RPD* MM 1,285.5 -148.2 -53.7
RAPID7 INC R7D GZ 1,285.5 -148.2 -53.7
RAPID7 INC R7D QT 1,285.5 -148.2 -53.7
RAPID7 INC R7D SW 1,285.5 -148.2 -53.7
RAPID7 INC RPDEUR EU 1,285.5 -148.2 -53.7
RAPID7 INC RPD US 1,285.5 -148.2 -53.7
RAPID7 INC R7D GR 1,285.5 -148.2 -53.7
RAPID7 INC R7D TH 1,285.5 -148.2 -53.7
RAPID7 INC-BDR R2PD34 BZ 1,285.5 -148.2 -53.7
REALREAL INC/THE 6RR QT 648.4 -107.1 244.8
REALREAL INC/THE REAL2EUR EZ 648.4 -107.1 244.8
RED ROCK RESOR-A RRREUR EU 3,070.3 -27.7 143.3
RED ROCK RESOR-A RRK GR 3,070.3 -27.7 143.3
RED ROCK RESOR-A RRK TH 3,070.3 -27.7 143.3
RED ROCK RESOR-A RRR US 3,070.3 -27.7 143.3
REVANCE THERAPEU RVNC US 561.9 -2.6 183.7
REVANCE THERAPEU RTI GR 561.9 -2.6 183.7
REVANCE THERAPEU RTI QT 561.9 -2.6 183.7
REVANCE THERAPEU RVNCEUR EU 561.9 -2.6 183.7
REVANCE THERAPEU RTI TH 561.9 -2.6 183.7
REVANCE THERAPEU RTI GZ 561.9 -2.6 183.7
REVLON INC-A REV US 2,503.7 -2,348.2 220.4
REVLON INC-A RVL1 GR 2,503.7 -2,348.2 220.4
REVLON INC-A REVEUR EU 2,503.7 -2,348.2 220.4
REVLON INC-A RVL1 TH 2,503.7 -2,348.2 220.4
REVLON INC-A REV* MM 2,503.7 -2,348.2 220.4
RIMINI STREET IN 0QH GR 386.2 -76.5 -49.8
RIMINI STREET IN RMNIEUR EU 386.2 -76.5 -49.8
RIMINI STREET IN 0QH QT 386.2 -76.5 -49.8
RIMINI STREET IN RMNI US 386.2 -76.5 -49.8
RITE AID CORP RTA1 GZ 8,549.8 -8.4 741.2
RITE AID CORP RTA1 GR 8,549.8 -8.4 741.2
RITE AID CORP RAD US 8,549.8 -8.4 741.2
RITE AID CORP RADEUR EU 8,549.8 -8.4 741.2
RITE AID CORP RADEUR EZ 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
ROSE HILL ACQU-A ROSE US 147.6 -9.9 0.8
ROSE HILL ACQUIS ROSEU US 147.6 -9.9 0.8
SABRE CORP 19S GZ 5,176.7 -606.6 840.9
SABRE CORP SABR US 5,176.7 -606.6 840.9
SABRE CORP 19S TH 5,176.7 -606.6 840.9
SABRE CORP 19S GR 5,176.7 -606.6 840.9
SABRE CORP 19S QT 5,176.7 -606.6 840.9
SABRE CORP SABREUR EU 5,176.7 -606.6 840.9
SABRE CORP SABREUR EZ 5,176.7 -606.6 840.9
SBA COMM CORP 4SB GR 10,011.9 -5,398.7 -823.3
SBA COMM CORP SBAC US 10,011.9 -5,398.7 -823.3
SBA COMM CORP 4SB GZ 10,011.9 -5,398.7 -823.3
SBA COMM CORP 4SB TH 10,011.9 -5,398.7 -823.3
SBA COMM CORP 4SB QT 10,011.9 -5,398.7 -823.3
SBA COMM CORP SBACEUR EU 10,011.9 -5,398.7 -823.3
SBA COMM CORP SBAC* MM 10,011.9 -5,398.7 -823.3
SCPHARMACEUTICAL 2SX QT 59.2 -207.1 56.0
SCPHARMACEUTICAL 2SX GR 59.2 -207.1 56.0
SCPHARMACEUTICAL SCPH US 59.2 -207.1 56.0
SCPHARMACEUTICAL SCPHEUR EU 59.2 -207.1 56.0
SCPHARMACEUTICAL 2SX GZ 59.2 -207.1 56.0
SEAWORLD ENTERTA W2L GZ 2,396.6 -401.5 -168.3
SEAWORLD ENTERTA SEAS US 2,396.6 -401.5 -168.3
SEAWORLD ENTERTA W2L GR 2,396.6 -401.5 -168.3
SEAWORLD ENTERTA W2L TH 2,396.6 -401.5 -168.3
SEAWORLD ENTERTA W2L QT 2,396.6 -401.5 -168.3
SEAWORLD ENTERTA SEASEUR EU 2,396.6 -401.5 -168.3
SHELL MIDSTREAM SHLX US 2,231.0 -441.0 62.0
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 10,270.0 -3,579.0 -1,751.0
SIRIUS XM HOLDIN SIRI US 10,270.0 -3,579.0 -1,751.0
SIRIUS XM HOLDIN RDO GR 10,270.0 -3,579.0 -1,751.0
SIRIUS XM HOLDIN RDO TH 10,270.0 -3,579.0 -1,751.0
SIRIUS XM HOLDIN SIRIEUR EU 10,270.0 -3,579.0 -1,751.0
SIRIUS XM HOLDIN RDO GZ 10,270.0 -3,579.0 -1,751.0
SIRIUS XM HOLDIN SIRI AV 10,270.0 -3,579.0 -1,751.0
SIRIUS XM HOLDIN SIRIEUR EZ 10,270.0 -3,579.0 -1,751.0
SIRIUS XM HOLDIN SIRI SW 10,270.0 -3,579.0 -1,751.0
SIRIUS XM HOLDIN RDO QT 10,270.0 -3,579.0 -1,751.0
SIX FLAGS ENTERT 6FE GR 2,713.8 -537.3 -377.1
SIX FLAGS ENTERT SIX US 2,713.8 -537.3 -377.1
SIX FLAGS ENTERT SIXEUR EU 2,713.8 -537.3 -377.1
SIX FLAGS ENTERT 6FE QT 2,713.8 -537.3 -377.1
SIX FLAGS ENTERT 6FE TH 2,713.8 -537.3 -377.1
SKYX PLATFORMS C SKYX US 30.7 17.5 25.2
SLEEP NUMBER COR SL2 TH 950.1 -443.0 -723.4
SLEEP NUMBER COR SL2 QT 950.1 -443.0 -723.4
SLEEP NUMBER COR SL2 GZ 950.1 -443.0 -723.4
SLEEP NUMBER COR SNBR US 950.1 -443.0 -723.4
SLEEP NUMBER COR SL2 GR 950.1 -443.0 -723.4
SLEEP NUMBER COR SNBREUR EU 950.1 -443.0 -723.4
SMILEDIRECTCLUB SDC* MM 700.6 -258.5 237.4
SPLUNK INC SPLK-RM RM 5,210.0 -661.9 763.8
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 TH 5,210.0 -661.9 763.8
SPLUNK INC SPLKEUR EU 5,210.0 -661.9 763.8
SPLUNK INC S0U GZ 5,210.0 -661.9 763.8
SPLUNK INC SPLK* MM 5,210.0 -661.9 763.8
SPLUNK INC SPLKEUR EZ 5,210.0 -661.9 763.8
SPLUNK INC S0U QT 5,210.0 -661.9 763.8
SPLUNK INC - BDR S1PL34 BZ 5,210.0 -661.9 763.8
SPRAGUE RESOURCE SRLP US 1,334.3 -95.2 -519.7
SQUARESPACE -BDR S2QS34 BZ 994.3 -42.1 -74.5
SQUARESPACE IN-A SQSP US 994.3 -42.1 -74.5
SQUARESPACE IN-A 8DT GZ 994.3 -42.1 -74.5
SQUARESPACE IN-A 8DT GR 994.3 -42.1 -74.5
SQUARESPACE IN-A SQSPEUR EU 994.3 -42.1 -74.5
SQUARESPACE IN-A 8DT TH 994.3 -42.1 -74.5
SQUARESPACE IN-A 8DT QT 994.3 -42.1 -74.5
STARBUCKS CORP SBUX-RM RM 28,156.2 -8,658.9 -1,334.9
STARBUCKS CORP SBUXCL CI 28,156.2 -8,658.9 -1,334.9
STARBUCKS CORP SBUX_KZ KZ 28,156.2 -8,658.9 -1,334.9
STARBUCKS CORP SRB GR 28,156.2 -8,658.9 -1,334.9
STARBUCKS CORP SRB TH 28,156.2 -8,658.9 -1,334.9
STARBUCKS CORP SBUX* MM 28,156.2 -8,658.9 -1,334.9
STARBUCKS CORP SRB GZ 28,156.2 -8,658.9 -1,334.9
STARBUCKS CORP SBUX AV 28,156.2 -8,658.9 -1,334.9
STARBUCKS CORP SBUX TE 28,156.2 -8,658.9 -1,334.9
STARBUCKS CORP SBUXEUR EU 28,156.2 -8,658.9 -1,334.9
STARBUCKS CORP SBUX IM 28,156.2 -8,658.9 -1,334.9
STARBUCKS CORP SBUX US 28,156.2 -8,658.9 -1,334.9
STARBUCKS CORP SBUX CI 28,156.2 -8,658.9 -1,334.9
STARBUCKS CORP SBUXUSD SW 28,156.2 -8,658.9 -1,334.9
STARBUCKS CORP SBUX PE 28,156.2 -8,658.9 -1,334.9
STARBUCKS CORP SBUXEUR EZ 28,156.2 -8,658.9 -1,334.9
STARBUCKS CORP 0QZH LI 28,156.2 -8,658.9 -1,334.9
STARBUCKS CORP SBUX SW 28,156.2 -8,658.9 -1,334.9
STARBUCKS CORP SRB QT 28,156.2 -8,658.9 -1,334.9
STARBUCKS-BDR SBUB34 BZ 28,156.2 -8,658.9 -1,334.9
STARBUCKS-CEDEAR SBUXD AR 28,156.2 -8,658.9 -1,334.9
STARBUCKS-CEDEAR SBUX AR 28,156.2 -8,658.9 -1,334.9
STONEMOR INC STON US 1,798.0 -174.7 106.4
STONEMOR INC 3V8 GR 1,798.0 -174.7 106.4
STONEMOR INC STONEUR EU 1,798.0 -174.7 106.4
SYMBOTIC INC SYM US 612.8 73.1 146.1
TEMPUR SEALY INT TPD TH 4,404.4 -180.9 248.1
TEMPUR SEALY INT TPD GZ 4,404.4 -180.9 248.1
TEMPUR SEALY INT T2PX34 BZ 4,404.4 -180.9 248.1
TEMPUR SEALY INT TPX-RM RM 4,404.4 -180.9 248.1
TEMPUR SEALY INT TPX US 4,404.4 -180.9 248.1
TEMPUR SEALY INT TPD GR 4,404.4 -180.9 248.1
TEMPUR SEALY INT TPXEUR EU 4,404.4 -180.9 248.1
TERRAN ORBITAL C LLAP US 165.3 -52.5 28.2
TORRID HOLDINGS CURV US 567.2 -254.9 -74.5
TRANSDIGM - BDR T1DG34 BZ 18,819.0 -2,968.0 4,964.0
TRANSDIGM GROUP TDG-RM RM 18,819.0 -2,968.0 4,964.0
TRANSDIGM GROUP TDG US 18,819.0 -2,968.0 4,964.0
TRANSDIGM GROUP T7D GR 18,819.0 -2,968.0 4,964.0
TRANSDIGM GROUP TDG* MM 18,819.0 -2,968.0 4,964.0
TRANSDIGM GROUP T7D TH 18,819.0 -2,968.0 4,964.0
TRANSDIGM GROUP T7D QT 18,819.0 -2,968.0 4,964.0
TRANSDIGM GROUP TDGEUR EU 18,819.0 -2,968.0 4,964.0
TRANSDIGM GROUP TDGEUR EZ 18,819.0 -2,968.0 4,964.0
TRAVEL + LEISURE TNL US 6,477.0 -846.0 521.0
TRAVEL + LEISURE WD5A GR 6,477.0 -846.0 521.0
TRAVEL + LEISURE WD5A GZ 6,477.0 -846.0 521.0
TRAVEL + LEISURE TNL* MM 6,477.0 -846.0 521.0
TRAVEL + LEISURE WD5A TH 6,477.0 -846.0 521.0
TRAVEL + LEISURE 0M1K LI 6,477.0 -846.0 521.0
TRAVEL + LEISURE WD5A QT 6,477.0 -846.0 521.0
TRAVEL + LEISURE WYNEUR EU 6,477.0 -846.0 521.0
TRICIDA INC 1T7 GZ 114.3 -111.2 82.3
TRICIDA INC TCDA US 114.3 -111.2 82.3
TRICIDA INC 1T7 GR 114.3 -111.2 82.3
TRICIDA INC 1T7 TH 114.3 -111.2 82.3
TRICIDA INC 1T7 QT 114.3 -111.2 82.3
TRICIDA INC TCDAEUR EZ 114.3 -111.2 82.3
TRIUMPH GROUP TG7 GZ 1,667.5 -805.3 341.5
TRIUMPH GROUP TG7 GR 1,667.5 -805.3 341.5
TRIUMPH GROUP TGI US 1,667.5 -805.3 341.5
TRIUMPH GROUP TG7 TH 1,667.5 -805.3 341.5
TRIUMPH GROUP TGIEUR EU 1,667.5 -805.3 341.5
UBIQUITI INC 3UB TH 759.7 -335.0 301.9
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
UNISYS CORP USY1 GR 2,154.4 -98.5 308.3
UNISYS CORP USY1 TH 2,154.4 -98.5 308.3
UNISYS CORP UIS US 2,154.4 -98.5 308.3
UNISYS CORP UIS SW 2,154.4 -98.5 308.3
UNISYS CORP UISEUR EU 2,154.4 -98.5 308.3
UNISYS CORP USY1 GZ 2,154.4 -98.5 308.3
UNISYS CORP USY1 QT 2,154.4 -98.5 308.3
UNISYS CORP UISEUR EZ 2,154.4 -98.5 308.3
UNITI GROUP INC 8XC GZ 4,955.2 -2,075.2 0.0
UNITI GROUP INC UNIT US 4,955.2 -2,075.2 0.0
UNITI GROUP INC 8XC GR 4,955.2 -2,075.2 0.0
UNITI GROUP INC 8XC TH 4,955.2 -2,075.2 0.0
USD PARTNERS LP USDP US 233.8 -30.7 0.9
VECTOR GROUP LTD VGR GZ 994.6 -830.9 296.9
VECTOR GROUP LTD VGR US 994.6 -830.9 296.9
VECTOR GROUP LTD VGR GR 994.6 -830.9 296.9
VECTOR GROUP LTD VGREUR EU 994.6 -830.9 296.9
VECTOR GROUP LTD VGREUR EZ 994.6 -830.9 296.9
VECTOR GROUP LTD VGR TH 994.6 -830.9 296.9
VECTOR GROUP LTD VGR QT 994.6 -830.9 296.9
VERISIGN INC VRSN-RM RM 1,762.5 -1,455.0 -5.0
VERISIGN INC VRSN US 1,762.5 -1,455.0 -5.0
VERISIGN INC VRS GR 1,762.5 -1,455.0 -5.0
VERISIGN INC VRS TH 1,762.5 -1,455.0 -5.0
VERISIGN INC VRSNEUR EU 1,762.5 -1,455.0 -5.0
VERISIGN INC VRS GZ 1,762.5 -1,455.0 -5.0
VERISIGN INC VRSN* MM 1,762.5 -1,455.0 -5.0
VERISIGN INC VRSNEUR EZ 1,762.5 -1,455.0 -5.0
VERISIGN INC VRS QT 1,762.5 -1,455.0 -5.0
VERISIGN INC-BDR VRSN34 BZ 1,762.5 -1,455.0 -5.0
VERISIGN-CEDEAR VRSN AR 1,762.5 -1,455.0 -5.0
VIVINT SMART HOM V2VN34 BZ 2,908.3 -1,715.6 -482.5
VIVINT SMART HOM VVNT US 2,908.3 -1,715.6 -482.5
VMWARE INC-BDR V2MW34 BZ 27,434.0 -411.0 -2,249.0
VMWARE INC-CL A BZF1 GR 27,434.0 -411.0 -2,249.0
VMWARE INC-CL A BZF1 TH 27,434.0 -411.0 -2,249.0
VMWARE INC-CL A VMW US 27,434.0 -411.0 -2,249.0
VMWARE INC-CL A 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
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
W&T OFFSHORE INC WTI US 1,439.8 -124.4 164.2
W&T OFFSHORE INC UWV GZ 1,439.8 -124.4 164.2
W&T OFFSHORE INC UWV GR 1,439.8 -124.4 164.2
W&T OFFSHORE INC WTI1EUR EU 1,439.8 -124.4 164.2
W&T OFFSHORE INC UWV TH 1,439.8 -124.4 164.2
WAYFAIR INC- A W US 4,098.0 -2,145.0 242.0
WAYFAIR INC- A W* MM 4,098.0 -2,145.0 242.0
WAYFAIR INC- A 1WF QT 4,098.0 -2,145.0 242.0
WAYFAIR INC- A WEUR EU 4,098.0 -2,145.0 242.0
WAYFAIR INC- A 1WF GZ 4,098.0 -2,145.0 242.0
WAYFAIR INC- A WEUR EZ 4,098.0 -2,145.0 242.0
WAYFAIR INC- A 1WF GR 4,098.0 -2,145.0 242.0
WAYFAIR INC- A 1WF TH 4,098.0 -2,145.0 242.0
WEBER INC - A WEBR US 1,878.4 -194.1 274.3
WEWORK INC-CL A WE US 19,638.0 -2,317.0 -889.0
WEWORK INC-CL A 9WE TH 19,638.0 -2,317.0 -889.0
WEWORK INC-CL A WE1EUR EU 19,638.0 -2,317.0 -889.0
WEWORK INC-CL A 9WE GR 19,638.0 -2,317.0 -889.0
WEWORK INC-CL A 9WE QT 19,638.0 -2,317.0 -889.0
WEWORK INC-CL A 9WE GZ 19,638.0 -2,317.0 -889.0
WEWORK INC-CL A WE* MM 19,638.0 -2,317.0 -889.0
WINGSTOP INC EWG GZ 395.4 -415.5 156.8
WINGSTOP INC WING1EUR EU 395.4 -415.5 156.8
WINGSTOP INC WING US 395.4 -415.5 156.8
WINGSTOP INC EWG GR 395.4 -415.5 156.8
WINMARK CORP WINA US 27.1 -68.8 2.0
WINMARK CORP GBZ GR 27.1 -68.8 2.0
WW INTERNATIONAL WW-RM RM 1,390.6 -456.1 57.2
WW INTERNATIONAL WW6 GR 1,390.6 -456.1 57.2
WW INTERNATIONAL WW US 1,390.6 -456.1 57.2
WW INTERNATIONAL WW6 TH 1,390.6 -456.1 57.2
WW INTERNATIONAL WW6 GZ 1,390.6 -456.1 57.2
WW INTERNATIONAL WTWEUR EZ 1,390.6 -456.1 57.2
WW INTERNATIONAL WTW AV 1,390.6 -456.1 57.2
WW INTERNATIONAL WTWEUR EU 1,390.6 -456.1 57.2
WW INTERNATIONAL WW6 QT 1,390.6 -456.1 57.2
WYNN RESORTS LTD WYNN-RM RM 11,788.5 -1,374.3 753.9
WYNN RESORTS LTD WYR TH 11,788.5 -1,374.3 753.9
WYNN RESORTS LTD WYNN* MM 11,788.5 -1,374.3 753.9
WYNN RESORTS LTD WYNN US 11,788.5 -1,374.3 753.9
WYNN RESORTS LTD WYR GR 11,788.5 -1,374.3 753.9
WYNN RESORTS LTD WYNNEUR EU 11,788.5 -1,374.3 753.9
WYNN RESORTS LTD WYR GZ 11,788.5 -1,374.3 753.9
WYNN RESORTS LTD WYNNEUR EZ 11,788.5 -1,374.3 753.9
WYNN RESORTS LTD WYR QT 11,788.5 -1,374.3 753.9
WYNN RESORTS-BDR W1YN34 BZ 11,788.5 -1,374.3 753.9
YELLOW CORP YELL US 2,503.9 -324.1 255.7
YELLOW CORP YEL GZ 2,503.9 -324.1 255.7
YELLOW CORP YEL GR 2,503.9 -324.1 255.7
YELLOW CORP YEL1 TH 2,503.9 -324.1 255.7
YELLOW CORP YEL QT 2,503.9 -324.1 255.7
YELLOW CORP YRCWEUR EU 2,503.9 -324.1 255.7
YELLOW CORP YRCWEUR EZ 2,503.9 -324.1 255.7
YUM! BRANDS -BDR YUMR34 BZ 5,790.0 -8,568.0 246.0
YUM! BRANDS INC YUM-RM RM 5,790.0 -8,568.0 246.0
YUM! BRANDS INC TGR TH 5,790.0 -8,568.0 246.0
YUM! BRANDS INC TGR GR 5,790.0 -8,568.0 246.0
YUM! BRANDS INC YUM* MM 5,790.0 -8,568.0 246.0
YUM! BRANDS INC TGR GZ 5,790.0 -8,568.0 246.0
YUM! BRANDS INC YUM US 5,790.0 -8,568.0 246.0
YUM! BRANDS INC YUMUSD SW 5,790.0 -8,568.0 246.0
YUM! BRANDS INC YUMEUR EZ 5,790.0 -8,568.0 246.0
YUM! BRANDS INC YUM AV 5,790.0 -8,568.0 246.0
YUM! BRANDS INC TGR TE 5,790.0 -8,568.0 246.0
YUM! BRANDS INC YUMEUR EU 5,790.0 -8,568.0 246.0
YUM! BRANDS INC TGR QT 5,790.0 -8,568.0 246.0
YUM! BRANDS INC YUM SW 5,790.0 -8,568.0 246.0
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA.
Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante,
Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon,
Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and
Peter A. Chapman, Editors.
Copyright 2022. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
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re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $975 for 6 months delivered via
e-mail. Additional e-mail subscriptions for members of the same
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 ***