/raid1/www/Hosts/bankrupt/TCR_Public/220913.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, September 13, 2022, Vol. 26, No. 255
Headlines
114 W. CAROLINA BUILDING: Files Bare-Bones Chapter 11 Petition
8400 GROUP: Case Summary & Four Unsecured Creditors
96 WYTHE: Trustee Taps Garfunkel Wild as Special Counsel
ACCESS METALS: Case Summary & 10 Unsecured Creditors
AEARO TECHNOLOGIES: Faces Pushback on Mediation Tweaks
ALCARAZ CATERING: Hires Kenneth H J Henjum as Bankruptcy Counsel
ALLIANCE FOUNDATION: Court OKs Cash Collateral Access
ALLSPRING BUYER: S&P Alters Outlook to Neg., Affirms 'BB-' ICR
AMERICAN EAGLE: Successfully Completes Financial Reorganization
AMERICAN EQUITY: Hires Shuker & Dorris as Bankruptcy Counsel
AMERICAN SLEEP: Court Approves Disclosure Statement
ASSOCIATED FIXTURE: Hires Legal Formative as Bankruptcy Counsel
BESTWALL LLC: $400,000 Sanction Appeal vs. Maune Raichle Dismissed
BLINK CHARGING: Elects Former Top White House Advisor to Board
BORREGO COMMUNITY: Case Summary & 20 Largest Unsecured Creditors
BOY SCOUTS: Bankruptcy Court Finally Approves Chapter 11 Plan
CALAMP CORP: Kurt Binder to Step Down as CFO on Sept. 30
CAREPARTH HEALTHCARE: Seeks Approval to Hire Real Estate Broker
CELSIUS NETWORK: Troutman Updates on Withhold Account Holders
CELSIUS NETWORK: Wants to Release Customer Funds Worth $225 Mil.
CINEWORLD GROUP: A&P Represents Legacy Lender Group
CINEWORLD GROUP: Bankruptcy Court Okays First-Day Motions
CINEWORLD GROUP: Bankruptcy Signals Struggling Movie Industry
CIV LLC: Gets Interim OK to Hire Allen Stovall Neuman as Counsel
CLARUS THERAPEUTICS: Wins Interim Cash Collateral Access
CODE L STUDIOS: Files Subchapter V Case
CPI INTERNATIONAL: S&P Upgrades ICR to 'B', Outlook Stable
CYTODYN INC: Stockholders OK Authorized Shares Hike to 1.35-Bil.
DIOCESE OF CAMDEN: Objects to Chapter 11 Trade Committee Fees
DOT DOT SMILE: Files Emergency Bid to Use Cash Collateral
DRAGOON MOUNTAIN: Hires DeConcini McDonald Yetwin as Legal Counsel
E QUALCOM CORP: Seeks to Hire David W. Langley as Counsel
EAST BROADWAY: Secured Creditor Submits Plan of Liquidation
EYP GROUP: C3 Unsecureds to 50% of Claims in $70M Sale Plan
EYP GROUP: Has Deal With Creditors on Consensual Plan
FANNIE & FREDDIE: Should Be Free of Conservatorship, Says Hindes
FLORES & PRUITT: SARE Seeks Chapter 11 Bankruptcy Protection
FRONTDOOR INC: Moody's Affirms 'Ba2' CFR, Outlook Remains Stable
GABHALTAIS TEAGHLAIGH: Wins Cash Collateral Access
GALAXY NEXT: Hikes Authorized Common Shares to 200 Million
GENOCEA BIOSCIENCES: Hires Baker Newman & Noyes as Tax Accountant
HIE HOLDINGS: Goodsill Represents Paragon, Rengo
HNA GROUP: SL Green Realty Acquires 245 Park Avenue
HUMANIGEN INC: Adrian Kilcoyne Quits as Chief Medical Officer
INLAND BOAT: Seeks to Hire CBIZ MHM as Accountant
INTERNATIONAL LAND: M&K CPAS Replaces Haskell & White as Auditor
J MORALES: Wins Interim Cash Collateral Access
JORGABY FREIGHT: Trucker Files Subchapter V Cases
KUN PENG: Appoints Two New Directors
KUN PENG: Hikes Authorized Common Stock to 1 Billion Shares
KUN PENG: To Effect 10-for-1 Forward Common Stock Split
LA COSTA LIVING: Voluntary Chapter 11 Case Summary
LATAM AIRLINES: Starts Final Phase of Reorganization Process
LEXARIA BIOSCIENCE: Appoints Catherine Turkel as Director
LUMILEDS HOLDING: More Than 90% of 1st Lien Lenders Now Back Plan
LUMILEDS HOLDING: To Seek Plan Confirmation on Oct. 14
MAC'S KWI: Files Emergency Bid to Use Cash Collateral
MATADOR RESOURCES: Moody's Ups CFR to Ba3 & Unsecured Notes to B1
MATREIYA TRANS: Plan Approval Deadline Extended to Dec. 27
MEN'S WEARHOUSE: S&P Raises ICR to 'B-', Outlook Positive
MERCHANTS BANCORP: Moody's Assigns First Time 'Ba2' Issuer Rating
MESOBLAST LTD: Appoints Jane Bell as Director
MESOBLAST LTD: Incurs US$91.4 Million Net Loss in FY Ended June 30
MINERVA RESOURCES: Hires Ahmad Zavitsanos as Special Counsel
MIRACLE CENTER: Seeks to Hire Rounds & Sutter as Counsel
NATIONAL MENTOR: Moody's Cuts CFR to Caa1, Outlook Stable
NB HOTELS: Plan Disclosures Have Inaccuracies, Says Bondholder
NERAM GROUP: Hires Temecula Valley Realty as Real Estate Broker
NEWAGE INC: CBD Global to Acquire DSD Operations from Unit
NEWAGE INC: Common Stock Trading Suspended After Ch.11 Filing
OLYMPIA SPORTS: Case Summary & 30 Largest Unsecured Creditors
ORGANICELL REGENERATIVE: Inks Deal to Sell $10M Shares to Tysadco
OSG GROUP: Exits Chapter 11 Bankruptcy Protection
PARAMOUNT HEALTH: In Chapter 11 After Dispute With Former Partner
PARS BRONX REALTY: Taps Tip Top Realty as Real Estate Broker
PATH MEDICAL: SSG Acted as Investment Banker in Asset Sale
PEAK THEORY: Files Subchapter V Case; Owner in Chapter 7
PRESCOTT BREWING: Gets OK to Hire Jaspers & Goggin as Accountant
QUICKER LIQUOR: Disclosures Misleading, Say Claimants
REUNION S. PRESA: Files Subchapter V Case
RL ENTERPRISES: Case Summary & Eight Unsecured Creditors
SCOTTS MIRACLE-GRO: S&P Downgrades ICR to 'BB-', Outlook Negative
SILVER STATE: Receiver Balks at 2nd Amended Disclosures
SILVER STATE: VCY Joins In Receiver's Objection
STONEMOR INC: Inks $45 Million Secured Revolving Credit Facility
SUNGARD AS: Unsecureds Out of Money Under Plan, Settlement
TEEZ SALON: Seeks to Hire Spector & Cox as Counsel
TIMBER PHARMACEUTICALS: Says It Is In Compliance With NYSE
TPC GROUP: Pauses Disclosure Hearing for Settlement Negotiations
USI INC: Moody's Raises CFR to B2 & Senior Secured Debt to B1
VALRAM INT'L: SARE, Owners File for Chapter 11 Bankruptcy
VERITAS HOLDINGS: S&P Alters Outlook to Negative, Affirms 'B-' ICR
VISTAGEN THERAPEUTICS: Reduces Meeting Quorum Requirement
VOYAGER DIGITAL: Seeks to Hire Kirkland & Ellis as Counsel
WALL009 LLC: Seeks to Hire Eric A. Liepins P.C. as Counsel
WATER WIND & SKY: MGP Says Plan Unconfirmable
WC BRAKER: Trustee Taps Embark as 'Ordinary Course' Accountant
WEINBERG CAPITAL: Taps Abbasi Law as Bankruptcy Counsel
[*] Mirlande Telfort Joins Blank Rome's Bankruptcy Practice
[*] Ret. Judge John Waites Receives American Inns Bankruptcy Award
[^] Large Companies with Insolvent Balance Sheet
*********
114 W. CAROLINA BUILDING: Files Bare-Bones Chapter 11 Petition
--------------------------------------------------------------
114 W. Carolina Building LLC filed for chapter 11 protection in the
Western District of Texas without stating a reason.
According to court documents, 114 W. Carolina Building LLC
estimates between 1 and 49 creditors. The petition states that
funds will be available to unsecured creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
Oct. 7, 2022, at 10:00 AM at Via Phone: (866)909-2905; Code:
5519921#.
Proofs of claim are due Jan. 5, 2023.
About 114 W. Carolina Building
114 W. Carolina Building LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 22-51001) on
Sept. 6, 2022. In the petition filed by Leslie Scott Jones, as
managing partner, the Debtor reported assets and liabilities
between $1 million and $10 million.
The Debtor is represented by Paul S. Hacker of Hacker Law Firm.
8400 GROUP: Case Summary & Four Unsecured Creditors
---------------------------------------------------
Debtor: 8400 Group LLC
41 James Way
Eatontown, NJ 07724
Business Description: The Debtor is a Single Asset Real Estate
as defined in 11 U.S.C. Section 101(51B).
The Debtor owns a one story commercial
building consisting of approximately 10,770
square feet of office space located in
Eatontown, New Jersey. The Property has
an appraised value of $3.1 million.
Chapter 11 Petition Date: September 11, 2022
Court: United States Bankruptcy Court
District of New Jersey
Case No.: 22-17174
Judge: Hon. Christine M. Gravelle
Debtor's Counsel: Richard D. Trenk, Esq.
TRENK ISABEL SIDDIQI & SHAHDANIAN P.C.
290 W. Mt. Pleasant Avenue, Suite 2350
Livingston, NJ 07039
Tel: 973-533-1040
Email: rtrenk@trenkisabel.law
Debtor's
Accountant: DABIDAT & CHOU CPAs PC
Total Assets: $3,102,981
Total Liabilities: $7,253,336
The petition was signed by Mervin A. Dayan as managing member.
A full-text copy of the petition containing, among other items, a
list of the Debtor's four unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/ES7LVBQ/8400_Group_LLC__njbke-22-17174__0001.0.pdf?mcid=tGE4TAMA
96 WYTHE: Trustee Taps Garfunkel Wild as Special Counsel
--------------------------------------------------------
Stephen Gray, the Chapter 11 trustee for 96 Wythe Acquisition, LLC,
seeks approval from the U.S. Bankruptcy Court for the Southern
District of New York to employ Garfunkel Wild, P.C. as his special
counsel.
The firm will assist the Debtor on ongoing issues relating to
compliance with applicable labor laws and regulations, as well as
related human resource issues, including, but not limited to,
employee hiring, termination, and benefits.
Garfunkel Wild's current rates are:
Partners / Counsel $385 - $675 per hour
Associates $310 - $430 per hour
Paralegals $260 per hour
Burton Weston, Esq., a partner and director at Garfunkel Wild,
disclosed in a court filing that the firm is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Burton S. Weston, Esq.
Garfunkel Wild P.C.
11 Great Neck Road
Great Neck, NY 11021
Tel: (516) 393-2200
Fax: (516) 466-5964
Email: bweston@garfunkelwild.com
About 96 Wythe Acquisition
96 Wythe Acquisition, LLC operates the Williamsburg Hotel, an
eight-story hotel located at 96 Wythe Ave., Brooklyn, N.Y.
96 Wythe Acquisition sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 21-22108) on Feb. 23,
2021, disclosing zero assets and $79,990,206 in liabilities. CRO
David Goldwasser signed the petition.
Judge Sean H. Lane oversees the case.
The Debtor tapped Backenroth Frankel & Krinsky, LLP and Mayer
Brown, LLP as bankruptcy counsels; Fern Flomenhaft, PLLC as
insurance counsel; and B. Riley Advisory Services as litigation
support consultant. Getzler Henrich & Associates, LLC and Hilco
Real Estate, LLC serve as the Debtor's financial advisors.
Stephen Gray was appointed as Chapter 11 trustee. Togut, Segal &
Segal, LLP and Fragomen Del Rey Bernsen & Loewy, LLP serve as the
trustee's bankruptcy counsel and special counsel, respectively.
Verdolino & Lowey P.C. is the trustee's tax accountant.
ACCESS METALS: Case Summary & 10 Unsecured Creditors
----------------------------------------------------
Debtor: Access Metals Trading, Inc.
2333 San Ramon Valley Blvd., Ste. 160
San Ramon, CA 94583
Business Description: The Debtor is engaged in the sales of scrap
metals.
Chapter 11 Petition Date: September 12, 2022
Court: United States Bankruptcy Court
Northern District of California
Case No.: 22-40887
Judge: Hon. William J. Lafferty
Debtor's Counsel: Gina R. Klump, Esq.
LAW OFFICE OF GINA R. KLUMP
30 5th Street, Suite 200
Petaluma, CA 94952
Tel: 707-778-0111
Fax: 707-339-8017
Email: klumplaw@gmail.com
Total Assets as of July 31, 2022: $1,465,176
Total Liabilities as of July 31, 2022: $2,364,759
The petition was signed by Scott Ehrlich as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 10 unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/U3N3XEI/Access_Metals_Trading_Inc__canbke-22-40887__0001.0.pdf?mcid=tGE4TAMA
AEARO TECHNOLOGIES: Faces Pushback on Mediation Tweaks
------------------------------------------------------
James Nani of Bloomberg Law reports that veterans suing 3M Co.'s
Aearo Technologies LLC for allegedly faulty combat earplugs are
seeking to narrow Aearo's latest attempts to influence their
upcoming mediation.
Aearo, which has filed for Chapter 11 after veterans sued it and 3M
with claims that the products failed to protect their hearing,
wants to name Indianapolis bankruptcy Judge James M. Carr as a
second mediator over talks to settle claims.
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.
ALCARAZ CATERING: Hires Kenneth H J Henjum as Bankruptcy Counsel
----------------------------------------------------------------
Alcaraz Catering Inc. seeks approval from the U.S. Bankruptcy Court
for the Central District of Central California to hire the Law
Offices of Kenneth H J Henjum as its bankruptcy counsel.
The firm will render these services:
a. advise the Debtor regarding matters of bankruptcy law and
requirements of the Bankruptcy Code, and Bankruptcy Rules relating
to the administration of its Chapter 11 case, and the operation of
its estate;
b. represent the Debtor in proceedings and hearings in the
court involving matters of bankruptcy law;
c. assist in the compliance with the requirements of the
Office of United States Trustee;
d. provide the Debtor legal advice and assistance with respect
to its powers and duties in the continued operation of its business
and management of its estate;
e. assist the Debtor in the administration of the estate's
assets and liabilities;
f. prepare legal documents;
g. assist in the collection of all accounts receivable and
other claims that the Debtor may have and resolved claims against
the Debtor's estate;
h. provide advice concerning the claims of secured and
unsecured creditors, prosecution or defense of all actions;
i. prepare, negotiate, prosecute and attain confirmation of a
plan of reorganization; and
j. consult on retention of experts to assist the Debtor.
Kenneth H.J. Henjum Law Office will be paid at these rates:
Kenneth H J Henjum, Esq. $550 per hour
Johnnel Aranzazu $225 per hour
The firm received a retainer in the amount of $11,738.
As disclosed in court filings, Kenneth H.J. Henjum Law Office is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Kenneth H.J. Henjum, Esq.
Kenneth H.J. Henjum Law Office
1190 S Victoria Ave, Ste 106
Ventura, CA 93003
Phone: 805-654-7032
Fax: 805-658-7629
Email: kh@Henjumlaw.com
About Alcaraz Catering
Alcaraz Catering Inc., a catering company in Oxnard, Calif., filed
a petition for relief under Subchapter V of Chapter 11 of the
Bankruptcy Code (Bankr. C.D. Calif. Case No. 22-10622) on August
13, 2022. In the petition filed by Antonio Alcaraz, as president,
the Debtor reported assets and liabilities between $1 million and
$10 million each.
Susan K Seflin has been appointed as Subchapter V trustee.
Kenneth H J Henjum, of the Law Offices of Kenneth H J Henjum, is
the Debtor's counsel.
ALLIANCE FOUNDATION: Court OKs Cash Collateral Access
-----------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida,
Orlando Division, authorized Alliance Foundation of Florida, Inc.
to use cash collateral on an interim basis in accordance with the
budget, with a 10% variance.
The Debtor is permitted to use cash collateral to: (a) amounts
expressly authorized by the Court, including payments to the United
States Trustee for quarterly fees; (b) its current and necessary
expenses set forth in the budget and (c) additional amounts as may
be expressly approved in writing by secured creditors within 48
hours of the Debtor's request.
The Motion to Prohibit Use of Cash Collateral and for Debtor to Pay
Adequate Protection Payments to Secured Creditor, Atkinson's Mart,
Inc. was denied as moot.
As adequate protection, Atkinson will have an Allowed Secured Claim
in the amount of $502,925 under the Debtor's bankruptcy-exit plan
and (i) retain the liens securing the claim to the extent of the
allowed amount of the claim; and (ii) receive on account of the
claim deferred cash payments totaling at least the allowed amount
of the claim, of a value, as of the Effective Date of at least the
value of the claimant's interest in the estate's interest in the
property securing the claim. The Atkinson Secured Claim will be
amortized over a 15-year period with a 5-year balloon; and, as
additional monthly payment, the Reorganized Debtor will pay
Atkinson 60% of its collected accounts receivable.
Beginning on the first day of the first full month following the
Effective Date, the Reorganized Debtor will make up to 60 monthly
payments of principal and interest in the amount of $3,977, which
payment amount is calculated based upon amortizing the amount of
the Atkinson Secured Claim over a 15-year period at 5% per annum.
In addition, the Reorganized Debtor will pay Atkinson on a monthly
basis 60% of its collected accounts receivable, which amount will
be credited to the principal balance. The monthly payments will be
accompanied with an accounting to show the calculation of the 60%
paid from the accounts receivable collections. Moreover, 30 days
from the 60th monthly plan payment, the Reorganized Debtor will pay
Atkinson the balance of principal and interest remaining due, if
any. This claim will be paid directly by the Debtor.
Truist and the Small Business Administration will receive adequate
protection in the form of the contractually required payments in
accordance with and as and when required by the loan documents
giving rise to their respective claims, to be paid directly by the
Debtor in the ordinary course of business. The Debtor will make
said payments to Truist by way of auto-debit out of the Debtor's
bank account maintained at Truist and/or Truist is authorized to
manually debit the Debtor's bank account (last four digits –
3410) for said payments.
The Secured Creditors will also have a perfected post-petition lien
against cash collateral to the same extent and with the same
validity and priority as the pre-petition lien, without the need to
file or execute any documents as may otherwise be required under
applicable non-bankruptcy law.
A copy of the order is available at https://bit.ly/3KYHZ1b from
PacerMonitor.com.
About Alliance Foundation of Florida
Alliance Foundation of Florida operates a skilled nursing facility.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-01090 on March 26,
2022. In the petition signed by Jim S. Purdum, secretary, the
Debtor disclosed up to $50,000 in assets and up to $10 million in
liabilities.
Judge Tiffany P. Geyer oversees the case.
Jeffrey S. Ainsworth, Esq., at Bransonlaw, PLLC, is the Debtor's
counsel.
ALLSPRING BUYER: S&P Alters Outlook to Neg., Affirms 'BB-' ICR
--------------------------------------------------------------
S&P Global Ratings revised its outlook on Allspring Buyer LLC to
negative from stable. At the same time, S&P affirmed its 'BB-'
issuer credit and senior secured debt ratings. The recovery rating
on the company's debt is unchanged at '4', indicating an average
(40%) recovery in the event of default.
The outlook revision reflects Allspring's significantly lower asset
values due to the current market pullback as well as net outflows,
which S&P expects to hurt earnings in 2022 and 2023. As of June 30,
2022, assets under advisement (AUA), which incorporates assets
under management and non-discretionary assets, were $537 billion,
down $112 billion, or 17%, from $649 billion at year-end 2021. Of
the $112 billion decline, $58 billion related to net asset outflows
and $54 billion related to market depreciation. As a result, EBITDA
has declined compared to this time last year and S&P expects EBITDA
overall for this year to be lower than in 2021. There is potential
for AUA to continue to decline into 2023, be it through redemptions
or continued market depreciation.
Partially offsetting the impact to earnings from AUA decline is the
expected growth in fee revenue from money market strategies.
Throughout 2020 and 2021, fee waivers were in place for these
strategies due to the low interest rate environment. As interest
rates rose in 2022, the waivers were removed, and S&P expects money
market fee revenues to help mitigate revenue declines in other
strategies. That said, money market assets experienced $38 billion
outflows in the first half of 2022, which may offset some of the
expected fee waiver removal benefits.
As the market decline could last into 2023, it is possible that
earnings will not support leverage below the 5.0x debt to EBITDA
threshold for the current rating. S&P said, "In our calculation of
debt, we include the company's operating lease, contingent
considerations, and amortized debt costs. We do not net cash due to
financial sponsor ownership."
The negative outlook reflects S&P's expectation that, over the next
12 months, the company could operate with leverage above 5.0x.
S&P could lower its ratings if leverage rises above 5.0x or if
Allspring's business deteriorates, as demonstrated by a meaningful
decline in earnings, assets under management (AUM), or investment
performance.
S&P could revise the outlook back to stable if the company operates
with leverage comfortably below 5.0x, while maintaining stable or
improving assets under management.
AMERICAN EAGLE: Successfully Completes Financial Reorganization
---------------------------------------------------------------
American Eagle Delaware Holding Company LLC and certain of its
subsidiaries on Sept. 8, 2022, disclosed that they have
successfully completed a comprehensive financial reorganization to
achieve a more balanced and sustainable capital structure. The
Company has implemented its plan of reorganization, approved by the
U.S. Bankruptcy Court for the District of Delaware on April 27,
2022. Eagle Senior Living has significantly reduced its debt
service and enhanced its liquidity position, creating a stronger
financial foundation.
As part of the Chapter 11 process, Eagle Senior Living executed a
transaction whereby the Company's Vista Lake community was acquired
by Atlantis Senior Living LLC. The sale of Vista Lake has closed,
and the Vista Lake community is no longer an Eagle Senior Living
community. All other Eagle Senior Living communities continue to
operate uninterrupted, providing high-quality care and amenities to
all residents.
"Through this process, we have secured a bolstered financial
structure--allowing our communities to be the place for residents
to do more of what they love for years to come," said Todd Topliff,
President of American Eagle Delaware Holding Company LLC. "I would
like to thank our residents and their family members for their
ongoing support, our business partners for their patience, and all
of our loyal employees for their unwavering hard work and
dedication to providing all residents with the highest quality of
care as we have worked to complete this process. We are optimistic
about our future."
Greenbrier Senior Living continues to manage all of the communities
remaining with Eagle Senior Living.
For more information about Eagle Senior Living's Chapter 11 case,
including the terms of the transactions consummated in connection
with the Company's emergence, please visit
https://dm.epiq11.com/eagleseniorliving, email
EagleSeniorLivinginfo@epiqglobal.com or call (800) 713-8096 for
U.S. calls or +1 (503) 597-7731 for international calls.
Eagle Senior Living was represented in this matter by Polsinelli as
legal counsel and FTI Consulting as restructuring and financial
advisor.
About American Eagle
Established in 2018, Eagle Senior Living --
https://www.eagleseniorliving.org/ -- is a non-profit provider of
senior living services across the United States, providing care on
a daily basis to approximately 1,000 residents. Eagle Senior Living
and related entities operate 15 residential senior care facilities
located across the country, from Colorado, Minnesota, Wisconsin,
and Ohio to Alabama, Tennessee, and Florida.
On Jan. 14, 2022, American Eagle Delaware Holding Company LLC and
16 affiliated companies each filed a petition seeking relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No.
22-10028) to seek confirmation of their prepackaged plan. The
Debtors' cases have been assigned to Judge J. Kate Stickles.
Parent company American Eagle Lifecare Corporation and management
company Greenbrier Senior Living are not included in the Chapter 11
filing. Greenbrier Senior Living continues to manage all of the
communities.
American Eagle Delaware Holding estimated assets and debt of $10
million to $50 million as of the bankruptcy filing.
The Debtors are represented in the Chapter 11 cases by Polsinelli
PC as legal counsel. FTI Consulting Inc. and Blueprint Healthcare
Real Estate Advisors, LLC serve as financial advisor and real
estate advisor, respectively. Epiq Corporate Restructuring, LLC,
is the claims agent and administrative advisor.
AMERICAN EQUITY: Hires Shuker & Dorris as Bankruptcy Counsel
------------------------------------------------------------
American Equity Advisory Group, LLC seeks approval from the U.S.
Bankruptcy Court for the Middle District of Florida to hire Shuker
& Dorris, P.A. as its bankruptcy counsel.
Shuker & Dorris will render these legal services:
(a) advise the Debtor regarding its rights and duties in this
Chapter 11 case;
(b) prepare pleadings related to this case; and
(c) take any and all other necessary action incident to the
proper preservation and administration of this estate.
The hourly rates of the firm's counsel and staff are as follows:
R.S. Shuker $600
M.L. Dorris $450
J.B. Dorris $350
M.A. Franklin $160
Partners $450 - $600
Associates $220 - $350
Paraprofessionals $105 - $160
Prior to the petition date, the Debtor paid Shuker & Dorris an
advance retainer of $30,000 for post-petition services and
expenses.
R. Scott Shuker, Esq., a partner at Shuker & Dorris, disclosed in a
court filing that the firm is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
R. Scott Shuker, Esq.
Shuker & Dorris, PA
121 S. Orange Avenue, Suite 1120
Orlando, FL 32801
Telephone: (407) 337-2060
Facsimile: (407) 337-2050
Email: rshuker@shukerdorris.com
About American Equity Advisory Group
American Equity Advisory Group, LLC filed its voluntary petition
for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D.
Fla. Case No. 22-02889) on August 12, 2022. The petition was signed
by Charles D. Oliver as CEO and manager. At the time of filing, the
Debtor estimated $50,000 to $100,000 in assets and $10 million to
$50 million in liabilities.
R. Scott Shuker, Esq., at Shuker & Dorris, P.A. represents the
Debtor as counsel.
AMERICAN SLEEP: Court Approves Disclosure Statement
---------------------------------------------------
Judge Charles M. Walker has entered an order approving the
Disclosure Statement dated July 12, 2022, explaining American Sleep
Medicine LLC's Chapter 11 Plan.
Oct. 3, 2022, is fixed as the last day for filing written
acceptances or rejections of the Plan.
Nov. 2, 2022, is fixed for the hearing on confirmation of the Plan
at 11:00 AM. Courtroom 2, Customs House Building, 701 Broadway,
Nashville, TN 37203.
Oct. 3, 2022, is fixed as the last day for filing and serving
pursuant to Fed.R.Bankr.P. 3020(b)(1) written objections to
confirmation of the Plan.
As reported in the TCR, the Debtor seeks to accomplish payments
under the Plan through income as sleep diagnostic center. The
Debtor rejected several leases and closed underperforming Sleep
Apnea centers. The Debtor has already rejected the leases with TCP
Partners in Orange County, Simon Levi Company, LTD in San Diego,
IN-9240 Meridian, LLC in Indianapolix, Hoffman Development Co in
St. Louis. Upon Confirmation of the plan, the leases in
Birmingham, Ala and Vienna, Virginia will also be rejected. Class
2 general unsecured claims will receive $7,250.00 per month for a
period of no less than 60 months. Class 2 will get no less than
25% of the allowed amount of their claims.
About American Sleep Medicine
American Sleep Medicine, LLC, owner of several sleep diagnostic
centers, filed a petition for Chapter 11 protection (Bankr. M.D.
Tenn. Case No. 21-02741) on Sept. 8, 2021, listing up to $50,000 in
assets and up to $500,000 in liabilities. Jerry Lauch, president
of American Sleep Medicine, signed the petition.
Judge Charles M. Walker oversees the case.
Steven L. Lefkovitz, Esq., at Lefkovitz and Lefkovitz is the
Debtor's legal counsel. ServisFirst Bank, as lender, is represented
by Austin L. McMullen, Esq. at Bradley Arant Boult Cummings LLP.
ASSOCIATED FIXTURE: Hires Legal Formative as Bankruptcy Counsel
---------------------------------------------------------------
Associated Fixture Manufacturing Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Utah to hire The Legal
Formative as its general counsel.
The firm will advise the Debtor regarding all aspects of its
Chapter 11 case, at the firm's customary hourly rate of $200.
As disclosed in court filings, The Legal Formative is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Kiersty Loughmiller, Esq.
The Legal Formative
333 E Main Street #974
Lehi, UT 84043
Tel: (385) 355-3245
Email: kiersty@thelegalformative.com
About Associated Fixture Manufacturing
Associated Fixture Manufacturing Inc. --
https://www.associatedfixture.com/ -- is a millwork shop in Utah.
The Debtor filed a petition for relief under Subchapter V of
Chapter 11 of the Bankruptcy Code (Bankr. D. Utah Case No.
22-23317) on Aug. 26, 2022. In the petition filed by Scott T.
Colledge, as director, the Debtor reported assets between $500,000
and $1 million and liabilities between $1 million and $10 million.
D. Ray Strong has been appointed as Subchapter V trustee.
The Debtor is represented by The Legal Formative.
BESTWALL LLC: $400,000 Sanction Appeal vs. Maune Raichle Dismissed
------------------------------------------------------------------
Madison-St. Clair Record reports that U.S. District Judge Robert
Conrad dismissed an appeal of a $402,871.70 sanction that
bankruptcy Judge Laura Beyer imposed on Maune Raichle asbestos firm
of St. Louis.
Judge Conrad found he lacked jurisdiction because he couldn't
consider Beyer's order final.
Bankruptcy Judge Beyer held Maune Raichle in contempt last year for
disobeying an order to answer questionnaires of Georgia Pacific
entity Bestwall.
Judge Conrad found the number of contested matters and discrete
disputes in bankruptcy cases is endless, such that an order in each
contested matter is not final.
"In other contexts, a party to litigation may not immediately
appeal contempt orders related to discovery orders," he wrote.
Bestwall petitioned to reorganize in 2017, after George Pacific
divided into New GP with operating assets and Bestwall with
asbestos liabilities.
Bestwall moved for trial to estimate liabilities.
Asbestos firms opposed it, claiming Beyer could estimate future
settlements on the basis of past settlements.
Bestwall claimed fraud tainted past settlements because many
plaintiffs alleged one set of exposures in private trusts and
another set in civil courts.
Beyer granted estimation and Bestwall moved to send questionnaires
to asbestos firms about each client's exposures and settlements.
Beyer granted it in March 2021, and asbestos firms appealed to
Conrad.
He dismissed the appeal in May 2021, finding Beyer’s order
wasn’t final.
Maune Raichle clients from Illinois sued for an injunction in
Southern Illinois district court in June 2021.
Former district judge Patrick Murphy of Marion and former
magistrate judge Stephen Williams of Belleville filed the
complaint.
District Judge Staci Yandle set a hearing on a preliminary
injunction for July 23, 2021.
Bestwall filed an emergency motion in Charlotte and on July 22,
2021, Beyer found the Illinois parties in civil contempt.
She ruled that they could purge their contempt by dismissing the
Illinois action.
The next day in Benton, Murphy said Yandle's court was the only one
with jurisdiction.
He said while bankruptcy judges could extend subpoenas outside
their jurisdiction, "your court is the court that has to determine
if service was proper."
He said Bestwall usurped her authority to look after citizens of
her district.
Yandle said there was no subpoena for her to address.
Murphy said Bestwall avoided due process by saying it didn't need a
subpoena and they'd just send interrogatories.
Yandle asked what personal jurisdiction she had over Bestwall.
Murphy said, "They are demanding that we do something and that if
we don't do it, they are going to punish us."
Bestwall counsel Livia Kiser of Chicago said plaintiffs were
potential claimants and parties in interest.
"The whole point of this process is to give money to claimants,"
Kiser said.
Yandle asked, "What if they're not interested parties?"
Kiser said if they didn't want to get paid they didn't have to
respond.
Yandle said, "It's not a subpoena. What is it?"
Kiser said, "It's just a questionnaire that's been done in many
personal injury cases in bankruptcy settings."
Yandle dismissed the complaint with prejudice.
She said plaintiffs didn't articulate a protected interest to
trigger due process and if there was such an interest they couldn't
allege they didn't receive due process.
She said they received an opportunity to address the questionnaire
in district court and had in fact done so.
She found no merit or authority for a position that she could
police third party discovery in another district.
Beyer tallied up Bestwall's costs in the Illinois action and
ordered reimbursement from Maune Raichle.
The firm took it to Conrad as a final order but he didn’t see it
that way.
He found numerous, significant and ongoing disputes over the
questionnaire.
He found two appeals relating to it were filed after this appeal.
"The continued defiance of the bankruptcy court's questionnaire
order in an effort to avoid complying with it and appeal of the
same will only further delay the administration of the bankruptcy
case and cause a significant amount of piecemeal litigation," he
wrote.
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: Elects Former Top White House Advisor to Board
--------------------------------------------------------------
Former senior advisor to President Biden and former Congressman,
Cedric Richmond, has been elected to the Blink Charging Co. Board
of Directors by the board on Aug. 25, 2022, adding decades of
public policy knowledge and insights to the highly experienced
Blink board.
Richmond, a distinguished former member of the United States House
of Representatives, and founder of the governmental affairs
consulting firm, Richmond & Company is known for his foresight,
keen political intuition, and his commonsense approach to business,
policy, and government. As a result of this expertise and
experience, Richmond is uniquely qualified to advise on Blink's
growth and expansion strategies and will provide a valuable
perspective to Blink as the company leads the charge to build upon
the Biden Administration's call to deploy EV charging
infrastructure across the country.
"Cedric's addition to the board further broadens the vast
collection of experience and expertise that makes the board dynamic
and a valuable resource for the executive team," said Michael D.
Farkas, chairman and chief executive officer of Blink Charging.
"We are excited about the wealth of government knowledge, insights,
and perspectives Cedric will bring as we continue to expand our
presence in the industry, increase deployments of EV charging
equipment across the U.S. and the globe, and provide greater
shareholder value."
A graduate of Morehouse College and Tulane University School of
Law, Richmond was elected to the U.S. House of Representatives in
2010 representing Louisiana's second district serving six terms.
While in Congress, he served on the House Committees on Small
Business, Judiciary, Homeland Security, and the prestigious Ways
and Means Committee. From 2017-2019, Richmond served as the
Chairman of the Congressional Black Caucus.
Following his successful congressional career, Richmond joined the
Biden Administration in 2021, as senior advisor to the President
and Director of the White House Office of Public Engagement. In
that role, Cedric directly engaged with constituencies that ranged
from the top CEOs to Civil Rights Leaders to Youth Advocates. He
also proudly served the people of Louisiana in the Louisiana House
of Representatives from 2000 to 2010. Before serving in Congress,
Richmond practiced law in New Orleans.
"It is an honor to join the Board of Directors for a pioneer and
leader in the growing EV industry. With the clear initiative from
the White House being a focus on deploying EV charging
infrastructure, I have been very interested in the space. After a
thorough review, I think Blink, the largest owner and operator of
EV charging stations in the U.S., is uniquely positioned to be at
the forefront of this country's transition to Electric Vehicles and
I wholeheartedly support that mission. I look forward to upholding
the integrity and confidence that is placed on Blink and working
alongside the talented leadership team," said Richmond.
Richmond took his seat on the board beginning Aug. 25, 2022, and
serves on the Company's Board's environmental, social and
governance (ESG) committee.
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 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.
BORREGO COMMUNITY: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Borrego Community Health Foundation
587 Palm Canyon Dr., Suite 208
Borrego Springs, CA 92004
Business Description: The Debtor offers, among other services,
comprehensive primary care, pediatric care,
urgent care, behavioral health services,
dental services, specialty care, transgender
health, women's health, prenatal care,
veteran's health, and chiropractic
services. The Debtor is a non-profit public
charity, tax-exempt under section 501(c)(3)
of the Internal Revenue Code. The Debtor,
as of the Petition Date, had 24 brick and
mortar sites including administrative sites,
two pharmacies and six mobile units covering
a service area consisting of a 250-mile
corridor on the eastern side of San Diego
and Riverside Counties, CA.
Chapter 11 Petition Date: September 12, 2022
Court: United States Bankruptcy Court
Southern District of California
Case No.: 22-02384
Debtor's Counsel: Tania M. Moyron, Esq.
DENTONS US LLP
601 South Figueroa Street, Suite 2500
Los Angeles, CA 90017-5704
Tel: (213) 623-9300
Email: tania.moyron@dentons.com
Debtor's
Financial
Consultant: ANKURA CONSULTING GROUP, LLC
Debtor's
Healthcare
Regulatory
Counsel: HOOPER, LUNDY & BOOKMAN PC
Debtor's
Claims &
Noticing
Agent: KURTZMAN CARSON CONSULTANTS LLC
Estimated Assets: $50 million to $100 million
Estimated Liabilities: $50 million to $100 million
The petition was signed by Isaac Lee as chief restructuring
officer.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/6UQWBYA/BORREGO_COMMUNITY_HEALTH_FOUNDATION__casbke-22-02384__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. Premier Healthcare Management Contract $3,260,093
124 West Main Street Dental
Suite 120
El Cajon, CA 92020
Attn: Daryl R. Priest
Tel: (619) 444-4476
Email: daryl@priesthomes.com
2. McKesson Corporation Trade $1,150,068
6555 North State Highway 161 Vendor
Irving, TX 75039
Attn: Lori Schechter
Tel: (972) 446-4800
Email: lori.schechter@mckesson.com
3. Internal Revenue Service Taxes $1,033,887
Insolvency Operations Unit
P.O. Box 7346
Philadelphia, PA 19101-7346
Attn: Gregory S. Moxley
Tel: (800) 973-0424
Email: gregory.s.moxley@irs.gov
4. American Express Trade Vendor $191,744
200 Vesey Street
New York, NY 10285
Attn: Laureen E. Seeger
Tel: (212) 640-2000
Email: phxcreditcorebk@aexp.com
5. Greenway Health, LLC Trade Vendor $158,019
4301 West Boy Scout Blvd.
Suite 800
Tampa, FL 33607
Attn: Karen Mulroe
Tel: (877) 932-6301
Email:karen.mulroe@greenwayhealth.com
6. We Klean Inc. Trade Vendor $148,636
427 S. Citrus Avenue
Escondido, CA 92027
Attn: Aracelis Gutierrez
Tel: (760) 670-5695
Email: agutierrez@weklean.org
7. Mustafa Bilal Contract $129,310
1210 S. Brookhurst Street Dental
Anaheim, CA 92804
Attn: Mustafa Bilal
Tel: (714) 535-7500
Email: mbdds@sbcglobal.net
8. Cardinal Health Trade Vendor $114,871
7000 Cardinal Place
Dublin, OH 43017
Attn: Steve Falk
Tel: (614) 757-5000
Email: steve.falk@cardinalhealth.com
9. Rajesh Shah Contract $82,214
115 N. McKinley Street Dental
Suite 105
Corona, CA 92879
Attn: Rajesh Shah
Tel: (951) 280-9300
Email: ajitpatel156@yahoo.com
10. Oz Group Inc d/b/a Customer Trade Vendor $81,487
Contact Services
14525 Highway 7
Suite 315
Minnetonka, MN 55345
Attn: Chris Rosales
Tel: (952) 936-4000
Email: chris.rosales@yourccsteam.com
11. Mohamed Dowaidari Contract $81,284
1635 N. Mountain Avenue Dental
Upland, CA 91785
Attn: Mohamed Dowaidari
Tel: (909) 982-3300
Email: dds1.upland@gmail.com
12. Mehrnaz Irani Contract $70,763
Vista Village Family Dentistry Dental
950 Civic Center Drive
Suite #B
Vista, CA 92083
Attn: Mehrnaz Irani
Tel: (760) 208-4030
Email: info@vistavillagefamilydentistry.com
13. Ehab Samaan Contract $70,180
Corona Family Dental Group Dental
1358 W. 6th Street
Suite 101
Corona, CA 92882
Attn: Ehab Samaan
Tel: (951) 734-4620
Email: ehabminerva@aol.com
14. Gallagher Benefit Trade Vendor $64,300
Services, Inc
500 N. Brand Boulevard
Suite 100
Glendale, CA 91203
Attn: Michelle Gonzalez
Tel: (818) 539-8630
Email: Michelle_Gonzalez@ajg.com
15. Arthur Santos Contract $62,347
Smile Dental Dental
12110 Woodside Ave
Lakeside, CA 92040
Attn: Arthur Santos
Tel: (619) 334-8743
Email: yoko_miyai@yahoo.com
16. Vitamin D Public Trade Vendor $60,000
Relations, LLC
5900 Balcones Dr.
Suite 100
Austin, TX 78731-4298
Attn: Denise Gitsham
Tel: (202) 369-1619
Email: dgitsham@gmail.com
17. Pourshirazi & Youssefi Contract $57,115
Dental Corporation Dental
31569 Canyon Estates Dr.
Suite 120
Lake Elsinore, CA 92532
Attn: Homayoun Pourshirazi
Tel: (951) 471-1628
Email: doctor_pourshirazi@msn.com
18. Tejas Modi Contract $55,603
Heritage Plaza Dental Dental
28039 Scott Road
Suite 1
Murrieta, CA 92563
Attn: Tejas Modi
Tel: (951) 246-8000
Email: drtejasmodi@yahoo.com
19. MPower TelePacific Trade Vendor $54,346
303 Colorado St.
Suite 2075
Austin, TX 78701
Attn: Steve Wexler
Tel: (213) 213-6876
Email: Steve.Wexler@tpx.com
20. California Department of Due to Unknown
Health Care Services (DHCS) Government
Health Care Delivery Systems
Department of Health Care Services
P.O. Box 997413
MS 0010
Sacramento, CA 9589
Attn: Jon-Paul Valcarenghi
Tel: (916) 345-8390
Email: Jon-Paul.Valcarenghi@dhcs.ca.gov
BOY SCOUTS: Bankruptcy Court Finally Approves Chapter 11 Plan
-------------------------------------------------------------
The Official Tort Claimants' Committee ("TCC") of the Boy Scouts of
America disclosed that on September 8, 2022 the Bankruptcy Court
approved the Boy Scouts' chapter 11 plan of reorganization
("Plan"), establishing the overall framework for a Survivor trust
that will evaluate and pay claims. Plan approval comes more than
two and half years after the case was filed in a detailed 280-page
Bankruptcy Court decision. The TCC is represented by Pachulski
Stang Ziehl & Jones LLP.
"The TCC is proud to put this phase of the bankruptcy case to
rest," said John Humphrey, Co-Chair of the TCC. He added that "The
TCC has been fighting for Survivors for more than two and a half
years and we are ready to move onto the next phase of the process
so that the Settlement Trustee can be formally appointed and begin
setting up the trust."
Doug Kennedy, Co-Chair of the TCC, remarked "I hope the Boy Scouts
will immediately implement the Youth Protection measures that were
part of the Plan. While the Plan is an extremely complicated
document, the Youth Protection measures are straight-forward
protocols designed to help ensure kids are safe. To that end, the
Boy Scouts should not wait until the Plan is fully effective before
putting them in place."
On September 15, 2022, at 8:00 p.m. (Eastern Time), the TCC will
hold a Town Hall to discuss the terms of the Plan, what they mean
for Survivors, and the process of establishing the Settlement Trust
that will administer Survivor claims.
Survivors and counsel can attend the Town Hall by logging onto or
calling the following:
Zoom: https://pszjlaw.zoom.us/j/82272826295 (no registration
required)
Dial-In by Telephone: 888-788-0099 (Toll Free), Webinar ID: 822
7282 6295. If asked for a "Participant ID," just press #
If you are not able to attend the Town Hall you can view a
recording that will be posted on the TCC's website:
http://www.tccbsa.com.In addition to Town Hall information, the
TCC's website contains a variety of resources directed to
Survivors.
More information on the restructuring can be found at
https://www.tccbsa.com.
About Boy Scouts of America
The Boy Scouts of America -- https://www.scouting.org/ -- is a
federally chartered non-profit corporation under title 36 of the
United States Code. Founded in 1910 and chartered by an act of
Congress in 1916, the BSA's mission is to train youth in
responsible citizenship, character development, and self-reliance
through participation in a wide range of outdoor activities,
educational programs, and, at older age levels, career-oriented
programs in partnership with community organizations. Its national
headquarters is located in Irving, Texas.
The Boy Scouts of America and affiliate Delaware BSA, LLC, sought
Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10343) on
Feb. 18, 2020, to deal with sexual abuse claims.
Boy Scouts of America was estimated to have $1 billion to $10
billion in assets and at least $500 million in liabilities as of
the bankruptcy filing.
The Debtors have tapped Sidley Austin LLP as their bankruptcy
counsel, Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel,
and Alvarez & Marsal North America, LLC, as financial advisor. Omni
Agent Solutions is the claims agent.
The U.S. Trustee for Region 3 appointed a tort claimants' committee
and an unsecured creditors' committee on March 5, 2020. The tort
claimants' committee is represented by Pachulski Stang Ziehl &
Jones, LLP, while the unsecured creditors' committee is represented
by Kramer Levin Naftalis & Frankel, LLP.
CALAMP CORP: Kurt Binder to Step Down as CFO on Sept. 30
--------------------------------------------------------
Kurt Binder will be stepping down from his role as chief financial
officer of CalAmp to pursue another opportunity, effective Sept.
30, 2022.
The Company has commenced a search for its next CFO with the
assistance of an executive search firm. In the event that a new
CFO is not appointed by Oct. 1, 2022, then it is expected that
Cindy Zhang, the Company's senior vice president of Financial
Planning and Analysis, will assume the role of interim CFO until
the new CFO is appointed. Ms. Zhang joined CalAmp in 2017 and has
been a senior leader of the finance team, contributing to the
Company's strategic multi-year financial plan, forecast models, and
accounting functions, while working closely with the Company's
operations and sales teams. Prior to CalAmp, she held finance
roles at Vizio Inc. and The Walt Disney Company. She holds a
Master of Business Administration from The University of Chicago
Booth School of Business, a Master in Foreign Trade from Hunan
University and a Bachelor of Science in Electrical Engineering from
Wuhan University of Technology.
"Since Kurt joined CalAmp in 2017, he has played an integral role
in executing our vision to drive the future of telematics," said
Jeff Gardner, CalAmp's president and CEO. "Kurt's leadership and
his commitment to operational excellence has helped propel the
organization to higher levels of accomplishment, and our
world-class financial organization is well positioned to continue
driving results. We thank Kurt for his many contributions and wish
him all the best in his future endeavors."
Mr. Gardner continued, "Looking ahead, we continue to build on our
momentum and execute on our strategy, and we remain confident that
CalAmp is well positioned to continue our transformational journey
and achieve long-term growth and profitability."
Mr. Binder added, "CalAmp is a tremendous company that has
significant opportunity ahead. It has been a privilege to work
alongside such a talented team and I am proud of the Company's many
accomplishments during my tenure and the progress we have made in
positioning the Company for growth and profitability. I look
forward to watching CalAmp's continued industry leadership and
success in the years to come."
About CalAmp
CalAmp Corp. is a connected intelligence company that leverages a
data-driven solutions ecosystem to help people and organizations
improve operational performance. It solves complex problems for
customers within the market verticals of transportation and
logistics, commercial and government fleets, industrial equipment,
and consumer vehicles by providing solutions that track, monitor,
and recover their vital assets. The data and insights enabled by
CalAmp solutions provide real-time visibility into a user's
vehicles, assets, drivers, and cargo, giving organizations greater
understanding and control of their operations. Ultimately, these
insights drive operational visibility, safety, efficiency,
maintenance, and sustainability for organizations around the
world.
Calamp reported a net loss of $27.99 million for the year ended
Feb. 28, 2022, a net loss of $56.31 million for the year ended Feb.
28, 2021, and a net loss of $79.30 million for the year ended Feb.
29, 2020. As of May 31, 2022, the Company had $374.79 million in
total assets, $346.20 million in total liabilities, and $28.59
million in total stockholders' equity.
CAREPARTH HEALTHCARE: Seeks Approval to Hire Real Estate Broker
---------------------------------------------------------------
Careparth Healthcare Systems, LLP seeks approval from the U.S.
Bankruptcy Court for the Northern District of Texas to employ Stacy
Villanueva, a real estate broker, to market and sell its real
properties located at 143 Weldon, Frankston, Texas.
The broker will get a commission of 6 percent of the gross purchase
price.
Ms. Villanueva disclosed in a court filing that her firm neither
holds nor represents any interest adverse to the Debtor and its
estate.
Ms. Villanueva holds office at:
Stacy Villanueva
2611 Cross Timbers Rd
Flower Mound, TX 75028
Mobile: (972) 814-8280
Office: (972) 240-4416
Email: stacy.villanueva@kw.com
About Carepath Healthcare System
Carepath Healthcare System, LLP owns two real properties located in
Frankston and Arlington, Texas, having a total current value of
$1.9 million.
Carepath Healthcare System filed a petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Texas Case No.
22-41333) on June 10, 2022. In the petition signed by Daniel
Ezeukwu, managing member, the Debtor listed $2,028,113 in total
assets and $2,700,673 in total liabilities.
Judge Edward L. Morris oversees the case.
Eric A. Liepins, PC serves as the Debtor's legal counsel.
CELSIUS NETWORK: Troutman Updates on Withhold Account Holders
-------------------------------------------------------------
In the Chapter 11 cases of Celsius Network LLC, et al., the law
firm of Troutman Pepper Hamilton Sanders LLP submitted a first
supplemental verified statement under Rule 2019 of the Federal
Rules of Bankruptcy Procedure, to disclose an update list of Ad Hoc
Group of Withhold Account Holders that it is representing.
As of Sept. 7, 2022, members of the Ad Hoc Group of Withhold
Account Holders and their disclosable economic interests are:
Larry Fulton
* Withhold Account Balance: $96,890.79
* Earn Account Balance: $76.38
Benny Wong
* Withhold Account Balance: $47,085.73
* Earn Account Balance: $24.42
Shane Coolen
* Withhold Account Balance: $23,316.40
* Earn Account Balance: $19.30
Travis Schilling
* Withhold Account Balance: $74,573.19
* Earn Account Balance: $32.35
Robert Riskin
* Withhold Account Balance: $57,858.20
* Earn Account Balance: $95.48
Ryan Holz
* Withhold Account Balance: $138,188.38
* Earn Account Balance: $18.41
Alvaro Drevon
* Withhold Account Balance: $11,354.90
* Earn Account Balance: $14,370.51
Scott Reina
* Withhold Account Balance: $20,638.79
* Earn Account Balance: $16,709.03
Kaveh Bastani
* Withhold Account Balance: $86,841.39
* Earn Account Balance: $83.53
Manuel Martinez
* Withhold Account Balance: $64,895.00
* Earn Account Balance: $67.80
Gavin Hoffman
* Withhold Account Balance: $619,133.08
* Earn Account Balance: $9.83
The addresses and contact information for all members of the Ad Hoc
Group of Withhold Account Holders is provided as c/o Troutman
Pepper Hamilton Sanders LLP, 875 Third Avenue, New York, New York
10022.
On or about August 1, 2022, the initial members of the Ad Hoc Group
of Withhold Account Holders retained the Troutman Firm to represent
it in connection with the above-captioned Chapter 11 Cases.
Additional members may join the Ad Hoc Group of Withhold Account
Holders on an ongoing basis, and the Troutman Firm will file
additional Statements as necessary to comply with Bankruptcy Rule
2019.
Each member of the Ad Hoc Group of Withhold Account Holders has
consented to the Troutman Firm's representation of the group. The
Troutman Firm does not represent any member of the Ad Hoc Group of
Withhold Account Holders in his or her individual capacity or with
respect to any property interests other than in connection with the
Celsius Withhold Accounts.
Counsel to Ad Hoc Group of Withhold Account Holders can be reached
at:
TROUTMAN PEPPER HAMILTON SANDERS LLP
Deborah Kovsky-Apap, Esq.
875 Third Avenue
New York, NY 10022
Tel: (212) 704-6000
E-mail: deborah.kovsky@troutman.com
A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/3xgZ1SJ and https://bit.ly/3L9h8iZ
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.
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, maintains the page https://cases.stretto.com/celsius
On July 27, 2022, the U.S. Trustee appointed an official committee
of unsecured creditors. On July 29, 2022, the committee voted to
retain White & Case as its counsel. The committee tapped Elementus
as blockchain forensics advisor, M3 as its financial advisor, and
Perella Weinberg Partners LP as its investment banker.
CELSIUS NETWORK: Wants to Release Customer Funds Worth $225 Mil.
----------------------------------------------------------------
Steve Anderrson of the Coin Republic reports that Celsius filed a
motion looking for the authority to release several customer
accounts.
Celsius, a crypto lending company who is filed for Chapter 11
bankruptcy, is looking to give the customer funds kept in its
Custody Program and Withold Accounts back, supporting the statement
that the funds do not belong to the company.
In the filing, the crypto lending company states that the funds
kept in its Custody Program and Withhold Accounts do not belong to
the company as per the policy. It will be thereafter "favorable and
correct" for clients to get access to withdraw their funds.
The value of these assets stood at about $210 million and $15
million in the Custody Program and Withhold Accounts, respectively,
on August 29. The initial sum is estimated from the deposits of
nearly 58,300 clients and later of about 5,680.
Next hearing
A hearing is scheduled for October 6, 2020, at 10:00 EST. The
hearing will be done in the Bankruptcy Court of the Southern
District of New York. The hearing will mainly focus on discussing
the matter and likely sanctioning the act.
Celsius belongs to a "CeFi" company, which means a centralized
authority that targets to get benefited from the yield
opportunities often found in Decentralised Finance (DeFi) protocols
in the name of its customers.
In June 2022, the crypto lending company Celsius put a ban on
withdrawals quoting the extremely volatile market behavior. The
company filed for Chapter 11 bankruptcy after a month, disclosing
that it was going through a $1.2 billion hole in its balance
sheet.
The filing for bankruptcy triggered an exclamation from the
company's clients, many of which stated on social media to have
lost all of the savings which they did in their life to the firm.
The survey brought upon the company by its filing for bankruptcy
which additionally led to reports that the chief executive officer
of Celsius, Alex Mashinsky, had earlier been trading Bitcoin with
the money of their clients. This activity was done without any
permission from senior traders at the company.
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.
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
CINEWORLD GROUP: A&P Represents Legacy Lender Group
---------------------------------------------------
In the Chapter 11 cases of Cineworld Group PLC, et al., the law
firm of Arnold & Porter Kaye Scholer LLP submitted a verified
statement under Rule 2019 of the Federal Rules of Bankruptcy
Procedure, to disclose that it is representing the ad hoc group of
lenders.
The Legacy Lender Group is comprised of the following institutions
or funds, accounts and entities managed by the following
institutions: AlbaCore Capital LLP, Bain Capital Credit, LP,
Blackstone Alternative Credit Advisors LP, Blantyre Capital
Limited, Benefit Street Partners L.L.C., Carlyle CLO Management
L.L.C., CIFC Asset Management LLC, Credit Suisse Asset Management,
Cross Ocean Partners Management LP, Cyrus Capital Partners L.P.,
Diameter Capital Partners LP, Eaton Vance Management, Boston
Management and Research, and Calvert Research and Management,
Fidelity Management & Research Company, First Eagle Alternative
Credit, LLC, First Trust Advisors L.P., LLC, HPS Investment
Partners, LLC, Invesco Senior Secured Management, Inc., Mariner
Investment Group, LLC, Nuveen Asset Management, LLC, Octagon Credit
Investors, LLC, Sixth Street Partners, LLC, Sound Point Capital
Management, LP, Voya Alternative Asset Management LLC, and
Wellington Management.
Members of the Legacy Lender Group first retained A&P in connection
with the evaluation of the Debtors' liquidity options and the
financing provided under the 2020 Credit Agreement. A&P is
representing the Legacy Lender Group in connection with these
chapter 11 cases in its capacity as lenders under the 2018 Credit
Agreement and/or the 2020 Credit Agreement and as lenders under the
proposed debtor-in-possession financing.
As of Sept. 7, 2022, members of the Legacy Lender Group and their
disclosable economic interests are:
AlbaCore Capital LLP
55 St James's St
St. James's, London SW1A 1LA
UK
* 2018 Term Loan Holdings: $153,948,984.07
Bain Capital Credit, LP
Attn: Bain Capital Credit Docs
200 Clarendon Street
Boston, MA 02116
* 2018 Term Loan Holdings: $45,536,749.23
* 2020 Priority Term Loan Holdings: $4,789,100.55
* Equity Interests: 2,572,274 (warrants)
Blackstone Alternative Credit Advisors LP
345 Park Avenue
New York, NY 10154
* 2018 Term Loan Holdings: $330,627,284.79
Blantyre Capital Limited
52 Jermyn Street
London SW1Y 6LX, UK
* 2018 Term Loan Holdings: $48,383,212.03
* Equity Interests: 4,515,893 (warrants)
Benefit Street Partners L.L.C.
9 W. 57th Suite 4920
New York, NY 10019
* 2018 Term Loan Holdings: $111,440,196.88
* Equity Interests: 3,278,203.00 (warrants)
Carlyle CLO Management L.L.C.
1001 Pennsylvania Avenue
NW Washington, DC 20004
* 2018 Term Loan Holdings: $87,835,818.30
CIFC Asset Management LLC
875 Third Ave. 24th Floor
New York, NY 10022
* 2018 Term Loan Holdings: $79,287,228.05
Credit Suisse Asset Management
11 Madison Avenue
New York, NY 10010
* 2018 Term Loan Holdings: $111,361,621.27
* Equity Interests: 4,224,125 (warrants)
Cross Ocean Partners Management LP
20 Horseneck Lane
Greenwich, CT 06830
* 2018 Term Loan Holdings: $85,530,421.72
* 2020 Priority Term Loan Holdings: $4,025,575.16
Cyrus Capital Partners L.P.
65 E 55th St.
New York, NY 10022
* 2018 Term Loan Holdings: $172,955,529.33
* 2020 Priority Term Loan Holdings: $15,524,741.53
Diameter Capital Partners LP
55 Hudson Yards, 29th Floor
New York, NY 10001
* 2018 Term Loan Holdings: $46,666,712.40
* 2020 Priority Term Loan Holdings: $132,604,824.97
Eaton Vance Management
Boston Management and Research, and
Calvert Research and Management
2 International Place 9th Floor
Boston, MA 02110
* 2018 Term Loan Holdings: $167,130,664.05
* 2020 Priority Term Loan Holdings: $32,449,035.22
* Equity Interests: 6,374,619 (warrants)
Fidelity Management & Research Company
88 Black Falcon Avenue, Suite 167
Boston, MA 02210
* 2018 Term Loan Holdings: $62,715,067.16
* 2020 Priority Term Loan Holdings: $15,039,069.70
* Equity Interests: 2,685,238 (warrants)
First Eagle Alternative Credit, LLC
227 W Monroe St, Suite 3800
Chicago, IL 60606
* 2018 Term Loan Holdings: $63,778,420.03
First Trust Advisors L.P., LLC
120 East Liberty Drive, Suite 400
Wheaton, IL 60187
* 2018 Term Loan Holdings: $54,363,154.75
* 2020 Priority Term Loan Holdings: $14,071,036.75
* Equity Interests: 2,581,476 (warrants)
HPS Investment Partners, LLC
40 West 57th Street
New York, NY 10019
* 2018 Term Loan Holdings: $44,950,019.05
* 2020 Priority Term Loan Holdings: $14,071,036.75
* Equity Interests: 2,581,476 (warrants)
HPS Investment Partners, LLC
40 West 57th Street
New York, NY 10019
* 2018 Term Loan Holdings: $44,950,019.05
* Equity Interests: 1,978,796 (warrants)
Invesco Senior Secured Management, Inc.
3500 Lacey Rd. Suite 700
Downers Grove, IL 60515-5456
* 2018 Term Loan Holdings: $219,406,332.12
* 2020 Priority Term Loan Holdings: $164,801,480.73
* Equity Interests: 5,763,471 (warrants)
Mariner Investment Group, LLC
500 Mamaroneck Avenue, 1st Floor
Harrison, NY 10528
* 2018 Term Loan Holdings: $42,188,725.89
Nuveen Asset Management, LLC and
Teachers Advisors, LLC
8625 Andrew Carnegie Blvd
Charlotte, NC 28262
* 2018 Term Loan Holdings: $108,033,439.69
* 2020 Priority Term Loan Holdings: $7,744,900.22
* Equity Interests: 68,906 (warrants)
Octagon Credit Investors, LLC
250 Park Ave, 15th Floor
New York, NY 10177
* 2018 Term Loan Holdings: $73,419,759.22
* 2020 Priority Term Loan Holdings: $4,788,748.67
* Equity Interests: 1,926,661 (warrants)
Sixth Street Partners, LLC
345 California Street
San Francisco, CA 94104
* 2018 Term Loan Holdings: $167,922,455.89
* 2020 Priority Term Loan Holdings: $29,604,770.84
Sound Point Capital Management, LP
375 Park Avenue, 33rd Floor
New York, NY 10152
* 2018 Term Loan Holdings: $82,053,914.75
* 2020 Priority Term Loan Holdings: $4,773,085.01
* Equity Interests: 437,920 (warrants)
Voya Alternative Asset Management LLC
7337 E. Doubletree Ranch Rd., Ste. 100
Scottsdale, AZ 85258
* 2018 Term Loan Holdings: $56,924,068.80
* 2020 Priority Term Loan Holdings: $11,328,433.89
* Equity Interests: 2,697,346 (warrants)
Wellington Management
280 Congress Street
Boston, MA 02210
* 2018 Term Loan Holdings: $82,480,282.33
* 2020 Priority Term Loan Holdings: $9,702,241.59
* Equity Interests: $44,000.00 (short-position)
Counsel to the Legacy Lender Group can be reached at:
ARNOLD & PORTER KAYE SCHOLER LLP
Christopher M. Odell, Esq.
C. Thomas Kruse, Esq.
700 Louisiana St, Suite 4000
Houston, TX 77002
Telephone: (713) 576-2400
Facsimile: (713) 576-2499
E-mail: christopher.odell@arnoldporter.com
thomas.kruse@arnoldporter.com
Michael D. Messersmith, Esq.
Brian J. Lohan, Esq.
70 West Madison Street, Suite 4200
Chicago, IL 60602
Telephone: (312) 583-2300
Facsimile: (312) 583-2360
E-mail: michael.messersmith@arnoldporter.com
brian.lohan@arnoldporter.com
- and –
Maja Zerjal Fink, Esq.
Alan Glantz, Esq.
250 West 55th Street
New York, NY 10019
Telephone: (212) 836-8000
Facsimile: (212) 836-8689
E-mail: maja.zerjalfink@arnoldporter.com
alan.glantz@arnoldporter.com
A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/3BzLw35 and https://bit.ly/3DeTnEb
About Cineworld Group PLC
London-based Cineworld Group PLC was founded in 1995 and is the
world's second-largest cinema chain. Cineworld operates 751 sites
with 9,000 screens in 10 countries, including the Cineworld and
Picturehouse screens in the UK and Ireland, Yes Planet in Israel,
and Regal Cinemas in the US.
According to The Guardian, the Griedinger family, including Mooky's
brother and deputy chief executive, Israel, have struggled to
maintain control of the ailing business but have been forced to
reduce their stake from 28% in recent years. Cineworld's top five
investors include the Chinese Jangho Group at 13.8%, Polaris
Capital Management (7.82%), Aberdeen Standard Investments (4.98%)
and Aviva Investors (4.88%).
The London-listed Cineworld, which has run up debt of more than
$4.8 billion after losses soared during the pandemic, is pinning
its hopes on a meatier slate of movies in 2022 to bounce back from
a two-year lull.
Cineworld Group plc and 104 affiliates sought Chapter 11 protection
(Bankr. S.D. Tex. Lead Case No. 22-90168) on Sept. 7, 2022,
estimating more than $1 billion in assets and debt.
PJT Partners LP is providing financial advice, Kirkland & Ellis LLP
and Slaughter and May are acting as legal counsel and AlixPartners
LLP is serving as restructuring advisor to Cineworld. Jackson
Walker LLP is the co-bankruptcy counsel. Kroll is the claims
agent.
CINEWORLD GROUP: Bankruptcy Court Okays First-Day Motions
---------------------------------------------------------
Cineworld Group plc and its subsidiaries, a leading cinema operator
in 10 countries, including the United States and the United
Kingdom, with 747 sites and 9,139 screens globally, on Sept. 9
disclosed that Cineworld and certain of its subsidiaries
(collectively, the "Group Chapter 11 Companies") have received
approval from the United States Bankruptcy Court for the Southern
District of Texas (the "Court") for "first day" relief related to
its Chapter 11 proceedings filed on September 7, 2022.
As part of these motions, the Court on Sept. 9 granted the Group
immediate access to up to approximately $785 million of an
approximate $1.94 billion debtor-in-possession ("DIP") financing
facility that, together with the Group's available cash reserves
and cash provided by operations, is expected to provide sufficient
liquidity for Cineworld to meet its ongoing obligations, including
post-petition obligations to vendors and suppliers, as well as
employee wages, salaries and benefits programs. The remainder of
the DIP facility will become available upon Court approval on a
final basis.
The Group Chapter 11 Companies intend to pay vendors and suppliers
in full and on normal terms for valid amounts for goods and
services received during the Chapter 11 process. Employees will
also continue to receive their usual wages and benefits without
interruption.
Cineworld and its brands around the world -- including Regal,
Cinema City, Picture House and yes Planet -- are continuing to
welcome moviegoers to cinemas as usual, which will not change
during the Chapter 11 cases. The Group will continue to honour the
terms of all existing customer membership programs, including Regal
Unlimited and Regal Crown Club in the United States and Cineworld
Unlimited in the United Kingdom.
"[Fri]day's approval of our requested 'first day' relief is a
positive step forward for the Group and our restructuring efforts,"
said Mooky Greidinger, Chief Executive Officer of Cineworld. "As
we position Cineworld for long-term growth, through this Chapter 11
process and beyond, we remain steadfast in our commitment to
providing our guests with the most memorable moviegoing experiences
and maintaining our long-standing relationships with our business
partners."
For more information on the Group Chapter 11 Companies'
restructuring, including access to Court documents, please visit
https://cases.ra.kroll.com/cineworld or call 844-648-5574
(toll-free in United States/Canada) and +1 845-295-5705 (for tolled
international calls).
About Cineworld Group PLC
London-based Cineworld Group PLC (LSE: CINE) was founded in 1995
and is the world's second-largest cinema chain. Cineworld operates
751 sites with 9,000 screens in 10 countries, including the
Cineworld and Picturehouse screens in the UK and Ireland, Yes
Planet in Israel, and Regal Cinemas in the US.
According to The Guardian, the Griedinger family, including Mooky's
brother and deputy chief executive, Israel, have struggled to
maintain control of the ailing business but have been forced to
reduce their stake from 28% in recent years. Cineworld's top five
investors include the Chinese Jangho Group at 13.8%, Polaris
Capital Management (7.82%), Aberdeen Standard Investments (4.98%)
and Aviva Investors (4.88%).
The London-listed Cineworld, which has run up debt of more than
$4.8 billion after losses soared during the pandemic, is pinning
its hopes on a meatier slate of movies in 2022 to bounce back from
a two-year lull.
Cineworld Group plc and 104 affiliates sought Chapter 11 protection
(Bankr. S.D. Tex. Lead Case No. 22-90168) on Sept. 7, 2022,
estimating more than $1 billion in assets and debt.
PJT Partners LP is providing financial advice, Kirkland & Ellis LLP
and Slaughter and May are acting as legal counsel and AlixPartners
LLP is serving as restructuring advisor to Cineworld. Jackson
Walker LLP is the co-bankruptcy counsel. Kroll is the claims
agent.
CINEWORLD GROUP: Bankruptcy Signals Struggling Movie Industry
-------------------------------------------------------------
Joseph Acosta, a partner at the international law firm, Dorsey &
Whitney in its Texas office, commented on Cineworld Group's Chapter
11 bankruptcy filing and shared his concerns about what it signals
for the movie theatre industry.
"Even prior to the COVID-19 pandemic, the traditional movie
theatres were under pressure due to increasing competition from
streaming services. Of course, the pandemic was the definitive
game-changer, bringing all movie theatres to a halt and leaving the
entire industry strapped for cash for most of 2020 and 2021," says
Mr. Acosta.
"Every player in the theatre industry was significantly affected by
the pandemic. In the Fall 2020, AMC Entertainment Holdings Inc.,
the world's largest cinema chain, announced that it might need to
file for bankruptcy to survive. Ultimately, AMC did escape
bankruptcy, by raising $2.2 billion in the capital markets.
However, the smaller players, like Florida-based Cinemex Holdings
USA and Texas-based Alamo Draft House and Movie Studio Grill, were
not as fortunate and had to be reorganized or sold in bankruptcy,"
adds Mr. Acosta.
"Despite the eventual removal of governmental restrictions on
operating theatres, recovery from the effects of the pandemic has
been slow. Some theatres initially opened in limited markets,
while others delayed opening for the remainder of 2020. None
operated at full capacity until 2021."
"Now a new threat to the movie theatre industry has emerged. The
movie studios that produce the films that attract movie-goers have
started postponing the release of new content, like the blockbuster
film "Top Gun: Maverick," or bypassing theater releases altogether,
in favor of streaming on media sites, as in the case of "Trolls
World Tour," says Mr. Acosta.
"Due, in large part, to the limited film slate at theatres,
attendance by consumers has continued to lag, leaving most of the
theatre industry struggling. Indeed, business executives project
that this year will end with $7 billion in ticket sales, which is
approximately two-thirds the annual total prior to the pandemic,"
adds Mr. Acosta.
"The latest victim of the low tickets sales is the parent of Regal
Cinema, Cineworld Group Plc, which is the second largest cinema
business in the world. Cineworld operates over 800 theatres
world-wide, including the Regal Cinema chain. This 27-year old,
London-based chain narrowly escaped bankruptcy in 2020, with the
help of concessions from its creditors, but today it could not
avoid having to file for chapter 11 bankruptcy in Houston, Texas,"
says Mr. Acosta.
"The chapter 11 bankruptcy proceeding provides an opportunity for
Cineworld to reduce its substantial long-term liabilities and
streamline its operations. For instance, it is expected that
Cineworld will deleverage its balance sheet by converting some of
its long-term debts to equity, while at the same time seeking
concessions from landlords and others to reduce operating
expenses."
"So far, the Cineworld bankruptcy has gotten off to a good start.
The Company announced that it had procured a $1.94 billion loan as
working capital to reorganize in bankruptcy and continue
operations."
"No one is yet gambling that the movie theatre industry is extinct
or will go away any time soon. As the successful turnaround of AMC
has shown, investment appetite for this industry is still alive.
With a little bit of planning and foresight, Cineworld's business
should similarly come back strong," says Mr. Acosta.
About Cineworld Group PLC
London-based Cineworld Group PLC was founded in 1995 and is the
world's second-largest cinema chain. Cineworld operates 751 sites
with 9,000 screens in 10 countries, including the Cineworld and
Picturehouse screens in the UK and Ireland, Yes Planet in Israel,
and Regal Cinemas in the US.
According to The Guardian, the Griedinger family, including Mooky's
brother and deputy chief executive, Israel, have struggled to
maintain control of the ailing business but have been forced to
reduce their stake from 28% in recent years. Cineworld's top five
investors include the Chinese Jangho Group at 13.8%, Polaris
Capital Management (7.82%), Aberdeen Standard Investments (4.98%)
and Aviva Investors (4.88%).
The London-listed Cineworld, which has run up debt of more than
$4.8 billion after losses soared during the pandemic, is pinning
its hopes on a meatier slate of movies in 2022 to bounce back from
a two-year lull.
Cineworld Group plc and 104 affiliates sought Chapter 11 protection
(Bankr. S.D. Tex. Lead Case No. 22-90168) on Sept. 7, 2022,
estimating more than $1 billion in assets and debt.
PJT Partners LP is providing financial advice, Kirkland & Ellis LLP
and Slaughter and May are acting as legal counsel and AlixPartners
LLP is serving as restructuring advisor to Cineworld. Jackson
Walker LLP is the co-bankruptcy counsel. Kroll is the claims
agent.
CIV LLC: Gets Interim OK to Hire Allen Stovall Neuman as Counsel
----------------------------------------------------------------
CIV, LLC obtained interim approval from the U.S. Bankruptcy Court
for the Southern District of Ohio to hire Allen Stovall Neuman &
Ashton, LLP as its legal counsel.
The firm's services include:
a. advising the Debtor of its rights, powers and duties in the
continued operation of its business;
b. advising and assisting the Debtor in preparing legal
documents;
c. reviewing all financial and other reports to be filed with
the court or the United States Trustee;
d. advising the Debtor concerning, and assisting in the
negotiation and documentation of, the refinancing or sale of its
assets, debt and lease restructuring, executory contract and
unexpired lease assumptions, assignments or rejections, and related
transactions;
e. counseling and representing the Debtor regarding actions it
might take to collect and recover property for the benefit of the
estate;
f. reviewing the nature and validity of liens asserted against
the Debtor's property and advising the Debtor concerning the
enforceability of such liens;
g. assisting the Debtor in formulating, negotiating and
obtaining confirmation of a plan of reorganization and preparing
other related documents; and
h. performing other legal services for and on behalf of the
Debtor as may be necessary or appropriate in the administration of
its business and its Chapter 11 case.
Allen will be paid at these rates:
Thomas R. Allen, Partner $495 per hour
Richard K. Stovall, Partner $425 per hour
James A. Coutinho, Partner $375 per hour
Tom Shafirstein, Associate $285 per hour
Luke A. Shaffer, Associate $240 per hour
The firm received a retainer in the amount of $14,000.
As disclosed in court filings, Allen is a "disinterested person"
within the meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
James A. Coutinho, Esq.
Allen Stovall Neuman & Ashton, LLP
10 W. Broad St., Suite 2400
Columbus, OH 43215-3441
Phone: 614-221-8500
Fax: 614-221-5988
Email: coutinho@ASNAlaw.com
About CIV, LLC
CIV, LLC provides vehicle hauling services on a regional and local
basis. The Debtor operates primarily within a 12-hour drive of
Columbus, Ohio, transporting both new and used vehicles to and from
manufacturers, dealers, auction houses, and consumers.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Ohio. Case No. 22-52479) on August 25,
2022. In the petition signed by Clarence Clay, president and sole
member, the Debtor disclosed up to $1 million in assets and up to
$10 million in liabilities.
James A. Coutinho, Esq. at Allen Stovall Neuman & Ashton LLP is the
Debtor's counsel.
CLARUS THERAPEUTICS: Wins Interim Cash Collateral Access
--------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
Claurus Therapeutics Holdings et al. to use cash collateral on an
interim basis in accordance with the budget.
The Debtor requires the use of cash collateral to continue
operations and to administer and preserve the value of their
estates.
Clarus is a party to the Indenture, dated as of March 12, 2020 ((i)
as amended and supplemented by the (a) Supplemental Indenture No.
1, dated as of May 27, 2021, (b) Supplemental Indenture No. 2,
dated as of September 9, 2021, and (c) Supplemental Indenture No.
3, dated as of September 28, 2021, and (ii) as further amended,
restated, supplemented, and/or otherwise modified from time to
time, including pursuant to the Interim Order, the "Indenture," and
together with all other related documents, guarantees and
agreements, including without limitation, the Collateral Agreement
dated as of March 12, 2020, the related Security Documents, by and
among Debtor Clarus, as issuer, any Guarantor that becomes party
thereto pursuant to the terms thereof, and U.S. Bank National
Association, as trustee and as collateral agent, pursuant to which
Clarus issued 12.5% Senior Secured Notes due 2025 to the current
holders thereof. Each of the Indenture Documents is valid,
binding, and enforceable in accordance with its terms.
The Debtor is permitted to use cash collateral to pay any expenses
up to the maximum amounts set forth in the Approved Budget to the
extent accrued but remain unpaid on or before the Termination Date,
without further approval by the Court.
As of the Petition Date and as of the date of the Interim Order,
the aggregate outstanding principal amount, plus accrued interest,
owed by Debtor Clarus under the Indenture Documents is not less
than $43,125,000, and all interest, fees, costs, expenses, and
other charges allowed under section 506(b) of the Bankruptcy Code,
plus all other payments required to be made to the Secured Parties
pursuant to the Interim Order.
As a condition to the Secured Parties consenting to the use of cash
collateral, and subject in all respects to the Carve-Out, Secured
Parties are granted adequate protection in the form of, among other
things, periodic cash payments, adequate protection liens and
superpriority claims, to the extent of the decline in the (x)
aggregate value of the Collateral subject to the Secured Parties'
respective Prepetition Liens as of the Petition Date as compared to
(y) the applicable determination date of the aggregate value of:
(i) the Secured Parties' respective Prepetition Liens on and
interests in the Collateral, and (ii) the Secured Party Adequate
Protection Payments, resulting from the (a) use of the Collateral,
(b) use, sale, depreciation, or other diminution in value of the
Collateral, or (c) imposition of the automatic stay under section
362(a) of the Bankruptcy Code.
The Secured Parties will receive accrued and unpaid prepetition
interest in the aggregate amount of $2,695,312 for the period from
March 1 to August 31, 2022, at the non-default rate borne by the
Notes pursuant to the Indenture.
Subject to entry of the Final Order, payment of all accrued and
unpaid postpetition interest (1) in the aggregate amount of
$521,094 for the period from September 1 to 30, 2022, at the rate
borne by the Notes plus 2% pursuant to the Indenture, which payment
will be made during the week ending September 30; and (2) in the
aggregate amount of $486,354 for the period from October 1 to
October 28, 2022, at the rate borne by the Notes plus 2.00%
pursuant to the Indenture, which payment will be made during the
week ending October 28, 2022; (iii) subject to entry of the Final
Order, without duplication of any payments made pursuant to
subparagraph 3(a)(iv) below, payment of $25,000 on account of
reasonable and documented fees, costs, expenses, disbursements and
indemnities incurred by the Secured Parties under the Indenture
prior to the Petition Date, and payment of all reasonable and
documented fees, costs, expenses, disbursements and indemnities
incurred by the Secured Parties under the Indenture on and/or after
the Petition Date.
A copy of the order is available at https://bit.ly/3DcFLJU from
PacerMonitor.com.
About Clarus Therapeutics Holdings, Inc.
Clarus Therapeutics Holdings, Inc. sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 22-10845)
on September 5, 2022. In the petition signed by Lawrence R.
Perkins, chief restructuring officer, the Debtor disclosed up to
$100,000 in both assets and liabilities.
Judge Mary F. Walrath oversees the case.
L. Katherine Good, Esq., at Potter Anderson & Corroon LLP is the
Debtor's counsel.
CODE L STUDIOS: Files Subchapter V Case
---------------------------------------
Code L Studios LLC filed for chapter 11 protection in the Southern
District of Texas without stating a reason. The Debtor filed as a
small business debtor seeking relief under Subchapter V of Chapter
11 of the Bankruptcy Code.
According to court filings, Code L Studios LLC estimates between 1
and 49 creditors. The bare-bones petition states funds will be
available to unsecured creditors.
About Code L Studios LLC
Code L Studios LLC is a limited liability company in Texas.
Code L Studios LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 22-32635) on Sept. 6,
2022. In the petition filed by Lesley Reyes, as managing member,
the Debtor reported assets between $1 million and $10 million and
estimated liabilities up to $50,000.
The Debtor is represented by Susan Tran Adams of Tran Singh LLP.
CPI INTERNATIONAL: S&P Upgrades ICR to 'B', Outlook Stable
----------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on CPI
International Inc. to 'B' from 'B-'. The outlook is stable.
S&P also raised the issue-level ratings on the company's first-lien
and second-lien debt to 'B' and 'CCC+', respectively, from 'B-' and
'CCC', respectively. The recovery ratings on the debt are
unchanged.
The stable outlook reflects stronger credit ratios due to growing
EBITDA and a financial policy that will likely cap improvement.
Commercial aerospace recovery and continued strong defense spending
should result in organic revenue growth. Fiscal 2021 orders in
commercial aerospace were better than expected, and that trend has
continued as radomes and satcom amplifiers have seen solid growth
in rebounding from the pandemic. Business jet growth has also been
strong, making the commercial aerospace recovery nearly complete
from CPI's perspective. Although the timing of government orders
has been slower than typical coming out of the pandemic, demand
remains solid and the focus on defense readiness keeps CPI's
defense segment in good shape for organic growth. With many
programs on the books for multiple decades, the company has strong
revenue predictability with its defense business.
Recent acquisitions have provided additional growth.CPI has been
integrating multiple acquisitions over the last year and a half,
creating revenue and earnings growth. TMD has bolstered the defense
segment while both ESSCO and AdamWorks create synergies with CPI's
existing military communications commercial aerospace businesses,
specifically with radomes and in-flight entertainment and
connectivity (IFEC) systems.
S&P said, "The integration of acquisitions and internal cost
initiatives should result in EBITDA margin expansion.In addition to
driving revenue, we believe the recent acquisitions should lead to
margin growth due to sales mix because the IFEC business tends to
carry higher margins. We also expect internal factors to drive
profitability as CPI completes some cost-reduction plans, such as
facility integration.
"The company's financial policy could limit improvement in credit
ratios. We expect CPI to continue to expand the business through
acquisitions as it has in the past. Whether smaller cash purchases
limit CPI's ability to repay additional debt or the company opts to
issue new debt to support larger acquisitions, debt is unlikely to
decrease significantly. We believe the company is very comfortable
operating with leverage above 5x, and we don't expect debt to
EBITDA to decline below that for any significant amount of time.
"The stable outlook on CPI reflects our expectation that leverage
will continue to decline from recent high levels but is likely to
remain above 5x as the company funds acquisitions with debt. We
expect debt to EBITDA to improve to 6.2x-6.6x in 2022 and below 6x
in 2023."
S&P could lower the rating on CPI if debt to EBITDA rose above 7x
and S&P expected it to remain there. This could be caused by:
-- Supply chain issues or inflation continuing to create
challenges for longer than expected, disrupting operations and
negatively affecting earnings;
-- Large debt-financed acquisitions that increase leverage;
-- A more aggressive financial policy, potentially resulting in
large dividends; or
-- An inability to address upcoming debt maturities.
Although unlikely due to financial sponsor ownership, S&P could
raise its rating on CPI if debt to EBITDA declined below 5x and S&P
expected it to remain there. This could occur if:
-- The commercial aerospace market fully recovered from the impact
of the coronavirus pandemic;
-- Government spending remains robust;
-- The company refrains from large, debt-financed acquisitions
that could increase leverage; and
-- Management commits to maintaining leverage below 5x.
ESG credit indicators: To E-2, S-2, G-3; From E-2, S-3, G-3
This change is related to the improvement in domestic air travel
and its positive impact on the commercial aerospace market.
S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of CPI International
Inc., as is the case for most rated entities owned by
private-equity sponsors. We believe the company's highly leveraged
financial risk profile points to corporate decision-making that
prioritizes the interests of the controlling owners. This also
reflects the generally finite holding periods and a focus on
maximizing shareholder returns."
CYTODYN INC: Stockholders OK Authorized Shares Hike to 1.35-Bil.
----------------------------------------------------------------
CytoDyn Inc. held a special meeting of stockholders at which the
stockholders approved the proposal to amend the Company's
Certificate of Incorporation to increase the total number of
authorized shares of common stock of the Company from 1,000,000,000
to 1,350,000,000.
About CytoDyn Inc.
Headquartered in Vancouver, Washington, CytoDyn Inc. --
http://www.cytodyn.com-- is a late-stage biotechnology company
focused on the clinical development and potential commercialization
of leronlimab (PRO 140), a CCR5 antagonist to treat HIV infection,
with the potential for multiple therapeutic indications.
Cytodyn reported a net loss of $210.82 million for the year ended
May 31, 2022, compared to a net loss of $176.47 million for the
year ended May 31, 2021. As of May 31, 2022, the Company had
$29.19 million in total assets, $123.58 million in total
liabilities, and a total stockholders' deficit of $94.40 million.
San Jose, California-based Macias Gini & O'Connell LLP, the
Company's auditor since 2022, issued a "going concern"
qualification in its report dated Aug. 15, 2022, citing that the
Company incurred a net loss of approximately $210,820,000 for the
year ended May 31, 2022 and has an accumulated deficit of
approximately $766,131,000 through May 31, 2022, which raises
substantial doubt about its ability to continue as a going concern.
DIOCESE OF CAMDEN: Objects to Chapter 11 Trade Committee Fees
-------------------------------------------------------------
Vince Sullivan of Law360 reports that the bankrupt Diocese of
Camden objected to a fee application for a law firm representing
the official committee of unsecured trade creditors in the
diocese's Chapter 11 case, telling a New Jersey court the
application includes charges of "outrageous rates" and that the
costs of the case are quickly mounting.
In its objection, the diocese said the $117,000 application filed
by trade committee counsel with Porzio Bromberg & Newman PC needs
to be reduced because the blended billing rate for the firm's July
2022 fee statement is $582. 26 per hour.
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.
DOT DOT SMILE: Files Emergency Bid to Use Cash Collateral
---------------------------------------------------------
Dot Dot Smile, LLC asks the U.S. Bankruptcy Court for the Central
District of California, Riverside Division, for authority to use
cash collateral on an interim basis.
The Debtor requires the use of cash collateral to pay ordinary and
necessary operating expenses in accordance with the budget, with a
15% variance.
In 2017, DDS adopted a Multi-Level Marketing sales model and in
2019 the company moved to its current location, a 72,000-square
foot warehouse in Riverside, California. DDS's popularity and
growth continued, resulting in significant increases in
year-over-year revenues. Unfortunately, inventory shortages caused
by the COVID-19 pandemic impacted DDS's ability to recruit and
build new teams under the MLM model and, after unsuccessful
attempts and obtaining financing, the Debtor borrowed from Merchant
Cash Advance lenders and increased its orders for product. By the
time the new inventory arrived, demand under the MLM model had
waned, a result of the difficulties associated with the MLM
business model during the pandemic. Despite these challenges, DDS
continued to have a loyal following and a viable brand and
therefore pivoted to warehouse sales and the opening of its
Carlsbad Premium Outlet location. However, as a result of these
challenges in the retail clothing environment, DDS's cash flow was
impacted resulting in lawsuits and collection efforts by the
Merchant Cash Lenders and an eviction lawsuit filed by the owner of
the Debtor's Riverside location.
The parties that assert an interest in the cash collateral are
Cedar Advance, LLC, Everest/EBF Holdings, Cloudfund LLC, Fox
Capital Group, Inc., Wynwood Capital Group, Quick Funding Group,
LLC, and Mercury Funding Group, Inc.
The estimated total of the alleged secured debt is $1,325,062.
These disputed claims total 121% of the Debtor's receivables,
however the Debtor does not typically accrue receivables. Further,
as set forth in the budget, the Debtor will generate $126,000
monthly from ongoing operations of the Debtor's business. The MCAs
are also protected by the Debtor's $2,000,000 inventory on hand,
both to the extent that they may have security interests and in the
ongoing business operations of the Debtor. The MCAs are also
protected by personal guarantees of the Debtor's principals.
The Debtor asserts the MCAs are adequately protected because: (i)
the use of cash collateral will enable the Debtor to continue its
operations and perform and collect receivables (ii) the Debtor
will, subject to the Court's approval, grant replacement liens to
the MCAs in the proceeds of their collateral to the extent any of
the MCAs had valid security interests on the Petition Date.
The Debtor proposes that the Secured Creditors be granted
replacement liens, to the same extent, validity and priority as
they now hold, on property acquired with cash collateral with a
value equal to the amount of the cash collateral expended by the
Debtor.
A copy of the motion and the Debtor's budget is available at
https://bit.ly/3D8A5R3 from PacerMonitor.com.
The budget provides for total expenses, on a monthly basis, as
follows:
$62,492 for September 2022;
$62,492 for October 2022;
$62,492 for November 2022; and
$62,492 for December 2022.
About Dot Dot Smile, LLC
Dot Dot Smile, LLC is a wholesaler of children's clothing. The
Debtor sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. C.D. Cal. Case No. 22-13361) on September 3, 2022. In
the petition filed by CEO Jeffrey Eugene Thompson, the Debtor
disclosed $4,478,922 in assets and $5,638,742 in liabilities.
Judge Wayne E. Johnson oversees the case.
Jeffrey S. Shinbrot, Esq., at Jeffrey S. Shinbrot, APLC, is the
Debtor's counsel.
DRAGOON MOUNTAIN: Hires DeConcini McDonald Yetwin as Legal Counsel
------------------------------------------------------------------
Dragoon Mountain Ranch Phase I Meadows Property Owners Association
seeks approval from the U.S. Bankruptcy Court for the District of
Arizona to hire Deconcini Mcdonald Yetwin & Lacy P.C. as its
bankruptcy counsel.
The firm will render these services:
a. give the Debtor legal advice with respect to its powers and
duties;
b. give the Debtor legal advice with respect to the sale or
disposition of estate assets, if necessary;
c. take required action to recover certain property and money
owed to the Debtor;
d. prepare on behalf of the Debtor, the necessary statements,
schedules, complaints, answers, applications, orders, reports, plan
of reorganization, motions, objections, and other legal documents;
and
e. perform all other legal services that the Debtor deems
necessary.
The firm will be paid at these hourly rates:
Jody A. Corrales $360
Valorie Douglas $215
Paraprofessionals $185
Jody Corrales, Esq., a shareholder of DeConcini, disclosed in a
court filing that her firm does not represent any interest that is
materially adverse to the Debtor or its bankruptcy estate.
The firm can be reached at:
Jody A. Corrales, Esq.
Deconcini Mcdonald Yetwin & Lacy P.C.
2525 E. Broadway Blvd., Suite 200
Tucson, AZ 85716
Tel: 520-322-5000
Fax: 520-322-5585
Email: jcorrales@dmyl.com
About Dragoon Mountain Ranch Phase I
Dragoon Mountain Ranch Phase I Meadows Property Owners Association
sought protection for relief under Chapter 11 of the Bankruptcy
Code (Bankr. D. Ariz. Case No. 22-05669) on August 25, 2022,
listing $50,000 in assets and $50,001 to $100,000 in liabilities.
Jody A. Corrales, Esq., at Deconcini Mcdonald Yetwin & Lacy P.C.
serves as the Debtor's counsel.
E QUALCOM CORP: Seeks to Hire David W. Langley as Counsel
---------------------------------------------------------
E Qualcom, Corp. seeks approval from the U.S. Bankruptcy Court for
the Southern District of Florida to employ David W. Langley,
Attorney At Law, as its legal counsel.
The firm will provide these services:
a. give advice to the Debtor with respect to its powers and
duties and the continued management of its business operations;
b. advise the Debtor with respect to its responsibilities in
complying with the U.S. Trustee's Operating Guidelines and
Reporting Requirements and with the Rules of Court;
c. prepare motions, pleadings, orders, applications, adversary
proceedings, and other legal documents necessary in the
administration of the Debtor's Chapter 11 case;
d. protect the interest of the Debtor in all matters pending
before the court; and
e. represent the Debtor in negotiation with its creditors in the
preparation of a Chapter 11 plan.
The firm will be paid based upon its normal and usual hourly
billing rates. It will also be reimbursed for reasonable
out-of-pocket expenses incurred.
David Langley, Esq., assured the court 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:
David W. Langley, Esq.
8551 W. Sunrise Boulevard, Suite 303
Plantation, FL 33322
Tel: (954) 356-0450
Fax: (954) 356-0451
Email: dave@flalawyer.com
About E Qualcom, Corp.
E Qualcom, Corp. filed a petition for relief under Subchapter V of
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
22-15957) on August 1, 2022. In the petition filed by Luis Navia,
as officer, the Debtor reported assets between $1 million and $10
million and liabilities between $1 million and $10 million.
Aleida Martinez-Molina has been appointed as Subchapter V trustee.
David W. Langley, Attorney At Law is the Debtor's counsel.
EAST BROADWAY: Secured Creditor Submits Plan of Liquidation
-----------------------------------------------------------
Bank of Hope, a secured creditor, submitted a Chapter 11 Plan of
Liquidation of East Broadway Mall.
This Plan provides for the assumption and assignment of the
Debtor's remaining interest in the Lease to the Approved New Tenant
in accordance with the provisions of the Term Sheet and the June
21, 2022 Stipulation and Order. However, in late summer, the Debtor
submitted a revised proposal to the City and BOH for the Debtor to
be permitted to remain as the tenant under the Lease pursuant to
certain proposed amendments. BOH has been advised that as of
September 2, 2022, the City has not finally determined whether to
accept or reject the Debtor's revised proposal, in preference to
the assignment to Broadway East Group, LLC as the Approved New
Tenant. However, in view of the deadline set by the Bankruptcy
Court for the filing of a creditor plan, and the pendency of the
Conversion Motion, BOH has filed this Plan in order to preserve the
possibility of the transaction with Broadway East Group, LLC as the
Approved New Tenant. BOH reserves the right to propose additional
changes to this Plan in accordance with a Plan Supplement that will
be filed prior to the hearing on confirmation of the Plan.
The Debtor's assets total $27,155,091:
* Real Property: $27,000,000
* Personal Property: $155,091
The Debtor's liabilities total $14,782,093.
The Debtor's estimated priority unsecured claims total $8,794,245,
comprised of NYC DCAS's claim. The Debtor's estimated non-priority
unsecured claims total $35,231, comprised of Maximum Security NYC,
Inc.'s $18,624 claim, and Miu & Co., LLP's $16,607 claim.
Under the Plan, Class 4 General Unsecured Claims consists of
"general" unsecured claims, including the Super-Priority deficiency
claim by BOH (Class 4A), the Claim of the City, which will be
waiving its Claim in order to allow other Unsecured Creditors to
receive Distribution under the Plan, and any other any other Claims
that are not entitled to "priority" under the Bankruptcy Code and
that are not secured by Collateral, including the unsecured claims
listed in Debtor's Petition under Schedule F approximately in the
amount of $35,000 and for any other filed Proofs of Claims that
become allowed Claims (Class 4B).
Class 4A General Unsecured Claims of BOH Super-Priority
Administrative Expense Deficiency Claim will receive a distribution
of Estate assets on account of Allowed Claim after claims in
classes 1, 2, 3B, and 4B are paid in full. Class 4A is impaired.
Class 4B City Claim and other Unsecured Claims. City will waive its
cure claim for the benefit of other Creditors except as provided in
the Plan. Other Creditors will receive its pro rata distribution of
Estate assets on account of Allowed Claims after claims 1, 2, 3B,
4A and 4C are paid in full. Class 4B is impaired.
Class 4C is a Convenience class for any Creditor in classes 2, 3,
or 4 that elect to receive a 10% distribution on its Allowed Claim
capped at $2,000.
The Plan Administrator shall, in an expeditious but orderly manner
liquidate and convert to cash the assets of Debtor, make timely
distributions, and not unduly prolong the duration of Debtor. In so
doing, the Plan Administrator shall exercise its reasonable
business judgment in liquidating the assets of Debtor to maximize
recoveries. The liquidation of such assets of Debtor may be
accomplished through the sale of the assets of Debtor (in whole or
in combination, and including the sale of any Causes of Action),
through the prosecution, compromise and settlement, abandonment, or
dismissal of any or all claims or Causes of Action, or otherwise.
Attorneys for Bank of Hope:
James M. Sullivan, Esq.
Robert J. Malatak, Esq.
WINDELS MARX LANE & MITTENDORF, LLP
156 West 56th Street
New York, NY 10019
Tel: (212) 237-1000
E-mail: jsullivan@windelsmarx.com
rmalatak@windelsmarx.com
A copy of the Chapter 11 Plan of Liquidation dated September 2,
2022, is available at https://bit.ly/3RSrlmj from
PacerMonitor.com.
About East Broadway Mall
East Broadway Mall, Inc., operates a commercial mall located at 88
East Broadway in the City, County and State of New York. On March
1, 1985, Debtor entered into a 50-year lease commercial lease, with
the City through the New York City Department of General Services
for use of land beneath the Manhattan Bridge. Upon execution of
the Lease in 1985, the Debtor expended more than one million
dollars to construct a mall on the land.
East Broadway Mall, Inc., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 19-12280) on July 12,
2019. In the petition signed by its president, Grace Chan, the
Debtor was estimated to have assets and debts of less than $50,000.
The Debtor hired Sferrazza & Keenan, PLLC, as counsel, and The
Carey Group LLC, as special counsel.
EYP GROUP: C3 Unsecureds to 50% of Claims in $70M Sale Plan
-----------------------------------------------------------
EYP Group Holdings, Inc., et al., submitted a proposed Disclosure
Statement for Amended Joint Chapter 11 Plan of Liquidation.
The Debtors commenced Chapter 11 cases to, among other things,
attempt to secure a transaction that would ensure the continuation
of the EYP Group's business and maximize value for the Debtors'
creditors.
On April 24, 2022, the Debtors filed a motion seeking approval of,
among other things, bidding procedures and bid protections provided
under the Stalking Horse APA (the "Bidding Procedures and Sale
Motion"). Around the same date, the Debtors and Ault Alliance, Inc.
(f/k/a DPW Financial Group, Inc.) ("Ault") entered into an Asset
Purchase Agreement, dated as of April 22, 2022 (the "Stalking Horse
Agreement" or "Stalking Horse APA"), setting forth the terms and
conditions upon which Ault would serve as stalking horse bidder for
substantially all of the Debtors' assets.
On May 11, 2022, the Bankruptcy Court entered an order approving
the Bidding Procedures. The Debtors received two qualified bids
for the purchase of substantially all of their assets: one from
Ault and one from Page Southerland Page, Inc. On June 13, 2022,
the Debtors commenced a virtual auction, and on June 15, 2022, the
Debtors designated Page's qualified bid, and the following day Ault
communicated that it would not submit further bids at the Auction.
Accordingly, the Debtors concluded the auction and selected Page as
the prevailing party.
Pursuant to its bid, Page agreed to purchase the Assets and assume
certain liabilities for, among other consideration, a purchase
price of $70,400,000 plus certain specified assumed liabilities, as
set forth in that certain Asset Purchase Agreement, dated June 20,
2022, between the Debtors and Page (the "Purchase Agreement"). The
Bankruptcy Court on June 22, 2022, approved the sale to Page. The
sale to Page closed on June 30, 2022.
The final phase of these Chapter 11 Cases is the confirmation and
consummation of the Plan, under which the Debtors will distribute,
among other things, the remaining cash proceeds from the sale of
their assets (the "Sale Proceeds") to creditors in accordance with
the absolute priority rule and section 1129 of the Bankruptcy Code.
Under the Plan, Class A3 General Unsecured Claims against EYP,
Inc.will be paid in full from the Distributable Cash so as to
render such claim unimpaired (including any amounts on account of
post-petition interest to which such Claim is entitled under
applicable law).
Class B2 General Unsecured Claims against EYP Holdings Inc. will be
paid in full from the Distributable Cash so as to render such Claim
Unimpaired (including any amounts on account of post-petition
interest to which such Claim is entitled under applicable law).
Class C3 General Unsecured Claims against EYP Group Holdings Inc.
will receive its Pro Rata Share of $100,000 from Distributable Cash
in full and final satisfaction of such Claim; provided that any
amounts remaining of the $100,000 after payment of Claims in Class
C3 shall be paid to holders of Claims in Class C1. Creditor will
recover up to 50% of its claim. Class C3 is impaired.
The deadline to file and serve any objections or responses to the
Plan will be on Oct. 13, 2022, at 4:00 p.m. (Eastern Time). The
deadline for completed Ballots is also Oct. 13. The hearing to
consider confirmation of the Plan will be on October 25, 2022, at
2:00 p.m. (Eastern Time).
Counsel for the Debtors:
R. Craig Martin, Esq.
Aaron Applebaum, Esq.
DLA PIPER LLP (US)
1201 N. Market Street, Suite 2100
Wilmington, Delaware 19801
Telephone: (302) 468-5700
Facsimile: (302) 394-2341
E-mail: craig.martin@us.dlapiper.com
aaron.applebaum@us.dlapiper.com
- and -
Richard A. Chesley, Esq.
Oksana Koltko Rosaluk, Esq.
DLA PIPER LLP (US)
444 West Lake Street, Suite 900
Chicago, Illinois 60606
Telephone: (312) 368-4000
Facsimile: (312) 236-7516
E-mail: richard.chesley@us.dlapiper.com
oksana.koltkorosaluk@us.dlapiper.com
A copy of the Disclosure Statement dated September 2, 2022, is
available at https://bit.ly/3RAJPYd from Epiq11.com, the claims
agent.
About EYP Group Holdings
EYP Group Holdings, Inc., is an integrated design firm specializing
in higher education, healthcare, government and science and
technology.
EYP Group Holdings and affiliates sought Chapter 11 bankruptcy
protection (Bankr. D. Del. Lead Case No. 22-10367) on April 24,
2022. In the petition filed by Kefalari Mason, as authorized
officer, EYP Group Holdings estimated assets between $50 million
and $100 million and liabilities between $100 million and $500
million.
The cases are assigned to Judge Mary F. Walrath.
The Debtors tapped DLA Piper LLP (US) as bankruptcy counsel;
Hollingsworth LLP as special counsel; Carl Marks Advisory Group,
LLC as investment banker, and Alex Roque of Berkeley Research
Group, LLC as interim chief financial officer. Epiq Corporate
Restructuring, LLC is the claims and noticing agent and
administrative advisor.
Ault Alliance, Inc., the DIP lender, is represented by Mintz Levin
Cohn Ferris Glovsky and Popeo, P.C. and Morris Nichols Arsht &
Tunnell, LLP.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee of unsecured creditors on May 4, 2022. The committee is
represented by Bernstein Shur Sawyer & Nelson, P.A.
EYP GROUP: Has Deal With Creditors on Consensual Plan
-----------------------------------------------------
Vince Sullivan of Law360 reports that bankrupt architecture and
design firm EYP Group Holdings Inc. told a Delaware bankruptcy
judge Tuesday, Sept. 6, 2022, that it had reached an agreement with
its creditors that will allow its Chapter 11 disclosure statement
to be approved on a consensual basis.
During a virtual hearing, debtor attorney Oksana Koltko Rosaluk of
DLA Piper said that an objection lodged by creditor Long Point
Capital Inc. and several affiliates to the disclosure statement had
been resolved and that the deal also allows for an uncontested plan
confirmation proceeding in November.
About EYP Group Holdings
EYP Group Holdings, Inc., is an integrated design firm specializing
in higher education, healthcare, government and science and
technology.
EYP Group Holdings and affiliates sought Chapter 11 bankruptcy
protection (Bankr. D. Del. Lead Case No. 22-10367) on April 24,
2022. In the petition filed by Kefalari Mason, as authorized
officer, EYP Group Holdings estimated assets between $50 million to
$100 million and liabilities between $100 million to $500 million.
The case is assigned to Judge Mary F. Walrath.
The Debtor's counsels are Richard A. Chesley, Esq., Oksana Koltko
Rosaluk, Esq. and R. Craig Martin, Esq. and Aaron S. Applebaum,
Esq., at DLA Piper LLP (US). Hollingsworth LLP is the Debtor's
special counsel. Carl Marks Advisory Group LLC is its investment
banker, Berkley Research Group, LLC is the financial advisor, and
Berkley Research Group, LLC is the claims agent.
Ault Alliance, Inc., the DIP Lender, is represented by:
Abigail V. O'Brient, Esq.
Mintz Levin Cohn Ferris Glovsky and Popeo, P.C.
2029 Century Park East, Suite 3100
Los Angeles, CA 90067
- and -
Timothy J. McKeon, Esq.
Mintz Levin Cohn Ferris Glovsky and Popeo, P.C.
One Financial Center
Boston, MA 02111
- and -
Robert J. Dehney, Esq.
Matthew B. Harvey, Esq.
Morris Nichols Arsht & Tunnell LLP
1201 N. Market Street, 16th Floor
Wilmington, DE 19801
FANNIE & FREDDIE: Should Be Free of Conservatorship, Says Hindes
----------------------------------------------------------------
Gary Hindes, Chairman of The Delaware Bay Company LLC, in an
article for American Banker, disclosed that according to his
memoirs, as secretary of the Treasury Henry Paulson left the Oval
Office on Sept. 4, 2008, the last thing then-President George W.
Bush said about troubled the mortgage giants Fannie Mae and Freddie
Mac was "we have to make clear that {conservatorship} is
transitory, because otherwise it looks like nationalization." Two
days later, conservatorships were formally imposed upon Fannie and
Freddie by their regulator, the Federal Housing Finance Agency. The
government promised they would end once the companies had been
restored "to a safe and sound condition." Paulson called the
situation a "temporary time-out."
That was 14 years ago. Now, halfway into their fourth presidential
administration, five Treasury secretaries and four FHFA directors
have come and gone. For a decade, Fannie and Freddie have been
highly profitable. "Reforms" critics insisted were necessary have
long-since been enacted. And the government's own stress tests
prove that even under its draconian "severely adverse" scenario,
neither would require a dime of government assistance -- even at
present capital levels. Indeed, Don Layton, installed by the
government to run Freddie Mac from 2012 until his
retirement in 2019, recently commented that the "de-risking" of the
GSEs has progressed to the point that "given the existing level of
capital at the two companies, the probability of taxpayers having
to inject more funds into the GSEs is approaching levels that I
believe are so small they cannot be statistically measured."
Clearly it is time to ask why these companies -- whose tenure as
wards of the state has now outlasted even the conservatorship of
pop star Britney Spears -- should not be released. Shareholders
rightfully want to know: "When do we get our companies back?"
The conventional wisdom that the taxpayer is somehow at risk is a
myth. True, Fannie and Freddie insure approximately $6.5 trillion
of primarily single-family home mortgages, but none of that debt is
on the government's balance sheet. To the contrary, a legend
printed on the cover of every prospectus makes clear, in
bold-faced, capital letters, that Fannie and Freddie debt is not
U.S. government debt. And even if it were, what of the
$6-trillion-plus cushion of homeowner equity which stands in front
of the GSEs' insurance obligations? No one talks about that.
PARTNER INSIGHTS FROM NCONTRACTS
The purpose of a conservatorship is to preserve and conserve the
assets of an enterprise, restore it to financial health, and then
return it to its owners. Under capitalism and our free enterprise
system, the government is not supposed to be in the business of
owning private, profit-making companies. Respect for private
property rights is a bedrock principle of our democracy and is
enshrined in our Constitution.
Republicans on the Senate Banking Committee have called for Fannie
and Freddie to be released. So why is the Biden administration
procrastinating? True, some critics fear shareholders might make a
killing. If that's the issue, does it count that for 14 years,
shareholders have been stuck with "dead money" -- while the stock
market has risen fivefold? And why be concerned? Warrants allow the
government to purchase 79. 9% of Fannie and Freddie common shares
for just $70,000 {you read that right, no zeroes omitted). That
means that for every dollar the shareholders make,
the taxpayer makes four.
Once Treasury formally admits that the $191 billion it advanced
Fannie and Freddie during the financial crisis has been fully
repaid with a profit of over $100 billion {clearly the best deal
for the taxpayer since the Louisiana Purchase), FHFA Director
Sandra Thompson can release them pursuant to a consent decree,
which could set in stone whatever safety and soundness measures she
deems appropriate. This would allow the companies to go to market
and raise whatever additional capital the FHFA might require. It
would also allow the government to monetize its warrants; some
analysts assert they could be worth yet another $100 billion {which
some have argued should be used to augment the administration's
Affordable Housing programs). In the meantime, while it dithers,
the cost of any new capital will undoubtedly go up along with
rising interest rates.
Mr. Layton and the Republicans in Congress aren't the only ones
calling on the administration to free Fannie and Freddie. Among
others is the former head of the FDIC, Sheila Bair (whom the
government installed as chairman of the Fannie Mae board until her
recent resignation). And then there's the man who signed the papers
putting Fannie and Freddie into conservatorship in the first place:
James Lockhart, the former head of the FHFA.
So, Mr. President, what are we waiting for?
FLORES & PRUITT: SARE Seeks Chapter 11 Bankruptcy Protection
------------------------------------------------------------
Flores & Pruitt Corner LLC filed for chapter 11 protection in the
Western District of Texas.
The Debtor is a Single Asset Estate, and its principal asset is
located at 601 S. Flores, San Antonio TX 78204.
According to court filings, Flores & Pruitt Corner LLC estimates
between 1 and 49 creditors. The petition states that funds will be
available to unsecured creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
Oct. 11, 2022, at 1:00 PM at Via Phone: (866)909-2905; Code:
5519921#.
Proofs of claim are due Jan. 9, 2023.
About Flores & Pruitt Corner
Flores & Pruitt Corner LLC is Single Asset Real Estate (as defined
in 11 U.S.C. Sec. 101(51B)).
On Sept. 6, 2022 Flores & Pruitt Corner LLC filed for chapter 11
protection in the Western District of Texas (Case No. 22-51002). In
the petition filed by L. Scott Jones, as managing member, the
Debtor reported assets between $500,000 and $1 million and
liabilities between $10 million and $50 million.
The Debtor is represented by Paul S. Hacker of Hacker Law Firm.
FRONTDOOR INC: Moody's Affirms 'Ba2' CFR, Outlook Remains Stable
----------------------------------------------------------------
Moody's Investors Service affirmed frontdoor, inc.'s corporate
family rating at Ba2 and its probability of default rating at
Ba2-PD. Moody's also affirmed the Ba2 ratings assigned to
frontdoor's senior secured credit facility, consisting of a $250
million revolving credit facility due 2026, a $217 million
(remaining balance) term loan A due 2026 and a $380 million term
loan B due 2028. The speculative grade liquidity rating was lowered
to SGL-2 from SGL-1. The outlook is stable.
"While liquidity has weakened due to diminished free cash flow and
a narrower covenant cushion, it remains good and, together with
frontdoor's moderately-high financial leverage and recurring
subscription revenues, leaves the company well positioned to
recover profit rates through price increases and reduce debt,
driving the ratings affirmation and stable outlook," said Edmond
DeForest, Moody's Senior Vice President.
Although Moody's expects financial leverage will rise over the next
12 months due to profit pressure from rising costs, Moody's also
anticipates that frontdoor will remain committed to balanced
financial strategies, including repaying debt and building its cash
reserves rather than repurchasing its own stock, until profit rates
rise again. Therefore, governance considerations were a key driver
of rating actions.
RATINGS RATIONALE
The Ba2 CFR reflects Moody's expectation that debt to EBITDA of
around 4.0 times in 2022 will moderate to around 3.0 times once
price increases will help restore profit rates. Moody's expects
EBITA margins to fall from a high teens range historically to below
10% in 2022, hampered by rising costs and limited availability of
parts and labor. Account growth has been constrained by declines in
its existing home sale market channel, somewhat mitigated by growth
in direct marketing. Anticipated interest coverage of over 6.0
times, greater than 10% free cash flow to debt and limited capital
expenditure requirements provide additional support to the ratings.
Moody's expects frontdoor will use free cash flow to repay debt and
build cash until profitability rates can be restored. Maintenance
of balanced financial strategies is considered critical to the
ratings and outlook.
All financial metrics cited reflect Moody's standard analytical
adjustments.
Profitability rates have been impaired in the 12 months ended June
30, 2022 by elevated service costs due to several factors,
including high inflation, supply and qualified personnel shortages
at its network of contractors and increased service volumes related
to customers spending more time at home. Moody's expects
double-digit rate price increases passed through in 2023 will help
restore profit rates, thereby moderating financial leverage. Longer
term, investments in new business lines, including an on-demand
home services portal, that do not generate meaningful revenue could
limit the range of profitability rebounds. Recurring home warranty
subscriptions, with customer retention rates of around 75%, provide
high visibility into future revenues. The slowdown in existing home
sales following the rise in interest interest rates in 2022 could
continue to hinder new customer growth. frontdoor's national
network of independent home service technicians would be difficult
to replicate and represents a meaningful barrier to competition.
Moody's anticipates that the company will maintain elevated
marketing expenses to support new customer development.
Governance risk is considered moderate. Moody's considers
frontdoor's financial strategies transparent and balanced.
frontdoor has taken conservative financial steps by making optional
debt repayments, including with the deleveraging refinancing
transaction in 2021. Investments in its own stock and M&A are
unlikely until profitability rates return to growth. frontdoor does
not pay a cash dividend to shareholders.
The revision of the SGL rating to SGL-2 from SGL-1 reflects
pressure to free cash flow and financial maintenance covenants
governing the revolver and term loan A from Moody's expectations
for EBITA margins to fall below 10% in 2022. The SGL-2 rating
reflects Moody's assessment of frontdoor's liquidity profile as
good. Moody's anticipates over $200 million of cash at all times
and full availability under the company's $250 million revolving
credit facility due 2026. Free cash flow may fall to below $100
million in 2022 and 2023. However, free cash flow will remain
adequate to pay around $17 million of annual term loan
amortization. In addition to the unrestricted cash balance,
frontdoor has $175 million of restricted cash maintained at certain
operating subsidiaries pursuant to state insurance company reserve
requirements.
The revolving credit facility and term loan A are subject to a
maximum first lien net leverage maintenance covenant set at 3.5
times, which can flex up to 4.0 times following a material
acquisition for four quarters, at frontdoor's election. The
covenant was calculated at about 2.0 times as of June 30, 2022.
Moody's expects the cushion to narrow as profitability rate
pressure lowers earnings, and that the company may be only
marginally in compliance with the covenant over the next 12 to 15
months. The term loan B is not subject to any financial covenants.
The Ba2 ratings assigned to the senior secured revolver, term loan
A, and term loan B reflects the Ba2-PD PDR and a loss given default
("LGD") assessment of LGD4, reflecting their position as the only
tranche of debt in the company's capital structure. The credit
facility is secured by a first lien pledge of substantially all of
the domestic assets of the guarantor subsidiaries through secured
upstream guarantees. Certain key subsidiaries are regulated as
insurance companies and do not provide secured guarantees.
The stable outlook reflects Moody's anticipation for debt to EBITDA
to rise to around 4.0 times before declining toward 3.0 times in
2023 as EBITA margins recover from below 10% as price increases and
steady retention cover higher operating costs. The outlook also
incorporates Moody's expectations for little or no stock repurchase
or debt-funded acquisition activity until profit rates rise again
and a good liquidity profile.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if Moody's expects: 1) frontdoor's
products and services to become more diverse and address a larger
market; 2) debt to EBITDA to remain below 2.5 times; 3) frontdoor
will maintain a lower proportion of secured to total debt, thereby
increasing its financial flexibility; and 4) conservative financial
policies limiting the potential for large leveraging debt-financed
acquisitions.
The ratings could be downgraded if Moody's expects: 1) declines in
revenue growth or customer retention rates; 2) frontdoor's costs to
deliver service remains elevated, leading to EBITA margins
remaining below 12%; 3) debt to EBITDA will be maintained above 3.5
times; or 4) aggressive shareholder return or acquisition
policies.
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
Moody's took the following rating actions and made the following
outlook statement:
Issuer: frontdoor, inc.
Corporate Family Rating, Affirmed Ba2
Probability of Default Rating, Affirmed Ba2-PD
Senior Secured Bank Credit Facility, Affirmed Ba2 (LGD4) from
(LGD3)
Speculative Grade Liquidity Rating, revised to SGL-2 from SGL-1
Outlook, Remains Stable
Frontdoor, based in Memphis, TN, is a national provider of home
service plans. Brands include American Home Shield, HAS, OneGuard,
and Landmark. Moody's expects 2023 revenue of approximately $1.7
billion.
GABHALTAIS TEAGHLAIGH: Wins Cash Collateral Access
--------------------------------------------------
The U.S. Bankruptcy Court for the District of Massachusetts
authorized Gabhaltais Teaghlaigh, LLC to use cash collateral on an
interim basis.
The Debtor is directed to file (i) a revised budget to actuals
reconciliation report, broken down on a line item by line item
basis, covering the period of June 15 to August 31, 2022, and (ii)
a forward-looking budget.
A further telephonic hearing on the matter is set for September 14
at 10 a.m.
A copy of the order is available at https://bit.ly/3eEo1Nf from
PacerMonitor.com.
About Gabhaltais Teaghlaigh
Gabhaltais Teaghlaigh, LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 22-10839) on
June 15, 2022. In the petition filed by Virginia Hung, as member,
Gabaltais Teaghlaigh LLC listed under $50,000 in both assets and
liabilities.
The case is assigned to Judge Christopher J. Panos.
David G. Baker, Esq., at Baker Law Offices is the Debtor's
counsel.
GALAXY NEXT: Hikes Authorized Common Shares to 200 Million
----------------------------------------------------------
Galaxy Next Generation, Inc. filed a Certificate of Change to its
Articles of Incorporation on Aug. 31, 2022, with the Secretary of
State of the State of Nevada that increased the number of the
Company's authorized shares of common stock, $0.0001 par value per
share, from 20,000,000 shares to 200,000,000 shares.
About Galaxy Next Generation
Headquartered in Toccoa, Georgia, Galaxy Next Generation, Inc. --
http://www.galaxynext.us-- is a manufacturer and distributor of
interactive learning technologies and enhanced audio solutions. It
develops both hardware and software that allows the presenter and
participant to engage in a fully collaborative instructional
environment.
Galaxy Next reported a net loss of $24.43 million for the year
ended June 30, 2021, compared to a net loss of $14.03 million for
the year ended June 30, 2020. As of March 31, 2022, the Company
had $4.92 million in total assets, $5.30 million in total
liabilities, and a total stockholders' deficit of $378,250.
Indianapolis, Indiana-based Somerset CPAs PC, the Company's auditor
since 2018, issued a "going concern" qualification in its report
dated Sept. 16, 2021, citing that the Company has suffered
recurring losses from operations and has a net capital deficiency
that raises substantial doubt about its ability to continue as a
going concern.
GENOCEA BIOSCIENCES: Hires Baker Newman & Noyes as Tax Accountant
-----------------------------------------------------------------
Genocea Biosciences, Inc. received approval from the U.S.
Bankruptcy Court for the District of Massachusetts to employ Baker
Newman & Noyes LLC as its tax accountant for the purpose of
preparing the required state and federal tax returns for the 2021
calendar year.
The firm's services include:
a. preparation of 2021 federal consolidated tax return and two
Massachusetts income tax returns;
b. preparation of 2021 income tax returns for any states in
which the Debtor has an obligation to file;
c. participating in discussions and conference calls with the
Debtor and outside independent auditor; and
d. other services customarily provided by tax accountants.
The firm's current hourly rates are as follows:
Principal $450
Senior Manager $300
Manager $250
Senior $200
Staff $150
As disclosed in court filings, Baker Newman Noyes neither holds nor
represents any interest adverse to the Debtor with respect to the
matters on which it is to be employed.
The firm can be reached through:
Megan Cavanaugh, CPA
Baker Newman Noyes, LLC
600 Unicorn Park Drive, 2nd floor
Woburn, MA 01801
Phone: 781-404-4400
Email: megan_cavanaugh@bnncpa.com
About Genocea Biosciences
Genocea Biosciences, Inc., is a biopharmaceutical company dedicated
to discovering and developing novel cancer immunotherapies using
its proprietary ATLASTM platform. The ATLAS platform can profile
each patient's CD4+ and CD8+ T cell immune responses to every
potential target or "antigen" identified by next-generation
sequencing of that patient's tumor.
Genocea Biosciences sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Mass. Case No. 22-10938) on July 5,
2022. In the petition signed by William Clark, president, the
Debtor disclosed up to $10 million in both assets and liabilities.
Andrew G. Lizotte, Esq., at Murphy and King, Professional Corp. is
the Debtor's counsel.
The Debtor tapped Murphy & King, Professional Corporation as
bankruptcy counsel; Ropes and Gray, LLP as special corporate
counsel; and Rock Creek Advisors, LLC as financial advisor. Omni
Agent Solutions is the notice, claims, and balloting agent and
administrative advisor.
The U.S. Trustee for Region 1 appointed an official committee of
unsecured creditors in the Debtor's case on July 25, 2022. The
committee is represented by Fox Rothschild, LLP.
HIE HOLDINGS: Goodsill Represents Paragon, Rengo
------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firm of Goodsill Anderson Quinn & Stifel, a Limited
Liability Law Partnership LLP submitted a verified statement to
disclose that it is representing Paragon Coffee Trading Co., L.P.
and Rengo Packaging, Inc. in the Chapter 11 cases of HIE Holdings,
Inc. et al.
Goodsill represents only the Interested Parties in these chapter 11
cases and accordingly the Interested Parties are the only persons
or entities with respect to which Goodsill is required to file a
Statement pursuant to Federal Rule of Bankruptcy Procedure 2019.
As of Sept. 7, 2022, each Interested Party's and their disclosable
economic interests are:
Paragon Coffee Trading Co., L.P.
445 Hamilton Avenue
White Plains, NY 10601
Trade debt: $708,112.02
Rengo Packaging, Inc.
91-170 Malakole St.
Kapolei HI 96707
Trade debt: $87,000
Goodsill reserves all rights to amend or supplement this Rule 2019
Statement as necessary for any reason in accordance with Bankruptcy
Rule 2019.
Counsel for Creditors Paragon Coffee Trading Co., L.P. and Rengo
Packaging, Inc. can be reached at:
GOODSILL ANDERSON QUINN & STIFEL
A Limited Liability Law Partnership LLP
Johnathan C. Bolton, Esq.
First Hawaiian Center
999 Bishop Street, Suite 1600
Honolulu, HI 96813
Telephone: (808) 547-5600
Facsimile: (808) 547-5880
E-mail: jbolton@goodsill.com
A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/3DpUG38
About HIE Holdings Inc.
HIE Holdings Inc. is the parent entity of Royal Hawaiian Water Co.,
Ltd., and Hawaiian Isles Kona Coffee Company, Ltd. HIE Holdings
is, in turn, owned by Michael Boulware, Julie Boulware and the
Glenn Boulware Trust.
Royal Hawaiian, doing business as Hawaiian Isles Water Company,
operates a water bottling facility in Halawa, Oahu, while Hawaiian
Isles Kona Coffee, doing business as Hawaii Coffee Roasters,
roasts, packages and distributes coffee.
Royal Hawaiian sought for Chapter 11 bankruptcy protection (Bankr.
D. Hawaii Case No. 22-00524) on July 30, 2022; HIE Holdings (Bankr.
D. Hawaii Case No. 22-00534) on Aug. 3, 2022; and Hawaiian Isles
Kona Coffee (Case No. 22-00546) on Aug. 5, 2022. The cases are
jointly administered under Case No. 22-00534.
At the time of the filing, each of the Debtors reported assets
between $1 million and $10 million and liabilities between $1
million and $10 million.
Judge Robert J. Faris oversees the cases.
Chuck C. Choi, Esq., at Choi & Ito, is the Debtors' legal counsel.
HNA GROUP: SL Green Realty Acquires 245 Park Avenue
---------------------------------------------------
SL Green Realty Corp., Manhattan's largest office landlord, on
Sept. 12 disclosed that it has acquired 245 Park Avenue. The 1.8
million-square-foot, 44-story, Class A office property with a prime
Park Avenue location strengthens the company's premier portfolio in
the Grand Central/Park Avenue submarket. The Company previously had
a preferred equity investment in the property. In addition, the
Company continues to pursue collection of its $185 million
arbitration award from an affiliate of the asset's former owner,
both part of the HNA Group. The property continues to be subject to
the in-place mortgage and mezzanine loans totaling $1.768 billion,
which mature in June 2027 and have a combined fixed rate of 4.30%,
on existing terms.
SL Green will immediately embark on repositioning the asset,
focusing on improvements to both the Park Avenue and Lexington
Avenue lobbies, the Park Avenue plaza, retail storefronts, and
numerous infrastructure upgrades. The redevelopment will also
include an expansion of SL Green's premier amenity program,
including an exclusive fitness and wellness facility, food
offerings curated by Daniel Boulud's Dinex, direct MTA commuter and
subway access, and a beautifully-imagined rooftop garden with
spectacular views of New York City. SL Green has retained Kohn
Pedersen Fox Associates to assist in the redesign of the building.
"We are thrilled to have completed the acquisition of this
tremendous asset at an attractive basis," said Harrison Sitomer,
Chief Investment Officer of SL Green. "245 Park Avenue is perfectly
suited for our portfolio, strengthening our dominant presence in
the Grand Central/Park Avenue submarket with one of the best
buildings on Park Avenue. The property represents the next major
development project for SL Green following the extraordinary
success of One Vanderbilt Avenue and completion of One Madison
Avenue that continues to be on-budget and on-time for delivery in
November 2023."
"We are pleased to see new institutional ownership at 245 Park
Avenue," said Greg Zielinski, Chief Operating Officer at Societe
Generale Americas, the largest tenant at the building. "We feel SL
Green will be the best stewards of the asset going forward and are
optimistic about the new opportunities it can bring to the building
and its management."
"SL Green worked tirelessly to successfully steer this asset
through HNA's bankruptcy process, demonstrating why they are so
well respected in the institutional capital markets," said Scott
Weiner, Partner and Head of Global Commercial Real Estate Debt at
Apollo, one of the property's lenders. "We are confident in their
vision for 245 Park Avenue."
Built in 1967 and designed by Shreve, Lamb & Harmon Associates, 245
Park Avenue is one of the headquarters caliber buildings that
transformed Park Avenue into one of the most distinguished
corporate corridors in the world. Occupying the entire block
between 46th and 47th Streets, 245 Park Avenue is among the largest
buildings on Park Avenue and has direct access to Grand Central
Terminal.
About SL Green Realty Corp.
SL Green Realty Corp. (NYSE: SLG), Manhattan's largest office
landlord, is a fully integrated real estate investment trust, or
REIT, that is focused primarily on acquiring, managing and
maximizing value of Manhattan commercial properties. As of June 30,
2022, SL Green held interests in 64 buildings totaling 34.4 million
square feet. This included ownership interests in 26.3 million
square feet of Manhattan buildings and 7.2 million square feet
securing debt and preferred equity investments.
About HNA Group
China-based HNA Group Co. Ltd. offers airlines services. The
Company provides domestic and international aviation
transportation, air travel, aviation maintenance, and aviation
logistics services. HNA Group also operates holding, capital,
tourism, logistics, and other business.
As reported in the Troubled Company Reporter-Asia Pacific, HNA
Group on Jan. 29, 2021 declared bankruptcy and restructuring after
a multi-year debt and liquidity crisis. The company was informed by
South China's Hainan High People's Court on Jan. 29 that "because
the company is unable to pay off its debts, related creditors
appealed to the court for the company's bankruptcy and
restructuring," HNA said.
According to Global Times, HNA Group said it will cooperate with
the court for judicial review, carry forward the debt disposal, and
support the court's protection of the legal rights of its creditors
so as to ensure the smooth operations of the company.
On March 15, 2021, a court in Hainan approved the merger and
restructuring of 320 affiliates of HNA Group into the parent
company, paving way for the conglomerate to eventually emerge from
bankruptcy, Caixin Global said.
HNA Group was designated as administrator of the merger, according
to a statement issued March 15 by the Hainan High People's Court.
The 320 units will be integrated into HNA group's bankruptcy
reorganization, and the group will submit a restructuring plan to
the creditor meeting for approval, the court said.
HUMANIGEN INC: Adrian Kilcoyne Quits as Chief Medical Officer
-------------------------------------------------------------
Dr. Adrian Kilcoyne informed Humanigen, Inc. of his resignation
from his position as chief medical officer of the Company,
effective Sept. 28, 2022.
The Company thanks Dr. Kilcoyne for his contributions and wishes
him the best in his future endeavors.
About Humanigen, Inc.
Based in Brisbane, Calif., Humanigen, Inc. (OTCQB: HGEN), formerly
known as KaloBios Pharmaceuticals, Inc. -- http://www.humanigen.com
-- is a clinical stage biopharmaceutical company developing its
clinical stage immuno-oncology and immunology portfolio of
monoclonal antibodies. The Company is focusing its efforts on the
development of its lead product candidate, lenzilumab, its
proprietary Humaneered anti-human GM-CSF immunotherapy, through a
clinical research agreement with Kite Pharmaceuticals, Inc., a
Gilead company to study the effect of lenzilumab on the safety of
Yescarta, axicabtagene ciloleucel including cytokine release
syndrome, which is sometimes also referred to as cytokine storm,
and neurotoxicity, with a secondary endpoint of increased efficacy
in a multicenter Phase Ib/IIclinical trial in adults with relapsed
or refractory large B-cell lymphoma.
Humanigen reported a net loss of $236.65 million for the 12 months
ended Dec. 31, 2021, a net loss of $89.53 million for the 12 months
ended Dec. 31, 2020, and a net loss of $10.29 million for the 12
months ended Dec. 31, 2019. As of June 30, 2022, the Company had
$49.45 million in total assets, $99.54 million in total
liabilities, and a total stockholders' deficit of $50.09 million.
Ridgeland, Mississippi-based Horne LLP, the Company's auditor since
2016, issued a "going concern" qualification in its report dated
Feb. 28, 2022, citing that the Company has suffered recurring
losses from operations and its total liabilities exceed its total
assets. This raises substantial doubt about the Company's ability
to continue as a going concern.
INLAND BOAT: Seeks to Hire CBIZ MHM as Accountant
-------------------------------------------------
Inland Boat Club, LLC seeks approval from the U.S. Bankruptcy Court
for the District of Utah to employ CBIZ, MHM, LLC to perform
accounting and tax services in its Chapter 11 case.
The firm will be paid at these rates:
Clair Rood $445 per hour
Senior Managers $250 to $300 per hour
Senior Associates $160 to $240 per hour
Associates $120 to $150 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
The retainer fee is $6,000.
Clair Rood, a managing director at CBIZ MHM, disclosed in a court
filing that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Clair Rood
CBIZ MHM, LLC
19 East 200 South, Suite 1000
Salt Lake City, UT 84111
Email: crood@cbiz.com
About Inland Boat Club, LLC
Inland Boat Club, LLC -- https://www.inlandboatclub.com/ -- is a
boat club for avid boaters and water sport enthusiasts. It is based
in Lindon, Utah.
Inland Boat Club sought bankruptcy protection under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No.
22-21879) on May 20, 2022, listing as much as $10 million in both
assets and liabilities. D. Ray Strong of Berkeley Research Group
serves as Subchapter V trustee.
Judge R. Kimball Mosier oversees the case.
Kenneth L. Cannon, II, Esq., and Penrod W. Keith, Esq., at Dentons
Durham Jones Pinegar P.C. are the Debtor's bankruptcy attorneys.
CBIZ, MHM, LLC is the Debtor's accountant.
INTERNATIONAL LAND: M&K CPAS Replaces Haskell & White as Auditor
----------------------------------------------------------------
International Land Alliance, Inc. accepted a notice of
disengagement from Haskell & White its independent registered
public accounting firm.
On Sept. 6, 2022, the Board of Directors of International Land
Alliance, Inc. approved the engagement of M&K CPAS, PLLC as the
Company's independent registered public accounting firm for the
Company's fiscal year ended Dec. 31, 2022, effective immediately.
Haskell & White's audit reports on the Company's consolidated
financial statements as of and for the fiscal years ended Dec. 31,
2021, and 2020, did not contain an adverse opinion or a disclaimer
of opinion and were not qualified or modified as to uncertainty,
audit scope or accounting principles, except that the audit reports
for the years ended Dec. 31, 2021, and 2020, contained an
explanatory paragraph disclosing the uncertainty regarding the
Company's ability to continue as a going concern.
During the fiscal years ended Dec. 31, 2021, and 2020, and the
subsequent interim periods through Aug. 30, 2022, there were (i) no
disagreements (as described in Item 304(a)(1)(iv) of Regulation S-K
and the related instructions) between the Company and Haskell &
White on any matter of accounting principles or practices,
financial statement disclosure, or auditing scope or procedure,
which disagreements, if not resolved to the satisfaction of Haskell
& White, would have caused Haskell & White to reference to the
subject matter of the disagreements in its reports, and there were
no "reportable events" as such term is described in Item
304(a)(1)(v) of Regulation S-K, except for the material weaknesses
as disclosed in the Company's annual report on Form 10-K for the
years ended
Dec. 31, 2021, and 2020, as filed with the SEC on April 15, 2022,
and the Company's quarterly report on Form 10-Q for the quarter
ended June 30, 2022, as filed with the SEC on Aug. 17, 2022.
About International Land Alliance
International Land Alliance, Inc. -- https://ila.company -- is an
international land investment and development firm based in San
Diego, California. The Company is focused on acquiring attractive
raw land primarily in Northern Baja California, often within
driving distance from Southern California. The Company's principal
activities are purchasing properties, obtaining zoning and other
entitlements required to subdivide the properties into residential
and commercial building lots, securing financing for the purchase
of the lots, improving the properties' infrastructure and
amenities, and selling the lots to homebuyers, retirees, investors
and commercial developers.
International Land reported a net loss of $5.06 million for the
year ended Dec. 31, 2021, compared to a net loss of $2.67 million
for the year ended Dec. 31, 2020. As of June 30, 2022, the Company
had $5.88 million in total assets, $5.02 million in total
liabilities, $293,500 in preferred stock Series B, and $568,472 in
total stockholders' equity.
Irvine, California-based Haskell & White LLP, the Company's auditor
since 2019, issued a "going concern" qualification in its report
dated April 15, 2022, citing that the Company has experienced
recurring losses from operations, has limited financial resources
to repay its obligations and will require substantial new capital
to execute its business plans, which raise substantial doubt about
its ability to continue as a going concern.
J MORALES: Wins Interim Cash Collateral Access
----------------------------------------------
The U.S. Bankruptcy Court for the District of Nevada authorized J
Morales Inc. to use cash collateral on an interim basis pending a
final hearing on the matter set for September 27, 2022, at 9:30
a.m.
The Debtor is permitted to use cash collateral from the Petition
Date through and including the date of the Final Hearing in
accordance with the Budget as long as the percentage of deviation
for each line item does not exceed 15% for said expenditures.
As adequate protection, Enterprise Bank & Trust will receive the
following: (a) pursuant to section 364(c)(1) of the Bankruptcy
Code, a superpriority claim under section 507(b) of the Bankruptcy
Code against the Debtor and its estate; (b) an adequate protection
payment in the amount of $4,835 per month; and (c) pursuant to
section 361(2) of the Bankruptcy Code, valid and perfected
replacement security interests in and liens upon the Debtor's
assets and property, and proceeds thereof, but in all events, only
to the extent of: (a) any post-petition decrease in value of its
properly perfected security interests resulting from the use of
cash collateral, and (b) to the extent of its pre-petition properly
perfected security interest in and to any of Debtor’s property.
A copy of the order is available at https://bit.ly/3d1hI5G from
PacerMonitor.com.
About J Morales Inc.
J Morales Inc. owns and operates two businesses. Since 2006, it has
owned and operated an El Nopal Mexican Grill #2 restaurant, which
operates out of leased space located at 4200 W. Russell Rd., Suite
115, Las Vegas, Nevada, 89118. Since 2017, it has owned real
property located at 3977 Vegas Valley Drive, Las Vegas, Nevada
89121, which includes an approximately 10,000 square foot building,
and in which it has most recently operated the Le Caprice Banquet
Hall, which host events such as wedding receptions and
quinceaneras.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Nev. Case No. 22-13083) on August 29,
2022. In the petition signed by Jose Morales, owner and director,
the Debtor disclosed up to $1 million in assets and up to $10
million in liabilities.
Judge Natalie M. Cox oversees the case.
Matthew C. Zirzow, Esq., at Larson & Zirzow, LLC oversees the
case.
JORGABY FREIGHT: Trucker Files Subchapter V Cases
-------------------------------------------------
Jorgaby Freight Services LLC with affiliates Jorgaby Delivery
Services, Inc,
Jorgaby Investments, LLC, and Jorgaby Logistix, Inc, sought Chapter
11 bankruptcy protection. The Debtors each filed as a small
business debtor seeking relief under Subchapter V of Chapter 11 of
the Bankruptcy Code.
The Debtors are owned and managed by Mr. Jorge Castillo, his
spouse,
Gabriella Castillo, and their son in law, Magdiel Herrera.
Freight is the primary operating entity of the four. It provides
trucking
services and utilizes licensed commercial drivers to operate its
fleet, and the fleet of trucks and trailers owned by Logistix, to
produce revenes. Logistix owns trucks and trailers. Delivery owns
some trucks and trailers and provides local delivery of goods
shipped interstate by Frieght. Investments owns the real estate
where Freight, Logistix and Delivery are located. The premises
includes offices, maintenance space, at least 3 residential units
and a large yard for parking and storage of trucks and trailers.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
____.
Meeting of Creditors Chapter 11 for Non-Individual Debtor Set
341(a) meeting to be held on 10/11/2022 at 10:00 AM at US Trustee
Houston Teleconference. Last day to object to dischargeability
under section 523 is 12/12/2022. Proofs of Claims due by
11/14/2022. Government Proof of Claim due by 3/6/2023. (Whitworth,
Jana)
About Jorgaby Freight Services
Jorgaby Freight Services LLC is a trucking services provider.
Jorgaby Freight Services LLC with affiliates Jorgaby Delivery
Services, Inc,
Jorgaby Investments, LLC, and Jorgaby Logistix, Inc, each filed a
petition for relief under Subchapter V of Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Tex. Case Nos. 22-36208 to 22-36211)
on Sept. 5, 2022.
In the petition filed by Magdiel Herrera, as COO, Jorgaby Freight
reported assets between $1 million and $10 million and liabilities
between $100,000 and $500,000.
Jarrod B Martin has been appointed as Subchapter V trustee.
The Debtors are represented by Donald L Wyatt of Attorney Donald
Wyatt PC.
KUN PENG: Appoints Two New Directors
------------------------------------
The Board of Directors of Kun Peng International Ltd. has appointed
Ms. Lili Zhang and Ms. Lingya Jia as non-executive independent
members of the Board of Directors of the Corporation to serve until
the next meeting of the Board of Directors of the Corporation
following the Annual Shareholder's meeting or until her respective
successor shall have been elected.
Ms. Lili Zhang is a non-executive independent member of the Board
of Directors. Ms. Zhang has 13 years of experience in high-end
international financial planning industry developing an expertise
in private placement, asset allocation, trust, insurance, and other
industries. Currently, Ms. Zhang is employed as an assistant to
the president of America Great Health co-managing important
issues.
From 2014 to 2020, Ms. Zhang was employed for a period of seven
years as a senior financial manager in Zhongtian Jiahua Wealth
Management Co. Ltd. and for a period of three years with Wells
Fargo Chase Asset Management Co. Ltd., providing a full range of
asset allocation, trust, asset management, private equity, equity
investment, overseas immigration, Hong Kong insurance and other
investment products for high-end customers. From 2012 to 2014, Ms.
Zhang served as a VIP account manager in DBS Beijing Branch
providing comprehensive asset allocation consulting for middle and
high-end clients and whose performance ranked first in Beijing
Branch and third in Northern region in China. From 2009 to 2012,
Ms. Zhang was employed at the Beijing Branch of ICBC AXA Life
Insurance Co., LTD. (ICB-AXA) where her duties included assisting
the company in actively fulfilling the business targets established
by AXA Holding Company in France and providing customized health
protection and asset preservation planning services for clients.
Ms. Zhang graduated from Nankai University in the People's Republic
of China with a bachelor's degree in 2007. She currently has
permanent residency in the United States and is also qualified as
an insurance agent and fund practitioner in China.
Ms. Lingya Jia is a non-executive independent member of the Board
of Directors. Ms. Jia has an extensive background in international
business relations and brand crisis management with a wide range of
experience in the capital markets, business researching and
marketing communication advertisements.
From 2018 to 2021, Ms. Jia served as the brand product marketing
director of CV China, an influential VC/PE media organization in
the People's Republic of China, where she was responsible for
several listed companies in communication training and business
plan guidance, capital market analysis reports and other brands'
external cooperation. From 2016 to 2018, Ms. Jia worked at Edelman
International PR (PRC) Co. Ltd., the branch of a large independent
communications group in the United States, as the account executive
of market communication, branding promotion and analysis for tech
clients, including Tencent Ads BU, a smartphone vendor Vivo and
other international brands.
Ms. Jia graduated from University of Bath (UK) with a Master's in
Arts with International Relations studies in 2015 and Shanghai
International Studies University with a Bachelor's in Management.
During this time, Ms. Jia also obtained related qualifications of
fund and securities in the People's Republic of China.
About Kun Peng
Kun Peng International Ltd. is engaged in the sale of health care
products and services through its online platform. KPIL is a
Nevada holding company with operations in the People's Republic of
China conducted by various subsidiaries and through contractual
agreements with a variable interest entity, King Eagle (Tianjin)
Technology Co., Ltd.
Kun Peng reported a net loss of $1.77 million for the year ended
Sept. 30, 2021, compared to a net loss of $208,771 for the year
ended Sept. 30, 2020. As of June 30, 2022, the Company had $1.75
million in total assets, $4.62 million in total liabilities, and a
total deficit of $2.87 million.
Malaysia-based J&S Associate, the Company's auditor since 2021,
issued a "going concern" qualification in its report dated Jan. 13,
2022, citing that the Company has suffered recurring losses from
operations and has incurred an accumulated deficit of $1,821,105
and a working capital deficit of $2,318,784 as at Sept. 30, 2021.
These matters raise substantial doubt about the Company's ability
to continue as a going concern.
KUN PENG: Hikes Authorized Common Stock to 1 Billion Shares
-----------------------------------------------------------
A Certificate of Amendment was approved by joint written consent of
the Board of Directors and the Majority Consenting Stockholder
holding 55.5% of the total issued and outstanding shares of common
stock of Kun Peng International Ltd., to increase the authorized
number of shares of the Corporation's $0.0001 par value common
stock from 200,000,000 shares to 1,000,000,000 shares of Common
Stock.
Thus, upon the filing of the Certificate of Amendment, the
Corporation's authorized capital shall consist of: (i)
1,000,000,000 shares of par value $0.0001 Common Stock; and (ii)
10,000,000 shares of par value $0.0001 Preferred Stock, which may
be issued in series and with such voting powers, designations,
preferences, limitations, restrictions, and relative rights as the
Board of Directors shall determine in its sole discretion.
The amendment to the Corporation's Articles of Incorporation is
effective as of the date of acceptance by the Secretary of State of
the State of Nevada.
On Aug. 25, 2022, a majority of the Corporation's shareholders
entitled to vote through a written consent, approved the increase
in the authorized number of shares of Common Stock and the filing
of the Certificate of Amendment to the Articles of Incorporation so
that the Corporation shall have 1,010,000,000 authorized shares of
capital stock with 1,000,000,000 shares designed as $0.0001 par
value Common Stock and 10,000,000 designated as $0.0001 par value
Preferred Stock.
About Kun Peng
Kun Peng International Ltd. is engaged in the sale of health care
products and services through its online platform. KPIL is a
Nevada holding company with operations in the People's Republic of
China conducted by various subsidiaries and through contractual
agreements with a variable interest entity, King Eagle (Tianjin)
Technology Co., Ltd.
Kun Peng reported a net loss of $1.77 million for the year ended
Sept. 30, 2021, compared to a net loss of $208,771 for the year
ended Sept. 30, 2020. As of June 30, 2022, the Company had $1.75
million in total assets, $4.62 million in total liabilities, and a
total deficit of $2.87 million.
Malaysia-based J&S Associate, the Company's auditor since 2021,
issued a "going concern" qualification in its report dated Jan. 13,
2022, citing that the Company has suffered recurring losses from
operations and has incurred an accumulated deficit of $1,821,105
and a working capital deficit of $2,318,784 as at Sept. 30, 2021.
These matters raise substantial doubt about the Company's ability
to continue as a going concern.
KUN PENG: To Effect 10-for-1 Forward Common Stock Split
-------------------------------------------------------
Kun Peng International Ltd.'s Board of Directors approved a
certificate of amendment to its Articles of Incorporation in order
to effectuate a 10 for 1 forward stock split of its outstanding
Common Stock. The Board of Directors established a record date of
Sept. 16, 2022, for the Stock Split. The Company will file a
Certificate of Change with the Secretary of State of Nevada on
approximately Sept. 16, 2022. The 10:1 forward split will be
effective at 12:01 a.m. (Eastern Daylight time) on Sept. 17, 2022.
The Company's common stock will begin trading on a post-split basis
at the opening of trading on the US markets on Sept. 19, 2022.
Each shareholder of record as of Sept. 16, 2022 will receive 10
shares of Common Stock for each one share of Common Stock held as
of the record date. No fractional shares of common stock will be
issued in connection with the Stock Split. Instead, all shares
will be rounded up to the next whole share. In connection with the
Stock Split, which did not require shareholder approval under the
Nevada corporation law, the number of authorized shares of common
stock of the Company was increased as the shares of outstanding
common stock were increased in the Stock Split from 200,000,000
authorized shares to 1,000,000,000 authorized shares of Common
Stock.
The Company's transfer agent is Transhare Corp., 15500 Roosevelt
Blvd., Suite 301, Clearwater, Florida 33760, telephone:
727.289.0010.
About Kun Peng
Kun Peng International Ltd. is engaged in the sale of health care
products and services through its online platform. KPIL is a
Nevada holding company with operations in the People's Republic of
China conducted by various subsidiaries and through contractual
agreements with a variable interest entity, King Eagle (Tianjin)
Technology Co., Ltd.
Kun Peng reported a net loss of $1.77 million for the year ended
Sept. 30, 2021, compared to a net loss of $208,771 for the year
ended Sept. 30, 2020. As of June 30, 2022, the Company had $1.75
million in total assets, $4.62 million in total liabilities, and a
total deficit of $2.87 million.
Malaysia-based J&S Associate, the Company's auditor since 2021,
issued a "going concern" qualification in its report dated Jan. 13,
2022, citing that the Company has suffered recurring losses from
operations and has incurred an accumulated deficit of $1,821,105
and a working capital deficit of $2,318,784 as at Sept. 30, 2021.
These matters raise substantial doubt about the Company's ability
to continue as a going concern.
LA COSTA LIVING: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Debtor: La Costa Living Estates, LLC
221 E 12th Street, Fourth Floor
Los Angeles, CA 90048
Business Description: The Debtor is a Single Asset Real Estate
as defined in 11 U.S.C Section 101(51B).
Chapter 11 Petition Date: September 12, 2022
Court: United States Bankruptcy Court
Central District of California
Case No.: 22-14961
Judge: Hon. Deborah J. Saltzman
Debtor's Counsel: Stephen L. Burton, Esq.
16133 Ventura Boulevard, 7th Floor
Encino, CA 91436
Tel: 818-501-5055
Email: steveburtonlaw@aol.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Michael Sabet, manager of SLIG Seniors
Housing Authority, the Debtor's manager.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/6OZSYEI/La_Costa_Living_Estates_LLC__cacbke-22-14961__0001.0.pdf?mcid=tGE4TAMA
LATAM AIRLINES: Starts Final Phase of Reorganization Process
------------------------------------------------------------
LATAM Group said Sept. 6, 2022, it began the final phase of its
reorganization under Chapter 11 in the United States. By filing an
essential fact with the Financial Market Commission (CMF) in Chile,
the Group disclosed that it has registered 605,801,285,307 LATAM
shares in the Securities Registry of the CMF, corresponding to the
capital increase and the three classes of convertible bonds that
were approved at the Extraordinary Shareholders' Meeting in July.
"With the registration by the CMF of the instruments approved in
the restructuring plan, we are now taking the final step in our
Chapter 11 process, with a view to emerge no later thanNovember,
well positioned for the future. We value the trust and continued
support of our shareholders and other stakeholders and we look
forward to a successful conclusion of the preemptive subscription
period", said the CEO of LATAM, Roberto Alvo.
Of the 605,801,285,307 registered shares, 531,991,409,513 will be
destined to respond to the conversion of the convertible bonds and
the remaining 73,809,875,794 shares will be offered preferentially
to the shareholders. The unplaced balance, among shareholders
and/or third parties, will be offered under the terms approved at
the Extraordinary Shareholders' Meeting. With these instruments,
alongside its exit financing, the group expects to raise
approximately US $8 billion.
The placement price of the aforementioned 73,809,875,794 new
paid-in shares was set at US $0.01083865799. The subscription value
of the convertible bonds will be US $1 per bond.
In addition, the statutory 30-day pre-emptive option period for the
new payment shares and convertible bonds will run from September
13, 2022 to October 12, 2022.
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.
LEXARIA BIOSCIENCE: Appoints Catherine Turkel as Director
---------------------------------------------------------
The board of directors of Lexaria Bioscience Corp. increased the
size of the board to six members and appointed Catherine C. Turkel,
PharmD, PhD as an additional independent director to hold such
position until the next shareholder's meeting.
Dr. Turkel has more than 20 years' experience as an executive in
start-up and mid-size pharma/biotech companies. She was founder
and CEO of Nezee Therapeutics, and served as president and R&D head
at Novus Therapeutics (renamed Eledon Pharmaceuticals – Nasdaq:
ELDN). She currently acts as an independent Board Director at
Object Pharma (private) and Prostate Cancer Research (nonprofit;
member of the Translational Scientific Advisory Committee) and is a
Dean Advisor at Chapman University School of Pharmacy.
Dr. Turkel has formulated registration & commercial strategic plans
and has led global development programs for pharmaceutical and
biologic treatments from phase 1 through phase 4 related to
Neurosciences, Pain, Cardiovascular, Psychiatry, Rare Diseases,
Ophthalmology, Aesthetics, Urology and Otology therapeutic areas.
Dr. Turkel designed and led Allergan's (now AbbVie -NYSE: ABBV)
pioneering BOTOX Chronic Migraine registration program, generating
revenue of more than a billion dollars. Specifically, Dr. Turkel
provides Lexaria with additional expertise in its pharmaceutical
drug development endeavours and assists Lexaria with meeting the
diversity goals recommended by Nasdaq.
Dr. Turkel will be provided with compensation that is parallel to
the compensation provided to Lexaria's other independent
directors.
Other Events
On Aug. 29, 2022 Lexaria issued 103,500 options to certain of its
employees, directors and officers having an exercise price of $2.91
and an expiry date of Aug. 29, 2027.
On Sept. 2, 2022 Lexaria issued 3,400 options to a director having
an exercise price of $3.04 and an expiry date of Sept. 2, 2027.
Lexaria received confirmation from its Mexican patent agent that it
has been issued patent #390001 for Stable Ready-to-Drink Beverage
Compositions Comprising Lipophilic Active Agents with a grant date
of Feb. 10, 2022.
About Lexaria
Lexaria Bioscience Corp. -- http://www.lexariabioscience.com-- is
a global innovator in drug delivery platforms. Its patented
DehydraTECH drug delivery technology changes the way Active
Pharmaceutical Ingredients enter the bloodstream, promoting
healthier ingestion methods, lower overall dosing, and higher
effectiveness for lipophilic active molecules. DehydraTECH
increases bio-absorption, reduces time of onset, and masks unwanted
tastes for orally administered bioactive molecules, including
cannabinoids, vitamins, non-steroidal anti-inflammatory drugs
(NSAIDs), nicotine, and other molecules. Lexaria has licensed
DehydraTECH to multiple companies in the cannabis industry for use
in cannabinoid beverages, edibles and oral products and to a
world-leading tobacco producer for the development of smokeless,
oral-based nicotine products. Lexaria operates a licensed in-house
research laboratory and holds a robust intellectual property
portfolio with 16 patents granted and over 60 patents pending
worldwide.
Lexaria Bioscience reported a net loss and comprehensive loss of
$4.19 million for the year ended Aug. 31, 2021, a net loss and
comprehensive loss of $4.08 million for the year ended Aug. 31,
2020, and a net loss and comprehensive loss of $4.16 million for
the year ended Aug. 31, 2019. As of May 31, 2022, the Company had
$9.14 million in total assets, $225,165 in total liabilities, and
$8.91 million in total stockholders' equity.
LUMILEDS HOLDING: More Than 90% of 1st Lien Lenders Now Back Plan
-----------------------------------------------------------------
Lumileds Holding B.V., a global leader in innovative lighting
solutions, announced Sept. 9, 2022, that it has now received
support for its restructuring from more than 90% of its lenders,
representing an overwhelming majority of the loans outstanding
under its prepetition first lien debt facility.
The Company's Restructuring Support Agreement (the "RSA") was
announced with the Company's prepackaged Chapter 11 filing on
August 29, 2022. The deadline to vote on the Company's plan of
reorganization (the "Plan") is 5pm ET on September 16, 2022.
"The decision of the vast majority of Lumileds' lenders and future
sponsors to sign on to the RSA is another step forward in our
comprehensive financial restructuring and demonstrates their
ongoing confidence in Lumileds' strong business fundamentals to
drive market-leading innovation into the future," said Matt Roney,
CEO of Lumileds. "We appreciate the overwhelming support of our
lenders, and all of our stakeholders, who recognize the long-term
value we can create with a balance sheet that aligns with the
strength of our operating business."
A staggering majority of the Company's lenders and future sponsors
have committed to support the narrowly focused Chapter 11 Plan and
are participating in its $275 million debtor-in-possession ("DIP")
financing, which was syndicated following its approval by the Court
as part of the Company's first day motions. The funding provides
enhanced liquidity for the Company to continue meeting its ongoing
obligations in ordinary course during its comprehensive financial
restructuring, which will significantly de-leverage the balance
sheet by over $1.3 billion, provide additional capital to
accelerate Lumileds' growth, and enable further investment in
innovation to pursue additional strategic opportunities.
For more information on Lumileds' restructuring, including access
to Court documents, please visit https://dm.epiq11.com/Lumileds or
contact Epiq Corporate Restructuring, LLC, the Company’s noticing
and claims agent at +1 800-497-9116 (for toll-free domestic calls)
and +1 503-520-4495 (for tolled international calls) or email
Lumiledsinfo@epiqglobal.com.
About Lumileds Holding
Lumileds Holding B.V. is a global leader in OEM and aftermarket
automotive lighting and accessories, camera flash for mobile
devices, MicroLED, and light sources for general illumination,
horticulture, and human-centric lighting. Its approximately 7,000
employees operate in over 30 countries and partner with our
customers to deliver never before possible solutions for lighting,
safety, and well-being. On the Web: https://lumileds.com.
Lumileds Holding B.V. and its affiliates, including Lumileds LLC,
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. S.D.N.Y. Lead Case No. 22-11155) on Aug. 29, 2022. In the
petition filed by Johannes Paulus Teuwen, as chief financial
officer, the Debtor reports estimated assets and liabilities
between $100 million and $500 million each.
Evercore is acting as investment banker for the Company; Paul,
Weiss, Rifkind, Wharton & Garrison, LLP, and Latham & Watkins LLP
are acting as corporate and restructuring counsel to Lumileds, and
AlixPartners, LLP, as financial advisor. Epiq Corporate
Restructuring, LLC, is the claims agent.
PJT Partners is acting as financial advisor for an ad hoc group of
Lumileds' lenders, and Gibson, Dunn & Crutcher LLP is acting as the
group's legal counsel.
* * *
Lumileds, an Apollo Global Management LLC-owned lighting components
firm, filed for Chapter 11 protection after reaching terms of a
restructuring plan to help reduce debt by $1.3 billion, as it
grapples with supply chain constraints exacerbated by the war in
Ukraine. It said it expected to emerge from proceedings within 60
days.
LUMILEDS HOLDING: To Seek Plan Confirmation on Oct. 14
------------------------------------------------------
Judge Lisa G. Beckerman has entered an order approving the
Disclosure Statement of Lumileds Holding B.V., et al.
The hearing to consider adequacy of the Disclosure Statement and
confirmation of the Plan will be on Oct. 14, 2022 at 10:00 a.m.
prevailing Eastern Time.
The deadline for filing and serving objections to the Disclosure
Statement or confirmation of the Plan will be on Oct. 3, 2022 at
4:00 p.m. prevailing Eastern Time.
Any brief in support of confirmation of the Plan and reply to any
objections must be filed on or before October 11, 2022, at 5:00
p.m., prevailing Eastern Time.
The Plan Supplement Deadline will be on Sept. 12, 2022.
The Voting Deadline will be on Sept. 16, 2022.
Debt-for-Equity Plan
As reported in the TCR, the Plan that the Debtors have proposed
pursuant to the Restructuring Support Agreement will restructure
the Debtors' balance sheet and, together with their consistent
operational strength, position the Debtors and the entire Lumileds
enterprise for success going forward. The Plan is predicated upon
a total enterprise value of $700 million and a postpetition capital
structure that includes the Exit First Lien Term Loan Facility of
$400 million, consisting of (i) Exit First Lien Converted Term
Loans of up to $275 million and (ii) the Exit First Lien Takeback
Term Loans of $125 million, provided by the DIP Lenders and the
First Lien Lenders, respectively, and secured by a pari passu lien
on all currently pledged assets under the Prepetition First Lien
Facility, plus the first-tier foreign subsidiaries of Holdings and,
subject to exceptions to be agreed upon, any other direct or
indirect subsidiaries of Lumileds International B.V.
The proposed restructuring reduces total funded debt by
approximately $1.7 billion to approximately $400 million. That is
a reduction of approximately $1.3 billion of debt. The resulting
total leverage at emergence is anticipated to be less than 25% of
the Debtors' prepetition leverage, based on 2021 EBITDA.
Importantly, the proposed restructuring effects minimal changes to
the non-financing obligations of the Debtors and the Company.
The Plan contemplates certain transactions, including, without
limitation, the following transactions:
* conversion of approximately $1.711 billion of First Lien Loan
Claims to 100% of the New Common Equity, subject to dilution, and
their Pro Rata share of $125 million of Exit First Lien Takeback
Term Loans;
* postpetition financing—in the form of a $275 million DIP
Facility—to enable the Debtors to continue to operate in the
ordinary course of business during the Chapter 11 Cases;
* access to new capital up to $175 million of an Exit
Revolving/Factoring Debt Facility (with the size and terms of such
facility subject to the approval of the Required Consenting First
Lien Lenders) which may take
the form of (a) the existing Receivables Factoring Facility (if
such facility is reinstated on the Plan Effective Date), (b) a new
receivables factoring facility, and/or (c) a new revolving credit
facility or asset-based lending facility;
* each Holder of an Allowed DIP Facility Claim will receive its
Pro Rata share of the Exit First Lien Converted Term Loans or Cash
(depending on the amount drawn under the DIP Facility);
* each Holder of an Allowed General Unsecured Claim will receive
payment in full in Cash on the date due in the ordinary course of
business in accordance with the terms and conditions of the
particular transaction
giving rise to such Allowed General Unsecured Claim;
* each Holder of an Allowed Intercompany Claim or Intercompany
Interest will, at the option of the Debtors, either have its Claim:
(a) Reinstated; or (b) set off, settled, distributed, contributed,
merged, canceled, or
released;
* each Holder of an Existing Interest in Luminescence
Coöperatief U.A., a Co-Investment Interest in Aegletes B.V., or a
Subordinated Claim will have its Claim or Interest be cancelled and
extinguished, be of no further
force or effect, and receive no distribution under the Plan (except
that, to the extent required under Dutch Law, a nominal amount will
be paid to the Existing Co-Investment Interests in Aegletes B.V. in
connection with such cancellation); and
* the legal, equitable, and contractual rights of each Holder of
an Allowed Other Secured Claim and an Allowed Other Priority Claim
will be unaltered by the Plan.
Administrative Claims, Priority Tax Claims, Factoring Facility
Claims, DIP Claims, and Claims in Class 1 (Other Secured Claims),
Class 2 (Other Priority Claims), and Class 4 (General Unsecured
Claims), are Unimpaired and, thus, the Holders of such Unimpaired
Claims are conclusively presumed to accept the Plan.
Class 7 (Existing Interests in Luminescence Cooperatief U.A.),
Class 8 (Existing Co-Investment Interests in Aegletes B.V.) and
Class 9 (Subordinated Claims) do not retain or receive any property
under the Plan on account of their Claims or Equity Interest, and
are, therefore, deemed to reject the Plan pursuant to Section
1126(g).
The Debtors shall provide solicitation packages (including the
Ballots/Opt-Out Forms) to creditors who are holding Claims in Class
3 First Lien Loan Claims.
About Lumileds Holding B.V.
Lumileds Holding B.V. is a global manufacturer of innovative
lighting solutions. In the 1960s, the Company expanded its
offerings to also include state-of-the-art LED devices alongside
the automotive lighting technologies that it had continued to
innovate. Today, the Company continues to develop and manufacture
high-tech lighting products for the automotive, mobile device,
consumer, general lighting, and industrial markets.
Lumileds Holding and several affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case
No. 22-11155) on August 29, 2022. In the petition signed by
Johannes Paulus Teuwen, chief financial officer, Lumileds Holding
disclosed up to $100 million in assets and up to $500 million in
liabilities.
Judge Lisa G. Beckerman oversees the case.
The Debtor tapped Latham & Watkins LLP as legal counsel, Paul,
Weiss, Rifkind, Wharton & Garrison LLP as special financing and
employee compensation counsel, AlixPartners, LLP as financial
advisor, and Evercore Inc. as investment banker, and Epiq Corporate
Restructuring, LLC as claims and noticing agent.
Davis Polk & Wardwell LLP serves as counsel to the DIP Lenders. The
Secured Lender Group retained Gibson Dunn & Crutcher LLP, Loyens &
Loeff N.V., Roland Berger LP, and PJT Partners LP, as counsel or
financial advisor.
MAC'S KWI: Files Emergency Bid to Use Cash Collateral
-----------------------------------------------------
Mac's Kwik Stop, Inc. asks the U.S. Bankruptcy Court for the
District of Kansas for authority to use cash collateral in
accordance with the proposed budget and provide adequate
protection.
The budget confirms that, with the cash on hand, the Debtor is able
to cash flow its business operations through the period requested
and to pay the Internal Revenue Service adequate protection
payments.
The Debtor seeks (i) an interim Order of the Court authorizing it
to use cash collateral for payment of the normal and necessary
expenses of its business, pending an evidentiary hearing, if
necessary, if an Objection to the Motion is filed, and (ii) a
further Court order authorizing the Debtor's continued use of cash
collateral through March 31, 2023, or until the Plan of
Reorganization is confirmed, whichever is later, and reserving to
the Debtor the right to seek a further extension of such Order.
The U.S. Internal Revenue Services has asserted a perfected first
security interest in all cash, cash equivalents, and accounts
generated by the Debtor's business.
The Debtor has minimal creditors but has been unable to operate its
business because of an ongoing levy by the Internal Revenue
Service. The Internal Revenue Service has collected approximately
$40,000 in the 120-days prior to filing the bankruptcy petition.
The Debtor's only creditors are:
a. Secured Debt
i. Internal Revenue Service
ii. Jewell County, Kansas Treasurer's Office
b. Priority Debt
i. Internal Revenue Service
ii. Kansas Department of Revenue
c. Unsecured Non-Priority Debt
i. Hampel Oil
The owner of the Debtor and his spouse are the only individuals
working at the business location, and they are not seeking payment
for any pre-petition wages but will be making post-petition wages.
The Debtor proposes paying the Internal Revenue Service $500 per
month beginning October 28, 2022, and continuing the 28th day of
the month thereafter as adequate protection payment.
The United States Department of the Treasury, by and through the
IRS, will be granted replacement liens as its interest appears on
all of the proceeds and replacements of cash collateral.
A copy of the motion is available at https://bit.ly/3d0XZmN from
PacerMonitor.com.
About Mac's Kwik Stop, Inc.
Mac's Kwik Stop, Inc. sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 22-20857) on
September 8, 2022. In the petition filed by Mohammed N. Nobi,
president, the Debtor disclosed up to $500,000 in both assets and
liabilities.
Colin Gotham, Esq., at Evans & Mullinix, P.A. is the Debtor's
counsel.
MATADOR RESOURCES: Moody's Ups CFR to Ba3 & Unsecured Notes to B1
-----------------------------------------------------------------
Moody's Investors Service upgraded Matador Resources Company's
Corporate Family Rating to Ba3 from B1 and senior unsecured notes
to B1 from B2. The SGL-2 speculative grade liquidity rating was
unchanged. The rating outlook remains stable.
"The upgrade reflects Matador's increased scale, reduced debt level
and improved free cash flow generation ability that should provide
greater resilience against volatile commodity prices," said Sajjad
Alam, Moody's Vice President. "Management has taken advantage of
higher oil and gas prices to accelerate growth, pay down debt and
establish a sustainable shareholder return plan enhancing the
company's overall capital flexibility."
The following ratings are affected by the action:
Ratings Upgraded:
Issuer: Matador Resources Company
Corporate Family Rating, Upgraded to Ba3 from B1
Probability of Default Rating, Upgraded to Ba3-PD from B1-PD
Gtd. Senior Unsecured Global Notes, Upgraded to B1 (LGD4) from B2
(LGD4)
Outlook Actions:
Issuer: Matador Resources Company
Outlook, Remains Stable
RATINGS RATIONALE
Matador's upgrade to a Ba3 CFR is supported by the company's
significant acreage and reserves in the prolific and liquids-rich
areas of the Delaware Basin; an excellent track record of
consistent organic growth; relatively low break-even costs; and
Moody's expectation of significant free cash flow generation and
low leverage through 2023. The company has significantly reduced
its drilling and development costs and grown its production and
reserves in recent years making its operations more resilient to
low oil prices. The CFR is restrained by Matador's limited scale
relative to higher rated E&P companies, geographic concentration,
sizeable undeveloped reserves that will require significant future
investments, and meaningful exposure to federal land leases in New
Mexico that could face potential permitting and drilling
restrictions in the future. The rating also considers Matador's
controlling interest in the San Mateo Midstream, LLC joint venture
that has provided an increasing level of midstream and cash flow
support, but which also adds debt to its consolidated metrics
slightly weakening the company's consolidated leverage ratios. The
San Mateo credit facility is non-recourse with respect to Matador
and its wholly-owned subsidiaries, and is secured solely by the
assets of San Mateo.
Matador will continue to have good liquidity through 2023 owing to
elevated commodity prices, which is reflected in the SGL-2 rating.
Based on management's planned seven-rig drilling program, the
company should generate over $400 million of free cash flow through
2023 if WTI crude price averages $60/bbl during that period, and
much more at current strip prices. The company used most of its
free cash flow to reduce debt in the first half of 2022, and
Moody's expects more such actions through 2023. At June 30, 2022,
the company had $230 million of unrestricted cash and $729 million
in available borrowing capacity under its $775 million committed
revolving credit facility (considering $46 million of outstanding
LCs). Given the company's strong earnings prospects, Moody's
expects ample cushion under the financial covenants governing its
revolving credit facility.
Matador's 5.875% senior unsecured notes due 2026 are rated B1, one
notch below the Ba3 CFR, reflecting the substantial size of the
secured revolving credit facility, which has a priority claim to
Matador's assets over the notes. The revolver is secured by
substantially all of Matador's oil and gas reserves.
The stable outlook reflects Moody's expectation that the company
will generate significant free cash flow, grow production and
reduce debt through 2023.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Matador's ratings could be upgraded if the company can grow
production and reserves in a capital efficient manner while
generating consistent free cash flow and maintaining low debt
level. Moody's could upgrade the CFR if the company can sustain the
RCF/debt ratio above 40% even in a low commodity price environment.
The CFR could be downgraded if RCF/debt declines below 30%, the
company makes any material debt funded acquisitions or
distributions, or if the ability to drill and develop Matador's
federal acreage becomes materially restricted.
The principal methodology used in these ratings was Independent
Exploration and Production published in August 2021.
Matador Resources Company is a Dallas, Texas based publicly-traded
independent exploration and production company with primary
operations in the Delaware Basin in New Mexico and West Texas.
MATREIYA TRANS: Plan Approval Deadline Extended to Dec. 27
----------------------------------------------------------
Judge Jil Mazer-Marino has granted Matreiya Trans, Corp. an
extension until Dec. 27, 2022, of the deadline to obtain approval
of (JMM) a Chapter 11 small business Disclosure Statement and to
confirm (JMM) a Chapter 11 small business (JMM) Plan.
About Matreiya Trans Corp.
Matreiya Trans Corp. is a taxi medallion corporation located at 105
East 34th Street, Suite 174, New York. Matreiya Trans Corp. sought
Chapter 11 protection (Bankr. E.D.N.Y. Case No. 19-47711) on Dec.
26, 2019. Matreiya disclosed $157,164 in assets and $330,000 in
liabilities as of the bankruptcy filing. The petition was signed by
Michael L. Simon, president. The LAW OFFICES OF ALLA KACHAN, P.C.,
serves as bankruptcy counsel to the Debtor.
MEN'S WEARHOUSE: S&P Raises ICR to 'B-', Outlook Positive
---------------------------------------------------------
S&P Global Ratings raised all ratings, including its issuer credit
rating on specialty men's apparel retailer The Men's Wearhouse LLC
(TMW), to 'B-' from 'CCC+'.
S&P also raised its recovery rating on the take back term loan
facility because of the lower debt outstanding.
The positive outlook reflects the potential for an upgrade over the
next 12 months if TMW demonstrates consistent performance while
maintaining S&P Global Ratings-adjusted leverage at or near current
low levels.
S&P said, "Better-than-expected performance and debt paydown
leading to a sustainable capital structure support our upgrade. Our
opinion is supported by, in part, better-than-expected performance
metrics over the past 12 months. For example, sales for the
trailing 12 months through July 2022 increased 65% and S&P Global
Ratings-adjusted EBITDA swung to a positive $578 million compared
with a $22 million loss last year. Moreover, profitability improved
significantly as gross margins increased about 25 percentage points
to about 48% compared with 23% in the same period in 2021. Pent-up
demand for apparel, along with a return to more normal consumer
activities, including many consumers returning to the office and a
greater number of weddings, helped boost performance. At the same
time, higher full-price selling, sales leveraging, and cost
reductions executed during the company's bankruptcy led to improved
margins of about 22% in the same trailing 12-month period and
reported free operating cash flow of more than $250 million.
"Moreover, we think recent performance gains could continue, and we
project sales of more than $2.6 billion and S&P Global-adjusted
EBITDA of about $500 million over the next 12 months. We think
consumers will likely continue to spend on men's apparel, supported
by consumer spending trends and increased consumer mobility, albeit
somewhat offset by inflationary pressures and a slowdown in the
economy. This leads us to project S&P Global Ratings-adjusted
leverage in the mid-1x area, and funds from operations (FFO) to
debt of about 45%. The lower leverage is also supported by the
recent paydown of the company's debt, including the entire priority
term loan and a portion of the take back term loan. We see these
conservative credit metrics as important for the company to weather
potential operating performance downside going forward.
"Risks from a slowing economy and intense competition amid
long-term secular changes persist. Our view of TMW's business risk
reflects its participation in the highly volatile and competitive
specialty apparel retail sector. Moreover, we see heightened risks
because of the company's singular focus on the niche men's wear
segment. Retail industry competition has continued to intensify and
evolve over the past few years, with escalating threats from fast
fashion, online retailers, and other non-traditional apparel
vendors. We see these trends exaggerated by a long-term decline in
consumer traffic in malls and brick-and-mortar stores. We believe
these trends will continue. This heightens the operational and
execution risks for niche apparel retail players such as TMW and
leads us to assign a vulnerable business risk.
"We also believe risks may increase as consumers return to
pre-pandemic habits, including increased spending on experiences
and other non-apparel products and services. Moreover, we think
customers will likely scrutinize their spending habits and
rebalance funds toward experiences over the next year, especially
for higher income consumers. Middle- and lower-income consumer may
also prioritize essentials because of inflationary pressures. This
could, in our view, result in near-term performance uncertainty for
TMW. In addition, a slowing economy and supply-chain risks may
stunt spending on formal and other business wear that makes up the
core of TMW's sales.
"Our opinion also considers TMW's operating performance, which
historically has been volatile. We view the company's credit
profile as holistically weaker than those of higher-rated peers,
given vulnerability to discretionary consumer spending,
participation in the intensely competitive and highly volatile
apparel retail segment, exposure to fashion risk, and the company's
short track record since emerging from bankruptcy. These risks
result in a negative comparable rating analysis modifier.
"We think items including the company's ownership structure reflect
the potential for a less conservative financial policy going
forward. The company has remained majority owned by investment
funds since its emergence from bankruptcy. As a result, we believe
that, even though leverage is low currently, we have a lower degree
of predictability in credit ratios beyond what can be reasonably
built into our forecasts. We note the potential for higher event
risk in financial policy decisions longer term that may depress
credit metrics compared with what we have already built in our
forecasts. We note our forecasts include normal operating and cash
flow assumptions.
"The positive outlook reflects the potential for an upgrade over
the next 12 months if TMW maintains consistent performance amid an
expected economic slowdown while sustaining credit metrics at about
recent levels."
S&P could revise the outlook to stable if:
-- The Men's Wearhouse underperformed our base case, potentially
because of increased competition, inventory challenges, increased
promotional activity, or a significant decline in men's apparel
demand; or
-- The company shifted to a more aggressive financial policy.
S&P could raise the rating on The Men's Wearhouse if:
-- The company sustained good operating performance and
profitability, including S&P Global Ratings-adjusted EBITDA margins
of about 19% over the next 12 months; and
-- The company generated consistent free operating cash flow
(FOCF) of more than $150 million annually.
S&P would also expect TMW to demonstrate a commitment to a
relatively conservative financial policy, including maintaining S&P
Global Ratings-adjusted credit metrics at about current levels.
ESG credit indicators: To E2, S2, G2; From E2, S3, G2
Social factors are now a neutral consideration in S&P's credit
rating analysis because it sees reduced risks that restrictions and
consumer behavior will be affected by COVID-19 concerns.
MERCHANTS BANCORP: Moody's Assigns First Time 'Ba2' Issuer Rating
-----------------------------------------------------------------
Moody's Investors Service has assigned first-time ratings to
Carmel, Indiana-based Merchants Bancorp (Merchants) and its lead
bank subsidiary, Merchants Bank of Indiana. Moody's has assigned
the bank long- and short-term deposit ratings of Baa1/Prime-2 and
an issuer rating of Ba1, together with a standalone Baseline Credit
Assessment (BCA) of baa3. Moody's has also assigned long- and
short-term Counterparty Risk Assessments of Baa2(cr)/Prime-2(cr)
and long- and short-term Counterparty Risk Ratings of Baa3/Prime-3
to the bank. Lastly, Moody's has assigned a Ba2 issuer rating and a
Ba3(hyb) non-cumulative preferred stock rating to the holding
company. The outlooks for Merchants and its bank subsidiary are
stable.
Assignments:
Issuer: Merchants Bancorp
LT Issuer Rating (Local Currency), Assigned Ba2, Stable
Pref. Stock Non-cumulative (Local Currency), Assigned Ba3(hyb)
Pref. Stock Non-cumulative Shelf (Local Currency), Assigned
(P)Ba3
Issuer: Merchants Bank of Indiana
Adjusted Baseline Credit Assessment, Assigned baa3
Baseline Credit Assessment, Assigned baa3
ST Counterparty Risk Assessment, Assigned P-2(cr)
LT Counterparty Risk Assessment, Assigned Baa2(cr)
ST Counterparty Risk Rating (Foreign Currency), Assigned P-3
ST Counterparty Risk Rating (Local Currency), Assigned P-3
LT Counterparty Risk Rating (Foreign Currency), Assigned Baa3
LT Counterparty Risk Rating (Local Currency), Assigned Baa3
LT Issuer Rating (Local Currency), Assigned Ba1, Stable
ST Bank Deposit Rating (Local Currency), Assigned P-2
LT Bank Deposit Rating (Local Currency), Assigned Baa1, Stable
Outlook Actions:
Issuer: Merchants Bancorp
Outlook, Assigned Stable
Issuer: Merchants Bank of Indiana
Outlook, Assigned Stable
RATINGS RATIONALE
Merchants Bank of Indiana's baa3 BCA and ratings reflect the firm's
excellent historic credit performance, efficient operating profile,
healthy profitability and management stability. The BCA also
incorporates Merchants' significant real estate concentration, its
relatively low consolidated tangible common equity ratio relative
to most other rated banks, its above-average depositor
concentration and its rapid growth in recent years, which together
pose risks to creditors.
Merchant's strategy is largely focused on originating loan products
with a government guarantee, with a particular emphasis on
multifamily residential and healthcare properties, specifically
affordable housing. Merchants is also focused on single-family
mortgages, through its mortgage warehouse business, and on SBA
loans. Merchant's focus on government-agency eligibility results in
consistent underwriting and quickly turning assets, which supports
Merchants' liquidity.
Moody's believes Merchants has strong and enduring relationships.
However, Merchants is reliant on a relatively modest number of
clients for a significant portion of its loan production.
Similarly, although Merchants has diversified its funding mix, its
deposit base has a concentration in custodial and escrow deposits,
which results in a less granular and higher-cost deposit base than
most core-funded US retail and commercial banks. Thus, its funding
profile could weaken materially if the bank lost a few significant
deposit relationships.
With respect to profitability, Merchants' returns have been
consistently above the average for US banks. Its cost/income ratio
hovers around 30%, which is superior to the peer-average, its net
interest margin has been relatively stable and its credit costs are
low. Moreover, Moody's expects Merchants' profitability will
continue to be healthy, a key credit strength.
Notwithstanding Merchants demonstrated ability to generate capital
through earnings, its growth in recent years has outpaced that
capacity and has been aided by the issuance of preferred stock.
Indeed, at June 30, 2022, preferred stock represented about 30% of
Merchants' Tier 1 equity, a comparatively high percentage. In
addition, proceeds from holding company preferred stock issuance
have been downstreamed to its bank subsidiary, Merchants Bank of
Indiana, as common equity, resulting in both a significant
disparity in tangible common equity on a Moody's-adjusted basis
(TCE) between the bank and the holding company, and in high double
leverage, which was 143% at June 30, 2022.
Moody's believes this double leverage exposes Merchants' holding
company creditors to greater credit risk, including increased
structural subordination as well as the holding company's heavy
reliance on common dividends from its bank subsidiary to service
its holding company debt obligations. As a result of this reliance,
Moody's believes that were the bank to encounter difficulty,
regulatory restrictions on its common dividends could prevent the
holding company from servicing its obligations well before the bank
faced a similar challenge. As such, Merchants' Ba2 holding company
issuer rating is one notch below the Ba1 issuer rating assigned to
Merchants Bank of Indiana. This notching could narrow over time if
double leverage were to significantly decline. However, Merchants'
Ba3(hyb) holding company preferred stock rating reflects Moody's
standard notching for non-cumulative preferred shares because that
notching convention already incorporates the potential of missed
dividend payments.
Merchant's exposure to environmental and social risks is low and
moderate, respectively, consistent with Moody's general assessment
for the global banking sector. With respect to governance, it is a
key aspect of the rating analysis because any weaknesses in this
area can lead to deterioration in a bank's credit quality, while
any governance strengths can benefit a bank's credit profile.
Governance risks are largely internal rather than externally
driven. In Merchants' case, its founders, who established the firm
in 1990, control roughly three-fifths of the company and remain
actively engaged. Although the founders have elevated a new
generation of executive leaders, and Merchants' performance has
continued to be strong, Moody's have assessed an element of key
person risk. That, combined with the bank's willingness to expand
at a rapid pace, were incorporated into the BCA and rating
assignments.
The stable outlook is a reflection of Moody's view that Merchants'
credit profile will remain stable over the next 12-18 months.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An extended period of more modest growth and a reduction of
concentration risk could result in an upgrade of Merchants' BCA,
all else being equal. A significantly stronger core deposit funding
base and a reduction in depositor concentrations and/or stronger
consolidated capitalization could also result in an upgrade of the
BCA. An upgraded BCA would likely lead to an upgrade of the deposit
and debt ratings. Separately, Merchants' holding company issuer
rating could be upgraded over time if double leverage were to
significantly decline.
Unanticipated weakness in credit quality could lead to a downgrade
of the BCA, as could a significant downturn in profitability. A
downgrade of the BCA would likely lead to a downgrade of Merchants'
deposit and debt ratings.
The principal methodology used in these ratings was Banks
Methodology published in July 2021.
MESOBLAST LTD: Appoints Jane Bell as Director
---------------------------------------------
Mesoblast Limited has appointed Jane Bell to its Board of
Directors. Ms. Bell is a banking and finance lawyer with 22 years
of corporate finance expertise focussing on international
investment transactions in the United States, Canada, Australia and
the United Kingdom, including funds management, mergers,
acquisitions, and divestments. She has served as a non-executive
Director in a diverse range of highly regulated sectors including
delivery of healthcare, life sciences, medical research, and funds
management.
Ms. Bell currently serves as deputy chair of Monash Health, one of
Australia's largest and most diverse public health service
delivering more than 3.46 million episodes of care across an
extensive network of hospitals, rehabilitation, aged care,
community health and mental health facilities and a former Chair of
Melbourne Health. From 2014 until 2021 she was a director of U
Ethical, Australia's first ethical funds manager with over $1.2B of
funds under management, and a member of its Investment Committee.
She has also been a director of Hudson Institute of Medical
Research, is currently a director of Amplia Therapeutics, and
Chairs Advisory Groups for the Royal Australian and New Zealand
College of Obstetricians and Melbourne Genomics Health Alliance.
Commenting on her appointment Ms Bell said "I look forward to
joining the Mesoblast Board at such an exciting stage in the
company's transition to a commercial organization, with its deep
cell therapy product pipeline. The potential FDA approval and
launch in the US market of the first allogeneic cell therapy is an
incredibly exciting opportunity for me to be involved with and I
look forward to using my background and experience to make a strong
contribution."
In other board changes, Shawn Tomasello will retire after four
years on the Board. Ms Tomasello said, "I am confident that
Mesoblast will successfully execute commercially on its potential
first product launch, and the promise of its leading edge
technology and I'll be following closely from the sidelines."
Mesoblast Chairman Joseph Swedish welcomed Ms. Bell to the Board
and thanked Ms Tomasello for her contributions. Mr. Swedish said
"We are delighted to have Jane join Mesoblast as an Independent
Non-Executive Director. She has extensive corporate finance
experience and diverse involvement across a wide range of
healthcare and corporate finance organizations."
About Mesoblast
Headquartered in Melbourne, Australia, Mesoblast Limited --
www.mesoblast.com -- is a developer of allogeneic (off-the-shelf)
cellular medicines for the treatment of severe and life-threatening
inflammatory conditions. The Company has leveraged its proprietary
mesenchymal lineage cell therapy technology platform to establish a
broad portfolio of late-stage product candidates which respond to
severe inflammation by releasing anti-inflammatory factors that
counter and modulate multiple effector arms of the immune system,
resulting in significant reduction of the damaging inflammatory
process. Mesoblast has locations in Australia, the United States
and Singapore and is listed on the Australian Securities Exchange
(MSB) and on the Nasdaq (MESO).
Mesoblast reported a net loss of US$91.35 million for the year
ended June 30, 2022, a net loss of US$98.81 million for the year
ended June 30, 2021, a net loss of US$77.94 million for the year
ended June 30, 2020, and a net loss of US$89.80 million for the
year ended June 30, 2019. As of Sept. 30, 2021, the Company had
US$721.82 million in total assets, US$162.07 million in total
liabilities, and US$559.75 million in total equity.
Melbourne, Australia-based PricewaterhouseCoopers, the Company's
auditor since 2008, issued a "going concern" qualification in its
report dated Aug. 31, 2022, citing that the Company has net cash
outflows from operating activities and will need to obtain
financing from one or more sources that raise substantial doubt
about its ability to continue as a going concern.
MESOBLAST LTD: Incurs US$91.4 Million Net Loss in FY Ended June 30
------------------------------------------------------------------
Mesoblast Limited filed with the Securities and Exchange Commission
its Annual Report on Form 20-F reporting a loss attributable to
owners of US$91.35 million on US$10.21 million of revenue for the
year ended June 30, 2022, compared to a loss attributable to owners
of US$98.81 million on US$7.45 million of revenue for the year
ended June 30, 2021.
As of June 30, 2022, the Company had US$662.14 million in total
assets, US$165.10 million in total liabilities, and US$497.04
million in total equity.
Melbourne, Australia-based PricewaterhouseCoopers, the Company's
auditor since 2008, issued a "going concern" qualification in its
report dated Aug. 31, 2022, citing that the Company has net cash
outflows from operating activities and will need to obtain
financing from one or more sources that raise substantial doubt
about its ability to continue as a going concern.
A full-text copy of the Form 20-F is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001345099/000156459022030576/meso-20f_20220630.htm
About Mesoblast
Headquartered in Melbourne, Australia, Mesoblast --
www.mesoblast.com -- is a developer of allogeneic (off-the-shelf)
cellular medicines for the treatment of severe and life-threatening
inflammatory conditions. The Company has leveraged its proprietary
mesenchymal lineage cell therapy technology platform to establish a
broad portfolio of late-stage product candidates which respond to
severe inflammation by releasing anti-inflammatory factors that
counter and modulate multiple effector arms of the immune system,
resulting in significant reduction of the damaging inflammatory
process. Mesoblast has locations in Australia, the United States
and Singapore and is listed on the Australian Securities Exchange
(MSB) and on the Nasdaq (MESO).
MINERVA RESOURCES: Hires Ahmad Zavitsanos as Special Counsel
------------------------------------------------------------
Minerva Resources, LLC and Cronus Mineral Holdings, LLC seek
approval from the U.S. Bankruptcy Court for the Southern District
of Texas to employ Ahmad Zavitsanos & Mensing, P.C. as their
special counsel.
The Debtors require a special counsel to represent them in a
lawsuit filed by PetroRock Mineral Holdings, LLC in the 101st
Judicial District Court of Dallas County, Texas (Cause No.
DC-22-04656). The case seeks a court-supervised liquidation and
wind-up of PetroRock. Various investors intervened in the case
alleging that certain transfers involving the Debtors were
fraudulent transfers.
The standard hourly rates for the firm's attorneys are as follows:
Timothy C. Shelby Partner $800
Sammy Ford Partner $725
Paul Turkevich Associate $540
Timothy Shelby, Esq., a partner at Ahmad, disclosed in a court
filing that the firm is a "disinterested person" within the meaning
of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Timothy C. Shelby, Esq.
Ahmad Zavitsanos & Mensing, P.C.
1221 McKinney, Suite 2500
Houston, TX 77010
Phone: 713-600-4909
Fax: 713-655-0062
Email: tshelby@azalaw.com
About Minerva Resources LLC
Minerva Resources LLC was formed for the purpose of owning
non-operated working interests in various oil and gas assets.
Cronus Mineral Holdings, LLC was formed for the purpose of holding
certain overriding royalty interests in oil and gas properties.
Cronus is also one of the owners of the company that manages
Minerva.
Minerva Resources and Cronus Mineral Holdings sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas
Lead Case No. 22-32291) on Aug. 11, 2022. At the time of the
filing, Minerva Resources listed as much as $50 million in both
assets and liabilities while Cronus Mineral Holdings listed up to
$1 million in assets and up to $50,000 in liabilities.
Judge Christopher M. Lopez oversees the cases.
The Debtors tapped Porter Hedges, LLP as legal counsel and MACCO
Restructuring Group, LLC as financial advisor. Drew McManigle,
managing director at MACCO, serves as the Debtors' chief
restructuring officer. EnergyNet.com, LLC has been tapped to
perform sales brokerage and consulting services for the disposition
of the Debtors' assets.
MIRACLE CENTER: Seeks to Hire Rounds & Sutter as Counsel
--------------------------------------------------------
Miracle Center Church of Ventura seeks approval from the U.S.
Bankruptcy Court for the Central District of California to employ
Rounds & Sutter, LLP as counsel.
The firm will provide these services:
a. advise and assist the Debtor with respect to the
administration of the bankruptcy proceeding and compliance with the
requirements of the U.S. Trustee;
b. advise the Debtor regarding matters of bankruptcy law,
including the rights and remedies of a debtor-in-possession;
c. represent the Debtor with respect to applications, motions
and adversary proceedings and other hearings in the bankruptcy
court and in any action in any other court where the Debtor's
rights under the Bankruptcy Code may be litigated or affected;
d. review and analyze all applications, orders, and motions
filed by third parties in the proceeding and advise the Debtor
thereon;
e. attend all meetings conducted pursuant to the Bankruptcy Code
and represent the Debtor at all examinations;
f. communicate with creditors and all other parties in
interest;
g. assist the Debtor in preparing all necessary applications,
motions, orders, supporting positions taken by the Debtor, and
preparing witnesses and review documents in this regard;
h. confer with all other professionals, including any
accountants, brokers and consultants retained by the Debtor and by
any other party in interest;
i. assist the Debtor in the negotiations with creditors or third
parties concerning the terms of any proposed plan of
reorganization;
j. prepare, draft, and prosecute the plan of reorganization and
disclosure statement; and
k. take such other action and perform such other legal services
as may be in the interest of the Debtor and estate in connection
with the Chapter 11 case.
Rounds & Sutter will be paid at these hourly rates:
Attorneys $395 per hour
Associates $350 per hour
Paralegals $135 per hour
Clerical Staffs $55 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
The Debtor paid the firm a retainer of $30,000.
John Rounds, Esq., a partner at Rounds & Sutter, assured the court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
John K. Rounds, Esq.
Randall V. Sutter, Esq.
Rounds & Sutter, LLP
674 County Square Drive, Suite 108
Ventura, CA 93003
Tel: (805) 650-7100
Fax: (805) 832-6315
Email: admin2rslawllp.com
rsutter@rslawllp.com
About Miracle Center Church of Ventura
Miracle Center Church of Ventura County, Inc., a tax-exempt
religious organization in Ventura, Calif., filed its voluntary
petition for Chapter 11 protection (Bankr. C.D. Calif. Case No.
22-10664) on August 29, 2022, listing $3,472,792 in assets and
$3,387,733 in liabilities. Alonzo McCowan, CEO/president, signed
the petition.
Judge Tiffany P. Geyer oversees the case.
Rounds & Sutter, LLP serves as the Debtor's legal counsel.
NATIONAL MENTOR: Moody's Cuts CFR to Caa1, Outlook Stable
---------------------------------------------------------
Moody's Investors Service downgraded the ratings of National MENTOR
Holdings Inc. (dba "Sevita") including the Corporate Family Rating
to Caa1 from B3 and the Probability of Default Rating to Caa1-PD
from B3-PD. Moody's also downgraded the rating of National MENTOR's
senior secured first lien bank credit facilities to Caa1 from B3,
as well as the rating of the senior secured second lien term loan
to Caa3 from Caa2. The outlook is stable.
The downgrade of Sevita's ratings reflects deteriorating operating
performance, predominantly due to labor issues translating to wage
inflation that will continue to pressure the company's EBITDA and
margins, resulting in very high financial leverage and a weak
liquidity position going forward.
Social risk considerations related to human capital and governance
risk considerations related to financial strategy and risk
management are relevant to the rating action. Sevita faces
operational headwinds stemming from labor pressures, resulting in
substantial increased costs via wage inflation. Sevita's governance
risk considerations reflect its highly aggressive financial
strategy with both debt-funded acquisitions and shareholder
distributions.
Downgrades:
Issuer: National MENTOR Holdings Inc.
Corporate Family Rating, Downgraded to Caa1 from B3
Probability of Default Rating, Downgraded to Caa1-PD from B3-PD
Senior Secured 1st Lien Delayed Draw Term Loan, Downgraded to Caa1
(LGD3) from B3 (LGD3)
Senior Secured 1st Lien Term Loan B, Downgraded to Caa1 (LGD3)
from B3 (LGD3)
Senior Secured 1st Lien Term Loan C, Downgraded to Caa1 (LGD3)
from B3 (LGD3)
Senior Secured 1st Lien Revolving Credit Facility, Downgraded to
Caa1 (LGD3) from B3 (LGD3)
Senior Secured 2nd Lien Term Loan, Downgraded to Caa3 (LGD6) from
Caa2 (LGD6)
Outlook Actions:
Issuer: National MENTOR Holdings Inc.
Outlook, Remains Stable
RATINGS RATIONALE
Sevita's Caa1 CFR reflects the company's high business risk given
its reliance on government payors, specifically Medicaid, and its
exposure to state budgets, which may come under pressure during
weak economic periods. Rapidly rising labor costs due to a tight
labor market, moderately high geographic concentration, and a very
aggressive expansion strategy that includes both new facility
openings and acquisitions also constrain the company's rating.
Moody's expects financial leverage to remain above 8 times over the
next 12 to 18 months due to expenses, particularly related to
labor, remaining elevated. Further, a weak liquidity position,
highlighted by no cash on the balance sheet, negative free cash
flow, and a utilization of the revolver, which leaves limited
cushion to absorb additional operating setbacks.
Supporting Sevita's Caa1 rating is the company's position as one of
the leading providers of home and community-based services to
individuals with intellectual and developmental disabilities (I/DD)
and catastrophic injuries. Industry trends are moving towards
placing I/DD individuals in smaller, lower-cost community settings
(such as those operated by Sevita) instead of large state operated
institutions. The current reimbursement outlook is stable, with
rate increases realized or expected in several states, though such
increases may not be sufficient enough to address wages that are
rising at a faster rate.
Moody's expects Sevita to maintain a weak liquidity position over
the next 12 months. As of June 30, 2022, the company had no cash on
the balance sheet. Moody's expects Sevita to generate negative free
cash flow of approximately $45 million in the next 12 months, which
includes approximately $18 million of mandatory term loan
amortization and $23 million of remaining deferred employer payroll
taxes to be returned to the government by the end of 2022. Sevita
has access to about $130 million of its $160 million revolving
credit facility, as of June 30, 2022. Moody's anticipates the
company to have sufficient cushion under its springing first lien
net leverage covenant on the revolver if it were to be tested.
The stable outlook reflects Moody's view that industry trends in
home and community-based services will continue to shift to
smaller, lower-cost settings, which will support future growth for
Sevita.
Social and governance considerations are material to Sevita's
credit profile. Sevita faces high social risk in that it provides
residential services to individuals with intellectual and
developmental disabilities as well as those with catastrophic
injuries. Failure to provide quality care to these populations can
subject Sevita to significant regulatory scrutiny, headline risk,
strained relations with key stakeholders and financial penalties.
Further, there is heightened human capital risk given that the
company employs many low wage workers in a rising minimum wage
environment to care for this fragile population. From a governance
perspective, shareholder policies are very aggressive, as Sevita
has completed two shareholder distributions, amounting to nearly
$500 million, in the last 3 years, as well as over $500 million of
debt-funded acquisitions.
Sevita's senior secured first lien credit facility, comprised of a
$160 million revolving credit facility expiring 2026, $1.7 billion
term loan B due 2028, $165 million delayed draw term loan (of which
$91 million was drawn) due 2028, and $50 million term loan C due
2028, is rated Caa1, at the same level as the Caa1 Corporate Family
Rating. This reflects a 1-notch negative override to the outcome
produced from the Moody's Loss Given Default for Speculative-Grade
Companies Methodology. This reflects the fact that the first lien
credit facilities comprise a preponderance of debt in the capital
structure. The $180 million second lien term loan due 2029 is rated
Caa3.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be downgraded if Sevita experiences any further
operating setbacks that materially weaken the company's earnings
and cash flows. This could include reimbursement pressure due to
growing state budgetary constraints or continued rising labor
costs. A downgrade could also occur if the company's liquidity
further weakens or the company pursues another shareholder dividend
or a large debt funded acquisition.
The ratings could be upgraded if Sevita adopts less aggressive
financial policies such that debt to EBITDA is sustained below 7.0
times based on Moody's calculations. Ratings could be upgraded if
EBITA/Interest Expense was sustained above 1.0 times. Improved
liquidity, evidenced by consistent positive free cash flow
generation or a substantial new equity infusion, could also result
in a ratings upgrade.
National MENTOR Holdings Inc. (Sevita) provides home and
community-based services to individuals with intellectual or
developmental disabilities, persons with acquired brain and other
catastrophic injuries, at-risk youth, and the elderly. Revenues are
approximately $2.4 billion for the last twelve month period ending
June 30, 2022. Sevita is owned by Centerbridge Partners LP, The
Vistria Group and Madison Dearborn Partners, LLC.
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
NB HOTELS: Plan Disclosures Have Inaccuracies, Says Bondholder
--------------------------------------------------------------
RSS MSC2019-L2-TX NHD, LLC1 ("Secured Noteholder") filed an
objection to the Disclosure Statement for NB Hotels Dallas, LLC's
Plan of Reorganization, dated July 27, 2022.
The Secured Noteholder points out that the Debtor's Disclosure
Statement describes a Plan which is incapable of confirmation, and
the Disclosure Statement contains factual inaccuracies, and
purported values of property and financial projections which are
not supported by facts, and which are submitted without reference
to any of their underlying assumptions or citation to sources.
While the Disclosure Statement contends that the Plan provides for
the payment of all claims in full, it only provides for the payment
of approximately $43,856,000 of the Secured Noteholder's
approximately $61,000,000 claim.
The Secured Noteholder further points out that the Plan also
provides for: (i) the payment of interest on only a portion of the
Secured Noteholder's claim, notwithstanding the Debtor's position
that the Secured Noteholder is oversecured; (ii) a reduction in the
interest rate payable to the Secured Noteholder to below the prime
rate; (iii) the elimination of the prepayment provision of the
Secured Noteholder's loan documents on a post-confirmation basis,
notwithstanding the Debtor's claim that it is solvent; and (iv) a
post-confirmation injunction, enjoining the Secured Noteholder from
pursuing a guarantor of the Loan during the repayment period under
the Plan so long as the Debtor is not in default of its obligations
under the Plan, notwithstanding that the Property is independently
managed and payments under the Plan are to be made solely from the
Debtor's post-confirmation operations. Additionally, the Plan
contains a multiplicity of classes of claims in an attempt to
gerrymander an impaired accepting class, including two general
unsecured creditor classes who are treated differently from each
other (i.e., there is unfair discrimination on the Plan's face
between the two unsecured creditor classes).
The Secured Noteholder asserts that the Disclosure Statement also
fails to contain adequate information as required by Bankruptcy
Code s 1125 because it fails to contain inter alia: (i) an accurate
description of the amounts owed to the Secured Noteholder; (ii) the
basis for the Debtor's determination that it is solvent, and the
value placed on the Debtor's assets in the Disclosure Statement;
(iii) any historical financial information on the Debtor and its
pre-petition and post-petition operations; (iv) the basis for the
assumptions underlying the financial projections (the "Financial
Projections") contained in the Disclosure Statement, which are
critical for creditors to receive and review prior to voting
because all payments under the Plan are to be made from the
Debtor's post-confirmation operations; and (v) Financial
Projections which show how the Debtor has the ability to make the
balloon payment to the Secured Noteholder seven years after
confirmation.
Attorneys for RSS MSC2019-L2 - TX NHD, LLC:
Bruce J. Zabarauskas, Esq.
HOLLAND & KNIGHT LLP
1722 Routh Street, Suite 1500
Dallas, TX 75201
Tel: (214) 969-1700
Fax: (214) 969-1752
E-mail: bruce.zabarauskas@hklaw.com
About NB Hotels Dallas LLC
NB Hotels Dallas LLC owns and operates the Le Meridien Hotel Dallas
located at 13402 Noel Road, Dallas, Texas. The Debtor sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
N.D. Tex. Case No. 22-30681) on April 18, 2022. In the petition
signed by Nadir Badruddin, its president, the Debtor disclosed up
to $100 million in both assets and liabilities.
Judge Harlin Dewayne Hale oversees the case.
Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC is the
Debtor's counsel.
Wells Fargo Bank, National Association as Trustee for Morgan
Stanley Capital Trust 2019-22 for the benefit of the Commercial
Mortgage Pass-Through Certificate Holder, as lender, is represented
by Bruce J. Zabarauskas, Esq., at Holland & Knight LLP.
NERAM GROUP: Hires Temecula Valley Realty as Real Estate Broker
---------------------------------------------------------------
Neram Group Inc. seeks approval from the U.S. Bankruptcy Court for
the Central District of California to employ Temecula Valley Realty
Group, Inc. as real estate broker.
The firm will market and sell the Debtor's real property located at
1211 N. El Dorado, Ontario Calif.
The firm will be paid a commission of 4 percent of the gross sales
price.
Tania Ramirez, a member of Temecula Valley Realty Group, disclosed
in a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Tania Ramirez
Temecula Valley Realty Group, Inc.
24630 Washington Ave Suite 102
Murrieta, CA 92562
Tel: (951) 551-9730
Email: tania.home4u@gmail.com
About Neram Group Inc.
Neram Group, Inc. is a company based in Orange, Calif. It is the
fee simple owner of a 12-unit apartment building located at 1211 N.
El Dorado Ave, Ontario, Calif., having a comparable sale value of
$2.5 million.
Neram Group filed a petition for Chapter 11 protection (Bankr. C.D.
Cal. Case No. 22-10268) on Feb. 16, 2022, listing $2,802,000 in
assets and $1,675,000 in liabilities. Humberto Perez Figuerola,
chief executive officer, signed the petition.
Judge Scott C. Clarkson oversees the case.
The Debtor tapped the Law Offices of Robert M. Yaspan as bankruptcy
counsel.
NEWAGE INC: CBD Global to Acquire DSD Operations from Unit
----------------------------------------------------------
CBD Global Sciences Inc., d/b/a Global Sciences Inc. (the
"Corporation"), disclosed that it has entered into a definitive
asset purchase agreement with New Age Beverage Corporation and NABC
Properties, LLC (collectively, NABC) to acquire the Direct Store
Distribution ("DSD") operation.
Legacy Distribution Group, "Legacy Distribution" (Denver, CO) has
executed a purchase agreement to acquire the DSD operations from
New Age Beverage Corporation, a Colorado corporation, and a wholly
owned subsidiary of New Age, Inc. ("New Age"). The transaction is
expected to be completed in the fourth quarter of 2022, and closing
will be subject to a 21-day diligence period and court approval in
New Age's pending bankruptcy case. Legacy Distribution will be
financing the acquisition with an operating line of credit to be
established for this purchase. The New Age DSD operation has been
serving the Colorado community for over twenty years, providing
best-in-class service to over 5,000 outlets, and has been
responsible for launching and growing some of the biggest brands in
the industry. From humble beginnings to becoming what is believed
by New Age, Inc. as "one of the largest independent distributors in
the country", the DSD now employs hundreds of employees and is
proud to keep this great "Legacy" alive.
Brad Wyatt, CEO of Global Sciences shared, "This is a positive
achievement for both Legacy Distribution Group and the Operations
Team at the DSD. Our companies have been aligned in the Colorado
market with the desire to serve the vendors and stores with
best-in-class service. The DSD has done an incredible job at
growing brands in its market, and I believe this acquisition will
enable them to continue its pursuit of excellence. I have complete
confidence in the DSD leadership team, and it is my intent to
assist them in achieving their goals for continued growth with a
focus on profitability in the years to come. I must also share my
appreciation for the key vendor accounts. Efforts to keep the
faith in the team at the DSD are invaluable and we anticipate this
transition will prove to be beneficial to all involved."
About NewAge, Inc.
NewAge Inc. (Nasdaq: NBEV) is a purpose-driven firm dedicated to
inspiring the planet to Live Healthy. The Utah-based Company
commercializes a portfolio of organic and healthy products
worldwide primarily through a direct-to-consumer (D2C) route to
market distribution system across more than 50 countries. The
company competes in three major category platforms including health
and wellness, inner and outer beauty, and nutritional performance
and weight management -- through a network of exclusive independent
Brand Partners, empowered with the leading social selling tools and
technology available worldwide. On the Web:
http://www.NewAgeGroup.com/
NewAge Inc. and certain of its subsidiaries, Ariix LLC, Morinda
Holdings, Inc., and Morinda, Inc., sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 22-10819)
on August 30, 2022.
NewAge reported total assets of $310,902,000 against total
liabilities of $149,447,000 as of the bankruptcy filing.
The Debtors tapped GREENBERG TRAURIG, LLP as bankruptcy counsel and
SIERRACONSTELLATION PARTNERS LLC as financial advisor. HOULIHAN
LOKEY CAPITAL, INC., conducted the prepetition marketing process
for the Debtors. STRETTO is the claims agent.
NEWAGE INC: Common Stock Trading Suspended After Ch.11 Filing
-------------------------------------------------------------
NewAge, Inc., on Sept. 8, 2022, disclosed that its common stock has
been suspended from trading on The Nasdaq Stock Market due to its
voluntary filing for relief under Chapter 11 of the United States
Bankruptcy Code on August 30, 2022 and the Company's inability to
remain compliant with the listing requirements of The Nasdaq Stock
Market. As previously disclosed, the Company does not intend to
appeal the suspension and anticipated delisting of its stock from
The Nasdaq Stock Market. Effective September 8, 2022, the Company's
common stock is expected to begin trading on the OTC Market under
the trading symbol "NBEVQ." Investors can find information on the
OTC Market and its various tiers at www.otcmarkets.com.
About NewAge, Inc.
NewAge Inc. (Nasdaq: NBEV) is a purpose-driven firm dedicated to
inspiring the planet to Live Healthy. The Utah-based Company
commercializes a portfolio of organic and healthy products
worldwide primarily through a direct-to-consumer (D2C) route to
market distribution system across more than 50 countries. The
company competes in three major category platforms including health
and wellness, inner and outer beauty, and nutritional performance
and weight management -- through a network of exclusive independent
Brand Partners, empowered with the leading social selling tools and
technology available worldwide. On the Web:
http://www.NewAgeGroup.com/
NewAge Inc. and certain of its subsidiaries, Ariix LLC, Morinda
Holdings, Inc., and Morinda, Inc., sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 22-10819)
on August 30, 2022.
NewAge reported total assets of $310,902,000 against total
liabilities of $149,447,000 as of the bankruptcy filing.
The Debtors tapped GREENBERG TRAURIG, LLP as bankruptcy counsel and
SIERRACONSTELLATION PARTNERS LLC as financial advisor. HOULIHAN
LOKEY CAPITAL, INC., conducted the prepetition marketing process
for the Debtors. STRETTO is the claims agent.
OLYMPIA SPORTS: Case Summary & 30 Largest Unsecured Creditors
-------------------------------------------------------------
Lead Debtor: Olympia Sports Acquisitions, LLC
f/d/b/a Olympia Sports
9 N River Road, PMB 650
Auburn, ME 04210
Business Description: Olympia Sports Acquisition is a sporting
goods retail company that maintains
brick and mortar locations across the
East Coast, including Maine, New
Hampshire, Vermont, New York,
Massachusetts, Rhode Island, and New
Jersey.
Chapter 11 Petition Date: September 11, 2022
Court: United States Bankruptcy Court
District of Delaware
Thirteen affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Olympia Sports Acquisitions, LLC (Lead Case) 22-10853
RSG Acquisitions, LLC 22-10854
Project Running Specialties, Inc. 22-10855
Project Sage Acquisition, LLC 22-10856
Legacy Shoes, Inc. 22-10857
Clever Training Operating Co, LLC 22-10858
The Running Specialty Group, LLC 22-10859
The Running Specialty Group Acquisitions 1, LLC 22-10860
Heart Monitor Operating, LLC 22-10861
Splash Boutique Operating, LLC 22-10862
Bargain Fitness Operating, LLC 22-10863
Digital Business Operating, LLC 22-10864
FSSS Operating 22-10865
Debtors'
General
Bankruptcy
Counsel: Alan J. Friedman, Esq.
Melissa Davis Lowe, Esq.
Max Casal, Esq.
SHULMAN BASTIAN FRIEDMAN & BUI LLP
100 Spectrum Center Drive, Suite 600
Irvine, CA 92618
Tel: (949) 340-3400
Fax: (949) 340-3000
Email: afriedman@shulmanbastian.com
mlowe@shulmanbastian.com
mcasal@shulmanbastian.com
Debtors'
Local
Delaware
Counsel: Brya M. Keilson, Esq.
Jeffrey R. Waxman, Esq.
MORRIS JAMES LLP
500 Delaware Avenue
Suite 1500
Wilmington, DE 19801
Tel: 302-888-6800
Email: bkeilson@morrisjames.com
jwaxman@morrisjames.com
Debtors'
Restructuring
Advisor: FORCE 10 PARTNERS
Debtors'
Claims &
Noticing
Agent: BMC GROUP
Olympia Sports'
Estimated Assets: $1 million to $10 million
Olympia Sports'
Estimated Liabilities: $10 million to $50 million
The petition was signed by Mark Coffey as chief executive officer.
A full-text copy of the Lead Debtor's petition is available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/3476XXA/Olympia_Sports_Acquisitions_LLC__debke-22-10853__0001.0.pdf?mcid=tGE4TAMA
Consolidated List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. UPS Expense $3,246,013
PO Box 7247-0244
Philadelphia, PA 19170-0001
Tel: 800-811-1648
2. J Street 1976 Trade Payable $3,000,000
310 East Main Street, Suite 200
Carrboro, NC 27510
3. Salesforce.com Inc. Expense $3,073,980
PO Box 203141
Dallas, TX 75320-3141
4. Skechers Trade Payable $1,738,348
228 Manhattan Beach Boulevard
Manhattan Beach, CA 90266
Tel: 310 318 3100
Email: cheryls@skechers.com
5. Born Group Inc. - OS Expense $879,869
114 W 26th Street
2nd Floor
New York, NY 10001
Tel: 347-630-0284
Email: info@borngroup.com
6. Crocs Inc. Trade Payable $700,959
13601 Via Varra
Broomfield, CO 80020
Tel: 303 848 7147
Email: slafreniere@crocs.com
7. New Balance Athletics Merchandise $627,751
PO Box 415206
Boston, MA 02241-5206
Tel: 617-746-2294
Email: andrew.mitchell@newbalance.com
8. Nike USA, Inc. Merchandise $607,837
PO Box 846066
Dallas, TX 75284-6066
9. Hanesbrands, Inc. Merchandise $522,073
21692 Network Place
Chicago, IL 60673
10. Columbia Sportswear Company Trade Payable $495,774
14375 Northwest Science Park Drive
Portland, OR 97229
Tel: 503 985 4545
Email: shawna.mccain@columbia.com
11. Propet USA, Inc. Trade Payable $459,041
2415 West Valley Hwy N
Aubum, WA 98001
Tel: 253 854 7600
Email: jredona@propetusa.com
12. Caleres, Inc. Trade Payable $450,971
PO Box 281777
Atlanta, GA 30384-1777
Tel: 314 341 2412
Email: srackovan@caleres.com
13. Rakuten Marketing LLC Expense $432,145
PO Box 415613
Boston, MA 02241-5613
14. The Clarks Companies NA Trade Payable $376,148
PO Box 415388
Boston, MA 02241-5388
Tel: 857 636 0522
Email: angela.gregory@clarks.com
15. Google Inc. Expense $363,909
PO Box 39000
Dept. 33654
San Francisco, CA 94139
16. Reef Lifestyle LLC Merchandise $293,406
PO Box 930621
Atlanta, GA 31193-0621
Tel: 617-213-6100
Email: ben.beck@rockport.com
17. Logicbroker, Inc. Expense $269,733
1 Enterprise Dr Suite 425
Shelton, CT 06484
Tel: 203 929 7633
Email: ddonaldson@logicbroker.com
18. Staples Expense $255,778
500 Staples Drive
Framingham, MA 01702
19. QOS Network - OS Expense $251,363
2500 E 1st Ave
Denver, CO 80206
Email: accountsreceiveable@qosnet.com
20. The Nor h Face Merchandise $247,620
VF Outdoor
13911 Collection Center Drive
Chicago, IL 60693
Tel: 920 735 8342
Email: brittney_roehl@vfc.com
21. Olukai Trade Payable $246,548
10 Faraday
Irvine, CA 92618
Tel: 949 334 0575
Email: acct.receivable@olukai.com
22. Phoenix Footwear Group, Inc. Trade Payable $238,445
Dept # 41677
PO Box 650823
Dallas, TX 75265
Tel: 760 602 9688
Email: becca@phxg.com
23. Mitchell and Ness LLC Merchandise $224,677
235 S 17th St
Philadelphia, PA 19103
24. Shock Doctor, Inc. Merchandise $220,793
PO Box 1691
Minneapolis, MN 55480-1691
Tel: 800 233 6956
25. SLG Systems, Inc. Expense $220,239
11414 W Park Place
Suite 202
Milwaukee, WI 53224
26. 47 Brand LLC Merchandise $211,991
PO Box 419648
Boston, MA 02241
Tel: 781-320-1384
27. Rawling Sporting Goods, Inc. Merchandise $201,286
PO Box 910212
Dallas, TX 75391-0212
Tel: 636 349 3500
28. NFP Property & Casualty Trade Payable $187,772
Services, Inc.
8201 North Hayden Rd
Scottsdale, CA 91713
Tel: 480-663-3778
29. Ampac Merchandise $182,227
25366 Network Place
Chicago, IL 60673-1253
Tel: 800 777 3810
30. Cabot Road LLC - Shoes.com Trade Payable
$179,763
36 Cabot Road LLC
Care of Robert Traina
50 Liberty Dr - Suite 12A
Boston, MA 02210
ORGANICELL REGENERATIVE: Inks Deal to Sell $10M Shares to Tysadco
-----------------------------------------------------------------
Organicell Regenerative Medicine, Inc. entered into purchase and
registration rights agreements with Tysadco Partners LLC.
Pursuant to the Purchase Agreement, Tysadco committed to purchase,
subject to certain restrictions and conditions, up to $10,000,000
worth of the Company's common stock, over a period of 24 months
from the effectiveness of the registration statement registering
the resale of shares purchased by Tysadco pursuant to the Purchase
Agreement.
The Purchase Agreement provides that at any time after the
effective date of the Registration Statement, from time to time on
any business day selected by the Company, the Company shall have
the right, but not the obligation, to direct Tysadco to buy the
lesser of $1,000,000 in common stock per sale or 500% of the daily
average share value traded for the 10 days prior to the closing
request date, at a purchase price of 80% of the of the two lowest
individual daily VWAPs during the 10 trading days preceding the
draw down or put notice, with a minimum request of $25,000. The
payment for the shares covered by each request notice will occur on
the business day immediately following the Valuation Period.
In addition, Tysadco will not be obligated to purchase shares if
Tysadco's total number of shares beneficially held at that time
would exceed 9.99% of the number of shares of the Company's common
stock as determined in accordance with Rule 13d-1(j) of the
Securities Exchange Act of 1934, as amended. In addition, the
Company is not permitted to draw on the Purchase Agreement unless
the Registration Statement covering the resale of the shares is
effective.
The Purchase Agreement also contains customary representations and
warranties of each of the parties. The assertions embodied in
those representations and warranties were made for purposes of the
Purchase Agreement and are subject to qualifications and
limitations agreed to by the parties in connection with negotiating
the terms of the Purchase Agreement. The Purchase Agreement
further provides that the Company and Tysadco are each entitled to
customary indemnification from the other for, among other things,
any losses or liabilities they may suffer as a result of any breach
by the other party of any provisions of the Purchase Agreement or
Registration Rights Agreement. The Company has the unconditional
right, at any time, for any reason and without any payment or
liability, to terminate the Purchase Agreement.
Pursuant to the terms of the Registration Rights Agreement, the
Company is obligated to use its commercially reasonable efforts to
file a registration statement with the Securities and Exchange
Commission within 30 days after the date of such agreement, to
register the resale by Tysadco of the shares of common stock
issuable under the Purchase Agreement.
About Organicell
Headquartered in Miami, FL, Organicell Regenerative Medicine, Inc.
-- www.organicell.com -- is a clinical-stage biopharmaceutical
company principally focusing on the development of innovative
biological therapeutics for the treatment of degenerative diseases
and to provide other related services. Its proprietary products
are derived from perinatal sources and manufactured to retain the
naturally occurring microRNAs, without the addition or combination
of any other substance or diluent. Its RAAM Products and related
services are principally used in the health care industry
administered through doctors and clinics.
Organicell Regenerative reported a net loss of $12.76 million for
the year ended Oct. 31, 2021, compared to a net loss of $12.58
million for the year ended Oct. 31, 2020. As of April 30, 2022, the
Company had $2.21 million in total assets, $6.41 million in
total liabilities, and a total stockholders' deficit of $4.19
million.
Fort Lauderdale, FL-based Marcum LLP, the Company's auditor since
2015, issued a "going concern" qualification in its report dated
Feb. 14, 2022, citing that the Company has a significant working
capital deficiency, has incurred significant losses and needs to
raise additional funds to meet its obligations and sustain its
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
OSG GROUP: Exits Chapter 11 Bankruptcy Protection
-------------------------------------------------
Jo Francis of PrintWeek reports that OSG Group has emerged from
Chapter 11 after completing its fast-track restructure.
US-based transactional, omni-channel marketing and outsourcing
business OSG is also the owner of Communisis, headquartered in
Leeds.
Communisis was not one of the OSG entities named in the Chapter 11
filing, but its pension scheme forms part of OSG's liabilities and
the plans required approval from The Pensions Regulator and scheme
trustees.
Communisis CEO Phil Hoggarth said: "Communisis is happy to share
that as anticipated, OSG's pre-packaged Chapter 11 process has now
concluded successfully. This opens a new chapter for OSG as a
stronger company through a strengthened financial foundation and a
significant capital injection to grow the business and innovate.
"Whilst not directly involved in the Chapter 11 filing, this is
also good news for Communisis as it will allow OSG to continue to
support our strategy and transformation moving forward and will
allow for investment where required."
The restructure has resulted in OSG Group reducing its previous
$824 million of debt to $690 million.
All of its general unsecured creditor claims were either paid in
full or have been reinstated in the post-Chapter 11 business.
OSG employs 4,700 people worldwide. Communisis posted turnover of
GBP271.2 million and had 1,636 employees in its most recent
results, for calendar year 2020.
Communisis announced a five-year partnership with Tech Mahindra in
June 2022, as part of its plans to accelerate its internal digital
transformation programme, with the firm's clients also
transitioning "towards a largely digital communication landscape."
About OSG Group Holdings
OSG Group Holdings Inc. -- https://osgconnect.com/ -- through its
subsidiaries, offers outsourced communications solutions to
corporate clients primarily in North America and Europe, the Middle
East, and Asia. The Company provides complementary services such as
online payment portals, call centers, document scanning and
accounts payable software.
OSG Group Holdings and affiliates sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 22-10718)
on August 7, 2022. In the petition filed by Erik W. Ek, as
president, secretary and treasurer, OSG reported assets between
$500,000 and $1 billion and liabilities between $1 billion and $10
billion.
The Debtors tapped Ropes & Gray LLP as general bankruptcy counsel;
Bayard, P.A., as Delaware bankruptcy counsel; FTI Consulting, Inc.,
as financial advisor; and Evercore Group L.L.C. as investment
banker. Stretto, Inc., serves as claims agent.
PARAMOUNT HEALTH: In Chapter 11 After Dispute With Former Partner
-----------------------------------------------------------------
Paramount Health Services, and affiliates Homa, LLC and, Shirdal,
LLC, filed for chapter 11 protection in the Southern District of
Texas. The Debtors each filed as a small business debtor seeking
relief under Subchapter V of Chapter 11 of the Bankruptcy Code.
Paramount is a licensed outpatient physical therapy practice in
Houston, Texas offering a full range of physical therapy services.
Not only does Paramount assist patients in rehabilitating and
recovering from injuries and surgeries, but it also offers physical
therapy treatments for stroke recovery, chronic pain, and balance
issues including vertigo.
Paramount owns and operates a location in the Memorial area and
licenses its name, provides support to, and owns a minority share
of locations in Sugar Land and Katy.
Paramount usually employs 18 individuals. The business is managed
by Alireza Hashemi, who is the 100% equity owner.
In 2013, Hashemi was approached by Amir Kazemi to help him buy
Paramount. At the time (and still today), Mr. Kazemi isthe CEO and
owner of Apex Physical Rehabilitation and Wellness PLLC. Homa was
created: 50% of Homa's membership interests were issued to Shirdal,
which was wholly owned by Hashemi, while the other 50% of Homa's
membership interests were issued to entities owned or related to
Mr. Kazemi.
Paramount would not need to file for chapter 11 relief except for
Apex’s actions since Hashemi's "business divorce" from Mr.
Kazemi.
On August 13, 2014, just over two months after the Separation
Agreement was
signed, Mr. Kazemi and Apex sued the Debtors and me personally for
breaching the Separation Agreement in the Harris County 133rd
District Court.
After nearly ten years of contentious litigation, the substantial
costs of which were personally borne by Hashemi, the Court entered
a final judgment against the Debtors and Hashemi on June 14, 2022.
The final judgment provides that Paramount owes Apex $309,423.72
plus $113,749.19 in pre-judgment interest along with post-judgment
interest; that the Debtors and Hashemi jointly and severally owe
Apex $61,703.36 plus $22,661.19 in post-judgment interest,
$122,596.79 in attorney’s fees, and post-judgment interest; and
that Paramount owns Endeavors Medical Billing Solutions, LLC
(“Endeavors”), $56,978.52 plus $19,825.41 in pre-judgment
interest, $33,212.30 in attorney’s fees, and post-judgment
interest.
Combined, because of the judgment, Paramount owes approximately
$750,000 to
judgment creditors. Of that, Paramount’s co-debtors Homa and
Shirdal are jointly and severally liable for over $200,000.
Despite efforts by the Debtors to negotiate with both Apex and
Endeavors, both judgment creditors appear intent on aggressively
pursuing collection against the Debtors. Both have already
requested the state district court issue abstracts of judgment, and
Apex has also requested issuance of a writ of execution.
If the judgment creditors were successful in their attempts to
collect against Paramount, Paramount would not have the capital to
continue operating or repay its obligations to the SBA and would be
forced to shut down.
The Debtors have thus determined that a Chapter 11 reorganization
under Subchapter V is the only feasible way for the Debtors to
continue their operations serving patients, which Hashemi believes
will also yield the greatest return to the Debtors' creditors.
According to court documents, Paramount Health Services LLC
estimates between 1 and 49 unsecured creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
Sept. 30, 2022, at 10:00 AM at US Trustee Houston Teleconference.
Proofs of claim are due by Nov. 4, 2022.
About Paramount Health Services
Paramount Health Services LLC is a licensed outpatient physical
therapy practice in Houston, Texas offering a full range of
physical therapy services.
Paramount Health Services, and affiliates Homa, LLC and, Shirdal,
LLC, each filed a petition for relief under Subchapter V of Chapter
11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 22-32623)
on Sept. 5, 2022. In the petition filed by Alireza Hashem, as
president/manager, Paramount reported assets between $500,000 and
$1 million and liabilities between $1 million and $10 million.
Melissa A Haselden has been appointed as Subchapter V trustee.
The Debtor is represented by Broocks Wilson of Kean Miller LLP.
PARS BRONX REALTY: Taps Tip Top Realty as Real Estate Broker
------------------------------------------------------------
Pars Bronx Realty, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of New York to hire the Tip Top
Realty Management Corp. as its real estate broker.
The Debtor requires a real estate broker to market and assist with
facilitating the sale of its rental properties located at 694
Courtlandt Ave., Bronx, N.Y.; and 696 Courtlandt Ave., Bronx, N.Y.
Tip Top will be paid a commission of 4 percent of the gross sales
price of the properties.
As disclosed in court filings, Tip Top does not have any connection
with the Debtor, creditors or any other party in interest.
The broker can be reached through:
John Suarez
TipTop Realty Management Corp.
61-06 Myrtle Avenue
Glendale, NT 11385
Office: (917) 966-6084
Email: TiptopRealty1@gmail.com
About Pars Bronx Realty
Pars Bronx Realty, LLC is primarily engaged in renting and leasing
real estate properties.
Pars Bronx Realty filed for bankruptcy protection under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. E.D.N.Y. Case No.
22-40714) on April 5, 2022, listing $1 million to $10 million in
both assets and liabilities. Charles N. Persing, CPA serves as
Subchapter V trustee.
Judge Elizabeth S. Stong oversees the case.
The Law Offices of Gus Michael Farinella, PC and the Law Office of
Eric P Mueller serve as the Debtor's bankruptcy counsel and special
counsel, respectively.
PATH MEDICAL: SSG Acted as Investment Banker in Asset Sale
----------------------------------------------------------
SSG Capital Advisors, LLC (SSG) acted as the investment banker to
Path Medical, LLC and its parent company, Path Medical Center
Holdings, Inc. (collectively, Path or the Company) in the sale of
substantially all of its assets to an affiliate of Physicians
Group, LLC (Physicians Group). The sale was effectuated through a
Section 363 sale process pursuant to a confirmed Chapter 11 Plan of
Reorganization in the U.S. Bankruptcy Court for the Southern
District of Florida, Fort Lauderdale Division. The transaction
closed in September 2022.
Path is a leading provider of acute trauma treatment and diagnostic
imaging services in the State of Florida. With 28 medical offices,
including 25 clinics, two of which also have diagnostic imaging
technology (MRI), plus an additional three MRI-only locations, Path
is among the largest multi-disciplinary medical practices in
Florida. Path primarily treats patients who suffer acute injuries
from, among other causes, slip and falls and automobile accidents.
The Company is well-known for its strong advertising seen
throughout Florida, namely its 1-800-411-PAIN and 1-800-PATH-247
campaigns.
In 2016, Path participated in an employee stock ownership plan
transaction, which substantially leveraged the Company's assets. A
payor dispute in 2018 resulted in decreased revenues and the
Company's inability to service debt obligations to its senior
secured lenders. The Company began to recover financially in 2019
but suffered a sharp decline in patient volumes and net revenue in
early 2020 as the COVID-19 pandemic and associated stay-at-home
orders limited in-office visits and reduced pedestrian and
vehicular traffic. Path’s patient visits were slow to rebound
throughout the later phases of the pandemic.
Path filed for protection under Chapter 11 of the U.S. Bankruptcy
Code in August 2021. In October 2021, the Company retained SSG as
its exclusive investment banker to conduct a comprehensive sale
process and solicit interest from strategic and financial buyers.
The process attracted significant interest from multiple parties
and resulted in several offers, with the bid from an affiliate of
Physicians Group, LLC, proving to be the highest and best offer for
substantially all of the Company’s assets. SSG’s special
situations expertise and experience in the healthcare sector
resulted in a competitive environment that maximized stakeholder
value, preserved jobs and allowed the business to move forward
under a new operator.
Other professionals who worked on the transaction include:
* Brett D. Lieberman, Morgan B. Edelboim and Edan Weiner of
Edelboim Lieberman Revah Oshinsky PLLC, counsel to Path Medical,
LLC;
* Kevin M. Shuler, Maureen M. Stewart and Matthew P. Deegan of
Foley & Lardner LLP, counsel to Path Medical, LLC;
* Jason N. Goldman of Davis Goldman, PLLC, counsel to Path
Medical, LLC;
* Barry E. Mukamal and Kevin P. McCoy of KapilaMukamal, LLP,
financial advisor to Path Medical, LLC;
* Gregory Gartland of Winston & Strawn LLP, counsel to the
senior secured lenders;
* John B. Hutton III of Greenberg Traurig, LLP, counsel to the
Unsecured Creditors Committee;
* Jonathan M. Sykes of Nardella & Nardella, PLLC, counsel to
Physicians Group, LLC;
* Eddie Fernandez and Kevin Rowan of Fernandez Legal, counsel
to Physicians Group, LLC; and
* Thomas L. Minick of Commenda, Inc., financial advisor to
Physicians Group, LLC.
About Path Medical
Path Medical Center Holdings, Inc., is the 100% owner and sole
member of Path Medical, LLC. In addition to its ownership of Path,
Holdings is an employee leasing company for Path. Path is a
healthcare company with 24 clinics across the state of Florida.
Path Medical, LLC, and Path Medical Center Holdings filed their
voluntary petitions for Chapter 11 protection (Bankr. S.D. Fla.
Lead Case No. 21-18338) on Aug. 28, 2021. Manual Fernandez, chief
executive officer, signed the petitions.
At the time of the filing, Path Medical listed $30,047,477 in
assets and $86,494,715 in liabilities while Path Medical Center
listed $220,060 in assets and $76,988,419 in liabilities.
Judge Scott M. Grossman oversees the cases.
Brett Lieberman, Esq., at Edelboim Lieberman Revah Oshinsky, PLLC,
is the Debtor's legal counsel. The Official Committee of Unsecured
Creditors tapped Greenberg Traurig, P.A., to serve as its counsel,
and Province Inc. to serve as its financial advisor.
PEAK THEORY: Files Subchapter V Case; Owner in Chapter 7
--------------------------------------------------------
Peak Theory Inc. filed for chapter 11 protection in the District of
Utah. The Debtor filed as a small business debtor seeking relief
under Subchapter V of Chapter 11 of the Bankruptcy Code.
The Debtor's president and owner, Zachary Ian Park, filed his own
Chapter 7 bankruptcy case (Bankr. D. Utah Case No. 22-23450) on
Sept. 1, 2022.
Peak Theory disclosed $171,400 in assets against $4.132 million in
liabilities in its schedules. The Debtor doesn't own any real
property.
According to court filings, Peak Theory estimates between 50 and 99
creditors. The petition states funds will be available to
unsecured creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
Oct. 4, 2022, at Chapter 11 341 Mtg Teleconference Line. Proofs of
claim are due by Nov. 14, 2022.
The U.S. Trustee office has appointed the following qualified
individual as Subchapter V trustee in the case:
D. Ray Strong
Berkeley Research Group
201 South Main Street
Suite 450
Salt Lake City, UT 84111
Tel: (801) 364-6233
E-mail: rstrong@thinkbrg.co
About Peak Theory Inc.
Peak Theory Inc. owns and operates retail stores.
Peak Theory Inc. filed a petition for relief under Subchapter V of
Chapter 11 of the Bankruptcy Code (Bankr. D. Utah Case No.
22-23480) on September 6, 2022. In the petition filed by Zac Park,
as president, the Debtor reports estimated assets between $100,000
and $500,000 and estimated liabilities between $1 million and $10
million.
The Debtor is represented by Darren B. Neilson of Parsons Behle &
Latimer.
PRESCOTT BREWING: Gets OK to Hire Jaspers & Goggin as Accountant
----------------------------------------------------------------
Prescott Brewing Company, Inc. received approval from the U.S.
Bankruptcy Court for the District of Arizona to employ Jaspers &
Goggin, PLLC as its accountant.
The firm's services include:
a. accounting services and advice;
b. assisting with preparation of monthly reports required by
the United States Trustee;
c. preparing yearly state and federal tax returns, including
any necessary amendments; and
d. assisting the Debtor with any IRS audits or related IRS
inquiries, should they arise.
Jaspers & Goggin will be paid at these rates:
Amy Jaspers $175 per hour
Senior CPAs $150 per hour
The firm will seek reimbursement for actual out-of-pocket costs,
including travel and postage.
As disclosed in court filings, Jaspers & Goggin is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Amy Jaspers, CPA
Jaspers & Goggin PLLC
3611 Crossings Dr # B
Prescott, AZ 86305
Phone: +1 928-445-4797
Fax: (928) 445-6090
Email: amy.jaspers@jgpllc.com
About Prescott Brewing Company
Prescott Brewing Company, Inc. is a company in Prescott, Ariz.,
which operates in the restaurant and bars industry.
Prescott Brewing Company filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. Case No.
22-04467) on July 8, 2022, disclosing $1,193,265 in total assets
and $274,703 in total liabilities. Christopher C. Simpson serves as
Subchapter V trustee.
Judge Madeleine C. Wanslee oversees the case.
Gallagher & Kennedy, PA and Gammage & Burnham, PLC serve as the
Debtor's bankruptcy counsel and special counsel, respectively.
QUICKER LIQUOR: Disclosures Misleading, Say Claimants
-----------------------------------------------------
Giacomo Minella and Claudia Luppi (the "Claimants") filed their
objection to the Quicker Liquor LLC and Nevada Wine Cellars, Inc.'s
Second Amended Disclosure Statement and Motion to Approve
Settlement with the Ernest W. Moody Revocable Trust.
The fundamental objection to the Disclosure Statement is misleading
material statements and omissions of facts which seek to ignore the
truth that Kathy Trout, as the actual beneficial owner of the
Nevada Wine Cellars (and its assets, the Winery), and that together
with co-conspirator 'straw-man' John Hobbs, she fraudulently
created a scheme of non-capitalized sham entities to hide that
ownership from Claimants. The fundamental objection to the Plan is
that it seeks to ignore the Claimants' valid claim of almost $5
million against Nevada Wine Cellars, as Kathy Trout's alter ego,
and allow priority payments to a non-creditor of Nevada Wine
Cellars and provide a payment of $450,000 to reward Kathy Trout's
co-conspirator in the scheme to defraud the Claimants. Nothing
herein is intended or deemed a waiver, release or compromise of any
claim, demand or right which Claimants have, or may have, against
any person or entity.
Counsel for Giacomo Minella and Claudia Luppi:
Whitney C. Wilcher, Esq.
THE WILCHER FIRM
400 South 4th Street, Suite 500
Las Vegas, NV 89101
Tel: (702) 528-2501
Fax: (702) 793-4001
E-mail: wewilcher@hotmail.com
- and -
Brian J. Hufnagel, Esq.
MORRISON TENENBAUM PLLC
87 Walker Street, Floor 2
New York, NY 10013
Tel: (212) 620-0938
Fax: (616) 998-1972
E-mail: bjhufnagel@m-t-law.com
- and -
Norman M. Friedland, Esq.
LAW OFFICE OF NORMAN M. FRIEDLAND
1 Valley Road
Glen Cove, NY 11542
Tel: (516) 721-1676
E-mail: normfullsky@gmail.com
About Quicker Liquor
Quicker Liquor, LLC, and its affiliate, Nevada Wine Cellars, Inc.,
filed voluntary petitions for relief under Chapter 11 of the
Bankruptcy Code (Bankr. D. Nev. Lead Case No. 22-10331) on Jan. 31,
2022. In their petitions, the Debtors listed as much as $10 million
in both assets and liabilities. Kathy Trout, managing member,
signed the petitions.
Judge Mike K. Nakagawa oversees the cases.
Quicker Liquor and Nevada Wine Cellars are represented by Kung &
Brown and Carlyon Cica Chtd., respectively. The Law Offices of
Timothy Elson serves as the Debtors' special counsel.
The Debtors filed a joint Chapter 11 plan of reorganization on May
31, 2022.
REUNION S. PRESA: Files Subchapter V Case
-----------------------------------------
Reunion S. Presa LLC filed for chapter 11 protection in the Western
District of Texas without stating a reason. The Debtor filed as a
small business debtor seeking relief under Subchapter V of Chapter
11 of the Bankruptcy Code.
According to court documents, Reunion S. Press estimates between 1
and 49 creditors. The petition states that funds will be available
to unsecured creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
Oct. 12, 2022, at 1:00 PM at Via Phone: (866)909-2905; Code:
5519921#.
Proofs of claim are due by Nov. 15, 2022.
About Reunion S. Presa LLC
Reunion S. Presa LLC filed a petition for relief under Subchapter V
of Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No.
22-51003) on Sept. 6, 2022. In the petition filed by Leslie Scott
Jones as managing member, the Debtor reported assets between $1
million and $10 million and estimated liabilities between $500,000
and $1 million.
Eric Terry has been appointed as Subchapter V trustee.
The Debtor is represented by Paul S. Hacker of Hacker Law Firm.
RL ENTERPRISES: Case Summary & Eight Unsecured Creditors
--------------------------------------------------------
Debtor: RL Enterprises, Inc.
P.O. Box 11903
Costa Mesa, CA 92627
Chapter 11 Petition Date: September 10, 2022
Court: United States Bankruptcy Court
District of Nevada
Case No.:22-13254
Judge: Hon. August B. Landis
Debtor's Counsel: Matthew L. Johnson, Esq.
JOHNSON & GUBLER, P.C.
Lakes Business Park
8831 W Sahara Ave
Las Vegas, NV 89117-5865
Tel: (702) 471-0065
Fax: (702) 471-0075
E-mail: mjohnson@mjohnsonlaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Roman Libonao as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's eight unsecured creditors is available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/LTDA44A/RL_ENTERPRISES_INC__nvbke-22-13254__0001.0.pdf?mcid=tGE4TAMA
SCOTTS MIRACLE-GRO: S&P Downgrades ICR to 'BB-', Outlook Negative
-----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
The Scotts Miracle-Gro Co. to 'BB-' from 'BB' because S&P now
forecasts Scotts' will not reduce S&P Global Ratings-adjusted
leverage to below 4x over the next year.
S&P said, "At the same time, we lowered our rating on Scott's
senior unsecured notes to 'B' from 'B+'. The recovery rating on the
notes remains '6', reflecting our expectation for negligible
(0%-10%; rounded estimate: 0%) recovery in the event of a payment
default.
"The negative outlook reflects the potential for a lower rating
within the next 12 months if we forecast that Scotts will sustain
S&P Global Ratings-adjusted leverage at 5x or above, or if we
expect the company will violate its leverage covenant."
Scotts Miracle-Gro recently lowered its free operating cash flow
(FOCF) forecast for 2022 and initiated a search for a new chief
financial officer (CFO). This follows several downward performance
revisions earlier in the year.
S&P said, "Scotts' credit metrics have weakened below our prior
expectations, and we now forecast adjusted leverage will remain
above 4x through fiscal 2023. Compared to our prior expectations,
we now forecast 5.7x S&P Global Ratings-adjusted leverage for
fiscal 2022 (Sept. 30), primarily due to poor retailer reorder
patterns this summer, which we believe reflects home improvement
and mass merchant retailers' caution around storewide inventory
levels and consumer spending. This headwind is on top of already
difficult conditions earlier this year. As a result of retailer
pullback, Scotts' debt and net working capital levels will remain
elevated at year-end 2022. We also forecast adjusted leverage
improving to only the mid-4x area as of fiscal 2023."
Scotts' troubles in 2022 followed the housing boom, which
artificially enhanced profitability and credit ratios (2.0-2.5x S&P
Global Ratings-adjusted leverage in 2020-2021). Performance
deteriorated significantly this year because of poor weather this
spring, high inflation, and oversupply conditions in the
hydroponics segment. Moreover, while consumer takeaway improved
once the poor spring weather broke, homeowners purchased
lower-margin gardening products, rather than more lucrative lawn
fertilizer. Consumer unit purchases are down 8% year to date.
S&P said, "Assuming satisfactory weather, we believe performance
will improve in 2023, though reducing Scotts' elevated debt level
will take time amid several macroeconomic risks. We estimate that
Scotts' will enter fiscal 2023 with S&P Global Ratings-adjusted
debt near $3.3 billion--around $1.4 billion above the three-year
average pre-pandemic level. This is mainly due to much higher net
working capital (including inventory that is double pre-pandemic
levels) and to a lesser extent acquisitions and share repurchases
over the past two years.
"Although we believe consumers will continue to focus on
maintaining their lawns and gardens given the significant
investments made in housing over the past few years, recession risk
centered around housing could derail our healthy $615 million S&P
Global Ratings-adjusted EBITDA forecast for 2023 (which is still
above pre-pandemic levels). The potential for weak economic
conditions, coupled with persistent high inflation, could lead to
lower consumer spending in the sector or a loss of market share to
cheaper store brands. It's also possible retailers could maintain
lower inventory levels, crimping Scott's top line."
The negative outlook reflects the potential for a lower rating
within the next 12 months.
S&P could lower the rating if it forecasts that Scotts will sustain
S&P Global Ratings-adjusted leverage at 5x or above.
This could result from:
-- Lower consumer demand, likely due to a recession, which could
be exacerbated if centered around a deteriorating housing market.
-- Sustained high inflation in fertilizer inputs and energy,
potentially leading to margin deterioration or share gains by store
brand rivals.
-- A dramatic shift in consumer spending away from lawn and garden
toward social activities as pandemic risk declines.
-- Poor weather conditions in the peak selling season, which could
hurt profitability and derail planned working capital reductions.
S&P said, "We could also lower the rating if we forecast that the
company will breach its leverage covenant.
"We could revise our outlook to stable if Scotts manages probable
weak economic conditions such that we project adjusted leverage
will be sustained below 5x."
This could occur if:
-- Consumers continue to purchase more lawn and garden products
than before the pandemic.
-- Input cost inflation moderates, or the company successfully
offsets high inflation with effective hedging and pricing.
-- Favorable weather conditions support solid demand for lawn and
garden products.
-- Financial policy continues to target company-defined leverage
of about 3.5x.
ESG Credit Indicators: E-2, S-3, G-3
SILVER STATE: Receiver Balks at 2nd Amended Disclosures
-------------------------------------------------------
W. Lawrence Patrick, who was appointed as the receiver of assets of
Silver State Broadcasting, LLC prepetition, filed an objection to
the Silver State Broadcasting, LLC et al.'s Second Amended
Disclosure Statement, on the grounds, among others, that it fails
to provide adequate information as required by section 1125(b) of
title 11 of the United States Code and describes the Debtors' First
Amended Plan of Reorganization that is patently unconfirmable on
its face.
The Receiver notes that the Bankruptcy Court has given the Debtors
ample opportunity to remedy the numerous flaws in the Debtors'
Disclosure Statement that they filed over three months ago. Not
only does the Debtors' SA Disclosure Statement fail to fix the past
defects, but it also contains new flaws, including:
* The failure to disclose that the Effective Date is over a year
after confirmation;
* The failure to discuss the tax consequences of the plan;
* The failure to discuss the contingencies involved in creditors
receiving their distributions;
* The inclusion of materially misleading information with
respect to: (a) the Debtors' profitability; (b) the Debtors' need
for an $18 million capital investment; (c) the sale value of KREV
FM; (d) the sale value of Stolz's real property assets; (e) the
amount of claims against the Debtors; and (f) the Debtors' ability
to succeed in eliminating more than $4 million in filed claims;
* The failure to disclose a recent Ninth Circuit ruling
confirming the propriety of the Receiver's conduct in the
receivership and agreeing with the District Court's decision to
keep the receivership in place following payment of the underlying
judgment because "[g]iven Defendants' history of nonpayment, the
court understandably declined to 'trust Defendant Ed Stolz's
representations that he will satisfy amounts due in the future;'"
* The assertion that the Debtors are entitled to pay certain
alleged "ordinary course" administrative claims, such as the more
than $30,000 postpetition payments already made to Ms. Naiman—an
insider (and Mr. Stolz's real estate agent) for whom compensation
has not been approved—as set forth in the Debtors' operating
reports; and
* The fact that the Plan is patently unconfirmable because it:
(a) improperly impairs claims by making the Effective Date more
than a year after confirmation; (b) improperly classifies claims in
order to gerrymander the vote; (c) unfairly discriminates between
classes; and (d) fails to provide adequate interest on stretchedout
claims to meet cram down standards.
Counsel for W. Lawrence Patrick:
Brett A. Axelrod, Esq.
Nicholas A. Koffroth, Esq.
FOX ROTHSCHILD LLP
1980 Festival Plaza Drive, Suite 700
Las Vegas, NV 89135
Telephone: (702) 262-6899
Facsimile: (702) 597-5503
E-mail: baxelrod@foxrothschild.com
nkoffroth@foxrothschild.com
About Silver State Broadcasting
Las Vegas-based Silver State Broadcasting, LLC and its affiliates,
Major Market Radio, LLC and Golden State Broadcasting, LLC, filed
voluntary petitions for Chapter 11 protection (Bankr. D. Nev. Lead
Case No. 21-14978) on Oct. 19, 2021. Edward R. Stolz, manager of
Silver State Broadcasting, signed the petitions. In its petition,
Silver State listed up to $50 million in assets and up to $1
million in liabilities.
Judge August B. Landis oversees the cases.
Stephen R. Harris, Esq., at Harris Law Practice, LLC, represents
the Debtors.
SILVER STATE: VCY Joins In Receiver's Objection
-----------------------------------------------
VCY America, Inc. ("VCY America"), creditor in the jointly
administered bankruptcy proceedings, filed a joinder to W. Lawrence
Patrick's Objection to Silver State Broadcasting, LLC's Disclosure
Statement in connection with the Chapter 11 Bankruptcy case of
Debtors Silver State Broadcasting, LLC, Major Marketing Radio, LLC
and Golden State Broadcasting, LLC.
VCY America supports all of the arguments set forth in the Patrick
Objection, and joins along with any supporting documents filed with
the Court, and incorporates all arguments as if set forth herein,
and for any other relief this Court deems just and appropriate.
Attorneys for VCY America, Inc.:
Ogonna M. Brown, Esq.
LEWIS ROCA ROTHGERBER CHRISTIE LLP
3993 Howard Hughes Parkway, Suite 600
Las Vegas, NV 89169
Telephone: (702) 949-8200
Facsimile: (702) 949-8398
E-mail: OBrown@lewisroca.com
About Silver State Broadcasting
Las Vegas-based Silver State Broadcasting, LLC and its affiliates,
Major Market Radio, LLC and Golden State Broadcasting, LLC, filed
voluntary petitions for Chapter 11 protection (Bankr. D. Nev. Lead
Case No. 21-14978) on Oct. 19, 2021. Edward R. Stolz, manager of
Silver State Broadcasting, signed the petitions. In its petition,
Silver State listed up to $50 million in assets and up to $1
million in liabilities.
Judge August B. Landis oversees the cases.
Stephen R. Harris, Esq., at Harris Law Practice, LLC, represents
the Debtors.
STONEMOR INC: Inks $45 Million Secured Revolving Credit Facility
----------------------------------------------------------------
StoneMor Inc., the guarantors, and Signature Bank, as Agent and
sole initial lender, entered into a Loan and Security Agreement on
Aug. 26, 2022, providing for a senior secured revolving line of
credit facility that initially will be $45 million and, if
additional commitments are received, may be increased to up to $60
million.
Revolving Credit Facility
The Loan Agreement provides for a revolving credit facility of up
to the total commitments, which initially are $45 million and may
be increased by an additional $15 million upon receipt of such
additional commitments. The Loan Agreement includes a letter of
credit subfacility of up to $20 million. Loans under the Loan
Agreement are subject to a borrowing base equal to the excess of
(a) the sum of (i) unrestricted cash held in deposit accounts
controlled by the Agent plus (ii) 40% of the book value of Eligible
Unsold Burial Lots over (b) reserves established by the Agent in
its reasonable discretion, including with respect to other products
or services extended by any Lender to the Company. Loans may be
prepaid at any time without penalty or premium (other than
customary SOFR breakage indemnity provisions with respect to
prepayment of Benchmark Rate Loans), and all Loans will be due and
payable on August 26, 2027 unless payment is required sooner under
the Loan Agreement. The proceeds of any Loans will be used from
time to time to pay the fees and expenses of closing under the Loan
Agreement and for working capital, acquisitions and other general
corporate purposes.
Interest
The Company has the option of treating Loans as Base Rate Loans or
Benchmark Rate Loans, and converting Base Rate Loans to Benchmark
Rate Loans. Base Rate Loans will bear interest at a per annum rate
equal to the sum of (a) the greatest of (i) the prime rate as
published in The Wall Street Journal, (ii) the Federal Funds Rate
plus 0.50% or (iii) the Benchmark Interest Rate for a one-month
interest period plus 1.0%, provided that the rate calculated under
this clause (a) shall not be less than 2.0%, plus (b) 2.0%.
Benchmark Rate Loans will bear interest at a per annum rate based
on the interest period selected by the Company (which shall be one,
three or six months) equal to the sum of (a) the Term SOFR Screen
Rate with a term equivalent to the applicable interest period plus
the SOFR Adjustment (which will be 0.1%, 0.15% and 0.25% for one-,
three- and six-month interest periods, respectively), provided that
the rate calculated under this clause (a) shall not be less than
1.0%, plus (b) 2.63%. Interest shall be payable (a) for each
Benchmark Rate Loan, on the last day of the applicable interest
period and, if such interest period is more than three months, each
three-month anniversary of the beginning of the interest period and
(b) for all other Loans, on the first day of each calendar quarter.
The Benchmark Rate as of Aug. 6, 2022 was 3.87%.
Guarantees and Collateral
The Company's obligations under the Loan Agreement are jointly and
severally guaranteed by each of the Company's existing and future
direct and indirect domestic subsidiaries, with certain exceptions.
The Company's obligations under the Loan Agreement and the
Guarantors' obligations under the Guarantees are secured by a lien
on and security interest in (subject to permitted liens and
security interests) substantially all of the Company's and the
Guarantors' existing and future property and assets, excluding
certain assets which include, among others: (a) trust and other
fiduciary accounts and amounts required to be deposited or held
therein, (b) assets that may not be pledged as a matter of law or
without governmental approvals and (c) owned and leased real
property that (i) may not be pledged as a matter of law or without
the prior approval of any governmental authority or third person,
(ii) is not operated or intended to be operated as a cemetery,
crematory or funeral home or (iii) has a fair market value of less
than $3.0 million.
The Company's obligations under the Loan Agreement are its senior
secured obligations and the Guarantees are the Guarantors' senior
secured obligations. The obligations of the Company and each
Guarantor will:
* rank equal in right of payment with all of the Company and
each Guarantor's existing and future senior indebtedness, including
the Company's 8.500% Senior Secured Notes due 2029 issued pursuant
to an indenture, dated as of May 11, 2021, by and among the
Company, the guarantors named therein and Wilmington Trust,
National Association, as trustee and collateral agent;
* rank senior in right of payment to all of the Company's and
each Guarantor's existing and future subordinated indebtedness;
* be effectively senior to all of the Company's and each
Guarantor's unsecured senior indebtedness to the extent of the
value of the collateral securing the obligations under the Loan
Agreement and the Guarantees;
* be contractually senior to the Company's and each Guarantor's
obligations under the Notes and the guarantees thereof to the
extent of the value of the collateral securing the obligations
under the Loan Agreement and the Guarantees, subject to the terms
of an intercreditor agreement; and
* be structurally subordinated to all indebtedness and other
obligations of the Company's existing and future subsidiaries that
do not guarantee the Company's obligations under the Loan
Agreement.
On Aug. 26, 2022, the Company, the Guarantors, Wilmington Trust,
National Association, as trustee and collateral agent under the
Indenture and as Second Priority Collateral Agent, and Signature
Bank, as First Priority Collateral Agent, entered into an
Intercreditor Agreement. Pursuant to the Intercreditor Agreement:
* any liens on the collateral securing First Priority
Obligations under the Loan Documents, regardless of how acquired,
are senior and prior to any lien on the collateral securing any
Second Priority Obligations under the Second Priority Documents;
* any liens on the collateral securing Excess First Priority
Obligations (as defined in the Intercreditor Agreement) under the
Loan Documents, regardless of how acquired, are junior and
subordinate to any lien on the collateral securing any Second
Priority Obligations up to the Second Priority Cap Amount (as
defined in the Intercreditor Agreement) (but only with respect to
such excess amounts); and
* any liens on the collateral securing Excess First Priority
Obligations, regardless of how acquired, are senior and prior to
any lien on the collateral securing any Excess Second Priority
Obligations (as defined in the Intercreditor Agreement).
Subject to certain exceptions, the Intercreditor Agreement provides
that all of the collateral securing the First Priority Obligations
be the same as all of the collateral securing Second Priority
Obligations and all of the collateral securing the Second Priority
Obligations be the same as all of the collateral securing the First
Priority Obligations.
The Intercreditor Agreement also provides that the payment
obligations under the Loan Agreement and the Notes rank pari passu
with each other. Notwithstanding the foregoing, so long as the
First Priority Obligations have not been Discharged (as defined in
the Intercreditor Agreement), any Collateral (as defined in the
Intercreditor Agreement) or any proceeds thereof, or sale proceeds
of the Collateral received in connection with any Enforcement
Action (as defined in the Intercreditor Agreement) or other
exercise of remedies by the First Priority Collateral Agent or
First Priority Claimholders, shall be applied:
* first, by the First Priority Collateral Agent to the First
Priority Obligations that are not Excess First Priority Obligations
in such order as specified in the relevant First Priority Loan
Documents;
* second, to the payment by the Second Priority Collateral Agent
of the Second Priority Obligations that are not Excess Second
Priority Obligations in such order as specified in the relevant
Second Priority Loan Documents;
* third, by the First Priority Collateral Agent to the payment
of any Excess First Priority Obligations in such order as specified
in the relevant First Priority Loan Documents;
* fourth, by the Second Priority Collateral Agent to the payment
of any Excess Second Priority Obligations in such order as
specified in the relevant Second Priority Documents; and
* fifth, to the applicable Grantor or as otherwise required by
applicable law;
provided that any non-cash Collateral or non-cash proceeds will be
held by the First Priority Collateral Agent as Collateral unless
the failure to apply such amounts would be commercially
unreasonable.
To the extent that any Collateral (or proceeds thereof) comes into
the possession or under the control of the Second Priority
Collateral Agent or any other Second Priority Claimholder at any
time prior to the Discharge of First Priority Obligations, the
Second Priority Collateral Agent is obligated under the
Intercreditor Agreement to promptly turn over such Collateral (and
proceeds thereof, if any) to the First Priority Collateral Agent.
The Intercreditor Agreement further provides that so long as the
First Priority Obligations have not been Discharged and subject to
certain exceptions, the First Priority Agent has the exclusive
right to commence and maintain an Enforcement Action, or otherwise
exercise any rights or remedies with respect to the collateral
securing the obligations under the Loan Agreement and the Notes.
Covenants
The Loan Agreement requires the Company and the Guarantors, as
applicable, to comply with various (a) affirmative covenants
regarding, among other matters, delivery to the Agent and the
Lenders of financial statements and certain other information or
reports filed with the Securities and Exchange Commission, and (b)
negative covenants that, subject to certain exceptions, limit the
Company's and Guarantors's ability to: (i) incur additional
indebtedness; (ii) make capital expenditures in excess of $15
million; (iii) pay dividends, redeem subordinated debt or make
other restricted payments; (iv) make certain investments; (v)
create or incur certain liens; (vi) form, acquire or issue stock of
any Restricted Subsidiaries; (vii) enter into certain transactions
with affiliates; (viii) merge, consolidate or transfer
substantially all of its respective assets; (ix) agree to dividend
or other payment restrictions affecting the Company or any
Restricted Subsidiaries; (x) change the business it conducts or
make certain other fundamental changes; (xi) amend its charter
documents or any documents relating to the Notes; (xii) make
certain loans; (xiii) make payments on indebtedness except in
accordance with the required terms thereof; and (xiv) transfer or
sell assets, including capital stock of a Restricted Subsidiary. In
addition, upon the occurrence of any event of default under the
Loan Agreement or usage of more than 87.5% of the commitments under
the Loan Agreement for a period of at least five consecutive
business days, the Company will be required to maintain a Total Net
Leverage Ratio of not more than 6.50 to 1.0 for each full fiscal
quarter, until during each of the preceding 30 consecutive days, no
Event of Default has existed and Revolver Usage has been equal to
or less than 87.5% of the Commitments.
Events of Default
The Loan Agreement contains customary events of default the
occurrence of which could, subject to certain conditions, cause the
obligations under the Loan Agreement to become immediately due and
payable, including, but not limited to, defaults by the Company (i)
in the payment of the principal of any the Loans when the same
becomes due and payable upon acceleration, demand or otherwise or
(ii) in the payment of interest on any Loan when the same becomes
due and payable and the default continues for a period of 3
business days; failure to comply with certain covenants in the Loan
Documents, subject, with respect to certain covenants, to a cure
period following notice by the Agent; any breach of an agreement
relating to the Notes or any other debt agreement relating to
indebtedness in excess of $20 million if the maturity of or any
payment with respect to such indebtedness could be accelerated or
demanded as a result of such breach; any loss, theft, damage or
destruction of collateral securing the Loans in an amount not
covered by insurance that exceeds $20 million; any judgment for the
payment of money is entered in an amount that exceeds $20 million
or more (excluding amounts covered by insurance) which judgments
are not stayed or covered by insurance; and certain events of
bankruptcy or insolvency.
About StoneMor Inc.
StoneMor Inc. (http://www.stonemor.com),headquartered in Bensalem,
Pennsylvania, is an owner and operator of cemeteries and funeral
homes in the United States, with 304 cemeteries and 72 funeral
homes in 24 states and Puerto Rico. StoneMor's cemetery products
and services, which are sold on both a pre-need (before death) and
at-need (at death) basis, include: burial lots, lawn and mausoleum
crypts, burial vaults, caskets, memorials, and all services which
provide for the installation of this merchandise.
StoneMor reported a net loss of $55.28 million for the year ended
Dec. 31, 2021, a net loss of $8.36 million for the year ended Dec.
31, 2020, and a net loss of $151.94 million for the year ended Dec.
31, 2019. As of June 30, 2022, the Company had $1.80 billion in
total assets, $1.97 billion in total liabilities, and a total
stockholders' deficit of $174.67 million.
SUNGARD AS: Unsecureds Out of Money Under Plan, Settlement
----------------------------------------------------------
Sungard As New Holdings, LLC, et al. submitted a First Amended
Combined Disclosure Statement and Joint Chapter 11 Plan.
On August 31, 2022, the Bankruptcy Court approved the sale of the
Debtors' U.S. colocation services, network services and workplace
services assets to 365 Data Centers and the Debtors are seeking
approval of a sale of their North American cloud and managed
services and mainframe as a service assets to 11:11 Systems, Inc.
The Debtors also remain engaged in discussions regarding a
potential sale transaction for the Debtors' data recovery business
and related assets (i.e, the Eagle assets). To the extent the
Debtors' Eagle assets are not sold, the Debtors intend to
reorganize around the Eagle business and any other remaining
assets. In the event that the Debtors determine to proceed with an
Eagle Sale Transaction, it is not anticipated that the value
resulting from the consummation of such sale would be sufficient to
satisfy the First Lien Credit Agreement Claims in full.
In settlement of disputes with the Committee relating to entry of
Final DIP Order, the Debtors, the Committee and the Required
Consenting Stakeholders agreed to a global resolution of various
matters in connection with the Debtors' restructuring (the "Global
Settlement"). The relevant components of the Global Settlement are
as follows (the terms of which are summarized below but qualified
by the terms of the Final DIP Order and specifically paragraph 49
of the Final DIP Order):
* The Required Consenting Stakeholders agreed to fund the Wind
Down Amount.
* The Required Consenting Stakeholders agreed to fund an amount
up to $4,050,000 on account of accrued, unpaid and allowed claims
for post-petition rent for the period between April 11, 2022 and
April 30, 2022 for any commercial real property lease to be paid
promptly upon such allowance either as part of Cure Costs (as
defined in the Bidding Procedures Order) or from the cash sale
proceeds realized from one or more Sale Transactions, subject to a
dollar-for-dollar reduction if such lease is assumed by a
Successful Bidder, satisfied pursuant to any asset purchase
agreement, or consensually agreed to by a landlord.
* The Required Consenting Stakeholders agreed to fund an amount
up to $781,000 on account of claims subject to Bankruptcy Code
section 503(b)(9) (the "503(b)(9) Claims"), subject to a
dollar-for-dollar reduction to the extent any 503(b)(9) Claim is
disallowed, reduced by agreement or court order, assumed by a
successful bidder or otherwise satisfied during the Chapter 11
Cases (in the Debtors' business judgment) or pursuant to another
provision of an asset purchase agreement.
* Avoidance Actions shall be excluded from any sale of the
Debtors' assets with a commitment of the Debtors not to prosecute
such actions or, if sold as part of a Sale Transaction, subject to
a covenant not to sue.
* No General Unsecured Creditor will receive a distribution
where the recovery to such General Unsecured Creditor exceeds the
percentage recovery on the Tranche C Term Loan DIP Facility Claims,
excluding General Unsecured Creditors paid under any Final Order
approving First Day Pleading, any General Unsecured Creditor whose
lease or contract is assumed, or any General Unsecured Creditor
that has an alternative source of recovery from outside the
Debtors' Estates.
Under the Global Settlement, the Debtors, the Required Consenting
Stakeholders and the Committee agreed that no General Unsecured
Creditor would receive a distribution in excess of the recovery for
holders of Tranche C Term Loan DIP Facility Claims (the junior most
tranche of the Term Loan DIP Facility). Despite an extensive
Court-approved marketing process, such sale process did not produce
bids at a value in excess of the two senior most tranches of the
Term Loan DIP Facility, i.e. the Tranche A Term Loan DIP Facility
Claims and the Tranche B Term Loan DIP Facility Claims (including
any potential bid for the Debtors' remaining Eagle assets). As a
result, pursuant to the "Roll-Up Recharacterization" provision of
the Final DIP Order, the full amount of the Tranche C Term Loan DIP
Facility Claims will be deemed to be "un-rolled" and restored as
prepetition Second Lien Credit Agreement Claims. The Tranche B Term
Loan DIP Facility Claims will also be subject to the Roll-Up
Recharacterization as prepetition First Lien Credit Agreement
Claims to the extent that they are ultimately determined to have
exceeded the value realizable by the Term Loan DIP Lenders under
the Plan. As such, because the Debtors' restructuring process
(inclusive of any Sale Transactions consummated) are not expected
to result in value in excess of the Tranche A Term Loan DIP
Facility Claims and Tranche B Term Loan DIP Facility Claims, the
holders of Tranche C Term Loan DIP Facility Claims will not receive
any recovery pursuant to the Plan. Although the Global Settlement
contemplated a potential small cash distribution for General
Unsecured Creditors, such distribution was contingent on the
holders of Tranche C Term Loan DIP Facility Claims receiving a
distribution pursuant to the Plan. Therefore, General Unsecured
Creditors are not entitled to any recovery under the Global
Settlement.
Under the Plan, Class 6 General Unsecured Claims totaling $75
million will recover nothing. General Unsecured Claims will be
canceled, released and extinguished as of the Effective Date and
will be of no further force or effect, and Holders of General
Unsecured Claims will not receive: any distribution on account of
such General Unsecured Claims. Class 6 is impaired.
Distributions under the Plan will be funded, as applicable, with:
(a) Cash on hand, including cash from operations and the proceeds
of the DIP Facilities; (b) the proceeds of the Exit Facility, if
any, and the loans thereunder; (c) the Takeback Debt Facility, to
the extent applicable; (d) the Reorganized Debtor Equity; and (e)
the Sale Proceeds. Cash payments to be made pursuant to the Plan
will be made by the Debtors, Reorganized Debtors, the Plan
Administrator or the Distribution Agent, as applicable. The
Reorganized Debtors and Plan Administrator (as applicable) will be
entitled to transfer funds between and among themselves as they
determine to be necessary or appropriate to enable the Reorganized
Debtors or the Plan Administrator, as applicable to make the
payments and distributions required by the Plan. Except as set
forth herein, and to the extent consistent with any applicable
limitations set forth in any applicable post-Effective Date
agreement, any changes in intercompany account balances resulting
from such transfers will be accounted for and settled in accordance
with the Debtors' historical intercompany account settlement
practices and will not violate the terms of the Plan.
At least one Debtor shall continue in existence after the Effective
Date as a Wind-Down Debtor for purposes of (1) winding down the
Debtors' businesses and affairs as expeditiously as reasonably
possible and liquidating any assets held by the Wind-Down Debtors
after the Effective Date, (2) performing the Debtors' obligations
under any Sale Transaction Documents entered into in connection
therewith (to the extent agreed by the Wind-Down Debtors), (3)
resolving any Disputed Claims, (4) making distributions on account
of Allowed Claims in accordance with the Plan, (5) filing
appropriate tax returns, and (6) administering the Plan in an
efficacious manner. The Wind-Down Debtors shall be deemed to be
substituted as the party-in-lieu of the Debtors in all matters,
including (x) motions, contested matters, and adversary proceedings
pending in the Bankruptcy Court, and (y) all matters pending in any
courts, tribunals, forums, or administrative proceedings outside of
the Bankruptcy Court, in each case without the need or requirement
for the Plan Administrator to file motions or substitutions of
parties or counsel in each such matter.
On the Effective Date, any non-Cash Estate assets remaining shall
vest in the Wind-Down Debtors for the purpose of liquidating the
Estates and consummation of the Plan, on the condition that the
Wind-Down Debtors comply with the terms of the Plan, including the
making of all payments and distributions to creditors provided for
in the Plan or any other order of the Bankruptcy Court. Such assets
shall be held free and clear of all Liens, Claims, and interests of
Holders of Claims and Interests, except as otherwise provided in
the Plan. Any distributions to be made under the Plan from such
assets shall be made by the Plan Administrator or its designee. The
Wind-Down Debtors and the Plan Administrator shall be deemed to be
fully bound by the terms of the Plan and the Confirmation Order.
Any contrary provision hereof notwithstanding, following the
occurrence of the Effective Date and the making of distributions on
the Effective Date pursuant hereto, (i) any Cash held by the
Wind-Down Debtors in excess of the Wind-Down Amount and (ii) the
proceeds of any non-Cash Estate assets vested in the Wind-Down
Debtors, shall be payable first to Holders of Term Loan DIP
Facility Claims and second to Holders of First Lien Credit
Agreement Claims until such claims are indefeasibly paid in full.
The Wind-Down Debtors and/or the Plan Administrator shall make such
distributions in Cash in accordance with Article VII. B.
Notwithstanding anything to the contrary set forth herein,
professional fees and expenses of Canadian professionals including
counsel to the Foreign Representative, the Information Officer and
its counsel, incurred in connection with the CCAA Proceeding, shall
in all cases continue to be paid in accordance with the terms of
the orders of the Canadian Court, and for greater certainty, in
circumstances involving the sale or distribution of the assets of
Sungard AS Canada or other Property in Canada (as defined in the
Supplemental Order), such Canadian professional fees and expenses
will also be required to be paid prior to or concurrently with the
discharge of the Administration Charge.
A hearing to consider the final approval of the Disclosure
Statement and confirmation of the Plan has been set for October 3,
2022, at 2:00 p.m. (prevailing Central Time).
Objections to the final approval of the Disclosure Statement or
objections to Confirmation of the Plan must be filed and served on
or before 4:00 p.m. (prevailing Central Time), on September 26,
2022.
Co-Counsel to the Debtors and Debtors in Possession:
Matthew D. Cavenaugh, Esq.
Jennifer F. Wertz, Esq.
Rebecca Blake Chaikin, Esq.
JACKSON WALKER LLP
1401 McKinney Street, Suite 1900
Houston, TX 77010
Telephone: (713) 752-4200
Facsimile: (713) 752-4221
E-mail: mcavenaugh@jw.com
jwertz@jw.com
rchaikin@jw.com
- and -
Philip C. Dublin, Esq.
Meredith A. Lahaie, Esq.
Kevin Zuzolo, Esq.
Melanie A. Miller, Esq.
AKIN GUMP STRAUSS HAUER & FELD LLP
One Bryant Park
New York, NY 10036
Telephone: (212) 872-1000
Facsimile: (212) 872-1002
E-mail: pdublin@akingump.com
mlahaie@akingump.com
kzuzolo@akingump.com
melanie.miller@akingump.com
- and -
Marty L. Brimmage, Jr., Esq.
Lacy M. Lawrence, Esq.
Zach D. Lanier, Esq.
AKIN GUMP STRAUSS HAUER & FELD LLP
2300 N. Field Street, Suite 1800
Dallas, TX 75201
Telephone: (214) 969-2800
Facsimile: (214) 969-4343
E-mail: mbrimmage@akingump.com
llawrence@akingump.com
zlanier@akingump.com
A copy of the First Amended Combined Disclosure Statement and Joint
Chapter 11 Plan dated September 2, 2022, is available at
https://bit.ly/3QgShL1 from PacerMonitor.com.
About Sungard AS New Holdings
Sungard Availability Services is a Wayne, Pa.-based
information-technology services provider owned by Angelo Gordon,
Blackstone Credit, FS/KKR Advisor LLC and Carlyle Group Inc. It
provides disaster recovery services, colocation and network
services, cloud and managed services and workplace recovery to
customers in North America, Europe and Asia.
The company and its affiliates filed for Chapter 11 protection
twice in three years.
Sungard filed for Chapter 11 bankruptcy in 2019 with a prepackaged
plan that was approved by a New York bankruptcy court one day after
it was filed.
Sungard AS New Holdings, LLC and affiliates, including Sungard
Availability Services, LP, sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. S.D. Texas Case No. 22-90018) on April
11, 2022. Judge David R. Jones oversees the case.
In the petition signed by Michael K. Robinson, CEO and president,
Sungard AS disclosed up to $1 billion in both assets and
liabilities.
Sungard Availability Services (UK) Limited, an indirect subsidiary
of Holdings, entered into administration in the UK on March 25,
2022. Meanwhile, Sungard Canada filed an application for
recognition in Canada under the Companies Creditors' Arrangement
Act of its Chapter 11 case.
Akin Gump Strauss Hauer & Feld LLP and Jackson Walker serve as
legal counsel to the Debtors. Cassels Brock & Blackwell LLP, serves
as their Canadian legal counsel. DH Capital, LLC and Houlihan
Lokey, Inc., act as investment bankers. FTI Consulting, Inc.
serves as financial and restructuring advisor.
Alvarez & Marsal Canada Inc., serves as Canadian court-appointed
information officer and is represented by Bennett Jones, LLP as
counsel in connection with the Canadian proceedings.
Kroll Restructuring Administration, LLC serves as notice and claims
agent.
Proskauer Rose, LLP and Gray Reed & McGraw, LLP serve as counsel to
Acquiom Agency Services LLC, the Term Loan DIP agent, and Term Loan
DIP lenders.
PNC Bank, National Association, serves as administrative agent and
collateral agent, under the DIP ABL facility. PNC is represented by
Thompson Coburn Hahn & Hessen LLP as counsel.
TEEZ SALON: Seeks to Hire Spector & Cox as Counsel
--------------------------------------------------
Teez Salon and Spa, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Texas to employ Spector & Cox,
PLLC as counsel.
The firm's services include:
a. providing the Debtor with legal advice with respect to its
powers and duties;
b. preparing and pursuing confirmation of a Chapter 11 plan and
approval of a disclosure statement;
c. preparing legal papers;
d. appearing in court; and
e. performing all other legal services for the Debtor which may
be necessary and proper in these proceedings.
The hourly rates charged by the firm's attorneys range from $350 to
$395. Paralegals charge $115 per hour for their services.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
The Debtor paid the firm a retainer of $12,000.
Howard Marc Spector, Esq., a partner at Spector & Cox, disclosed in
a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Howard Marc Spector, Esq.
Spector & Cox, PLLC
12770 Coit Road, Suite 850
Dallas, TX 75251
Tel: (214) 365-5377
Fax: (214) 237-3380
Email: hspector@spectorcox.com
About Teez Salon and Spa, LLC
Teez Salon and Spa, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. Texas Case No. 22-41050) on
August 21, 2022. In the petition filed by Justin Lattimore,
managing member, the Debtor disclosed up to $50,000 in assets and
up to $500,000 in liabilities.
Judge Brenda T. Rhoades oversees the case.
Howard Marc Spector, Esq., at Spector & Cox, PLLC is the Debtor's
counsel.
TIMBER PHARMACEUTICALS: Says It Is In Compliance With NYSE
----------------------------------------------------------
As a result of the previously disclosed public offering, which
closed on Aug. 8, 2022, Timber Pharmaceuticals, Inc. has
stockholders' equity in excess of $4.0 million as of Sept. 2, 2022.
Accordingly, the Company believes it is in compliance with the
continued listing standards of the NYSE American LLC set forth in
Section 1003(a)(i) and Section 1003(a)(ii) of the NYSE American
Company Guide. The continued listing standards are as follows:
* Stockholders' equity of $2.0 million or more if it has
reported losses from continuing operations and/or net losses in two
of its three most recent fiscal years (Section 1003(a)(i)); and
* Stockholders' equity of $4.0 million or more if it has
reported losses from continuing operations and/or net losses in
three of its four most recent fiscal years (Section 1003(a)(ii)).
About Timber Pharmaceuticals
Timber Pharmaceuticals, Inc. f/k/a BioPharmX Corporation --
http://www.timberpharma.com-- is a biopharmaceutical company
focused on the development and commercialization of treatments for
orphan dermatologic diseases. The Company's investigational
therapies have proven mechanisms-of-action backed by decades of
clinical experience and well-established CMC (chemistry,
manufacturing and control) and safety profiles. The Company is
initially focused on developing non-systemic treatments for rare
dermatologic diseases including congenital ichthyosis (CI), facial
angiofibromas (FAs) in tuberous sclerosis complex (TSC), and
localized scleroderma.
Timber Pharmaceuticals reported a net loss of $10.64 million for
the year ended Dec. 31, 2021, compared to a net loss of $15.12
million for the year ended Dec. 31, 2020. As of June 30, 2022, the
Company had $9.91 million in total assets, $8.56 million in total
liabilities, and $1.35 million in total stockholders' equity.
Short Hills, New Jersey-based KPMG LLP, the Company's auditor since
2019, issued a "going concern" qualification in its report dated
March 31, 2022, citing that the Company has suffered recurring
losses from operations that raise substantial doubt about its
ability to continue as a going concern.
TPC GROUP: Pauses Disclosure Hearing for Settlement Negotiations
----------------------------------------------------------------
Rick Archer of Law360 reports that petrochemical maker TPC Group
told a Delaware bankruptcy judge Tuesday, Sept. 6, 2022, that it
was postponing the hearing on its Chapter 11 plan disclosure
statement for a week, in part to try to settle proposed class
action claims stemming from a 2019 plant explosion.
At a virtual hearing, counsel for TPC told U.S. Bankruptcy Judge
Craig T. Goldblatt that they had asked to push the hearing on the
disclosure statement from Tuesday to Sept. 13 at the request of
multiple parties to give more time to work out disputes with
creditors and attempt to reach a deal on the plant explosion
claims.
About TPC Group
TPC Group, headquartered in Houston, is a producer of value-added
products derived from petrochemical raw materials such as C4
hydrocarbons, and provider of critical infrastructure and logistics
services along the Gulf Coast. The Company sells its products into
a wide range of performance, specialty and intermediate markets,
including synthetic rubber, fuels, lubricant additives, plastics
and surfactants. With an operating history of more than 75 years,
TPC Group has a manufacturing facility in the industrial corridor
adjacent to the Houston Ship Channel and operates product terminals
in Port Neches, Texas and Lake Charles, Louisiana.
TPC Group Inc. and its subsidiaries sought Chapter 11 protection
(Bankr. D. Del. Lead Case No. 22-10493) on June 1, 2022. TPC Group
estimated assets and debt of $1 billion to $10 billion to $10
billion.
The Hon. Craig T. Goldblatt is the case judge.
Baker Botts L.L.P. is the Debtors' counsel; Morris, Nichols, Arshtn
& Tunnell LLP is the co-counsel; Moelis & Company LLC is the
investment banker; and FTI Consulting is the financial advisor.
Simpson Thacher & Bartlett LLP is the special finance counsel.
Kroll Restructuring Administration is the claims agent.
Eclipse Business Capital LLC is advised by Goldberg Kohn Ltd.
Paul Hastings LLP, and Stroock & Stroock & Lavan LLP are serving as
counsel to the Ad Hoc Noteholder Group that supports the Debtors'
restructuring. Evercore Group L.L.C., is the Group's financial
advisor. Young Conaway Stargatt & Taylor, LLP is local counsel to
the Ad Hoc Noteholder Group. The Supporting Noteholders are funds
controlled by FIG LLC and Fortress Capital Finance III(A) LLC,
Monarch Alternative Capital LP., PGIM Inc., Redwood Capital
Management LLC, and Strategic Value Partners LLC.
Pachulski Stang Ziehl & Jones LLP, Proskauer Rose LLP, and Selendy
Gay Elsberg PLLC are serving as counsel to an Ad Hoc Group of
Non-Consenting Noteholders, led by Bayside Capital, Inc., and
Cerberus Capital Management, L.P.  Milbank LLP previously
served as the group's counsel but was later replaced by Pachulski
and SGE.
USI INC: Moody's Raises CFR to B2 & Senior Secured Debt to B1
-------------------------------------------------------------
Moody's Investors Service has upgraded USI, Inc.'s corporate family
rating to B2 from B3 and its probability of default rating to B2-PD
from B3-PD based on the company's improving credit metrics. Moody's
also upgraded USI's senior secured credit facility ratings to B1
from B2, and its senior unsecured note rating to Caa1 from Caa2.
The rating outlook for USI is stable.
RATINGS RATIONALE
The rating upgrade reflects USI's rising EBITDA and declining
financial leverage along with Moody's expectation that the company
will maintain a debt-to-EBITDA ratio below 7x. USI has largely
completed its multiyear integration of Wells Fargo Insurance
(WFIS), a 2017 carveout acquisition that involved upfront
consideration followed by years of charges for retention
arrangements, duplicate compensation and other items. These charges
have tapered off to relatively small amounts that will end by 2023.
USI has generated ample liquidity to cover its two main WFIS cash
retention payments, one completed in the first quarter of 2022 and
one due in the first quarter of 2023.
USI ranks among the 10 largest US insurance brokers based on 2021
revenue, according to Business Insurance. It has a strong presence
in the middle market and a good balance of property and casualty
and employee benefits business. The company often sells through
teams of industry and product specialists to make its full range of
products and services available to a given client. This approach,
combined with a slowing pace of acquisitions, has helped USI
improve its organic growth and EBITDA margin in recent years.
Offsetting these strengths are USI's still significant debt burden
and its exposure to rising market interest rates. The company also
faces potential liabilities from errors and omissions in the
delivery of professional services.
USI generated organic revenue growth of nearly 10% in the first
half of 2022, with solid contributions from property and casualty
insurance and employee benefits lines. Organic growth rates for USI
and other insurance brokers will likely decline in the year ahead
based on slower US economic growth. Moody's expects that USI will
maintain a debt-to-EBITDA ratio of 6x-7x, (EBITDA - capex) interest
coverage of 2x-3x, and a free-cash-flow-to-debt ratio in the
mid-single digits. These metrics include the rating agency's
adjustments for operating leases, contingent earnout obligations,
WFIS retention obligations and run-rate EBITDA from acquisitions.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Factors that could lead to an upgrade of USI's ratings include: (i)
debt-to-EBITDA ratio below 6x, (ii) (EBITDA - capex) coverage of
interest consistently above 2.5x, and (iii) free-cash-flow-to-debt
ratio consistently above 6%.
Factors that could lead to a downgrade of the ratings include: (i)
debt-to-EBITDA ratio above 7x, (ii) (EBITDA - capex) coverage of
interest below 1.5x, or (iii) free-cash-flow-to-debt ratio below
3%.
Moody's has upgraded the following ratings:
Corporate family rating to B2 from B3;
Probability of default rating to B2-PD from B3-PD;
$400 million (undrawn as of June 30, 2022) senior secured
first-lien revolving credit facility due May 2026 to B1 (LGD3) from
B2 (LGD3);
$2,610 million ($2,487 million outstanding) senior secured
first-lien term loan due May 2024 to B1 (LGD3) from B2 (LGD3);
$694 million ($684 million outstanding) senior secured first-lien
term loan due December 2026 to B1 (LGD3) from B2 (LGD3);
$615 million senior unsecured notes due May 2025 to Caa1 (LGD6)
from Caa2 (LGD6).
The rating outlook for USI is stable.
The principal methodology used in these ratings was Insurance
Brokers and Service Companies published in June 2018.
Based in Valhalla, New York, USI offers a broad range of property
and casualty insurance and employee benefits products and services
to middle market businesses across the US. The company generated
revenue of $2.3 billion in the 12 months through June 2022.
VALRAM INT'L: SARE, Owners File for Chapter 11 Bankruptcy
---------------------------------------------------------
Valram International LLC sought bankruptcy protection in Texas.
The Debtor's owners, Enrique Valenzuela, Jr. and Marisela
Valenzuela, also sought bankruptcy protection.
The Debtor says it's a Single Asset Real Estate and its principal
asset is located at 7200 Padre Island Hwy, Brownsville, TX 7852.
According to court filings, Valram International LLC estimates
between 1 and 49 creditors. The petition states funds will be
available to unsecured creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
Oct. 12, 2022, at 10:00 AM at US Trustee Corpus Christi
Teleconference. Proofs of claim are due by Jan. 10, 2023.
About Valram International LLC
Valram International LLC is a Single Asset Real Estate (as defined
in 11 U.S.C. Sec. 101(51B))
Valram International LLC filed for chapter 11 protection (Bankr.
S.D. Tex. Case No. 22-10126) on September 5, 2022. In the petition
filed by Maricela Valenzuela, as manager, the Debtor reports
estimated assets and liabilities between $500,000 and $1 million.
Enrique Valenzuela, Jr. and Marisela Valenzuela, also filed their
own Chapter 11 petitions (Bankr. S.D. Tex. Case No. 22-bk-10127).
Valram is represented by Donald L Wyatt of Attorney Donald Wyatt
PC.
VERITAS HOLDINGS: S&P Alters Outlook to Negative, Affirms 'B-' ICR
------------------------------------------------------------------
S&P Global Ratings revised the outlook on U.S.-based enterprise
information management software provider Veritas Holdings Ltd. and
issuer subsidiary Veritas NL Intermediate Holdings B.V. to negative
from stable. S&P affirmed all ratings including its 'B-' issuer
credit rating on Veritas and its subsidiary.
The negative outlook reflects S&P's expectation for negative
adjusted FOCF of about $115 million in fiscal 2023, while the
company pursues its subscription revenue model transition in a
difficult business environment.
S&P said, "While the company will likely experience some success in
the early phase of its revenue model transition, we view the new
strategy adds business uncertainty amid a challenging macro
environment. We view favorably the company's early success in
subscription adoption among new client signings that should bode
well for Veritas' recurring revenue growth over the longer term.
However, this transition is in the early stages and we now
anticipate there to be higher execution risk and more variable or
uneven operating performance as converting existing license and
maintenance customers over time could be more difficult, especially
in a weakening macroeconomic environment. The inherent risk in such
revenue model transitions were highlighted in its first-quarter
results ended June 30, 2022. The company revised down its revenue
and cash flow expectations after experiencing slower activity and
lower-than-expected deal signings and closings. While we believe
Veritas' transition will take time, and revenue growth and FOCF
inflection are a couple years out, strong and consistent growth in
key metrics like annual recurring revenue (ARR) from subscription
and conversions will provide more clarity on future revenue,
earnings, and cash flow levels.
"Veritas' markets served are highly competitive, likely increasing
risk of a slower transition if conversions, or uptake are lower
than expected. While Veritas is a recognized industry leader
(according to Gartner and IDC Corp.) in its core on-premise
enterprise data protection and recovery software and appliance
markets, we expect the evolving competitive landscape to continue
to intensify. We believe cloud-native SaaS vendors have quickly
improved their market shares over the past couple of years given
their capabilities in cloud environments while mature legacy
providers in this area like Dell Technologies, IBM, and Veritas'
market share remained flat to declining. While Veritas' transition
may be more manageable, given its enterprise infrastructure-focused
offerings, and stickier larger enterprise customer base, we expect
the company will face strong competition for clients' new
cloud-based workloads given its historically on-premise,
mission-critical workload focus that is being challenged by the
cloud migration." The company is investing significantly over the
next year or so to position products in faster growth areas within
data backup and recovery. This strategy may reduce its operational
flexibility if the transition is delayed.
The company's investments in technology and go-to-market strategy
will exacerbate revenue and profit headwinds from the transition.
S&P said, "We expect the headwinds associated with revenue model
transitions to subscription from one-time license sales and higher
levels of investments to support future growth and cloud software
development will depress EBITDA and FOCF generation over the next
one to two years. We now expect revenue declines in the mid- to
high-single digits in fiscal 2023 ending March 31, 2023.
Additionally, the company's continued investments will lead to
lower S&P Global Ratings-adjusted EBITDA margin in the 26%-27%
(versus low-30% previously), and weaker adjusted FOCF of negative
$110 million to $115 million (equivalent to reported FOCF of about
$135 million) compared to negative $70 million to $80 million
previously, which is much weaker compared to similarly rated
credits that typically have FOCF to debt of 2%-4%. Additionally, we
expect the rising interest rate environment may add to FOCF
headwinds, given that about 60% of debt carries floating rate
interest, though the company's annual debt amortization payments
provide an offset. We expect interest cover ratios to remain in the
1.3x-1.4x range over the next 12 months. We forecast the company
will likely achieve positive FOCF to debt by the end of 2024 as we
expect consistent ARR growth approaching management's 5% sustained
growth target and renewals occur in future years, though we
acknowledge somewhat limited visibility given more volatility in
performance since launching subscription sales. We also expect
adjusted leverage to exceed 9x (versus 7.5x-7.7x range previously)
in fiscal 2023, up from about 6.6x on June 30, 2022."
Lower upfront cash collections weaken cash flow generation during
the transition, but S&P expects Veritas' liquidity position to
provide credit support over the next 12 months as the company
incurs significant free cash flow (FCF) outflows. The company has
solid liquidity with $664 million of balance sheet cash as of June
30, 2022 that will allow it to absorb cash flow headwinds over the
next 12 months. The company's $183 million revolver expires in
2025, and it may be drawn if the pro forma cash balance is below
$500 million in accordance with the credit agreement. Up to 35% of
the revolver may be drawn without triggering the springing
covenants.
The company has no near-term debt maturities in 2022 and 2023,
except about $25 million of debt amortization payments annually
over the next two years. In the long term, the company has about
$4.2 billion of debt maturities in September 2025. While the
company does not face immediate refinancing issues, S&P anticipates
that meaningfully weaker credit metrics over the next two fiscal
years compared to current levels may increase refinancing risk even
as the company's subscription revenue model transition progresses.
S&P said, "While we view liquidity to be solid over the next 12
months, the company's significant investments in technology and
go-to-market strategies to support its subscription revenue model
transition will lead to negative adjusted FOCF of about $115
million in fiscal 2023 and reduce its liquidity position. The
challenging macro and competitive business environments may
compound the inherent risks in such transitions.
"We could lower the rating if the company underperforms our base
case expectations including slower than expected progress in its
subscription strategy or greater business volatility such that FOCF
is weaker that forecast and we believe it has reduced flexibility
to withstand unforeseen operation challenges during its
transition.
"We could revise the outlook to stable if the company achieves a
track record of consistent subscription and healthy ARR growth,
while managing earnings and cash flow headwinds over the next 12
months. We would also need to believe the company's earnings and
cash flow will recover such that adjusted leverage is on a path to
below 9x and FOCF will be positive by 2024."
ESG credit indicators: E-2, S-2, G-3
VISTAGEN THERAPEUTICS: Reduces Meeting Quorum Requirement
---------------------------------------------------------
The Board of Directors of Vistagen Therapeutics, Inc. approved an
amendment to the Company's Second Amended and Restated Bylaws,
effective Aug. 30, 2022, to reduce the number of shares that are
required to be present at a meeting of the Company's stockholders
for purposes of establishing a quorum.
Prior to the Amendment, the presence, in person or by proxy duly
authorized, of the holders of not less than 50% of the outstanding
shares of stock was required to establish a quorum for the
transaction of business at a Meeting. As approved in the
Amendment, the presence, in person or by proxy duly authorized, of
the holders of not less than one-third of the outstanding shares of
stock entitled to vote will constitute a quorum for the transaction
of business at a Meeting.
The Board adopted the Amendment to be better able to obtain a
quorum and conduct business at a Meeting. The Board based its
decision on the increasing prevalence of brokerage firms opting to
forgo discretionary or proportionate voting of the shares held by
them in street name, which is making it increasingly difficult for
companies with a large retail stockholder base to obtain a quorum
of the majority. The change to the quorum requirement was made to
improve the Company's ability to hold Meetings when called.
About VistaGen
Headquartered in San Francisco, California, VistaGen Therapeutics,
Inc. -- http://www.vistagen.com-- is a biopharmaceutical company
committed to developing and commercializing innovative medicines
with the potential to go beyond the current standard of care for
anxiety, depression, and other CNS disorders.
VistaGen reported a net loss and comprehensive loss of $47.76
million for the fiscal year ended March 31, 2022, compared to a
net
loss and comprehensive loss of $17.93 million for the fiscal year
ended March 31, 2021. As of June 30, 2022, the Company had $58.73
million in total assets, $12.67 million in total liabilities, and
$46.05 million in total stockholders' equity.
San Francisco, California-based WithumSmith+Brown, PC, the
Company's auditor since 2006, issued a "going concern"
qualification in its report dated June 23, 2022, citing that the
Company has suffered negative cash flows from operations and
recurring losses from operations since inception, resulting in an
accumulated deficit of $267.6 million as of March 31, 2022, that
raise substantial doubt about its ability to continue as going
concern.
VOYAGER DIGITAL: Seeks to Hire Kirkland & Ellis as Counsel
----------------------------------------------------------
Voyager Digital Holdings, Inc. and its affiliates seek approval
from the U.S. Bankruptcy Court for the Southern District of New
York to employ Kirkland & Ellis, LLP and Kirkland & Ellis
International, LLP to handle their Chapter 11 cases.
The firms' services include:
a. advising the Debtors with respect to their powers and duties
in the continued management and operation of their businesses and
properties;
b. advising and consulting on the conduct of these cases,
including all of the legal and administrative requirements of
operating in Chapter 11;
c. attending meetings and negotiating with representatives of
creditors and other parties in interest;
d. taking all necessary actions to protect and preserve the
Debtors' estates, including prosecuting actions on the Debtors'
behalf, defending any action commenced against the Debtors, and
representing the Debtors in negotiations concerning litigation in
which the Debtors are involved, including objections to claims
filed against the Debtors' estates;
e. preparing pleadings;
f. representing the Debtors in connection with obtaining
authority to continue using cash collateral and post-petition
financing;
g. advising the Debtors in connection with any potential sale of
assets;
h. appearing before the bankruptcy court and any appellate
courts;
i. advising the Debtors regarding tax matters;
j. taking necessary actions to negotiate, prepare, and obtain
approval of a disclosure statement and confirmation of a Chapter 11
plan and all documents related thereto; and
k. performing all other necessary legal services for the Debtors
in connection with the prosecution of these Chapter 11 cases,
including: (i) analyzing the Debtors' leases and contracts and the
assumption and assignment or rejection thereof; (ii) analyzing the
validity of liens against the Debtors' assets; and (iii) advising
the Debtors on corporate and litigation matters.
The firms will be paid at these rates:
Partners $1,135 to $1,995 per hour
Of Counsels $805 to $1,845 per hour
Associates $650 to $1,245 per hour
Paraprofessionals $265 to $495 per hour
In addition, the firms will receive reimbursement for their
out-of-pocket expenses.
The Debtors paid an advance retainer of $1 million.
In accordance with Appendix B-Guidelines for Reviewing Applications
for Compensation and Reimbursement of Expenses Filed under 11
U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the
following is provided in response to the request for additional
information:
Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?
Response: No.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic location of the
bankruptcy case?
Response: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition. If your billing rates and
material financial terms have changed post-petition, explain the
difference and the reasons for the difference.
Response: The firms' current hourly rates for services rendered
on behalf of the Debtors range as follows: partners, $1,135 to
$1,995; of counsel, $805 to $1,845; associates, $650 to $1,245; and
paraprofessionals, $265 to $495.
Question: Has your client approved your prospective budget and
staffing plan, and, if so for what budget period?
Response: Yes, for the period from July 5, 2022, through
November 15, 2022.
Joshua Sussberg, Esq., president of Joshua A. Sussberg, P.C., a
partner of the Kirkland & Ellis firms, disclosed in a court filing
that the firms are "disinterested" as the term is defined in
Section 101(14) of the Bankruptcy Code.
Mr. Sussberg can be reached at:
Joshua A. Sussberg, Esq.
Joshua A. Sussberg, P.C.
Kirkland & Ellis LLP
Kirkland & Ellis International LLP
601 Lexington Avenue
New York, NY 10022
Tel: (212) 446-4800
Fax: (212) 446-4900
Email: jsussberg@kirkland.com
About Voyager Digital Holdings, Inc.
Based in Toronto, Canada, Voyager Digital Holdings Inc. --
https://www.investvoyager.com/ -- runs a cryptocurrency platform.
Voyager claims to offer a secure way to trade over 100 different
crypto assets using its easy-to-use mobile application. Through its
subsidiary Coinify ApS, Voyager provides crypto payment solutions
for both consumers and merchants around the globe.
Voyager Digital Holdings and two affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case
No. 22-10943) on July 5, 2022. In the petition filed by Stephen
Ehrlich, as chief executive officer, Voyager Digital Holdings
listed $1 billion to $10 billion in both assets and liabilities.
The Debtors tapped Kirkland & Ellis as general bankruptcy counsel;
Berkeley Research Group, LLC as financial advisor; Moelis & Company
as investment banker; and Consuelo Group as strategic financial
advisor. Stretto, Inc. is the claims agent.
WALL009 LLC: Seeks to Hire Eric A. Liepins P.C. as Counsel
----------------------------------------------------------
Wall009, LLC seeks approval from the U.S. Bankruptcy Court for the
Eastern District of Texas to employ Eric A. Liepins, P.C. to serve
as legal counsel in its Chapter 11 case.
The firm will be paid at these rates:
Attorneys $275 per hour
Paralegals $30 to $50 per hour
The firm will also be reimbursed for out-of-pocket expenses
incurred.
The Debtor paid the firm a retainer of $2,500, plus filing fee.
Eric Liepins, Esq., 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:
Eric A. Liepins, Esq.
Eric A. Liepins, P.C.
12770 Coit Road, Suite 850
Dallas, TX 75251
Tel: (972) 991-5591
Fax: (972) 991-5788
Email: eric@ealpc.com
About Wall009, LLC
WALL 009, LLC, a company in Carrollton, Texas, filed its voluntary
petition for Chapter 11 protection (Bankr. E.D. Texas Case No.
22-41113) on August 31, 2022, listing as much as $1 million to $10
million in both assets and liabilities. Tim Barton as president and
managing member, signed the petition.
Eric A. Liepins, P.C. serves as the Debtor's legal counsel.
WATER WIND & SKY: MGP Says Plan Unconfirmable
---------------------------------------------
MGP Beacon Guaranty, LLC ("MGP"), a secured and unsecured creditor
of Water Wind & Sky, LLC, objects to the Debtor's Disclosure
Statement for its Plan of Reorganization.
MGB objects because (1) the Disclosure Statement contains material
but easily correctable factual misstatements and errors, (2) the
Debtors' Plan is unconfirmable on its face, and (3) the Disclosure
Statement does not contain "adequate information," as required by s
1125(b).
MGP points out that the Property lacks sufficient value to pay
MGP's claim. The Debtor's Plan proposes to pay MGP's claim, and
well as all other claims, based on its ability to enter into a
ground lease/sale transaction, or an outright liquidation of the
Property. If, after three years from the Effective Date, either of
these unlikely scenarios has not come to fruition, the Debtor will
be obligated to make a balloon payment, satisfying its debt to MGP.
For the reasons discussed herein, the Plan is a visionary scheme.
MGP further points out that the Debtor has not shown it can make
payments due under the Plan. The Debtor proposes to make monthly
payment to MGP5 once MGP's claim is allowed. Given that the
Property produces no income, and that the Debtor had less than
$6,000 in the bank at filing, the sole source of cash for the
Debtor to make such payments and pay administrative expenses are
the Loan Receivables. Per the Schedules, WWS is owed $402,255 from
Mark and Tziviah Goldberg and MBGco.Biz, LLC. "Loan Receivables"
are defined under the Plan as "[a]ny amounts paid by Mark and
Tziviah Goldberg or MBGco.Biz, LLC," with respect to the unsecured
loans owed by the same to the Debtor.
MGP notes that the Debtor has not met its burden of showing a
reasonable likelihood of success in collecting the Loan
Receivables, which are necessary to effectuate the Plan. Neither
the Disclosure Statement or Plan has any description of the loans
which WWS made to these parties. The Disclosure Statement does not
disclose the essential terms such as when payments must be made,
interest rates, and maturity dates, or whether such loans are even
documented.
MGP also asserts that it is entitled to its contractual interest.
Under the Plan, the Debtor proposes to cure the existing defaults
under the Amended Note merely by paying interest at the rate of
8.5% per annum, well below the Amended Note's non-default rate of
15%, after a lengthy period of making no payments at all. In
addition, the Plan makes no provision for curing the existing
Environmental Default, which the Debtor's expert witness opines is
not possible until the Project is constructed. The Debtor cannot
effectuate a cure of its defaults merely by proposing to pay a rate
of interest below that agreed-to in the Amended Note and by
ignoring its non-monetary default. Under applicable state law, and
under the Amended Note and Amended Deed of Trust, MGP is entitled
to receive interest at the default rate of 20% until such time as
the Property is sold.
Moreover, according to MGP, the Plan's Cramdown interest rate
violates 11 U.S.C. 1129(b)(1) and renders the Plan unconfirmable.
Even if cramdown were permitted with respect to the interest rate,
MGP is entitled to an interest rate of at least five percent over
the prime rate8 and amortization of its secured claims over not
more than fifteen years because the Debtor is a poor credit risk
and, assuming for the sake of argument that the estate is solvent,
MGP is thinly collateralized. A plan cannot be confirmed over the
objection of an impaired class of secured claims unless each
creditor in that class receives the present value of deferred cash
payments. Under the Plan, the Debtor proposes to make no payments
to MGP for an indefinite period of time, even though it the
principal and interest owed to MGP is undisputed. There is no
reason for the Debtor to make no payments, other than the fact that
it lacks the financial means to do so. Then, after MGP's claim is
allowed, the Debtor proposes to make interest-only payment for the
following year. Meanwhile, it remains in default under the Amended
Deed of Trust as it makes no provision for addressing the
contamination at the Property.
MGP asserts that the Plan does not propose to pay the present value
of MGP's secured claim in violation of 11 U.S.C. section
1129(b)(1). The Debtor's Plan does not propose to pay interest on
the amount of MGP's secured claim, rather it proposes to pay
interest on the principal balance of the claim of $2,250,000. The
amount of MGP's secured claim at confirmation could exceed $3.4
million. If this number bears out, the effective interest rate that
the Debtor proposes to pay on MGP's secured claim is 5.63%, not
8.5%. In other words, MGP would receive interest at approximately
the prime rate, with no adjustment for risk as required by Till.
MGP points out that the Plan Does not Acknowledge or Provide
Treatment for MGP's Unsecured Claims. MGP holds two unsecured
claims. First, based on its Appraisal, it holds a deficiency claim
that, at confirmation, will exceed $900,000, and it holds an
assigned claim for the Management Fees due to the Goldbergs, the
amount of which is unknown given the lack of information contained
in the Disclosure Statement.
MGP further points out that the Debtor Cannot Carry a Class of
Impaired Creditors. The Disclosure Statement identifies eleven
holders of undisputed Class 2 claims, not including those held by
MGP. These claims total $468,737.37. Without knowing the exact
amount of claim for Management Fees held by MGP, its deficiency
claim alone is enough to defeat confirmation. Simply put, if MGP
votes against the plan, the remaining claims are less than
two-thirds in amount of the total claims in the class, making
confirmation impossible.
MGP asserts that the Disclosure Statement does not provide accurate
information regarding the environmental contamination of the
Property or the necessity of remediation. Phase II report revealed
environmental contamination on the Property, stating that the
elevated concentrations of gasoline range organics and volatile
organic compounds posed a potential risk to human health. In the
Disclosure Statement, the Debtor states that "no remediation action
[is] necessary" thereby creating the false impression that the
contamination is a non-issue. Nothing could be further from the
truth. The fact that the partners were unable to obtain financing
to proceed with the Project highlights the seriousness of the
issue. At a minimum, the Disclosure Statement should contain an
accurate representation of the status of the environmental
contamination, and disclose that the Debtor was unable to obtain an
NFA letter, that the Debtor lacks funds to remediate the
contamination, and that there is "no feasible method of obtaining a
definitive [NFA] letter from Ecology prior to construction on the
Property."
According to MGP, the Disclosure Statement provides inadequate
information on the Loan Receivables. The Loan Receivables are
fundamental to the success of the Debtor's Plan. They are necessary
to cover holding costs, pay administrative expenses, and pay
interest to MGP. Despite this, the Disclosure Statement contains
virtually no information on the Loan Receivables. It does not
discuss whether they are documented, what the payment terms are,
whether interest is accruing, and whether the borrower's have
sufficient funds to pay. Ms. Goldberg's testimony at the section
341 meeting suggest that there are no payment terms or
documentation, and that the loans will be repaid by an offset
against distributions on the sale of the Property. The Disclosure
Statement provides no information from which a creditor can
evaluate whether these are real assets that can be used to fund the
Plan.
Attorneys for MGP Beacon Guaranty, LLC:
Jesus Miguel Palomares, Esq.
Zachary A. Cooper, Esq.
David C. Neu, Esq.
MILLER NASH LLP
Pier 70, 2801 Alaskan Way, Suite 300
Seattle, WA 98121
Tel: (206) 624-8300
Fax: (206) 340-9599
E-mail: jesus.palomares@millernash.com
zachary.cooper@millernash.com
david.neu@millernash.com
About Water Wind & Sky
Water Wind & Sky, LLC, a domestic limited liability company, sought
Chapter 11 bankruptcy protection (Bankr. W.D. Wash. Case No.
22-10752) on May 5, 2022. In the petition filed by Mark Goldberg,
as managing member, Water Wind & Sky estimated assets between $1
million and $10 million and estimated liabilities of $1 million and
$10 million.
The Honorable Bankruptcy Judge Timothy W. Dore oversees the case.
Armand J. Kornfeld, of Bush Kornfeld LLP, is the Debtor's counsel.
WC BRAKER: Trustee Taps Embark as 'Ordinary Course' Accountant
--------------------------------------------------------------
Dawn Ragan, the Chapter 11 trustee for WC Braker Portfolio, LLC,
seeks approval from the U.S. Bankruptcy Court for the Western
District of Texas to hire Embark Consulting LLC as her ordinary
course accountant.
Embark will perform services that are not related to the Debtor's
bankruptcy case. These include maintaining accounting records for
some of the Debtor's properties, posting receipts and
disbursements, and preparing financial statements and reports.
The hourly rates charged by the firm for its services are as
follows:
Quality Review $270
Execution Leader $380 - 595
Senior Director $325
Director $300
Senior Manager $270
Manager $245
Senior Associate $220
Associate $185
Embark has requested a $20,000 retainer.
As disclosed in court filings, Embark is a "disinterested person"
within the meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Jessica Schuemann, CPA
Embark Consulting LLC
2919 Commerce St #400
Dallas, TX 75226
Phone: (214) 225-0148
Email: j.schuemann@embarkwithus.com
About WC Braker Portfolio
WC Braker Portfolio, LLC is primarily engaged in renting and
leasing real estate properties. The Debtor filed Chapter 11
petition (Bankr. W.D. Texas Case No. 22-10293) on May 2, 2022,
listing $100 million to $500 million in assets and $50 million to
$100 million in liabilities. Judge Tony M. Davis oversees the
case.
Todd Headden, Esq., at Hayward PLLC serves as the Debtor's legal
counsel.
ATX Braker SR, LLC, as mortgage lender, is represented by Liz
Boydston, Esq., and Stephen P. McKitt, Esq., at Polsinelli PC; and
Mitchell A. Karlan, Esq., and Keith R. Martorana, Esq., at Gibson,
Dunn & Crutcher, LLP.
Dawn Ragan, the Chapter 11 trustee appointed in the Debtor's case,
is represented by Kelly Hart & Hallman, LLP.
WEINBERG CAPITAL: Taps Abbasi Law as Bankruptcy Counsel
-------------------------------------------------------
Weinberg Capital Investments LLC seeks approval from the U.S.
Bankruptcy Court for the Central District of California to hire
Abbasi Law Corporation as its legal counsel.
The firm will render these services:
a. represent the Debtor at its initial interview;
b. represent the Debtor in its meeting of creditors pursuant
to the Bankruptcy Code or any continuance thereof;
c. represent the Debtor at all hearings before the bankruptcy
court;
d. prepare legal papers;
e. advise the Debtor regarding matters of bankruptcy law,
including the Debtor's rights and remedies with respect to its
assets and claims of its creditors;
f. represent the Debtor with regard to all contested matters;
g. represent the Debtor with regard to the preparation of a
disclosure statement and the negotiation, preparation, and
implementation of a plan of reorganization;
h. analyze any secured, priority or general unsecured claims
that have been filed in the Debtor's bankruptcy case;
i. negotiate with the Debtor's secured and unsecured creditors
regarding the amount and payment of their claims;
j. object to claims as may be appropriate;
k. advise the Debtor with respect to its powers and duties in
the continued operation of its business;
l. provide counseling with respect to the general corporate,
securities, real estate, litigation, environmental, state
regulatory, and other legal matters, which may arise during the
pendency of the Debtor's Chapter 11 case; and
m. perform all other legal services for the Debtor.
Abbasi Law will be paid at these hourly rates:
Attorneys $400
Paralegals $60
Law Clerks $25
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
The firm received from the Debtor a retainer in the amount of
7,500, and $1,738 filing fee.
Matthew Abbasi, Esq., a partner at Abbasi Law, disclosed in a court
filing that the firm is a "disinterested person" within the meaning
of Section 101(14) of the Bankruptcy Code.
Abbasi Law can be reached at:
Matthew Abbasi, Esq.
Abbasi Law Corporation
6320 Canoga Ave., Suite 220
Woodland Hills, CA 91367
Tel: (310) 358-9341
Fax: (888) 709-5448
Email: matthew@malawgroup.com
About Weinberg Capital Investments
Weinberg Capital Investments LLC sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 22-14101)
on July 29, 2022. In the petition filed by Ahmad Anthony Nowald, as
manager, the Debtor listed $1 million to $10 million in both assets
and liabilities.
Matthew Abbasi, of Abbasi Law Corporation, is the Debtor's counsel.
[*] Mirlande Telfort Joins Blank Rome's Bankruptcy Practice
-----------------------------------------------------------
Blank Rome LLP on Sept. 8 disclosed that Mirlande Telfort has
joined the firm's Finance, Restructuring & Bankruptcy practice
group as a partner in the New York office. With a strong focus on
middle market financings, Ms. Telfort represents private equity
funds, banks, and other investors in complex debt financing
transactions across a wide range of industries, particularly life
sciences, healthcare, manufacturing, and consumer products. Prior
to Blank Rome, Ms. Telfort was a partner in the Banking & Finance
practice at McGuire Woods LLP.
Ms. Telfort is the latest addition to Blank Rome's national finance
team, which has within the past year added partners Cynde H. Munzer
in Chicago, David E. Kronenberg in Washington, D.C., and
Cincinnati, and Cassandra G. Mott and Sarah H. Frazier in Houston,
as well as of counsel Bradley E. Wolf in Los Angeles to the
practice.
"We are pleased to welcome Mirlande as the newest member of our
national finance team," said Grant S. Palmer, Blank Rome's Managing
Partner and CEO. "Mirlande's impressive experience across key
industries will be of great benefit to our clients. In particular,
she will bolster our healthcare finance team in New York and
nationwide, supporting the healthcare lending needs of our clients
in the industry."
At Blank Rome, Ms. Telfort will bring her significant experience in
helping clients structure and negotiate a broad array of
transactions involving secured and unsecured, bilateral and
syndicated, revolving and term credit facilities. Her lending
experience notably includes leverage financings, including
leveraged buyouts, as well as investment grade financings.
"We are very excited to have Mirlande join our national finance
team in New York," said Lawrence F. Flick II, Chair of Blank Rome's
Financial Services industry team. "Her experience representing
agents in large syndicated cash flow and asset-based credit
facilities, as well as her strong background working across many
industries, notably life sciences and healthcare, adds expanded
capabilities and depth to our group."
"Blank Rome has a stellar reputation in the middle market and
finance industry, and I am excited to be joining a leading team
with such an impressive footprint -- both in New York and
nationally," Telfort added. "I look forward to collaborating with
colleagues across the country and in different practice groups and
industry teams, knowing that I will be able provide the highest
level of service to our clients, no matter their geographic
location."
Ms. Telfort earned her J.D. from Howard University School of Law,
where she was a Merit Scholar, on the Dean's List, and a staff
member of the Howard Law Journal. She earned her B.A. from Emory
University, where she was also on the Dean's List. Mirlande is a
member of the National Association of Women Lawyers and serves as a
director on the board of the Metropolitan Black Bar Association.
About Blank Rome
Blank Rome -- http://www.blankrome.com/-- is an Am Law 100 firm
with 14 offices and more than 600 attorneys and principals who
provide comprehensive legal and advocacy services to clients
operating in the United States and around the world.
[*] Ret. Judge John Waites Receives American Inns Bankruptcy Award
------------------------------------------------------------------
Recently retired Judge John Waites has been selected to receive the
prestigious 2022 American Inns of Court Bankruptcy Inn Alliance
Distinguished Service Award, which recognizes a judge or attorney
specializing in bankruptcy law who has exhibited ongoing dedication
to the highest standards of the legal profession, the rule of law,
and personal ethics and integrity. Waites will receive the award at
the National Conference of Bankruptcy Judges, which takes place
October 18-22 in Orlando, Florida.
From 1994 until this year, Waites was a judge on the U.S.
Bankruptcy Court for the District of South Carolina. He served as
chief bankruptcy judge from 2006 to 2013. The twelfth longest
serving bankruptcy judge in the Fourth Circuit's history, Waites
presided over more than 100,000 bankruptcy cases and published more
than 1000 opinions.
At Waites's retirement ceremony, Associate Justice John Cannon Few
of the Supreme Court of South Carolina presented him with the Order
of the Palmetto on the governor's behalf, an honor that represents
the state’s highest civilian award. "It was an inspiring occasion
to hear so many of the members of the bar and his colleagues speak
of his career-long dedication to the legal system, professionalism,
and public service . . . .," writes Few, who nominated Waites for
the professionalism award. "In short, his career has been one of
dedication to service, to those appearing in his court, the lawyers
and other courts in the state, and the public in general."
Waites founded the J. Bratton Davis Bankruptcy American Inn of
Court in 2018 and served as its first counselor. He also served as
president of the National Conference of Bankruptcy Judges from 2018
to 2019 and is a fellow of the American College of Bankruptcy. In
2006, he founded the South Carolina Credit Abuse Resistance
Education (CARE) financial literacy program and received CARE's
lifetime achievement award in 2019. From 2007 to 2020, he served
as the only federal judge representative on the South Carolina
Access to Justice Commission and chaired its strategic planning
initiative.
Before becoming a judge, Waites was a partner representing both
debtors and creditors in bankruptcy cases at Nexsen, Pruet, Jacobs
& Pollard, among other positions.
Waites earned an undergraduate degree from Davidson College in 1977
and a law degree from the University of South Carolina School of
Law in 1980.
The American Inns of Court, headquartered in Alexandria, Virginia,
inspires the legal community to advance the rule of law by
achieving the highest level of professionalism through example,
education, and mentoring. The organization's membership includes
nearly 30,000 federal, state, and local judges; lawyers; law
professors; and law students in nearly 370 chapters nationwide.
More information is available at www.innsofcourt.org.
[^] 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 230.8 219.4 -1.2
7GC & CO HOLDING VIIAU US 230.8 219.4 -1.2
ACCELERATE DIAGN AXDX* MM 58.7 -62.0 37.3
AEMETIS INC DW51 GR 178.5 -122.7 -45.3
AEMETIS INC AMTX US 178.5 -122.7 -45.3
AEMETIS INC AMTXGEUR EU 178.5 -122.7 -45.3
AEMETIS INC AMTXGEUR EZ 178.5 -122.7 -45.3
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
AERIE PHARMACEUT AERIEUR EU 385.3 -141.1 191.7
AERIE PHARMACEUT 0P0 GR 385.3 -141.1 191.7
AERIE PHARMACEUT AERI US 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 0P0 GZ 385.3 -141.1 191.7
AIR CANADA AC CN 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 QT 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 ADH2 TH 30,364.0 -1,458.0 1,369.0
AIR CANADA ACDVF US 30,364.0 -1,458.0 1,369.0
AIR CANADA ADH2 GZ 30,364.0 -1,458.0 1,369.0
ALPINE SUMMIT EN ALPS/U CN 247.4 -15.8 -165.4
ALPINE SUMMIT EN ASEPF US 247.4 -15.8 -165.4
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 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 ATUSEUR EU 33,119.6 -474.6 -1,901.6
ALTICE USA INC-A ATUS* MM 33,119.6 -474.6 -1,901.6
ALTICE USA INC-A ATUS-RM RM 33,119.6 -474.6 -1,901.6
ALTIRA GP-CEDEAR MOC AR 36,746.0 -2,403.0 -4,225.0
ALTIRA GP-CEDEAR MOD AR 36,746.0 -2,403.0 -4,225.0
ALTIRA GP-CEDEAR MO AR 36,746.0 -2,403.0 -4,225.0
ALTRIA GROUP INC MO* MM 36,746.0 -2,403.0 -4,225.0
ALTRIA GROUP INC PHM7 TH 36,746.0 -2,403.0 -4,225.0
ALTRIA GROUP INC MO TE 36,746.0 -2,403.0 -4,225.0
ALTRIA GROUP INC MOEUR EU 36,746.0 -2,403.0 -4,225.0
ALTRIA GROUP INC MO US 36,746.0 -2,403.0 -4,225.0
ALTRIA GROUP INC MO SW 36,746.0 -2,403.0 -4,225.0
ALTRIA GROUP INC PHM7 GR 36,746.0 -2,403.0 -4,225.0
ALTRIA GROUP INC ALTR AV 36,746.0 -2,403.0 -4,225.0
ALTRIA GROUP INC MO CI 36,746.0 -2,403.0 -4,225.0
ALTRIA GROUP INC PHM7 GZ 36,746.0 -2,403.0 -4,225.0
ALTRIA GROUP INC 0R31 LI 36,746.0 -2,403.0 -4,225.0
ALTRIA GROUP INC MOUSD SW 36,746.0 -2,403.0 -4,225.0
ALTRIA GROUP INC MOEUR EZ 36,746.0 -2,403.0 -4,225.0
ALTRIA GROUP INC PHM7 QT 36,746.0 -2,403.0 -4,225.0
ALTRIA GROUP INC MO-RM RM 36,746.0 -2,403.0 -4,225.0
ALTRIA GROUP-BDR MOOO34 BZ 36,746.0 -2,403.0 -4,225.0
AMC ENTERTAINMEN AMC US 9,818.3 -2,326.8 -405.3
AMC ENTERTAINMEN AH9 GR 9,818.3 -2,326.8 -405.3
AMC ENTERTAINMEN AMC4EUR EU 9,818.3 -2,326.8 -405.3
AMC ENTERTAINMEN AMC* MM 9,818.3 -2,326.8 -405.3
AMC ENTERTAINMEN AH9 TH 9,818.3 -2,326.8 -405.3
AMC ENTERTAINMEN AH9 QT 9,818.3 -2,326.8 -405.3
AMC ENTERTAINMEN AH9 GZ 9,818.3 -2,326.8 -405.3
AMC ENTERTAINMEN AH9 SW 9,818.3 -2,326.8 -405.3
AMC ENTERTAINMEN AMC-RM RM 9,818.3 -2,326.8 -405.3
AMC ENTERTAINMEN A2MC34 BZ 9,818.3 -2,326.8 -405.3
AMC ENTERTAINMEN APE US 9,818.3 -2,326.8 -405.3
AMC ENTERTAINMEN AH90 GR 9,818.3 -2,326.8 -405.3
AMC ENTERTAINMEN AH90 TH 9,818.3 -2,326.8 -405.3
AMERICAN AIR-BDR AALL34 BZ 67,963.0 -8,422.0 -4,245.0
AMERICAN AIRLINE AAL* MM 67,963.0 -8,422.0 -4,245.0
AMERICAN AIRLINE A1G GR 67,963.0 -8,422.0 -4,245.0
AMERICAN AIRLINE AAL US 67,963.0 -8,422.0 -4,245.0
AMERICAN AIRLINE A1G TH 67,963.0 -8,422.0 -4,245.0
AMERICAN AIRLINE AAL11EUR EU 67,963.0 -8,422.0 -4,245.0
AMERICAN AIRLINE AAL AV 67,963.0 -8,422.0 -4,245.0
AMERICAN AIRLINE AAL TE 67,963.0 -8,422.0 -4,245.0
AMERICAN AIRLINE A1G SW 67,963.0 -8,422.0 -4,245.0
AMERICAN AIRLINE 0HE6 LI 67,963.0 -8,422.0 -4,245.0
AMERICAN AIRLINE A1G GZ 67,963.0 -8,422.0 -4,245.0
AMERICAN AIRLINE AAL11EUR EZ 67,963.0 -8,422.0 -4,245.0
AMERICAN AIRLINE A1G QT 67,963.0 -8,422.0 -4,245.0
AMERICAN AIRLINE AAL-RM RM 67,963.0 -8,422.0 -4,245.0
AMERICAN AIRLINE AAL_KZ KZ 67,963.0 -8,422.0 -4,245.0
AMERICAN RESOURC AREC US 37.7 -4.7 0.1
AMPLIFY ENERGY C AMPY US 456.5 -83.4 -78.1
AMPLIFY ENERGY C 2OQ TH 456.5 -83.4 -78.1
AMPLIFY ENERGY C MPO2EUR EU 456.5 -83.4 -78.1
AMPLIFY ENERGY C 2OQ GR 456.5 -83.4 -78.1
AMPLIFY ENERGY C 2OQ GZ 456.5 -83.4 -78.1
AMPLIFY ENERGY C 2OQ QT 456.5 -83.4 -78.1
AMYRIS INC 3A01 GR 789.4 -243.6 123.0
AMYRIS INC 3A01 TH 789.4 -243.6 123.0
AMYRIS INC AMRS US 789.4 -243.6 123.0
AMYRIS INC AMRSEUR EZ 789.4 -243.6 123.0
AMYRIS INC AMRSEUR EU 789.4 -243.6 123.0
AMYRIS INC 3A01 QT 789.4 -243.6 123.0
AMYRIS INC 3A01 GZ 789.4 -243.6 123.0
AMYRIS INC AMRS* MM 789.4 -243.6 123.0
AMYRIS INC A2MR34 BZ 789.4 -243.6 123.0
ARCH BIOPARTNERS ARCH CN 1.8 -4.0 -0.6
ARENA GROUP HOLD AREN US 186.4 -20.6 -34.2
ASCENT SOLAR TEC ASTI US 8.8 -0.3 -1.1
ASCENT SOLAR TEC A8M GR 8.8 -0.3 -1.1
ASHFORD HOSPITAL AHT US 4,030.2 -44.4 0.0
ASHFORD HOSPITAL AHD GR 4,030.2 -44.4 0.0
ASHFORD HOSPITAL AHT1EUR EU 4,030.2 -44.4 0.0
ASHFORD HOSPITAL AHD TH 4,030.2 -44.4 0.0
ATLAS TECHNICAL ATCX US 523.1 -138.4 80.2
AUTOZONE INC AZO US 14,520.6 -3,387.2 -1,809.4
AUTOZONE INC AZ5 GR 14,520.6 -3,387.2 -1,809.4
AUTOZONE INC AZ5 TH 14,520.6 -3,387.2 -1,809.4
AUTOZONE INC AZ5 GZ 14,520.6 -3,387.2 -1,809.4
AUTOZONE INC AZOEUR EZ 14,520.6 -3,387.2 -1,809.4
AUTOZONE INC AZO AV 14,520.6 -3,387.2 -1,809.4
AUTOZONE INC AZ5 TE 14,520.6 -3,387.2 -1,809.4
AUTOZONE INC AZO* MM 14,520.6 -3,387.2 -1,809.4
AUTOZONE INC AZOEUR EU 14,520.6 -3,387.2 -1,809.4
AUTOZONE INC AZ5 QT 14,520.6 -3,387.2 -1,809.4
AUTOZONE INC AZO-RM RM 14,520.6 -3,387.2 -1,809.4
AUTOZONE INC-BDR AZOI34 BZ 14,520.6 -3,387.2 -1,809.4
AVID TECHNOLOGY AVID US 247.1 -136.4 -14.9
AVID TECHNOLOGY AVD GR 247.1 -136.4 -14.9
AVID TECHNOLOGY AVD TH 247.1 -136.4 -14.9
AVID TECHNOLOGY AVD GZ 247.1 -136.4 -14.9
AVIS BUD-CEDEAR CAR AR 26,095.0 -649.0 -706.0
AVIS BUDGET GROU CAR US 26,095.0 -649.0 -706.0
AVIS BUDGET GROU CUCA GR 26,095.0 -649.0 -706.0
AVIS BUDGET GROU CAR2EUR EZ 26,095.0 -649.0 -706.0
AVIS BUDGET GROU CUCA TH 26,095.0 -649.0 -706.0
AVIS BUDGET GROU CAR* MM 26,095.0 -649.0 -706.0
AVIS BUDGET GROU CAR2EUR EU 26,095.0 -649.0 -706.0
AVIS BUDGET GROU CUCA QT 26,095.0 -649.0 -706.0
AVIS BUDGET GROU CUCA GZ 26,095.0 -649.0 -706.0
BATH & BODY WORK LTD0 GR 4,901.0 -2,662.0 496.0
BATH & BODY WORK BBWI US 4,901.0 -2,662.0 496.0
BATH & BODY WORK LTD0 TH 4,901.0 -2,662.0 496.0
BATH & BODY WORK LBEUR EZ 4,901.0 -2,662.0 496.0
BATH & BODY WORK BBWI AV 4,901.0 -2,662.0 496.0
BATH & BODY WORK BBWI* MM 4,901.0 -2,662.0 496.0
BATH & BODY WORK LTD0 QT 4,901.0 -2,662.0 496.0
BATH & BODY WORK LBEUR EU 4,901.0 -2,662.0 496.0
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BELLRING BRANDS D51 TH 715.1 -389.6 246.1
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BENEFITFOCUS INC BNFTEUR EU 245.0 -20.6 38.8
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CINEPLEX INC CX0 GR 2,036.3 -256.3 -380.8
CINEPLEX INC CPXGF US 2,036.3 -256.3 -380.8
CINEPLEX INC CGX CN 2,036.3 -256.3 -380.8
CINEPLEX INC CX0 TH 2,036.3 -256.3 -380.8
CINEPLEX INC CGXEUR EU 2,036.3 -256.3 -380.8
CINEPLEX INC CGXN MM 2,036.3 -256.3 -380.8
CINEPLEX INC CX0 GZ 2,036.3 -256.3 -380.8
COGENT COMMUNICA OGM1 GR 1,014.6 -440.2 340.6
COGENT COMMUNICA CCOI US 1,014.6 -440.2 340.6
COGENT COMMUNICA CCOIEUR EU 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 151.9 -335.1 51.4
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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
CTI BIOPHARMA CO CEPS GR 134.5 -5.3 77.6
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CTI BIOPHARMA CO CEPS QT 134.5 -5.3 77.6
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DOLLARAMA INC DOL CN 4,400.8 -122.9 -298.2
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DOMO INC- CL B 1ON TH 224.0 -140.9 -75.2
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GOGO INC GOGO US 723.6 -145.6 208.3
GOGO INC G0G TH 723.6 -145.6 208.3
GOGO INC G0G GR 723.6 -145.6 208.3
GOGO INC GOGOEUR EU 723.6 -145.6 208.3
GOGO INC GOGOEUR EZ 723.6 -145.6 208.3
GOGO INC G0G QT 723.6 -145.6 208.3
GOGO INC G0G GZ 723.6 -145.6 208.3
GOOSEHEAD INSU-A GSHD US 291.3 -58.7 24.9
GOOSEHEAD INSU-A 2OX GR 291.3 -58.7 24.9
GOOSEHEAD INSU-A GSHDEUR EU 291.3 -58.7 24.9
GOOSEHEAD INSU-A 2OX TH 291.3 -58.7 24.9
GOOSEHEAD INSU-A 2OX QT 291.3 -58.7 24.9
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GOSSAMER BIO INC GOSS US 245.8 -16.5 188.3
GOSSAMER BIO INC 4GB GR 245.8 -16.5 188.3
GOSSAMER BIO INC 4GB GZ 245.8 -16.5 188.3
GOSSAMER BIO INC GOSSEUR EU 245.8 -16.5 188.3
GOSSAMER BIO INC 4GB TH 245.8 -16.5 188.3
GOSSAMER BIO INC 4GB QT 245.8 -16.5 188.3
GROVE COLLABORAT GROV US 230.0 -8.5 94.9
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HCM ACQUISITI-A HCMA US 295.2 276.9 1.0
HCM ACQUISITION HCMAU US 295.2 276.9 1.0
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HILLEVAX INC HLVX US 341.2 303.2 307.0
HILTON WORLD-BDR H1LT34 BZ 15,382.0 -789.0 -355.0
HILTON WORLDWIDE HI91 TH 15,382.0 -789.0 -355.0
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HORIZON ACQUIS-A HZON US 525.7 -19.0 -2.4
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HP COMPANY-BDR HPQB34 BZ 39,247.0 -2,318.0 -3,813.0
HP INC HPQ TE 39,247.0 -2,318.0 -3,813.0
HP INC 7HP TH 39,247.0 -2,318.0 -3,813.0
HP INC 7HP GR 39,247.0 -2,318.0 -3,813.0
HP INC HPQ US 39,247.0 -2,318.0 -3,813.0
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HP INC HPQ CI 39,247.0 -2,318.0 -3,813.0
HP INC HPQEUR EU 39,247.0 -2,318.0 -3,813.0
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IMMUNITYBIO INC NK1EUR EU 317.7 -422.0 -261.1
IMMUNITYBIO INC 26CA GZ 317.7 -422.0 -261.1
IMMUNITYBIO INC NK1EUR EZ 317.7 -422.0 -261.1
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IMMUNITYBIO INC IBRX US 317.7 -422.0 -261.1
IMMUNITYBIO INC 26CA GR 317.7 -422.0 -261.1
IMMUNITYBIO INC 26CA QT 317.7 -422.0 -261.1
IMPINJ INC PI US 304.4 -11.3 213.7
IMPINJ INC 27J TH 304.4 -11.3 213.7
IMPINJ INC 27J GZ 304.4 -11.3 213.7
IMPINJ INC 27J QT 304.4 -11.3 213.7
IMPINJ INC 27J GR 304.4 -11.3 213.7
IMPINJ INC PIEUR EU 304.4 -11.3 213.7
IMPINJ INC PIEUR EZ 304.4 -11.3 213.7
INHIBRX INC INBX US 193.2 -4.9 157.4
INHIBRX INC 1RK GR 193.2 -4.9 157.4
INHIBRX INC 1RK TH 193.2 -4.9 157.4
INHIBRX INC INBXEUR EU 193.2 -4.9 157.4
INHIBRX INC 1RK QT 193.2 -4.9 157.4
INHIBRX INC INBXEUR EZ 193.2 -4.9 157.4
INSEEGO CORP INSG-RM RM 191.3 -43.7 34.3
INSPIRED ENTERTA 4U8 GR 300.3 -57.1 48.8
INSPIRED ENTERTA INSEEUR EU 300.3 -57.1 48.8
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INTERCEPT PHARMA I4P TH 498.6 -369.8 335.6
INTERCEPT PHARMA ICPT US 498.6 -369.8 335.6
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INTERCEPT PHARMA ICPT* MM 498.6 -369.8 335.6
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J. JILL INC JILL US 460.3 -11.8 22.8
J. JILL INC 1MJ1 GR 460.3 -11.8 22.8
J. JILL INC JILLEUR EU 460.3 -11.8 22.8
J. JILL INC 1MJ1 GZ 460.3 -11.8 22.8
JACK IN THE BOX JACK US 2,863.8 -767.9 -262.9
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JACK IN THE BOX JACK1EUR EU 2,863.8 -767.9 -262.9
KARYOPHARM THERA 25K GR 256.5 -116.3 179.9
KARYOPHARM THERA 25K TH 256.5 -116.3 179.9
KARYOPHARM THERA KPTI US 256.5 -116.3 179.9
KARYOPHARM THERA 25K QT 256.5 -116.3 179.9
KARYOPHARM THERA 25K GZ 256.5 -116.3 179.9
KARYOPHARM THERA KPTIEUR EU 256.5 -116.3 179.9
KENSINGTON CAPIT KCAC/U US 0.1 -0.0 -0.0
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KWIKCLICK INC KWIK US 5.2 -0.1 -0.3
L BRANDS INC-BDR B1BW34 BZ 4,901.0 -2,662.0 496.0
LATAMGROWTH SPAC LATGU US 134.5 128.0 1.5
LATAMGROWTH SPAC LATG US 134.5 128.0 1.5
LENNOX INTL INC LXI GR 2,659.0 -401.3 661.4
LENNOX INTL INC LII US 2,659.0 -401.3 661.4
LENNOX INTL INC LII* MM 2,659.0 -401.3 661.4
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LESLIE'S INC LESL US 1,117.0 -258.8 199.4
LESLIE'S INC LE3 GR 1,117.0 -258.8 199.4
LESLIE'S INC LESLEUR EU 1,117.0 -258.8 199.4
LESLIE'S INC LE3 TH 1,117.0 -258.8 199.4
LESLIE'S INC LE3 QT 1,117.0 -258.8 199.4
LINDBLAD EXPEDIT LI4 GR 849.3 -51.2 -123.9
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LOWE'S COS INC LOW US 46,725.0 -8,442.0 2,301.0
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LOWE'S COS-BDR LOWC34 BZ 46,725.0 -8,442.0 2,301.0
MADISON SQUARE G MSG1EUR EU 1,302.0 -145.4 -233.0
MADISON SQUARE G MS8 GR 1,302.0 -145.4 -233.0
MADISON SQUARE G MSGS US 1,302.0 -145.4 -233.0
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MANNKIND CORP NNFN TH 285.8 -247.1 133.9
MANNKIND CORP MNKD US 285.8 -247.1 133.9
MANNKIND CORP NNFN GR 285.8 -247.1 133.9
MANNKIND CORP MNKDEUR EZ 285.8 -247.1 133.9
MANNKIND CORP NNFN QT 285.8 -247.1 133.9
MANNKIND CORP MNKDEUR EU 285.8 -247.1 133.9
MANNKIND CORP NNFN GZ 285.8 -247.1 133.9
MARKETWISE INC MKTW* MM 426.6 -359.6 -124.1
MARTIN MIDSTREAM MMLP US 636.2 -30.9 89.6
MASCO CORP MSQ TH 5,467.0 -541.0 892.0
MASCO CORP MAS* MM 5,467.0 -541.0 892.0
MASCO CORP MAS US 5,467.0 -541.0 892.0
MASCO CORP MSQ GR 5,467.0 -541.0 892.0
MASCO CORP MSQ GZ 5,467.0 -541.0 892.0
MASCO CORP MAS1EUR EZ 5,467.0 -541.0 892.0
MASCO CORP MSQ QT 5,467.0 -541.0 892.0
MASCO CORP MAS1EUR EU 5,467.0 -541.0 892.0
MASCO CORP MAS-RM RM 5,467.0 -541.0 892.0
MASCO CORP-BDR M1AS34 BZ 5,467.0 -541.0 892.0
MASON INDUS-CL A MIT US 501.4 -20.7 0.1
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MATCH GROUP -BDR M1TC34 BZ 4,193.8 -452.1 177.1
MATCH GROUP INC MTCH US 4,193.8 -452.1 177.1
MATCH GROUP INC 4MGN TH 4,193.8 -452.1 177.1
MATCH GROUP INC MTCH1* MM 4,193.8 -452.1 177.1
MATCH GROUP INC 4MGN GR 4,193.8 -452.1 177.1
MATCH GROUP INC 4MGN QT 4,193.8 -452.1 177.1
MATCH GROUP INC 4MGN SW 4,193.8 -452.1 177.1
MATCH GROUP INC MTC2 AV 4,193.8 -452.1 177.1
MATCH GROUP INC 0JZ7 LI 4,193.8 -452.1 177.1
MATCH GROUP INC 4MGN GZ 4,193.8 -452.1 177.1
MATCH GROUP INC MTCH-RM RM 4,193.8 -452.1 177.1
MBIA INC MBI US 4,067.0 -735.0 0.0
MBIA INC MBJ GR 4,067.0 -735.0 0.0
MBIA INC MBI1EUR EU 4,067.0 -735.0 0.0
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MCDONALD'S - CDR MCDS CN 49,247.8 -6,369.8 1,439.2
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MCDONALDS - BDR MCDC34 BZ 49,247.8 -6,369.8 1,439.2
MCDONALDS CORP MDO TH 49,247.8 -6,369.8 1,439.2
MCDONALDS CORP MCD SW 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* MM 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 TE 49,247.8 -6,369.8 1,439.2
MCDONALDS CORP MCD CI 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 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 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-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 TH 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 GZ 62,295.0 -1,472.0 -1,818.0
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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
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MEDIAALPHA INC-A MAX US 285.9 -59.5 25.0
MICROSTRATEG-BDR M2ST34 BZ 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
MICROSTRATEGY MIGA TH 2,568.4 -187.1 -54.4
MICROSTRATEGY MIGA QT 2,568.4 -187.1 -54.4
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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
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
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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 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 MTLA GR 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
MOTOROLA SOLUTIO MSI-RM RM 11,672.0 -430.0 610.0
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 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-BDR M1SC34 BZ 4,833.4 -1,026.4 368.8
N/A TCDAEUR EU 114.3 -111.2 82.3
N/A CTIC1EUR EU 134.5 -5.3 77.6
N/A CC-RM RM 2,884.1 -229.0 259.8
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
NORTONLIFEL- BDR S1YM34 BZ 6,247.0 -299.0 -995.0
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NORTONLIFELOCK I SYM TH 6,247.0 -299.0 -995.0
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NORTONLIFELOCK I SYM GZ 6,247.0 -299.0 -995.0
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NOVAVAX INC NVV1 TH 2,623.0 -417.0 -20.2
NOVAVAX INC NVAX* MM 2,623.0 -417.0 -20.2
NOVAVAX INC NVV1 SW 2,623.0 -417.0 -20.2
NOVAVAX INC NVV1 GZ 2,623.0 -417.0 -20.2
NOVAVAX INC NVV1 GR 2,623.0 -417.0 -20.2
NOVAVAX INC NVAX US 2,623.0 -417.0 -20.2
NOVAVAX INC NVV1 QT 2,623.0 -417.0 -20.2
NOVAVAX INC NVAXEUR EU 2,623.0 -417.0 -20.2
NOVAVAX INC 0A3S LI 2,623.0 -417.0 -20.2
NUTANIX INC - A 0NU SW 2,365.7 -790.2 507.8
NUTANIX INC - A 0NU GZ 2,365.7 -790.2 507.8
NUTANIX INC - A 0NU GR 2,365.7 -790.2 507.8
NUTANIX INC - A NTNXEUR EU 2,365.7 -790.2 507.8
NUTANIX INC - A 0NU TH 2,365.7 -790.2 507.8
NUTANIX INC - A 0NU QT 2,365.7 -790.2 507.8
NUTANIX INC - A NTNXEUR EZ 2,365.7 -790.2 507.8
NUTANIX INC - A NTNX US 2,365.7 -790.2 507.8
NUTANIX INC - A NTNX-RM RM 2,365.7 -790.2 507.8
NUTANIX INC-BDR N2TN34 BZ 2,365.7 -790.2 507.8
O'REILLY AUT-BDR ORLY34 BZ 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
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OAK STREET HEALT OSH US 2,063.2 -101.9 507.9
OAK STREET HEALT HE6 GZ 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 GR 2,063.2 -101.9 507.9
OAK STREET HEALT HE6 QT 2,063.2 -101.9 507.9
OMEROS CORP OMER US 345.6 -32.7 154.2
OMEROS CORP 3O8 GR 345.6 -32.7 154.2
OMEROS CORP 3O8 QT 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 GZ 345.6 -32.7 154.2
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
OPTINOSE INC 0OP GZ 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 ORCL US 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 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 ORCL CI 109,297.0 -5,768.0 12,122.0
ORACLE CORP ORC GZ 109,297.0 -5,768.0 12,122.0
ORACLE CORP 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
ORACLE CORP ORCLCL CI 109,297.0 -5,768.0 12,122.0
ORACLE CORP ORCL-RM RM 109,297.0 -5,768.0 12,122.0
ORGANON & CO OGN US 10,614.0 -1,137.0 1,378.0
ORGANON & CO OGN-WEUR EU 10,614.0 -1,137.0 1,378.0
ORGANON & CO 7XP TH 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 GR 10,614.0 -1,137.0 1,378.0
ORGANON & CO 7XP GZ 10,614.0 -1,137.0 1,378.0
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OTIS WORLDWI 4PG GR 9,913.0 -4,752.0 -188.0
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OTIS WORLDWI OTISEUR EZ 9,913.0 -4,752.0 -188.0
OTIS WORLDWI OTISEUR EU 9,913.0 -4,752.0 -188.0
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OTIS WORLDWI-BDR O1TI34 BZ 9,913.0 -4,752.0 -188.0
PANAMERA HOLDING PHCI US 0.0 -0.0 -0.0
PAPA JOHN'S INTL PZZA US 836.3 -232.6 -10.7
PAPA JOHN'S INTL PP1 GR 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
PAPA JOHN'S INTL PP1 TH 836.3 -232.6 -10.7
PAPA JOHN'S INTL PP1 QT 836.3 -232.6 -10.7
PAPAYA GROWTH -A PPYA US 295.2 279.9 1.4
PAPAYA GROWTH OP PPYAU US 295.2 279.9 1.4
PAPAYA GROWTH OP CC40 GR 295.2 279.9 1.4
PAPAYA GROWTH OP PPYAUEUR EU 295.2 279.9 1.4
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 US 40,960.0 -7,260.0 -2,171.0
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PHILIP MORRIS IN PM1CHF EU 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 4I1 TH 40,960.0 -7,260.0 -2,171.0
PHILIP MORRIS IN PM1EUR EU 40,960.0 -7,260.0 -2,171.0
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PHILIP MORRIS IN PMOR AV 40,960.0 -7,260.0 -2,171.0
PHILIP MORRIS IN PMIZ IX 40,960.0 -7,260.0 -2,171.0
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PHILIP MORRIS IN 0M8V LN 40,960.0 -7,260.0 -2,171.0
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PHILIP MORRIS IN 4I1 QT 40,960.0 -7,260.0 -2,171.0
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PLANET FITNESS I P2LN34 BZ 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 3PL GZ 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 325.2 -12.3 -0.1
PRIME IMPACT ACQ PIAI/U US 325.2 -12.3 -0.1
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 BH3 GR 1,804.1 -182.2 127.3
PTC THERAPEUTICS P91 TH 1,804.1 -182.2 127.3
PTC THERAPEUTICS P91 QT 1,804.1 -182.2 127.3
RAPID7 INC RPDEUR EU 1,285.5 -148.2 -53.7
RAPID7 INC R7D TH 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 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
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 TH 561.9 -2.6 183.7
REVANCE THERAPEU RTI GZ 561.9 -2.6 183.7
REVANCE THERAPEU RVNCEUR EZ 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
REVLON INC-A RVL1 GR 2,503.7 -2,348.2 220.4
REVLON INC-A REV US 2,503.7 -2,348.2 220.4
REVLON INC-A RVL1 TH 2,503.7 -2,348.2 220.4
REVLON INC-A REVEUR EU 2,503.7 -2,348.2 220.4
REVLON INC-A REV* MM 2,503.7 -2,348.2 220.4
RIMINI STREET IN RMNI US 386.2 -76.5 -49.8
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
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
RITE AID CORP RTA1 GZ 8,549.8 -8.4 741.2
ROSE HILL ACQU-A ROSE US 147.5 -10.0 0.5
ROSE HILL ACQUIS ROSEU US 147.5 -10.0 0.5
SABRE CORP SABR US 5,176.7 -606.6 840.9
SABRE CORP 19S GR 5,176.7 -606.6 840.9
SABRE CORP 19S TH 5,176.7 -606.6 840.9
SABRE CORP SABREUR EU 5,176.7 -606.6 840.9
SABRE CORP 19S QT 5,176.7 -606.6 840.9
SABRE CORP SABREUR EZ 5,176.7 -606.6 840.9
SABRE CORP 19S GZ 5,176.7 -606.6 840.9
SBA COMM CORP SBAC US 10,011.9 -5,398.7 -823.3
SBA COMM CORP 4SB GR 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 GZ 10,011.9 -5,398.7 -823.3
SBA COMM CORP SBAC* MM 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
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
SEAWORLD ENTERTA W2L GZ 2,396.6 -401.5 -168.3
SHELL MIDSTREAM SHLX US 2,231.0 -441.0 62.0
SHUTTLE PHARMACE SHPH US 0.2 -2.3 -2.4
SILVER SPIKE-A SPKC/U CN 128.3 -6.7 0.6
SIRIUS XM HO-BDR SRXM34 BZ 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 SIRI US 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 29.4 15.4 21.8
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
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
SMILEDIRECTCLUB SDC* MM 700.6 -258.5 237.4
SPLUNK INC SPLK US 5,209.6 -684.0 1,097.4
SPLUNK INC S0U GR 5,209.6 -684.0 1,097.4
SPLUNK INC S0U TH 5,209.6 -684.0 1,097.4
SPLUNK INC S0U GZ 5,209.6 -684.0 1,097.4
SPLUNK INC SPLK* MM 5,209.6 -684.0 1,097.4
SPLUNK INC SPLKEUR EZ 5,209.6 -684.0 1,097.4
SPLUNK INC SPLKEUR EU 5,209.6 -684.0 1,097.4
SPLUNK INC S0U QT 5,209.6 -684.0 1,097.4
SPLUNK INC SPLK-RM RM 5,209.6 -684.0 1,097.4
SPLUNK INC - BDR S1PL34 BZ 5,209.6 -684.0 1,097.4
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 GR 994.3 -42.1 -74.5
SQUARESPACE IN-A SQSPEUR EU 994.3 -42.1 -74.5
SQUARESPACE IN-A 8DT GZ 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 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 SBUX CI 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 SBUXUSD SW 28,156.2 -8,658.9 -1,334.9
STARBUCKS CORP SRB GZ 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 PE 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 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 SRBD BQ 28,156.2 -8,658.9 -1,334.9
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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
TELA BIO INC TELA US 51.3 -1.5 33.7
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
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
TERRAN ORBITAL C LLAP US 165.3 -52.5 28.2
TORRID HOLDINGS CURV US 556.6 -238.7 -56.4
TRANSDIGM - BDR T1DG34 BZ 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
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TRANSDIGM GROUP T7D TH 18,819.0 -2,968.0 4,964.0
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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
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TRAVEL + LEISURE WD5A GR 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
TRAVEL + LEISURE WD5A GZ 6,477.0 -846.0 521.0
TRAVEL + LEISURE TNL* MM 6,477.0 -846.0 521.0
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
TRICIDA INC 1T7 GZ 114.3 -111.2 82.3
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
TRIUMPH GROUP TG7 GZ 1,667.5 -805.3 341.5
UBIQUITI INC UI US 844.7 -382.9 310.6
UBIQUITI INC 3UB GR 844.7 -382.9 310.6
UBIQUITI INC UBNTEUR EU 844.7 -382.9 310.6
UBIQUITI INC 3UB TH 844.7 -382.9 310.6
UNISYS CORP USY1 TH 2,154.4 -98.5 308.3
UNISYS CORP USY1 GR 2,154.4 -98.5 308.3
UNISYS CORP UIS SW 2,154.4 -98.5 308.3
UNISYS CORP UIS US 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 TH 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 GZ 4,955.2 -2,075.2 0.0
UROGEN PHARMA LT UR8 GR 146.1 -40.9 121.6
UROGEN PHARMA LT URGNEUR EU 146.1 -40.9 121.6
UROGEN PHARMA LT URGN US 146.1 -40.9 121.6
USD PARTNERS LP USDP US 233.8 -30.7 0.9
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
VECTOR GROUP LTD VGR GZ 994.6 -830.9 296.9
VERISIGN INC VRS TH 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 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
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VERISIGN INC VRS QT 1,762.5 -1,455.0 -5.0
VERISIGN INC VRSN-RM RM 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 VVNT US 2,908.3 -1,715.6 -482.5
W&T OFFSHORE INC WTI US 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
W&T OFFSHORE INC UWV GZ 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 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
WAYFAIR INC- A WEUR EU 4,098.0 -2,145.0 242.0
WEBER INC - A WEBR US 1,721.7 -243.0 228.7
WEWORK INC-CL A WE US 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 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 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 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
WINGSTOP INC EWG GZ 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 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
WW INTERNATIONAL WW-RM RM 1,390.6 -456.1 57.2
WYNN RESORTS LTD WYR TH 11,788.5 -1,374.3 753.9
WYNN RESORTS LTD WYNN US 11,788.5 -1,374.3 753.9
WYNN RESORTS LTD WYNN* MM 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 LTD WYNN-RM RM 11,788.5 -1,374.3 753.9
WYNN RESORTS-BDR W1YN34 BZ 11,788.5 -1,374.3 753.9
YELLOW CORP YEL GR 2,503.9 -324.1 255.7
YELLOW CORP YELL US 2,503.9 -324.1 255.7
YELLOW CORP YEL1 TH 2,503.9 -324.1 255.7
YELLOW CORP YRCWEUR EZ 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 YEL GZ 2,503.9 -324.1 255.7
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 YUM US 5,790.0 -8,568.0 246.0
YUM! BRANDS INC TGR GZ 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
YUM! BRANDS INC YUM-RM RM 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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $975 for 6 months delivered via
e-mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each. For subscription information, contact Peter A.
Chapman at 215-945-7000.
*** End of Transmission ***