/raid1/www/Hosts/bankrupt/TCR_Public/221115.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, November 15, 2022, Vol. 26, No. 318
Headlines
1325 ATLANTIC: Gets More Time to File Bankruptcy Plan
1541 WILCOX: Wilcox Property Up for Sale on December 21
1600 HICKS ROAD: Case Summary & Two Unsecured Creditors
270 BERGER: Amends US Band & Real Time Secured Claims Pay
ACPRODUCTS HOLDINGS: Moody's Lowers CFR to Caa1, Outlook Negative
ACTIVA RESOURCES: Amends Unsecured & Several Secured Claims Pay
ADVANCED REIMBURSEMENT: Amends Unsecured Claims Pay Details
ADVANTAGE MANAGEMENT: Unsecureds to be Paid in Full in Plan
AIR METHODS: US$1.25B Bank Debt Trades at 37% Discount
ALACRITY HOLDINGS 6: Gets More Time to File Bankruptcy Plan
ALFRED MILLER: Case Summary & 20 Largest Unsecured Creditors
AMC ENTERTAINMENT: US$2.00B Bank Debt Trades at 39% Discount
ANCHOR GLASS: US$150M Bank Debt Trades at 73% Discount
ANWORTH MORTGAGE: Egan-Jones Withdraws 'C' Commercial Paper Ratings
APHEX BIOCLEANSE: Trustee Gets OK to Hire McHale P.A. as Accountant
ARCTIC GLACIER: Announces Final Distribution, CSE Delisting
ARMATA PHARMACEUTICALS: Reports $8.6M Net Loss for Third Quarter
ASA ROOFING: Case Summary & 19 Unsecured Creditors
ASA ROOFING: Seeks Access to Cash Collateral
ASP BLADE HOLDINGS: US$850M Bank Debt Trades at 18% Discount
ASP LS ACQUISITION: US$1.38B Bank Debt Trades at 19% Discount
ASURION LLC: US$2.68B Bank Debt Trades at 25% Discount
ATLAS PURCHASER: US$250M Bank Debt Trades at 28% Discount
AUDACY CAPITAL: US$770M Bank Debt Trades at 26% Discount
AVEANNA HEALTHCARE: US$860M Bank Debt Trades at 19% Discount
AVINGER INC: Posts $5.2 Million Net Loss in Third Quarter
BAY CIRCLE: Move to Sanction Mr. Thakkar for Intervening, Denied
BERGIO INTERNATIONAL: Posts $855K Net Loss in Third Quarter
BERNICE ROSENBLUM: 6 Manhattan Properties for Auction in December
BIONIK LABORATORIES: Posts $1.1 Million Net Loss in Second Quarter
BRIGGS & STRATTON: Egan-Jones Withdraws D Commercial Paper Rating
BROADBRIDGE LA: $325M Sale to Capri Investor to Fund Plan
BROWNIE'S MARINE: Incurs $284K Net Loss in Third Quarter
BRUMMETT ENTERPRISES: Business Income to Fund Plan Payments
BVI MEDICAL: EUR537M Bank Debt Trades at 16% Discount
BVI MEDICAL: EUR70M Bank Debt Trades at 16% Discount
C & M ELECTRICAL: Taps Atlas Real Estate Advisors as Broker
CAREERBUILDER LLC: US$350M Bank Debt Trades at 33% Discount
CASA SYSTEMS: US$300M Bank Debt Trades at 17% Discount
CASTLE US HOLDING: US$1.20B Bank Debt Trades at 30% Discount
CBL & ASSOCIATES: US$884M Bank Debt Trades at 18% Discount
CFN ENTERPRISES: Incurs $1.1 Million Net Loss in Third Quarter
CHECKOUT HOLDING: US$150M Bank Debt Trades at 73% Discount
CIMPRESS USA: US$795M Bank Debt Trades at 16% Discount
CINEMA SQUARE: Wins Cash Collateral Access Thru Jan. 24
CINEWORLD GROUP: Committee Taps FTI as Financial Advisor
CINEWORLD GROUP: Committee Taps Perella as Investment Banker
CINEWORLD GROUP: Committee Taps Weil Gotshal & Manges as Co-Counsel
CITY BREWING: US$850M Bank Debt Trades at 31% Discount
CLEARPOINT NEURO: Incurs $3.8 Million Net Loss in Third Quarter
CLOUDERA INC: US$500M Bank Debt Trades at 16% Discount
COMPUTE NORTH: Paid Execs $3 Million the Day It Declared Bankruptcy
CONTINENTAL COUNTRY: Taps Sell & Associates Inc. as Consultant
CONVERGEONE HOLDINGS: US$275M Bank Debt Trades at 48% Discount
CONVERGEONE: US$1.11B Bank Debt Trades at 34% Discount
CORELOGIC INC: US$3.75B Bank Debt Trades at 26% Discount
CORELOGIC INC: US$750M Bank Debt Trades at 39% Discount
CPC ACQUISITION: US$1.03B Bank Debt Trades at 20% Discount
CROWN FINANCE: US$3.33B Bank Debt Trades at 68% Discount
CUREPOINT LLC: Trustee Taps Eversheds Sutherland as Counsel
CYPRESS HILLS: Unsecured Creditors Will Get 2% of Claims in Plan
DAWN ACQUISITIONS: US$550M Bank Debt Trades at 28% Discount
DEBOER AGRICULTURAL: Seeks Approval to Hire Real Estate Brokers
DGS REALTY LLC: Taps Everingham & Kerr as Business Broker
EGYPTIAN GENERAL: US$578M Bank Debt Trades at 16% Discount
ELEVATE TEXTILES: US$585M Bank Debt Trades at 30% Discount
ENDO INTL: Claimants' Request to Tap Akin Gump Draws Objection
ENERGY ENTERPRISES: Jan. 23, 2023 Plan Confirmation Hearing Set
ENOVIS CORP: Egan-Jones Withdraws 'BB' Sr. Unsec. Debt Rating
EPIC CRUDE: US$1B Bank Debt Trades at 17% Discount
EQUINOX HOLDINGS: US$150M Bank Debt Trades at 27% Discount
EVOKE PHARMA: Incurs $2 Million Net Loss in Third Quarter
EXACTECH INC: US$235M Bank Debt Trades at 20% Discount
FAIRMONT ORTHOPEDIC: Unsecureds to Split $300K over 5 Years
FAST RADIUS: Bankruptcy Court Approves First-Day Motions
FTX TRADING: AZA Finance Entities Not Affected by FTX Bankruptcy
FTX TRADING: Bankruptcy No Impact on BitNile Business
FTX TRADING: Bitvo Not Yet Sold, Still Independent From FTX
FTX TRADING: DWF Labs Unaffected by Chapter 11 Bankruptcy Filing
FTX TRADING: Immutable Holdings Says No Exposure to FTX
FTX TRADING: NFT Tech Says No Exposure to Deposits or Investment
FTX TRADING: Silvergate Capital Says Exposure Limited to Deposits
GB SCIENCES: Incurs $313K Net Loss in Second Quarter
GENAPSYS INC: $42M Sale to Sequencing Health to Fund Plan
GENESISCARE USA: EUR500M Bank Debt Trades at 64% Discount
GIBSON BRANDS INC: US$300M Bank Debt Trades at 20% Discount
GLOBAL FOOD: EUR245M Bank Debt Trades at 22% Discount
GLOBAL TELLINK: US$475M Bank Debt Trades at 18% Discount
GOPHER RESOURCE: US$510M Bank Debt Trades at 32% Discount
GRAVITY HOLDINGS: Gets OK to Hire Thomas Willson as Attorney
GREAT PANTHER: BC Court Grants CCAA Stay Extension
HOME STRATEGY: Hearing on Exclusivity Bid Set for Dec. 9
HORIZON GLOBAL: Posts $25.7 Million Net Loss in Third Quarter
HOSPITALITY WOODWORKS: Files Amendment to Disclosure Statement
IAA INC: S&P Places 'BB-' ICR on Watch Pos. on Ritchie Bros Deal
IAMGOLD CORP: Fitch Assigns LongTerm IDR at 'B-', Outlook Stable
INFOGROUP INC: US$250M Bank Debt Trades at 17% Discount
INNOVATIVE GLOBAL: Business Revenue to Fund Plan Payments
INTEGRATED MARKETING: Taps Law Office of Gina R. Klump as Counsel
INTERNAP CORP: US$225M Bank Debt Trades at 46% Discount
IVANTI SOFTWARE: US$1.75B Bank Debt Trades at 25% Discount
IVANTI SOFTWARE: US$545M Bank Debt Trades at 38% Discount
J. BOWERS CONSTRUCTION: Taps Stark & Knoll as Special Counsel
JEFFERIES GROUP: Egan-Jones Withdraws BB+ Unsec. Debt Ratings
JUST ENERGY: Court OKs Reverse Vesting Order, CCAA Stay Extension
KURNCZ FARMS: Creditor PNL Devine Files Liquidating Plan
LAKEPORT CF: Unsecured Creditors Unimpaired in Plan
LM ENDEAVOR: Unsecureds Will Get $1,250 per Month for 84 Months
LUCKY BUCKS: US$555M Bank Debt Trades at 38% Discount
MAGENTA BUYER: US$750M Bank Debt Trades at 15% Discount
MARKAM TRANSPORT: Case Summary & 20 Largest Unsecured Creditors
MED PARENTCO: US$970M Bank Debt Trades at 16% Discount
MICHAELS STORES/OLD: Egan-Jones Withdraws B Commercial Paper Rating
MICHAELS STORES: Egan-Jones Withdraws 'B' Commercial Paper Rating
MISTER ROBERTS: Wins Cash Collateral Access Thru Dec. 16
MLN US HOLDCO: US$1.12B Bank Debt Trades at 65% Discount
MONTROSE MULTIFAMILY: Wins Cash Collateral Access Thru Nov 30
MORAN FOODS: US$140M Bank Debt Trades at 18% Discount
NATIONAL MENTOR: US$165M Bank Debt Trades at 29% Discount
NEW AMI I: US$550M Bank Debt Trades at 17% Discount
NEW TROJAN PARENT: US$605M Bank Debt Trades at 25% Discount
OC 10753 SUBWAY: Amends Unsecured Claims Pay Details
OSCEOLA FENCE: Amends Plan to Include Buzzella World Claims Pay
PAI HOLDCO: US$200M Bank Debt Trades at 15% Discount
PALMETTO SCHOLARS ACADEMY: S&P Places BB+ Bond Rating on Watch Neg
PAVERS INC: Creditors to Get Proceeds From Liquidation
PECF USS III: Moody's Lowers CFR to Caa1, Outlook Stable
PECF USS: US$2B Bank Debt Trades at 22% Discount
PEOPLE SPEAK: Dec. 20 Plan Confirmation Hearing Set
PETTERS COMPANY: BMO Harris to Appeal Verdict in Trustee Suit
PLAYPOWER INC: US$400M Bank Debt Trades at 17% Discount
POWER STOP: US$395M Bank Debt Trades at 24% Discount
PRETIUM PKG: US$350M Bank Debt Trades at 19% Discount
PURE GOLD: Court Approves SISP Order Under CCAA Proceedings
QUANTUM DEVP: Cantina Owner Faces Possible Ch.7 as Reorg. Falters
QUEST SOFTWARE: US$2.81B Bank Debt Trades at 26% Discount
REDSTONE HOLDCO: US$1.11B Bank Debt Trades at 31% Discount
REVLON INC: Exclusivity Period Extended to Jan. 19
RISING TIDE: US$400M Bank Debt Trades at 17% Discount
RITE AID: Fitch Lowers LongTerm IDR to 'C', Outlook Negative
RIVERBED TECHNOLOGY: US$900M Bank Debt Trades at 60% Discount
RUTLAND HOLDINGS: Taps Law Offices of Craig M. Geno as Counsel
S&B REALTY: December 22 Public Auction for Supor Properties Set
SAN LUIS & RIO: Asset Sale Proceeds to Fund Trustee's Plan
SCREENVISION LLC: US$175M Bank Debt Trades at 17% Discount
SEMILEDS CORP: Incurs $2.7 Million Net Loss in Fiscal Year End 2022
SENTIENT BUILDINGS: Case Summary & 17 Unsecured Creditors
SIGNAL PARENT: US$550M Bank Debt Trades at 30% Discount
SPIRIT AIRLINES: Fitch Lowers LongTerm IDR to 'B+', Outlook Stable
STIMWAVE TECHNOLOGIES: Exclusivity Period Extended to Dec. 12
STREAM TV NETWORKS: 3rd Circuit Revives Founder's Asset Claims
SUNNOVA ENERGY: Fitch Assigns 'B-' First Time IDR, Outlook Stable
TELESAT LLC: US$1.91B Bank Debt Trades at 48% Discount
TRANSMONTAIGNE PARTNERS: S&P Lowers ICR to 'B', Outlook Stable
TRIUMPH GROUP: Posts Second Quarter Net Income of $106.5 Million
U.S. STEM CELL: Reports $565K Net Loss for Third Quarter
ULIANA KOZEYCHUK: Judgment in Favor of Honetschlager Affirmed
UNITED ROAD SERVICES: US$331M Bank Debt Trades at 38% Discount
UNITED WAY OF SALEM: Amends Plan to Include Secured Claims Pay
US RADIOLOGY: Moody's Affirms B3 CFR & Alters Outlook to Negative
US RENAL CARE: US$1.6B Bank Debt Trades at 38% Discount
US TELEPACIFIC: US$655M Bank Debt Trades at 59% Discount
VECTRA CO: US$425M Bank Debt Trades at 16% Discount
VERITAS US: EUR749M Bank Debt Trades at 22% Discount
VERTEX ENERGY: Posts $22.2 Million Net Income in Third Quarter
WL HOUSTONS: Unsecureds Will Get 100% of Claims in Sale Plan
WORLD ACCEPTANCE: Moody's Alters Outlook on 'B3' CFR to Negative
WW INTERNATIONAL: US$945M Bank Debt Trades at 39% Discount
YAK ACCESS: US$180M Bank Debt Trades at 76% Discount
YOLANDA C. HOLMES: Taps Law Firm of MorrisMargulies as Counsel
ZAYO GROUP: EUR750M Bank Debt Trades at 17% Discount
ZAYO GROUP: US$4.96B Bank Debt Trades at 21% Discount
[*] Cleary Names 23 New Partners, Counsel, Senior Attorneys
[*] Greenberg Traurig's Boston Office Receives Top Rankings
[*] Sklar Kirsh Included as 2023 "Best Law Firm" by U.S. News
[^] Large Companies with Insolvent Balance Sheet
*********
1325 ATLANTIC: Gets More Time to File Bankruptcy Plan
-----------------------------------------------------
1325 Atlantic Realty, LLC received court approval to remain in
control of its bankruptcy until early next year.
Judge Nancy Hershey Lord of the U.S. Bankruptcy Court for the
Eastern District of New York extended the company's exclusive right
to file a Chapter 11 plan to Feb. 13, 2023, and solicit votes on
the plan to April 12, 2023.
1325 Atlantic Realty will use the extension to resolve two separate
lawsuits pending before the New York Supreme Court. The
pre-bankruptcy lawsuits are among the major causes of the company's
bankruptcy filing and resolution of both is critical to its ability
to successfully reorganize.
About 1325 Atlantic Realty
1325 Atlantic Realty, LLC, a company in Lakewood, N.J., filed a
petition for Chapter 11 protection (Bankr. E.D.N.Y. Case No.
22-40277) on Feb. 16, 2022, with up to $50 million in assets and up
to $10 million in liabilities. Esther Green, manager, signed the
petition.
Judge Nancy Hershey Lord oversees the case.
Klestadt Winters Jureller Southard & Stevens, LLP and Levine &
Associates, P.C. serve as the Debtor's bankruptcy counsel and
special litigation counsel, respectively.
1541 WILCOX: Wilcox Property Up for Sale on December 21
-------------------------------------------------------
In accordance with applicable provisions of the Uniform Commercial
Code as enacted in New York,, the agent under certain loan
agreement ("secured party") will offer public auction all member
and other equity interests in and to 100% of the limited liability
company interests in 1541 Wilcox Holdings LLC ("pledged
securities"), which entity, directly or indirectly owns, leases and
operates the real property located at 1541 Wilcox Avenue, Los
Angeles, California.
The public auction will be held on Dec. 21, 2022, at 11:00 a.m.
(EST), by remote auction via the Cisco WebEx Platform.
Interested parties must execute a standard confidentiality and
non-disclosure agreement ("confidentiality agreement"). To review
and execute the confidentiality agreement, visit
https://bit.ly/3NvZjMr.
For questions and inquiries, contact Melissa Gugale of Eastdil
Secured at mgugale@eastdilsecured.com or Jasmine Khaneja of Milbank
LP at jkhaneja@milbank.com
1600 HICKS ROAD: Case Summary & Two Unsecured Creditors
-------------------------------------------------------
Debtor: 1600 Hicks Road, LLC
1600 Hicks Road
Rolling Meadows, IL 60008
Business Description: 1600 Hicks is a Single Asset Real Estate (as
defined in 11 U.S.C. Section 101(51B)). The
Debtor owns in fee simple title a real
property located at 1600 Hicks Road,
Rolling Meadows, IL valued at $1.28 million.
Chapter 11 Petition Date: November 14, 2022
Court: United States Bankruptcy Court
Northern District of Illinois
Case No.: 22-13205
Judge: Hon. Deborah L. Thorne
Debtor's Counsel: David P. Lloyd, Esq.
DAVID P. LLOYD, LTD.
615B S. LaGrange Rd.
La Grange, IL 60525
Tel: 708-937-1264
Fax: 708-937-1265
Email: courtdocs@davidlloydlaw.com
Total Assets: $1,930,100
Total Liabilities: $2,700,000
The petition was signed by Anam Qadri as member.
A full-text copy of the petition containing, among other items, a
list of the Debtor's two unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/LUAZY4A/1600_Hicks_Road_LLC__ilnbke-22-13205__0001.0.pdf?mcid=tGE4TAMA
270 BERGER: Amends US Band & Real Time Secured Claims Pay
---------------------------------------------------------
270 Berger Real Estate, LLC, submitted a First Modified Disclosure
Statement describing Chapter 11 Plan dated November 7, 2022.
The Debtor is an New Jersey Limited Liability Company whose primary
asset is real property located at 308 Case Road, Lakewood, New
Jersey 08701 (the "Property").
This is a plan of reorganization that provides for payments to
secured creditors, in order of priority, up to the value of the
Debtor's sole real property asset.
Class 1 consists of the Secured Claim of US Bank Trust National
Association ("US Bank") in the amount of $258,137.42. The Debtor
proposes to cure prepetition arrears by making 60 monthly payments
on this claim in the amount of $3,522.14. This figure includes the
monthly base mortgage payment as well as the cure payment at 4%
interest pursuant to the US Bank proof of claim. The Debtor values
collateral at $325,000 as indicated in its schedules. The holder of
the Claim in this Class shall retain its prepetition lien, and all
rights of the holder of the Claim in this Class, to the extent not
inconsistent with the Plan shall remain as set forth in the
prepetition loan documents and as provided by applicable
nonbankruptcy law. In the event of default the Debtor shall market
and sell the property within 9 months.
Class 2 consists of the Secured Claim of Real Time Resolutions
("RTR") secured by second mortgage on real property owned by
Debtor. The secured claim of this creditor is subject to the first
mortgage held by US Bank and shall be bifurcated in to secured and
unsecured pursuant to 11 U.S.C. § 506(a) and (d), its lien
partially avoided, and the mortgage partially unsecured. The
secured portion of this claim is in the amount of $66,862.58 and
the Debtor proposes to make monthly payments of $1,167.31 to pay
off the balance of the secured portion of the mortgage secured,
portion of the mortgage at 4.75% interest pursuant to the RTR proof
of claim.
The balance of the claim of this creditor is $155,478.66 and is
treated as unsecured and included in Class 3. The holder of the
Claim in this Class shall retain its prepetition lien, and all
rights of the holder of the Claim in this Class, to the extent not
inconsistent with the Plan shall remain as set forth in the
prepetition loan documents and as provided by applicable
nonbankruptcy law. In the event of default the Debtor shall market
and sell the property within 9 months.
Like in the prior iteration of the Plan, General unsecured claims
in the amount of $155,478.66 shall receive nothing as the Debtor's
assets do not support payments of any kind.
The managing member of the Debtor, Joseph Plotzker, has pledged to
fund the plan through capital contributions. For the past 17 years,
Mr. Plotzker has been employed as an assistant professor teaching
higher education at the Yeshiva Ateret Torah located at 1750 East
4th Street, Brooklyn, NY 11223.
A full-text copy of the First Modified Disclosure Statement dated
November 7, 2022, is available at https://bit.ly/3g0mcuZ from
PacerMonitor.com at no charge.
Attorneys for Debtor:
Timothy P. Neumann, Esq.
Geoffrey Neumann, Esq.
BROEGE, NEUMANN, FISCHER & SHAVER, LLC
25 Abe Voorhees Drive
Manasquan, New Jersey 08736
Tel: (732) 223-8484
Email: timtothy.neumann25@gmail.com
Email: geoff.neumann@gmail.com
About 270 Berger
270 Berger Real Estate, LLC, is an New Jersey Limited Liability
Company whose primary asset is real property located at 308 Case
Road, Lakewood, New Jersey 08701.
270 Berger Real Estate filed a bankruptcy Chapter 11 petition
(Bankr. D.N.J. Case No. 22-15665) on July 17, 2022. The Debtor is
represented by Timothy P. Neumann, Esq. of BROEGE, NEUMANN, FISCHER
& SHAVER LLC.
ACPRODUCTS HOLDINGS: Moody's Lowers CFR to Caa1, Outlook Negative
-----------------------------------------------------------------
Moody's Investors Service downgraded ACProducts Holdings, Inc.'s
(Cabinetworks) Corporate Family Rating to Caa1 from B3, Probability
of Default Rating to Caa1-PD from B3-PD, senior secured first lien
term loan B to B3 from B2 and the senior unsecured rating to Caa3
from Caa2. The rating outlook remains negative.
"The downgrade reflects Moody's expectations of meaningful volume
declines in 2023 amidst weaker consumer demand for discretionary
goods, such as cabinets, which will lead to further earnings
underperformance and deterioration in credit metrics," said
Griselda Bisono, Moody's Vice President – Senior Analyst. The
company has an aggressive leverage profile, and Moody's expects
adjusted debt/EBITDA will be maintained at or above 9.0x and EBITA
interest coverage below 1.5x through 2023.
The negative outlook considers the risk that Cabinetworks' will
experience steeper EBITDA declines than expected in 2023 due to an
inability to pass on price increases to customers to help offset
material, freight and labor costs. The negative outlook also
reflects the impact of rising interest rates on the company's cash
flow, which could strain liquidity and, when coupled with already
very high leverage, elevates the risk of a debt restructuring.
Downgrades:
Issuer: ACProducts 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 Bank Credit Facility, Downgraded to B3
(LGD3) from B2 (LGD3)
Senior Unsecured Regular Bond/Debenture, Downgraded to Caa3 (LGD5)
from Caa2 (LGD5)
Outlook Actions:
Issuer: ACProducts Holdings, Inc.
Outlook, Remains Negative
RATINGS RATIONALE
The Caa1 CFR reflects Cabinetworks' high debt leverage, weakening
interest coverage and low margin profile. The rating also considers
the improving, but still high, cost of hardwood lumber, ocean
freight and labor, which will compress margins over the next year.
Furthermore, the rating reflects the highly discretionary nature of
cabinets within the spectrum of building products, which will
negatively impact earnings for Cabinetworks over the next year as
consumer demand wanes. The company's customer concentration with
big box retailers also exposes the company to corrective inventory
actions such as de-stocking. The company's performance over the
next 12 months will hinge on its ability to pass on price increases
to help offset high input costs and lower volumes. Finally,
Cabinetworks' rating takes into account the company broad product
portfolio, diverse channel distribution network and national
scale.
Cabinetworks' liquidity is expected to be adequate over the next 12
to 18 months and considers positive free cash flow of about $32
million in 2022 and $6 million 2023, which is lower than Moody's
earlier forecast in April 2022. Liquidity is supported by a $250
million asset-based revolver due 2026 that is expected to be
utilized from time to time for general corporate needs.
ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS
Moody's changed the governance risk score for Cabinetworks to G-5
(very highly negative) from G-4 (highly negative) and the credit
impact score to CIS-5 (very highly negative) from CIS-4 (highly
negative). The change in governance risk and credit impact scores
reflects very aggressive financial policies under private equity
ownership, as evidenced by very high debt leverage. The company has
a track record of operational underperformance and a lack of
meaningful management track record in achieving near-term
performance targets, which further elevates its governance risk.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if Cabinetworks consistently operates
with adjusted debt-to-EBITDA below 6.25x, adjusted
EBITA-to-interest above 1.5x and positive free cash flow. An
upgrade would also be predicated on maintenance of good liquidity.
The ratings could be downgraded if the company's adjusted
EBITA-to-interest falls below 1.0x or the company experiences
further deterioration in liquidity. Finally, a downgrade would
likely result if the likelihood of a restructuring resulting in a
reduction in recovery prospects for creditors or a default
increases.
The principal methodology used in these ratings was Manufacturing
published in September 2021.
Cabinetworks Group, headquartered in Ann Arbor, MI, is a national
manufacturer and distributor of kitchen and bathroom cabinetry. For
the 12 months ended June 30, 2022, the company generated about $2.1
billion in revenue.
ACTIVA RESOURCES: Amends Unsecured & Several Secured Claims Pay
---------------------------------------------------------------
Activa Resources, LLC, and Tiva Resources, LLC, submitted a
Disclosure Statement for Second Amended Joint Plan of
Reorganization dated November 8, 2022.
The Plan proposes to accomplish payments to holders of Allowed
Claims under the terms of the Plan by continuing the Debtors'
business operations and by investing in drilling new wells to
monetize the Debtors' oil and gas reserves, which will ultimately
improve the value of the Debtors' oil and gas assets, enterprise
value and net cash flows and allow the Debtors to refinance their
secured debt with a new lender in approximately four years.
The intent of the proposed Plan allows the Reorganized Debtors to
operate for the benefit of the holders of Allowed Claims to
accomplish the greatest possible value – full payments to holders
of Allowed Claims. However, to the extent initial drilling in new
wells is not successful or the new wells do not perform consistent
with the Debtors' projections, the Reorganized Debtors' Assets will
be sold and the proceeds of the sale will be used to satisfy the
costs of sale and then will be distributed to holders of
administrative and fee claims, if any remain unpaid by the time of
the sale, followed by Allowed Claims against the Debtors on a pro
rata basis consistent with the priority of the Allowed Claim.
Class 3 consists of the Allowed Secured Texas Capital Bank Claim.
Texas Capital Bank shall have a final, Allowed Claim of
$10,765,636.13, subject to inclusion of additional interest from
September 30, 2022 through confirmation (the "Allowed Secured Texas
Capital Bank Claim"). Texas Capital Bank's claim(s) for
post-petition attorneys' fees will be the subject of a claim or
application per 11 U.S.C. §506(b) or other applicable Bankruptcy
Code section, with all parties' rights reserved as to such claim or
application. Post-petition attorney's fees allowed by the
Bankruptcy Court shall be added to the Allowed Secured Texas
Capital Bank Claim.
The holder of the Allowed Secured Texas Capital Bank Claim shall be
paid (1) interest only for the first twelve months following the
Effective Date based on a six year amortization schedule, (2)
principal and interest during the thirteenth to forty-first months
following the Effective Date based on a six year amortization
schedule, and (3) a balloon payment during the forty eighth
forty-second month following the Effective Date. The Allowed
Secured Texas Capital Bank Claim shall accrue interest at the Prime
Rate plus 2.5% per annum from the Effective Date through the
thirty-sixth month and at the Prime Rate plus 5% per annum from the
thirty seventh month through the forty-second month following the
Effective Date. The Prime Rate shall be adjusted on the first
business day of each month.
Class 4 shall consist of the holder of the Allowed Secured Cargill
Claim. The holder of the Allowed Secured Cargill Claim shall be
paid (1) interest only for the first twelve months following the
Effective Date based on a six year amortization schedule, (2)
principal and interest during the thirteenth to forty-first months
following the Effective Date based on a six year amortization
schedule, and (3) a balloon payment during the forty-second month
following the Effective Date. The Allowed Secured Cargill Claim
shall accrue interest at the Prime Rate plus 2.5% per annum from
the Effective Date through the thirty-sixth month and at the Prime
Rate plus 5% per annum from the thirty-seventh month through the
forty-second month following the Effective Date. The Prime Rate
shall be adjusted on the first business day of each month. Each
installment shall be due on the fifth day of the month beginning in
the first full month following the Effective Date.
Class 6 shall consist of all Allowed Operator Claims. Allowed
Operator Claims shall include interest on past due amounts at the
rate set forth in the applicable Joint Operating Agreement to the
extent the holder of the Operator Claim has a valid and perfected
lien on the Debtors' Assets subject thereto. Subject to the terms
herein, each holder of an Allowed Operator Claim, in full
satisfaction, settlement and release of and in exchange for all
such Allowed Operator Claims, shall be entitled to receive (1) a
payment equal to 33% of the Allowed Operator Claim within 30 days
after such claim becomes an Allowed Operator Claim, (2) a second
payment equal to 33% of the Allowed Operator Claim within 60 days
after such claim becomes an Allowed Operator Claim, and (3) a
payment equal to 34% of the Allowed Operator Claim within 90 days
after such claim becomes an Allowed Operator Claim.
Class 7 shall consist of all Allowed General Unsecured Claims.
Class 7 is Impaired by the Plan. Each holder of an Allowed General
Unsecured Claim, in full satisfaction, settlement and release of
and in exchange for all such Allowed General Unsecured Claims,
shall be entitled to receive (1) a payment equal to 33% of the
Allowed General Unsecured Claim at the end of the tenth full month
after the Effective Date, and (2) a second payment equal to 33% of
the Allowed General Unsecured Claim at the end of the eleventh
month after the Effective Date, and (3) a payment equal to 34% of
the Allowed General Unsecured Claim at the end of the twelfth month
after the Effective Date; provided, however, that if a Sale Tigger
occurs before holders of Allowed General Unsecured Claims are paid
in full, each holder of an Allowed General Unsecured Claim shall
instead receive its pro rata share, if any, of the proceeds from
the Post-Confirmation Sale of the Reorganized Debtors' Assets.
Class 8 shall consist of all Allowed Suspense Claims. Each holder
of an Allowed Suspense Claim, in full satisfaction, settlement and
release of and in exchange for all such Allowed Suspense Claims,
shall be entitled to receive 24 equal monthly payments beginning
within 90 days after such claim becomes an Allowed Suspense Claim;
provided, however, that if a Sale Tigger occurs before holders of
Allowed Suspense Claims are paid in full, each holder of an Allowed
Suspense Claim shall instead receive its pro rata share, if any, of
the proceeds from the Post-Confirmation Sale of the Reorganized
Debtors' Assets. In no event shall a holder of an Allowed Suspense
Claim be entitled to collect any amount above the amount of such
Allowed Suspense Claim. At that time, the holder's Allowed Suspense
Claim will be fully satisfied and released.
If a Sale Trigger occurs, the Reorganized Debtors shall proceed
with the PostConfirmation Sale, which is expected to occur pursuant
to the following timeline:
* The Reorganized Debtors shall file a motion with the
Bankruptcy Court seeking approval of the Post-Confirmation Sale and
procedures related thereto pursuant to section 363 of the
Bankruptcy Code within thirty days after a Sale Trigger occurs. In
connection with such motion, the Reorganized Debtors shall provide
timely notice to Holders of Allowed Claims that have not yet been
paid in full that the Post-Confirmation Sale process has commenced.
The sale procedures proposed by the motion must contain provisions
requiring the proposed buyer(s) to apportion specific value to the
purchased assets to ensure that secured parties receive payment
from the sale of their collateral. The sale procedures shall be
subject to the approval of Texas Capital Bank in all respects,
which approval shall not be unreasonably withheld.
* The Reorganized Debtors will engage Red Oaks Energy Advisors
to assist in the sale process within thirty days after a Sale
Trigger occurs. If Red Oaks is unable or unwilling to assist with
the Post-Confirmation Sale, the Reorganized Debtors, in
consultation with Texas Capital Bank, Cargill and the New Credit
Facility Lender, will engage a comparable firm to assist with the
PostConfirmation Sale consistent with the terms and timeline.
A full-text copy of the Second Amended Joint Plan dated November 8,
2022, is available at https://bit.ly/3TDNc0W from Donlin, Recano &
Company, Inc., the claims agent.
Counsel for the Debtors:
Bernard R. Given II, Esq.
LOEB & LOEB LLP
10100 Santa Monica Blvd., Suite 2200
Los Angeles, CA 90067-4120
Telephone: (310) 282-2000
Facsimile: (310) 282-2200
E-mail: bgiven@loeb.com
- and -
Bethany D. Simmons, Esq.
345 Park Avenue
New York, NY 10154
Telephone: (212) 407-4000
Facsimile: (212) 407-4990
E-mail: bsimmosn@loeb.com
About Activa Resources and Tiva Resources
Activa Resources, LLC and Tiva Resources, LLC operate in the oil
and gas extraction industry. Both companies are based in San
Antonio, Texas.
On Feb. 3, 2022, Activa Resources and Tiva Resources sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D.
Tex. Lead Case No. 22-50117). In the petitions signed by John
Hayes, president, Activa Resources disclosed as much as $50 million
in both assets and liabilities while Tiva Resources disclosed up to
$10 million in assets and up to $50 million in liabilities.
Judge Michael M. Parker oversees the cases.
The Debtors tapped Bernard R. Given II, Esq., at Loeb and Loeb, LLP
as legal counsel, and Haynie & Company as accountant and auditor.
Donlin, Recano & Company, Inc. is the claims, noticing and
solicitation agent.
On Aug. 19, 2022, the Debtors filed their proposed joint Chapter 11
plan of reorganization and disclosure statement.
ADVANCED REIMBURSEMENT: Amends Unsecured Claims Pay Details
-----------------------------------------------------------
Advanced Reimbursement Solutions, LLC, and American Surgical
Development, LLC, submitted an Amended Disclosure Statement
describing Amended Plan of Reorganization dated November 8, 2022.
The Debtors determined that an orderly winddown and liquidation
would preserve the greatest value for Creditors due to the Creditor
Litigation and substantial loss of revenue and clientele.
Recognizing the importance of a consensual winddown and plan
confirmation, the Debtors undertook substantial efforts to resolve
their disputes with Aetna and United through these proceedings.
Fortunately, the Debtors have no secured creditors, so the Debtors
and/or the Liquidating Trustee will be able to liquidate the
Debtors' unencumbered Property for distribution to the Debtors'
Unsecured Creditors. The Debtors believe a chapter 11 winddown will
yield a substantially better return to Creditors than they would
receive in chapter 7.
Class 2 consists of two subclasses comprising all Allowed Unsecured
Claims. After payment of or reservation for Administrative Claims
and Class 1 Claims, the Liquidating Trustee shall distribute a pro
rata share of all funds to all Class 2 Claimants (inclusive of both
subclasses) in accordance with the Liquidating Trust Agreement. For
the avoidance of doubt, Classes 2.1 and 2.2 are comprised of
Allowed Unsecured Creditors of equal priority, that are separately
classified for reasons related to the type and calculation of
Allowed Claims in the TPP Class and to provide a restriction on
source of payments made on account of such Allowed Claims.
Payments shall be made in accordance with the Liquidating Trust
Agreement, and all payments shall be made no later than the fifth
year anniversary of the Effective Date, unless the Liquidating
Trustee obtains an order of this Court extending this deadline.
Class 2 Claims shall not accrue interest. No prepayment penalty
shall apply to Class 2. If a Class 2 Claim is not an Allowed Claim
prior to the Initial Payment Date, the holder of the Class 2 Claim
shall not receive payment, but the Liquidating Trustee shall
establish a Disputed Claim Reserve for the funds necessary to make
a distribution to the claimant if the Disputed Claim becomes
Allowed in full in accordance with the Plan. Class 2 is Impaired.
Class 2.1 is the TPP unsecured subclass (the "TPP Class") comprised
of (i) the Allowed Claims of Aetna and United and (ii) any other
TPPs that may timely file a proof of Claim, which Allowed Claims in
(i) and (ii) shall not be subject to set-off, recoupment, reduction
or counterclaims of any nature. TPPs that have timely filed proofs
of claims shall have an Allowed Claim equal to the amount
determined in accordance with the Formula.
The Formula and calculated Allowed Claim Amount reflect a
settlement and compromise as to such TPP's Claim against the
Debtors. Any Allowed Claim amount calculated pursuant to the
Formula shall be valid solely for purposes of this Plan and shall
not be binding, or subject to res judicata or collateral estoppel,
on any party in any other proceeding. Debtors estimate the Allowed
Claims of Aetna and United in Class 2.1 will be $29,684,502.00 and
$94,982,668.13, respectively.
Class 2.2 consists of all Allowed Unsecured Claims that are not
entitled to classification in the TPP Class or any other Class of
Claims ("Remaining Unsecured Class"). Like the TPP Class, the
Remaining Unsecured Class shall receive its pro rata share of
distributions paid to the Allowed Class 2 Claims. The Remaining
Unsecured Class includes the Claim of the Small Business
Administration ("SBA"), which is contingent due to the Debtors'
pending applications for forgiveness of the debt underpinning its
Claim.
Any and all distributions intended for the SBA's Claim shall be
held in the Disputed Claim Reserve pending complete adjudication of
the Debtors' applications for loan forgiveness. In the event the
underlying debt is forgiven, the SBA shall hold no Claim and not
receive any distribution from the Liquidating Trustee. Conversely,
if the SBA debt is not forgiven or only partially forgiven,
payments to the SBA on account of its Allowed Claim, as may be
reduced to reflect any forgiven amounts, will be remitted in
accordance with the Plan and Liquidating Trust Agreement.
For the avoidance of doubt, the TPP Class may receive a
proportionally higher percentage of distributions from Liquidating
Trust Assets other than Payor Receivables (as compared to the
Remaining Unsecured Class) if doing so is necessary to effectuate
an overall pro rata distribution across all holders of Allowed
Claims in the TPP Class and the Remaining Unsecured Class.
The Plan constitutes a motion for substantive consolidation of the
Debtors' liabilities and Property only for purposes of Plan voting
and distributions to holders of Allowed Claims. Confirmation of the
Plan shall constitute the Bankruptcy Court's order granting of that
motion. Substantive consolidation is appropriate where: (1)
creditors dealt with the entities as a single economic unit; or (2)
the affairs of the debtors are so entangled that consolidation will
benefit all creditors. Alexander v. Compton (In re Bonham), 229
F.3d 750, 766 (9th Cir. 2000).
The Plan will be funded from the Liquidating Trust Assets,
including among other things, the Debtors' cash, accounts
receivable, Causes of Action under Chapter 5 of the Bankruptcy
Code, insurance proceeds, and proceeds from the Employee Retention
Tax Credit benefit. To the extent the Debtors are entitled to a
federal or state tax refund, any amounts refunded shall also be
included in the Liquidating Trust Assets.
A full-text copy of the Amended Disclosure Statement dated November
8, 2022, is available at https://bit.ly/3X3MYU4 from
PacerMonitor.com at no charge.
Attorneys for Debtors:
Philip J. Giles, Esq.
David B. Nelson, Esq.
Allen Barnes & Jones, PLC
1850 N. Central Ave., Suite 1150
Phoenix, AZ 85004
Telephone: (602) 256-6000
Facsimile: (602) 252-4712
Email: pgiles@allenbarneslaw.com
dnelson@allenbarneslaw.com
About Advanced Reimbursement Solutions
Advanced Reimbursement Solutions, LLC, is a full cycle revenue
management enterprise specializing in out-of-network (OON) medical
services, patient advocacy, and proprietary billing software. The
company is based in Scottsdale, Ariz.
Advanced Reimbursement Solutions and its affiliate, American
Surgical Development, LLC, sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Ariz. Lead Case No. 22-06372)
on Sept. 23, 2022. In the petitions signed by their chief
restructuring officer, Bryan Perkinson, the Debtors disclosed
between $10 million and $50 million in both assets and
liabilities.
The Debtors tapped Allen Barnes & Jones, PLC as legal counsel and
Bryan Perkinson, Sonoran Capital Advisors' managing director, as
chief restructuring officer.
ADVANTAGE MANAGEMENT: Unsecureds to be Paid in Full in Plan
-----------------------------------------------------------
Advantage Management Beaver Dam, LLC, and its Debtor Affiliates
filed with the U.S. Bankruptcy Court for the Eastern District of
Wisconsin a Disclosure Statement describing Chapter 11 Plan dated
November 7, 2022.
Beaver Dam Management operates a healthcare facility located in
Beaver Dam, Wisconsin, that operates assisted living, residences
and limited medical services for elderly persons. The Debtors
operate under the trade name, "Prairie Ridge Assisted Living."
In 2020, the Covid-19 global pandemic significantly impacted the
assisted living industry including the Debtors. The second and
third waves of the pandemic exacerbated the problems. The Debtors
were unable to continue making the mortgage payments due to their
primary lender, KeyBank, N.A.
As of the Petition Date, the Debtors were two months behind in
their monthly payments to KeyBank and had requested permission from
KeyBank to use funds held in the reserve repair escrow account to
make the payment due April 1, 2022. The Debtors determined that
filing petitions under chapter 11 of the Code was their only option
that would permit them to obtain long-term relief to continue
operations. The Debtors filed their voluntary petitions to initiate
the chapter 11 Case shortly before expiration of the cure period
for making the April 1st payment.
Throughout the Case, the Debtors have continued to operate their
healthcare facilities. The Debtors reached agreement with KeyBank
on adequate protection payments for continued use of its collateral
during the course of the Cases. The reprieve from the filing has
permitted the Debtors to stay current on their obligations after
the Petition Date and stabilize operations.
Class 1A consists of the Secured Claims of KeyBank against the
Beaver Dam Debtors, and Class 1C consists of the Secured Claim of
KeyBank against the Waupun Debtors. The Debtors estimate that as of
the Confirmation Date that the Allowed Secured Claims will be
$2,164,138 and $3,217,211 against the Beaver Dam and Waupun
Debtors, respectively. The default treatment under the Plan is to
pay the Allowed Secured Claims at their present contract rates of
3.3% over their original amortization periods of 420 months. This
results in monthly installments of principal and interest of $8,671
and $12,891 for the Beaver Dam and Waupun Debtors, respectively.
Classes 2A, B, C and D consists of Allowed Unsecured Claims
excluding those of KeyBank. Allowed Unsecured Claims other than
those of KeyBank will be paid in full on the Effective Date without
interest. The Debtor estimates that the total amounts for the
Classes are as follows: 2A $16,640, 2B $747, 2C $10,300 and 2D
$1,676. Classes 2A, 2B, 2C and 2D are impaired.
Classes 3A and 3C consists of Allowed Unsecured Claims of KeyBank.
The Debtors estimate that KeyBank's Allowed Unsecured Claims
against the Beaver Dam Debtors are $2,203,136 and the Waupun
Debtors are $4,170,541. They will be paid monthly installments of
$1,500 each for 120 months. If KeyBank elects to have its Allowed
Claims treated as fully secured under § 1111(b) of the Code, there
will be no Allowed Claims in Classes 3A and 3C. Classes 3A and 3C
are impaired.
Class 4 consists of Allowed Equity Interests. The holder of Allowed
Equity Interests will retain his interest in the Debtors. He is
required to pay Administrative Expenses if they cannot be paid from
Surplus Cash. Class 4 is impaired.
The Plan primarily depends on the Debtors' business operations and
cash infusions from the holder of Allowed Equity Interests to fund
the Plan. In addition, Michael Eisenga will pay $15,000 to Beaver
Dam Holdings and $15,000 to Waupun Holdings plus any additional
amounts paid as administrative expenses during the Cases that are
not permitted by the United States Administrative Code, in 36
monthly installments with 6% interest to repay funds that were used
to pay the retainers made to the Debtors' general chapter 11
counsel, Kerkman & Dunn, and quarterly fees of the U.S. Trustee.
Revenue is generated by Beaver Dam Management and Waupun Management
contracting with residents. They in turn pay rent to Beaver Dam
Holdings and Waupun Holdings, respectively. The rental amounts are
equal to the principal and interest due KeyBank on each property
plus the amounts necessary to fund escrows held by KeyBank to cover
real estate taxes, insurance and reserves for capital expenditures.
A full-text copy of the Disclosure Statement dated November 7,
2022, is available at https://bit.ly/3O7YucY from PacerMonitor.com
at no charge.
Attorneys for the Debtors:
Jerome R. Kerkman, Esq.
Evan P. Schmit, Esq.
Kerkman & Dunn
839 N. Jefferson St., Suite 400
Milwaukee, WI 53202-3744
Telephone: (414) 277-8200
Facsimile: (414) 277-0100
Email: jkerkman@kerkmandunn.com
About Advantage Management Beaver Dam
Advantage Management Beaver Dam, LLC and affiliates, Advantage
Management Waupun, LLC, BDW Holdings Beaver Dam, LLC, and BDW
Holdings Waupun, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Wis. Lead Case No. 22-21438) on April
4, 2022. At the time of the filing, Advantage Management Beaver Dam
disclosed up to $100,000 in assets and up to $10 million in
liabilities.
Judge Beth E. Hanan oversees the cases.
Jerome R. Kerkman, Esq., at Kerkman & Dunn serves as the Debtor's
legal counsel.
AIR METHODS: US$1.25B Bank Debt Trades at 37% Discount
------------------------------------------------------
Participations in a syndicated loan under which Air Methods Corp is
a borrower were trading in the secondary market around 62.9
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$1.25 billion facility is a term loan. The loan is scheduled
to mature on April 21, 2024. About US$1.19 billion of the loan is
drawn and outstanding.
Air Methods Corporation provides ambulance services.
ALACRITY HOLDINGS 6: Gets More Time to File Bankruptcy Plan
-----------------------------------------------------------
Alacrity Holdings 6, LLC obtained a court order extending its
exclusive right to file a Chapter 11 plan to March 31, 2023, and
solicit votes on the plan to May 31, 2023.
The ruling by Judge James Sacca of the U.S. Bankruptcy Court for
the Northern District of Georgia allows the company to keep
exclusive control of its bankruptcy while it works to resolve its
disputes with a creditor.
Alacrity is currently litigating an adversary proceeding in
connection with a commercial property it owns located in Macon, Ga.
The company also filed an objection to claim of its creditor, Madan
Popli.
"Resolution of these disputes is important to [Alacrity's]
reorganization as it involves a dispute regarding the extent and
validity of the claims of one of the debtor's larger creditors and
clear title to the property," said the company's attorney, Caitlyn
Powers, Esq., at Rountree Leitman, Klein & Geer, LLC.
"As such, any plan of reorganization will be significantly impacted
by the outcome of this litigation," the attorney said.
About Alacrity Holdings 6
Alacrity Holdings 6, LLC is registered as a domestic liability
company located at 7530 Saint Marlo Country Club Parkway, Duluth,
Ga.
Alacrity Holdings 6 filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-20284) on April
5, 2022, with as much as $10 million in both assets and
liabilities. On April 12, 2022, the Debtor amended its petition to
remove its Subchapter V election. The court issued a notice that
the case would no longer proceed under Subchapter V on April 19,
2022.
Judge James R Sacca oversees the case.
Rountree Leitman, Klein & Geer, LLC and Perry A. Phillips, LLC
serve as the Debtor's bankruptcy counsel and special counsel,
respectively.
ALFRED MILLER: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Alfred Miller Contracting Company
1177 L Miller Road
Lake Charles, LA 70605
Business Description: The Debtor offers general contracting,
fireproofing, specialty precast
manufacturing, and field services.
Chapter 11 Petition Date: November 14, 2022
Court: United States Bankruptcy Court
Western District of Louisiana
Case No.: 22-20400
Judge: Hon. John W. Kolwe
Debtor's Counsel: Brooke W. Altazan, Esq.
STEWART ROBBINS BROWN & ALTAZAN, LLC
301 Main Street, Suite 1640
Post Office Box 2348
Baton Rouge, LA 70821
Tel: (225) 231-9998
Fax: (225) 709-9467
Email: baltazan@stewartrobbins.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Philip Glen Miller as president.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. Star Service Line Trade $3,470,780
Inc. of Baton Rouge
P.O. Box 65103
Baton Rouge, LA 70896
April Gremillion
Tel: 225-383-0306
Email: april@star-service.com
2. Kaough & Jones Trade $1,831,816
Electric, Inc.
328 15th Street
Lake Charles, LA 70601
Hunter Jones
Tel: 337-513-4480
Email: hunter@kje-inc.com
3. Ranger Roofing & Trade $879,147
Construction
9335B FM 1960
Dayton, TX 77535
Lisa Cunningham
Tel: 888-977-2643 x3
Email: lisa@rangerroof.com
4. Marek Trade $623,784
2115 Judiway
Houston, TX
77018-6121
Holly Kokes
Tel: 713-681-2626
Email: hollykokes@marekbros.com
5. Himmel's Architectural Trade $488,912
Door & Hardware
16491 Airline Hwy.
Prairieville, LA 70769
Leslie Harper
Tel: 281-520-4035
Email: lharper@himmels.com
6. Kilgore Mechanical Trade $431,497
10050 Houston Oaks
Houston, TX 77064
Debbie Johnson
Tel: 281-664-7306
Email: djohnson@kilgoreind.com
7. Prestige Interiors Trade $331,385
Corporation
730 Industrial Blvd.
Sugar Land, TX 77478
Veronica Gonzalez
Tel: 281-313-9292
Email: vgonzalez@raiseda
ccessfloors.com
8. Sigma Engineers Trade $162,431
4099 Calder Ave.
Beaumont, TX 77706
Belinda Falke
Tel: 409-898-1001
Email: accounting@sigmaengineers.com
9. ProservCrane Group Trade $146,996
455 Aldine Bender
Houston, TX 77060
Christy Abbott
Tel: 972-505-7521
Email: christya@proservcrane.com
10. Miller Builders Trade $146,305
12813 Webercrest Rd.
Houston, TX 77048
Hunter de Jongh
Tel: 832-226-6591
Email: Hunter@mbconcrete.com
11. Carboline Global, Inc. Trade $139,610
2150 Schuetz Rd.
Saint Louis, MO 63146
Kathi Grau
Tel: 314-685-8738
Email: Kathi.grau@carboline.com
12. Nucor Steel Trade $131,540
Jackson, Inc.
500 Rebar Rd.
Sedalia, MO 65301
Natalya Brenich
Tel: 660-951-1679
Email: natalya.brenich@nucor.com
13. LafargeHolcim (US) Trade $91,730
P.O. Box 732101
Dallas, TX
75373-2101
Chris Graham
Tel: 225-402-7550
Email: christopher.graham@holcim.com
14. Pousson's Trade $88,002
Construction Supply
3312 Hodges St.
Lake Charles, LA 70601
John Watson
Tel: 337-477-9401
Email: accounts@poussons.com
15. Ahern Rentals Trade $82,468
4925 W Cardinal Dr.
Beaumont, TX
77705-2602
Scott Helms
Tel: 337-476-2800
Email: scottdh@ahern.com
16. O'Neal Steel LLC Trade $59,010
1044 O'Neal Dr.
Breaux Bridge, LA 70517
Mary Watkins
Tel: 337-232-2612
Email: mwatkins@onealsteel.com
17. Fast Trac Trade $57,435
Transportation LLC
16220 Air Center Blvd.
Houston, TX 77032
A. Orosco
Tel: 281-869-5660
Email: aorosco@fasttractrans.com
18. Duplantis Design Group Trade $51,920
314 E. Bayou Rd.
Thibodaux, LA 70301
Fayla Ford
Tel: 985-447-0090
Email: fford@ddgpc.com
19. Dunham Price Trade $48,775
Concrete Products
P.O. Box 760
Westlake, LA
70669-0760
Deanna Stultzman
Tel: 337-433-3900
Email: dstutzman@dunhamprice.com
20. Pipeline Products Trade $46,963
Specialty Co.
3890 North Freeway,
Ste. C
Houston, TX 77022
Sandra McCarthy
Tel: 832-420-5062
Email: Sandra@PipelinePSC.com
AMC ENTERTAINMENT: US$2.00B Bank Debt Trades at 39% Discount
------------------------------------------------------------
Participations in a syndicated loan under which AMC Entertainment
Holdings Inc is a borrower were trading in the secondary market
around 61.3 cents-on-the-dollar during the week ended Fri., Nov.
11, 2022, according to Bloomberg's Evaluated Pricing service data.
The US$2.00 billion facility is a term loan. The loan is scheduled
to mature on April 22, 2026. About US$1.93 billion of the loan is
drawn and outstanding.
AMC Entertainment Holdings, Inc. is a theatrical exhibition
company.
ANCHOR GLASS: US$150M Bank Debt Trades at 73% Discount
------------------------------------------------------
Participations in a syndicated loan under which Anchor Glass
Container Corp is a borrower were trading in the secondary market
around 27.5 cents-on-the-dollar during the week ended Fri., Nov.
11, 2022, according to Bloomberg's Evaluated Pricing service data.
The US$150 million facility is a term loan. The loan is scheduled
to mature on December 7, 2024. The loan is fully drawn and
outstanding.
Anchor Glass Container Corporation manufactures containers. The
Company produces glass containers for the food, beverage, beer,
liquor, and consumer product industries.
ANWORTH MORTGAGE: Egan-Jones Withdraws 'C' Commercial Paper Ratings
-------------------------------------------------------------------
Egan-Jones Ratings Company, on October 17, 2022, withdrew the 'C'
foreign currency and local currency ratings on commercial paper
issued by Anworth Mortgage Asset Corp.
EJR withdrew the 'CCC' foreign currency and local currency senior
unsecured ratings on debt issued by the Company.
Headquartered in Santa Monica, California, Anworth Mortgage Asset
Corporation is a mortgage real estate investment trust.
APHEX BIOCLEANSE: Trustee Gets OK to Hire McHale P.A. as Accountant
-------------------------------------------------------------------
Gerard McHale, Jr., the trustee appointed in Aphex BioCleanse
Systems, Inc.'s Chapter 11 case, received approval from the U.S.
Bankruptcy Court for the Middle District of Florida to tap his own
firm, McHale, P.A., to provide accounting services in connection
with the bankruptcy case.
The firm will be paid at these rates:
Veronica Larriva, CPA, Partner $330 per hour
Kelly Klingler, CFO $280 per hour
Roy Moloney, Sr. Staff Accountant $235 per hour
Patty Molina, Staff Accountant $190 per hour
Sean McHale, IT Manager $170 per hour
Cindy Gibson, Property Manager $150 per hour
Amy Breault, Accounting Assistant $145 per hour
Marilyn McHale, Administrative Assistant $80 per hour
Mr. McHale, a partner at McHale, disclosed in a court filing that
his firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Gerard McHale, Jr.
McHale P.A.
1601 Jackson Street, Suite 200
Fort Myers, FL 33901
Phone: (239) 337-0808
Fax: (239) 337-1178
Email: info@mchalepa.com
About Aphex BioCleanse Systems
Aphex BioCleanse Systems Inc. filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
22-01917) on May 12, 2022, with $450,093 in assets and $1,213,865
in
liabilities. On Oct. 12, 2022, the court issued an order revoking
the Debtor's Subchapter V designation and directing the appointment
of a Chapter 11 trustee.
Judge James L. Garrity Jr. oversees the case.
The Debtor tapped Laurie L. Blanton, Esq., at Holland Law Group,
P.A. as bankruptcy counsel.
Gerard A. McHale, Jr., the Chapter 11 trustee appointed in the
Debtor's case, tapped Lynn Welter Sherman, Esq., at Trenam Law as
legal counsel and McHale, P.A. as accountant.
ARCTIC GLACIER: Announces Final Distribution, CSE Delisting
-----------------------------------------------------------
Arctic Glacier Income Fund (CSE:AG.UN) (the "Fund") on Nov. 7
announced the final distribution to unitholders of the Fund. The
Fund's units were also delisted from trading on the Canadian
Securities Exchange (the "CSE") effective November 7, 2022, all as
previously announced on September 30, 2022.
Final Distribution
The Fund has made its final distribution (the "Final Distribution")
of CAD$0.00549502 per unit of the Fund (each, a "Unit"),
representing an aggregate value of CAD$1,925,000 to unitholders of
record on October 14, 2022 (the "Record Date").
Only unitholders of record on the Record Date were entitled to
receive the Final Distribution. The ex-dividend date for the Final
Distribution was October 13, 2022. No future distributions will be
made after the Final Distribution, which was the final distribution
of assets of the Fund to unitholders.
The Final Distribution is made pursuant to the Plan of Compromise
or Arrangement of, inter alia, the Fund dated May 21, 2014, as
amended (the "Plan"). Pursuant to the Plan, Alvarez & Marsal Canada
Inc., the Court-appointed monitor of the Fund and its subsidiaries
(the "Monitor") transferred the aggregate value of the Final
Distribution on behalf and for the account of the Fund, to the
Fund's transfer agent (the "Transfer Agent"). Pursuant to the Plan,
the Transfer Agent shall distribute the Final Distribution to each
of the Fund's registered unitholders as soon as reasonably
practicable and in no event later than five business days following
the receipt of funds from the Monitor.
The Final Distribution will be considered a return of capital.
Unitholders should consult their own tax advisors having regard to
their particular circumstances.
The Plan can be found on the Monitor's website at
http://www.alvarezandmarsal.com/arctic-glacier-income-fund-arctic-glacier-inc-and-subsidiaries
(the "Monitor's Website").
More information about the Fund's proceedings under the Companies'
Creditors Arrangement Act ("CCAA") can be found on the Monitor's
Website.
Termination of the Fund and Related Matters
Pursuant to the Plan, the Fund and its remaining subsidiary also
intend to take all steps necessary to wind-up, liquidate,
terminate, and/or dissolve promptly after (and for greater
certainty, not prior to) the date hereof. It is anticipated that
the Fund will be terminated concurrently with the termination of
the ongoing CCAA proceedings following the expiry of any claims for
undeliverable or uncashed distributions pursuant to the Plan. It is
also anticipated that the Fund will cease to be a reporting issuer
at such time
Trading Halt and De-listing of the Units
The Fund's units were also delisted from trading on the CSE
effective November 7, 2022. Concurrent with the delisting from the
CSE, the Units were also delisted from OTC Pink Sheets.
About Arctic Glacier
Winnipeg, Canada-based Arctic Glacier Inc. (CSE:AG.UN) , et al.,
manufacture packaged ice for distribution in Canada and the United
States.
On Feb. 22, 2012 Arctic Glacier Income Fund, together with its
subsidiaries, initiated proceedings in the Manitoba Court of Queens
Bench seeking a court supervised recapitalization under the
Companies' Creditors Arrangement Act. Under the CCAA, Alvarez &
Marsal Canada Inc. was appointed by the Court as Monitor.
Concurrently, Philip J. Reynolds of Alvarez & Marsal Canada Inc.,
as monitor and foreign representative, filed Chapter 15 petitions
for Arctic Glacier, et al. (Bankr. D. Del. Lead Case No. 12-10603)
on Feb. 22, 2012. Bankruptcy Judge Kevin Gross presides over the
case. Mr. Reynolds is represented by Robert S. Brady, Esq., at
Young, Conaway, Stargatt & Taylor, LLP.
The Debtors is estimated to have assets and debts at $100 million
to $500 million.
ARMATA PHARMACEUTICALS: Reports $8.6M Net Loss for Third Quarter
----------------------------------------------------------------
Armata Pharmaceuticals, Inc. posted a net loss of $8.61 million on
$1.34 million of grant revenue for the three months ended Sept. 30,
2022, compared to a net loss of $5.42 million on $1.25 million of
grant revenue for the three months ended Sept. 30, 2021, according
to a Form 10-Q filed with the Securities and Exchange Commission.
For the nine months ended Sept. 30, 2022, the Company reported a
net loss of $26.60 million on $4.46 million of grant revenue
compared to a net loss of $17.11 million on $3.48 million of grant
revenue for the same period in 2021.
As of Sept. 30, 2022, the Company had $92.88 million in total
assets, $47.30 million in total liabilities, and $45.58 million in
total stockholders' equity.
As of Sept. 30, 2022, the Company had unrestricted cash and cash
equivalents of $25.4 million. Considering its current cash
resources, management believes the Company's existing resources
will be sufficient to fund its planned operations into the first
quarter of 2023. For the foreseeable future, the Company's ability
to continue its operations is dependent upon its ability to obtain
additional capital.
Armata said, "The Company has prepared its condensed consolidated
financial statements on a going concern basis, which assumes that
the Company will realize its assets and satisfy its liabilities in
the normal course of business. However, the Company has incurred
net losses since its inception and has negative operating cash
flows. These circumstances raise substantial doubt about the
Company's ability to continue as a going concern."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/921114/000155837022017141/armp-20220930x10q.htm
About Armata Pharmaceuticals
Marina del Rey, CA-based Armata is a clinical-stage biotechnology
company focused on the development of pathogen-specific
bacteriophage therapeutics for the treatment of
antibiotic-resistant and difficult-to-treat bacterial infections
using its proprietary bacteriophage-based technology. Armata is
developing and advancing a broad pipeline of natural and synthetic
phage candidates, including clinical candidates for Pseudomonas
aeruginosa, Staphylococcus aureus, and other pathogens. In
addition, in collaboration with Merck, known as MSD outside of the
United States and Canada, Armata is developing proprietary
synthetic phage candidates to target an undisclosed infectious
disease agent. Armata is committed to advancing phage with drug
development expertise that spans bench to clinic including in-house
phage specific GMP manufacturing.
Armata reported a net loss of $23.16 million for the year ended
Dec. 31, 2021, compared to a net loss of $22.18 million for the
year ended Dec. 31, 2020. As of June 30, 2022, the Company had
$100.98 million in total assets, $47.69 million in total
liabilities, and $53.29 million in total stockholders' equity.
San Diego, California-based Ernst & Young LLP, the Company's
auditor since 2019, issued a "going concern" qualification in its
report dated March 17, 2022, citing that the Company has suffered
recurring losses and negative cash flows from operations and has
stated that substantial doubt exists about the Company's ability to
continue as a going concern.
ASA ROOFING: Case Summary & 19 Unsecured Creditors
--------------------------------------------------
Debtor: ASA Roofing, Inc.
5706 General Washington Drive, Suite K
Alexandria, VA 22312
Business Description: The Debtor is a roofing contractor serving
commercial and residential clients in the
Alexandria, Arlington and Northern VA areas.
Chapter 11 Petition Date: November 14, 2022
Court: United States Bankruptcy Court
Eastern District of Virginia
Case No.: 22-11555
Debtor's Counsel: Richard G. Hall Esq.
RICHARD G. HALL
601 King Street
Suite 301
Alexandria, VA 22314
Tel: 703-256-7159
Email: Richard.Hall33@verizon.net
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Camila Santander as vice president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 19 unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/RLPMUBA/ASA_Roofing_Inc__vaebke-22-11555__0001.0.pdf?mcid=tGE4TAMA
ASA ROOFING: Seeks Access to Cash Collateral
--------------------------------------------
ASA Roofing, Inc., asks the U.S. Bankruptcy Court for the Eastern
District of Virginia for an order approving its use of cash
collateral.
On the petition date, the Debtor had deposits of less than $8,000
and receivables of $91,651. The Debtor needs the use of the
deposits and receivables to continue its operation, and can provide
adequate protection to the secured party for their use.
The Debtor has several creditors who may have a security interest
in its deposits and receivables. Some have perfected liens while
others do not, and each of the loans were incurred in the following
order and original amounts:
Creditor Loan Amount
-------- -----------
Small Business Administration
2 EIDL Loans $349,600
PPP loan $42,412
The Debtor is required to make monthly payment of
$1,766 for the the EIDL loans.
The Fundworks, LLC $147,370
loan @ 30% - 44% interest
Specialty Capital, LLC $95,000
loan @ 15% interest
Funding Metrics, LLC $73,000
loan @ 8.26% interest
Fundamental Capital, LLC $374,180
loan @ 24% interest
Wynwood Capital Group $17,555
loan @ 20% interest
Zahav Asset Management, LLC $17,950
loan @ 5% interest
One of the SBA loans was granted under the Paycheck Protection
Program and, since it was used to pay employees, upon information
and belief it may be forgiven under the terms of that program and
an application for forgiveness has already been submitted to the
SBA.
The Debtor submits that based on the order of filing of the UCC
Financing Statements, the SBA is in first position with a lien
covering substantially all of the Debtor's receivables and deposits
on the day of filing. The next in priority after the SBA is Funding
Metrics, with a recorded lien of $73,000.
ASA Roofing, Inc., sought filed for Chapter 11 under Subchapter V
(Bankr. E.D. Va. Case No. 22-11555) on November 14, 2022, listing
under $50,000 in assets and under $10 million in liabilities.
Richard G. Hall, Esq., in Alexandria, Virginia, serves as counsel
to the Debtor. Judge Brian F. Kenney presides over the case.
ASP BLADE HOLDINGS: US$850M Bank Debt Trades at 18% Discount
------------------------------------------------------------
Participations in a syndicated loan under which ASP Blade Holdings
Inc is a borrower were trading in the secondary market around 81.6
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$850 million facility is a term loan. The loan is scheduled
to mature on October 15, 2028. The loan is fully drawn and
outstanding.
ASP Blade Holdings, Inc. operates as Oregon Tool, Inc. and formerly
known as Blount International, Inc. Oregon Tool, Inc.,
headquartered in Portland, Oregon, is a global manufacturer and
distributor of professional-grade, consumable parts and attachments
for use in forestry, agriculture, lawn and garden and other cutting
applications. Platinum Equity, through its affiliates, is the owner
of Oregon Tool.
ASP LS ACQUISITION: US$1.38B Bank Debt Trades at 19% Discount
-------------------------------------------------------------
Participations in a syndicated loan under which ASP LS Acquisition
Corp is a borrower were trading in the secondary market around 80.9
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$1.38 billion facility is a term loan. The loan is scheduled
to mature on May 7, 2028. The loan is fully drawn and outstanding.
ASP LS Acquisition Corp. was formed to effectuate the acquisition
of LaserShip, Inc. by the private equity firm American Securities
LLC.
ASURION LLC: US$2.68B Bank Debt Trades at 25% Discount
------------------------------------------------------
Participations in a syndicated loan under which Asurion LLC is a
borrower were trading in the secondary market around 75
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$2.68 billion facility is a term loan. The loan is scheduled
to mature on January 15, 2029.
The amount is fully drawn and outstanding.
Asurion, LLC provides wireless handset insurance services. The
Company offers replacement of lost, stolen, damaged, and
malfunctioning devices, as well as roadside assistance programs,
technical support, mobile security devices, and electronics
protection.
ATLAS PURCHASER: US$250M Bank Debt Trades at 28% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Atlas Purchaser Inc
is a borrower were trading in the secondary market around 72.5
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$250 million facility is a term loan. The loan is scheduled
to mature on May 18, 2029. The loan is drawn and outstanding.
Atlas Purchaser, Inc., which does business as Alvaria, Inc,
acquired the assets of Aspect Software in a leveraged buyout in
2021. Aspect is a provider of call center software and solutions.
AUDACY CAPITAL: US$770M Bank Debt Trades at 26% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Audacy Capital Corp
is a borrower were trading in the secondary market around 74.1
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$770 million facility is a term loan. The loan is scheduled
to mature on November 17, 2024. About US$630 million of the loan
is drawn and outstanding.
Audacy Capital Corp. owns and operates radio stations.
AVEANNA HEALTHCARE: US$860M Bank Debt Trades at 19% Discount
------------------------------------------------------------
Participations in a syndicated loan under which Aveanna Healthcare
LLC is a borrower were trading in the secondary market around 81
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$860 million facility is a term loan. The loan is scheduled
to mature on July 15, 2028. About US$854 million of the loan is
drawn and outstanding.
Aveanna Healthcare LLC provides health care services. The Company
offers pediatric skilled nursing, therapy, autism, enteral
nutrition, and adult services.
AVINGER INC: Posts $5.2 Million Net Loss in Third Quarter
---------------------------------------------------------
Avinger, Inc. reported a net loss applicable to common stockholders
of $5.21 million on $2.25 million of revenues for the three months
ended Sept. 30, 2022, compared to a net loss applicable to common
stockholders of $5.95 million on $2.37 million of revenues for the
three months ended Sept. 30, 2021, as disclosed in a Form 10-Q
filed with the Securities and Exchange Commission.
For the nine months ended Sept. 30, 2022, the Company reported a
net loss applicable to common stockholders of $21.93 million on
$6.27 million of revenues compared to a net loss applicable to
common stockholders of $15.55 million on $7.73 million of revenues
for the same period in 2021.
As of Sept. 30, 2022, the Company had $27.95 million in total
assets, $23 million in total liabilities, and $4.95 million in
total stockholders' equity.
As of Sept. 30, 2022, the Company had cash and cash equivalents of
$17.3 million and an accumulated deficit of $398.2 million,
compared to cash and cash equivalents of $19.5 million and an
accumulated deficit of $384.8 million as of Dec. 31, 2021.
Avinger said, "We expect to incur losses for the foreseeable
future. We believe that our cash and cash equivalents of $17.3
million at September 30, 2022 and expected revenues, debt and
financing activities and funds from operations will be sufficient
to allow us to fund our current operations through the third
quarter of 2023.
"To date, we have financed our operations primarily through net
proceeds from the issuance of our preferred stock, common stock and
debt financings, our At The Market program, our initial public
offering, or IPO, our follow-on public offerings and warrant
issuances. We do not know when or if our operations will generate
sufficient cash to fund our ongoing operations. Additional debt
financing, if available, may involve covenants restricting our
operations or our ability to incur additional debt. Any additional
debt financing or additional equity that we raise may contain terms
that are not favorable to us or our stockholders and require
significant debt service payments, which divert resources from
other activities. Additional financing may not be available at
all, or if available, may not be in amounts or on terms acceptable
to us. If we are unable to obtain additional financing, we may be
required to delay the development, commercialization and marketing
of our products and we may be required to significantly scale back
our business and operations.
"In addition, the COVID-19 pandemic and responses thereto have
resulted in reduced consumer and investor confidence, instability
in the credit and financial markets, volatile corporate profits,
restrictions on elective medical procedures, and reduced business
and consumer spending, which could increase the cost of capital
and/or limit the availability of capital to us. While we have
taken certain actions to manage our available cash and other
resources to mitigate the effects of COVID-19 and hospital staffing
shortages, and related hospital capacity issues, on our business,
there can be no assurance that such strategies will be successful
in mitigating the negative impacts resulting from the COVID-19
pandemic on our liquidity and capital resources."
Management Commentary
"In the third quarter, we continued our progression of
quarter-over-quarter improvement in revenue and gross margin,
during what is typically a seasonally slower quarter," commented
Jeff Soinski, Avinger's president and CEO. "Our team is executing
well against our plan, delivering improvements in operational
efficiency while advancing our important product development and
clinical milestones. We are awaiting news on our pending 510(k)
application for our new Tigereye ST CTO-crossing catheter and
preparing for limited launch following FDA clearance. We are
completing development activities for Pantheris LV, our new
atherectomy system for treating large vessels, in preparation for
510(k) submission. In addition, we are very excited about the
progress we are making on the development of our first coronary
device, which we believe represents a transformational value
opportunity for Avinger.
"Our new Lightbox 3 imaging console is opening new doors for
Avinger and securing very positive feedback from a growing base of
users. Lightbox 3 has now been used in over 400 cases at more than
50 accounts since launch, including a number of new sites that are
using this highly portable system to treat their PAD patients. We
continue to see Lightbox 3 as an important driver of our growth
strategy and are excited about the quality of imaging and clinical
outcomes that physicians are delivering with this next-generation
system."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1506928/000143774922026628/avgr20220930_10q.htm
About Avinger
Headquartered in Redwood City, California, Avinger, Inc. --
http://www.avinger.com-- is a commercial-stage medical device
company that designs and develops image-guided, catheter-based
system for the diagnosis and treatment of patients with Peripheral
Artery Disease (PAD).
Avinger reported a net loss applicable to common stockholders of
$21.59 million for the year ended Dec. 31, 2021, a net loss
applicable to common stockholders of $22.87 million for the year
ended Dec. 31, 2020, a net loss applicable to common stockholders
of $23.03 million for the year ended Dec. 31, 2019, and a net loss
applicable to common stockholders of $35.69 million for the year
ended Dec. 31, 2018. As of June 30, 2022, the Company had $27.17
million in total assets, $21.85 million in total liabilities, and
$5.32 million in total stockholders' equity.
BAY CIRCLE: Move to Sanction Mr. Thakkar for Intervening, Denied
----------------------------------------------------------------
In the adversary proceeding GOOD GATEWAY, LLC and, SEG GATEWAY,
LLC, on behalf of JOHN LEWIS, CHAPTER 11 TRUSTEE FOR BAY CIRCLE
PROPERTIES, LLC, Plaintiff, v. NRCT, LLC, Defendant, Adv. Proc. No.
19-5284 (N.D. Ga.), the U.S. Bankruptcy Court for the Northern
District of Georgia denies Plaintiff's Motion for Sanctions against
Chittranjan Thakkar.
The Motion seeks sanctions against Mr. Thakkar for violating
Bankruptcy Rule 9011 and 28 U.S.C. section 1927 by filing a Notice
of Appearance; Motion to Intervene; Motion to Reconsider Order
Denying Motion to Intervene; Motion to Extend the Deposition
Deadline; serving deposition notices and by sending other
deposition notices in the adversary proceeding and in litigation
pending in Florida; and by interjecting during the depositions of
Paul Dopp and Jessica Talley-Peterson — all of which, the
Plaintiff contends are frivolous and without merit.
The Court rules that the Motion is improper because Mr. Thakkar is
not a party to this adversary proceeding and cannot be sanctioned
under Bankruptcy Rule 9011.
In addition, the Court does not find the Motion appropriate because
the behavior complained of has already been addressed — Mr.
Thakkar filed a Notice of Appearance on Feb. 7, 2022, which the
Court struck on Feb. 15; Mr. Thakkar filed two Motions for
Extension of Deposition Deadline on Feb. 14, which the Court
promptly denied on Feb. 15; Mr. Thakkar then filed a Motion to
Intervene on Feb. 24, which the Court denied on March 17; and the
Court also denied the Motion for Reconsideration that Mr. Thakkar
filed on April 4. In each instance, the Court promptly addressed
Mr. Thakkar's filings before the safe harbor period expired.
Upon review of the Motion, the Court also finds that the Motion is
procedurally improper because it was not properly served on Mr.
Thakkar — the Motion did not include a certificate that the
Motion was properly served as provided in Bankruptcy Rule 7004 on
the person from whom sanctions are sought. Compliance with the
service requirement is mandatory and, in this case, the Motion was
not properly served on Mr. Thakkar before it was filed.
The Plaintiff also contends that Mr. Thakkar should be sanctioned
for filing deposition notices in litigation pending in Florida
regarding an entity not a party to this adversary proceeding. Under
Bankruptcy Rule 9011, the Court cannot sanction conduct that
occurred in other state and federal courts. The Court's authority
to award costs, expenses, and attorney's fees under 28 U.S.C.
Section 1927 is likewise limited to the proceedings in the case
before it and does not extend to conduct in other cases.
Accordingly, the Court cannot sanction any of the conduct of which
Plaintiff complains that occurred in Florida state and federal
courts.
Thakkar previously sought to intervene in the adversary proceeding
to participate in the proceeding and the trial on the complaint,
which the Court denied. Mr. Thakkar now seeks to intervene in
response to a specific motion directed at him personally. The Court
declines to exercise its discretion to allow permissive
intervention here. The Court says that "allowing Mr. Thakkar to
pursue sanctions directly against Mr. Townsend will only increase
the rancor and litigation between the parties without accomplishing
the goal of sanctions — to limit abusive litigation." Instead,
the Court has entered its own order directing Mr. Townsend to show
cause as to why he should not be sanctioned under Bankruptcy Rule
9011 and/or 28 U.S.C. Section 1927 and other applicable law for
filing the Motion.
A full-text copy of the Order dated Nov. 7, 2022, is available at
https://tinyurl.com/4ybv2y4y from Leagle.com.
About Bay Circle Properties, et al.
Bay Circle Properties, LLC, DCT Systems Group, LLC, Sugarloaf
Centre, LLC, Nilhan Developers, LLC, and NRCT, LLC, owned 16
different real properties including significant undeveloped
acreage. The properties included office and warehouse buildings,
retail shopping centers and free-standing single tenant buildings.
Bay Circle Properties, et al., filed Chapter 11 bankruptcy
petitions (Bankr. N.D. Ga. Case Nos. 15-58440 to 15-58444) on May
4, 2015. The Chapter 11 cases were jointly administered. In the
petition signed by Chuck Thakkar, manager, Bay Circle estimated $1
million to $10 million in assets and liabilities.
The Debtors tapped John A. Christy, Esq., J. Carole Thompson
Hord,Esq., and Jonathan A. Akins, Esq., at Schreeder, Wheeler &
Flint, LLP, as bankruptcy attorneys. The Debtors engaged RG Real
Estate, Inc., as real estate broker.
Ronald L. Glass was appointed as Chapter 11 trustee for the
Debtors. The trustee tapped Morris, Manning & Martin, LLP as his
bankruptcy counsel; GlassRatner Advisory & Capital Group, LLC as
his financial advisor; and Nelson Mullins Riley & Scarborough LLP
as special counsel.
On April 8, 2020, the Chapter 11 Trustee filed a motion to convert
the Bay Circle case to one under Chapter 7 (Case No. 15-58440). The
motion was granted, and the case converted to Chapter 7 on May 5,
2020). John Lewis, Jr. was thereafter appointed as Chapter 7
Trustee.
BERGIO INTERNATIONAL: Posts $855K Net Loss in Third Quarter
-----------------------------------------------------------
Bergio International, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $855,155 on $1.32 million of total net revenues for the three
months ended Sept. 30, 2022, compared to a net loss of $1.45
million on $2.17 million of total net revenues for the three months
ended Sept. 30, 2021.
For the nine months ended Sept. 30, 2022, the Company reported a
net loss of $3.12 million on $5.87 million of total net revenues
compared to a net loss of $3.84 million on $5.46 million of total
net revenues for the nine months ended Sept. 30, 2021.
As of Sept. 30, 2022, the Company had $9.42 million in total
assets, $4.50 million in total liabilities, and $4.92 million in
total stockholders' equity.
Bergio stated, "The Company has suffered recurring losses and has
an accumulated deficit of $18,182,991 as of September 30, 2022. As
of September 30, 2022, the Company has principal amounts of
convertible notes of $54,250, notes payable (current and long-term
portion) of $1,016,403 and loans payable of $1,230,392. These
factors raise substantial doubt about the Company's ability to
continue as a going concern. The recoverability of a major portion
of the recorded asset amounts shown in the accompanying unaudited
condensed consolidated balance sheet is dependent upon continued
operations of the Company, which in turn, is dependent upon the
Company's ability to raise capital and/or generate positive cash
flows from operations."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1431074/000139390522000444/brgo-20220930.htm
About Bergio International
Based in Fairfield, New Jersey, Bergio International, Inc. --
www.bergio.com -- designs, manufactures, and retails, jewelry
products.
Bergio reported a net loss of $3.56 million in 2021, a net loss of
$148,050 in 2020, and a net loss of $3.03 million in 2019. As of
June 30, 2022, the Company had $9.92 million in total assets, $4.41
million in total liabilities, and $5.51 million in total
stockholders' equity.
Lakewood, CO-based BF Borgers CPA PC, the Company's auditor since
2019, issued a "going concern" qualification in its report dated
March 29, 2022, citing that the Company's significant operating
losses raise substantial doubt about its ability to continue as a
going concern.
BERNICE ROSENBLUM: 6 Manhattan Properties for Auction in December
-----------------------------------------------------------------
Pursuant to the interlocutory order and judgment of the Hon.
Melissa A. Crane, J.S.C. entered on July 8, 2022 in the Supreme
Court, State of New York, Country of New York, the undersigned
referee will set at public auction on Dec. 6, and Dec. 7, 2022, in
the lobby/rotunda of the New York County Supreme Courthouse, 60
Centre Street, New York, New York or such other place in said
Courthouse as may be posted on the date of sale, six parcels:
Parcel 1: 117 Waverly Place: In the Borough of Manhattan City,
County, and State of New York, Block 553, Lot 38. Time of sale:
9:30 a.m., Dec. 6, 2022.
Parcel 2: 99 Perry Street: In the Borough of Manhattan City,
County, and State of New York, Block 622, Lot 27. Time of sale:
12:30 p.m., Dec. 6, 2022.
Parcel 3: 42-44 Bank Street: In the Borough of Manhattan City,
County, and State of New York, Block 614, Lot 10. Time of sale:
2:30 p.m., Dec. 6, 2022.
Parcel 4: 71 Thompson Street: In the Borough of Manhattan City,
County, and State of New York, Block 489, Lot 31. Time of Sale:
9:30 a.m., Dec. 7, 2022.
Parcel 5: 25 Thompson Street: In the Borough of Manhattan City,
County, and State of New York, Block 476, Lot 42. Time of Sale:
12:30 p.m., Dec. 7, 2022.
Parcel 6: 98-100 Thompson Street: In the Borough of Manhattan City,
County, and State of New York, Block 502, Lot 6. Time of sale:
2:30 p.m., Dec. 7, 2022.
Kenneth Rosenblum, Plaintiff v. Craig Treitler and Steven
Rosenblum, preliminary executors for the Estate of Bernice
Rosenblum, defendants.
As a precondition to bidding at the auction, prospective bidders
must deliver to the auctioneer, prior to the auction, a qualifying
deposit of $75,000 in the form of an unconditional bank or
certified check, wire transfer, or irrevocable letter of credit
payable to the referee; at the conclusion of the auction, the
qualifying deposit will be returned all unsuccessful bidders.
Bidders may wire the qualifying deposit to the referee's trust
account. Account information may be obtained by contacting the
auctioneer, Matthew D. Mannion, of Mannion Auctions LLC, at
212-267-6698 or mdmannion@ipandr.com.
The sale price for each parcel will be payable 10% (inclusive of
the qualifying deposit) at the time of the auction and the balance
at closing of title, which will be scheduled to occur by the later
of 10 days after the entry of the Court's order confirming the sale
or the 90th day from the date of the auction.
The purchaser will pay the charge for stamps upon the deed, any
charge or tax for recording the said deed, and the reasonable
charge of the referee for drawing the deed.
Interested bidders must review the interlocutory order and judgment
and terms of sale for a complete statement of the terms and
conditions governing the sale.
For information, contact Jonathan Hageman at (518) 469-2521.
BIONIK LABORATORIES: Posts $1.1 Million Net Loss in Second Quarter
------------------------------------------------------------------
Bionik Laboratories Corp. reported a net loss of $1.13 million on
$486,205 of net revenues for the three months ended Sept. 30, 2022,
compared to a net loss of $1.27 million on $227,905 of net revenues
for the three months ended Sept. 30, 2021, based on a Form 10-Q
filed with the Securities and Exchange Commission.
For the six months ended Sept. 30, 2022, the Company reported a net
loss of $2.51 million on $729,034 of net revenues compared to a net
loss of $1.72 million on $899,188 of net revenues for the six
months ended Sept. 30, 2021.
As of Sept. 30, 2022, the Company had $3.83 million in total
assets, $3.31 million in total liabilities, and $523,018 in total
stockholders' equity.
The Company said that, "Based on our current burn rate, we need to
raise additional capital to fund operations, hire necessary
employees we lost as a result of COVID-19 related furloughs and
other terminations, and meet expected future liquidity
requirements. We are continuously in discussions to raise
additional capital, which may include or be a combination of
convertible or term loans and equity which, if successful, will
enable us to continue operations based on our current burn rate,
for the next 12 months; however, we cannot give any assurance at
this time that we will successfully raise all or some of such
capital or any other capital.
"There can be no assurance that necessary debt or equity financing
will be available, or will be available on terms acceptable to us,
in which case we may be unable to meet our obligations or fully
implement our business plan, if at all. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern."
Management Commentary
Richard Russo, president and chief executive officer of Bionik,
commented, "Bionik achieved several milestones during the second
fiscal quarter. The biggest of which included acquiring our first
rehabilitation center in Florida as part of a strategic national
rollout of neuro recovery centers that is expected to enable us to
provide more patients with access to Bionik's InMotion systems,
which are the gold standard for robotic upper extremity
rehabilitation. This strategy reflects our firm belief in early
and intensive interventions to deliver the best proven outcomes for
patients with stroke or neurotrauma.
"The acquisition closed in mid-September, contributing modest
revenue to the second quarter, and is expected to be accretive to
our financial results and strengthen and diversify our revenue
streams, profitability, and outlook for growth. During the second
quarter we shipped three direct sales units. Our sales pipeline
remains healthy and the outlook for the second half of the fiscal
year is strong as well as we continue working to advance our
strategies for growth and deliver successful proven outcomes for
our patients."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1508381/000141057822003037/bnkl-20220930x10q.htm
About BIONIK Laboratories
Bionik Laboratories Corp. -- http://www.BIONIKlabs.com-- is a
robotics company focused on providing rehabilitation and mobility
solutions to individuals with neurological and mobility challenges
from hospital to home. The Company has a portfolio of products
focused on upper and lower extremity rehabilitation for stroke and
other mobility-impaired patients, including three products on the
market and three products in varying stages of development.
Bionik reported a net loss and comprehensive loss of $10.41 million
for the year ended March 31, 2022, compared to a net loss and
comprehensive loss of $13.62 million for the year ended March 31,
2021. As of June 30, 2022, the Company had $4 million in total
assets, $2.41 million in total liabilities, and $1.60 million in
total stockholders' equity.
Toronto, Canada-based MNP LLP, the Company's auditor since 2015,
issued a "going concern" qualification in its report dated June 9,
2022, citing that the Company has experienced losses and has a
working capital deficiency and an accumulated deficit. These
conditions, along with other matters, raise substantial doubt about
Company's ability to continue as a going concern.
BRIGGS & STRATTON: Egan-Jones Withdraws D Commercial Paper Rating
-----------------------------------------------------------------
Egan-Jones Ratings Company, on October 17, 2022, withdrew the 'D'
foreign currency and local currency ratings on commercial paper
issued by Briggs & Stratton Corp.
EJR withdrew the 'D' foreign currency and local currency senior
unsecured ratings on debt issued by the Company.
Headquartered in Wauwatosa, Wisconsin, Briggs & Stratton
Corporation designs, manufactures, markets, and services air cooled
gasoline engines for outdoor power equipment.
BROADBRIDGE LA: $325M Sale to Capri Investor to Fund Plan
---------------------------------------------------------
Broadbridge LA LLC, filed with the U.S. Bankruptcy Court for the
Eastern District of New York a Disclosure Statement in connection
with the accompanying Chapter 11 Plan of Liquidation dated November
7, 2022.
The Debtor's Property consists of a large commercial building
consisting of approximately 920,451 square feet of leasable space
located in the Historic Core neighborhood in Downtown Los Angeles,
California.
The Plan is predicated upon a relatively prompt sale of the
Debtor's real property at 801 South Broadway, Los Angeles,
California (the "Property") to Capri Investor LLC or its designee
(once the deposit is received and due diligence is completed) for a
total purchase price of $325 million.
Because the proposed purchase price is sufficient to pay all
creditors in full, all classes of claims are deemed unimpaired
under the Plan, and the Debtor does not believe that it will be
required to solicit actual votes. Thus, this Disclosure Statement
is mainly submitted for informational purposes to provide creditors
with relevant information relating to the status of the contact and
the anticipated timing of the sale process.
As with most liquidating plans, the sale proceeds (if the
transaction closes) shall be used to pay the allowed claims of
creditors in full at the closing (which is deemed the Effective
Date for purposes of the Plan). As of the date hereof, Capri has
executed a written contract of sale dated October 27, 2022 (the
"Contract"). Quinto Primo of Capri has indicated that there were
certain delays in receiving the deposit of $9.5 million from his
investors, which he expects to be rectified shortly.
Once the deposit has been received, the Debtor shall supplement
this Disclosure Statement. If the deposit is not received by
November 9, 2022 (November 8 being Election Day and some banks
potentially being closed), the Debtor will not proceed with Capri
as the buyer. The Contract is subject to limited due diligence,
which expires on November 15, 2022. The Debtor remains hopeful that
the deposit will be tendered, and due diligence period will pass
without termination, whereupon the Debtor intends to file a
separate motion (the "Sale Motion") for approval of the sale of the
Property to Capri as a private sale without competitive bidding.
The sale of the Property shall be free and clear of all liens,
claims, taxes, judgments, adverse interests and non-permitted
encumbrances pursuant to 11 U.S.C. §§363(b) and (f) and
1123(a)(5)(D) (the "Sale"). The hearing on the Sale Motion shall be
held in conjunction with the hearing on confirmation of the Plan.
Entry of the Confirmation Order may also be deemed final approval
of the Sale, with a closing to occur shortly thereafter.
Class 1 consists of Allowed Senior Secured Claim of Museum Building
Holdings LLC (the "Lender"), in the principal sum of $222,453,522,
plus allowed accrued interest, advances, fees, and expenses. To be
paid in full in the amounts ultimately allowed by the Bankruptcy
Court after reconciliation and possible objection. All undisputed
portions of the Lender's Claim projected to be at least
$222,453,522, plus non-default interest and advances, shall be paid
at closing, with appropriate reserves established for the disputed
portions of the Lender's total Claim pending resolution.
Class 2 consists of Allowed General Unsecured Claims as scheduled
or filed totaling at least $15,831,876.30. To be paid in full in
amounts ultimately allowed by the Bankruptcy Court after
reconciliation and possible objection, with appropriate reserves
established for the disputed portions of any Class 2 Claims.
Class 3 consists of Equity Interest. Joel Schreiber is eligible to
receive all surplus proceeds based upon his pending acquisition of
the membership interests (45%) of the Jangana Family (subject to
Lender consent).
The Plan shall become effective on the closing of the Property with
the proceeds used to fund all distributions under the Plan.
A full-text copy of the Disclosure Statement dated November 7,
2022, is available at https://bit.ly/3UPNF19 from PacerMonitor.com
at no charge.
Attorneys for the Debtor:
Goldberg Weprin Finkel Goldstein LLP
Kevin J. Nash, Esq.
1501 Broadway, 22nd Floor
New York, New York 10036
(212) 221-5700
About Broadbridge LA LLC
Broadbridge LA LLC is a Single Asset Real Estate (as defined in 11
U.S.C. Sec. 101(51B)). The company owns a million-square foot
property the company's been developing in downtown Los Angeles.
Broadbridge LA LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 22-72048) on Aug. 9,
2022. In the petition filed by Joel Schrelber, as manager, the
Debtor reported assets between $100 million and $500 million and
liabilities between $100 million and $500 million.
J Ted Donovan, of Goldberg Weprin Finkel Goldstein LLP, is the
Debtor's counsel.
BROWNIE'S MARINE: Incurs $284K Net Loss in Third Quarter
--------------------------------------------------------
Brownie's Marine Group, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $284,189 on $2.81 million of total net revenues for the three
months ended Sept. 30, 2022, compared to a net loss of $540,679 on
$1.56 million of total net revenues for the three months ended
Sept. 30, 2021.
For the nine months ended Sept. 30, 2022, the Company reported a
net loss of $1.05 million on $7.18 million of total net revenues
compared to a net loss of $1.07 million on $4.22 million of total
net revenues for the nine months ended Sept. 30, 2021.
As of Sept. 30, 2022, the Company had $6.08 million in total
assets, $2.97 million in total liabilities, and $3.10 million in
total stockholders' equity.
Chris Constable, CEO of Brownie's Marine Group, Inc. stated, "We
are very pleased with the continued growth of the Company through
the third quarter, and we're focused on closing out the balance of
the year with a rigorous effort for year over year quarterly
growth. Our third quarter focus was to make the most of our
typical seasonal peak, supporting our customers with product and
sales support to ensure a successful end to the summer season. We
look for Q4 to show the normal seasonal adjustment to revenue and
we continue to monitor the economic indicators, and the strength of
the US dollar to adjust our operating plan, as necessary."
Mr. Constable continued, "I've had some investors comment to me
that all of our press releases are starting to sound the same,
continued quarterly growth, etc., and I can appreciate that. One
of the things that I want to point out is that in Q3-2019 we had
revenues of $841 thousand and have grown revenues 330% through
Q3-2022. We have been continuously expanding our markets, and
carefully acquiring complimentary pieces, and I am very proud of
our team for the operational success we have been having."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1166708/000149315222030931/form10-q.htm
About Brownie's Marine
Headquartered in Pompano Beach, Florida, Brownie's Marine Group,
Inc., owns and operates a portfolio of companies with a
concentration in the industrial, and recreational diving industry.
The Company, through its subsidiaries, designs, tests,
manufactures, and distributes recreational hookah diving,
yacht-based scuba air compressors and nitrox generation systems,
and scuba and water safety products in the United States and
internationally.
Brownie's Marine reported a net loss of $1.59 million for the year
ended Dec. 31, 2021, compared to a net loss of $1.35 million for
the year ended Dec. 31, 2020. As of June 30, 2022, the Company had
$5.40 million in total assets, $2.56 million in total liabilities,
and $2.83 million in total stockholders' equity.
Boynton Beach, Florida-based Liggett & Webb, P.A., the Company's
auditor since 2018, issued a "going concern" qualification in its
report dated April 22, 2022, citing that the Company has
experienced net losses and has an accumulated deficit. These
factors raise substantial doubt about the Company's ability to
continue as a going concern.
BRUMMETT ENTERPRISES: Business Income to Fund Plan Payments
-----------------------------------------------------------
Brummett Enterprises, LLC, filed with the U.S. Bankruptcy Court for
the Western District of Missouri a Small Business Plan of
Reorganization dated November 7, 2022.
Brummett Enterprises is a Missouri Limited Liability Company that
was established on March 10, 2005. The main operation of the
business is earth moving and repair and maintenance of steam
engines.
On June 13, 2022, the Debtor was forced to file an adversary action
against BBG Corporation for the turnover of the machinery and
equipment. Ultimately, the Debtor was able to enter into an
agreement where the equipment seized by BBG was returned to the
Debtor and the adversary action was dismissed on or about June 28,
2022.
Unfortunately, upon the return of the equipment the Debtor
discovered that some of the equipment had been damaged and rendered
unusable. Because of the damage to the equipment, the Debtor was
delayed in proceeding with excavation work. Because of the
inability to perform work that was previously contracted for the
Debtor lost some contracts. The Debtor was unable to do business in
a significant way until the later part of October of 2022 when the
Debtor received a deposit of $65,000 for work to be performed.
Class 3 consists of General Unsecured Claims. Debtor purposes to
pay the unsecured creditors on a prorated basis quarterly in the
amount of $3,749.00, first payment to begin 90 days from the order
of confirmation. The allowed unsecured claims total $74,978.69.
Class 4 consists of the Arvest Bank Claim. This creditor has an
unsecured claim however the indebtedness is being paid by a
co-Debtor, Historical Holdings, LLC. Historical Holdings is paying
the monthly payment of $491.77. The Debtor is making a lease
payment to Historical Holdings that covers the monthly payment to
Arvest Bank.
Class 5 consists of Equity Interest holder Christopher Brummett who
shall retain ownership interest in LLC.
Upon Confirmation, the Debtor will begin making payments to all
secured, priority and general unsecured creditors. Debtor believes
that he will have substantial future contracts with respect to
excavation. Debtor is currently associated with on a project with
Culture Transportation and Logistics on a new trucking terminal in
Carthage, Missouri within the next 5 months which should generate a
gross income of $1,100,000.00.
The Plan Proponent's financial projections show that the Debtor
will have an aggregate annual average cash flow, after paying
operating expenses and post-confirmation taxes, of $640,500.00. The
final Plan payment is expected to be paid in January 2028.
A full-text copy of the Plan of Reorganization dated November 7,
2022, is available at https://bit.ly/3G8zf8n from PacerMonitor.com
at no charge.
Attorney for the Debtor:
Norman E. Rouse, Esq.
Collins, Webster & Rouse, PC
5957 E. 20th Street
Joplin, MO 64801
Telephone: (417) 782-2222
Facsimile: (417) 782-1003
Email: twelch@cwrcave.com
About Brummett Enterprises
Brummett Enterprises, LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. W.D. Mo. Case No.
22-30123) on June 6, 2022, listing up to $1 million in assets and
up to $500,000 in liabilities. Robbin L. Messerli serves as
Subchapter V trustee.
Judge Brian T. Fenimore oversees the case.
Norman E. Rouse, Esq., at Collins, Webster & Rouse, PC serves as
the Debtor's legal counsel.
BVI MEDICAL: EUR537M Bank Debt Trades at 16% Discount
-----------------------------------------------------
Participations in a syndicated loan under which BVI Medical Inc is
a borrower were trading in the secondary market around 84.0
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The EUR537 million facility is a term loan. The loan is scheduled
to mature on February 28, 2026. The loan is fully drawn and
outstanding.
Headquartered in Waltham, Massachusetts, BVI Medical, Inc. (BVI) is
a global manufacturer of products used in eye surgeries (primarily
cataract procedures). BVI was acquired by private equity firm TPG
Capital in August 2016.
BVI MEDICAL: EUR70M Bank Debt Trades at 16% Discount
----------------------------------------------------
Participations in a syndicated loan under which BVI Medical Inc is
a borrower were trading in the secondary market around 84.1
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The EUR70 million facility is a term loan. The loan is scheduled
to mature on February 28, 2026.
Headquartered in Waltham, Massachusetts, BVI Medical, Inc. (BVI) is
a global manufacturer of products used in eye surgeries (primarily
cataract procedures). BVI was acquired by private equity firm TPG
Capital in August 2016.
C & M ELECTRICAL: Taps Atlas Real Estate Advisors as Broker
-----------------------------------------------------------
C & M Electrical Contractors, Inc. and its affiliates seek approval
from the U.S. Bankruptcy Court for the Northern District of Georgia
to employ Atlas Real Estate Advisors as real estate and business
broker.
The Debtor requires a broker to market for sale its real property
located at 4900 GA 98 Comer City, County of Madison, Ga.
The firm will be paid a commission of 6 percent of the sales
price.
Chris Blackmon, a principal at Atlas Real Estate Advisors,
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:
Chris Blackmon
Atlas Real Estate Advisors
1091 Founders Blvd. Suite A
Athens, GA 30606
Tel: (706) 543-0385
Fax: (866) 389-4048
Email: chris@atlasrea.com
About C & M Electrical Contractors
C & M Electrical Contractors, Inc., a company in Jefferson, Ga.,
provides electrical and mechanical solutions to governmental,
industrial, commercial and agricultural sectors.
C & M and affiliate, Esco Rental, LLC, sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Lead Case
No. 22-20649) on July 14, 2022. At the time of the filing, C & M
disclosed up to $1 million in assets and up to $10 million in
liabilities while Esco Rental disclosed up to $1 million in assets
and up to $500,000 in liabilities.
Judge James R. Sacca oversees the cases.
Benjamn Keck, Esq., at Keck Legal, LLC is the Debtors' legal
counsel.
CAREERBUILDER LLC: US$350M Bank Debt Trades at 33% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which Careerbuilder LLC
is a borrower were trading in the secondary market around 67
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$350 million facility is a term loan. The loan is scheduled
to mature on July 31, 2023. About US$176 million of the loan is
drawn and outstanding.
Careerbuilder, LLC operates an online job portal. The Company
offers job postings, standard job optimization, employment
recommendation e-mails, branding, talent and compensation
intelligence, and recruitment services.
CASA SYSTEMS: US$300M Bank Debt Trades at 17% Discount
------------------------------------------------------
Participations in a syndicated loan under which Casa Systems Inc is
a borrower were trading in the secondary market around 83
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$300 million facility is a term loan. The loan is scheduled
to mature on December 20, 2023. About US$276 million of the loan is
drawn and outstanding.
Casa Systems, Inc. provides telecommunication equipment and
solutions. The Company offers cable, modem, optical, and Wi-Fi
networking products. Casa Systems also provides software-centric
infrastructure solutions that allow cable service providers to
deliver voice, video, and data services over a single platform.
CASTLE US HOLDING: US$1.20B Bank Debt Trades at 30% Discount
------------------------------------------------------------
Participations in a syndicated loan under which Castle US Holding
Corp is a borrower were trading in the secondary market around 70
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$1.20 billion facility is a term loan. The loan is scheduled
to mature on January 29, 2027.
The amount is fully drawn and outstanding.
Castle US Holding Corporation, through its parent company, which is
in the process of being acquired by Platinum Equity LLC, provides
database tools and software to public relations and communications
professionals.
CBL & ASSOCIATES: US$884M Bank Debt Trades at 18% Discount
----------------------------------------------------------
Participations in a syndicated loan under which CBL & Associates
HoldCo I LLC is a borrower were trading in the secondary market
around 82 cents-on-the-dollar during the week ended Fri., Nov. 11,
2022, according to Bloomberg's Evaluated Pricing service data.
The US$884 million facility is a term loan. The loan is scheduled
to mature on November 1, 2025. About US$853 million of the loan is
drawn and outstanding.
CBL & Associates Properties, Inc. (CBL) is a self-managed,
self-administered, fully integrated real estate investment trust
(REIT).
CFN ENTERPRISES: Incurs $1.1 Million Net Loss in Third Quarter
--------------------------------------------------------------
CFN Enterprises Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $1.12 million on $840,970 of net revenues for the three months
ended Sept. 30, 2022, compared to a net loss of $366,532 on
$948,254 of net revenues for the three months ended Sept. 30,
2021.
The Company reported a net loss of $3.89 million on $3.83 million
of net revenues for the nine months ended Sept. 30, 2022, compared
to a net loss of $981,183 on $1.45 million of net revenues for the
same period in 2021.
As of Sept. 30, 2022, the Company had $5.87 million in total
assets, $9.32 million in total liabilities, and a total
stockholders' deficit of $3.45 million.
CFN stated, "Our plan to continue as a going concern includes
raising additional capital in the form of debt or equity, growing
the CNP Operating business and the business acquired under the
Emerging Growth Agreement and managing and reducing operating and
overhead costs. We cannot provide any assurance that unforeseen
circumstances that could occur at any time within the next twelve
months or thereafter will not increase the need for us to raise
additional capital on an immediate basis.
"These matters, among others, raise substantial doubt about our
ability to continue as a going concern."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1352952/000109690622002692/cnfn-20220930.htm
About CFN
CFN Enterprises Inc. owns and operates CNP Operating, a
cannabidiol, or CBD, manufacturer vertically integrated with a 360
degree approach to the processing of high quality CBD products
designed for growers, pharmaceutical, wellness providers, and
retailers' needs, and a cannabis industry focused sponsored content
and marketing business. The Company's ongoing operations currently
consist primarily of CNP Operating and the CFN Business and it will
continue to pursue strategic transactions and opportunities. The
Company is currently in the process of launching an e-commerce
network focused on the sale of general wellness CBD products.
CFN Enterprises reported a net loss of $12.20 million for the year
ended Dec. 31, 2021, compared to a net loss of $1.42 million for
the year ended Dec. 31, 2020. As of June 30, 2022, the Company had
$6.47 million in total assets, $9.06 million in total liabilities,
and a total stockholders' deficit of $2.59 million.
New York, NY-based RBSM LLP, the Company's auditor since 2012,
issued a "going concern" qualification in its report dated May 13,
2022, citing that the Company has suffered recurring losses from
operations and will require additional capital to continue as a
going concern. This raises substantial doubt about the Company's
ability to continue as a going concern.
CHECKOUT HOLDING: US$150M Bank Debt Trades at 73% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Checkout Holding
Corp is a borrower were trading in the secondary market around 27.3
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$150 million facility is a pik term loan. The loan is
scheduled to mature on August 15, 2023. The loan is fully drawn and
outstanding.
Checkout Holding Corp. operates as a holding company. The Company,
through its subsidiaries, provides market consulting services.
CIMPRESS USA: US$795M Bank Debt Trades at 16% Discount
------------------------------------------------------
Participations in a syndicated loan under which Cimpress USA Inc is
a borrower were trading in the secondary market around 84.2
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$795 million facility is a term loan. The loan is scheduled
to mature on May 17, 2028. The loan is fully drawn and
outstanding.
Cimpress USA Incorporated operates as an online supplier of graphic
design and printed products.
CINEMA SQUARE: Wins Cash Collateral Access Thru Jan. 24
-------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
approved a Fifth Stipulation to Continue Hearing on Debtor's Motion
for Use of Cash Collateral, entered into by and between secured
creditor Wilmington Trust, National Association, as Trustee, for
the benefit of the Holders of COMM 2016-DC2 Mortgage Trust
Commercial Mortgage Pass Through Certificates, Series 2016-DC2, and
debtor Cinema Square, LLC.
The hearing on the Debtor's Motion for Use of Cash Collateral is
continued from November 22, 2022 at 11:30 a.m. to January 24, 2023,
at 11:30 a.m.
About Cinema Square, LLC
Cinema Square, LLC is the owner of a small shopping center located
at 6917 El Camino Real, Atascadero, CA 93422. There are several
tenants, the primary tenant is a movie theater, the Galaxy
Theater.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 21-10634) on June 14,
2021. In the petition signed by Jeffrey C. Nelson, president, the
Debtor disclosed up to $50 million in assets and up to $10 million
in liabilities.
Judge Deborah J. Saltzman oversees the case.
William C. Beall, Esq., at Beall & Burkhardt, APC is the Debtor's
counsel.
Counsel to secured creditor Wilmington Trust, National Association,
as Trustee, for the benefit of the Holders of COMM 2016-DC2
Mortgage Trust Commercial Mortgage Pass Through Certificates,
Series 2016-DC2,
David M. Neff, Esq.
Amir Gamliel, Esq.
PERKINS COIE LLP
1888 Century Park E., Suite 1700
Los Angeles, CA 90067-1721
Telephone: 310-788-9900
Facsimile: 310-788-3399
E-mail: DNeff@perkinscoie.com
AGamliel@perkinscoie.com
CINEWORLD GROUP: Committee Taps FTI as Financial Advisor
--------------------------------------------------------
The official committee of unsecured creditors of Cineworld Group,
PLC and its subsidiaries seeks approval from the U.S. Bankruptcy
Court for the Southern District of Texas to employ FTI Consulting,
Inc. as its financial advisor.
The committee requires a financial advisor to:
(a) assist in the review of financial-related disclosures
required by the court.
(b) assist in the assessment and monitoring of the Debtors'
short-term cash flow, liquidity and operating results;
(c) review the Debtors' proposed key employee retention and
other employee benefit programs;
(d) review the Debtors' analysis of core business assets;
(e) review the Debtors' cost/benefit analysis with respect to
the assumption or rejection of various executory contracts and
leases;
(f) review the Debtors' identification of potential cost
savings;
(g) assist in the review and monitoring of the asset sale
process;
(h) assist in review of tax issues;
(i) review claims reconciliation and estimation process;
(j) assist in the review of other financial information
prepared by the Debtors;
(k) assist in the review and analysis of cryptocurrency and
digital assets;
(l) attend meetings and participate in discussions;
(m) review or prepare information and analysis necessary for
the confirmation of a Chapter 11 plan and related disclosure
statement;
(n) assist in the evaluation and analysis of avoidance
actions;
(o) assist in the prosecution of committee
responses/objections to the Debtors' motions;
(p) render such other general business consulting or such
other assistance as the committee or its counsel may deem
necessary.
The hourly rates of FTI Consulting's professionals are as follows:
Senior Managing Directors $775 - $1,495
per hour
Directors/Senior Directors/Managing Directors $415 - $1,125
per hour
Consultants/Senior Consultants $275 - $855
per hour
Administrative/Paraprofessionals $145 - $470
per hour
In addition, the firm will seek reimbursement for expenses
incurred.
Samuel Star, a senior managing director at FTI Consulting,
disclosed in a court filing that his firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Samuel E. Star
FTI Consulting, Inc.
1166 Avenue of the Americas, 15th Floor
New York, NY 10036
Telephone: +1 212 841 9368
Email: samuel.star@fticonsulting.com
About Cineworld Group
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 United States.
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. Texas Lead Case No. 22-90168) on Sept. 7, 2022,
estimating more than $1 billion in assets and debt. Judge Marvin
Isgur oversees the cases.
The Debtors tapped Kirkland & Ellis, LLP and Jackson Walker, LLP as
bankruptcy counsels; PJT Partners, LP as investment banker;
AlixPartners, LLP as restructuring advisor; and Ernst & Young, LLP
as tax services provider. Kroll Restructuring Administration, LLC
is the claims agent.
The U.S. Trustee for Region 7 appointed an official committee of
unsecured creditors in the Debtors' Chapter 11 cases on Sept. 23,
2022. The committee tapped Weil, Gotshal & Manges, LLP and
Pachulski Stang Ziehl & Jones, LLP as legal counsels; FTI
Consulting, Inc. as financial advisor; and Perella Weinberg
Partners, LP as investment banker.
CINEWORLD GROUP: Committee Taps Perella as Investment Banker
------------------------------------------------------------
The official committee of unsecured creditors of Cineworld Group,
PLC and its subsidiaries seeks approval from the U.S. Bankruptcy
Court for the Southern District of Texas to employ Perella Weinberg
Partners, LP as its investment banker.
The committee requires an investment banker to:
a. review and analyze the business, operations, liquidity
situation, assets and liabilities, financial condition and
prospects of the Debtors;
b. review, analyze and report to the committee with respect to
the Debtors' financial condition and outlook;
c. evaluate the Debtors' debt capacity in light of their
projected cash flows;
d. review and provide an analysis of any valuation of the
Debtors or their assets;
e. review and provide an analysis of any proposed capital
structure for the Debtors;
f. advise and attend meetings with the committee related to
the Debtors as well as due diligence meetings with the Debtors or
other third parties as appropriate;
g. advise and assist the committee's evaluation of the
Debtors' near-term liquidity including various financing
alternatives;
h. review, analyze and advise the committee with respect to
the existing debt structure of the Debtors, and refinancing
alternatives to existing debt;
i. explore alternative strategies for the Debtors as a
stand-alone business;
j. develop, evaluate and assess the financial issues and
options concerning any proposed transaction;
k. analyze and explain any transaction to the committee;
l. assist and participate in negotiations with the Debtors on
the committee's behalf;
m. participate in hearings before the court with respect to
the matters upon which Perella has provided advice or analysis,
including, as relevant, coordinating with the committee's counsel
with respect to any fact or expert testimony in connection
therewith; and
n. provide such other financial advisory services in
connection with this matter as the committee from time to time
reasonably request and which are customarily provided by investment
bankers in similar situations.
The firm will be paid as follows:
(a) An advisory fee of $175,000 for each month of the
engagement, prorated for any partial month, due and payable in
advance commencing on the engagement date.
(b) A transaction fee of $6.25 million, payable promptly upon
consummation of a transaction.
As disclosed in court filings, Perella is a "disinterested person,"
as that term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Bruce Mendelsohn
Perella Weinberg Partners LP
767 Fifth Avenue
New York, NY 10153
Tel: (212) 287-3200
Fax: (212) 287-3201
About Cineworld Group
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 United States.
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. Texas Lead Case No. 22-90168) on Sept. 7, 2022,
estimating more than $1 billion in assets and debt. Judge Marvin
Isgur oversees the cases.
The Debtors tapped Kirkland & Ellis, LLP and Jackson Walker, LLP as
bankruptcy counsels; PJT Partners, LP as investment banker;
AlixPartners, LLP as restructuring advisor; and Ernst & Young, LLP
as tax services provider. Kroll Restructuring Administration, LLC
is the claims agent.
The U.S. Trustee for Region 7 appointed an official committee of
unsecured creditors in the Debtors' Chapter 11 cases on Sept. 23,
2022. The committee tapped Weil, Gotshal & Manges, LLP and
Pachulski Stang Ziehl & Jones, LLP as legal counsels; FTI
Consulting, Inc. as financial advisor; and Perella Weinberg
Partners, LP as investment banker.
CINEWORLD GROUP: Committee Taps Weil Gotshal & Manges as Co-Counsel
-------------------------------------------------------------------
The official committee of unsecured creditors of Cineworld Group,
PLC and its subsidiaries seeks approval from the U.S. Bankruptcy
Court for the Southern District of Texas to employ Weil, Gotshal &
Manges, LLP as co-counsel with Pachulski Stang Ziehl & Jones, LLP.
The firm's services include:
a. advising the committee in connection with its powers and
duties under the Bankruptcy Code, the Bankruptcy Rules, and the
Bankruptcy Local Rules;
b. consulting with the committee, the Debtors and the U.S.
Trustee concerning the administration of the Debtors' Chapter 11
cases;
c. participating in in-person and telephonic meetings of the
committee and subcommittees formed thereby, if any;
d. assisting and advising the committee in its meetings and
negotiations with the Debtors and their representatives and other
parties in interest regarding these cases;
e. assisting and advising the committee in connection with all
relief sought by the Debtors, including the evaluation of
debtor-in-possession financing and other financing alternatives;
f. assisting the committee in analyzing claims asserted
against and interests in the Debtors, their affiliates and related
parties, negotiating with the holders of such claims and interests,
and bringing or participating in objections or estimation
proceedings with respect to such claims and interests;
g. assisting the committee in analyzing the Debtors' assets
and liabilities, including in its review of the Debtors' schedules
of assets and liabilities, statement of financial affairs, and
other reports prepared by the Debtors, investigating the extent and
validity of liens and participating in and reviewing any proposed
asset sales, financing arrangements, and cash collateral
stipulations or proceedings;
h. assisting the committee in its investigation of the acts,
conduct, assets, liabilities, management and financial condition of
the Debtors, the Debtors' historic and ongoing operations of their
businesses, the desirability of the continuation of any portion of
those operations, and any other matters relevant to these cases or
to the formation of a Chapter 11 plan;
i. assisting the committee in its analysis of, and
negotiations with the Debtors or any third party related to,
financing, asset disposition transactions and compromises of
controversies, reviewing the Debtors' rights and obligations under
leases and executory contracts, and assisting the committee in any
manner relevant to the assumption and rejection of those contracts
and leases;
j. assisting the committee in its analysis of, and
negotiations with the Debtors or any third party related to, the
formulation, confirmation, and implementation of a Chapter 11 plan
and all documentation related thereto, including the disclosure
statement;
k. assisting the committee with respect to communications with
the general creditor body regarding significant matters in these
cases;
l. responding to inquiries from individual creditors as to the
status of, and developments in, these cases;
m. reviewing and analyzing legal documents filed with the
court, and advising the committee with respect to formulating
positions with respect thereto;
n. generally preparing legal papers in support of the
positions taken by the committee;
o. appearing, as appropriate, before the bankruptcy court, the
appellate courts, and the U.S. Trustee;
p. assisting the committee in its review and analysis of, and
negotiations with the Debtors and their non-debtor affiliates
related to, intercompany claims and transactions;
q. reviewing and analyzing third party analyses and reports
prepared in connection with the Debtors' potential claims and
causes of action, advising the committee with respect to
formulating positions thereon, and perform such other diligence and
independent analysis as may be requested by the committee;
r. advising the committee with respect to applicable federal
and state regulatory issues;
s. assisting the committee in preparing pleadings and
applications, and pursuing or participating in adversary
proceedings, contested matters, and administrative proceedings as
may be necessary or appropriate in furtherance of the committee's
duties;
t. other necessary legal services.
Weil will be paid at these rates:
Partners $1,250 to $1,950 per hour
Associates $690 to $1,200 per hour
Paraprofessionals $275 to $495 per hour
In addition, the firm will be reimbursed for out-of-pocket expenses
incurred.
Matthew Barr, Esq., a partner at Weil, disclosed in a court filing
that his firm is a "disinterested person" within the meaning of
Section 101(14) of the Bankruptcy Code.
In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, Mr.
Barr disclosed that:
-- Weil has not agreed to any variations from, or alternatives
to, its standard or customary billing arrangements for this
engagement;
-- None of the professionals included in the engagement vary
their rate based on the geographic location of the bankruptcy
cases;
-- Weil has not represented the committee in the 12 months
prior to the Debtors' Chapter 11 filing; and
-- Weil is developing a prospective budget and staffing plan
for these Chapter 11 cases that will be presented for approval by
the committee.
The firm can be reached through:
Matthew S. Barr, Esq.
Weil, Gotshal & Manges, LLP
767 Fifth Avenue
New York, NY 10153-0119
Phone: +1 (212) 310-8010
Email: matt.barr@weil.com
About Cineworld Group
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 United States.
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. Texas Lead Case No. 22-90168) on Sept. 7, 2022,
estimating more than $1 billion in assets and debt. Judge Marvin
Isgur oversees the cases.
The Debtors tapped Kirkland & Ellis, LLP and Jackson Walker, LLP as
bankruptcy counsels; PJT Partners, LP as investment banker;
AlixPartners, LLP as restructuring advisor; and Ernst & Young, LLP
as tax services provider. Kroll Restructuring Administration, LLC
is the claims agent.
The U.S. Trustee for Region 7 appointed an official committee of
unsecured creditors in the Debtors' Chapter 11 cases on Sept. 23,
2022. The committee tapped Weil, Gotshal & Manges, LLP and
Pachulski Stang Ziehl & Jones, LLP as legal counsels; FTI
Consulting, Inc. as financial advisor; and Perella Weinberg
Partners, LP as investment banker.
CITY BREWING: US$850M Bank Debt Trades at 31% Discount
------------------------------------------------------
Participations in a syndicated loan under which City Brewing Co LLC
is a borrower were trading in the secondary market around 69
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$850 million facility is a term loan. The loan is scheduled
to mature on April 5, 2028. The amount is fully drawn and
outstanding.
City Brewing Company, LLC operates as a brewery company. The
Company produces beverages by contract, including beer, malts,
teas, and energy drinks.
CLEARPOINT NEURO: Incurs $3.8 Million Net Loss in Third Quarter
---------------------------------------------------------------
ClearPoint Neuro, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $3.79 million on $5.15 million of total revenue for the three
months ended Sept. 30, 2022, compared to a net loss of $3.98
million on $4.57 million of total revenue for the three months
ended Sept. 30, 2021.
For the nine months ended Sept. 30, 2022, the Company reported a
net loss of $12.05 million on $15.38 million of total revenue
compared to a net loss of $10.26 million on $12.02 million of total
revenue for the same period during the prior year.
As of Sept. 30, 2022, the Company had $57.74 million in total
assets, $17.86 million in total liabilities, and $39.88 million in
total stockholders' equity.
The Company has incurred net losses since its inception, which has
resulted in a cumulative deficit at Sept. 30, 2022 of $146.0
million. In addition, the Company's use of cash from operations
amounted to $13.1 million for the nine months ended Sept. 30, 2022,
and $12.7 million for the year ended Dec. 31, 2021. Since its
inception, the Company has financed its operations principally from
the sale of equity securities and the issuance of notes payable.
"The ClearPoint Neuro Team has continued to execute against our
four-pillar growth strategy in the third quarter and remain on
track to achieve our previously announced strategic and financial
goals for the year," commented Joe Burnett, president and CEO.
"We achieved another strong quarter for revenue despite a
historically high case cancellation rate and hospital supply chain
disruptions. Our Biologics and Drug Delivery team added multiple
new pharma and academic partners bringing our total to
approximately 50 and keeping pace at approximately one new partner
each month. Three new products were cleared by the FDA in the
quarter and are in the process of being deployed in limited market
releases before the end of the year. We have now installed a
record 10 new systems globally year to date and have the largest
active capital funnel in our history.
"Particularly of note, the European Commission granted marketing
authorization for Upstaza to our partner PTC Therapeutics. Upstaza
is the first marketed gene therapy approved anywhere in the world
to be dosed by direct infusion into the brain. Consistent with our
long term strategy, the Summary of Product Characteristics for
Upstaza specifically includes the ClearPoint SmartFlow Neuro
Cannula as the device used for minimally invasive infusion of the
gene therapy. We believe the approval of Upstaza, delivered with
ClearPoint's cannula, demonstrates the viability and potential of
our drug delivery partnerships.
"At present, we are reaffirming our prior guidance of revenue
between $21.0 and $22.0 million for the year and continue to
maintain a strong balance sheet with over $40 million in cash and
short-term investments enabling the continuation of our four-pillar
growth strategy."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1285550/000128555022000078/clpt-20220930.htm
About ClearPoint Neuro
ClearPoint Neuro, Inc. formerly MRI Interventions, Inc. --
http://www.clearpointneuro.com-- is a medical device company that
develops and commercializes innovative platforms for performing
minimally invasive surgical procedures in the brain under direct,
intra-procedural magnetic resonance imaging, or MRI, guidance.
Applications of the Company's current product portfolio include
deep-brain stimulation, laser ablation, biopsy, neuro-aspiration,
and delivery of drugs, biologics, and gene therapy to the brain.
Clearpoint Neuro reported a net loss of $14.41 million for the year
ended Dec. 31, 2021, a net loss of $6.78 million for the year ended
Dec. 31, 2020, a net loss of $5.54 million for the year ended Dec.
31, 2019, and a net loss of $6.16 million for the year ended Dec.
31, 2018. As of June 30, 2022, the Company had $60.24 million in
total assets, $17.42 million in total liabilities, and $42.82
million in total stockholders' equity.
CLOUDERA INC: US$500M Bank Debt Trades at 16% Discount
------------------------------------------------------
Participations in a syndicated loan under which Cloudera Inc is a
borrower were trading in the secondary market around 84
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$500 million facility is a term loan. The loan is scheduled
to mature on October 8, 2029. The amount is fully drawn and
outstanding.
Cloudera, Inc. develops and distributes software for business data
that includes storage, access, management, analysis, security,
search, processing, and analysis applications. The Company offers a
graphical user interface for applications that allows business
analysts, developers, and administrators to create and submit jobs,
monitor cluster health, and browse the data.
COMPUTE NORTH: Paid Execs $3 Million the Day It Declared Bankruptcy
-------------------------------------------------------------------
Eliza Gkritsi of Coin Desk reports that executives at Compute
North, which provides data centers where bitcoin (BTC) miners can
host their machines, received about $3 million in payroll and
bonuses on the same day the company filed for bankruptcy, a court
filing shows.
Compute North filed for Chapter 11 on Sept. 22, succumbing to the
rout in cryptocurrency prices and rising electricity costs. But
even as that bankruptcy filing put a freeze on payments to
creditors, executives received large payouts.
The company paid co-founder and former CEO Dave Perrill $613,000
for payroll and benefits, according to the filing. Former Chief
Financial Officer Tad Piper got $541,000 three months after he left
the company, President Edward Drake Harvey III and Chief Commercial
Officer Kyle Wenzel got about $500,000 each, former Chief
Technology Officer Nelu Mihai received $340,000, Chief Legal
Officer Jason Stokes was paid $325,000 and newly appointed Chief
Financial Officer Harold Coulby received about $250,000, the filing
shows.
The document also reveals a series of companies owned at least
partially by Perrill with which Compute North did business. These
companies received around $350,000 in payments in the past year for
leasing office space and services.
Compute North representatives did not respond to CoinDesk's request
for comment.
The company's collapse into bankruptcy has reverberated across an
industry that is already struggling amid a sluggish bitcoin price
and high energy prices. Two other major mining firms, Core
Scientific (CORZ) and Argo Blockchain (ARBK), said in the past week
that they might soon become cash flow negative.
About Compute North Holdings
Computer North Holdings, Inc. -- https://www.computenorth.com/ --
is a crypto mining data center company. Compute North has four
facilities in the U.S. -- two in Texas and one in both South Dakota
and Nebraska, according to its website.
While cryptocurrency prices skyrocketed during the pandemic (with
bitcoin surging by 300% in 2020), the Federal Reserve's decision to
curb rising inflation by hiking interest rates has since ushered in
some of the crypto market's biggest losses in history. After
amassing a record value above $3 trillion in November 2021, the
cryptocurrency market posted its worst first half ever --
plummeting more than 70% through July. Terra's luna token, a once
top cryptocurrency worth more than $40 billion, lost virtually all
its value within a week in May after sister token TerraUSD, a
stablecoin meant to hold a price of $1, broke its dollar peg as
markets collapsed.
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 include crypto lenders Celsius Network,
Three Arrows Capital, Voyager Digital, and crypto mining firm
Compute North. FTX Trading, the world's second-largest
cryptocurrency firm, filed for Chapter 11 protection in November
2022.
Compute North Holdings and 18 affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case
No. 22-90273) on Sept. 22, 2022. In the petitions signed by Harold
Coulby, as authorized signatory, the Debtors reported assets and
liabilities between $100 million and $500 million. Judge Marvin
Isgur oversees the cases.
The Debtors tapped Paul Hastings, LLP as bankruptcy counsel;
Jefferies, LLC as investment banker; and Portage Point Partners as
financial advisor. Epiq Corporate Restructuring, LLC is the claims,
noticing and solicitation agent.
CONTINENTAL COUNTRY: Taps Sell & Associates Inc. as Consultant
--------------------------------------------------------------
Continental Country Club, Inc. received approval from the U.S.
Bankruptcy Court for the District of Arizona to employ Sell &
Associates, Inc. as consultant.
The Debtor requires a consultant to conduct a valuation of its real
property in Flagstaff, Coconino County, Ariz.
The firm will be paid at these rates:
Jan A. Sell $525 per hour
Other Appraisers $225 per hour
Appraisers $125 per hour
Researchers $100 per hour
In addition, the firm will be reimbursed for out-of-pocket expenses
incurred.
The retainer is $8,000.
Jan Sell, president of Sell & Associates, disclosed in a court
filing that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Jan A. Sell
Sell & Associates, Inc.
4625 South Lakeshore Drive
Tempe, AR 85282-7127
Tel: (480) 345-4500
Fax: (480) 345-4100
Email: jan@sellassoc.com
About Continental Country Club
Continental Country Club, Inc., an Arizona non-profit corporation,
owns and operates the Continental Country Club in Flagstaff,
Arizona, for the use and enjoyment of its homeowner members and the
broader general public. The Continental Country Club operates as
full-service country club with golf, tennis, paddleball, swimming,
fitness, clubhouse, and dining amenities for the benefit of its
members, who are primarily comprised of homeowners in the
Association's associated residential developments.
The Association was first developed by the late Charles Keating and
his affiliated development companies in the early 1970s as part of
the broader Continental development in Flagstaff, Arizona. Over the
course of the past 50 years, the Association has been operated as a
non-profit corporation supported by annual assessments paid by its
homeowner members and the business revenues generated through the
ongoing operation of the Club facilities. Under the currently
applicable Amended and Unified Declaration of Restrictions, each
member is required to pay the Association regular annual
assessments and special assessments as authorized under the CC&Rs
and approved by the members.
The Association sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Ariz. Case No. 21-00956) on Feb. 9,
2021, with up to $10 million in both assets and liabilities. Judge
Eddward P. Ballinger Jr. oversees the case.
Engelman Berger, P.C. serves as the Debtor's legal counsel.
Sunwest Bank, the Debtor's lender, is represented by Alissa Brice
Castaneda, Esq. -- Alissa.Castaneda@quarles.com -- at Quarles &
Brady.
CONVERGEONE HOLDINGS: US$275M Bank Debt Trades at 48% Discount
--------------------------------------------------------------
Participations in a syndicated loan under which ConvergeOne
Holdings Inc is a borrower were trading in the secondary market
around 51.9 cents-on-the-dollar during the week ended Fri., Nov.
11, 2022, according to Bloomberg's Evaluated Pricing service data.
The US$275 million facility is a term loan. The loan is scheduled
to mature on January 4, 2027. The loan is fully drawn and
outstanding.
ConvergeOne Holdings, Inc. operates as a holding company. The
Company, through its subsidiaries, provides managed cloud, cyber
security, enterprises networking, data center, application and
software development, security infrastructure, and hosted
collaboration solutions.
CONVERGEONE: US$1.11B Bank Debt Trades at 34% Discount
------------------------------------------------------
Participations in a syndicated loan under which ConvergeOne
Holdings Inc is a borrower were trading in the secondary market
around 66 cents-on-the-dollar during the week ended Fri., Nov. 11,
2022, according to Bloomberg's Evaluated Pricing service data.
The US$1.11 billion facility is a term loan. The loan is scheduled
to mature on January 4, 2026. About US$1.09 billion of the loan is
drawn and outstanding.
ConvergeOne Holdings, Inc. operates as a holding company. The
Company, through its subsidiaries, provides managed cloud, cyber
security, enterprises networking, data center, application and
software development, security infrastructure, and hosted
collaboration solutions.
CORELOGIC INC: US$3.75B Bank Debt Trades at 26% Discount
--------------------------------------------------------
Participations in a syndicated loan under which CoreLogic Inc is a
borrower were trading in the secondary market around 75
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$3.75 billion facility is a term loan. The loan is scheduled
to mature on June 2, 2028. About US$3.70 billion of the loan is
drawn and outstanding.
CoreLogic, Inc. provides consumer, financial and property
information, analytics and services. The Company combines public,
contributory and proprietary data to develop predictive decision
analytics, as well as offers mortgage and automotive credit
reporting, property tax, valuation, flood determination, and
geospatial analytics and services.
CORELOGIC INC: US$750M Bank Debt Trades at 39% Discount
-------------------------------------------------------
Participations in a syndicated loan under which CoreLogic Inc is a
borrower were trading in the secondary market around 61.5
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$750 million facility is a term loan. The loan is scheduled
to mature on June 4, 2029. The loan is fully drawn and
outstanding.
CoreLogic, Inc. provides consumer, financial and property
information, analytics and services.
CPC ACQUISITION: US$1.03B Bank Debt Trades at 20% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Cpc Acquisition
Corp is a borrower were trading in the secondary market around 80
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$1.03 billion facility is a term loan. The loan is scheduled
to mature on December 29, 2027. The amount is fully drawn and
outstanding.
Constitution Acquisition Corp. operates as a blank check company.
the company aims to acquire one and more businesses and assets, via
a merger, capital stock exchange, asset acquisition, stock
purchase, and reorganization.
CROWN FINANCE: US$3.33B Bank Debt Trades at 68% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Crown Finance US
Inc is a borrower were trading in the secondary market around 32.4
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$3.33 billion facility is a term loan. The loan is scheduled
to mature on February 28, 2025. About US$2.63 billion of the loan
is drawn and outstanding.
Crown Finance US, Inc. operates as a movie theater.
CUREPOINT LLC: Trustee Taps Eversheds Sutherland as Counsel
-----------------------------------------------------------
David Wender, the Chapter 11 trustee for Curepoint, LLC, received
approval from the U.S. Bankruptcy Court for the Northern District
of Georgia to tap his own firm, Eversheds Sutherland (US), LLP, to
provide legal services in connection with the bankruptcy case.
The firm's services include:
a. preparation of pleadings and applications;
b. conduct of examinations;
c. legal advice regarding the trustee's rights, duties and
obligations;
d. consultations with the trustee and representation with
respect to confirmation of a Chapter 11 plan and the liquidation of
the Debtor's assets;
e. pursuit of litigation when and if necessary;
f. claims analysis and objections to claims as needed;
g. other legal services, including, but not limited to,
institution and prosecution of necessary legal proceedings, and
general business and corporate advice.
The firm will be paid at these rates:
Attorneys $445 to $1,650 per hour
Paralegals/Professional $265 to $465 per hour
In addition, the firm will be reimbursed for out-of-pocket expenses
incurred.
Mr. Wender, a partner at Eversheds Sutherland, 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:
David A. Wender, Esq.
Eversheds Sutherland (US), LLP
999 Peachtree Street, NE, Suite 2300
Atlanta, GA 30309-3996
Telephone: 404.853.8175
Facsimile: 404.853.8806
Email: davidwender@eversheds-sutherland.com
About Curepoint LLC
Curepoint, LLC -- https://www.curepointcancer.com/ -- provides
radiation treatment for cancer patients at its facility in Dublin,
Ga.
Curepoint filed a petition for Chapter 11 protection (Bankr. N.D.
Ga. Case No. 22-56501) on Aug. 19, 2022, with between $1 million
and $10 million in both assets and liabilities. Phillip Miles,
designated officer, signed the petition.
Judge Jeffery W. Cavender oversees the case.
Will B. Geer, Esq., at Rountree, Leitman, Klein & Geer, LLC is the
Debtor's counsel.
David A. Wender, the Chapter 11 trustee appointed in the Debtor's
case, is represented by Eversheds Sutherland (US), LLP.
CYPRESS HILLS: Unsecured Creditors Will Get 2% of Claims in Plan
----------------------------------------------------------------
Cypress Hills NYC, LLC filed with the U.S. Bankruptcy Court for the
Eastern District of New York a Disclosure Statement in connection
with its Chapter 11 Plan dated November 8, 2022.
The Debtor is a New York corporation formed on or about April 16,
2021. On October 31, 2022, the Debtor filed its Proposed Plan of
Reorganization seeking to provide a basis for resolving outstanding
claims against the Debtor through a refinancing of the property
located at 436 Etna Street, Brooklyn NY 11208 ("Subject
Property").
The Debtor acquired the Subject Property in order to file the
instant bankruptcy petition in attempt to reach an equitable
settlement with Wilmington Savings Fund Society, FSB, d/b/a
Christiana Trust, not individually but as Trustee for Pretium
Mortgage Acquisition Trust ("Wilmington"), which holds a first
priority mortgage on the Subject Property. Aside from Wilmington,
the Debtor has only a few minor creditors in the form of unpaid
bills owed to city agencies stemming from the Subject Property.
The Debtor intends to reach a consensual resolution with Wilmington
but in the event it is unable to do so, the Debtor believes it will
reach an agreement with at least one impaired class of creditors to
accept the Plan. With an impaired accepting class, the Debtor
intends to confirm the Plan pursuant to 11 U.S.C.
§1129(b)(2)(iii), by paying Wilmington the indubitable equivalent
of its collateral.
At the Petition Date, the Debtor's sole asset consisted of the
Subject Property. As of the Petition Date, the Subject Property was
fully encumbered by a first position mortgage lien in favor of
Wilmington in the amount of $512,737.60.
The Debtor will be obtaining exit financing from Manhattan Bridge
Capital, Inc., ("Manhattan Bridge") in order to refinance the
Subject Property and fund its Plan of Reorganization. The key terms
are as follows: The loan is for $226,000 for 12 months at 8%. Two
thousand seven hundred dollars ($2,700) of the loan proceeds will
be for a construction draw (eight draws, $300 per draw).
The loan will be personally guaranteed by Etai Vardi and Elliot
Ambalo. Manhattan Bridge will take a first position lien on the
Subject Property; the loan is also subject to Manhattan Bridge
obtaining clear title; the owner's insurance must name the lender
as a lender loss payee; final review of each purchase by Manhattan
Bridge's underwriting and clearance department; and adequate notice
of the closing date, time and place.
Class 3 consists of the unsecured deficiency portion of
Wilmington's claim in the amount of $292,737.60. This amount shall
be paid pro-rata at 2%. The funds to pay this shall come from the
funds contributed by the Debtor's interest holders. The estimated
payout to Wilmington on account of its unsecured claim shall be
$5,854.74.
Class 4 consists of the claim of the New York City Housing and
Preservation Department ("HPD") in the approximate amount of
$6,045.44 by virtue of HPD violations issued against the Subject
Property. The Debtor has scheduled NYC ECB as holding an unsecured
claim in the amount of $6,045.44. The Debtor will pay HPD 2% on
account of its unsecured claim. The estimated payout to HPD shall
be approximately $120.90. This amount shall be paid at the time of
the closing of the loan with Exit Financier which shall take place
on the Effective Date in full satisfaction of all claims held by
HPD against the Subject Property. Class 4 is impaired.
Class 5 consists of the claim of the New York City Sanitation
Department ("Sanitation Department") in the approximate amount of
$883.05 by virtue of OATH violations issued against the Subject
Property. The Debtor has scheduled the Sanitation Department as
holding an unsecured claim of $883.05. The Debtor will pay the
Sanitation Department 2% on account of its unsecured claim. The
estimated payout to the Sanitation Department shall be
approximately $17.66. This amount shall be paid at the time of the
closing of the loan with Exit Financier which shall take place on
the Effective Date in full satisfaction of all claims held by the
Sanitation Department against the Subject Property. Class 5 is
impaired.
Class 6 consists of all Interest Holders of the Debtor. The
Debtor's interest holders are Blackstone Real Estate Group, LLC
(40%), and The Business Account, LLC (60%). Upon confirmation of
the Plan, the Interest Holders shall retain their Interests in the
Reorganized Debtor. In exchange for retaining their interests,
Interest Holder will contribute $10,000 towards the funding of the
Plan. The Interest Holders shall not receive any monetary
distributions on account of such Interests.
The funds necessary for the implementation of the Plan shall be
utilized from the exit financing of Manhattan Bridge Capital and
the funds contributed by the Debtor's Interest Holders.
The Debtor will be obtaining exit financing from Manhattan Bridge
in order to fund the Plan. Upon the closing of the refinancing, the
lien of Wilmington will be deemed fully satisfied and discharged.
Within thirty days of the Effective Date, Wilmington shall file and
record with the New York City Automated Registry Information System
("ACRIS") a satisfaction of the mortgage dated May 24, 2007 and
originally recorded in ACRIS on June 12, 2007 under CRFN:
2007000304346. Upon the closing, Manhattan Bridge, will take a new
first priority lien on the Subject Property.
A full-text copy of the Disclosure Statement dated November 8,
2022, is available at https://bit.ly/3TFEy1X from PacerMonitor.com
at no charge.
Counsel to the Debtor:
Btzalel Hirschhorn, Esq.
Shiryak, Bowman, Anderson, Gill & Kadochnikov, LLP
8002 Kew Gardens, Suite 600
Kew Gardens, NY 11415
Telephone: (718) 263-6800
Facsimile: (718) 520-9401
Email: Bhirschhorn@sbagk.com
About Cypress Hills NYC
Cypress Hills NYC, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. E.D.N.Y. Case No. 22-42218) on Sept. 14, 2022, with up to
$1 million in both assets and liabilities. Judge Elizabeth S. Stong
oversees the case.
Shiryak, Bowman, Anderson, Gill & Kadochnikov, LLP and Singer &
Falk CPA's serve as the Debtor's legal counsel and accountant,
respectively.
DAWN ACQUISITIONS: US$550M Bank Debt Trades at 28% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which Dawn Acquisitions
LLC is a borrower were trading in the secondary market around 72
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$550 million facility is a term loan. The loan is scheduled
to mature on December 31, 2025. The amount is fully drawn and
outstanding.
Dawn Acquisitions LLC, doing business as Evoque Data Center
Solutions, provides digital infrastructure and data center
solutions. The Company offers multi-generational infrastructure,
colocation, connectivity, build-to-suit, and cloud engineering
solutions.
DEBOER AGRICULTURAL: Seeks Approval to Hire Real Estate Brokers
---------------------------------------------------------------
DeBoer Agricultural Holdings, LLC seeks approval from the U.S.
Bankruptcy Court for the Northern District of Texas to employ
Century 21 Judge Fite Company and Keller Williams Realty Brazos
West as real estate brokers.
The Debtor requires the services of Century 21 to market for sale
its real property in Dublin, Texas. The property consists of a
residential building and three storage buildings.
Meanwhile, the other firm, Keller Williams, will market and sell
the Debtor's real property located at 590 County Road 3213, Fairy,
Texas.
The firms will be paid a commission of 6 percent of the sales price
for each real property.
As disclosed in court filings, Century 21 and Keller Williams are
"disinterested persons" as the term is defined in Section 101(14)
of the Bankruptcy Code.
The firms can be reached at:
Century 21 Judge Fite Company
870 International Pkw Suite 150
Flower Mound, TX 75022
Tel: (469) 407-6205
Email: antonvanstaden@judgefite.com
- and -
Molly Powell
Keller Williams Realty Brazos West
2301 NW Loop, Suite 102
Stephenville, TX 76401
Tel: (254) 203-0293
Email: mollypowell@kw.com
About DeBoer Agricultural Holdings
DeBoer Agricultural Holdings, LLC filed a petition under Chapter
11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Texas Case No.
22-40633) on March 27, 2022, with up to $10 million in both assets
and liabilities. Scott M. Seidel serves as Subchapter V trustee.
Judge Edward L. Morris oversees the case.
The Debtor tapped Vickie L. Driver, Esq., at Crowe & Dunlevy, PC as
legal counsel and Ivan Kahn Consultants as controller and business
consultant.
DGS REALTY LLC: Taps Everingham & Kerr as Business Broker
---------------------------------------------------------
DGS Realty, LLC seeks approval from the U.S. Bankruptcy Court for
the District of New Hampshire to employ Everingham & Kerr, Inc. as
business broker.
The firm's services include marketing the Debtor's business and
providing prospective buyers with a sufficient understanding of the
Debtor's operations, management and financial status to facilitate
the sale process.
The firm will be paid a success fee of $100,000, plus 3 percent of
the total consideration for the sale or lease of the Debtor's
business.
Joseph Vanore, Jr., president of Everingham & Kerr, 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:
Joseph A. Vanore, Jr.
Everingham & Kerr, Inc.
1300 Route 73, Suite 103
Mount Laurel, NJ 08054
Tel: (856) 546-6655
Fax: (856) 546-2806
Email: admin1@everkerr.com
About DGS Realty
DGS Realty, LLC is a real estate limited liability company based in
Concord, N.H. Formed on May 10, 2017, the company is owned by David
H. Booth, manager, Stephen W. Booth, and Gregory A. Booth, each
having a one-third interest.
DGS Realty filed a Chapter 11 petition (Bankr. D.N.H. Case No.
22-10028) on Jan. 24, 2022, listing as much as $10 million in both
assets and liabilities. David H. Booth, manager, signed the
petition.
Judge Bruce A. Harwood oversees the case.
Eleanor Wm. Dahar, Esq., at Victor W. Dahar Professional
Association is the Debtor's legal counsel.
EGYPTIAN GENERAL: US$578M Bank Debt Trades at 16% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Egyptian General
Petroleum Corp is a borrower were trading in the secondary market
around 84 cents-on-the-dollar during the week ended Fri., Nov. 11,
2022, according to Bloomberg's Evaluated Pricing service data.
The US$578 million facility is a term loan. The loan is scheduled
to mature on June 30, 2028. The amount is fully drawn and
outstanding.
The Egyptian General Petroleum Corporation, working as a holding
corporation, owns 12 public sector companies, sharing in 58
petroleum companies with foreign partners. The Company's country of
domicile is Egypt.
ELEVATE TEXTILES: US$585M Bank Debt Trades at 30% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Elevate Textiles
Inc is a borrower were trading in the secondary market around 70.0
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$585 million facility is a term loan. The loan is scheduled
to mature on May 1, 2024. About US$523 million of the loan is
drawn and outstanding.
Elevate Textiles, Inc. manufactures and supplies textile products
worldwide.
ENDO INTL: Claimants' Request to Tap Akin Gump Draws Objection
--------------------------------------------------------------
The U.S. Trustee's Office objected to Endo International opioid
claimants' retention of Akin Gump Strauss Hauer & Feld LLP
attorneys in ongoing Chapter 11 proceedings Thursday, arguing that
the firm represents a party with conflicting interests in the
dispute.
William K. Harrington, the United States Trustee for Region 2,
objects to the application of the Official Committee of Opioid
Claimants (the "OCC") to hire Akin Gump Strauss Hauer & Feld as
special counsel because Akin Gump currently represents GoldenTree
Asset Management LP. GoldenTree is a
member of the Ad Hoc First Lien Group, which, upon information and
belief, holds over $500 million of the Prepetition First Lien
Indebtedness, or approximately 8% of the outstanding Prepetition
First Lien Indebtedness. Indeed, Golden Tree is one of the largest
holders of Prepetition First Lien Indebtedness in the First Lien
Group.
Prior to the Petition Date, the First Lien Group negotiated with
the Debtors and the Multi-State Endo Executive Committee an RSA.
Pursuant to the RSA, the First Lien Group has agreed to, among
other things, provide a stalking horse bid to purchase all the
Debtor's Assets and to establish an opioid claimants trust to
settle the potential opioid claims pending against the
Debtors. Given these factual circumstances, Akin Gump does not
possess undivided loyalty to the OCC in this case, as Akin Gump
represents GoldenTree, an entity with an adverse interest to the
opioid claimants, the U.S. Trustee tells the Court.
About Endo International
Endo International plc is a generics and branded pharmaceutical
company. It develops, manufactures, and sells branded and generic
products to customers in a wide range of medical fields, including
endocrinology, orthopedics, urology, oncology, neurology, and other
specialty areas. On the Web: http://www.endo.com/
On August 16, 2022, Endo International and certain of its
subsidiaries initiated voluntary prearranged Chapter 11 proceedings
(Bankr. S.D.N.Y. Lead Case No. 22-22549). The Company's cases are
pending before the Honorable James L. Garrity, Jr. The Company has
put up a Web site dedicated to its restructuring:
http://www.endotomorrow.com/
The Debtors tapped Skadden, Arps, Slate, Meagher & Flom LLP as
legal counsel; PJT Partners LP as investment banker; and Alvarez &
Marsal as financial advisor. Kroll is the claims agent.
Roger Frankel, the legal representative for future claimants in the
Chapter 11 cases, tapped Frankel Wyron LLP and Young Conaway
Stargatt & Taylor, LLP as counsel and Ducera Partners LLC as
investment banker.
ENERGY ENTERPRISES: Jan. 23, 2023 Plan Confirmation Hearing Set
---------------------------------------------------------------
On September 14, 2022, Energy Enterprises USA Inc., d/b/a Canopy
Energy, filed with the U.S. Bankruptcy Court for the Central
District of California a Disclosure Statement Describing Chapter 11
Plan of Reorganization.
On November 7, 2022, Judge Maureen A. Tighe approved the Disclosure
Statement and ordered that:
* December 16, 2022 is the deadline to file and serve any
objections to the Plan confirmation.
* December 16, 2022 is the deadline to return completed
ballots to Debtor's Counsel.
* January 9, 2023 is the deadline for Debtor to file and serve
Debtor's Confirmation Brief stating why the Plan should be
confirmed and admissible evidence supporting all applicable
elements of 11 U.S.C. §1129, a ballot summary, and Debtor's
response to any objection to Plan confirmation.
* January 23, 2023 at 11:00 a.m. in Courtroom 302 is the Plan
Confirmation Hearing.
A copy of the order dated November 7, 2022, is available at
https://bit.ly/3GdlYeO from PacerMonitor.com at no charge.
Attorneys for Energy Enterprises USA Inc.:
Michael Jay Berger, Esq.
Sofya Davtyan, Esq.
LAW OFFICES OF MICHAEL JAY BERGER
9454 Wilshire Blvd. 6th Floor
Beverly Hills, CA 90212-2929
Telephone: (310) 271-6223
Facsimile: (310) 271-9805
E-mail: Michael.Bergerbankruptcypower.com
Sofya.Davtyan@bankruptcypower.corn
About Energy Enterprises USA Inc.
Energy Enterprises USA Inc. d/b/a Canopy Energy --
https://www.canopyenergy.com/ -- is a residential solar energy
developer in California. The company filed a Chapter 11 petition
(Bankr. C.D. Cal. Case No. 21-11374) on August 12, 2021. On the
Petition Date, the Debtor estimated $100,000 to $500,000 in assets
and $1,000,000 to $10,000,000 in liabilities. The petition was
signed by Lior Agam, president.
Judge Maureen Tighe presides over the case.
The Law Offices of Michael Jay Berger serves as the Debtor's
counsel.
ENOVIS CORP: Egan-Jones Withdraws 'BB' Sr. Unsec. Debt Rating
-------------------------------------------------------------
Egan-Jones Ratings Company, on October 17, 2022, withdrew the 'BB'
foreign currency senior unsecured rating on debt issued by Enovis
Corp.
Headquartered in Wilmington, Delaware, Enovis is a medical
technology company, with a particular focus in orthopedics.
EPIC CRUDE: US$1B Bank Debt Trades at 17% Discount
--------------------------------------------------
Participations in a syndicated loan under which EPIC Crude Services
LP is a borrower were trading in the secondary market around 83
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$1.00 billion facility is a term loan. The loan is scheduled
to mature on March 1, 2026. About US$965 million of the loan is
drawn and outstanding.
EPIC Crude Services, LP provides crude oil production services.
EQUINOX HOLDINGS: US$150M Bank Debt Trades at 27% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Equinox Holdings
Inc is a borrower were trading in the secondary market around 73.2
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$150 million facility is a term loan. The loan is scheduled
to mature on March 8, 2024. The loan is fully drawn and
outstanding.
Equinox Holdings Inc. is a public company headquartered in Florida
with an estimated 7,744 employees. The Company, through its
subsidiaries, provides fitness services such as yoga classes and
studio cycling.
EVOKE PHARMA: Incurs $2 Million Net Loss in Third Quarter
---------------------------------------------------------
Evoke Pharma, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $2.01 million on $832,100 of net product sales for the three
months ended Sept. 30, 2022, compared to a net loss of $1.97
million on $930,449 of net product sales for the three months ended
Sept. 30, 2021.
For the nine months ended Sept. 30, 2022, the Company reported a
net loss of $6.42 million on $1.71 million of net product sales
compared to a net loss of $6.86 million on $1.26 million of net
product sales for the same period in 2021.
As of Sept. 30, 2022, the Company had $13.41 million in total
assets, $7.88 million in total liabilities, and $5.53 million in
total stockholders' equity.
As of Sept. 30, 2022, the Company's cash and cash equivalents were
approximately $12.4 million. Based on the Company's current
operating plan, it believes that existing cash and cash equivalents
as well as anticipated future cash flows from net product sales of
GIMOTI will be sufficient to fund operations into the second
quarter of 2023.
Evoke Pharma stated, "Management concluded that there is
substantial doubt about our ability to continue as a going concern.
This doubt about our ability to continue as a going concern for at
least twelve months from the date of issuance of the financial
statements could materially limit our ability to raise additional
funds through the issuance of new debt or equity securities or
otherwise. Future reports by our independent registered accounting
firm on our financial statements may also include an explanatory
paragraph with respect to our ability to continue as a going
concern. We have incurred significant losses since our inception
and have never been profitable, and it is possible we will never
achieve profitability. We believe, based on our current operating
plan, that our cash and cash equivalents as of September 30, 2022
of approximately $12.4 million, as well as future cash flows from
net sales of Gimoti, will be sufficient to fund our operations into
the second quarter of 2023. This period could be shortened if
there are any significant increases in planned spending other than
anticipated. We anticipate we will be required to raise additional
funds in order to continue as a going concern. Because our
business is entirely dependent on the success of Gimoti, if we are
unable to secure additional financing or identify and execute on
other development or strategic alternatives for Gimoti or our
company, we will be required to curtail all of our activities and
may be required to liquidate, dissolve or otherwise wind down our
operations. Any of these events could result in a complete loss of
your investment in our securities."
Management Commentary
"Evoke delivered record financial and operating results based on
the key metrics we use to gauge the overall strength and value of
our business," said David A. Gonyer, R.Ph., president and CEO of
Evoke Pharma. "Net product sales of GIMOTI during the third
quarter of 2022 grew 80% to approximately $832,000 compared to the
second quarter of 2022. Evoke also recorded an increase of 56% in
GIMOTI prescriptions dispensed in Q3 compared to Q2."
"During the third quarter, we completed the transition of our
reimbursement program to vitaCare, a wholly owned subsidiary of
GoodRx. Inbound prescriptions during Q3 increased 32% over Q2
2022. In addition, the number of GIMOTI prescribers increased to a
record 143, which represents a 13% increase over Q2. GIMOTI had
812 cumulative new prescribers as of September 30, an increase of
21% over Q2 2022. As we approach 2023, we are highly encouraged
and motivated by our metrics in all categories and we look forward
to continuing our mission to improve the quality of life for
patients suffering from diabetic gastroparesis," Mr. Gonyer
concluded.
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1403708/000095017022023912/evok-20220930.htm
About Evoke Pharma
Headquartered in Solana Beach, California, Evoke Pharma, Inc. --
http://www.evokepharma.com-- is a specialty pharmaceutical company
focused primarily on the development of drugs to treat GI disorders
and diseases. The Company is developing Gimoti, a nasal spray
formulation of metoclopramide, for the relief of symptoms
associated with acute and recurrent diabetic gastroparesis in adult
women.
Evoke Pharma reported a net loss of $8.54 million for the year
ended Dec. 31, 2021, compared to a net loss of $13.15 million for
the year ended Dec. 31, 2020. As of June 30, 2022, the Company had
$14.40 million in total assets, $7.21 million in total liabilities,
and $7.19 million in total stockholders' equity.
San Diego, California-based BDO USA, LLP, the Company's auditor
since 2014, issued a "going concern" qualification in its report
dated March 8, 2022, citing that the Company has suffered recurring
losses and negative cash flows from operations since inception.
These factors raise substantial doubt about the Company's ability
to continue as a going concern.
EXACTECH INC: US$235M Bank Debt Trades at 20% Discount
------------------------------------------------------
Participations in a syndicated loan under which Exactech Inc is a
borrower were trading in the secondary market around 79.7
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$235 million facility is a term loan. The loan is scheduled
to mature on February 14, 2025. About US$223 million of the loan is
drawn and outstanding.
Exactech, Inc. develops, manufactures, markets, and sells
orthopedic implant devices and related surgical instrumentation.
FAIRMONT ORTHOPEDIC: Unsecureds to Split $300K over 5 Years
-----------------------------------------------------------
Fairmont Orthopedic and Sports Medicine, PA filed with the U.S.
Bankruptcy Court for the District of Minnesota a Plan of
Reorganization dated November 7, 2022.
Fairmont Orthopedic Sports Medicine, PA treats injuries and
diseases of the knee, hip, back, shoulder, hand and foot. Corey
Welchlin, D.O., board certified orthopedic surgeon and native of
Minnesota, is the owner of the Debtor and has over 30 years'
experience in his field.
The financial issues suffered by the Debtor are primarily COVID
related, and the Debtor is well on its way to recovering from that
momentary dip in its finances. The Debtor hopes its reorganization
will allow it to keep serving the public in several small towns in
Minnesota and Iowa which often have trouble bringing in and keeping
medical specialty services such as those offered by the Debtor.
Prior to the bankruptcy filing, Profinium, the Debtor, Dr.
Welchlin, Welchland Investments and other guarantors attempted to
negotiate a deal for an overall reorganization of Profinium's total
debt. When negotiations failed, Profinium began various collection
actions on the judgment debt including docketing the judgment in
South Carolina where Dr. Welchlin maintains a home, and starting
foreclosing proceedings on one of the Welchland Investments
mortgages. That action precipitated the Chapter 11 filing.
In order to be able to file a successful Chapter 11 plan, the
Debtor had to reach an agreement with Profinium Bank on the Total
Debt. Shortly before the filing of the plan, the parties came to a
global resolution.
Class V shall consist of allowed unsecured claims not entitled to
priority and not treated in any other class in the Plan. The
allowed non-insider claims in Class V are estimated by the Debtor
to be $2,385,794.77. Specifically excluded from Class V are any
amounts owed to Dr. Welchlin which claims are subordinated to the
claims of Class V claimants.
The holder of a Class V Allowed Claim shall be paid the Pro Rata
Share of the cashflow of the company's operations over a five-year
period in yearly payments, without interest. Total Payments to
unsecured creditors will be $304,373.94 over five years.
Class VI shall consist of the Allowed Equity or ownership interests
of the Debtor consisting of a 100% ownership interest by Corey
Welchlin, M.D., the President of the Debtor. The ownership interest
of Dr. Welchlin shall remain in place and be unaffected by the
Plan. Dr. Welchlin shall remain as the operator of the Debtor as a
fiduciary to the creditors and the distribution agent for the
performance of the Plan if it is approved as a consensual plan.
If the plan is confirmed as a consensual plan under 11 USC
§1129(a), Debtor shall implement the plan and pay creditors
directly. Pursuant to 11 USC § 1190(2), if the plan is confirmed
under 11 USC § 1191, all of the future earnings and proceeds from
the sale of assets of the Debtors will be submitted to the
supervision and control of the Subchapter V trustee under the terms
and time limits set out in Article VIII as necessary for the
execution of the plan.
The Debtor, after confirmation, will continue to manage its affairs
as a surgery center and specialty care Clinic. Debtor estimates
that it will have expenses for professionals to carry out avoidance
litigation, if any, and any unpaid professional fees generated in
the course of the case which are estimated to be $100,000.00 or
less.
A full-text copy of the Plan of Reorganization dated November 7,
2022, is available at https://bit.ly/3g4aS0T from PacerMonitor.com
at no charge.
Attorneys for Debtor:
Kenneth C. Edstrom, Esq.
Sapientia Law Group, PLLC
Minneapolis, Minnesota 55402
Email: kene@sapientialaw.com
Telephone: 612 756-1000
About Fairmont Orthopedics
Fairmont Orthopedics & Sports Medicine, P.A., treats injuries and
diseases of the knee, hip, back, shoulder, hand and foots. The
Company offers pain management, surgery, orthopedics, podiatry,
back and spine, physical therapy, and other related services.
Fairmont Orthopedics serves customers in the State of Minnesota.
Fairmont Orthopedics & Sports Medicine filed a petition for relief
under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code
(Bankr. D. Minn. Case No. 22-30926) on June 9, 2022. In the
petition filed by Corey Welchlin MD, as president, the Debtor
estimated assets and liabilities between $1 million and $10 million
each.
The case is assigned to the Hon. Bankruptcy Judge Katherine A.
Constantine.
Kenneth C. Edstrom, Esq., at Sapientia Law Group, is the Debtor's
counsel.
Steven B. Nosek has been appointed as Subchapter V trustee.
FAST RADIUS: Bankruptcy Court Approves First-Day Motions
--------------------------------------------------------
Fast Radius, Inc. (Nasdaq: FSRD) on Nov. 9, 2022, disclosed that
the United States Bankruptcy Court for the District of Delaware has
approved all of the first-day motions related to the Company's
voluntary Chapter 11 petitions filed on November 7, 2022. The
ruling enables Fast Radius to continue operations in the normal
course including:
-- Maintaining employee payroll and health benefits,
-- Paying vendors for all post-petition goods and services,
-- Continuing all customer programs, and
Other programs that are essential to continuing the business
without disruptions.
In addition, the court set a hearing for Monday, November 14, to
consider the Company's sale and marketing procedures motion which
lay out the timeline and criteria for bids to be received including
a proposed bid deadline of December 5, 2022.
"We are pleased to have received approval of the first-day motions.
This allows us to continue providing our Cloud Manufacturing
Platform to our customers without interruption, while maintaining
our relationships with our vendors and business partners," said Lou
Rassey, Co-Founder and CEO of Fast Radius. "We thank our customers
for their loyalty and our employees for their hard world as we
manage through the current environment."
Court filings and other information related to the proceedings are
available on a separate website administered by the Company's
noticing agent, Stretto, at https://cases.stretto.com/fastradius or
by calling Stretto representatives toll-free at 1-877-361-4291 or
1-714-384-7055 for calls originating outside of the U.S.
DLA Piper LLP (US) is serving as legal advisor to the Company,
Lincoln International is serving as its investment banker, and
Alvarez & Marsal is serving as its financial advisor. Interested
parties may contact Lincoln International for additional
information at fastradiusinfo@lincolninternational.com.
About Fast Radius
Fast Radius, Inc., is a cloud manufacturing and digital supply
chain company.
Fast Radius sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr.D. Del. Case No. 22-11051) on Nov. 7, 2022.
In the petition signed by Patrick McCusker, authorized signatory,
the Debtor disclosed $69.329 million in assets and $55.212 in
liabilities.
The Debtor tapped DLA Piper LLP (US) as legal counsel, Bayard, P.A.
as co-counsel, Lincoln Partners Advisors LLC as investment banker,
Alvarez & Marsal North, America, LLC as financial advisor, and
Stretto, Inc. as claims, administrative, solicitation, and
balloting agent.
FTX TRADING: AZA Finance Entities Not Affected by FTX Bankruptcy
----------------------------------------------------------------
Elizabeth Rossiello, CEO and founder of AZA Finance, issued the
following statement Nov. 11, 2022, following the FTX Chapter 11
bankruptcy filing:
"I was shocked and disappointed to see that FTX named BTC Africa
S.A. and other AZA Finance entities in its Chapter 11 bankruptcy
filing today. To be clear: AZA Finance entities are not affected by
the FTX bankruptcy, and we are taking steps to correct the
erroneous court filings.
AZA Finance is a global payments and foreign exchange fintech.
Founded in 2013 as BitPesa, AZA Finance allows companies worldwide
and within Africa to move money, exchange currencies, make payments
and settle easily across all major African and G20 currencies
(including some digital currencies). AZA Finance is licensed in
multiple jurisdictions as a payments provider. AZA Finance does not
hold customer funds and never have. Less than 10% of its
transactions across all of its entities are via digital
currencies.
Earlier this year, AZA Finance announced a commercial partnership
with FTX Africa to expand web3 in Africa by helping them build
regulated, safe and low-cost payments rails, as well as other
discussed but not-yet-launched initiatives such as African artist
NFT collections.
In doing so, FTX Africa became a customer of AZA Finance, first
utilizing its stable and efficient infrastructure to pay out to a
small number of customers in Africa. However, neither FTX nor any
of its associated entities own or control AZA Finance or its
entities, including BTC Africa SA. AZA Finance's entities are not
part of the FTX bankruptcy.
In its disorganized haste, FTX erroneously listed AZA Finance's
entities in their bankruptcy filing, according to Rossiello.
Rossiello says the entities that are not part of the FTX bankruptcy
include:
* B Transfer Services Limited UK
* Exchange4Free Limited UK
* BTC Africa SA
* BT Payment Services Ghana Limited
* BT Payment Services Nigeria Limited
* BT Payment Services Uganda Limited/B Transfer Services
* BT Payment Services South Africa PTy
* TransferZero
* B For Transfer Egypt
* B Transfer Services Ltd UAE
* BitPesa Kenya Ltd
* BitPesa Senegal Ltd
* BitPesa South Africa
* BitPesa Tanzania Ltd
* BitPesa Uganda Ltd
* BitPesa RDC SARL
* BTPesa Nigeria Limited
* BTSL Limited Tanzania
* Exchange4Free Seychellen
* Exchange4Free Australia Br.
* Exchange4Free Swiss Br.
* Exchange4Free SouthAfrica Br.
* FinFax Company Limited
"These entities are not impacted by the FTX bankruptcy in any way.
AZA Finance, our entities and our businesses remain independent and
healthy," according to Rossiello.
AZA Finance is and was one of the first Fintech companies to launch
from Nairobi, Kenya -- and the first foreign currency exchange
globally to also trade crypto to mobile money. "Volatility is not
something that surprises or affects us. We are sad to see a major
brand fail, and we urge all fintechs and financial institutions to
adhere to global regulation and industry best practices," Rossiello
adds.
About FTX Group
FTX is the world's second-largest cryptocurrency firm. FTX is a
cryptocurrency exchange built by traders, for traders. FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.
On Nov. 10, 2022, the Securities Commission of The Bahamas froze
assets of FTX Digital Markets Ltd. and related parties, suspended
their registration, and applied to the Supreme Court of The Bahamas
for the appointment of a provisional liquidator for FDM. Mr. Brian
Simms, K.C. (Lennox Paton Counsel and Attorney-at Law) was
appointed as provisional liquidator.
On Nov. 10, 2022, FTX Trading Ltd (d/b/a FTX.com), West Realm
Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and
approximately 135 additional affiliated companies commenced
voluntary Chapter 11 bankruptcy proceedings (Bankr. D. Del. Lead
Case No. 22-11068).
FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year. According to Reuters, CEO
Sam Bankman-Fried shared a document with investors on Nov. 10
showing FTX had $13.86 billion in liabilities and $14.6 billion in
assets. However, only $900 million of those assets were liquid,
leading to the cash crunch that ended with the company filing for
bankruptcy. Reuters was able to review the document. Financial
Times says the largest portion of those liquid assets listed on a
FTX international balance sheet dated Nov. 10 was $470 million of
Robinhood shares owned by a vehicle not listed in the bankruptcy
filing.
The Hon. John T. Dorsey is the case judge.
Adam G. Landis, Esq., at Landis Rath & Cobb LLP in Wilmington
serves as FTX Group's local bankruptcy counsel.Â
Joshua A. Sussberg, Esq., at Kirkland represents Voyager, and a
trio of lawyers at Sullivan & Cromwell represent West Realm.
John J. Ray III assumed the role as the company's CEO following
Bankman-Fried's resignation.
Lawyers at Paul Weiss represent Mr. Bankman-Fried or the 135
debtors or both.
FTX TRADING: Bankruptcy No Impact on BitNile Business
-----------------------------------------------------
BitNile Holdings, Inc., a diversified holding company, on Nov. 14
disclosed that it expects to have no exposure directly or through
any of its subsidiaries or business units related to the collapsed
cryptocurrency exchange FTX Trading Limited ("FTX"). Moreover, the
Company states that its Bitcoin holdings are secured in custodial
wallets that the Company believes mitigates the risk of loss
similar to those from the FTX disruption.
Mr. Milton "Todd" Ault, III, the Company's Executive Chairman,
stated, "Other than the very difficult market conditions for
Bitcoin in recent days, BitNile and its subsidiaries have not been
disrupted by recent bankruptcies of industry participants. BitNile
plans to continue to operate its Bitcoin mining operations and
strive to fulfill its goals as previously outlined.”
For more information on BitNile and its subsidiaries, BitNile
recommends that stockholders, investors, and any other interested
parties read BitNile's public filings and press releases available
under the Investor Relations section at www.BitNile.com or
available at www.sec.gov.
About BitNile Holdings, Inc.
BitNile Holdings, Inc. (NYSE American: NILE) is a diversified
holding company pursuing growth by acquiring undervalued businesses
and disruptive technologies with a global impact. Through its
wholly and majority-owned subsidiaries and strategic investments,
BitNile owns and operates a data center at which it mines Bitcoin
and provides mission-critical products that support a diverse range
of industries, including oil exploration, defense/aerospace,
industrial, automotive, medical/biopharma, karaoke audio equipment,
hotel operations and textiles. In addition, BitNile extends credit
to select entrepreneurial businesses through a licensed lending
subsidiary. BitNile’s headquarters are located at 11411 Southern
Highlands Parkway, Suite 240, Las Vegas, NV 89141;
www.BitNile.com.
About FTX Group
FTX is the world's second-largest cryptocurrency firm. FTX is a
cryptocurrency exchange built by traders, for traders. FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.
On Nov. 10, 2022, the Securities Commission of The Bahamas froze
assets of FTX Digital Markets Ltd. and related parties, suspended
their registration, and applied to the Supreme Court of The Bahamas
for the appointment of a provisional liquidator for FDM. Mr. Brian
Simms, K.C. (Lennox Paton Counsel and Attorney-at Law) was
appointed as provisional liquidator.
On Nov. 10, 2022, FTX Trading Ltd (d/b/a FTX.com), West Realm
Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and
approximately 135 additional affiliated companies commenced
voluntary Chapter 11 bankruptcy proceedings (Bankr. D. Del. Lead
Case No. 22-11068).
FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year. According to Reuters, CEO
Bankman-Fried shared a document with investors on Nov. 10 showing
FTX had $13.86 billion in liabilities and $14.6 billion in assets.
However, only $900 million of those assets were liquid, leading to
the cash crunch that ended with the company filing for bankruptcy.
Reuters was able to review the document. Financial Times says the
largest portion of those liquid assets listed on a FTX
international balance sheet dated Nov. 10 was $470 million of
Robinhood shares owned by a vehicle not listed in the bankruptcy
filing.
The Hon. John T. Dorsey is the case judge.
Adam G. Landis, Esq., at Landis Rath & Cobb LLP in Wilmington
serves as FTX Group's local bankruptcy counsel.
Joshua A. Sussberg, Esq., at Kirkland represents Voyager, and a
trio of lawyers at Sullivan & Cromwell represent West Realm.
John J. Ray III assumed the role as the company's CEO following Sam
Bankman-Fried's resignation.
Lawyers at Paul Weiss represent Mr. Bankman-Fried or the 135
debtors or both.
FTX TRADING: Bitvo Not Yet Sold, Still Independent From FTX
-----------------------------------------------------------
Noting that Bitvo Inc. ("Bitvo") previously entered into an
agreement to be acquired by FTX Trading Ltd. ("FTX") and given the
series of events that unfolded last week with respect to FTX,
management would like to provide an update that the transaction has
not closed and Bitvo remains independent from the FTX group of
companies with no material exposure to them.
Bitvo said "We also wanted to ensure our customers that your funds
are secure with Bitvo and that trading operations as well as
withdrawals and deposits have and will continue seamlessly, always
honouring our Bitvo Same Day Guarantee."
"Further, we wanted to emphasize that Bitvo operates on a full
reserve basis and in compliance with Canadian regulations as a
licensed Money Services Business with FINTRAC and as a Restricted
Dealer with the Canadian Securities Administrators. Digital assets
are held with independent third-parties BitGo Inc. and BitGo Trust
Company, with over 80% of assets held in cold storage."
Should you have any questions, please contact Bitvo's 24/7 customer
support team at support@bitvo.com or 1-833-86BITVO
(1-833-862-4886).
About Bitvo
Bitvo -- http://www.bitvo.com-- is a crypto asset trading platform
that facilitates buying and selling of crypto assets through its
best-in-class website and mobile applications. Bitvo differentiates
itself by making transacting in crypto assets easier than anyone
else and offering proprietary features such as the Bitvo Same Day
Guarantee, the Bitvo Cash Card and technical trading analysis
tools. Additionally, Bitvo is managed and owned by a group of
competent, transparent and qualified individuals comprised of
seasoned financial markets and payment processing professionals
(read more about the team here). Finally, Bitvo makes security a
top priority. The company has never lost customer funds. Fiat funds
are stored at major Canadian banks and crypto assets are stored
primarily in cold storage with BitGo Trust Company, a licensed
trust company with the South Dakota Division of Banking with US$100
million of insurance.
About FTX Group
FTX is the world's second-largest cryptocurrency firm. FTX is a
cryptocurrency exchange built by traders, for traders. FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.
On Nov. 10, 2022, the Securities Commission of The Bahamas froze
assets of FTX Digital Markets Ltd. and related parties, suspended
their registration, and applied to the Supreme Court of The Bahamas
for the appointment of a provisional liquidator for FDM. Mr. Brian
Simms, K.C. (Lennox Paton Counsel and Attorney-at Law) was
appointed as provisional liquidator.
On Nov. 10, 2022, FTX Trading Ltd (d/b/a FTX.com), West Realm
Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and
approximately 135 additional affiliated companies commenced
voluntary Chapter 11 bankruptcy proceedings (Bankr. D. Del. Lead
Case No. 22-11068).
FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year. According to Reuters, CEO
Bankman-Fried shared a document with investors on Nov. 10 showing
FTX had $13.86 billion in liabilities and $14.6 billion in assets.
However, only $900 million of those assets were liquid, leading to
the cash crunch that ended with the company filing for bankruptcy.
Reuters was able to review the document. Financial Times says the
largest portion of those liquid assets listed on a FTX
international balance sheet dated Nov. 10 was $470 million of
Robinhood shares owned by a vehicle not listed in the bankruptcy
filing.
The Hon. John T. Dorsey is the case judge.
Adam G. Landis, Esq., at Landis Rath & Cobb LLP in Wilmington
serves as FTX Group's local bankruptcy counsel.
Joshua A. Sussberg, Esq., at Kirkland represents Voyager, and a
trio of lawyers at Sullivan & Cromwell represent West Realm.
John J. Ray III assumed the role as the company's CEO following Sam
Bankman-Fried's resignation.
Lawyers at Paul Weiss represent Mr. Bankman-Fried or the 135
debtors or both.
FTX TRADING: DWF Labs Unaffected by Chapter 11 Bankruptcy Filing
----------------------------------------------------------------
In light of the recent news of FTX filing for Chapter 11
Bankruptcy, DWF Labs remains unaffected. As a high-frequency
trading firm and market maker, DWF Labs has built a robust risk
management framework that has enabled the firm to trade through
such market events.
"Many parties are being impacted by the recent FTX situation," said
Andrei Grachev, Managing Partner at DWF Labs. "However, DWF Labs
has been able to trade through this incident with minimised impact
due to our strong risk management framework. This is not the first
time that we have seen an exchange collapse. Black swan events and
high volatility are part and parcel of the crypto industry. As a
trading firm, our operations are designed to continue functioning
during such market events. We are letting everyone know that we are
more committed than ever to supporting the Web3 ecosystem in these
difficult times. We are also willing to help companies and
entrepreneurs who have been affected in the aftermath of the FTX
situation with investments, loans, and liquidity provisions."
DWF Labs have also continued to invest and grow significantly over
the past 12 months despite the overall market conditions. The firm
investments are spread across various stages which include venture
capital and secondary markets investments. These include a near
term line-up of investment announcements worth over US$35mil that
has yet to be announced.
"We grew our investment portfolio to over 50 Web3 projects within a
year," commented Heng Yu Lee, a Partner in DWF Labs. "Despite the
current market climate, we are here to stay and will continue to
invest in and support the Web3 ecosystem. We welcome any Web3
entrepreneurs who need funding to reach out to us".
In agreement with the need to step up efforts to support the
industry, Eugene Ng, another Partner in DWF Labs, said, "What has
happened in the past few days is deeply disturbing because of its
negative impact on the crypto communities. Many talented
individuals are losing their jobs. We feel their pain and would
like to encourage anyone who is looking for new opportunities that
our doors are open."
As the impact of the event continues to unfold, DWF Labs continues
to minimise associated risks as the company does not have exposure
to loans or other risky financing instruments. The firm remains
focused on growth targets with prudent measures with commitment to
continue providing liquidity and investment to affected parties.
About DWF Labs
DWF Labs is a global digital asset market maker and multi-stage
Web3 investment firm, with offices in Singapore, Switzerland, the
UAE, South Korea, BVI, and expanding. DWF Labs is part of the
parent firm Digital Wave Finance (DWF), which consistently ranks
among the top 5 trading entities by volume in the cryptocurrency
world through its proprietary technology for high frequency
trading.
DWF Labs seeks to invest and support bold founders who want to
build the future of Web3. We offer consulting, liquidity provision,
cybersecurity, smart contract audit processes, debt-financing,
treasury management and connections with our numerous partners
across different verticals.
About FTX Group
FTX is the world's second-largest cryptocurrency firm. FTX is a
cryptocurrency exchange built by traders, for traders. FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.
On Nov. 10, 2022, the Securities Commission of The Bahamas froze
assets of FTX Digital Markets Ltd. and related parties, suspended
their registration, and applied to the Supreme Court of The Bahamas
for the appointment of a provisional liquidator for FDM. Mr. Brian
Simms, K.C. (Lennox Paton Counsel and Attorney-at Law) was
appointed as provisional liquidator.
On Nov. 10, 2022, FTX Trading Ltd (d/b/a FTX.com), West Realm
Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and
approximately 135 additional affiliated companies commenced
voluntary Chapter 11 bankruptcy proceedings (Bankr. D. Del. Lead
Case No. 22-11068).
FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year. According to Reuters, CEO
Bankman-Fried shared a document with investors on Nov. 10 showing
FTX had $13.86 billion in liabilities and $14.6 billion in assets.
However, only $900 million of those assets were liquid, leading to
the cash crunch that ended with the company filing for bankruptcy.
Reuters was able to review the document. Financial Times says the
largest portion of those liquid assets listed on a FTX
international balance sheet dated Nov. 10 was $470 million of
Robinhood shares owned by a vehicle not listed in the bankruptcy
filing.
The Hon. John T. Dorsey is the case judge.
Adam G. Landis, Esq., at Landis Rath & Cobb LLP in Wilmington
serves as FTX Group's local bankruptcy counsel.
Joshua A. Sussberg, Esq., at Kirkland represents Voyager, and a
trio of lawyers at Sullivan & Cromwell represent West Realm.
John J. Ray III assumed the role as the company's CEO following Sam
Bankman-Fried's resignation.
Lawyers at Paul Weiss represent Mr. Bankman-Fried or the 135
debtors or both.
FTX TRADING: Immutable Holdings Says No Exposure to FTX
-------------------------------------------------------
Immutable Holdings Inc. (NEO: HOLD), a publicly-traded blockchain
holding company, on Nov. 10 provided an update in light of recent
market developments relating to FTX, a digital asset exchange that
does not provide any services, or hold any cash or digital assets,
for Immutable Holdings. The Company wishes to confirm that neither
Immutable Holdings nor any of its subsidiaries have any exposure to
FTX, its affiliate Alameda Research or its corresponding FTT
token.
Immutable Holdings' cash balances are held in US dollars with
nationally charted banking institutions within the United States.
Of its cryptocurrency exposure, the Company maintains residual
balances in US dollar-pegged USD Coin ("USDC") and in Ethereum
("ETH"). Both assets are held at a third-party custodian,
nationally charted as a trust bank within the United States.
As a public company, Immutable Holdings operates with transparency,
providing regular quarterly financial statements and disclosures,
which can be found under the Company's issuer profile on
www.sedar.com.
About Immutable Holdings Inc.
Immutable Holdings Inc. (NEO: HOLD), is on a mission to democratize
access to Web3 and blockchain-based products and services. Founded
by Jordan Fried, a founding team member of multibillion dollar
Hedera Hashgraph network, Immutable Holdings already boasts tens of
millions under management and a portfolio of businesses and brands
built on the blockchain ecosystem, including NFT.com, Immutable
Asset Management, and 1-800-Bitcoin. For further information
regarding Immutable Holdings, visit https://immutableholdings.com/
and see the Company's disclosure documents on SEDAR at
www.sedar.com.
About FTX Group
FTX is the world's second-largest cryptocurrency firm. FTX is a
cryptocurrency exchange built by traders, for traders. FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.
On Nov. 10, 2022, the Securities Commission of The Bahamas froze
assets of FTX Digital Markets Ltd. and related parties, suspended
their registration, and applied to the Supreme Court of The Bahamas
for the appointment of a provisional liquidator for FDM. Mr. Brian
Simms, K.C. (Lennox Paton Counsel and Attorney-at Law) was
appointed as provisional liquidator.
On Nov. 10, 2022, FTX Trading Ltd (d/b/a FTX.com), West Realm
Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and
approximately 135 additional affiliated companies commenced
voluntary Chapter 11 bankruptcy proceedings (Bankr. D. Del. Lead
Case No. 22-11068).
FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year. According to Reuters, CEO
Bankman-Fried shared a document with investors on Nov. 10 showing
FTX had $13.86 billion in liabilities and $14.6 billion in assets.
However, only $900 million of those assets were liquid, leading to
the cash crunch that ended with the company filing for bankruptcy.
Reuters was able to review the document. Financial Times says the
largest portion of those liquid assets listed on a FTX
international balance sheet dated Nov. 10 was $470 million of
Robinhood shares owned by a vehicle not listed in the bankruptcy
filing.
The Hon. John T. Dorsey is the case judge.
Adam G. Landis, Esq., at Landis Rath & Cobb LLP in Wilmington
serves as FTX Group's local bankruptcy counsel.
Joshua A. Sussberg, Esq., at Kirkland represents Voyager, and a
trio of lawyers at Sullivan & Cromwell represent West Realm.
John J. Ray III assumed the role as the company's CEO following Sam
Bankman-Fried's resignation.
Lawyers at Paul Weiss represent Mr. Bankman-Fried or the 135
debtors or both.
FTX TRADING: NFT Tech Says No Exposure to Deposits or Investment
----------------------------------------------------------------
NFT Technologies Inc., a leading technology company partnering with
top-tier brands to accelerate their entry into the world of web3
through innovative technologies and unparalleled creativity, on
Nov. 14 confirmed that it has no exposure to deposits or investment
in FTX Trading Limited or affiliated companies, including Alameda
Research ("Alameda"), in light of FTX Group and Alameda recently
filing for protection under Chapter 11 of the U.S. Bankruptcy Code.
NFT Tech also confirms there is no exposure to the related FTT
token ("FTT").
NFT Tech is a public company regulated by the British Columbia
Securities Commission ("BCSC”) and operates with transparency,
providing regular quarterly financial statements and disclosures,
which can be found under the Company's issuer profile on
www.sedar.com.
About NFT Tech
NFT Tech (NEO: NFT | OTC Pink: NFTFF | FRA: 8LO) works to develop
infrastructure, assets, real estate and IP in the metaverse, build
and generate revenue from web3 games and assets, and bring insights
and benefits to the public markets. By bridging the gap between
traditional capital markets and the Web3 space, NFT Tech is
mainstreaming decentralized ownership, NFTs, and the metaverse.
About FTX Group
FTX is the world's second-largest cryptocurrency firm. FTX is a
cryptocurrency exchange built by traders, for traders. FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.
On Nov. 10, 2022, the Securities Commission of The Bahamas froze
assets of FTX Digital Markets Ltd. and related parties, suspended
their registration, and applied to the Supreme Court of The Bahamas
for the appointment of a provisional liquidator for FDM. Mr. Brian
Simms, K.C. (Lennox Paton Counsel and Attorney-at Law) was
appointed as provisional liquidator.
On Nov. 10, 2022, FTX Trading Ltd (d/b/a FTX.com), West Realm
Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and
approximately 135 additional affiliated companies commenced
voluntary Chapter 11 bankruptcy proceedings (Bankr. D. Del. Lead
Case No. 22-11068).
FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year. According to Reuters, CEO
Bankman-Fried shared a document with investors on Nov. 10 showing
FTX had $13.86 billion in liabilities and $14.6 billion in assets.
However, only $900 million of those assets were liquid, leading to
the cash crunch that ended with the company filing for bankruptcy.
Reuters was able to review the document. Financial Times says the
largest portion of those liquid assets listed on a FTX
international balance sheet dated Nov. 10 was $470 million of
Robinhood shares owned by a vehicle not listed in the bankruptcy
filing.
The Hon. John T. Dorsey is the case judge.
Adam G. Landis, Esq., at Landis Rath & Cobb LLP in Wilmington
serves as FTX Group's local bankruptcy counsel.
Joshua A. Sussberg, Esq., at Kirkland represents Voyager, and a
trio of lawyers at Sullivan & Cromwell represent West Realm.
John J. Ray III assumed the role as the company's CEO following Sam
Bankman-Fried's resignation.
Lawyers at Paul Weiss represent Mr. Bankman-Fried or the 135
debtors or both.
FTX TRADING: Silvergate Capital Says Exposure Limited to Deposits
-----------------------------------------------------------------
Silvergate Capital Corporation (NYSE: SI), the leading provider of
innovative financial infrastructure solutions to the digital asset
industry, on Nov. 11 issued the following statement regarding its
exposure to FTX and its related entities ("FTX"):
"In light of recent developments, I want to provide an update on
Silvergate's exposure to FTX. As of September 30, 2022,
Silvergate's total deposits from all digital asset customers
totaled $11.9 billion, of which FTX represented less than 10%.
Silvergate has no outstanding loans to nor investments in FTX, and
FTX is not a custodian for Silvergate's bitcoin-collateralized SEN
Leverage loans. To be clear, our relationship with FTX is limited
to deposits," said Alan Lane, Chief Executive Officer of
Silvergate.
Mr. Lane continued, "To date, all SEN Leverage loans have continued
to perform as expected with zero losses and no forced liquidations.
As a reminder, all SEN Leverage loans are collateralized by
Bitcoin, and we do not make unsecured loans or collateralize SEN
Leverage loans with other digital assets."
Mr. Lane concluded, "Silvergate's platform was built to support our
clients during times of market volatility and transformation, and
the SEN has continued to operate as designed and without
interruption. As a federally regulated banking institution that is
well capitalized, we maintain a strong balance sheet with ample
liquidity to support our customers' needs."
Chief Executive Officer Alan Lane will participate in a fireside
chat at the Oppenheimer Blockchain & Digital Assets Summit at 2:55
p.m. ET on Thursday, November 17, 2022.
Interested investors and other parties can access a live webcast of
the presentation by visiting the investor relations section of
Silvergate's website at ir.silvergate.com. An online replay will be
available on the same website following the presentation.
About Silvergate
Silvergate Capital Corporation (NYSE: SI) is the leading provider
of innovative financial infrastructure solutions and services for
the growing digital asset industry. The Company's real-time
payments platform, known as the Silvergate Exchange Network, is at
the heart of its customer-centric suite of payments, lending and
funding solutions serving an expanding class of digital asset
companies and investors around the world. Silvergate is enabling
the rapid growth of digital asset markets and reshaping global
commerce for a digital asset future.
About FTX Group
FTX is the world's second-largest cryptocurrency firm. FTX is a
cryptocurrency exchange built by traders, for traders. FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.
On Nov. 10, 2022, the Securities Commission of The Bahamas froze
assets of FTX Digital Markets Ltd. and related parties, suspended
their registration, and applied to the Supreme Court of The Bahamas
for the appointment of a provisional liquidator for FDM. Mr. Brian
Simms, K.C. (Lennox Paton Counsel and Attorney-at Law) was
appointed as provisional liquidator.
On Nov. 10, 2022, FTX Trading Ltd (d/b/a FTX.com), West Realm
Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and
approximately 135 additional affiliated companies commenced
voluntary Chapter 11 bankruptcy proceedings (Bankr. D. Del. Lead
Case No. 22-11068).
FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year. According to Reuters, CEO
Bankman-Fried shared a document with investors on Nov. 10 showing
FTX had $13.86 billion in liabilities and $14.6 billion in assets.
However, only $900 million of those assets were liquid, leading to
the cash crunch that ended with the company filing for bankruptcy.
Reuters was able to review the document. Financial Times says the
largest portion of those liquid assets listed on a FTX
international balance sheet dated Nov. 10 was $470 million of
Robinhood shares owned by a vehicle not listed in the bankruptcy
filing.
The Hon. John T. Dorsey is the case judge.
Adam G. Landis, Esq., at Landis Rath & Cobb LLP in Wilmington
serves as FTX Group's local bankruptcy counsel.
Joshua A. Sussberg, Esq., at Kirkland represents Voyager, and a
trio of lawyers at Sullivan & Cromwell represent West Realm.
John J. Ray III assumed the role as the company's CEO following Sam
Bankman-Fried's resignation.
Lawyers at Paul Weiss represent Mr. Bankman-Fried or the 135
debtors or both.
GB SCIENCES: Incurs $313K Net Loss in Second Quarter
----------------------------------------------------
GB Sciences, Inc. has filed its Quarterly Report on Form 10-Q with
the Securities and Exchange Commission disclosing a net loss of
$313,057 on zero sales revenue for the three months ended Sept. 30,
2022, compared to a net loss of $555,856 on zero sales revenue for
the three months ended Sept. 30, 2021.
For the six months ended Sept. 30, 2022, the Company reported a net
loss of $811,146 on $0 of sales revenue compared to a net loss of
$1.19 million on $0 of sales revenue for the same period in 2021.
As of Sept. 30, 2022, the Company had $3.12 million in total
assets, $4.31 million in total liabilities, and a total
stockholders' deficit of $1.19 million.
GB Sciences said, "The Company will need additional capital to
implement its strategies. There is no assurance that it will be
able to raise the amount of capital needed for future growth plans.
Even if financing is available, it may not be on terms that are
acceptable. If unable to raise the necessary capital at the times
required, the Company may have to materially change the business
plan, including delaying implementation of aspects of the business
plan or curtailing or abandoning the business plan. The Company
represents a speculative investment and investors may lose all of
their investment. In order to be able to achieve the strategic
goals, the Company needs to further expand its business and
financing activities. Based on the Company's cash position, it is
necessary to raise additional capital by the end of the next
quarter in order to continue to fund current operations. These
factors raise substantial doubt about the ability to continue as a
going concern. The Company is pursuing several alternatives to
address this situation, including the raising of additional funding
through equity or debt financing. In order to finance existing
operations and pay current liabilities over the next twelve months,
the Company will need to raise additional capital. No assurance
can be given that the Company will be able to operate profitably on
a consistent basis, or at all, in the future."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1165320/000143774922026505/gblx20220930_10q.htm
About GB Sciences
Headquartered in Las Vegas, Nevada, GB Sciences, Inc. is a
plant-inspired, biopharmaceutical research and development company
creating patented, disease-targeted formulations of cannabis- and
other plant-inspired therapeutic mixtures for the prescription drug
market through its wholly owned Canadian subsidiary, GbS Global
Biopharma, Inc.
GB Sciences reported a net loss of $530,873 for the year ended
March 31, 2022, compared to a net loss of $3.73 million for the
year ended March 31, 2021. As of March 31, 2022, the Company had
$2.55 million in total assets, $4.33 million in total liabilities,
and a total stockholders' deficit of $1.78 million.
Margate, Florida-based Assurance Dimensions, the Company's auditor
since 2020, issued a "going concern" qualification in its report
dated June 30, 2022, citing that the Company has sustained net
losses since inception, which have caused an accumulated deficit of
$104,580,122 at March 31, 2022. The Company also had a working
capital deficit of $3,607,638 and consumed cash in its operating
activities of $1,866,154 including $87,772 used in discontinued
operations for the year ended March 31, 2022. These factors raise
substantial doubt about the Company's ability to continue as a
going concern.
GENAPSYS INC: $42M Sale to Sequencing Health to Fund Plan
---------------------------------------------------------
Redwood Liquidating Co. f/k/a GenapSys, Inc. filed with the U.S.
Bankruptcy Court for the District of Delaware a Combined Disclosure
Statement and Chapter 11 Plan of Liquidation dated November 8,
2022.
The Debtor, founded in 2010 by Dr. Esfandyarpour, is a privately
held Delaware corporation formerly headquartered in Redwood City,
California. The Debtor's business involved a novel method for DNA
sequencing.
Facing dwindling liquidity, the Debtor engaged Lazard to identify
new investors or potential acquirors through the Prepetition
Marketing Process. Lazard informed each of these parties that the
Prepetition Marketing Process was expeditious by necessity in order
to address the Debtor's liquidity.
Following the Petition Date, the Debtor and Lazard's continued
negotiations with Farallon resulted in the Debtor receiving a
Stalking Horse Bid for substantially all of the Debtor's assets
from the Stalking Horse Bidder, Sequencing Health, a purchaser
entity affiliated with entities, funds and/or accounts managed or
advised, directly or indirectly, by, or under common control with,
two investors holding Series D Preferred Equity Interests in the
Debtor: Farallon and Soleus Private Equity Fund II, LP.
Pursuant to the Stalking Horse Bid, the Stalking Horse Bidder
proposed to purchase the Purchased Assets for the aggregate
purchase price of up to $10,000,000 in cash consideration and the
assumption of certain prepetition indebtedness to Oxford. The
aggregate Purchase Price, based on the Cash Purchase Price and the
Assumed Oxford Indebtedness, was approximately $42 million.
On September 8, 2022, the Bankruptcy Court held the Sale Hearing to
consider approval of the Sale to Sequencing Health, as Stalking
Horse Bidder, pursuant to the Asset Purchase Agreement. On
September 12, 2022, the Bankruptcy Court entered the Sale Order
approving the Sale of the Purchased Assets to Sequencing Health
pursuant to the Asset Purchase Agreement.
On September 14, 2022, the Sale closed. In connection with the
Sale, the Debtor and Sequencing Health entered into that certain
Transitions Services Agreement, dated September 14, 2022 (the
"TSA"), whereby the Debtor agreed to provide certain Services in
exchange for the fees, costs and expenses set forth therein. The
term of the TSA expires on November 14, 2022 and is subject to a
one-time extension of 30 days by Sequencing Health.
Section 7.2 of the Asset Purchase Agreement required the Debtor to,
among other things, cease using its current name, or any variation
thereof, within three business days of the closing of the Sale.
Accordingly, on September 15, 2022, the Debtor filed the necessary
documentation with the Secretary of State changing its corporate
name to "Redwood Liquidating Co."
In order of liquidation preference, Series D is senior with respect
to Series C, which is senior with respect to Series B, which is
senior with respect to Series A, which is senior with respect to
Common Equity Interests. Each series of Preferred Equity Interests
accrues dividends at a different annual rate. The liquidation
preferences for Preferred Equity Interests have priority over the
Debtor's Common Equity Interests. As of the Petition Date, the
liquidation preferences of the Preferred Equity Interests totaled
approximately $200,300,000.
Class 3 consists of General Unsecured Claims. Except to the extent
that a holder of an Allowed General Unsecured Claim agrees to such
other, less favorable treatment, each Holder of an Allowed General
Unsecured Claim shall be paid its Pro Rata share of the Net
Distributable Assets, in full and final satisfaction, settlement,
discharge, and release of, and in exchange for, its Allowed General
Unsecured Claims. This Class is impaired.
Holders of Class 8a Common Equity Interests shall not receive or
retain any distribution under the Combined Disclosure Statement and
Plan on account of such Common Equity Interests. Common Equity
Interests shall be discharged, cancelled, released and extinguished
as of the Effective Date; provided, however, that, upon the
Effective Date, the Plan Administrator shall be deemed to hold one
share of common equity in the PostEffective Date Debtor solely for
the benefit of Holders of Allowed Claims and, if entitled to a
recovery in accordance with the terms of this Combined Disclosure
Statement and Plan, Allowed Equity Interests.
Allowed Claims, Allowed Equity Interests, and any amounts necessary
to wind down the Debtor’s Estate shall be paid from the Net
Distributable Assets, subject to the limitations and
qualifications.
Counsel to the Debtor:
Daniel J. DeFranceschi, Esq.
Michael J. Merchant, Esq.
David T. Queroli, Esq.
J. Zachary Noble, Esq.
Richards, Layton & Finger, PA
One Rodney Square
920 North King Street
Wilmington, DE 19801
Telephone: (302) 651-7700
Facsimile: (302) 651-7701
Email: defranceschi@rlf.com
merchant@rlf.com
queroli@rlf.com
noble@rlf.com
About GenapSys Inc.
GenapSys Inc. -- https://genapsys.com/ -- is a biotechnology
company that transforms the human condition by building a scalable,
affordable genomic sequencing ecosystem that will support research
and diagnostics. It is based in Redwood City, Calif.
GenapSys sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Del. Case No. 22-10621) on July 11, 2022. In the
petition filed by Britton Russell, chief financial officer and
treasurer, the Debtor listed assets between $10 million and $50
million and liabilities between $50 million and $100 million.
Judge Brendan Linehan Shannon oversees the case.
The Debtor tapped Richards, Layton & Finger, PA as bankruptcy
counsel; Willkie Farr & Gallagher LLP as special litigation and
corporate counsel; and Lazard Freres & Co. LLC as investment
banker. Kroll Restructuring Administration LLC is the Debtor's
claims and noticing agent and administrative advisor.
GENESISCARE USA: EUR500M Bank Debt Trades at 64% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Genesiscare USA
Holdings Inc is a borrower were trading in the secondary market
around 36 cents-on-the-dollar during the week ended Fri., Nov. 11,
2022, according to Bloomberg's Evaluated Pricing service data.
The EUR500 million facility is a term loan. The loan is scheduled
to mature on May 17, 2027. The amount is fully drawn and
outstanding.
Genesiscare USA Holdings Inc operates as a holding company. The
Company, through its subsidiaries, provides breast and colorectal
surgery, gynecology, pathology, pulmonology, radiology, urology,
radiation therapy, and other cancer treatments.
GIBSON BRANDS INC: US$300M Bank Debt Trades at 20% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which Gibson Brands Inc
is a borrower were trading in the secondary market around 80.0
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$300 million facility is a term loan. The loan is scheduled
to mature on August 13, 2028. The loan is fully drawn and
outstanding.
Gibson Brands, Inc. produces and distributes musical instruments.
GLOBAL FOOD: EUR245M Bank Debt Trades at 22% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Global Food
Solutions Sarl is a borrower were trading in the secondary market
around 78 cents-on-the-dollar during the week ended Fri., Nov. 11,
2022, according to Bloomberg's Evaluated Pricing service data.
The EUR245 million facility is a term loan. The loan is scheduled
to mature on February 11, 2028.
GLOBAL TELLINK: US$475M Bank Debt Trades at 18% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Global Tel*Link
Corp is a borrower were trading in the secondary market around 82
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$475 million facility is a term loan. The loan is scheduled
to mature on November 29, 2026. The amount is fully drawn and
outstanding.
Global Tel*Link Corporation provides integrated technology
solutions. The Company offers communication, intelligence,
education, enterprise management, payment and deposit solutions, as
well as inmate services.
GOPHER RESOURCE: US$510M Bank Debt Trades at 32% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Gopher Resource LLC
is a borrower were trading in the secondary market around 68.5
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$510 million facility is a term loan. The loan is scheduled
to mature on March 6, 2025. About US$473 million of the loan is
drawn and outstanding.
Gopher Resource, LLC provides recycling services.
GRAVITY HOLDINGS: Gets OK to Hire Thomas Willson as Attorney
------------------------------------------------------------
Gravity Holdings, Inc. received approval from the U.S. Bankruptcy
Court for the Western District of Louisiana to employ Thomas
Willson, Esq., a practicing attorney in Alexandria, La., to handle
its Chapter 11 case.
The attorney will be paid based upon his normal and usual hourly
billing rates and will be reimbursed for out-of-pocket expenses
incurred. The retainer fee is $7,000.
Mr. Willson disclosed in a court filing that he is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Thomas R. Willson, Esq.
1330 Jackson Street
Alexandria, LA 71301
Tel: (318) 442-8658
Fax: (318) 442-9637
Email: rocky@rockywillsonlaw.com
About Gravity Holdings
Gravity Holdings, Inc., a company in Elmer, La., filed a petition
under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D.
La. Case No. 22-80538) on Oct. 26, 2022, with $2,113,100 in assets
and $2,077,503 in liabilities. Lucy G. Sikes has been appointed as
Subchapter V trustee.
Judge Stephen D. Wheelis oversees the case.
The Debtor tapped Thomas Willson, Esq., a practicing attorney in
Alexandria, La., to handle its Chapter 11 case.
GREAT PANTHER: BC Court Grants CCAA Stay Extension
--------------------------------------------------
Great Panther Mining Limited (OTCPK: GPLDK) disclosed that the
Supreme Court of British Columbia, on application of the Company,
has granted an extension of the stay of proceedings under the
Companies' Creditors Arrangement Act ("CCAA") to December 16, 2022,
and has approved the previously announced Share Purchase Agreement
(the "SPA") between Great Panther and Newrange Gold Corp.
("Newrange"). The Company also announced a senior management
change.
On October 4, 2022, the Supreme Court of British Columbia (the
"Court") pronounced an initial order (the "Initial Order")
converting the Company's restructuring proceedings under the
Bankruptcy and Insolvency Act (Canada) (the "NOI Proceedings") to
the more flexible restructuring proceedings under the Companies'
Creditors Arrangement Act (Canada) ("CCAA"). The order granted
November 3, 2022, extends the stay of proceedings and other relief
granted in the Initial Order, as amended and restated up to and
including December 16, 2022 (the "Stay"), on which date the Company
will return before the Court to seek, among other things, an
extension of the Stay. During the Stay, the Company will launch a
Sale Investment and Solicitation Process, or "SISP," which has been
announced via a separate news release.
In addition to granting the Stay, the Court authorized the
completion of the SPA, pursuant to which the Company has agreed to
sell Great Panther Peru Holdings Ltd. and Great Panther Silver Peru
S.A.C. (the "Subsidiaries"), which together indirectly own 100% of
the Coricancha Mine in Peru, on and subject to the terms and
conditions set forth therein. Under the terms of the Share Purchase
Agreement, Newrange has agreed to acquire the Subsidiaries for a
total purchase price of US$750,000, payable in cash. Completion of
the transaction remains subject to certain closing conditions,
including, but not limited to, receipt by Newrange of the approval
of the TSX Venture Exchange.
Separately, the Company also announced that Fernando Cornejo has
resigned as Chief Operating Officer of the Company, effective
October 31, 2022. Mr. Cornejo joined Great Panther in July 2019 and
became Chief Operating Officer in July 2021. Although mining
activities have ceased at the Tucano Mine site, the processing
plant continues to operate, processing existing stockpiles and
spent ore. The local management team is leading these activities
with the oversight of Sandra Daycock, President and CEO of the
Company.
Pursuant to the Initial Order, Alvarez & Marsal Canada Inc. was
appointed as monitor in the CCAA Proceedings. A copy of the Initial
Order and all materials related thereto, as well as any other
information regarding the CCAA proceedings, are available on the
court-appointed monitor's website at
https://www.alvarezandmarsal.com/GPR.
Great Panther Mining Limited -- https://www.greatpanther.com/ --
operates a precious metals mining and exploration company.
HOME STRATEGY: Hearing on Exclusivity Bid Set for Dec. 9
--------------------------------------------------------
Judge Elizabeth Stong of the U.S. Bankruptcy Court for the Eastern
District of New York is set to hold a hearing on Dec. 9 to consider
the motion filed by Home Strategy, Inc. to extend the period during
which it alone can file a Chapter 11 plan.
The motion seeks to extend the company's exclusivity period to file
a Chapter 11 plan to Feb. 10, 2023, and solicit votes on the plan
to April 9, 2023.
Home Strategy will use the extension to review all of the records
held by the receiver who has been administering the company's
affairs before it proposes a feasible plan.
The company will need to gain full access to the books and records
that had been held by the receiver, and regain its revenue stream
from rent paid by tenants in order to fund its Chapter 11 plan,
according to the motion it filed in court.
About Home Strategy
Home Strategy, Inc. is a single asset real estate (as defined in 11
U.S.C. Sec. 101(51B)). It owns a multi-unit residential property
located at 119-31 197th St., St. Albans, N.Y.
Home Strategy sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 22-41377) on June 15,
2022, with between $1 million and $10 million in assets and between
$500,000 and $1 million in liabilities. Christopher Humbert,
president of Home Strategy, signed the petition.
Judge Elizabeth S. Stong oversees the case.
Dawn Kirby, Esq., at Kirby Aisner & Curley, LLP and Ginsberg &
Misk, LLP serve as the Debtor's bankruptcy counsel and special
litigation counsel, respectively.
HORIZON GLOBAL: Posts $25.7 Million Net Loss in Third Quarter
-------------------------------------------------------------
Horizon Global Corporation has filed its Quarterly Report on Form
10-Q with the Securities and Exchange Commission disclosing a net
loss of $25.68 million on $148.97 million of net sales for the
three months ended Sept. 30, 2022, compared to a net loss of $2.77
million on $196.54 million of net sales for the three months ended
Sept. 30, 2021.
For the nine months ended Sept. 30, 2022, the Company reported a
net loss of $75.06 million on $511.05 million of net sales compared
to a net loss of $16.96 million on $617.85 million of net sales for
the nine months ended Sept. 30, 2021.
As of Sept. 30, 2022, the Company had $410.05 million in total
assets, $525.72 million in total liabilities, and a total
shareholders' deficit of $115.67 million.
"In August, we announced that we would be undertaking a broad
review of strategic alternatives, with the ultimate objective being
to maximize shareholder value," stated Terry Gohl, Horizon Global's
president and chief executive officer. "This could result in a
sale of some or all of the company. This process is ongoing and we
will provide an update when appropriate."
Gohl continued, "The third quarter was marked with continued
softness in our higher margin non-OE sales channels. This was a
result of market factors and elevated inventory levels at certain
of our large customers. The resulting volume underperformance and
unfavorable sales mix significantly impacted our margins for the
quarter. This is a disappointing result, but we are not standing
still. Despite market headwinds, we are taking aggressive actions
to improve margin performance and position the business for
profitable growth."
Discussion of Going Concern
Horizon Global stated, "The Company has a history of recurring net
operating losses and cash outflows from operations. In addition,
the Company currently projects it will not generate sufficient cash
flows from operations, or have access to other sources of
liquidity, to sustain its operating needs or to meet the Company's
obligations as they become due over the twelve-month period
subsequent to the date of the filing of this Quarterly Report on
Form 10-Q. In addition, as of September 30, 2022, the Company was
in compliance with all applicable covenants in agreements governing
its debt. However, based on the Company's projected financial
performance for the twelve-month period subsequent to the date of
the filing of this Quarterly Report on Form 10-Q, the Company
currently projects that it will not be in compliance with a
financial covenant under the Company's Senior Term Loan Credit
Agreement as of March 31, 2023, which would result in an event of
default. Such a default would allow the lender under the Senior
Term Loan Credit Agreement to accelerate the maturity of the debt,
which carries a balance of $225.0 million as of September 30, 2022,
making it due and payable at that time. This would, in turn,
result in a cross-default of the Company's Revolving Credit
Facility, which carries a balance of $70.4 million as of September
30, 2022. Further, if the Company's independent registered public
accounting firm includes an explanatory paragraph, other than for
debt maturing within one year, regarding the Company's ability to
continue as a going concern in its report on the Company's
financial statements for the twelve months ending December 31,
2022, this would be an event of default under the Company's Senior
Term Loan Credit Agreement and also result in a cross-default of
the Revolving Credit Facility at the time the Company's financial
statements for the twelve months ending December 31, 2022 are
filed. The Company does not currently have sufficient cash on
hand, liquidity or projected future cash flows to repay these
outstanding amounts upon an event of default. These conditions and
events raise substantial doubt about the Company's ability to
continue as a going concern.
"In response to these conditions, the Company has undertaken a
review of strategic alternatives for the business, which could
involve a sale of a portion or the entirety of the business. The
Company has also undertaken discussions with its lender to amend
the terms of its financial covenant under the Senior Term Loan
Credit Agreement. The Company has a history of successfully
amending and extending credit agreements with its current lenders.
The process of undertaking such activities is actively ongoing,
however, there can be no assurances that this process will result
in the completion of any transaction or other alternative that
would alleviate such conditions. As a result, the Company has
concluded that management's plans do not alleviate substantial
doubt about the Company's ability to continue as a going concern."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1637655/000163765522000182/hzn-20220930.htm
About Horizon Global
Horizon Global Corporation -- http://www.horizonglobal.com-- is a
designer, manufacturer, and distributor of a wide variety of
custom-engineered towing, trailering, cargo management and other
related accessory products in North America, Australia and Europe.
The Company serves OEMs, retailers, dealer networks and the end
consumer.
Horizon Global reported a net loss of $33.12 million for the 12
months ended Dec. 31, 2021, compared to a net loss of $37.98
million for the 12 months ended Dec. 31, 2020. As of June 30,
2022, the Company had $554.81 million in total assets, $640.37
million in total liabilities, and a total shareholders' deficit of
$85.56 million.
HOSPITALITY WOODWORKS: Files Amendment to Disclosure Statement
--------------------------------------------------------------
Hospitality Woodworks, LLC, submitted an Amended Disclosure
Statement for Plan of Reorganization dated November 8, 2022.
Over the course of this case, the Debtor has steadily returned its
operations to near prepandemic levels. By returning its operations
to normal and reducing its monthly expenses and debt service
obligations, the Debtor has improved its revenue, and the Debtor
believes that the restructuring contemplated under the Plan will
enable it to emerge from bankruptcy as a leaner company, poised for
years of success.
The plan provides for the payment of all secured, priority, and
general unsecured claims (except insider claims) and retention of
equity interests in the Debtor.
The Amended Disclosure Statement added this paragraph: "Initial
Distribution Date: Except as otherwise specified in the Plan, all
payments proposed under the Plan shall commence on the Initial
Distribution Date, which is defined under the Plan as the first
business day which is at least 30 business days after the Effective
Date (and the Effective Date is the first Business Day occurring at
least 30 days after the entry of the Confirmation Order, provided
that the Confirmation Order has become a Final Order). Accordingly,
the Initial Distribution Date would occur approximately 60 days
after the Plan is confirmed by the Court."
The Amended Disclosure Statement does not alter the proposed
treatment for unsecured creditors and the equity holder:
The Debtor proposes to satisfy General Unsecured Claims by paying a
total of $300,000.00 in equal quarterly installment payments over
five years, with each such quarterly payment equaling $10,000.00
during the first year, $12,500.00 during the second year,
$15,000.00 during the third year, $17,500.00 during the fourth
year, and $20,000.00 during the fifth year.
Assuming that the Debtor's planned amendments to the Debtor's
schedules and claims objections are not opposed, General Unsecured
Creditors would receive a total recovery of approximately 62% of
their allowed claim amounts. Even if the proposed distributions
were allowed based on the claims register as it currently stands,
General Unsecured Creditors would receive a total recovery of
approximately 39% of their allowed claim amounts. Accordingly, the
Debtor projects that General Unsecured Creditors would receive
recoveries of 39-62% of the allowed amounts of their claims.
David Robinson holds 100% of the equity interests in the Debtor and
would continue to hold such interests after the Plan becomes
effective. However, Mr. Robinson will not be allowed to take any
distributions from the Debtor on account of his equity interest in
the Debtor (though he may still receive a reasonable market-rate
salary) unless and until all other distributions contemplated under
the Plan have been made.
The cash distributions contemplated by the Plan shall be funded by
cash generated in the operation of the Reorganized Debtor's
business.
A full-text copy of the Amended Disclosure Statement dated November
8, 2022, is available at https://bit.ly/3TEayU9 from
PacerMonitor.com at no charge.
Attorneys for the Debtor:
William A. Roundtree, Esq.
Benjamin R. Keck, Esq.
Rountree Leitman & Klein LLC
2987 Clairmont Road, Suite 350
Atlanta, GA 30329
Phone: 404-584-1238
wrountree@rlklglaw.com
bkeck@rlklglaw.com
About Hospitality Woodworks
Hospitality Woodworks, LLC is a manufacturer and installer of
custom furniture and millwork commercial interiors, including
upscale restaurants, hotels, and convention centers, primarily in
the southeastern United States, working directly with local and
national companies that operate those facilities.
Hospitality Woodworks sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 21-51852) on March
5, 2021. In the petition signed by David Robinson, owner, the
Debtor disclosed up to $500,000 in assets and up to $1 million in
liabilities.
William A. Rountree, Esq., at Rountree, Leitman & Klein, LLC
represents the Debtor as counsel.
IAA INC: S&P Places 'BB-' ICR on Watch Pos. on Ritchie Bros Deal
----------------------------------------------------------------
S&P Global Ratings placed all of its ratings on IAA Inc., including
the 'BB-' issuer credit rating, on CreditWatch with positive
implications.
IAA Inc. announced it has entered into a definitive agreement to be
acquired by Ritchie Bros. Auctioneers Inc. (RBA; 'BB+'/Negative/--)
in an equity and cash transaction valued at $7.3 billion.
The CreditWatch placement follows IAA's announcement that it has
entered into a definitive agreement to be acquired by RBA for
approximately $7.3 billion, including IAA debt and leases of about
$2.2 billion. S&P anticipates the transaction will close in the
first half of 2023, subject to approval of both companies'
stockholders, regulatory approvals, and customary closing
conditions.
Upon the close of the transaction, IAA stockholders will receive
$10 in cash and 0.5804 shares of RBA common stock for each share of
IAA common stock. RBA has indicated it expects to fund the
transaction mostly with equity (about 80% of the purchase price).
There is also a significant cash portion of approximately $1.7
billion, including about $300 million of associated transaction
fees and expenses. This will be financed through incremental debt
of about $1.7 billion, which has already been committed.
S&P said, "The CreditWatch placement reflects that we will likely
raise our rating on IAA at the completion of the acquisition.
"Although we recently revised our outlook on RBA to negative, we
expect we would still rate the combined company higher than
stand-alone IAA.
"The CreditWatch placement with positive implications indicates the
likelihood that we will revise our issuer credit rating on IAA to
that of RBA at the time the acquisition is completed. We anticipate
resolving the CreditWatch at or near the transaction closing, which
is expected in the first half of 2023."
IAMGOLD CORP: Fitch Assigns LongTerm IDR at 'B-', Outlook Stable
----------------------------------------------------------------
Fitch Ratings has assigned IAMGOLD Corporation a 'B- 'Long-Term
Issuer Default Rating (IDR). The Rating Outlook is Stable. In
addition, Fitch has assigned a 'B-'/'RR4' to the company's secured
revolving credit facility and senior unsecured notes.
The rating reflects the company's high cost position at its
currently operating mines and exposure to elevated country risk
given the majority of free cash flow is generated in Burkina Faso.
The ratings also reflect Fitch's expectation that completion of the
Cote Gold Project development in 2024 will improve the company's
overall cost position and lower country risk as the project is
located in Canada and cost estimates compare with the second
quartile of the 2022 global cost curve.
The Stable Rating Outlook reflects Fitch's view that total
debt/EBITDA would return to within sensitivities levels in 2024
with Cote production. Fitch believes total debt/EBITDA could be
elevated in 2023, possibly requiring a waiver of the credit
facility net debt ratio maximum of 3.5x covenant, depending on the
amount of debt funding for Cote expenditures.
Fitch believes FCF will be negative and that IAMGOLD's remaining
portion of the Cote capex will be financed with $896 million cash
on hand (pro forma for the $360 million proceeds from the Rosebel
sale), further drawings under the senior secured revolving credit
facility and new senior secured debt, as well as possible further
asset sales, equity sales or streaming transactions.
KEY RATING DRIVERS
High Cost Position Mines: Fitch views IAMGOLD's high cost position
as partially offset by solid mine lives and the Cote gold project,
which will improve the company's overall cost position. Cote's
estimated cash costs of $693/oz and all-in sustaining cost of
$854/oz compare with a 2nd quartile cost position, according to
CRU's 2022 cost data.
According to CRU, IAMGOLD has a 4th quartile cost position at its
Essakane mine (five-year mine life, 69% of 2021 production, located
in Burkina Faso), a 4th quartile cost position at its Rosebel mine
(11-year mine life, 26% of 2021 production, located in Suriname)
and a 4th quartile cost position at its Westwood mine (11-year mine
life, 6% of 2021 production, located in Canada). IAMGOLD reported
2021 weighted average cash costs of $1,132/oz and all-in sustaining
costs of $1,426/oz.
Rosebel Sale Improves Funding: Fitch expected Rosebel to be FCF
negative in 2023 and 2024 based on Fitch's gold price assumptions.
The company announced a definitive agreement to sell its 95%
interest in Rosebel for cash of $360 million subject to working
capital adjustments, to Zijin Mining Group Co. Ltd, on Oct. 18,
2022. The transaction is expected to close in or before the 1Q23
and is subject to certain regulatory approvals including the
receipt of approvals from the relevant authorities in the People's
Republic of China, approval for transfer of licenses from the
Government of Suriname, as well as other customary closing
conditions. Proceeds from the sale represent about one-third of
IAMGOLD's anticipated remaining Cote capex thereby reducing
reliance on debt finance.
Elevated Country Risk: Fitch views the rating as currently capped
at the 'B' level, given the majority of 2023 cash flow is expected
to be generated in Burkina Faso. Fitch does not rate Burkina Faso,
although believes it has significant country risk. Cote, located in
the low-risk mining-friendly jurisdiction of Canada (rated 'AA+'),
will improve the company's operational profile and overall exposure
to high country risk. As Cote gets closer to completion, Fitch
would likely remove that cap since the EBITDA generated in Canada
would be sufficient to cover the company's interest expense.
Cote Improves Operational Profile: The completion of Cote improves
overall size, scale, cost position, average mine life and country
risk. IAMGOLD owns 70% of the Cote gold project joint venture
(64.75% net interest in the project), which, once fully ramped-up,
is expected to increase IAMGOLD's average annual gold production by
roughly 300,000 ounces compared with 2022 guidance for attributable
production at Essakane and Westwood aggregating 415,000-460,000
ounces.
Cote has an 18-year mine life and costs comparing to a 2nd quartile
cost position according to CRU 2022 cost curve data, based on the
2022 technical report. Cote is expected to begin production in 2024
and achieve its first full year of production in 2024-2025.
IAMGOLD's share of remaining Cote capex was approximately $1.0
billion-$1.1 billion as of Sept. 30, 2022. Fitch estimates the
company needs roughly $400 million in additional capital to fill
the funding gap. IAMGOLD is pursuing a sales process for its West
African development and exploration assets, is looking at raising
additional secured debt, entering royalty or streaming transactions
and a possible equity raise.
Leverage Expectations: Fitch expects total debt/EBITDA to increase
to above sensitivities in the near-term from 2.6x at June 30, 2022
but remain below 4.5x on average over the rating horizon based on
our assumption that the funding gap is debt financed. Earnings from
Cote production and reduced project spending will return the
company to positive FCF generating and improve financial leverage.
Gold Pre-pay Deals: In 1Q19, IAMGOLD entered into a gold sale
prepayment arrangement with a syndicate of banks with a collar
range of $1,300/oz-$1,500/oz. IAMGOLD received a cash prepayment of
$169.8 million in 4Q19 in exchange for delivering 150,000 gold
ounces in 2022.
Additionally, in 2Q21, IAMGOLD entered into gold sale prepayment
arrangements for 150,000 gold ounces at an average forward contract
price of $1,753/oz on 50,000 gold ounces and a collar range of
$1,700/oz-$2,100/oz on 100,000 gold ounces. The second prepay
arrangement effectively rolled the 2019 prepay to 2024 from 2022,
after expected completion of the Cote project.
DERIVATION SUMMARY
IAMGOLD is larger in terms of annual production than gold producer
Eldorado Gold (B+/Stable) and Gran Colombia Gold (B+/Stable)
although IAMGOLD has higher cost mines, higher country risk,
shorter reserve life and less favorable leverage metrics. IAMGOLD
is smaller than diversified majority copper producer Hudbay
Minerals (BB-/Stable), has higher cost mines, higher country risk,
shorter reserve life and less favorable leverage metrics.
KEY ASSUMPTIONS
- The sale of Rosebel for cash net proceeds of $360 million closes
on or before Jan. 1, 2023 and proceeds are to be used to develop
Cote.
- Consolidated Gold production of around 535,000 ounces in 2023
increasing to nearly 1 million ounces in 2025 as Cote reaches full
production;
- Gold prices of 1,800/oz in 2022, 1,600/oz in 2023,1,400/oz in
2024 and $1,300/oz in 2025, adjusted for hedges;
- Capex of around $820 million in 2023 decreasing to below $300
million per year thereafter as Cote spending is completed;
- Cote production beginning in 2024 and ramping up to full
production in 2025;
- Remaining Cote development funding gap is debt-funded.
KEY RECOVERY RATING ASSUMPTIONS
- The recovery analysis assumes that IAMGOLD would be reorganized
as a going-concern in bankruptcy rather than liquidated.
- Fitch has assumed a 10% administrative claim.
Going-Concern (GC) Approach
- The GC EBITDA estimate of $250 million reflects Fitch's view of a
sustainable, post-reorganization EBITDA level upon which Fitch
bases the enterprise valuation. The GC EBITDA assumption reflects
the industry's move from top of the cycle gold prices to a
sustainably lower weak gold price environment, which would stress
the capital structure.
- An enterprise value multiple of 4x EBITDA is applied to the GC
EBITDA to calculate a post-reorganization enterprise value. The
choice of this multiple considered the following factors:
- Fitch uses a multiple of 4.0x to estimate a value for IAMGOLD to
reflect its high cost position at its mines currently in operation
and elevated country risk associated with Burkina Faso and
Suriname. The multiple also considers Cote's low-cost position and
improved country risk upon completion.
- The revolver is assumed to be fully drawn upon default.
- The allocation of value in the liability waterfall results in
recovery corresponding to 'RR1' recovery for the first-lien
revolvers and a recovery corresponding to 'RR4' for the senior
unsecured notes. However, per Fitch's Country -Specific Treatment
of Recovery Ratings Rating Criteria, Burkina Faso and Suriname,
where the majority of EBITDA is currently generated, are considered
Group D therefore Fitch caps the revolver's rating at 'RR4'
resulting in a rating of 'B-'.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Visibility into funding and completion of Cote which will result
in an improved cost position and lower country risk;
- Total debt/EBITDA sustained below 3.5x.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Total debt/EBITDA sustained above 4.5x;
- Higher than expected negative FCF excluding Cote development
capital;
- The rating on the senior unsecured notes would be downgraded
should material secured debt be added to the capital structure.
LIQUIDITY AND DEBT STRUCTURE
Solid Liquidity: As of Sept. 30, 2022, IAMGOLD had $536 million in
cash and cash equivalents and approximately $100 million available
under its $500 million secured revolving credit facility of which
$10 million matures in 2023 and $490 million matures in 2025. Fitch
believes the company has about a $400 million funding gap, assuming
the Rosebel asset sale proceeds of $360 million are received,
related to the Cote project and that this gap can be filled with a
combination of additional secured debt, streaming transactions,
further asset sales and possibly the sale of equity.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity
ISSUER PROFILE
IAMGOLD is a mid-tier gold mining company with three operating gold
mines: the Essakane mine in Burkina Faso, the Rosebel mine in
Suriname (subject to an agreement to be sold to Zijin Mining Group
Co. Ltd.), and the Westwood mine in Canada.
SUMMARY OF FINANCIAL ADJUSTMENTS
Fitch has made no material adjustments that are not disclosed
within the company's public filings.
Entity/Debt Rating Recovery
----------- ------ --------
IAMGOLD Corporation LT IDR B- New Rating
senior unsecured LT B- New Rating RR4
senior secured LT B- New Rating RR4
INFOGROUP INC: US$250M Bank Debt Trades at 17% Discount
-------------------------------------------------------
Participations in a syndicated loan under which infoGroup Inc is a
borrower were trading in the secondary market around 83.0
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$250 million facility is a term loan. The loan is scheduled
to mature on April 3, 2023. About US$237 million of the loan is
drawn and outstanding.
InfoGroup, Inc. provides data, market intelligence, and digital
solutions.
INNOVATIVE GLOBAL: Business Revenue to Fund Plan Payments
---------------------------------------------------------
Innovative Global Distributions, LLC, filed with the U.S.
Bankruptcy Court for the District of Arizona a Disclosure Statement
in support of Plan of Reorganization dated November 8, 2022.
Innovative Global Distributions, LLC is an Arizona limited
liability company that owns farmland in Salome, Arizona. The
company has operated an industrial hemp farm on that property.
Debtor acquired the farmland in February 2010 to farm industrial
hemp. Unfortunately, immediately following Debtor's acquisition,
the COVID-19 pandemic created challenges in completing the hemp
farming project. Debtor entered into subsequent agreements with
Creditor D. Stadtler Trust ("Creditor Trust") in an attempt to
produce industrial hemp and pay off the mortgage owed from the
purchase.
In February 2022, Creditor Trust filed a civil action against
Debtor which is currently being litigated in the District Court of
Arizona ("District Court Action"). Debtor's bankruptcy petition was
filed on July 11, 2022 to reorganize its debts in an attempt to pay
all creditors what they are owed pending the outcome of the
District Court Action.
Class 2-A consists of the Secured Claim of Creditor Trust. Creditor
Trust holds a claim secured by a deed of trust on the Debtor's farm
property. The Creditor Trust lien does not include an assignment of
rents. The Debtor is unable to estimate the balance on the Creditor
Trust's secured claim due to the dispute currently in the District
Court action; nevertheless, the disputed claim is approximately
$1,800,000.00. The value of the land securing the claim is
approximately $3,105,000.00, thus the Debtor believes that Creditor
Trust is over-secured.
Creditor Trust's claim will be liquidated in litigation currently
pending in the District Court Action. Depending upon the result in
the District Court, Creditor Trust will receive varying treatments
under the Plan.
* Scenario 1: Judgment Against Creditor Trust in Excess of
Secured Claim. If the District Court enters judgment against
Creditor Trust in excess of the Class 2-A Claim, the judgment shall
be recouped against the amount of the claim, the Class 2-A Claim
shall be extinguished, and the deed of trust securing the Class 2-A
Claim shall be released.
* Scenario 2: Judgment Against Creditor Trust Less than
Secured Claim. If the District Court enters judgment against
Creditor Trust for less than the amount of the Class 2-A Claim, the
amount of the judgment shall be recouped against the Class 2-A
Claim to the extent of the judgment. Creditor Trust shall retain a
lien in the amount of the Class 2-A Claim less the amount of the
judgment ("Scenario 2 Retained Claim"). The Scenario 2 Retained
Claim shall be paid with interest at the contract rate in monthly
payments over the ten-year period commencing 90 days after a final,
non-appealable judgment is entered in the District Court.
* Scenario 3: Judgment Against IGD If the District Court
entered judgment against IGD, the Class 2-A Claim shall be equal to
the amount determined by the District Court ("Scenario 3 Claim").
The Scenario 3 Claim shall be paid over the ten-year period with
interest at the contract rate in monthly payments commencing 90
days after a final, non-appealable judgment is entered in the
District Court. If the amount of such claim exceeds the fair market
value of the farm property, the property shall be surrendered in
full satisfaction of the Scenario 3 Claim. This class is impaired
under the Plan.
Class 3 consists of the General Unsecured Claims held by creditors.
Unsecured creditors shall be paid the full amount of their claims
without interest in 60 quarterly payments beginning 60 days
following confirmation of the Plan.
Class 4 consists of the equity security holders of the Debtor, who
are the shareholders of the Debtor. Class 4 claimants will receive
new stockholder interests in the Debtor in exchange for new value
contributions described herein.
The Debtor are proposing to repay all Unsecured Creditor Claims and
Secured Creditor Claims over time. The Plan will be funded by the
Debtor's post-petition net income and excess cash held by the
Debtor on the Effective Date.
Accordingly, the Debtor expects to achieve annual net revenue of
$246,500.00 from which to fund its reorganization. Based on the
income projection and expense projections, the Debtor will have
sufficient revenue to fund its Plan over the ten-year period over
which claims will be paid.
A full-text copy of the Disclosure Statement dated November 8,
2022, is available at https://bit.ly/3E4WFc9 from PacerMonitor.com
at no charge.
Attorney for Debtor:
Joseph G. Urtuzuastegui III, Esq
Winsor Law Group, PLC
6401, 1237 S Val Vista Dr
Mesa, AZ 85204
Phone: +1 480-505-7044
Email: Joe@winsorlaw.com
About Innovative Global Distributions
Innovative Global Distributions, LLC, a company in Scottsdale,
Ariz., filed a voluntary petition for Chapter 11 protection (Bankr.
D. Ariz. Case No. 22-04498) on July 11, 2022, with as much as $10
million in both assets and liabilities. Pamela J. Gorrie, member,
signed the petition.
Judge Daniel P. Collins oversees the case.
Joseph G. Urtuzuastegui III, Esq., at Winsor Law Group, PLC
represents the Debtor as counsel.
INTEGRATED MARKETING: Taps Law Office of Gina R. Klump as Counsel
-----------------------------------------------------------------
Integrated Marketing Technology, Inc. seeks approval from the U.S.
Bankruptcy Court for the Northern District of California to employ
the Law Office of Gina R. Klump to serve as legal counsel in its
Chapter 11 case.
The firm will be paid at these rates:
Attorney $450 per hour
Paralegals $75 per hour
The firm received a retainer fee of $10,000 from the Debtor.
Gina Klump, Esq., a partner at the Law Office of Gina R. Klump,
disclosed in a court filing that she is a "disinterested person" as
the term is defined in Section 101(14) of the Bankruptcy Code.
Ms. Klump can be reached at:
Gina Klump, Esq.
Law Office of Gina R. Klump
30 5th Street, Suite 200
Petaluma, CA 94952
Tel: (707) 778-0111
Fax: (707) 778-1086
Email: klumplaw@gmail.com
About Integrated Marketing Technology
Integrated Marketing Technology, Inc., filed a Chapter 11
bankruptcy petition (Bankr. N.D. Caif. Case No. 22-30537) on Oct.
6, 2022, with as much as $1 million in both assets and liabilities.
Judge Dennis Montali oversees the case.
The Debtor is represented by Gina Klump, Esq., at Law Office of
Gina R. Klump.
INTERNAP CORP: US$225M Bank Debt Trades at 46% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Internap Corp is a
borrower were trading in the secondary market around 54
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$225 million facility is a payment in kind term loan. The
loan is scheduled to mature on May 8, 2025. The amount is fully
drawn and outstanding.
Internap Corporation provides a broad range of scalable information
technology infrastructure services for enterprises. The Company's
services include colocation, managed hosting, optimized IP,
connectivity and content delivery services.
IVANTI SOFTWARE: US$1.75B Bank Debt Trades at 25% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Ivanti Software Inc
is a borrower were trading in the secondary market around 75
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$1.75 billion facility is a term loan. The loan is scheduled
to mature on December 1, 2027. About US$1.74 billion of the loan
is drawn and outstanding.
Ivanti Software, Inc. provides information technology services. The
Company offers IT asset management, security, endpoint, and supply
chain solutions.
IVANTI SOFTWARE: US$545M Bank Debt Trades at 38% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Ivanti Software Inc
is a borrower were trading in the secondary market around 62
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$545 million facility is a term loan. The loan is scheduled
to mature on December 1, 2028. The amount is fully drawn and
outstanding.
Ivanti Software, Inc. provides information technology services. The
Company offers IT asset management, security, endpoint, and supply
chain solutions.
J. BOWERS CONSTRUCTION: Taps Stark & Knoll as Special Counsel
-------------------------------------------------------------
J. Bowers Construction, Inc. and its affiliate, Restoration
Services of Akron, Inc., seek approval from the U.S. Bankruptcy
Court for the Northern District of Ohio to employ Stark & Knoll Co.
L.P.A. as special counsel.
The Debtors require a special counsel to assist with the
liquidation of DKI Ventures stock and to recover amounts wrongfully
withheld from them through negotiation and litigation.
The firm will be paid at these rates:
Jeffrey T. Knoll $350 per hour
Christopher A. Tipping $325 per hour
Richard P. Schroeter $235 per hour
Kathleen A. Fox $250 per hour
Sami Z. Farhat $165 per hour
Jeffrey Knoll, Esq., a partner at Stark & Knoll, 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:
Jeffrey T. Knoll, Esq.
Stark & Knoll Co. L.P.A.
3475 Ridgewood Road
Akron, OH 44333-3163
Tel: (330) 376-3300
Fax: (330) 376-6237
Email: jknoll@stark-knoll.com
About J. Bowers Construction
J. Bowers Construction Inc. is a fire restoration company in Akron,
Ohio, which provides detailed, itemized estimates and appraisals
required when dealing with all manners of insurance losses,
including storm and water losses, vehicle damage repairs, and all
types of fire and smoke damage, as well as water mitigation and
restorative drying services.
J. Bowers Construction and its affiliate, Restoration Services of
Akron, Inc., filed their Chapter 11 voluntary petitions (Bankr.
N.D. Ohio Lead Case No. 22-50878) on July 29, 2022. Kyle Bowers,
authorized representative, signed the petitions.
At the time of the filing, J. Bowers Construction listed $1,059,836
in total assets and $2,464,220 in total liabilities while
Restoration Services listed $71,397 in total assets and $678,532 in
total liabilities.
Peter G. Tsarnas, Esq., at Gertz & Rosen, Ltd. and Stark & Knoll
Co. L.P.A. serve as the Debtors' bankruptcy counsel and special
counsel, respectively.
JEFFERIES GROUP: Egan-Jones Withdraws BB+ Unsec. Debt Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company, on October 17, 2022, retained the 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Jefferies Group LLC.
Headquartered in New York, New York, Jefferies Group LLC provides
institutional brokerage services.
JUST ENERGY: Court OKs Reverse Vesting Order, CCAA Stay Extension
-----------------------------------------------------------------
Just Energy Group Inc. (NEX:JE.H; OTC:JENGQ), a retail provider
specializing in electricity and natural gas commodities and
bringing energy efficient solutions and renewable energy options to
customers, on Nov. 3 disclosed that the Ontario Superior Court of
Justice (Commercial List) (the "Court") has granted an order (the
"Reverse Vesting Order") that, among other things, (i) approves the
transactions (the "Transaction") provided for under the previously
announced transaction agreement entered into on August 4, 2022 (as
amended from time to time, the "Transaction Agreement") among Just
Energy and the lenders under the Company's debtor-in-possession
financing facility, one of their affiliates and the holder of
certain assigned secured claims (collectively, the "Purchaser");
and (ii) extends the stay period under the Companies' Creditors
Arrangement Act (the "CCAA") to January 31, 2023 (the "Stay
Extension").
The closing of the Transaction is currently expected to occur in
December 2022, subject to the recognition of the Reverse Vesting
Order in the Company's Chapter 15 case in the Bankruptcy Court of
the Southern District of Texas, Houston Division (the "U.S.
Court"), which will be sought on December 1, 2022, and the
satisfaction or waiver of the other conditions to closing,
including receipt of certain regulatory approvals. On the closing
of the Transaction, the Purchaser will own all of the outstanding
equity of Just Energy (U.S.) Corp., which will be the new parent
company of all of the Just Energy Entities (as defined in the
Transaction Agreement, other than those entities excluded pursuant
to the terms of the Transaction Agreement), including the Company,
and the Just Energy Entities will continue their normal business
and operations in the ordinary course. All currently outstanding
shares, options and other equity of Just Energy will be cancelled
or redeemed for no consideration and without any vote of the
existing shareholders. Under the Transaction, there will be no
recovery for the Just Energy Entities' general unsecured creditors,
including the holders of Just Energy's USD $205.9 million term loan
(the "Term Loan") and the holders of Just Energy's 7.0%
subordinated notes due September 15, 2026 (the "Notes"), unless
expressly classified as "Assumed Liabilities" pursuant to the
Transaction Agreement. Liabilities that will not be retained,
including the Term Loan and the Notes, will be transferred to newly
formed corporations (the "ResidualCos"), along with excluded
assets, under the Transaction Agreement. The Company expects that
there will not be any recoveries available from the ResidualCos.
Implementation of the Transaction is subject to the condition that
Just Energy, and the other Just Energy Entities, will have ceased
to be a reporting issuer under any Canadian or U.S. securities
laws, and that no Just Energy Entity will become a reporting issuer
under any Canadian or U.S. securities laws as a result of
completion of the Transaction. In connection with the completion of
the Transaction, the Company intends to: (i) apply for an order
from Canadian securities administrators that it will cease to be a
reporting issuer under Canadian securities laws immediately prior
to the effective date of the Transaction; and (ii) file to suspend
its reporting obligations under U.S. securities laws. Additionally,
the Company intends to submit an application to de-list its common
shares from trading on the NEX on or before the closing of the
Transaction. The Company's common shares are also quoted on the OTC
Pink Sheets. Concurrent with the delisting from the NEX, the
Company expects that the common shares will cease trading on the
OTC Pink Sheets.
The Stay Extension allows the Company to continue to operate in the
ordinary course of business prior to closing the Transaction.
The above descriptions are summaries only and are subject to the
terms of the Transaction Agreement, a copy of which is available on
the Monitor's website and on the SEDAR website at www.sedar.com, on
the U.S. Securities and Exchange Commission's website at
www.sec.gov and on Just Energy's website at
https://investors.justenergy.com/.
Just Energy's legal advisors in connection with the ongoing CCAA
and Chapter 15 proceedings are Osler, Hoskin & Harcourt LLP and
Kirkland & Ellis LLP. The Company's financial advisor is BMO
Capital Markets.
Further information regarding Just Energy's CCAA proceedings is
available at the Monitor's website at
http://cfcanada.fticonsulting.com/justenergy/and at the Omni Agent
Solutions case website at
https://cases.omniagentsolutions.com/?clientId=3600. Information
about Just Energy's CCAA proceedings generally can also be obtained
by contacting the Monitor by phone at 416-649-8127 or
1-844-669-6340, or by email at justenergy@fticonsulting.com.
About Just Energy
Just Energy Group Inc. (TSX:JE; NYSE:JE) --
https//www.justenergy.com/ -- is a retail energy provider
specializing in electricity and natural gas commodities and
bringing energy efficient solutions and renewable energy options to
customers. Currently operating in the United States and Canada,
Just Energy serves residential and commercial customers. Just
Energy is the parent company of Amigo Energy, Filter Group Inc.,
Hudson Energy, Interactive Energy Group, Tara Energy, and
terrapass.
On March 9, 2021, Just Energy Group Inc., Just Energy Corp.,
Ontario Energy Commodities Inc., Universal Energy Corporation, Just
Energy Finance Canada ULC, Hudson Energy Canada Corp., Just
Management Corp., Just Energy Finance Holding Inc., 11929747 Canada
Inc., 12175592 Canada Inc., JE Services Holdco I Inc., JE Services
Holdco II Inc., 8704104 Canada Inc., Just Energy Advanced Solutions
Corp., Just Energy (U.S.) Corp., Just Energy Illinois Corp, Just
Energy Indiana Corp., Just Energy Massachusetts Corp., Just Energy
New York Corp., Just Energy Texas I Corp., Just Energy, LLC, Just
Energy Pennsylvania Corp., Just Energy Michigan Corp., Just Energy
Solutions Inc., Hudson Energy Services LLC, Hudson Energy Corp.,
Interactive Energy Group LLC, Hudson Parent Holdings LLC, Drag
Marketing LLC, Just Energy Advanced Solutions LLC, Fulcrum Retail
Energy LLC, Fulcrum Retail Holdings LLC, Tara Energy, LLC, Just
Energy Marketing Corp., Just Energy Connecticut Corp., Just Energy
Limited, Just Solar Holdings Corp., and Just Energy (Finance)
Hungary ZRT filed for protection under the Companies' Creditors
Arrangement Act ("CCAA") before the Ontario Superior Court of
Justice (Commercial List).
Just Energy Group Inc. and its affiliates filed petitions under
Chapter 15 of the Bankruptcy Code in the United States (Bankr. S.D.
Tex. Lead Case No. 21-30823) on March 9, 2021, to seek recognition
of the Canadian proceedings.
FTI Consulting Canada Inc. has consented to act as monitor in the
CCAA proceeding. BMO Capital Markets has been engaged as financial
advisor, Osler, Hoskin & Harcourt LLP and Fasken Martineau DuMoulin
LLP are legal advisors in Canada, Kirkland & Ellis LLP and Jackson
Walker LLP are legal advisors in the United States.
KURNCZ FARMS: Creditor PNL Devine Files Liquidating Plan
--------------------------------------------------------
Creditor PNL Devine, LLC filed with the U.S. Bankruptcy Court for
the Western District of Michigan a Disclosure Statement describing
Plan of Liquidation for Debtor Kurncz Farms Inc. dated November 8,
2022.
Peter J. Kurncz, Sr., and Marian Kurncz started Kurncz Farms as a
Michigan co-partnership. Eventually, Kurncz Farms was incorporated
in 1991 by Peter J. Kurncz, Sr., Marian Kurncz, Peter J. Kurncz,
Jr., and Lisa Kurncz, and now operates as a Michigan corporation.
Bank of America was Debtor's original lender. Debtor, Marian I.
Kurncz, Peter J. Kurncz, Jr., Lisa S. Kurncz, and Peter J. Kurncz,
III (collectively, the "Borrowers") executed a Business Loan
Agreement on August 29, 2007, as modified from time to time, which
set forth terms and conditions governing Borrowers' loan
relationship with Bank of America (the "Loan Agreement").
On or about September 25, 2018, Bank of America, N.A. assigned all
of its right, title and interest in and to the Loan Documents to
PNL Devine, LLC, pursuant to a loan sale and assignment agreement,
allonge, assignments of the Mortgages, and an assignment of notice
of security interest and assignment of dairy proceeds, all of which
are dated September 25, 2018 (collectively, the "Assignment
Documents"). PNL Devine is the current owner and holder of the Loan
Documents.
According to Debtor's Schedules, Debtor owns real property with a
value of $3,787,000 and personal property with a value of
$5,704,727.59. PNL Devine, however, has obtained a title search
indicating that the Debtor does not own the real property listed in
the Schedules; instead, the real property is owned by Kurncz family
members. Debtor therefore owns only personal property worth
$5,704,727.59. According to the Schedules, Debtor owes total debts
of $15,495,970.58.
The Creditor Plan places control over Debtor's assets into the
hands of a Trustee to be sold for the benefit of creditors on an
expeditious and reasonable basis. PNL Devine believes this Creditor
Plan presents the best opportunity for creditors to receive payment
in this Case.
Class 10 shall consist of all unsecured Allowed Claims.
Class shall consist of all claims of shareholders, whether as
equity or as debt.
The Plan shall be funded by the liquidation of the Debtor's assets
by the Trustee on an expeditious and reasonable basis. Within 5
days of entry of the Confirmation Order, the UST will appoint the
Trustee. The Trustee will work with the Debtor to cease business
operations in a manner giving due consideration to the harvesting
of crops and the care of Debtor's cattle herd.
Upon cessation of business operations, the Trustee will commence to
liquidate the assets of the Debtor in a prudent and expeditious
manner, consistent with good business judgment. As assets are sold,
the Allowed Secured Claims will be paid at each closing of a sale,
in order of priority, after payment of typical sale and closing
costs. Each holder of an Allowed Secured Claim will provide at the
time of closing on the sale of its collateral a partial or full
release, as appropriate, of its Lien on the asset being sold.
The sale proceeds remaining after payment of typical sale and
closing costs and any Claims secured by a Lien on the asset(s) sold
will be retained by the Trustee for future Distribution in
accordance with this Plan and an Order of the Bankruptcy Court;
provided, however, that 25% of the net sale proceeds (the "25%
Amount") that would be payable by the Trustee to the IRS and PNL
Devine will be held by the Trustee for future Distribution to
Classes 1, 2, 3, and 10. Upon satisfaction in full of Allowed
Claims in Classes 1, 2, 3, and 10, any remaining proceeds shall be
paid to the IRS until its Allowed Claims are paid in full, and then
to PNL Devine until its Allowed Claims are paid in full.
PNL Devine and the IRS shall retain their Liens, mortgages and
security interests on Property of the Estate and on other property
not Property of the Estate, and the 25% amount shall not be deemed
to reduce any indebtedness owed by Debtor (or any guarantor, other
obligors, or Borrowers) to PNL Devine or the IRS. For purpose of
clarity, if an asset subject to an IRS Lien is sold by the Trustee
and results in net proceeds of $100,000, then $75,000 would be paid
to the IRS and $25,000 would be held by the Trustee as the 25%
Amount, and the debt owed to the IRS would be reduced by $75,000,
not $100,000.
PNL Devine believes that in a Chapter 7 liquidation, unsecured and
priority claims would receive no distributions. Accordingly, PNL
Devine believes that this Creditor Plan presents the best
opportunity for unsecured creditors to receive payment on their
Claims.
A full-text copy of the Disclosure Statement dated November 8,
2022, is available at https://bit.ly/3truFdL from PacerMonitor.com
at no charge.
The Creditor is represented by:
Scott H. Hogan, Esq.
Foster, Swift, Collins & Smith, P.C.
1700 E. Beltline Avenue NE, Suite 200
Grand Rapids, MI 49525
(616) 726-2207
About Kurncz Farms
Kurncz Farms, Inc., operates in the cattle ranching and farming
industry. The company is based in Saint Johns, Mich.
Kurncz Farms sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. W.D. Mich. Case No. 21-02612) on Nov. 30, 2021,
listing as much as $10 million in both assets and liabilities.
Peter J. Kurncz, president of Kurncz Farms, signed the petition.
Susan M. Cook, Esq., at Warner Norcross + Judd, LLP and Barron
Business Consulting serve as the Debtor's legal counsel and
business consultant, respectively.
The U.S. Trustee for Region 17 appointed an official committee of
unsecured creditors in the Debtor's case on Nov. 22, 2021. The
committee is represented by Keller & Almassian, PLC.
LAKEPORT CF: Unsecured Creditors Unimpaired in Plan
---------------------------------------------------
Lakeport CF, LLC, filed with the U.S. Bankruptcy Court for the
District of Colorado a Disclosure Statement describing Plan of
Reorganization dated November 7, 2022.
The Debtor began investing in Colorado real estate through an
initial investment in the form of a royalty agreement secured by
the assets of Colorado Farms LLC ("Colorado Farms") in June 2019.
In May 2022, the Debtor executed a sublease with an affiliate and
became sublessor of the Spring Valley Golf Course (the "Golf
Course"), owned by ER Golf Real Estate, LLC. The Golf Course sits
in one of the largest residential development areas in Colorado and
has accumulated loyal golf and restaurant patrons over its 20 years
of operations.
As of the Petition Date, May 31, 2022, the Debtor's Real Property
consisted of largely undeveloped parcels, each of which is situated
in Elbert County, Colorado (the "Real Property"). The Debtor's Real
Property is worth approximately $9,150,000 in its as is and
undeveloped condition without a Planned Unit Development ("PUD")
designation, per an August 10, 2022 appraisal performed by Daniel's
Real Estate Services (the "Daniels Appraisal").
The volume of pre-petition litigation and specious claims against
the Real Property confronting the Debtor in the months before the
Petition Date catalyzed its Petition for Relief. By filing its
Petition for Relief, the Debtor centralized the various disputes in
which it had become engulfed and began working on a plan of
reorganization for the benefit of all legitimate creditors of the
Estate.
Class Eleven consists of the allowed unsecured Claims against the
Debtor. Class Eleven is unimpaired by the Plan. The Debtor shall
pay each member of Class Eleven its pro rata share of the Debtor's
Income, net proceeds for the State Court Litigation, and the sale
of developed lots from the Debtor's Real Property, up to the amount
of each allowed Claim. Such payments shall be disbursed to Class
Eleven semi-annually over the course of five years.
Until they are paid in full, the principal amounts of each Claim in
Class Eleven shall accrue interest at the Federal Judgment Rate,
which interest shall be paid semi-annually over the course of five
years with principal payments. The Debtor, in its sole discretion,
may pay the claims in Class Eleven in full at any time prior to the
end of five years. Upon payment, the Debtor's obligations to the
Class Eleven creditors shall be deemed fully satisfied. The
creditors waiving distribution will not be paid as a part of this
Plan if the Plan is confirmed, but may vote in the unsecured class
in accordance with law.
Class Twelve consists of the equity interests in the Debtor held by
Moorstead Real Estate, LLC. The holders of Class Twelve Interests
will receive no money under the Plan on the Effective Date.
Moorstead Real Estate, LLC may provide funding to the Debtor to
carry out the Plan and the Debtor's obligations herein. Moorstead
Real Estate, LLC will retain its interest to the same extent that
it held such interests prior to the filing of this Bankruptcy case.
Class Twelve is not impaired under the Plan.
The Debtor and C2R have agreed to a Funding Commitment Agreement
("Loan Agreement"). The Loan Agreement provides for the funding of
Debtor's Plan. C2R and its affiliates are real estate owners and
developers with extensive experience. They have originated more
than 70 loans, totaling over $250,000,000 of value in the
aggregate. The value of the real estate acquired or developed by
C2R exceeds $5,000,000,000. Debtor and C2R are confident that the
obligations created by the Loan Agreement can be fulfilled.
The Debtor and NewQuest Crosswell Development Group, LLC
("NewQuest") have reached a Development Services Agreement
concerning development of the Debtor's Real Property (the
"Development Agreement"). Under the Development Agreement, NewQuest
will manage development of the Debtor's Real Property by arranging,
supervising and coordinating construction and planning services for
the development of the Debtor's Real Property, including those
tasks and activities necessary for the full realization of the Real
Property's value upon full development. NewQuest has developed over
2,000,000 square feet of property with a total value of over
$500,000,000.
The Debtor projects that the Plan of Reorganization will
significantly increase the value of its operations and Assets,
allow it to successfully reorganize, and provide payment to all
legitimate creditors in full on their allowed claims.
The Debtor proposes to pay its unsecured creditors from the sale of
parts or all of its developed Real Property and from ongoing
proceeds from operations of the Golf Course.
A full-text copy of the Disclosure Statement dated November 7,
2022, is available at https://bit.ly/3AxcS99 from PacerMonitor.com
at no charge.
Attorneys for the Debtor:
Jeffrey A. Weinman, Esq.
Michael T. Gilbert, Esq.
Patrick Vellone, Esq.
Brenton L. Gragg, Esq.
1600 Stout Street, Ste. 1900
Denver, Colorado 80202
Telephone: 303-534-4499
Email: JWeinman@allen-vellone.com
MGilbert@allen-vellone.com
PVellone@allen-vellone.com
BGragg@allen-vellone.com
About Lakeport CF
Lakeport CF, LLC, a company in Elbert County, Colo., sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.
Colo. Case No. 22-11941) on May 31, 2022, listing $10 million to
$50 million in both assets and liabilities.
Judge Michael E. Romero oversees the case.
Jeffrey A. Weinman, Esq., at Allen Vellone Wolf Helfrich & Factor,
PC and Fairfield and Woods P.C. serve as the Debtor's bankruptcy
counsel and special counsel, respectively.
LM ENDEAVOR: Unsecureds Will Get $1,250 per Month for 84 Months
---------------------------------------------------------------
LM Endeavor, LLC submitted a First Amended Disclosure Statement and
accompanying First Amended Plan of Reorganization dated November 8,
2022.
LME's Plan is based on future income which will be the sole source
of revenue for payment of Allowed Claims. Claims will be paid as
required by the Code, loan and security documents, or as agreed to
by the creditor(s) on a consensual basis.
During the Chapter 11 case, Mr. Mena has received $2,000 per week
as salary. Mr. Mena has also received reimbursement for certain
business-related expenses. After confirmation, Mr. Mena will
continue receiving from LME $2,000 per week plus reimbursement of
business-related expenses.
Class 1 consists of the IRS (Employment Taxes) Claim. On April 27,
2022, the IRS filed its Amended Proof of Claim, Claim No. 2, in the
Unsecured Priority amount of $41,504.54 (tax and interest) and
General Unsecured Claim (penalty) in the amount of $471.29 for a
total Claim of $41,975.83. The Unsecured Priority Claim consists of
Employment Tax liabilities for quarters consisting of the last
quarter of 2019 through the last quarter of 2021. The Priority
Claim of Internal Revenue Service in the amount of $41,504.54 will
be paid in 60 monthly installments of $797.59 commencing on the
Effective Date which includes interest at 5.75%.
Class 2 consists of the claim of Allegheny Resources, LLC. Class 2
will be paid under the terms of the Order Granting Motion to
Approve Compromise & Settlement with Allegheny Resources, LLC
Pursuant to Rule 9019(A). The terms of the settlement were as
follows:
* After receiving Bankruptcy Court approval, LME paid $20,000
to Bill Hammer, the prepetition State Court Receiver.
* Monthly payments of $2,500 commenced 30 days after Court
approval, and each month for 12 months until the total amount of
$50,000 is paid (including the $20,000).
* As of the date of this Amended Disclosure Statement, the
total of $25,000 (with a $25,000 balance remaining).
Class 3 consists of the claim of De Lage Landen Financial Services
(Vermeer Corporation). LME entered an adequate protection
arrangement with De Lage Landen Financial Services. After approval
of this adequate protection arrangement, LME was informed that the
underlying contract was assigned to Vermeer Corporation. Thus,
adequate protection payments are tendered to Vermeer Corporation
through its counsel. Class 3 The Secured Claim of Vermeer
Corporation as the assignee of De Lage Landen Financial Services in
the amount of $42,530.97 will be paid in 72 monthly installments of
$699.85 commencing on the Effective Date which includes interest at
5.75%.
Class 4 consists of the claim of Meged Funding Group, Corp. Meged
Funding Group Corp. holds a Form UCC-1 lien filed on dated June 9,
2021, on LME's accounts receivable. Meged Funding Corp.'s lien is
inferior to Allegheny Resource's prior Form UCC-1 Financing
Statement filed in 2019, as well as the UCC-1 Financing Statement
filed by the United States of America, Small Business
Administration (“SBA”) filed in 2020. Thus, Class 4 will be
paid under the terms for Class 8.
Class 5 consists of the claim of Small Business Administration
(SBA). The SBA holds a Form UCC-1 lien filed on dated June 22,
2020, on LME's accounts receivable. The SBA's lien is secondary to
Allegheny Resource's prior Form UCC-1 filed in 2019. Thus, Class 5
will be paid under the terms for Class 8.
Class 6 consists of the claim of Sierra Machinery, Inc. Class 6 has
been paid under the terms of the Order Granting Motion to Approve
Compromise & Settlement with Allegheny Resources, LLC Pursuant to
Rule 9019(A). The terms of the settlement were as follow:
* LME paid the total sum of $15,000 to Sierra Machinery. The
funds used to pay the $15,000 sourced from LME's operations and
monies held in LME's Counsel's Trust Account as described in the
approved Motion.
* The balance to Sierra Machinery is now $0.00.
Class 7 consists of the Secured Claim of Webster Bank as
successor-by merger to Sterling National Bank in the amount of
$150,149.12 will be paid in 72 monthly installments of $2,470.72
commencing on the Effective Date which includes interest at 5.75%.
The Confirmation of the Plan will not result in the release, full
or partial, of Leonardo Mena's personal guaranty to Webster Bank as
successor-by merger to Sterling National Bank, and Webster may
pursue Leonardo Mena under his personal guaranty in any appropriate
forum.
Class 8 consists of General Unsecured Claims. Payment Terms to
Class 8 over 84 months with interest at 5.75%. Monthly payments in
the total amount of $1,250 plus interest will be made beginning on
the Effective Date with like payments to be on the 15th day of each
succeeding month until the total of $105,000 is paid. All payments
will be shared pro-rata amongst the Class 8 creditors. This Class
is Impaired.
Leonardo Mena has personally guaranteed all secured debt. Pursuant
to the terms of the Agreed Orders on the Applications to Compromise
Controversy with Allegheny Resources, LLC and Sierra Machinery,
Inc., his personal guarantees will be released upon satisfaction of
the terms of the payment agreements.
The Plan's Confirmation will not result in the release, full or
partial, of Leonardo Mena's personal guaranty to Webster Bank as
successor-by-merger to Sterling National Bank, and Webster Bank may
pursue Leonardo Mena under his personal guaranty in any appropriate
forum.
A full-text copy of the First Amended Disclosure Statement dated
November 8, 2022, is available at https://bit.ly/3WZhY7B from
PacerMonitor.com at no charge.
Attorneys for the Debtor:
Carlos A. Miranda, Esq.
Carlos G. Maldonado, Esq.
Miranda & Maldonado, PC
5915 Silver Springs, Bldg. 7
El Paso, TX 79912
Telephone: (915) 587-5000
Facsimile: (915) 587-5001
Email: cmiranda@eptxlawyers.com
cmaldonado@eptxlawyers.com
About LM Endeavor
LM Endeavor, LLC, filed its voluntary petition for relief under
nChapter 11 of the Bankruptcy Code (Bankr. W.D. Texas Case No.
21-30987) on Dec. 27, 2021, listing up to $500,000 in assets and up
to $1 million in liabilities. Leonardo Mena, president, signed the
petition.
Judge H. Christopher Mott oversees the case.
Carlos A. Miranda, Esq., and Carlos G. Maldonado, Esq., at Miranda
& Maldonado, PC serve as the Debtor's bankruptcy attorneys.
LUCKY BUCKS: US$555M Bank Debt Trades at 38% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Lucky Bucks LLC is
a borrower were trading in the secondary market around 62.5
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$555 million facility is a term loan. The loan is scheduled
to mature on July 30, 2027. About US$527 million of the loan is
drawn and outstanding.
Lucky Bucks, LLC provides coin-operated amusement machines.
MAGENTA BUYER: US$750M Bank Debt Trades at 15% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Magenta Buyer LLC
is a borrower were trading in the secondary market around 84.9
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$750 million facility is a term loan. The loan is scheduled
to mature on July 27, 2029. The loan is fully drawn and
outstanding.
Magenta Buyer LLC is a provider of cybersecurity software that
derives revenue from the sale of security products, subscriptions,
SaaS, support and maintenance, and professional services.
MARKAM TRANSPORT: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Markam Transport, Inc.
FKA Markam Leasing, Inc
325 Kercheval Ave.
Grosse Pointe, MI 48236
Business Description: The Debtor is part of the general freight
trucking industry.
Chapter 11 Petition Date: November 14, 2022
Court: United States Bankruptcy Court
Eastern District of Michigan
Case No.: 22-48936
Debtor's Counsel: Joseph K. Grekin, Esq.
SCHAFER AND WEINER, PLLC
40950 Woodward Ave., Suite 100
Bloomfield Hills, MI 48304
Tel: (248) 540-3340
Email: jgrekin@schaferandweiner.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Andrew Mark Donatiello as president.
A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/TVGHHCY/Markam_Transport_Inc__miebke-22-48936__0003.0.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/TNWKGGI/Markam_Transport_Inc__miebke-22-48936__0001.0.pdf?mcid=tGE4TAMA
MED PARENTCO: US$970M Bank Debt Trades at 16% Discount
------------------------------------------------------
Participations in a syndicated loan under which MED ParentCo LP is
a borrower were trading in the secondary market around 84
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$970 million facility is a term loan. The loan is scheduled
to mature on August 31, 2026. The
The amount is fully drawn and outstanding.
MED ParentCo., LP. (MyEyeDr) provides management services to
MyEyeDr. O.D. optometrists and their practices. MyEyeDr practices
offer vision care services, prescription eyeglasses and sunglasses,
and contact lenses. MyEyeDr has been controlled by affiliates of
Goldman Sachs Merchant Banking Division since August 2019.
MICHAELS STORES/OLD: Egan-Jones Withdraws B Commercial Paper Rating
-------------------------------------------------------------------
Egan-Jones Ratings Company, on October 17, 2022, withdrew the 'B'
foreign currency and local currency senior unsecured rating on debt
issued by Michaels Stores Inc/Old.
Headquartered in Irving, Texas, Michaels Stores Inc. retails
specialty arts and crafts products.
MICHAELS STORES: Egan-Jones Withdraws 'B' Commercial Paper Rating
-----------------------------------------------------------------
Egan-Jones Ratings Company, on October 17, 2022, withdrew the 'B'
local currency rating on commercial paper issued by Michaels Stores
Inc.
EJR also withdrew the 'B' local currency senior unsecured rating on
debt issued by Michaels Stores Inc.
Headquartered in Irving, Texas, Michaels Stores Inc. retails
specialty arts and crafts products.
MISTER ROBERTS: Wins Cash Collateral Access Thru Dec. 16
--------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas,
Houston Division, authorized Mister Roberts Furniture, LLC to
continue using cash collateral on an interim basis in accordance
with the budget until the final hearing.
The final hearing on the matter is set for December 16, 2022 at 10
a.m.
The Debtor requires the use of cash collateral to pay its necessary
expenses of its business in the ordinary course.
The Court said IOU Financial, Kalamata Capital Group 9, Everest
Business Funding, and Global Funding Experts will continue to have
the same liens, encumbrances and security interests in the cash
collateral generated or created post filing in the amounts and
priority as existed on the filing date, as existed prior to the
filing date.
The Debtor projects $169,815 in total expenses against $190,000 in
income from Oct. 20 to Nov. 20, 2022. The Debtor notes fall months
are generally better for income.
The Debtor says no payments are included at this time for current
inventory -- Inventory has historically been paid by credit cards.
The Debtor says it would normally pay credit cards for inventory.
About Mister Roberts Furniture, LLC
Mister Roberts Furniture, LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 22-33098) on
October 18, 2022. In the petition signed by Robert Way, president,
the Debtor disclosed up to $500,000 in both assets and
liabilities.
Judge Christopher Lopez oversees the case.
Reese W. Baker, Esq., at Baker & Associates, is the Debtor's legal
counsel.
MLN US HOLDCO: US$1.12B Bank Debt Trades at 65% Discount
--------------------------------------------------------
Participations in a syndicated loan under which MLN US Holdco LLC
is a borrower were trading in the secondary market around 34.6
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$1.12 billion facility is a term loan. The loan is scheduled
to mature on November 30, 2025. About US$1.08 billion of the loan
is drawn and outstanding.
MLN US Holdco LLC manufactures communication equipment.
MONTROSE MULTIFAMILY: Wins Cash Collateral Access Thru Nov 30
-------------------------------------------------------------
Bankruptcy David R. Jones issued a third interim order authorizing
Montrose Multifamily Members, LLC to use Cash Collateral from
November 14 through November 30, 2022, solely to pay expenses
described in the expenditures contained in the budget.
The Debtors require the use of the Cash Collateral of DLP Capital
Servicing LLC, as servicer for lender DLP Lending Fund, LLC, DLP
Housing Loans, LLC, DLP Income & Growth Fund LLC, and its related
entities, to continue its ordinary course business operations and
to maintain the value of their bankruptcy estate.
The Debtor projects $144,174 in total expenses for the period,
including $63,500 in interest expense payment to DLP.
According to the Court, "The Debtors shall not, without prior
written consent of the DLP Capital, use Cash Collateral with
respect to any month in the Budget in an amount in excess of the
aggregate amount budgeted for that month, provided, that there
shall be a permitted variance of 15% per line item in the Budget
for any amounts listed in the Budget for a particular month, and an
overall budget variance of no more than 10% in the aggregate per
month. Any amounts listed in the Budget that are unused in any
month may not be carried over and used by the Debtors in any
subsequent month and any unused amounts may not be utilized for any
other line item within the week or subsequent month. For the
avoidance of any doubt, because the Budget is the same as was
attached to the Second Interim Cash Collateral Order, the Budget
does not authorize any new expenditures that were not previously
approved pursuant to the Second Interim Cash Collateral Order."
The Debtor and DLP Capital may extend the Cash Collateral Period
without further notice to creditors or Court order, provided that a
Stipulation Extending Cash Collateral Order signed by counsel to
the Debtor and counsel of DLP Capital is filed together with a copy
of a budget should there be any changes from the Budget. Unless
otherwise agreed in writing by DLP Capital, future adequate
protection payments to DLP Capital in any future budget shall be
paid no later than the 13th of the month.
A final hearing on the Motion is set for December 5, 2022 at 4:30
p.m. (Prevailing Central Time). Objections are due no later than
December 1.
About Montrose Multifamily Members, LLC
Montrose Multifamily Members, LLC own and manage 14 multifamily
apartment complexes in the Montrose neighborhood of Houston, Texas.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 22-90323) on October 4,
2022. In the petition signed by Christopher Bran, managing partner,
the Debtor disclosed up to $10 million in both assets and
liabilities.
Judge David R. Jones oversees the case.
Susan Tran Adams, Esq., at Tran Singh, LLP, is the Debtor's
counsel.
Attorneys for DLP Capital LLC, as servicer for DLP Lending Fund,
LLC, DLP Housing Loans, LLC, DLP Income & Growth Fund, LLC:
Lloyd Andrew Lim, Esq.
Rachel Thompson Kubanda, Esq.
James Eric Lockridge, Esq.
KEAN MILLER LLP
711 Louisiana Street, Suite 1800
Houston, TX 77002
MORAN FOODS: US$140M Bank Debt Trades at 18% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Moran Foods LLC is
a borrower were trading in the secondary market around 82
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$140 million facility is a term loan. The loan is scheduled
to mature on April 1, 2024.
The amount is fully drawn and outstanding.
Moran Foods, LLC operates as a supermarket.
NATIONAL MENTOR: US$165M Bank Debt Trades at 29% Discount
---------------------------------------------------------
Participations in a syndicated loan under which National Mentor
Holdings Inc is a borrower were trading in the secondary market
around 72 cents-on-the-dollar during the week ended Fri., Nov. 11,
2022, according to Bloomberg's Evaluated Pricing service data.
The US$165 million facility is a delay-draw term loan. The loan is
scheduled to mature on March 2, 2028.
National Mentor Holdings, Inc. operates as a holding company. The
Company, through its subsidiaries, provides community-based
services for people with injuries and disabilities.
NEW AMI I: US$550M Bank Debt Trades at 17% Discount
---------------------------------------------------
Participations in a syndicated loan under which New AMI I LLC is a
borrower were trading in the secondary market around 83.4
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$550 million facility is a term loan. The loan is scheduled
to mature on March 8, 2029. The loan is fully drawn and
outstanding.
NEW AMI I LLC provides building products.
NEW TROJAN PARENT: US$605M Bank Debt Trades at 25% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which New Trojan Parent
Inc is a borrower were trading in the secondary market around 75
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$605 million facility is a term loan. The loan is scheduled
to mature on January 6, 2028. The amount is fully drawn and
outstanding.
New Trojan Parent, Inc. is the acquirer of Strategic Partners
Acquisition Corp., an indirect parent company of branded medical
apparel company Careismatic, Inc.
OC 10753 SUBWAY: Amends Unsecured Claims Pay Details
----------------------------------------------------
OC 10753 Subway, LLC ("10753"); OC 11097 Subway, LLC ("11097"); OC
15019 Subway, LLC ("15019"); Outside Capital, LLC ("OC")
(collectively, the "Debtors" and each a Debtor), submitted a Second
Amended Joint Subchapter V Plan of Reorganization dated November 7,
2022.
OC is a Colorado limited liability company. Of the six, three of
the restaurants have filed companion bankruptcy cases under Chapter
11, SubChapter V of the Bankruptcy Code (the "Three Subways"). The
Three Subways consist of 10753, 11097, and 15019.
Class 3 consists of the unsecured creditors of 10753 who hold
Allowed Claims. Holders of Class 3 Allowed Claims shall share on a
Pro Rata basis monies deposited into the 10753 Unsecured Creditor
Account. Upon the first full month following the Effective Date of
the Plan and every month until Administrative Claims of 10753 are
paid in full and then for the remainder of the Term of the Plan,
10753 shall deposit 4% of Gross Revenue into the 10753 Unsecured
Creditor Account, but not less than the Net Profit amount set forth
in the Projections attached to the Amended Plan.
At the end of each calendar quarter, the balance of the 10753
Unsecured Creditor Account will be distributed to the holders of
Allowed Administrative Claims on a Pro Rata basis until such time
as all holders of Allowed Administrative Claims have been paid in
full, and then will be distributed to Class 3 general unsecured
creditors that hold Allowed Claims on a Pro Rata basis.
Class C consists of the unsecured creditors of 11097 who hold
Allowed Claims. Holders of Class C Allowed Claims shall share on a
Pro Rata basis monies deposited into the 11097 Unsecured Creditor
Account. Upon the first full month following the Effective Date of
the Plan and every month until Administrative Claims of 11097 are
paid in full and then for the remainder of the Term of the Plan,
11097 shall deposit 1% of Gross Revenue into the 11097 Unsecured
Creditor Account, but not less than the Net Profit amount set forth
in the Projections attached to the Amended Plan.
At the end of each calendar quarter, the balance of the 11097
Unsecured Creditor Account will be distributed to the holders of
Allowed Administrative Claims on a Pro Rata basis until such time
as all holders of Allowed Administrative Claims have been paid in
full, and then will be distributed to Class C general unsecured
creditors that hold Allowed Claims on a Pro Rata basis.
Class III consists of the unsecured creditors of 15019 who hold
Allowed Claims. Holders of Class III Allowed Claims shall share on
a Pro Rata basis monies deposited into the 15019 Unsecured Creditor
Account. Upon the first full month following the Effective Date of
the Plan and every month until Administrative Claims of 15019 are
paid in full and then for the remainder of the Term of the Plan,
11097 shall deposit 3% of Gross Revenue into the 15019 Unsecured
Creditor Account, but not less than the Net Profit amount set forth
in the Projections attached to the Amended Plan.
At the end of each calendar quarter, the balance of the 15019
Unsecured Creditor Account will be distributed to the holders of
Allowed Administrative Claims on a Pro Rata basis until such time
as all holders of Allowed Administrative Claims have been paid in
full, and then will be distributed to Class III general unsecured
creditors that hold Allowed Claims on a Pro Rata basis.
Class iv consists of the unsecured creditors of OC who hold Allowed
Claims. Holders of Class iv Allowed Claims shall share on a Pro
Rata basis monies deposited into the OC Unsecured Creditor Account.
Upon the first full month following the Effective Date of the Plan
and every month until Administrative Claims of OC are paid in full
and then for the remainder of the Term of the Plan, OC shall
deposit $$717 into the OC Unsecured Creditor Account.
At the end of each calendar quarter, the balance of the OC
Unsecured Creditor Account will be distributed to the holders of
Allowed Administrative Claims on a Pro Rata basis until such time
as all holders of Allowed Administrative Claims have been paid in
full, and then will be distributed to Class C general unsecured
creditors that hold Allowed Claims on a Pro Rata basis.
On the Effective Date of the Plan, each Debtor will open a separate
interest-bearing deposit account at a federally insured commercial
bank selected by the Debtors. Each bank account will be maintained
by the Debtors as the 10753 Unsecured Creditor Account, the 11097
Unsecured Creditor Account, the 15019 Unsecured Creditor Account,
and the OC Unsecured Creditor Account into which all payments made
by each Debtor for the benefit of holders of Allowed Administrative
Claims and Class 3, C, III, and iv creditors will be made until the
obligations under the Plan are completed.
The Debtors believe that the Plan, as proposed, is feasible. With
respect to the Three Subways, the funding for the Plan will come
from each Debtor's continued operations. With respect to OC, the
funding for the Plan will come from payments made to OC from the
non-debtor affiliated entities. As detailed in the Projections, the
Debtors will have sufficient cash on hand and profits during the
term of the Plan to satisfy the Plan obligations.
A full-text copy of the Second Amended Plan dated November 7, 2022,
is available at https://bit.ly/3O3ZcI7 from PacerMonitor.com at no
charge.
Attorneys for Debtors:
Aaron A. Garber, Esq.
Wadsworth Garber Warner Conrardy, PC
2580 West Main Street, Suite 200
Littleton, CO 80120
Telephone: (303) 296-1999
Facsimile: (303) 296-7600
Email: agarber@wgwc-law.com
About OC 10753 Subway
OC 10753 Subway, LLC and its affiliates filed their voluntary
petitions for relief under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. D. Colo. Lead Case No. 22-10999) on March
28, 2022. Joli A. Lofstedt serves as Subchapter V trustee.
At the time of filing, OC 10753 Subway listed as much as $500,000
in both assets and liabilities.
Judge Thomas B. McNamara oversees the cases.
Wadsworth Garber Warner Conrardy, PC and AW Financial Services, LLC
serve as the Debtors' legal counsel and accountant, respectively.
OSCEOLA FENCE: Amends Plan to Include Buzzella World Claims Pay
---------------------------------------------------------------
Osceola Fence Supply, LLC submitted a Fourth Amended Plan of
Reorganization under Subchapter V dated November 7, 2022.
Since the filing of the Chapter 11 case, the Debtor has been
working with the Secured Creditors to attempt to put together a
consensual Subchapter V Plan of Reorganization.
Class 3 consists of the Allowed Secured Claim of the Bank of the
West, in the amount of $267,344.74. The Claim is secured in the
amount of $185,022.00. The balance of the claim is unsecured, in
the amount of $82,322.74. The Debtor will pay the secured portion
of the claim with interest at 4.25% per annum, by paying a monthly
installment amount of $5,483.19 over 36 months.
Payments shall commence within 60 days after the confirmation order
becomes final; the Debtor will make payments on or before the 25th
day of the month. Bank of the West shall retain its lien on the
equipment securing the claim, in accordance with the applicable
laws, to the same extent and priority as existed pre-petition. The
Debtor will comply with all other terms of the Loan or Lease
Agreements.
Class 5 consists of the Allowed Secured Claim of JP Morgan Chase
Banl, in the amount of $72,354.88, as of February 14, 2022, secured
by a blanket UCC filing. The Debtor will pay this sum, with
interest at a variable interest rate as provided in the loan
documents (Prime +1.9%) being the Note Rate; by paying a monthly
installment amount of approximately $1,671.20 over 48 months. JP
Morgan Chase Bank shall retain its lien as stated in the loan
documents.
Class 6 consists of the Allowed Secured Claim of JP Morgan Chase
Bank in the amount of $13,0-01.80, as of February 14, 2022, secured
by two 2017 Load Runner and a 2017 GFS Batch Oven. The Debtor will
pay this sum with interest at the rate of 8.85%, by paying a
monthly installment amount of $322.63 over 48 months. Payments
shall commence within 60 days after the confirmation order becomes
final; the Debtor will make payments on or before the 25th day of
the month.
Class 14 consists of Assumed Executory Contracts and Unexpired
Leases for Real Property with Buzzella World, LLC. The Debtor
assumes the lease agreement and option to purchase contract with
the landlord (the "executory contracts") Buzzella World, LLC upon
the date of the entry of the order confirming this Plan. All
amounts due and owing to the landlord, whether for pre-petition
lease payments or post-petition lease payments, $53,263.52 plus
$5,000 in fees and costs shall be paid by November 18, 2022. The
landlord will receive a distribution of its Claims equal to 100% of
the amount owed, plus $2,500 in fees and costs.
Class 15 consists of the Unsecured Priority Creditors – Tax
Claims. The Debtor will pay these claims for the full amount of the
Claims, together with interest at the rate of 18% per annum over
four years.
Class 16 consists of Unsecured, Priority Creditors – Deposit
Claims. The allowed claims in this Class will be paid in full,
without interest, on the effective date of the Plan. The payment
will be made 60 days after the plan becomes a final order. The
unsecured, priority Creditors – Deposit Claims dividend
anticipated is 100%. The claims in Class 14 are unimpaired.
Class 17 consists of General Unsecured Creditors. The allowed
unsecured claimants will be paid a pro-rated amount, without
interest, over 4 years with payments being made each month,
commencing in Month 13 of the Plan. The first payment will begin 1
year and 60 days after the effective date of the plan. The
unsecured dividend anticipated is $12,109.9 month for 48 months =
$581,236.23 = approximately a 50% dividend. The allowed unsecured
claims total $1,183,713.59.
Osceola Fence will fund the Plan from the sale of any unneeded
vehicles and equipment, its existing accounts receivables, and
general sales income and cash flow and future income over five
years. The plan will be implemented by payments, beginning on
November 18, 2022, and on the effective date of the Plan. In
addition, the Debtor is advised by the IRS that $157,000 in ERC
monies were to be sent out on October 31, 2022, and will be used to
fund the plan.
A full-text copy of the Fourth Amended Plan dated November 7, 2022,
is available at https://bit.ly/3UTko5S from PacerMonitor.com at no
charge.
Attorneys for Debtor:
Lawrence M. Kosto, Esq.
Kosto & Rotella, PA
619 East Washington Street
Post Office Box 113
Orlando, FL 32802
Telephone: (407) 425-3456
Facsimile: (407) 423-9002
Email: lkosto@kostoandrotella.com
About Osceola Fence Supply
Osceola Fence Supply, LLC, filed its voluntary petition for Chapter
11 protection (Bankr. M.D. Fla. Case No. 22-00512) on Feb. 14,
2022, listing up to $50,000 in assets and up to $10 million in
liabilities. Anthony Paradiso, managing member, signed the
petition.
Judge Lori V. Vaughan oversees the case.
The Debtor tapped Lawrence M. Kosto, Esq., at Kosto & Rotella, PA
as legal counsel and James C. Hemphill, CPA, at Hemphill Accounting
Services, Inc. as accountant.
PAI HOLDCO: US$200M Bank Debt Trades at 15% Discount
----------------------------------------------------
Participations in a syndicated loan under which PAI Holdco Inc is a
borrower were trading in the secondary market around 85
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$200 million facility is a term loan. The loan is scheduled
to mature on October 29, 2028. The amount is fully drawn and
outstanding.
PAI Holdco, Inc. operates as an investment company.
PALMETTO SCHOLARS ACADEMY: S&P Places BB+ Bond Rating on Watch Neg
------------------------------------------------------------------
S&P Global Ratings placed its 'BB+' long-term rating on the South
Carolina Jobs Economic Development Authority's tax-exempt series
2015A revenue bonds, issued for Palmetto Scholars Academy (PSA or
the school), on CreditWatch with negative implications.
"The CreditWatch placement reflects the debt service coverage
covenant violation expected for fiscal 2022 as well as short-term
uncertainties regarding potential bondholder action," said S&P
Global Ratings credit analyst Luke Gildner.
The bonds outstanding are secured by all pledged revenues
(including state payments). The site is owned by the U.S.
government as part of Joint Base Charleston, and it has been leased
to PSA for more than 35 years.
The CreditWatch placement reflects the notice of a non-monetary
event of default issued by the bond trustee (US Bank), which
indicated the school was unable to remain in compliance with its
debt service coverage covenant in fiscal 2022. S&P said, "Based on
conversations with PSA's former management team, we expected fiscal
2022 financial results would be consistent with the long-term
rating and in compliance with all covenants as the school indicated
a material level of Elementary and Secondary School Emergency
Relief funds would be recognized in the fourth quarter of fiscal
2022. During the CreditWatch period we expect to obtain additional
information regarding fiscal 2022 financial performance as well as
updated expectations for fiscal 2023 from PSA's new leadership
team."
The CreditWatch placement with negative implications reflects the
potential that a rating action could occur within the next 90 days
as S&P gathers additional details related to fiscal 2022 results as
well as updated expectations for fiscal 2023 and beyond.
PAVERS INC: Creditors to Get Proceeds From Liquidation
------------------------------------------------------
Pavers, Inc., filed with the U.S. Bankruptcy Court for the District
of Kansas a Plan of Liquidation dated November 7, 2022.
Debtor owned and operated a crushed rock sales and supply company,
which had historically included the provision of construction
related services in and around Salina, Kansas.
Leading up to the Petition Date, Debtor's creditors had filed
numerous lawsuits against the Debtor, including a foreclosure
petition filed by Debtor's primary secured creditor. Since the
filing of this Case, Debtor has not conducted any rock or concrete
related business, other than the liquidation of assets related to
that business. Debtor also owns an events venue that it rents out
to the public at large and a small farm that it leases out for
share cropping. Debtor has continued to operate these latter two
businesses during the course of this proceeding and will continue
to do so until the Debtor's assets have been fully liquidated.
The Debtor is in the process of liquidation and intends to sell all
of its assets in an orderly fashion. Specifically, Debtor sold the
bulk of its equipment. Debtor has also contracted to sell its
primary piece of real property for $1,000,000.00, and expects to
close that sale by the end of the month. Debtor intends to sell its
remaining property by private sale and at auction.
Class 8 consists of the General Unsecured Claims as of the filing
date, including the nonpriority portions of the Class 2 Claims and
the undersecured portions of the Class 3 and Class 7 Claims. The
allowed Class 8 Claims shall be paid all remaining net proceeds
from the Sold Assets and the Liquidation Assets after paying the
Class 1, 2, 3, 4, 5, and 7 Claims. No distribution shall be made to
the Class 8 Claims until all required distributions to the Class 1,
2, 3, 4, 5, and 7 Claims have been made. Distributions to the Class
8 Claims shall be made by the Debtor directly and will be made on a
Pro Rata basis. Class 8 is impaired.
Class 9 Equity Ownership Interests consist of the share of Debtor's
stock held by its sole shareholder, Jeffrey B. Wilson. For tax
reasons, Mr. Wilson shall retain his stock in the Debtor until all
distributions hereunder have been made. Debtor shall not issue any
new stock of any kind. Mr. Wilson shall receive compensation at the
rate of $5,000 per month until all of the Liquidation Sales have
been completed. Thereafter, Mr. Wilson shall continue to serve as
the Debtor's president until the closing of this Case without
further compensation. Mr. Wilson shall not receive any shareholder
distributions unless the Class 1-8 Claims have all been paid in
full. Class 9 is unimpaired and not entitled to vote on the Plan.
Debtor shall liquidate all of its assets, except such assets whose
liquidation would be burdensome to the Estate and not produce any
net revenues to creditors of the Estate after accounting for
administrative costs and costs of sale. Debtor shall sell all of
the assets ("Liquidation Assets") by auction or private treaty
sale. All of the Real Property Liquidation Assets shall be sold
privately within six months of the Effective Date.
Proceeds from the Liquidation Sales shall first be applied to
ordinary costs of sale, closing costs, auction costs, auctioneer
commissions, and any unpaid personal property taxes. All such
deductions shall be attributed to the proceeds from each item sold
on a pro rata basis, with the exception of any personal property
taxes, which shall be solely attributed to the applicable item of
personal property for which such taxes are due and owing.
Distributions from the net proceeds shall be made as authorized in
the treatment of each class of Claims.
A full-text copy of the Liquidating Plan dated November 7, 2022, is
available at https://bit.ly/3UOKCq2 from PacerMonitor.com at no
charge.
Attorneys for Debtor:
David Prelle Eron, Esq.
Prelle Eron & Bailey, PA
301 N. Main St., Suite 2000
Wichita, KS 67202
Telephone: (316) 262-5500
Facsimile: (316) 262-5559
Email: david@eronlaw.net
About Pavers, Inc.
Pavers, Inc. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Kan. Case No. 22-40463) on August 8,
2022. In the petition signed by Jeffrey B. Wilson, president, the
Debtor disclosed up to $10 million in both assets and liabilities.
Judge Dale L. Somers oversees the case.
David Prelle Eron, Esq., at Prelle Eron and Bailey, PA is the
Debtor's counsel.
PECF USS III: Moody's Lowers CFR to Caa1, Outlook Stable
--------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating of
PECF USS Intermediate Holding III Corporation (dba "United Site
Services" or "USS") to Caa1 from B3 and its probability of default
rating to Caa1-PD from B3-PD. Moody's also downgraded the company's
first lien senior secured credit facility rating (including $2.0
billion term loan and $100 million cash flow revolver) to B3 from
B2, and its senior unsecured $550 million notes rating to Caa3 from
Caa2. The outlook remains stable.
The downgrade of the CFR to Caa1 from B3 reflects a material
deterioration of USS' credit profile since the October 2021 LBO,
including Moody's expectation that debt-to-EBITDA (Moody's
adjusted) will be sustained above 8.5 times and a weakened
liquidity profile. Despite the company's efforts to pass-on higher
operating costs to its customers, through an implementation of a
fuel and payroll surcharge, Moody's believes that increasing
macroeconomic headwinds create uncertainty around the company's
ability to improve earnings meaningfully and therefore reduce
leverage. Liquidity sources will continue to dwindle over the next
12-15 months if the company is unable to flex its capital spending
plan and pause its acquisition activity in the current challenging
operating environment. The increasing floating interest rate
burden, combined with ongoing non-operating cash charges and
extensive capex budget, could continue to erode the company's
liquidity and elevate credit risk.
USS has revenue concentration in the highly cyclical residential
and commercial construction end markets, though the business mix
has largely shifted away from the residential construction market
(currently less than 25% of total revenue vs 80% in 2008-09).
Moody's expects USS' revenue and earnings to hold up during the
current economic slowdown, benefiting from recent price actions,
the expansion of infrastructure projects in the U.S., and currently
stable commercial and industrial end-markets. However, Moody's
believes that current economic weakness coupled with tight credit
markets could create difficult conditions even within the company's
more resilient commercial and industrial end-markets.
Downgrades:
Issuer: PECF USS Intermediate Holding III Corporation
Corporate Family Rating, Downgraded to Caa1 from B3
Probability of Default Rating, Downgraded to Caa1-PD from B3-PD
Senior Secured Bank Credit Facility, Downgraded to B3 (LGD3) from
B2 (LGD3)
Senior Unsecured Regular Bond/Debenture, Downgraded to Caa3 (LGD6)
from Caa2 (LGD5)
Outlook Actions:
Issuer: PECF USS Intermediate Holding III Corporation
Outlook, Remains Stable
RATINGS RATIONALE
USS' Caa1 CFR reflects the company's highly leveraged capital
structure (debt-to-EBITDA around 9.0 times expected at the end of
2022), challenging operating environment, its moderate revenue
scale with concentration in the highly cyclical residential and
commercial construction end markets, and aggressive growth
strategies including debt funded acquisitions. The rating also
reflects Moody's expectation for negative free cash flow generation
and continued reliance on external sources of liquidity to
supplement for cash shortfall. Though macroeconomic uncertainty may
persist in the medium term, Moody's believes that revenue diversity
should help the company weather the anticipated economic shocks. As
such, Moody's projects organic revenue growth in the mid-single
digits and profitability expansion at slightly higher rate over the
next 12-18 months, assuming relatively stable demand in the
commercial and industrial construction end-markets. However, given
the company's significant debt load, its debt-to-EBITDA is likely
to remain above 8.5 times over the next 12-18 months.
All financial metrics cited reflect Moody's standard adjustments.
The rating favorably considers United Site Services' leading market
position within the fragmented portable sanitation and related site
service solutions markets, its offering of a highly essential and
critical service to its customers. With more than 180 acquisitions
completed since inception, USS has built industry's largest
coast-to-coast footprint that allows for scale and scope benefits,
more consistent service levels and serving national accounts. The
company has long-standing relationships with its customers, as
indicated by high customer retention rates and ability to pass
regular price increases. USS competes through building a reputation
for high service quality and achieving efficiency through its large
scale relative to its competitors.
Moody's projects USS to maintain adequate liquidity over the next
12-15 months. While free cash flow will remain under pressure in
2023 due to anticipated higher interest rate burden, the company's
liquidity will be supported by modest balance sheet cash and ample
availability under the company's $200 million ABL and $100 million
senior secured cash flow revolver. At June 30, 2022, the company
had $80 million of outstanding loans under the ABL and no cash flow
revolver draws. Combined excess availability under the ABL and cash
flow revolver is around $180 million, net of $38.4mm letters of
credit outstanding. In addition, the company's has access to a $200
million equity line from its sponsor, raised as part of the 2021
LBO to be used for acquisitions and general corporate purposes,
which remains unfunded. Moody's expects that current liquidity
sources are sufficient to cover required term loan amortization of
approximately $20 million, paid quarterly. There are no financial
maintenance covenants under the secured credit facilities (ABL,
cash flow revolver and term loan). The ABL revolver has a springing
1.0 times minimum fixed charge coverage covenant if excess
availability falls below the greater of 10% of the aggregate
commitments, or $20 million. The cash flow revolver has a springing
first lien net leverage covenant of 8.3x if more than 40% drawn.
Moody's does not expect covenants to be tested and believes there
is ample cushion within the covenants based on Moody's projected
earnings levels for the next 12-15 months.
The stable outlook reflects Moody's expectation that liquidity
sources will remain adequate as the company navigates near term
challenges, and that operating performance, including EBITDA will
begin to show improvement in 2023, driving modest deleveraging.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be downgraded if the company's liquidity position
deteriorates due to greater than expected negative free cash flow
or if operating performance weakens. A ratings downgrade could
result if Moody's view USS' capital structure unsustainable, or if
the probability for a restructuring or distressed exchange
increases.
A ratings upgrade would require sustained improvement in operating
performance that would support leverage improving to a more
sustainable level. A ratings upgrade would also require a stronger
liquidity profile, including consistently positive free cash flow
generation and reduced reliance on the external sources of
liquidity. Quantitatively, the rating could be upgraded if
sustained earnings growth lead debt-to-EBITDA approaching 7.0 times
and EBITDA-Capex/Interest expense above 1.25 times.
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
Headquartered in Westborough, MA and controlled by affiliates of
Platinum Equity, LLC, USS is a provider of portable sanitation
units, temporary fencing, storage containers and temporary electric
equipment serving the construction, commercial and industrial,
special event, government agency and other end markets. Moody's
projects the company's annual revenue to approach $1.2 billion at
the end of fiscal 2022.
PECF USS: US$2B Bank Debt Trades at 22% Discount
------------------------------------------------
Participations in a syndicated loan under which PECF USS
Intermediate Holding III Corp is a borrower were trading in the
secondary market around 78 cents-on-the-dollar during the week
ended Fri., Nov. 11, 2022, according to Bloomberg's Evaluated
Pricing service data.
The US$2.00 billion facility is a term loan. The loan is scheduled
to mature on December 15, 2028. About US$1.99 billion of the loan
is drawn and outstanding.
PECF USS Intermediate Holding III Corporation is the issuing entity
for a debt extended to United Site Services Inc., a provider of
portable sanitation and related site services.
PEOPLE SPEAK: Dec. 20 Plan Confirmation Hearing Set
---------------------------------------------------
On September 14, 2022, People Speak, LLC, filed with the U.S.
Bankruptcy Court for the Eastern District of Louisiana a Third
Amended Plan of Reorganization and the Disclosure Statement.
On November 7, 2022, Judge Meredith S. Grabill approved the
Disclosure Statement and ordered that:
* December 13, 2022, is fixed as the last day for filing
acceptances or rejections of the debtor's fourth amended chapter 11
plan of reorganization.
* December 13, 2022, is fixed as the last day for filing and
serving, written objections to Confirmation of the Plan.
* December 15, 2022 is fixed as the last day for the Debtor's
counsel to tabulate the acceptances and/or rejections of the Plan
certify the tabulation of ballots and file the tabulation of
ballots.
A copy of the order dated November 7, 2022, is available at
https://bit.ly/3fYWUNV from PacerMonitor.com at no charge.
Counsel for the Debtor:
Stewart F. Peck, Esq.
Christopher T. Caplinger, Esq.
James W. Thurman, Esq.
LUGENBUHL, WHEATON, PECK, RANKIN & HUBBARD
601 Poydras Street, Suite 2775
New Orleans, LA 70130
Telephone: (504) 568-1990
Facsimile: (504) 310-9195
About People Speak
People Speak, LLC, a privately held company that operates in the
traveler accommodation industry, sought protection under Chapter 11
of the Bankruptcy Code (Bankr. E.D. La. Case No. 21-10315) on March
11, 2021. Rachele Riley, owner, and member signed the petition.
The Debtor disclosed $1 million to $10 million in both assets and
liabilities in the petition.
Judge Meredith S. Grabill oversees the case.
Lugenbuhl, Wheaton, Peck, Rankin & Hubbard, led by Stewart F. Peck,
Esq., serves as the Debtor's counsel.
PETTERS COMPANY: BMO Harris to Appeal Verdict in Trustee Suit
-------------------------------------------------------------
BMO Financial Group (TSX: BMO) (NYSE: BMO) on Nov. 8, 2022,
disclosed that its subsidiary, BMO Harris Bank N.A. (BMO Harris)
intends to pursue all available legal options including appealing
the jury verdict and award in a lawsuit related to a Ponzi scheme
carried out by Thomas J. Petters and certain affiliated individuals
and entities (collectively, Petters) that operated a deposit
account at a predecessor bank, M&I Marshall and Ilsley Bank (M&I).
The jury awarded damages of approximately US$564 million against
BMO Harris in favour of the Trustee in bankruptcy proceedings for
certain Petters entities. As previously disclosed, the lawsuit
alleges that between 1999 and 2008, before it was acquired by BMO
Harris in 2011, M&I (and a predecessor bank) facilitated the Ponzi
scheme operated by Petters. Pursuant to a prior settlement in
connection with another Petters matter, BMO Harris is entitled to
recover approximately 21% of any amount that it pays to the
Trustee.
BMO Harris strongly denies the plaintiff's allegations and will
continue to defend itself vigorously, including by bringing an
appeal to the United States Court of Appeals for the Eighth
Circuit, to contest the jury verdict and award. "We are
disappointed with the jury's verdict, which is not supported by the
evidence or the law. We will file a number of post-trial motions
with the trial judge to reverse the verdict or reduce the damages,
and we intend to pursue all avenues to overturn the jury's verdict,
including appeals. We are confident that we have strong grounds for
appeal," stated a BMO Harris spokesperson.
As a result of this outcome, in accordance with applicable
accounting standards, BMO will record a provision, which includes
estimated possible pre-judgment interest net of estimated
recoveries, in the amount of CAD$1,120 million, resulting in an
after-tax charge of CAD$830 million to be recorded in the fourth
quarter in the Corporate Services segment and treated as an
adjusting item.
About Petters Company
Founded by Tom Petters in 1988, Petters Group Worldwide LLC was a
collection of some 20 companies, most of which make and market
consumer products. Holdings include Fingerhut (consumer products
via its catalog and Web site), SoniqCast (maker of portable, WiFi
MP3 devices), leading instant film and camera company Polaroid
(purchased for $426 million in 2005), Sun Country Airlines
(acquired in 2006), and Enable Holdings (online marketplace and
auction for consumers and manufacturers' overstock inventory).
Thomas Petters, the founder and former CEO of Petters Group, was
indicted and a criminal proceeding against him is proceeding in the
U.S. District Court for the District of Minnesota.
Mr. Petters and associates allegedly conducted a Ponzi scheme
between 1994 and 2008. Throughout the Ponzi scheme, PCI obtained
billions of dollars from investors through fraud, false pretenses
and misrepresentations about PCI's purported business.
In United States v. Petters, No. 08-SC-5348 (ADM/JSM), 2008 WL
4614996, at *3 (D. Minn. Oct. 6, 2008), Douglas A Kelley was named
by the district court as the equity receiver for PCI in 2008.
In petitions signed by Mr. Kelley, Petters Company, Petters Group
Worldwide and eight other affiliates sought Chapter 11 protection
(Bankr. D. Minn. Lead Case No. 08-45257) on Oct. 11, 2008. In its
petition, Petters Company estimated its debts at $500 million and
$1 billion. Parent Petters Group Worldwide estimated its debts at
not more than $50,000.
Petters Aviation, LLC, and affiliates MN Airlines, LLC, doing
business as Sun Country Airlines, Inc., and MN Airline Holdings,
Inc., filed for Chapter 11 bankruptcy protection (Bankr. D. Minn.
Case Nos. 08-45136, 08-35197 and 08-35198) on Oct. 6, 2008. Petters
Aviation was a wholly owned unit of Thomas Petters Inc. and owner
of MN Airline Holdings, Sun Country's parent company.
The Official Committee of Unsecured Creditors was represented by
Fafinski Mark & Johnson, P.A.
Trustee Douglas A. Kelley was represented by Lindquist & Vennum
LLP.
In 2016, the bankruptcy court confirmed PCI's Second Amended Plan
of Chapter 11 Liquidation, which transferred certain assets,
including the causes of action, to the BMO Litigation Trust.
PLAYPOWER INC: US$400M Bank Debt Trades at 17% Discount
-------------------------------------------------------
Participations in a syndicated loan under which PlayPower Inc is a
borrower were trading in the secondary market around 83.3
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$400 million facility is a term loan. The loan is scheduled
to mature on May 10, 2026. The loan is fully drawn and
outstanding.
PlayPower, Inc. provides commercial recreational and leisure
products.
POWER STOP: US$395M Bank Debt Trades at 24% Discount
----------------------------------------------------
Participations in a syndicated loan under which Power Stop LLC is a
borrower were trading in the secondary market around 76
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$395million facility is a term loan. The loan is scheduled
to mature on January 26, 2029. The amount is fully drawn and
outstanding.
Power Stop LLC manufactures and distributes auto parts. The Company
offers brake pads and calipers, rotor kits, sensors wires, and
other braking systems for cars, trucks, SUVs, duty trucks and tows,
and utility vehicles.
PRETIUM PKG: US$350M Bank Debt Trades at 19% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Pretium PKG
Holdings Inc is a borrower were trading in the secondary market
around 80.8 cents-on-the-dollar during the week ended Fri., Nov.
11, 2022, according to Bloomberg's Evaluated Pricing service data.
The US$350 million facility is a term loan. The loan is scheduled
to mature on October 1, 2029. The loan is fully drawn and
outstanding.
Headquartered in St. Louis, Missouri, Pretium PKG Holdings, Inc. is
a manufacturer of rigid plastic containers for variety of end
markets, including food and beverage, chemicals, healthcare,
wellness and personal care. Pretium PKG Holdings, Inc. is a
portfolio company of Clearlake since January 2020.
PURE GOLD: Court Approves SISP Order Under CCAA Proceedings
-----------------------------------------------------------
Pure Gold Mining Inc. (NEX:PGM.H, LSE:PUR) on Nov. 10 disclosed
that the Supreme Court of British Columbia (the "Court"), on
application of the Company in its proceedings under the Companies'
Creditors Arrangement Act (the "CCAA"), has granted a Sales and
Investment Solicitation Process Order (the "SISP Order"), among
other relief.
The SISP Order, among other things: (i) approves a sales and
investment solicitation process for all the assets, undertakings
and property of the Company, including the Company's Mine project
located in Ontario (the "SISP") and (ii) approves of the engagement
of National Bank Financial Inc. ("NBF") as the Company's sales
agent for the purposes of the SISP.
In order to participate in the SISP and obtain access to a virtual
data room and other information, interested parties must comply
with the terms and conditions set forth in the SISP Order and other
related documents, which are available on the website of KSV
Restructuring Inc., the Court-appointed CCAA monitor, at
https://www.ksvadvisory.com/experience/case/pure-gold-. Parties
interested in participating in the SISP should contact Morten
Eisenhardt and Andrew Armstrong at NBF at the following addresses:
morten.eisenhardt@nbc.ca and andrew.armstrong@nbc.ca.
In addition to the SISP Order, the Court also granted orders:
(a) extending the stay of proceedings granted under the CCAA until
January 27, 2023;
(b) authorizing the Company to borrow additional funds under an
interim financing credit facility from its lending partner, Sprott
Private Resource Lending II (Collector), LP, in order to meet the
Company's immediate cash needs for the continuation of its business
activities and preservation of its property;
(c) approving of a Key Employee Retention Plan which provides for,
among other things, payments to key employees of the Company based
on defined timelines and metrics connected to the SISP and CCAA
process; and
(d) restating and amending the Initial Order of the Court granted
on October 31, 2022.
About Pure Gold Mining Inc.
Pure Gold Mining Inc. -- http://www.puregoldmining.ca/-- is a
Canadian gold mining company, located in Red Lake, Ontario, Canada.
The Company owns and operates the Company's Mine, which began gold
production in 2021 after the successful construction of an 800 tpd
underground mine and processing facility. The Company's Mine is
centered on a forty-seven square kilometre property with
significant discovery potential.
QUANTUM DEVP: Cantina Owner Faces Possible Ch.7 as Reorg. Falters
-----------------------------------------------------------------
Jennifer Thomas of Charlotte Business Journal reports that Quantum
Development Charlotte — the ownership group behind Cantina 1511
-- is facing a possible Chapter 7 liquidation after efforts to
reorganize under bankruptcy protection have faltered.
The U.S. Bankruptcy Administrator for the Western District of North
Carolina filed a motion in October 2021 seeking to dismiss
Quantum's Chapter 11 case -- or convert it to Chapter 7, if that is
in the best interest of creditors.
The motion cites continuing loss or diminution of the estate and
the absence of a reasonable likelihood of rehabilitation; gross
mismanagement of the estate; failure to comply with an order of the
court; and failure to timely file complete and accurate reports.
Quantum is seeking to have its amended reorganization plan adopted
by the court.
"We're trying to do the best we can under the circumstances," says
Dick Campbell, president and CEO of Quantum.
He says the goal is to get its reorganization plan approved.
"The last three years have just been a disaster, not only for us,
but for small-business operators," Campbell says.
He says inflation remains a factor, driving up operating expenses
and labor costs.
Quantum currently operates Cantina 1511 locations in Mooresville,
south Charlotte's Toringdon Circle and at Park Road Shopping
Center. It sold The 12th Man, a sports pub in south Charlotte,
earlier this year as part of the bankruptcy proceedings.
"We're trying to reorganize so we can continue to operate,"
Campbell says.
But the bankruptcy administrator's motion states concern about the
business' viability. It notes monthly reports show a lack of
disposable income to pay unsecured creditors — pending a sale of
Quantum’s restaurants or operations. Those reports show that
Quantum has consistently missed its projections. It has operated at
a loss for every reporting period except one, when it recorded a
profit of $4,091.
Quantum's summary of cash activity shows a cumulative position of
negative $191,000 — inconsistent with bank account statements
attached to the report, the motion reads.
"Regardless, it is an indication that the debtor's cash position is
poor and worsening. In addition, the past due payables report
demonstrates that the debtor is relying on significant trade credit
from its vendors," the motion reads.
July 2022 sales taxes are past due and have not been remitted to
the N.C. Department of Revenue.
The administrator notes an amended bankruptcy plan contemplates the
sale of certain or all restaurant locations. No motion of sale has
been filed, and the restaurant's profitability has sparked concern
the plan is "unreasonable and will be to the detriment to the
estate and the debtor's creditors and increase the likelihood that
the estate is rendered further administratively insolvent."
The motion comes less than eight months after Quantum filed for
Chapter 11 protection in March. Quantum's summary of the assets and
liabilities lists $0 in real property and liabilities of $2.02
million.
A reorganization plan was filed June 13, 2022 -- with an amended
version filed in September. It has not been approved by the court.
The plan notes Quantum was founded in January 2012 to purchase an
ownership stake in two LLCs: East 1511 LLC and Stonecrest 1511
LLC.
Subsidiary corporations were formed for the purpose of operating
restaurants. Some restaurants closed, with Quantum and the
subsidiaries being profitable enough to maintain the status quo.
Its uptown Cantina 1511 location closed in 2018, after less than a
year in operation. Quantum had invested $750,000 to open that
restaurant.
"The debtor believed that it would be able recover from this
setback as its remaining locations were profitable," the plan
reads.
Quantum's filing states that, when Covid- 19 hit in 2020, operating
challenges meant subsidiaries could no longer carry the burden of
the closed restaurants. It borrowed money from short-term,
high-interest lenders and fell further behind on payments to state
and federal taxing authorities.
"Facing enforcement actions by the taxing authorities, the debtor
and subsidiary entities were faced with the decision to either
reorganize through bankruptcy or close," the plan states.
Quantum has active federal tax liens on three of its subsidiaries
-- Uptown 1511, Stonecrest 1511 and East 1511 -- for a total of
just over $153,000 owed.
Those entities were merged with Quantum on March 3 to pursue
reorganization. Quantum intends to pay its priority taxes within
five years of the entry of the order for relief and to commit its
disposable income to its remaining unsecured creditors for three
years, the filing states.
Quantum says its analysis indicates payments to creditors would be
greater through Chapter 11 versus Chapter 7 liquidation.
Objections have been filed by numerous parties including the
landlords of its three remaining restaurants: PRSC Holdings —
tied to Columbia, South Carolina-based Edens; MP Shopping Center
LLC in Mooresville; and Koury Toringdon LLC. Further objections
have been filed by Woodforest National Bank, the IRS and the
bankruptcy administrator, among others.
About Quantum Development
Quantum Development Charlotte, LLC, a company in Charlotte, N.C.,
filed a petition for Chapter 11 protection (Bankr. W.D.N.C. Case
No. 22-30113) on March 15, 2022, listing $38,317 in assets and
$2,018,392 in liabilities. Richard D. Campbell, member and manager,
signed the petition.
Judge Laura T. Beyer oversees the case.
The Debtor tapped the Law Offices of R. Keith Johnson, P.A. and
Professional Tax Consultants, LLC as legal counsel and tax
consultant, respectively.
QUEST SOFTWARE: US$2.81B Bank Debt Trades at 26% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Quest Software Inc
is a borrower were trading in the secondary market around 74
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$2.81 billion facility is a term loan. The loan is scheduled
to mature on February 1, 2029. About US$2.80 billion of the loan
is drawn and outstanding.
Quest Software Inc. provides software solutions. The Company offers
an enterprise software that identities, users and data, streamlines
IT operations, and hardens cybersecurity from the inside out.
REDSTONE HOLDCO: US$1.11B Bank Debt Trades at 31% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Redstone Holdco 2
LP is a borrower were trading in the secondary market around 69.4
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$1.11 billion facility is a term loan. The loan is scheduled
to mature on April 27, 2028. The loan is fully drawn and
outstanding.
Redstone Holdco 2 LP is a Delaware Domestic Limited Partnership
filed On May 13, 2020.
Redstone Holdco 2 LP and Redstone Buyer LLC were formed as part of
the buyout of the RSA Security business from Dell Inc.
REVLON INC: Exclusivity Period Extended to Jan. 19
--------------------------------------------------
Revlon, Inc. and its affiliates obtained a court order extending
their exclusive right to file a Chapter 11 plan and solicit votes
on the plan to Jan. 19 next year.
The ruling by Judge David Jones of the U.S. Bankruptcy Court for
the Southern District of New York allows the companies to pursue
their own plan for emerging from Chapter 11 protection without the
threat of a rival plan from creditors.
The companies will use the extension to negotiate and prosecute a
bankruptcy plan within the time allotted to them by the milestones
set forth in the court's Aug. 2 order, which approved approximately
$1 billion of financing that would help the companies get through
bankruptcy.
About Revlon Inc.
Revlon Inc. manufactures, markets and sells an extensive array of
beauty and personal care products worldwide, including color
cosmetics; fragrances; skin care; hair color, hair care and hair
treatments; beauty tools; men's grooming products; antiperspirant
deodorants; and other beauty care products. Today, Revlon's
diversified portfolio of brands is sold in approximately 150
countries around the world in most retail distribution channels,
including prestige, salon, mass, and online.
Since its breakthrough launch of the first opaque nail enamel in
1932, Revlon has provided consumers with high-quality product
innovation, performance and sophisticated glamour. In 2016, Revlon
acquired the iconic Elizabeth Arden company and its portfolio of
brands, including its leading designer, heritage and celebrity
fragrances.
Revlon is among the leading global beauty companies, with some of
the world's most iconic and desired brands and product offerings in
color cosmetics, skin care, hair color, hair care and fragrances
under brands such as Revlon, Revlon Professional, Elizabeth Arden,
Almay, Mitchum, CND, American Crew, Creme of Nature, Cutex, Juicy
Couture, Elizabeth Taylor, Britney Spears, Curve, John Varvatos,
Christina Aguilera and AllSaints.
Revlon sought Chapter 11 protection (Bankr. S.D.N.Y. Case No.
22-10760) on June 15, 2022. Fifty affiliates, including Almay,
Inc, Beautyge Brands USA, Inc., and Elizabeth Arden, Inc., also
sought bankruptcy protection on June 15 and June 16, 2022.
Revlon disclosed total assets of $2,328,093,000 against total
liabilities of $3,689,240,395 as of April 30, 2022.
The Hon. David S. Jones is the case judge.
The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison, LLP as
bankruptcy counsel; Mololamken, LLC as special litigation counsel;
PJT Partners, LP as investment banker; KPMG, LLP as tax services
provider; and Alvarez & Marsal North America, LLC as restructuring
advisor. Robert M. Caruso and Matthew Kvarda of Alvarez & Marsal
serve as the Debtors' chief restructuring officer and interim chief
financial officer, respectively. Meanwhile, Kroll Restructuring
Administration, LLC is the Debtors' claims agent and administrative
advisor.
The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors on June 24, 2022. Brown Rudnick, LLP, Province,
LLC and Houlihan Lokey Capital, Inc. serve as the committee's legal
counsel, financial advisor and investment banker, respectively.
RISING TIDE: US$400M Bank Debt Trades at 17% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Rising Tide
Holdings Inc is a borrower were trading in the secondary market
around 83.4 cents-on-the-dollar during the week ended Fri., Nov.
11, 2022, according to Bloomberg's Evaluated Pricing service data.
The US$400 million facility is a term loan. The loan is scheduled
to mature on June 1, 2028. The loan is fully drawn and
outstanding.
Rising Tide Holdings, Inc. is a specialty marine aftermarket
retailer that operates 237 hub and service center locations across
38 states and Puerto Rico as well as an ecommerce website as of
April 2021. Rising Tide is controlled by investment funds
affiliated with L Catterton following a leveraged buyout in May
2021.
RITE AID: Fitch Lowers LongTerm IDR to 'C', Outlook Negative
------------------------------------------------------------
Fitch Ratings has downgraded Rite Aid Corporation's Long-Term
Issuer Default Rating (IDR) to 'C' from 'B-' following the proposed
tender for its approximately $485 million secured bonds due 2025;
the 2025 notes have been downgraded to 'CCC'/'RR1' from
'BB-'/'RR1'.
The downgrade reflects Fitch's view that the proposed tender offer
is a Distressed Debt Exchange (DDE), as it requires bondholders to
consider a below-par tender offer or risk collateral and covenants
being stripped from the notes. Upon completion of the exchange,
Fitch would downgrade the IDR and 2025 notes to 'RD' to reflect a
restricted default.
KEY RATING DRIVERS
Tender Offer: Rite Aid has proposed a tender offer for its next
maturity, $485 million of secured notes due 2025, which Fitch
considers a DDE. Bondholders who tender could receive up to $750
per $1,000 of notes tendered, below par albeit above recent trading
prices. However, to participate in the tender bondholders must
consent to the release of collateral and certain covenants. Should
a majority of bondholders tender and consent to the release of
security and covenants, any bonds not tendered would be stripped of
its collateral.
Fitch views the exchange as a DDE as bondholders must choose
between a below par tender or the risk of collateral and covenants
stripped from their notes, representing a material reduction in
terms. While the exchange is not being conducted to avoid an
immediate bankruptcy, Fitch believes that the somewhat coercive
nature of this exchange highlights the rising challenge Rite Aid
faces in refinancing its 2025 maturities without a default.
Structural Disadvantages: Although Rite Aid has good local market
share positions, its scale and geographic concentration relative to
Walgreens Boots Alliance, Inc. and CVS Health Corp. likely
negatively affects its ability to compete for inclusion in
pharmaceutical contracts. Rite Aid's footprint of 2,352 stores as
of Aug. 27, 2022, almost half of which are in four states, compares
with the national footprints of approximately 10,000 and 9,000 for
CVS (including pharmacies within Target stores) and Walgreens U.S.,
respectively.
In addition, Rite Aid's weak FCF limits its ability to make
customer-facing investments to drive loyalty and traffic,
particularly as larger competitors accelerate investments and newer
entrants such as Amazon.com, Inc. (AA-/Stable) fight for share.
Complex Industry Fundamentals: Despite projections of continued
modest growth in pharmaceuticals revenue, the healthcare industry
remains complex, with intricate relationships among critical
industry constituents, strategic initiatives by large participants
and regulatory overlay. Rite Aid benefits from close relationships
with end customers, which Fitch believes is a critical structural
advantage for drug retailers, and some business diversification
through its pharmacy benefit manager (PBM) Elixir. However, Rite
Aid's challenged operations and regional focus following store
divestiture weakened its competitive positioning, particularly
given the rise of preferred and narrow pharmaceutical networks.
Gross Margin Pressure: Retail pharmacy reimbursement pressure on
gross margins is intense. Pressure has resulted from increased
penetration of the government as a pharmaceutical payer under the
Medicare/Medicaid programs, ongoing pressure from commercial payers
and a mix shift toward the "90-day at retail" offering. Growth in
preferred/narrow networks may also be a factor, as participants
sacrifice margins for network inclusion to drive volume.
Challenging EBITDA Trend: Rite Aid's operating performance has been
weak, with EBITDA declining from approximately $850 million in 2015
(pro forma following the transfer of about 40% of the store base to
Walgreens Boots Alliance) to approximately $530 million in 2019,
prior to the coronavirus pandemic. Fitch believes EBITDA declines
are the consequence of Rite Aid's structural challenges and
somewhat subpar execution.
EBITDA for the TTM ending August 2022 eroded further to
approximately $400 million, due to ongoing coronavirus-related
expenses and investments in longer term growth at Elixir. Fitch
expects EBITDA to trend near TTM results in 2022 but improve to
mid-$400 million in 2023, assuming some benefit from reduced
pandemic-related expenses and the recent closure of unprofitable
locations.
New Initiatives to Stabilize EBITDA: The company is implementing
several initiatives to improve top-line results. To drive revenue
growth, the company sees opportunities to cross-market its PBM and
retail assets to mid-market employers, Medicare Part D participants
and other target groups. The company also is investing in a more
holistic care approach with its pharmacy customers to drive loyalty
and incremental purchases, and is adding omnichannel capabilities
such as improved digital/mobile shopping experience and in-store
pick-up options, including lockers.
Evidence of success of these initiatives is somewhat limited given
the company's overall revenue and EBITDA trend, despite some
occasionally positive indications like good Elixir client growth in
2020. Fitch expects these initiatives, combined with the company's
recent cost reduction efforts, could allow EBITDA to stabilize from
current levels toward the mid-$400 million range in 2023.
Elevated Leverage; Limited FCF; Good Liquidity: Rite Aid's
operating challenges resulted in elevated adjusted leverage, which
averaged 7.4x over the past four years. Given Fitch's EBITDA
assumptions, adjusted leverage could be around 7.7x in 2022 and
return below 7.5x in 2023.
FCF has been somewhat volatile although generally negative in
recent years due to EBITDA declines and working capital movements.
Fitch expects FCF to be modestly positive annually, from
approximately negative $200 million in 2020 and positive $155
million in 2021. Mitigating these concerns is Rite Aid's ample
liquidity of approximately $1.7 billion under its revolver, which
has historically allowed the company flexibility to navigate
through its operating challenges.
DERIVATION SUMMARY
Rite Aid's 'C' rating reflects the proposed tender for its 2025
bonds. Fitch views the proposed tender offer as a DDE as it
requires bondholders to consider a below-par tender offer or risk
collateral and covenants being stripped from the notes. Upon
completion of the exchange, Fitch would downgrade IDR and 2025
notes to 'RD' to reflect a restricted default.
Rite Aid's credit profile also considers its weak position in the
relatively stable U.S. drug retail business, its limited FCF, and
its high adjusted leverage (capitalizing rent expense at 8x),
projected in the mid-7x range in 2022.
Rite Aid has significantly smaller scale and weaker operating
metrics than Walgreens Boots Alliance and CVS, which may have a
negative effect on its relative ability to compete for inclusion in
pharmacy networks. Rite Aid's cash flow is minimal to modestly
negative, and its leverage profile is significantly higher than
that of its larger peers, limiting its ability to invest
meaningfully in its business.
Retail peers rated in the 'B' category (where Rite Aid was
previously rated) include LSF9 Atlantis Holdings, LLC (Victra;
B/Positive).
Victra's 'B' rating reflects its stable position as the largest
authorized retailer for leading personal communications provider
Verizon Communications Inc. (A-/Stable) and the company's good
long-term operating track record, albeit mitigated by some declines
in recent years. The rating considers the company's narrow product
and brand focus within the U.S. retail industry. The Positive
Outlook reflects the company's improving operating trajectory,
which, in combination with achievement of synergies and debt
reduction following the GoWireless acquisition, could yield
adjusted leverage declining below 5.5x.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- Revenue declines around 4% to $23.7 billion in 2022 from $24.6
billion in 2021, largely due to approximately 90 store closures,
coronavirus vaccine volume declines and some client loss at Elixir,
somewhat offset by modestly positive same store sales. Revenue is
projected to grow modestly beginning 2023 given slight same store
sales growth.
- EBITDA, which was approximately $475 million in 2021, could
decline to the high $300 million range in 2022 given topline
declines, somewhat mitigated by the benefit of unprofitable store
closures. Margins could trend in the 1.6% range relative to the
high-1% range the prior two years and the mid-2% range in
pre-pandemic 2019. Given ongoing cost reduction efforts and some
topline growth, margins could improve toward 2% beginning 2023,
with EBITDA growing toward $500 million by 2024.
- FCF could be modestly positive on an annual basis, albeit below
the $155 million generated in 2021 given generally lower EBITDA and
some working capital benefits which supported FCF in 2021.
- Adjusted debt/EBITDAR (capitalizing leases at 8x) could trend
around 7.7x in 2022 and in the low-mid 7x range thereafter. Debt
levels are expected to remain near $2.7 billion (noting a slight
moderation is possible following the current below-par tender
proposal).
- No impact is modeled for total coverage, volume or pricing based
on any legislative activity affecting the pharmaceutical industry.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Fitch will reassess Rite Aid's capital structure, liquidity and
risk profile following the completion of the current tender offer
to determine its IDR and issue-level ratings.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Following the completion of the tender offer, Fitch anticipates
temporarily downgrading the IDR to 'RD'.
LIQUIDITY AND DEBT STRUCTURE
Ample Liquidity: Rite Aid had liquidity of $1.3 billion at Aug. 27,
2022, supported by nearly $1.3 billion in availability under the
$2.8 billion ABL facility, net of letters of credit, and negligible
invested cash.
The company's credit facility includes a $2.8 billion ABL and $350
million FILO term loan. Both instruments mature August 2026
although have a springing maturity to 91 days prior to the July
2025 maturity of Rite Aid's $485 million secured notes, should any
of these notes remain outstanding at that time. The ABL and FILO
term loan are and secured by first liens against Rite Aid's strong
asset base of inventory, including pharmaceutical inventory,
receivables and valuable prescription files.
The company has undertaken a series of debt repayment and exchange
activities over the past several years. Most recently, in July
2022, the company executed a tender offer in which approximately
$192 million in principal value of debt was purchased for $150
million, partially financed through an ABL draw.
The company's capital structure consists of its ABL and $350
million FILO term loan, $1.33 billion of senior secured notes in
two tranches due 2025 and 2026, and approximately $188 million of
unsecured notes due 2027 and 2028. The secured notes are secured by
a second lien on ABL collateral and a first lien on most of Rite
Aid's remaining assets, including property, plant and equipment.
The company owned 101 stores, two distribution centers and its
corporate headquarters as of Feb. 26, 2022. Rite Aid is currently
tendering for its $485 million of secured notes. Total
consideration paid could be up to $750 per $1,000 of bonds
tendered. The company has indicated a maximum purchase price of
$200 million (around $270 million in par value assuming $750
consideration per $1,000 par value) but could raise or lower this
amount. Fitch expects the company to draw on its ABL to fund the
tender.
Rite Aid maintains solid liquidity, given its valuable asset base,
despite a history of operating challenges. The value of Rite Aid's
asset base is supported by the 11.5x EBITDA multiple implied by
Walgreens' original offer to buy Rite Aid in October 2015 for $17.2
billion and the 16.0x multiple Walgreens paid for 1,932 stores
during 2017-2018. Following the purchase, Walgreens announced plans
to close 600 of the stores and transfer prescription files to
nearby Walgreens locations, further illustrating the value placed
on prescription files.
Recovery
Rite Aid's business profile could yield a distressed enterprise
value of approximately $4.4 billion on its estimated $3.4 billion
liquidation value on inventory, receivables, prescription files and
owned real estate and a $1.0 billion enterprise value for Elixir.
Fitch notes that its approximately $7.25 value ascribed per
prescription file could prove conservative, given recent
transaction multiples in the low- to mid-teens.
The $1.0 billion for the Elixir business values the company at 7.0x
EBITDA of $145 million, close to Fitch's 2022 Elixir EBITDA
projection although below historical and projected results. This is
well below the $2 billion, or 13.0x EBITDA, Rite Aid paid for the
business in 2015. PBM valuations have declined over the past
several years, although Express Scripts Holding Company
(BBB+/Stable) was acquired by Cigna Corporation at an enterprise
valuation of approximately 9.0x TTM EBITDA in December 2018.
The $4.4 billion in resulting liquidation value exceeds Fitch's
assessment of Rite Aid's $3.0 billion valuation as a going concern.
The going concern valuation is based on $500 million in distressed
EBITDA, modestly below 2019 results, as Fitch views Rite Aid's
pre-pandemic operating trajectory as somewhat distressed. Fitch
assumes Rite Aid could generate a 6.0x EBITDA multiple in a
going-concern sale, somewhat lower than valuations implied in the
Walgreens sale process due to ongoing declines in the company's
operations.
Given a $4.4 billion liquidation value and a 10% reduction for
administrative claims, the ABL, which Fitch assumes to be 80%
drawn, the $350 million FILO term loan and $1.33 billion in secured
notes would be expected to have outstanding recovery prospects
(91%-100%). The ABL, FILO, and secured notes due 2025 are thus
rated 'BB-'/'RR1'.
However, the secured notes due 2025 are downgraded to 'CCC'/'RR1'
as part of Fitch's actions related to the proposed tender for a
portion of these notes. The approximately $188 million unsecured
notes (following the July 2022 repayment) would be expected to have
poor (0%-10%) recovery prospects and are therefore rated
'CCC'/'RR6'.
ISSUER PROFILE
Rite Aid is the third-largest drugstore chain in the U.S. based on
revenues and number of stores (2,352 as of Aug. 27, 2022) and
filled approximately 238 million prescriptions in 2021. The company
serviced 1.0 million customers daily in 2021.
SUMMARY OF FINANCIAL ADJUSTMENTS
Historical and projected EBITDA is adjusted to add back non-cash
stock-based compensation and exclude charges related to LIFO
adjustments, M&A, restructuring, and legal settlements. Fitch has
adjusted historical and projected debt by adding 8x yearly
operating lease expense.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Rite Aid
Corporation LT IDR C Downgrade B-
senior
unsecured LT CCC Affirmed RR6 CCC
senior secured LT BB- Affirmed RR1 BB-
senior secured LT CCC Downgrade RR1 BB-
RIVERBED TECHNOLOGY: US$900M Bank Debt Trades at 60% Discount
-------------------------------------------------------------
Participations in a syndicated loan under which Riverbed Technology
Inc is a borrower were trading in the secondary market around 40
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$900 million facility is a payment in kind term loan. The
loan is scheduled to mature on December 7, 2026. The amount is
fully drawn and outstanding.
Riverbed Technology, Inc. provides software solutions. The Company
offers application performance monitoring, cloud migration, network
performance monitoring, and security solutions.
RUTLAND HOLDINGS: Taps Law Offices of Craig M. Geno as Counsel
--------------------------------------------------------------
Rutland Holdings, LLC seeks approval from the U.S. Bankruptcy Court
for the Southern District of Mississippi to employ the Law Offices
of Craig M. Geno, PLLC as its counsel.
The firm's services include:
(a) advising the Debtor regarding questions arising from certain
contract negotiations which will occur during the Debtor's business
operation;
(b) evaluating and objecting to claims of creditors;
(c) appearing in, prosecuting or defending suits and proceedings
related to the affairs of the Debtor's estate;
(d) representing the Debtor in court hearings and assisting in
the preparation of legal papers;
(e) advising and consulting with the Debtor in connection with
any reorganization plan; and
(f) other necessary legal services.
The hourly rates of the firm's counsel and staff are as follows:
Craig M. Geno, Esq. $400 per hour
Associates $275 per hour
Paralegals $200 per hour
In addition, the firm will seek reimbursement for expenses
incurred.
The Debtor paid the firm a retainer of $9,500.
Craig Geno, Esq., an attorney at the Law Offices of Craig M. Geno,
disclosed in a court filing that his firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Craig M. Geno, Esq.
Law Offices of Craig M. Geno, PLLC
587 Highland Colony Parkway
Ridgeland, MS 39157
Telephone: (601) 427-0048
About Rutland Holdings
Rutland Holdings, LLC filed a Chapter 11 bankruptcy petition
(Bankr. S.D. Miss. Case No. 22-51207) on Oct. 20, 2022, with as
much as $1 million in both assets and liabilities. Judge Katharine
M. Samson oversees the case.
The Debtor is represented by the Craig M. Geno, Esq., at the Law
Offices of Craig M. Geno, PLLC.
S&B REALTY: December 22 Public Auction for Supor Properties Set
---------------------------------------------------------------
In accordance with applicable provisions of the Uniform Commercial
Code as enacted in New York, by virtue of certain events of default
under certain ownership interests pledge and security agreements
dated as of Dec. 31, 2020 and May 17, 2021 ("pledged agreements"),
executed and delivered by S&B Realty Partnership, J. Supor 136-1
Limited Liability Company, Supor-172 LLC, Supor 136-1 Limited
Liability Company, Supor-172 LLC, Supor Properties Devon Holding
LLC, Shore Properties Associates North Holding LLC, JL Realty
Properties LLC, Supor Properties 600 UR Holding LLC, and Supor
Properties Breiderhoft Holding ("pledgor"), and in accordance with
it rights as holder of the security, 1000 Frank E. Rogers 2 LLC
("secured party"), by virtue of possession of these certain share
certificates held in accordance with Article 8 of the Uniform
Commercial Code of the State of New York ("code") and by virtue of
a certain UCC-1 Filing Statement made in favor of the secured
party, all in accordance with Article 9 of the code, secured party
will offer for sale, at public auction:
i) all of pledgor's right, title, and interest in and to:
a) Supor Properties Enterprises LLC;
b) J. Supor 136-1 Limited Liability Company;
c) Supor Properties Devon LLC;
d) Shore Properties Associates North LLC;
e) JS Realty Properties LLC;
f) Supor Properties 600 Urban Renewal LLC;
g) Supor Properties Harrison Avenue LLC;
h) Supor Properties Breiderhoft Holding LLC; and
ii) certain related rights and property relating there to.
Secured party's understanding is that the principal asset of the
pledged entities is that certain fee interest in real property
commonly known as (i) 1000 Frank E. Rogers Blvd., Harrison, New
Jersey, (ii) 751 Harrison Avenue, Harrison, New Jersey; (iii) 201
Devon Terrace, Kearny, New Jersey; (iv) Part of 401 Supor Boulevard
aka part of 500 Supor Boulevard and 608 Supor ,Harrison, NJ; (v)
600 Guyon Drive, Harrison, New Jersey; (vi) 94 Mantoloking Road,
Brock, New Jersey; and (vii) 12 Breiderhoft Road, Kearny, New
Jersey ("properties").
Mannion Auctions LLC, under the direction of Matthew D. Mannion,
will conduct a public sale consisting of the collateral, via online
bidding, on Dec. 22, 2022, at 11:30 a.m., in satisfaction of an
indebtedness in the approximate amount of $1,248,168.88 including
principal, interest on principal, and reasonable fees and costs,
plus default interest through Dec. 22, 2022, subject to open
charges and all additional costs, fees and disbursements permitted
by law. Secured party reserves the right to credit bid.
Online bidding will be made available via Cisco WebEx Remote
Meeting, meeting link: https://bit.ly/SuporAuc; Access Code: 2559
890 6016, Password: Aatnk (22865 from video systems). Join by
video system: Dial 25598906016@webex.com. You can also dial
173-243-2-68 and enter you meeting number. Join by phone: Use VoIP
only.
Interested parties who intend to bid on the collateral must contact
secured party's counsel, Jerod C. Feuerstein, Esq., at kriss &
Feuerstein LLP, 360 Lexington Avenue, New York, New York 10158,
(212) 661-2900, jfeuerstein@kandfllp.com to receive the terms and
conditions of sale and bidding instructions by Dec. 19, 2022 by
4:00 p.m. Upon execution of a standard confidentiality and
non-disclosure agreement, additional documentation and information
will be available. Interested parties who do not contact the
secured party's counsel and qualify prior to the sale will not be
permitted to enter a bid.
SAN LUIS & RIO: Asset Sale Proceeds to Fund Trustee's Plan
----------------------------------------------------------
William A. Brandt, the chapter 11 trustee (the "Trustee") of the
San Luis & Rio Grande Railroad, Inc, ("Debtor" or "SLRG") submitted
a Disclosure Statement for Plan of Liquidation dated November 7,
2022.
The Debtor is the successor to the Denver and Rio Grande Railroad
which was charted by the United States Congress in 1870. In 2003,
Permian Basin Railways, Inc. purchased the Debtor's stock from Rail
America. Permian Basin is wholly owned by Iowa Pacific Holdings,
LLC.
The purpose of the Plan is to preserve and maintain freight service
on the Debtor's railroad and to thus preserve the corresponding
value of the rail operations to Alamosa County, Costilla County,
Conejos County, Huerfano County and Rio Grande County. If the
Trustee is unable to confirm this Plan to effectuate the sale of
the railroad, he will most likely be forced to shut down operations
and liquidate the Debtor's assets, including the rail
infrastructure.
The Plan provides that the real property, personal property, and
all other assets of the Debtor on the Effective Date will be
transferred to the Reorganized Debtor pursuant to and in accordance
with the Plan. The Plan will be implemented by the appointment of a
Plan Administrator of the Reorganized Debtor, who shall be the sole
director of the Reorganized Debtor and the sole officer, serving as
the President, Treasurer, Vice-President, Secretary and any other
officer of the Reorganized Debtor with delegated authority to carry
out the Plan. Funds from the Sale will be distributed to creditors
with Allowed Claims.
After he obtained possession and control of the Debtor's
operations, the Trustee began the process of marketing and selling
the Debtor's assets to potential operators of a railroad. The first
step in the sale process was to conduct deferred maintenance and
complete overdue capital improvements on the rail tracks.
The Trustee recently executed an Asset Purchase Agreement with
OmniTrax SLRG, LLC, whereby OmniTrax agreed to purchase
substantially all of the Debtor's assets and to continue freight
service in the San Luis Valley at a purchase price of 5.75 million,
constituting $5,750,000.00 in cash less $323,736.00 as a credit for
the value of the estate's 2022 45G tax credits.
The Asset Purchase Agreement forms the basis for the feasibility of
the Plan. Specifically, the Asset Purchase Agreement is subject to
higher and better bids. The Trustee shall use the Asset Purchase
Agreement as the base line or stalking horse bid, the Trustee will
conduct an auction of the Debtor's assets. To date, the Trustee has
received two additional bids from third parties who desire to
participate in the auction; the highest cash bid to date provides a
purchase price of $6,050,000.00 less $323,736.00 as a credit for
the value of the estate's 2022 45G tax credits. Whomever submits
the highest and best bid for the Debtor's assets, as determined by
the Court, will be the ultimate purchaser.
Class 7 consists of General Unsecured Claims. Each Holder of a
General Unsecured Claim shall be treated as a Class 7 Claim and
shall receive its Pro Rata share of all cash available for
distribution by the Plan Administrator up to the full amount of
each Allowed Class 7 Claim after satisfaction in full of the
Liquidation Expenses, all Allowed Administrative Expenses, all
Allowed Priority Tax Claims, all Allowed Class 1, 2 and 6 Claims
and the BSC Initial Distribution. Distributions on Allowed General
Unsecured Claims falling within Class 3 shall be made at such time
and in such amounts as the Plan Administrator shall determine in
his sole discretion. Class 3 is impaired.
Class 8 consists of Equity Interests in the Debtor. The holders of
Allowed Class 7 Interests shall receive no distribution of any
kind. Interests held in the Debtor shall be deemed extinguished and
cancelled. Class 8 is impaired.
The Plan provides that the real property, personal property, and
all other Assets of the Debtor on the Effective Date will be
transferred to the Reorganized Debtor. The Plan will be implemented
by the appointment of the Plan Administrator, who will be charged
with the orderly liquidation of all Assets of the Debtor vested in
the Reorganized Debtor and distributing the proceeds of those
Assets to creditors of the Debtor based on the amounts of their
respective Allowed Claims.
After the Effective Date, the Reorganized Debtor, acting through
the Plan Administrator, shall effectuate the Sale of the Debtor's
business pursuant to the process started by Trustee's Motion For
Entry Of Order (A) Authorizing And Approving The Sale Of
Substantially All Of The Assets Of The San Luis & Rio Grande
Railroad, Inc. Free And Clear Of All Liens, Claims And
Encumbrances; And (B) Waiving The 14-Day Stay Of Fed. R. Bankr. P.
6004(H) And 6006(D) filed with the Court on October 12, 2022.
A full-text copy of the Disclosure Statement dated November 7,
2022, is available at https://bit.ly/3UTo6fx from PacerMonitor.com
at no charge.
The Trustee is represented by:
Jennifer Salisbury, Esq.
Markus Williams Young & Hunsicker LLC
1700 Lincoln Street, Suite 4550
Denver, CO 80203
Telephone: (303) 830-0800
Facsimile: (303) 830-0809
E-mail: jsalisbury@markuswilliams.com
About San Luis & Rio Grande Railroad
San Luis & Rio Grande Railroad, Inc., operates the San Luis & Rio
Grande Railroad.
On Oct. 16, 2019, an involuntary Chapter 11 petition was filed
against San Luis & Rio Grande Railroad by creditors, Ralco LLC,
South Middle Creek Road Association and The San Luis Central
Railroad Co. (Bankr. D. Colo. Case No. 19-18905). The petitioning
creditors are represented by Brownstein Hyatt Farber Schrec and
Graves Dougherty Hearon & Moody.
Judge Thomas B. McNamara oversees the case.
Williams A. Brandt Jr. was appointed as Chapter 11 trustee for San
Luis & Rio Grande Railroad.
The trustee tapped Markus Williams Young & Hunsicker LLC as
bankruptcy counsel, and Fletcher & Sippel LLC and Hall & Evans P.C.
as special counsel. Development Specialists, Inc. and D'Almeida
Consulting, LLC serve as the trustee's accountant and financial
consultant, respectively.
SCREENVISION LLC: US$175M Bank Debt Trades at 17% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Screenvision LLC is
a borrower were trading in the secondary market around 83.3
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$175 million facility is a term loan. The loan is scheduled
to mature on July 3, 2025. About US$144 million of the loan is
drawn and outstanding.
Screenvision, LLC provides publishing and broadcasting services.
SEMILEDS CORP: Incurs $2.7 Million Net Loss in Fiscal Year End 2022
-------------------------------------------------------------------
SemiLEDs Corporation filed with the Securities and Exchange
Commission its Annual Report on Form 10-K disclosing a net loss of
$2.73 million on $7.05 million of net revenues for the year ended
Aug. 31, 2022, compared to a net loss of $2.86 million on $4.74
million of net revenues for the year ended Aug. 31, 2021.
Revenues for the fourth quarter and third quarter of fiscal 2022
were $1.6 million and $1.8 million, respectively. GAAP net loss
attributable to SemiLEDs stockholders for the fourth quarter of
fiscal 2022 increased to $1.1 million, or $(0.25) per diluted
share, compared to a net loss of $916,000, or $(0.20) per diluted
share, in the third quarter of fiscal 2022.
As of Aug. 31, 2022, the Company had $16.05 million in total
assets, $12.56 million in total liabilities, and $3.50 million in
total equity.
Diamond Bar, California-based KCCW Accountancy Corp., the Company's
auditor since 2019, issued a "going concern" qualification in its
report dated Nov. 7, 2022, citing that the Company incurred
recurring losses from operations and has an accumulated deficit,
which raises substantial doubt about its ability to continue as a
going concern.
A full-text copy of the Form 10-K is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1333822/000095017022022841/leds-20220831.htm
About SemiLEDs
Headquartered in Miao-Li County, Taiwan, R.O.C., SemiLEDs --
http://www.semileds.com-- develops and manufactures LED chips and
LED components for general lighting applications, including street
lights and commercial, industrial, system and residential lighting,
along with specialty industrial applications such as ultraviolet
(UV) curing, medical/cosmetic, counterfeit detection, horticulture,
architectural lighting and entertainment lighting.
SENTIENT BUILDINGS: Case Summary & 17 Unsecured Creditors
---------------------------------------------------------
Debtor: Sentient Buildings LLC
65 South Broadway, Suite 101
Tarrytown, NY 10591
Business Description: Sentient provides both the technologies and
managed services to create "points" in a
building using sensors and other devices to
monitor and control all systems, including
lighting and energy consumption, from the
central system down to the zone and
individual level.
Chapter 11 Petition Date: November 14, 2022
Court: United States Bankruptcy Court
Southern District of New York
Case No.: 22-22861
Debtor's Counsel: Dawn Kirby, Esq.
KIRBY AISNER & CURLEY LLP
700 Post Road
Suite 237
Scarsdale, NY 10583
Tel: (914) 401-9500
Email: dkirby@kacllp.com
Total Assets: $1,349,035
Total Liabilities: $2,908,445
The petition was signed by David Unger as CEO.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 17 unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/XKYL5MI/Sentient_Buildings_LLC__nysbke-22-22861__0001.0.pdf?mcid=tGE4TAMA
SIGNAL PARENT: US$550M Bank Debt Trades at 30% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Signal Parent Inc
is a borrower were trading in the secondary market around 70
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$550 million facility is a term loan. The loan is scheduled
to mature on April 1, 2028. About US$543 million of the loan is
drawn and outstanding.
Signal Parent, Inc. provides interior design services.
SPIRIT AIRLINES: Fitch Lowers LongTerm IDR to 'B+', Outlook Stable
------------------------------------------------------------------
Fitch Ratings has downgraded Spirit Airlines, Inc.'s (Spirit)
long-term Issuer Default Rating (IDR) to 'B+' from 'BB-'. The
Rating Outlook is Stable. Fitch has affirmed Spirit's senior
secured debt at 'BB+'/'RR1' and assigned a rating of 'BB+'/'RR1' to
its proposed senior secured notes
Fitch believes improvement of Spirit's credit metrics to levels
that support a 'BB' category rating will be prolonged beyond its
prior expectations. Various headwinds including pilot constraints,
aircraft delays, and general inflationary pressures contribute to
our expectations that Spirit's operating margins will remain well
below historical levels at least through 2023. Fitch estimates that
total adjusted leverage will remain above our negative sensitivity
of 4.75x through 2024.
The 'B+' rating remains supported by Spirit's solid liquidity
balance and its low cost structure relative to competitors, which
positions the company well to capture price-sensitive consumers in
a recessionary environment.
Fitch evaluates Spirit's credit profile on a standalone basis.
Spirit has agreed to be acquired by JetBlue, but significant
uncertainty remains around the ultimate closing of the transaction.
Fitch will evaluate the two companies on a combined basis when the
transaction closes.
KEY RATING DRIVERS
Planned Bond Issuance: Spirit plans to issue a new series of senior
secured notes as an add-on to its existing 8% loyalty program
backed notes due in 2025. Proceeds will be used for general
corporate purposes, including building additional liquidity ahead
of a potentially volatile operating environment in 2023. Fitch
views the additional liquidity as prudent given current
macroeconomic uncertainties. However, the issuance raises potential
refinancing risk when the loyalty bonds come due in 2025. The
company utilized an equity issuance in 2021 to prepay $340 million
of the original notes, leaving $510 million outstanding today.
Fitch believes the core nature of the collateral represented by the
loyalty program and Spirit Saver$ Club and by the necessity to
maintain access to the Spirit brand provide compelling motivation
for the airline to affirm its obligations in a bankruptcy scenario.
However, the value of the assets largely rests on Spirit continuing
as a going concern. Liquidation of the airline would materially
impact the collateral values and weaken recovery.
Delayed Improvement in Profitability: Fitch has cut its
expectations for Spirit's operating margins in 2022 and 2023,
causing credit metrics to remain weak for a 'BB' category rating
for longer than previously anticipated. Spirit's aircraft
utilization remains significantly below pre-pandemic levels as
staffing, training, supply chain, and infrastructure issues all
contribute to limits in the airlines' ability to fully utilize its
assets. Spirit's average daily aircraft utilization was 10.6 hours
in 3Q 2022, down from 12.5 hours in 3Q 2019.
Fitch expects asset utilization and profitability to improve
sequentially in 2023, particularly as limited capacity growth by US
carriers continues to limit seat supply and support pricing.
However, its 2023 forecasts are at risk from increasing
macroeconomic pressures, and a sharper than expected downturn in
travel demand could pressure metrics further. Fitch expects Spirit
to generate modestly negative EBIT margins for 2022 and near
breakeven margins in 2023, compared to low-to-mid teens margins
generated prior to the pandemic.
Unit Cost Pressures: Cost pressures have hit Spirit harder than
most U.S. carriers. Fitch expects the company's non-fuel costs to
be up in the low 20% range over 2019 levels while many network
airlines are anticipating mid-teen increases. Spirit's low cost
structure remains a competitive advantage. Cost Per Available Seat
Mile excluding fuel (CASM-ex) is more than 30% below its closest
competitor, allowing the company to stimulate demand with low
fares. However, Spirit's low cost structure partially relies on
growth and high utilization, which may be limited at least through
2023.
Leisure Demand Remains Strong: In the near term, demand for leisure
and visiting friends & relatives (VFR) travel remains strong.
Multiple U.S. airlines are reporting solid forward-bookings into
the third quarter of 2022 and around the holiday season. Fitch
believes that the demand picture is increasingly at risk in 2023
from rising macro pressures. However, its base case remains that
demand remains supported by a shift in consumer spending from goods
to services, and pent up desire to travel from the pandemic, which
should soften the impact to the industry.
Spirit is also well positioned as a low cost/low-fare operator as a
weakening economy may drive some amount of 'buying down' from the
full-service operators. For the second quarter, Spirit reported
traffic that was 11.3% above the same period in 2019 with total
revenue per available seat mile up 22.8%.
Aggressive Planned Growth: Spirit maintains an aggressive growth
strategy. High levels of planned growth pose some risk if demand
were to fall in a recessionary environment. Spirit also faces
execution risk related to the pilot shortage and other supply chain
constraints. The company reports higher than normal rates of pilot
attrition and difficulty hiring new pilots due to attractive rates
being offered by other airlines. Staffing shortfalls may lead to
continued underutilization of Spirit's assets. The company is
currently in negotiations with its pilots' union to address issues
with attrition. However, increased pilot pay will also represent a
cost headwind.
Spirit's fleet has grown to 184 aircraft up from 145 prior to the
pandemic, and the company has another 154 aircraft to be delivered
through the end of 2027 including 113 on order with Airbus and
another 40 under direct operating leases. Spirit plans to grow
capacity in the mid 20% range in 2023.
Negative FCF: Fitch expects FCF to remain negative through 2023 as
operating margins remain below historical averages. Spirit plans to
use sale-leaseback financing the for the bulk of its aircraft
deliveries, limiting its upfront capital expenditures, and
potentially allowing FCF to turn positive in 2024. However,
aircraft lease expenditures are expected to increase materially
through the forecast period, keeping pressure on Spirit's lease
adjusted leverage. Fitch expects Spirit's total adjusted leverage
to remain above levels that support the 'B+' rating at least
through 2023, before trending lower in 2024 and 2025. Adjusted
leverage may approach 4x by the end of Fitch's forecast period in
2025.
KEY ASSUMPTIONS
- Fitch's base case incorporates capacity and traffic growing by
mid-teens percentages in 2023. Fitch's base case is conservative to
management's projections, incorporating potentially lower demand
due to weakening macroeconomic conditions.
- Fitch expects modestly lower yields in 2023 compared to 2022
reflecting economic pressures. Yields are expected to expand
modestly beyond 2023.
- Jet Fuel is assumed at $3.45/gallon for 2023, declining modestly
thereafter.
Recovery Assumptions
Fitch's recovery analysis assumes that Spirit would be reorganized
as a going concern (GC) in bankruptcy rather than liquidated. Fitch
has assumed a 10% administrative claim. The GC EBITDA estimate
reflects Fitch's view of a sustainable, post-reorganization EBITDA
level, which is the basis for the enterprise valuation
calculation.
Fitch views its GC EBITDA assumption as conservative as it remains
below levels generated prior to the COVID downturn, but it
incorporates potential structural changes to the industry driven by
the pandemic.
Fitch uses a GC EBITDA estimate of $450 million and a 5.5x
multiple, generating an estimated GC enterprise value (EV) of $2.5
billion. Fitch's affirmation of the senior secured ratings at 'RR1'
assumes that the loyalty program and brand IP collateral account
for roughly 50% of the total enterprise value of the company. This
valuation is supported in part by the planned increase in Spirit's
Brand IP license royalty payment to 5% of total revenue, up from 2%
of total revenue previously.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Consummation of the acquisition by JetBlue in a credit conscious
manner.
Standalone Spirit Airlines Sensitivities:
- Adjusted debt/EBITDAR sustained below 4.5x;
- FFO fixed-charge coverage sustained around 2.5x;
- Improving operational stability leading FCF to trend towards
neutral or higher and EBITDA trending towards pre-pandemic levels.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Completion of the acquisition by JetBlue in a manner leading
credit or operating metrics remaining above levels commensurate
with the current rating.
Standalone Spirit Airlines Sensitivities:
- Adjusted debt/EBITDAR sustained above 5x beyond 2024;
- EBITDAR margins sustained in the low double-digit range;
- FFO fixed-charged coverage sustained at 1.5x or below;
- Liquidity declining toward 10%of LTM revenue.
LIQUIDITY AND DEBT STRUCTURE
Sufficient Liquidity: As of Sept. 30, 2022, Spirit had cash and
cash equivalents of $953.4 million plus $106.3 million in
short-term investments. The company also has full availability
under $240 million revolving credit facility which matures in 2024.
Total liquidity is equal to 25.5% of Spirit's projected 2022
revenue. Spirit's short-term investments consist of U.S. treasury
and government agency securities with maturities of less than 12
months. The pending debt issuance will bring Spirit's total
available cash to about $1.5 billion.
While Fitch views Spirit's liquidity position as solid for the
rating, the company has pared down its liquidity more quickly
compared to other U.S. carriers that have maintained elevated cash
levels in the face of an uncertain operating environment. Spirit's
total liquidity is roughly 20% above levels held at YE 2019, a much
smaller increase than most other airlines. Its liquidity position
is smaller relative to its overall size as the company continued to
grow during the pandemic. Spirit's active fleet will be a third
larger at YE 2022 than it was at YE 2019.
Fitch views Spirit's upcoming debt maturities as manageable given
its cash on hand and undrawn revolver. Maturities total $96.2
million for the last six months of 2022, $336.6 million in 2023 and
$222.1 million in 2024. Maturities become more material in 2025
when the company's $510 million, 8% secured notes come due.
ISSUER PROFILE
Spirit is a Florida-based ultra low-cost air carrier. It emphasizes
very low ticket prices and an unbundled fare structure, with the
cost of the ticket only buying a seat on the plane and little else.
Non-ticket revenue makes about 50% of Spirit's total revenue.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Spirit Airlines, Inc. LT IDR B+ Downgrade BB-
senior secured LT BB+ New Rating RR1
senior secured LT BB+ Affirmed RR1 BB+
STIMWAVE TECHNOLOGIES: Exclusivity Period Extended to Dec. 12
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware extended the
time Stimwave Technologies, Incorporated and Stimwave, LLC can keep
exclusive control of their bankruptcy cases, giving them until Dec.
12 to file a Chapter 11 plan and until March 12 next year to
solicit votes on that plan.
The companies intend to file a plan of liquidation to distribute
the proceeds from the sale of most of their assets to SWT SPV,
LLC.
SWT SPV emerged as the winning bidder during an auction held on
Sept. 28. The winning bidder offered to buy the assets for $124.25
million, a nearly fifty percent increase from its original bid.
About Stimwave
Stimwave Technologies Incorporated and Stimwave LLC manufacture,
distribute, and provide ongoing support for implantable, minimally
invasive neurostimulators, which are used as a treatment for
chronic intractable pain.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. LeaD Case No. 22-10541) on June
15, 2022. In the petition signed by Aure Bruneau, as manager, the
Debtors disclosed up to $100 million in assets and up to $50
million in liabilities.
Young Conaway Stargatt and Taylor, LLP and Gibson, Dunn and
Crutcher LLP serve as the Debtors' legal counsel.
The Debtors also tapped Honigman LLP and Jones Day as special
counsel; Riverson RTS, LLC as financial advisor; and GLC Advisors
and Co., LLC and GLCA Securities, LLC as investment bankers. Kroll
Restructuring Administration is the Debtors' administrative advisor
and notice, claims, solicitation and balloting agent.
On July 6, 2022, the U.S. Trustee for Region 3 appointed an
official committee of unsecured creditors in these cases. Culhane
Meadows, PLLC and Province, LLC serve as the committee's legal
counsel and financial advisor, respectively.
STREAM TV NETWORKS: 3rd Circuit Revives Founder's Asset Claims
--------------------------------------------------------------
The Third Circuit has partly revived claims filed by Stream TV
Networks Inc. founder Mathu Rajan in the ongoing conflict over
Stream and its assets, vacating a district court's dismissal of
Rajan's claims for tortious interference with contract and civil
conspiracy, while affirming the court's dismissal of Rajan's other
two counts.
In the case, MATHU RAJAN, Appellant, v. ALASTAIR CRAWFORD; PATRICK
MILES; KEVIN GOLLOP; KRISTOFF KABACINSKI; ASAF GOLA; SHADRON
STASTNEY, on appeal from the U.S. District Court for the Eastern
District of Pennsylvania (D.C. Civil Action No. 2:21-cv-01456), the
U.S. Court of Appeals for the Third Circuit, in an unprecedential
opinion entered Nov. 3, 2022, vacated the District Court's
dismissal of Rajan's claims for tortious interference with contract
and civil conspiracy and remanded the case to the District Court
for further proceedings. The Third Circuit noted that the judgment
on which the District Court relied in evaluating preclusion is no
longer a valid, final judgment, and the test for issue preclusion
is not satisfied. However, the Third Circuit affirmed the District
Court's dismissal of Rajan's other two counts for failure to state
a claim.
Background
Rajan is the CEO of Stream TV Networks, Inc. and a member of
Stream's board of directors. Stream was founded in 2009 to develop
and market technology for viewing three-dimensional video content
without the aid of 3D glasses. By 2019, Stream faced serious debts
pushing it toward insolvency, so a group of investors and secured
creditors sought to restructure the company. Rajan and his family
-- who dominate Stream's corporate officer positions and hold a
controlling share of stock in Stream—resisted the restructuring
efforts. The conflict over Stream and its assets has since spawned
numerous lawsuits and contested transactions.
In January 2020, Appellee Alistair Crawford and other Stream equity
investors sued Rajan and his family in the Delaware Court of
Chancery alleging, among other things, fraudulent inducement to
invest in Stream. See Crawford, et al. v. Rajan, et al., No.
2020-0004-JTL (Del. Ch. Jan. 3, 2020) (hereinafter "the Crawford
lawsuit"). After filing that suit, investors and creditors
continued their efforts to restructure Stream. In March 2020,
Appellee Shadron Statsney, through his company SLS Holdings VI, LLC
("SLS"), informed Stream that it was in default of notes secured by
Stream's assets. Days later, Appellees Krzystof Kabacinski, Asaf
Gola, and Kevin Gollop were appointed to Stream's board to serve as
independent outside directors alongside Rajan and his brother.
The newly constituted board approved (over the Rajan brothers'
minority vote) the creation of a Resolution Committee in early May
2020, purportedly devolving to that committee the full power to
satisfy debts of and claims against Stream without further action
from the board. Gola and Gollop were the only members of the
Resolution Committee. Days after its creation, the Resolution
Committee approved an Omnibus Agreement between Stream, SLS, and
Stream's other secured creditors. Under the Omnibus Agreement, the
investors and creditors would form a new entity, SeeCubic, to
receive Stream's assets in satisfaction of any outstanding debt.
Rajan and his family would not hold a controlling ownership stake
in SeeCubic or any of SeeCubic's corporate officer positions.
At the end of May 2020, Rajan initiated this suit in the Court of
Common Pleas for Philadelphia County, alleging tortious
interference with contract, defamation, abuse of process, and civil
conspiracy. Service of the complaint was delayed for some months
pending a referral to that court's case management program. In
March 2021, the defendants removed this action to the United States
District Court for the Eastern District of Pennsylvania.
Meanwhile, Stream filed suit against SeeCubic in September 2020 in
the Delaware Court of Chancery, seeking an injunction to block
enforcement of the Omnibus Agreement. SeeCubic cross-moved for an
injunction barring Stream or the Rajan family from interfering with
the Omnibus Agreement. The Chancery Court decided the motions in
favor of SeeCubic and issued a preliminary injunction against
Stream and the Rajans. See Stream TV Networks, Inc. v. SeeCubic,
Inc., 250 A.3d 1016 (Del. Ch. 2020). The Chancery Court
subsequently granted SeeCubic partial summary judgment declaring
the Omnibus Agreement valid and converted the injunction from
preliminary to permanent, see Stream TV Networks, Inc. v. Seecubic,
Inc., No. 2020-0766-JTL, 2021 WL 4352732 (Del. Ch. Sep. 23, 2021),
entered partial final judgment to facilitate appeal, 2021 WL
5240591 (Del. Ch. Nov. 10, 2021), and denied Stream's motion to
modify those rulings, 2021 WL 5816820 (Del. Ch. Dec. 8, 2021)
(collectively, "the Stream lawsuit").
Following the Delaware Chancery Court's rulings, the District Court
in this action dismissed Rajan's claims for tortious interference
and civil conspiracy on the basis that he was collaterally estopped
from rearguing the validity of the Omnibus Agreement. The District
Court also found that Rajan had failed to state a claim for abuse
of process or defamation. Rajan was afforded an opportunity to
file an amended complaint as to his defamation claim only; he
failed to do so within the allotted time and the District Court
entered final judgment. After the District Court denied his motion
for reconsideration, Rajan timely appealed to this Court.
Subsequently, in the Stream lawsuit, the Delaware Supreme Court
vacated the permanent injunction and partial final judgment in a
lengthy precedential opinion, remanding to the Chancery Court for
further proceedings. See Stream TV Networks, Inc. v. SeeCubic,
Inc., 279 A.3d 323 (Del. 2022).
Third Circuit Ruling
The District Court held that Rajan's claims for tortious
interference and civil conspiracy were barred by collateral
estoppel, also known as issue preclusion. The test for applying
the collateral estoppel doctrine requires that (1) a question of
fact essential to the judgment (2) be litigated and (3) determined
(4) by a valid and final judgment. The District Court concluded
that, based on the Delaware Chancery Court's rulings in SeeCubic's
favor, Rajan "is precluded from relitigating the validity of the
Omnibus Agreement," which is "the crux of his tortious interference
with contract and civil conspiracy claims." The Third Circuit
notes that after the District Court rendered that decision, the
Delaware Supreme Court vacated the permanent injunction against
Rajan, reversed the judgment declaring the Omnibus Agreement valid,
and remanded to the Chancery Court for further proceedings.
Accordingly, the Third Circuit rules that the judgment on which the
District Court relied in evaluating preclusion is no longer a
valid, final judgment, and the test for issue preclusion is not
satisfied.
As to Rajan’s claim for abuse of civil process, the Third Circuit
rules that the District Court correctly determined that he had not
stated a claim to relief. As to Rajan's claims that Crawford and
Gollop defamed him in the Crawford lawsuit and at other,
unspecified times, the Third Circuit says that the District Court
correctly held that any allegedly defamatory statements made in the
course of the Crawford lawsuit were protected by judicial
privilege, as they were made by a party in the regular course of
judicial proceedings.
About Stream TV Networks
Philadelphia, Pa.-based Stream TV Networks, Inc. develops
technology intended to display three-dimensional content without
the use of 3D glasses.
On Feb. 24, 2021, Stream TV Networks filed a Chapter 11 petition
(Bankr. D. Del. Case No. 21-10433). Stream TV Networks CEO Mathu
Rajan signed the petition. In the petition, the Debtor listed
assets of about $100 million to $500 million and liabilities of
$100 million to $500 million. Judge Karen B. Owens oversees the
case. Dilworth Paxson, LLP, led by Martin J. Weis, Esq., is the
Debtor's counsel.
The Company's Chapter 11 case was dismissed on May 17, 2021.
Stream TV Networks filed a Chapter 7 bankruptcy petition (Bankr. D.
Del. Case No. 21-bk-10848) on May 23, 2021, which case was
dismissed June 10, 2021.
SUNNOVA ENERGY: Fitch Assigns 'B-' First Time IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has assigned a first-time Issuer Default Rating (IDR)
of 'B-' to Sunnova Energy International Inc. (Sunnova) and Sunnova
Energy Corporation (SEC). Additionally, Fitch has assigned a 'B'
senior unsecured rating to SEC's $400 million senior unsecured
notes with a Recovery Rating 'RR3'. 'RR3' denotes good recovery
prospects in the event of default. The Rating Outlook is Stable.
The ratings reflect Sunnova's high leverage and low interest
coverage metrics on a consolidated basis, and historically negative
CFO. Fitch expects Sunnova's business profile and credit metrics to
improve as the company reaches scale and growth capital moderates
over the next three years. The residential solar companies,
including Sunnova, should benefit from the Inflation Reduction Act
of 2022 (IRA) and rising utility bills due to commodity pressures,
in Fitch's view, though a sharp upward movement in interest rates
can squeeze margins in the near term.
Fitch believes execution on the customer growth, while at the same
time managing to preserve margins and returns in the rising cost
and financing environment, will be crucial for improvement in
credit metrics.
Sunnova's ratings also take into account the structural
subordination of corporate debt to non-recourse securitization
debt, a primary source of funding for the company, and a relatively
smaller scale and short operational history as compared to other
renewable/clean energy issuers in Fitch's rated universe.
KEY RATING DRIVERS
Contracted Cashflows: The rating assignment considers Sunnova's
long-term contracted residential solar and battery storage
portfolio with more than 246,000 creditworthy customers across the
U.S. states and territories, a credit positive. Sunnova's customers
are residential home owners with high credit rating scores.
Sunnova's portfolio has had minimal delinquencies to date, less
than 1%, as customers are incentivized to prioritize payment for
this essential service.
Sunnova's revenue comes from the long-term contracts through either
power purchase agreements (PPAs), leases or loans with the
customers for whom it installs rooftop solar/solar+storage, as well
as, from the sale of the renewable energy credits and from
servicing only customers. Sunnova's asset performance since 2018
has been on average in-line or better than the performance
guarantees provided to the customers. Sunnova does not have
material commodity exposure.
Accelerated Portfolio Growth: Sunnova has grown significantly in
the past several years and is projected to more than triple the
number of customers by the end of 2022 versus 2019. With an
extension of renewable tax benefits due to the passage of IRA and
positive momentum towards a shift to renewable energy, the company
is projected to continue strong customer growth in the next couple
of years. In addition, management is looking to increase its
solar+battery storage installations and provide additional services
to its existing solar customers as more customers are looking for
energy reliability and resiliency as one of the primary reasons to
install solar/battery storage at their homes.
Sunnova works with a network of around 1000 local dealers, which
enables it to leverage dealers' experience in local markets.
Sunnova does not bear material development risk (sales, marketing
and installation) as the dealers are paid as the installation is
completed and panels placed in service. In addition, the solar
rooftop technology is well established, with relatively low
maintenance costs once installed. Sunnova has indicated they have
enough equipment secured to achieve their growth targets through
2023.
Weak Financial Metrics: Sunnova's CFO and FCF has been negative
driven by high capex and high working capital required to support
the fast-growing business. Significant capex has been predominately
financed by securitized debt resulting in high consolidated
leverage. Profitability has been hampered by high G&A but is
expected to improve as the company gains scale and growth rate
slows down over its forecast period. Sunnova's cash flow
improvement depends on the ability to grow its customer base, while
at the same time being able to retain the margin improvement from
the reduction in the acquisition and customer service costs as it
gains scale.
Fitch estimates Sunnova's consolidated FFO interest coverage to
average 1.8x from 2022-2024, a substantial improvement compared to
0.9x in 2021. Fitch has attached a higher weight to consolidated
FFO coverage in its financial analysis versus leverage since high
leverage metrics are not very meaningful at this rating level for a
company that is growing rapidly. Fitch's calculation of FFO
includes principal payments from loan customers. Sunnova's
consolidated leverage stood at 23.0x at YE 2021. Fitch calculates
consolidated leverage as total debt with equity credit/EBITDA;
where total debt includes securitized debt and EBITDA includes
interest income and principal payments from loan customers. Fitch
expects leverage will reduce over time, but still stay elevated due
to financing with non-recourse securitized debt.
Near-term Squeeze in Returns: A sharp move in interest rates in the
past couple of months has put pressure on the company's returns in
2022 as the company funds its growth through securitizations of its
PPAs, leases and loans. In addition, higher interest rates have
reduced unscheduled principal pre-payments from loan customers as
they keep cash received from ITCs. These lower pre-payments are
partially offset by higher interest income on higher remaining loan
balances. Fitch expects that the return pressure and lower loan
prepayments will extend into 2023, but expects Sunnova to pass
financing cost increases to customers in the long-run.
Structural Subordination of Corporate Debt: Sunnova's corporate
debt (held at SEC and Sunnova) is subordinated to the non-recourse
securitization debt, which is reflected in SEC's senior unsecured
note rating. Most of the revenue Sunnova generates goes to service
tax equity and securitizations obligations, while the residual is
available to Sunnova to service its debt and operating expenses. A
smaller portion of Sunnova's revenue is unencumbered by
securitization and flows directly to Sunnova, which includes the
revenue from sale of the renewable energy credits, cash sales
revenue and residual revenue from securitizations. Sunnova also
receives management and service fees, which are paid ahead of any
tax equity and securitization payments.
Fitch's structured finance team, which provided a credit overview
of the residual cash flows coming out from securitizations,
concluded that the main concern related to the ABS capital
structure is the securitization refinancing risk at the Anticipated
Repayment Date (ARD). Based on the structure of the securitization
debt, cash flow from the residuals will cease once each deal
reaches its ARD, if the securitization were not refinanced prior to
that. ARD are generally set 5-10 years from the issuance. The same
consequence (i.e. interrupting the cash flow from the residuals)
could occur also as a result of a performance trigger breach (i.e.
due to credit risk on Sunnova customers), but this scenario is much
more remote given a very diversified customer base, which would
require a systemic market disruption to result in a performance
trigger breach.
Access to Capital Markets Crucial: Access to capital markets to
fund growth is key. Although Sunnova issued debt and equity at the
corporate level in the past couple of years, the main source of
funding remains securitized debt and tax equity. Corporate debt
represents about 27% of total debt following the recent $600
million convertible debt raise. Fitch expects the proportion of
corporate debt to fall to 10% of total debt over our forecast
period as we do not expect the company to issue any additional
corporate debt to finance growth. Fitch has assumed that
approximately 75% of the $11 billion of forecasted capex over
2022-2024 is financed by securitizations. Inability to raise
securitized debt to fund growth would put pressure on the growth
target and could result in a more aggressive financial policy.
Refinancing risk is remote, as there are no near-term maturities.
Senior unsecured notes do not mature until 2026. In addition, the
next securitization ARD is in 2027 providing enough run-way for the
company to gain scale before it needs to refinance. Sunnova
successfully refinanced one of its securitizations in June 2021,
ahead of its anticipated repayment date in September 2023. As more
securitizations reach their ARD, Fitch's main concern would be
whether Sunnova's will have sufficient access to capital markets to
refinance a transaction approaching its ARD, and at what terms it
would be refinanced.
Inflation Reduction Act Tailwinds: The IRA has extended, broadened
and increased federal support for various renewable energy
projects, including solar and battery storage. Extension of the
investment tax credits (ITC) and production tax credits (PTC) for a
minimum of another 10 years as well as additional increases in
incentives for providing service in economically challenged
communities should provide boost for solar residential providers,
including Sunnova. Rising utility bills due to higher commodity
prices provide additional tailwinds to the residential solar
companies to increase their market penetration.
Fitch expects Sunnova will benefit from those tailwinds, which
should offset some of the inflationary pressure including the
rising cost of solar panels, following years of a material decline
in the cost structure of renewable generation. In addition, it
should provide some margin and return protection that has come
under pressure in the recent months due to a sharp increase in
interest rates driving up Sunnova's financing costs. Sunnova is
also one of the early movers in the residential solar market and
its existing relationships and operating history give it a
competitive advantage to capture growth in this fast- growing
market.
Parent Subsidiary Linkage: There is parent subsidiary linkage
between Sunnova and SEC. Fitch determines Sunnova's standalone
credit profile (SCP) based upon consolidated metrics. SEC has a
stronger SCP than parent Sunnova due to the additional debt at the
Sunnova level. Legal ring-fencing is open and access and control
are also open. As a result, Fitch consolidates the IDRs of Sunnova
Energy International (Sunnova) and Sunnova Energy Corporation
(SEC).
DERIVATION SUMMARY
Sunnova's closest peers among Fitch rated renewable energy
providers are TerraForm Power Operating LLC's (TerraForm;
BB-/Stable) and Leeward Renewable Energy Operations (LREO;
BB-/Stable), which own and operate portfolios of nonrecourse,
predominantly renewable projects.
Fitch views Sunnova's portfolio of assets as unique among its peers
as it consists of more than 246,000 residential solar project
across U.S. states and territories vs. its peers that have a more
concentrated ownership in a handful of large utility scale wind or
solar projects. Portfolio diversity provides more protection from
any single project failure causing pressure on the credit, which
has been the case with some of its peers. Fitch also views
favorably Sunnova's portfolio mix, which consists exclusively of
solar and solar/storage assets. LREO' owns 100% wind generation
assets that exhibit more resource variability. TerraForm's
portfolio benefits from a large proportion of solar generation
assets (43%). Sunnova's has a longer contract life of about 22
years, while LREO's is at 10 years. TERPO's long-term contracted
fleet has a remaining contract life of 13 years.
Sunnova's credit metrics are materially weaker than those of its
peers due to the high growth requiring significant WC and customer
acquisition costs, a primary driver for a several notch difference
in Sunnova's rating vs. its peers. Fitch does not expect Sunnova to
generate positive CFO until 2023, which is a constraining factor
for the rating.
Sunnova does not have a parent support like its peers. LREO
benefits from having OMERS (AAA/Stable) as a sponsor, while
TerraForm is fully owned by Brookfield Renewable Partners (BEP,
BBB+/Stable). Sunnova is depended on access to public market to be
able to facilitate its growth targets as it needs to raise
significant amount of tax equity and securitized debt over its
forecast period.
KEY ASSUMPTIONS
- No incremental corporate debt over the forecast period beyond
currently outstanding $1.175 billion of convertible notes and $400
million senior unsecured bond;
- Total capital investment of $11.5 billion over 2022-2024 based on
Fitch's projections;
- Financing includes combination of tax equity and non-recourse
securitized debt;
- No equity issuance or any dividend payment over the forecast
period;
- Customer growth averages 50% p.a. from 2021 through 2024;
moderates to 15% annually after, based on Fitch's projections;
- Revenue, EBITDA, FFO and CFO are adjusted to include principal
payments (net of those already in revenue) from those customers who
have loan contracts with Sunnova. Revenue and EBITDA also include
interest income from loan customers.
Recovery Analysis in a hypothetical default scenario:
The 'RR3' for Sunnova's senior unsecured notes is based on a
scenario where Sunnova is not growing and is not able to refinance
senior unsecured debt upon its maturity in 2026. Fitch assumes the
going-concern EBITDA at Sunnova is approximately $75 million,
reflecting the steady state no-growth residual cash flow from
securitizations and other unencumbered revenue available to service
corporate debt assuming there is no additional growth beyond 2022.
Going concern cash flow reflects the absence of growth expenditure
and also a full year of operations from the assets put in place as
of the end of 2022. Fitch used a multiple of 4.0x to calculate a
post-reorganization valuation. The multiple applied in the Sunnova
recovery scenario reflects the company's operating profile as an
entity with predominately subordinated cash flow stream. Using this
going concern cash flow and a 10% administrative claim in the
recovery calculation as specified in Fitch's Corporates Notching
and Recovery Ratings Criteria, the agency determines the term
loan's recovery rating to be 'RR3', which implies good recovery.
Recovery ratings are capped at RR2 for senior unsecured rating.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- FFO interest coverage ratio consistently sustained over 2.0x
coupled with positive CFO;
- Sound execution of its growth strategy leading to sustained
improvement in operating margins.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Inability to access capital markets to refinance securitizations
and/or finance future growth;
- FFO interest coverage ratio lower than 1.3x coupled with negative
CFO;
- Changes in regulatory construct that would result in a material
negative change in the cash flow profile of the company;
- Underperformance in the underlying assets that lends material
variability or shortfall to expected cash flow on a sustained
basis.
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity: Sunnova has adequate liquidity supported by
three revolvers with total availability of about $1 billion
(non-recourse to the company), which support their warehouse and
equipment financing. As of Sept. 30, 2022, Sunnova had $413 million
of cash on hand available (non-restricted) and $348.5 million of
available borrowing capacity under its three revolving credit
facility, consisting of $41.0 million under the EZOP revolving
credit facility, $247.5 million under the TEPH revolving credit
facility and $60.0 million under the AP8 revolving credit
facility.
ISSUER PROFILE
Sunnova Energy International Inc. is a leading residential energy
service provider, serving 246,000 customers in 40 U.S. states and
territories. Sunnova builds, owns, operates and finances
residential solar and battery storage assets.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
Entity/Debt Rating Recovery
----------- ------ --------
Sunnova Energy
International Inc. LT IDR B- New Rating
Sunnova Energy
Corporation LT IDR B- New Rating
senior unsecured LT B New Rating RR3
TELESAT LLC: US$1.91B Bank Debt Trades at 48% Discount
------------------------------------------------------
Participations in a syndicated loan under which Telesat LLC is a
borrower were trading in the secondary market around 51.5
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$1.91 billion facility is a term loan. The loan is scheduled
to mature on December 6, 2026. About US$1.55 billion of the loan
is drawn and outstanding.
Telesat LLC operates as a satellite operator.
TRANSMONTAIGNE PARTNERS: S&P Lowers ICR to 'B', Outlook Stable
--------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on
TransMontaigne Partners LLC's (TLP) to 'B' from 'B+.'
At the same time, S&P lowered its rating on the company's senior
secured term loan to 'B+' from 'BB-'; the '2' (85%) recovery rating
is unchanged.
S&P also lowered its rating on the senior unsecured notes to 'CCC+'
from 'B-'; the '6' (0%) recovery rating is unchanged.
The stable outlook reflects S&P's expectation that TLP's EBITDA
will be $195 million-$205 million in 2022 and $200 million-$210
million in 2023, resulting in consolidated adjusted leverage of
about 8.5x in 2022 and trending toward 8x in 2023.
S&P said, "The downgrade reflects our revised assumptions that
TLP's adjusted EBITDA will be about $195 million-$205 million in
2022 and $200 million-$210 million in 2023. This compares to our
previous expectations of $215 million-$230 million for 2022 and
$225 million-$240 million for 2023. Forecasted EBITDA reflects our
assumption of modest revenue growth across most segments in 2022
and 2023. This is offset by underperformance from certain assets as
well as increases to the cost of products sold and other operating
expenses, which we expect to be higher while commodity prices
remain elevated. We expect TLP to benefit from high asset
utilization rates in its West Coast segment, as the demand in that
region for storage remains strong. At the same time, we expect the
Collins, Miss., terminal to have excess capacity, as the company
faces recontracting risk at that location. Our revised EBITDA
assumptions do not assume any material benefit from growth
projects--including the Diamondback Pipeline--until 2024.
"We now expect adjusted debt to EBITDA above 8x through 2023. Given
our revised EBITDA expectations, we expect deleveraging will happen
slower that we previously expected. We now expect consolidated
adjusted leverage of 8.0x for 2023 compared to our previous
expectation of 6.7x. Leverage above 8.0x is higher than that of
similarly rated midstream peers. We now forecast the company will
generate at least $40 million of free operating cash flow in 2022.
"We consider consolidated leverage in our analysis of TLP, as its
parent company--TLP Finance Holdings--relies on distributions from
TLP to service its debt. We consider the organizational structure
to be relatively complex given the multiple layers of debt at
various entities in the corporate hierarchy. We rate the enterprise
on a consolidated level, as the operating subsidiaries hold the
assets that generate the cash flows to service the debt at the
holding-company level. Therefore, the credit quality of operating
subsidiaries is constrained by that of the holding company. There
are no additional assets at the parent entity, but there is
approximately $345 million of debt at the holding-company level.
There is also approximately $300 million of senior notes at TLP and
$1.025 billion at operating subsidiary TransMontaigne Operating Co.
L.P. (TM Opco). In addition, each debt instrument has a different
maturity date, which adds incremental refinancing risk as the
company addresses the maturity schedule over the next few years.
Positively, we expect the company to continue to sweep excess cash
flow against the term loan at TM OpCo.
"The stable outlook reflects our expectations that TLP's EBITDA
will be $195 million-$205 million in 2022 and $200 million-$210
million in 2023, resulting in consolidated adjusted leverage of
about 8.5x in 2022 and trending toward 8x in 2023.
"We could consider another negative rating action if TLP's
liquidity were to materially deteriorate or if its consolidated
adjusted debt remains elevated above 8x. This could occur if the
company is unsuccessful in renewing a significant number of firm
contracts at maturity.
"Higher ratings are unlikely in the next two years but could occur
if the company significantly improves its size and scope. We could
also consider an upgrade if TLP aggressively reduced consolidated
adjusted leverage toward 6.0x."
ESG credit indicators: E-3, S-2, G-3
TRIUMPH GROUP: Posts Second Quarter Net Income of $106.5 Million
----------------------------------------------------------------
Triumph Group, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing net income
of $106.53 million on $307.60 million of net sales for the three
months ended Sept. 30, 2022, compared to a net loss of $9.07
million on $357.40 million of net sales for the three months ended
Sept. 30, 2021.
For the six months ended Sept. 30, 2022, the Company reported net
income of $96.18 million on $656.98 million of net sales compared
to a net loss of $39.42 million on $754.04 million of net sales for
the same period in 2021.
As of Sept. 30, 2022, the Company had $1.56 billion in total
assets, $355.86 million in total current liabilities, $1.58 billion
in long-term debt (less current portion), $273.53 million in
accrued pension and other postretirement benefits, $7.38 million in
deferred income taxes, $45.67 million in other noncurrent
liabilities, and a total stockholders' deficit of $702.10 million.
"TRIUMPH generated double-digit organic sales growth in our
continuing operations driven by improving commercial OEM production
rates and expanded MRO demand," said Dan Crowley, TRIUMPH's
chairman, president and chief executive officer. "We continue to
mitigate supply chain constraints and partner with our customers
and suppliers to support their accelerating production and
aftermarket demands. While these headwinds required us to hold
slightly higher levels of working capital in the first half of the
year, we are on track to positive free cash flow in the second half
of FY23 and beyond. With an expanding and profitable backlog,
enhanced pricing from recent contract extensions and a lower cost
structure, TRIUMPH is well positioned to benefit from continued
strength across nearly all our end markets."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1021162/000095017022023327/tgi-20220930.htm
About Triumph
Headquartered in Berwyn, Pennsylvania, Triumph Group, Inc. --
http://www.triumphgroup.com-- designs, engineers, manufactures,
repairs and overhauls a broad portfolio of aerospace and defense
systems, components and structures. The company serves the global
aviation industry, including original equipment manufacturers and
the full spectrum of military and commercial aircraft operators.
Triumph Group reported a net loss of $42.76 million for the year
ended March 31, 2022, compared to a net loss of $450.91 million for
the year ended March 31, 2021. As of June 30, 2022, the Company
had $1.66 billion in total assets, $543.53 million in total current
liabilities, $1.59 billion in long-term debt (less current
portion), $287.62 million in accrued pension and other
postretirement benefits, $7.26 million in deferred income taxes,
$47.27 million in other noncurrent liabilities, and a total
stockholders' deficit of $805.29 million.
* * *
As reported by the TCR on Aug. 18, 2021, Moody's Investors Service
upgraded its ratings for Triumph Group, Inc., including the
company's corporate family rating to Caa2 from Caa3 and Probability
of Default Rating to Caa2-PD from Caa3-PD. The upgrades reflect
Moody's expectations for stronger operating performance that will
result in a gradual improvement in credit metrics through 2023.
In June 2020, S&P Global Ratings lowered its issuer credit rating
on Triumph Group Inc. to 'CCC+' from 'B-'.
U.S. STEM CELL: Reports $565K Net Loss for Third Quarter
--------------------------------------------------------
U.S. Stem Cell, Inc. reported a net loss of $565,405 on $14,247 of
total revenue for the three months ended Sept. 30, 2022, compared
to a net loss of $672,441 on $57,334 of total revenue for the three
months ended Sept. 30, 2021, according to a Form 10-Q filed with
the Securities and Exchange Commission.
For the nine months ended Sept. 30, 2022, the Company recorded net
loss of $2.29 million on $62,075 of total revenue compared to net
loss of $2.65 million on $177,156 of total revenue for the nine
months ended Sept. 30, 2021.
As of Sept. 30, 2022, the Company had $171,891 in total assets,
$14.37 million in total liabilities, and a total stockholders'
deficit of $14.20 million.
At Sept. 30, 2022, the Company had cash and cash equivalents
totaling $30,158. However, the Company's working capital deficit
as of such date was $14,374,010.
U.S. Stem Cell stated, "We have generated substantial net losses
and negative cash flow from operations since inception and
anticipate incurring significant net losses and negative cash flows
from operations for the foreseeable future. Historically, we have
relied on proceeds from the sale of our common stock and our
incurrence of debt to provide the funds necessary to conduct our
research and development activities and to meet our other cash
needs.
"Along with diversifying the portfolio of products distributed by
our company, including equipment and biologics, it is the intention
of our Company to both continue to adhere to the Court Order ... as
well as re -establish its good standing with the Agency (FDA).
These points are not mutually exclusive nor negotiable and we
believe that there are still business and patient goodness
opportunities while still abiding by all legal requirements. As a
result, management shall be continuing with the development of US
Stem Cell Training, Inc. , an operating division of our company,
that is a content developer of regenerative medicine/cell therapy
informational and training materials for physicians and patients
and complies with both requirements--as well as Vetbiologics, an
operating division of our company, that is a veterinary
regenerative medicine company committed to providing veterinarians
with the ability to deliver the highest quality regenerative
medicine therapies to dogs, cats and horses. In addition, our
company is transitioning the current clinics to a more diversified
regenerative medicine platform, while complying with recent court
rulings. While not providing legal advice, our company may also
engage in managing third-party clinics to ensure they too abide by
recent regulatory requirements."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1388319/000118518522001257/usstem20220930_10q.htm
About U.S. Stem Cell
Headquartered in Sunrise, Florida, U.S. Stem Cell, Inc. --
http://www.us-stemcell.com-- is a biotechnology company focused on
the discovery, development and, subject to regulatory approval,
commercialization of autologous cell therapies for the treatment of
disease and injury. The Company is also a regenerative medicine
company specializing in physician/veterinary training and
certification and stem cell products, stem cell banking, and the
creation and management of stem cell clinics. Its lead cardiac
product candidate is MyoCell, an innovative clinical therapy
designed to populate regions of scar tissue within a patient's
heart with autologous muscle cells, or cells from a patient's body,
for the purpose of improving cardiac function in chronic heart
failure patients. Its lead product for in clinic use is Adipocell,
a proprietary kit for the isolation of adipose derived stem cells.
U.S. Stem Cell reported a net loss of $3.29 million for the year
ended Dec. 31, 2021, compared to a net loss of $2.89 million for
the year ended Dec. 31, 2020. As of June 30, 2022, the Company had
$71,098 in total assets, $13.93 million in total liabilities, and a
total stockholders' deficit of $13.86 million.
New York, NY-based RBSM LLP, the Company's auditor since 2018,
issued a "going concern" qualification in its report dated March
31, 2022, citing that the Company has suffered recurring losses
from operations, generated negative cash flows from operating
activities, will require additional capital to fund its current
operating plan, and has stated that substantial doubt exists about
the Company's ability to continue as a going concern.
ULIANA KOZEYCHUK: Judgment in Favor of Honetschlager Affirmed
-------------------------------------------------------------
In the appealed case MICHAEL HONETSCHLAGER, individually and as
Trustee, etc., et al., Cross-defendants and Respondents, v. ULIANA
KOZEYCHUK, Cross-complainant and Appellant, Case No. G060530, (Cal.
Ct. App.), the Court of Appeals of California for the Fourth
District affirms the jury's verdict summarily adjudicating Uliana
Kozeychuk's claims in favor of the Respondents Michael
Honetschlager and MGH Painting, Inc.
The parties in this appeal were formerly involved in a long-term
relationship. Appellant Uliana Kozeychuk and Respondent Michael
Honetschlager were in a somewhat fitful romantic relationship for
eight years, beginning in 2010 and ending in May of 2018. Kozeychuk
is a practicing attorney, and Honetschlager is in the commercial
painting industry. Honetschlager started a company (MGH Painting,
Inc.) early in the couple's relationship which later became quite
successful.
Kozeychuk alleged that Honetschlager told her from the beginning
that she would own a one-third share of the business if she put in
time and effort contributing various services to the company.
Kozeychuk never insisted that Honetschlager put this in writing and
never invoiced him for the services she performed. Apparently,
Kozeychuk did without such formalities because they were in a
relationship and she trusted him.
The couple broke up and got back together some four times before
their final break up in May 2018. Once the couple parted ways,
Honetschlager denied that Kozeychuk had any interest in the company
and refused to pay her anything for her contributions.
On May 7, 2018, Kozeychuk sent an e-mail to the brokerage firm
Honetschlager was using to find a buyer and informed the staff she
was a part owner of the business and expected to have approval
authority on the transaction, as well as a cut of the proceeds.
This scuttled any possibility Honetschlager might have had to line
up a buyer for MGH. So, in June 2018, he filed a complaint against
Kozeychuk, seeking a declaratory judgment that he, and he alone,
was the rightful owner of MGH.
Consequently, Kozeychuk filed a cross-complaint against both
Honetschlager and MGH alleging breach of oral partnership
agreement, promissory fraud, quantum meruit, promissory estoppel,
and declaratory relief in August of 2018. And on the following
year, she informed the US Bankruptcy Trustee about the litigation
and her claims against Honetschlager and MGH. The bankruptcy court
reopened the bankruptcy estate and appointed a trustee. In or
around February 2020, an auction was scheduled to sell off
Kozeychuk's interest and claims, and MGH was the highest bidder —
it paid $57,000.
As a result, Kozeychuk divided her quantum meruit claim into two
separate claims — one for services rendered prior to bankruptcy
and one for services rendered after. On the other hand,
Honetschlager received judgment on his claim for declaratory
relief. Thereafter, Honetschlager and MGH filed a motion for
summary adjudication as to all of Kozeychuk's claims, save her
quantum meruit claim for services rendered after bankruptcy. They
argued Kozeychuk lacked standing to assert claims belonging to her
bankruptcy estate or now, to MGH. The motion was granted, and
Kozeychuk was left to go to trial with just the postpetition
quantum meruit claim — the jury hearing the claim found for
Honetschlager and MGH.
Kozeychuk now appeals. She contends there was insufficient evidence
to support the verdict in favor of the Respondents.
The Court finds this argument without merit considering that the
jury explicitly determined Kozeychuk had failed to prove every
element of her quantum meruit claim. The Court points to the
evidence — even when viewed from Kozeychuk's perspective —
which lays out a very simple picture — she did not have an
expectation of being paid in wages or salary for her services, but
rather in equity. It is undisputed that MGH purchased said equity
in the business in February 2020.
The Court also finds that it would be reasonable for the jury to
conclude Kozeychuk's work for MGH had been compensated through the
purchase of her purported equity. The Court notes that during the
discovery process, in its responses to several requests for
admission (RFA), MGH admitted Kozeychuk had performed services for
its benefit and it had not paid her. But the Court determines that
whatever these RFA responses prove, they do not overshadow or
eviscerate the impact of the $57,000 paid by MGH for her interest
in the business.
Kozeychuk also claims that the trial court erred when it granted
Honetschlager and MGH's motion for summary adjudication of four of
her six claims — breach of oral partnership agreement, promissory
fraud, promissory estoppel, and declaratory judgment.
The Court agrees with the Respondent's contention that Kozeychuk
lacked standing to bring the bulk of her claims because they all
belonged to her bankruptcy estate, and later passed to MGH. The
Court notes that Kozeychuk's bankruptcy estate included all of her
"legal and equitable interests" at the time of the Chapter 11
filing in November 2011. And it is undisputed that this would have
included any current or expected future interest she might have had
in MGH, which disposes of Kozeychuk's declaratory relief claim.
The Court concludes that Kozeychuk's interest in MGH passed to her
bankruptcy estate in 2011 and any claims associated with it no
longer belonged to her — even if Honetschlager engaged in
multiple breaches of the same agreement after her petition.
Accordingly, the Court finds no error in the trial court's grant of
summary adjudication as to the above claims.
A full-text copy of the Opinion dated Nov. 8, 2022, is available at
https://tinyurl.com/mryx8cz8 from Leagle.com.
UNITED ROAD SERVICES: US$331M Bank Debt Trades at 38% Discount
--------------------------------------------------------------
Participations in a syndicated loan under which United Road
Services Inc is a borrower were trading in the secondary market
around 62.2 cents-on-the-dollar during the week ended Fri., Nov.
11, 2022, according to Bloomberg's Evaluated Pricing service data.
The US$331 million facility is a term loan. The loan is scheduled
to mature on October 19, 2024. About US$301 million of the loan
is drawn and outstanding.
United Road Services, Inc. provides vehicle transportation
logistics solutions.
UNITED WAY OF SALEM: Amends Plan to Include Secured Claims Pay
--------------------------------------------------------------
United Way of Salem County Inc., d/b/a Salem Community Center
submitted a Small Business First Amended Plan of Liquidation dated
November 7, 2022.
The Debtor proposes a liquidating plan whereby it intends to sell
its assets via public or private sale, pursuant to Section 363 of
the Bankruptcy Code. The net proceeds of sale (i.e., those
remaining after the payment of any broker's commissions and other
customary closing costs) shall be used to pay allowed claims in
accordance with the priority scheme under Section 727 of the
Bankruptcy Code.
The Debtor's primary assets consist of real property located at the
following addresses: 118 Walnut Street, Salem, NJ 08079 (the
"Walnut Street Property"); 201-203 E. Broadway, Salem, NJ 08079;
and 279 E. Broadway, Salem, NJ 08079.
By Order dated July 21, 2022, the Court approved the Debtor's
retention of Porter Plus Realty as its broker for the marketing and
sale of its assets.
Class 1 consists of the Secured claim of the Department of Treasury
– IRS. This Class has a Secured Amount of $909,488.87 and an
Unsecured Amount of $21,417.28. Full amount of allowed, secured
portion of claim to be paid from net sale of proceeds.
Class 2 consists of the Secured claim of the State of NJ, Dept of
Labor, Div. of Employer Accts. This Class has a Secured Amount of
$15,346.24. Full amount of allowed, secured portion of claim to be
paid from net sale of proceeds.
Class 3 consists of the Secured claim of the State of NJ-Division
of Taxation Bankruptcy Unit. This Class has a Secured Amount of
$47,966.04. Full amount of allowed, secured portion of claim to be
paid from net sale of proceeds.
Class 4 consists of the Secured claim of TD Bank, NA. This Class
has a Secured Amount of $700,974.75. Full amount of allowed,
secured portion of claim to be paid from net sale of proceeds.
Class 5 consists of the Secured claim of Kapitus Servicing, Inc.
This Class has a Secured Amount of $52,588.52. Full amount of
allowed secured portion of claim to be paid from net sale of
proceeds.
Class 6 consists of General Unsecured Claims. All Allowed Claims in
Class 6 shall be paid on a pro rata basis from the remainder of the
net proceeds after payment of secured claims and priority claims
from the sale of the Debtor's assets.
A full-text copy of the First Amended Liquidating Plan dated
November 7, 2022, is available at https://bit.ly/3GcQ3v4 from
PacerMonitor.com at no charge.
Attorneys for the Debtor:
LAW OFFICES OF KENNETH L. BAUM LLC
201 W Passaic Street, Suite 104
Rochelle Park, NJ 07601
Kenneth L. Baum, Esq.
kbaum@kenbaumdebtsolutions.com
(201) 853-3030
(201) 584-0297 Facsimile
kbaum@kenbaumdebtsolutions.com
About United Way of Salem County
United Way of Salem County is a civic and social is a is a civic
and social organization in Salem, New Jersey.
United Way of Salem County sought Chapter 11 bankruptcy protection
(Bankr. D.N.J. Case No. 22-10951) on Feb. 6, 2022. In the petition
filed by Monique Chadband as treasure, United Way of Salem County
listed estimated assets of between $1 million and $10 million and
estimated liabilities between $1 million and $10 million. Kenneth
L. Baum, Esq., of LAW OFFICES OF KENNETH L. BAUM, LLC, is the
Debtor's counsel.
US RADIOLOGY: Moody's Affirms B3 CFR & Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Investors Service revised US Radiology Specialists, Inc.'s
("USRS" or "the company") outlook to negative from stable. At the
same time, Moody's affirmed the company's B3 Corporate Family
Rating, B3-PD Probability of Default Rating, and B3 ratings on the
company's first lien credit facility consisting of a term loan and
revolver.
The outlook revision to negative reflects Moody's expectation of
weaker earnings in the next few quarters due to lower than budgeted
per unit revenues, increased labor costs and other one-off
expenses. These operating challenges, along with the increased debt
load from the company's acquisition of South Jersey Radiology in
December 2021, have increased the company's financial leverage.
USRS' debt-to-EBITDA (on Moody's adjusted basis) increased from
approximately 6.1x at the end of 2021 to approximately 6.8 times as
of June 30, 2022. Moody's expects that the financial leverage will
remain at an elevated level in low-to-mid 7.0 times in the next
12-18 months.
Governance risk considerations are material to the rating action.
The company employs an aggressive financial policy to grow its
scale through debt-funded roll-up acquisitions. Moody's also notes
that the company paid out a substantial dividend in late 2021. The
management has struggled to generate budgeted revenue and profits
in recent quarters from its substantial capital investments, and
partially because of greater than previously planned one-off
expenses
Rating Actions:
Affirmations:
Issuer: US Radiology Specialists, Inc.
Corporate Family Rating affirmed at B3
Probability of Default Rating, affirmed at B3-PD
Senior secured first lien term loan, affirmed at B3 (LGD3)
Senior secured first lien revolving credit facility, affirmed at
B3 (LGD3)
Outlook Actions:
Issuer: US Radiology Specialists, Inc.
Outlook, Changed to Negative from Stable
RATINGS RATIONALE
USRS' B3 CFR reflects its moderate scale, very high financial
leverage and execution risk associated with an active debt-funded
acquisition strategy. Further, USRS has some geographic
concentration with Texas, North Carolina and Georgia representing
more than 70% of consolidated revenues. Moody's expects that the
company's financial leverage will remain very high in low-to-mid
7.0 times in the next 12-18 months. The company continues to face
challenges in meeting its budgeted revenue and EBITDA targets due
to a combination of lower revenue per unit (driven by a change in
payor mix and contracted rates), higher operating costs, and
significant one-off expenses, which will adversely impact the pace
of deleveraging.
The company's rating is supported by good business diversity as it
has both outpatient imaging and radiology physician services
integrated in many of its markets. The rating is also supported by
the alignment of management and physician incentives through a high
level of physician ownership (-30%) and a physician compensation
structure that is highly variable.
The outlook is negative. Moody's expects that the company will
continue to face operating headwinds in the next several quarters
pressuring liquidity and that financial leverage will remain in
low- to-mid 7.0 times in the next 12-18 months.
Moody's views USRS' liquidity to be adequate. This liquidity
assessment is supported by Moody's expectations of $10-$15 million
in free cash flow in the next 12 months as well as cash balances of
approximately $25.6 million at the end of June 2022. The company
had $108 million available under its $165 million committed bank
revolving credit facility. The company's term loan has
approximately $12 million in mandatory annual amortization. The
interest on borrowings is a significant expense for the company and
could rise further with rising interest rates.
The B3 ratings for the senior secured 1st lien revolving credit
facility and the senior secured 1st lien term loan are the same as
the company's B3 CFR, as they represent the preponderance of debt
in the capital structure.
ESG considerations have a highly negative impact on US Radiology
Specialists, Inc. (USRS) rating. Key social risks include exposure
to a shortage of skilled human capital (radiology physicians). The
company could also face medical malpractice claims if it fails to
perform services in compliance with regulations and industry
expectations. Another social risk includes exposure to changes in
reimbursement rates by its payors, which include government payors,
as well as a push towards reducing overall healthcare costs. As a
healthcare provider, the company's systems and operations are
exposed to cyber risk attacks. From a governance perspective, the
company has employed an aggressive debt-funded M&A strategy. The
company's governance risk exposures reflect its aggressive
financial strategy and risk management with a weak track record in
meeting forecasts, significant unplanned one-off expenses and a
history of large dividend payout.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if USRS demonstrates a track record
of positive free cash flow and sustained debt/EBITDA below 6.0
times. Improving operating performance and liquidity will also
support an upgrade. The ratings could be downgraded if the
company's operating performance deteriorates and liquidity weakens.
Quantitatively, the ratings could be downgraded if debt/EBITDA is
sustained above 7.5 times.
Headquartered in Raleigh, NC, US Radiology Specialists Holdings,
LLC, is an operator of outpatient imaging centers and a provider of
radiology services in 14 states. The company operates its business
through its subsidiaries (which are also co-borrowers) US Radiology
Specialists, Inc. and US Outpatient Imaging Specialists, Inc. The
company operates more than 180 imaging centers (including 86
centers in JVs with leading health systems). The company's
radiology physician services business consists of more than 400
physicians and advanced practice providers. The company's annual
consolidated revenues in 2021 were approximately $600 million.
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
US RENAL CARE: US$1.6B Bank Debt Trades at 38% Discount
-------------------------------------------------------
Participations in a syndicated loan under which US Renal Care Inc
is a borrower were trading in the secondary market around 62
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$1.60 billion facility is a term loan. The loan is scheduled
to mature on July 26, 2026. About US$1.55 billion of the loan is
drawn and outstanding.
U.S. Renal Care, Inc. provides healthcare services. The Company
offers hemodialysis, peritoneal dialysis, and kidney disease
services.
US TELEPACIFIC: US$655M Bank Debt Trades at 59% Discount
--------------------------------------------------------
Participations in a syndicated loan under which US TelePacific Corp
is a borrower were trading in the secondary market around 40.9
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$655 million facility is a term loan. The loan is scheduled
to mature on May 2, 2026. The loan is drawn and outstanding.
US TelePacific Corp., doing business as TPx Communications,
provides telecommunication services.
VECTRA CO: US$425M Bank Debt Trades at 16% Discount
---------------------------------------------------
Participations in a syndicated loan under which Vectra Co is a
borrower were trading in the secondary market around 84.1
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$425 million facility is a term loan. The loan is scheduled
to mature on March 9, 2025. About US$406 million of the loan is
drawn and outstanding.
Vectra Co. operates as a technology-driven diversified industrial
company serving automotive systems, aerospace, industrial and
renewable energy.
VERITAS US: EUR749M Bank Debt Trades at 22% Discount
----------------------------------------------------
Participations in a syndicated loan under which Veritas US Inc is a
borrower were trading in the secondary market around 78
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The EUR749 million facility is a term loan. The loan is scheduled
to mature on September 1, 2025.
The amount is fully drawn and outstanding.
Veritas US Inc. designs and develops enterprise software solutions.
The Company offers information map, cloud point, enterprise vault,
velocity, desktop and laptop option, and access appliance, as well
as other related products.
VERTEX ENERGY: Posts $22.2 Million Net Income in Third Quarter
--------------------------------------------------------------
Vertex Energy, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing net income
of $22.17 million on $810.21 million of revenues for the three
months ended Sept. 30, 2022, compared to net income of $10.64
million on $50.98 million of revenues for the three months ended
Sept. 30, 2021.
For the nine months ended Sept. 30, 2022, the Company reported a
net loss of $42.42 million on $1.91 billion of revenues compared to
a net loss of $2.35 million on $147.81 million of revenues for the
nine months ended Sept. 30, 2021.
As of Sept. 30, 2022, the Company had $647.58 million in total
assets, $527.24 million in total liabilities, and $120.34 million
in total equity.
As of Sept. 30, 2022, the Company had total cash and equivalents of
$122.3 million including $4.9 million of restricted cash on the
balance sheet. Vertex had total net debt outstanding of $364.0
million at the end of the third quarter 2022, including lease
finance obligations of $45.4 million. The ratio of net debt to
trailing twelve month Adjusted EBITDA was 2.5x as of Sept. 30,
2022, which includes only two quarters of Adjusted EBITDA
contribution from the Mobile refinery.
"During the third quarter, we demonstrated continued operational
reliability and flexibility at our Mobile, AL facility, despite
several unforeseen challenges," stated Benjamin P. Cowart,
president and CEO of Vertex, who continued, "Our third quarter
financial results included some non-recurring items related to
hedges and transaction costs. With those non-recurring items now
behind us, we remain very confident in our future financial
performance given our increased access to spot refined product
margins following hedge expirations, compounded by improved
efficiency and product yields, following the completion of
maintenance operations during the third quarter. We now believe
the Company is positioned extremely well to demonstrate our true
cash generation capability during the fourth quarter of 2022 and
into 2023."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/890447/000162828022028702/vtnr-20220930.htm
About Vertex Energy
Houston-based Vertex Energy, Inc. is an energy transition company
focused on the production and distribution of conventional and
alternative fuels. Vertex owns a refinery in Mobile (AL) with an
operable refining capacity of 75,000 barrels per day and more than
3.2 million barrels of product storage, positioning it as a leading
supplier of fuels in the region. Vertex is also a processor of
used motor oil, with operations located in Houston and Port Arthur
(TX), Marrero (LA), and Columbus (OH). Vertex also owns a
facility, Myrtle Grove, located on a 41-acre industrial complex
along the Gulf Coast in Belle Chasse, LA, with existing
hydroprocessing and plant infrastructure assets, that include nine
million gallons of storage.
Vertex Energy reported a net loss of $7.66 million for the year
ended Dec. 31, 2021, a net loss of $11.40 million for the year
ended Dec. 31, 2020, and a net loss of $5.49 million for the year
ended Dec. 31, 2019. As of June 30, 2022, the Company had $690.66
million in total assets, $592.97 million in total liabilities, and
$97.69 million in total equity.
WL HOUSTONS: Unsecureds Will Get 100% of Claims in Sale Plan
------------------------------------------------------------
W L Houston's Business Investments LLC filed with the U.S.
Bankruptcy Court for the Southern District of Texas a Disclosure
Statement and Combined Plan dated November 7, 2022.
Debtor was formed on June 8, 2021. The debtor was formed mainly for
business investments of all kinds, including buying and selling
real property. The debtor owns one piece of real estate located at
3402 Crosby Landing, Missouri City, Texas 77459 valued at
approximately $550,000.00.
In an attempt to help a friend, the Debtor used its resources to
purchase a residential property to help a friend. The agreement
involved the friend paying the loan note and maintaining the
property while repairing his credit to refinance and purchase the
property from Debtor. The note was not being paid as agreed. The
debtor attempted to sell the property to salvage its creditor. The
property could not be sold or leased to another because the friend
moved into the premises and refused to leave or pay anything.
The property was being posted for foreclosure. To prevent
foreclosure and attempt to restructure, Debtor sought protection
under chapter 11 to reorganize and sell the property.
Debtor plans to sell the property located at 3402 Crosby Landing,
Missouri City, Texas 77459, and pay the note off along with all
other creditors associated with the property.
At the date of filing, October 30, 2022, the Debtor had $318,896.11
secured claims. The debtor will sell the secured asset and pay the
claim in full according to the filed proof of claim.
At the date of filing, October 30, 2022, the Debtor had two
unsecured creditors. In this regard, the Debtor proposes to pay the
unsecured debt 100% of the allowed claims. The total payment will
represent 100% of the current balance or $13,351.01.
Warren L. Houston is President and 100% owner of Debtor. Warren L.
Houston has infused personal cash into the Debtor. Warren L.
Houston will not be paid any money toward repayment of any cash
infused into the Debtor, unless and until all other debts are paid
in full as represented in the plan.
The debtor is not aware of any priority claims. If any priority
claims are brought forth and allowed, the Debtor proposes to pay
any priority claims, secured claims, and unsecured creditors 100%
after the sale of the asset. Equity security holders shall retain
their equity in the Debtor.
Debtor believes that since the plan proposes to pay all creditors
of their claims in full upon completing the sale of the listed
asset, it is likely that Debtor will be able to make the payments
proposed in this Plan.
A full-text copy of the Disclosure Statement dated November 7,
2022, is available at https://bit.ly/3g0MNrU from PacerMonitor.com
at no charge.
Attorney for Debtor:
SAMUEL L. MILLEDGE
State Bar No. 14055300
2500 East T.C. Jester Blvd., Suite 510
Houston, Texas 77008
Telephone: (713)812-1409
Telecopier: (714)812-1418
About W L Houstons Business Investments
W L Houstons Business Investments LLC is a Single Asset Real Estate
(as defined in 11 U.S.C. Sec. 101(51B)).
W L Houstons Business Investments LLC sought protection under
Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.
Tex. Case No. 22-31575) on June 6, 2022. In the petition filed by
Warren Houston, as managing member, the Debtor reported assets and
liabilities of up to $50,000 each. Samuel L Milledge, of The
Milledge Law Firm, PLLC, is the Debtor's counsel.
WORLD ACCEPTANCE: Moody's Alters Outlook on 'B3' CFR to Negative
----------------------------------------------------------------
Moody's Investors Service has affirmed World Acceptance
Corporation's (WRLD) B2 Corporate Family Rating and B3 senior
unsecured rating. Moody's changed the firm's outlook to negative
from stable.
Affirmations:
Issuer: World Acceptance Corporation
Corporate Family Rating, Affirmed B2
Senior Unsecured Regular Bond/Debenture, Affirmed B3
Outlook Actions:
Issuer: World Acceptance Corporation
Outlook, Changed To Negative From Stable
RATINGS RATIONALE
The negative outlook reflects Moody's expectation that the firm
will report low profitability and high credit costs in the next
12-18 months. The change in outlook to negative follows two
consecutive quarters of reported losses driven by a deterioration
in WRLD's portfolio credit quality, which contributed to a breach
of the fixed charge coverage and collateral performance indicator
(CPI) covenants on its bank revolving credit facility. Furthermore,
these pressures have contributed to a narrower cushion against the
firm's $325 million net worth debt covenant, with shareholder's
equity at approximately $357 million as of September 30, 2022.
WRLD's asset quality has deteriorated, with delinquencies and
charge-offs increasing materially as non-prime consumers have
struggled to meet financial obligations with inflation increasingly
pressuring household finances. However, WRLD's delinquencies and
net charge-offs have risen higher and more rapidly than most of its
rated non-prime consumer lending peers and currently stand well
above 2019 levels.
The affirmation of the ratings reflects the firm's strong
capitalization for its rating level, adequate cash flows from its
portfolio, and management's decision to tighten underwriting, which
should translate to improvement in portfolio credit quality over
time.
WRLD's B2 CFR reflects the firm's established track record of
profitable operations as a non-prime instalment lender. While the
firm's capitalization has fluctuated over time, it has remained a
strength, with a ratio of tangible common equity to tangible assets
(TCE/TMA) of 27% as of September 30, 2022, substantially higher
than the capital levels of similarly rated non-prime consumer
finance peers. At the same time, the ratings reflect certain credit
challenges – namely periods of rapid loan growth which have
resulted in asset quality deterioration and the firm's tendency to
operate at tight cushions to financial covenants under its bank
revolving credit facility.
The B3 unsecured rating reflects the priority of the firm's
unsecured notes in WRLD's capital structure, along with the asset
coverage of the notes.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
While an upgrade is unlikely at this time given the negative
outlook, WRLD's ratings could be upgraded over time if the firm
realizes more stable profitability and improved asset quality,
while maintaining solid capitalization. The outlook could return to
stable if the ratio of net income to average managed assets is
expected to consistently exceed 2.5% and if WRLD's financial
metrics are expected to provide adequate cushion relative to the
financial covenants under its revolving credit facility, particular
the net worth covenant.
WRLD's ratings could be downgraded if the firm experiences a
significant decline in earnings or capitalization, or if asset
quality deteriorates further. Furthermore, Moody's could downgrade
the senior unsecured rating if the firm increases reliance on its
revolving credit facility whereby the ratio of unsecured debt to
total corporate debt is expected to remain consistently below 40%.
The principal methodology used in these ratings was Finance
Companies Methodology published in November 2019.
WW INTERNATIONAL: US$945M Bank Debt Trades at 39% Discount
----------------------------------------------------------
Participations in a syndicated loan under which WW International
Inc is a borrower were trading in the secondary market around 61.3
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$945 million facility is a term loan. The loan is scheduled
to mature on April 13, 2028. The loan is fully drawn and
outstanding.
WW International, Inc. provides weight control programs.
YAK ACCESS: US$180M Bank Debt Trades at 76% Discount
----------------------------------------------------
Participations in a syndicated loan under which Yak Access LLC is a
borrower were trading in the secondary market around 24.5
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$180 million facility is a term loan. The loan is scheduled
to mature on July 11, 2026. The loan is fully drawn and
outstanding.
YAK ACCESS -- https://www.yakaccess.com/ -- is the largest supplier
of access mats in North America.
YOLANDA C. HOLMES: Taps Law Firm of MorrisMargulies as Counsel
--------------------------------------------------------------
Yolanda C. Holmes, M.D. P.C. seeks approval from the U.S.
Bankruptcy Court for the District of Columbia to employ The Law
Firm of MorrisMargulies, LLC as its legal counsel.
The firm's services include:
(a) representing the Debtor in its Chapter 11 Subchapter V case
and advise the Debtor as to its rights, duties and powers;
(b) preparing legal papers;
(c) representing the Debtor at all hearings, meeting of
creditors, conferences, trials, and other proceedings in its
Chapter 11 case; and
(d) performing other necessary legal services.
The firm will be paid based upon its normal and usual hourly
billing rates and will be reimbursed for out-of-pocket expenses
incurred.
The Debtor paid the firm a retainer of $5,000.
Frank Morris II, Esq., an attorney at The Law Firm of
MorrisMargulies, disclosed in a court filing that his firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Frank Morris II, Esq.
The Law Firm of MorrisMargulies, LLC
8201 Corporate Drive, Suite 260
Landover, MD 20785
Telephone: (301) 731-1000
Facsimile: (301) 731-1206
Email: frankmorrislaw@yahoo.com
About Yolanda C. Holmes
Yolanda C. Holmes, M.D. P.C. filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. D.C. Case No. 22-00194)
on Oct. 24, 2022, with as much as $1 million in both assets and
liabilities. Jolene E. Wee has been appointed as Subchapter V
trustee.
Judge Elizabeth L. Gunn oversees the case.
The Debtor is represented by Frank Morris II, Esq., at The Law Firm
of MorrisMargulies, LLC.
ZAYO GROUP: EUR750M Bank Debt Trades at 17% Discount
----------------------------------------------------
Participations in a syndicated loan under which Zayo Group Holdings
Inc is a borrower were trading in the secondary market around 83
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The EUR750 million facility is a term loan. The loan is scheduled
to mature on March 9, 2027. The amount is fully drawn and
outstanding.
Zayo Group Holdings, Inc. provides bandwidth infrastructure
services. The Company offers dark fiber, wavelengths, SONET,
ethernet, IP, and carrier-neutral colocation and interconnection.
ZAYO GROUP: US$4.96B Bank Debt Trades at 21% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Zayo Group Holdings
Inc is a borrower were trading in the secondary market around 79.1
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$4.96 billion facility is a term loan. The loan is scheduled
to mature on March 9, 2027. The loan is fully drawn and
outstanding.
Zayo Group Holdings, Inc., is a privately held company
headquartered in Boulder, Colorado, U.S. with European headquarters
in London, England. The company provides communications
infrastructure services, including fiber and bandwidth
connectivity, colocation and cloud infrastructure.
[*] Cleary Names 23 New Partners, Counsel, Senior Attorneys
-----------------------------------------------------------
Cleary Gottlieb has promoted nine partners, eight counsel, and six
senior attorneys, effective January 1, 2023.
The promotions will bring the firm's total worldwide partners to
176, counsel to 60, and senior attorneys to 46.
"We're thrilled to announce our new class of senior lawyers," said
Cleary Managing Partner Michael Gerstenzang. "These talented
lawyers reflect the breadth of substantive expertise and geographic
presence that our clients seek, and have demonstrated their
commitment to our firm's values and culture. As new partners,
counsel, and senior attorneys, they will continue our rich
tradition of bringing together talented people with diverse
backgrounds, experiences, and perspectives to solve challenging
problems for our clients worldwide."
The new partners, counsel, and senior attorneys are resident in the
firm's Brussels, Cologne, Frankfurt, Hong Kong, London, Milan, New
York, Paris, Rome, and Washington, D.C. offices. Their practice
areas include antitrust, bankruptcy and restructuring, capital
markets, corporate governance, debt finance, financial
institutions, litigation and arbitration, mergers and acquisitions,
real estate, tax, and white-collar defense and investigations.
The law firm's new senior lawyers are:
Laurie Achtouk-Spivak (Partner, Paris/Litigation and Arbitration) -
Laurie's practice focuses on international arbitration and
litigation, with a particular emphasis on public international law.
She represents clients in commercial arbitrations as well as
investors and sovereigns in investment treaty arbitrations before
ICSID, ICC, and other arbitration institutions, and often advises
on investment structuring and sustainability matters. Her recent
work includes matters for large corporates and sovereigns,
including the Hellenic Republic, the Republic of Côte d'Ivoire,
the Republic of Iraq, the Federal Republic of Nigeria, and the Arab
Republic of Egypt.
Christopher Bachand-Parente (Senior Attorney, New York/Real Estate)
― Chris' practice focuses on complex real estate transactions,
including lender and borrower side financing transactions, joint
ventures, acquisitions and sales, and restructurings across an
array of asset types. He has advised clients such as Hospitality
Investors Trust, ESL Investments, Angelo Gordon, Genting Malaysia,
Breaking Ground, Brookfield, Brooklyn Public Library, Goldman
Sachs, JPMorgan Chase Bank, Banco Inbursa, and Argent Ventures.
Matthew Bachrack (Counsel, Washington, D.C./Antitrust) ―
Matthew's practice focuses on antitrust matters. His work includes
merger control, criminal and civil investigations, and antitrust
counseling, particularly with respect to the United States and the
antitrust regimes in Asia. He also has extensive experience in U.S.
civil antitrust litigation. His representations include matters for
JUUL, Deutsche Telekom and T-Mobile, Molson Coors, and Leroy
Seafood.
Paolo Bertoli (Counsel, Milan/Litigation and Arbitration) ―
Paolo's practice focuses on arbitration and litigation. He has
acted in numerous international and domestic arbitrations involving
complex commercial disputes as well as public international law
issues, and in commercial, securities, and antitrust litigation in
a variety of Italian courts; he has also acted as arbitrator under
the Milan Chamber of Arbitration Rules. He has recently represented
such clients as ArcelorMittal, BNP Paribas, Danieli, Dover
Corporation, Enel Group, TIM, and Vale.
Laura Birène (Counsel, Paris/Capital Markets and Debt Finance) ―
Laura's practice focuses on corporate and financial matters,
including financing and capital market transactions. She has
advised a range of clients, including BNP Paribas, Credit Agricole,
Credit Lyonnais, J.P. Morgan, Latour Capital, Universal Music
Group, Vivendi, and Worldline.
Fausto Caronna (Counsel, Rome/Antitrust) ― Fausto's practice
focuses on EU and Italian consumer and antitrust law. He advises
clients on unfair commercial practices, misleading advertising,
unfair contract terms and business-to-consumer agreements, as well
as on abuse of dominance, cartels, restrictive practices, and
merger control proceedings. His recent work includes matters for
Assilea, Alba Leasing, Compass Banca, HP, Samsung, Santander
Consumer Bank, Telecom Italia, and Unipol.
Sophie de Beer (Partner, Paris/M&A) ― Sophie's practice focuses
on French and European merger and acquisition transactions,
involving both listed and non-listed companies. She has extensive
experience on mergers and acquisitions, joint ventures, and
partnerships involving financial institutions, as well as on
related banking and financial regulatory matters. She has
represented a range of clients, including Amundi, BNP Paribas,
BPCE, Cerberus, Credit Agricole, GlobalFoundries, Groupama, J.P.
Morgan, My Money Bank, Natixis, and Veolia.
Alessandro Gennarino (Senior Attorney, Milan/ Debt Finance) ―
Alessandro's practice focuses on international financing and
corporate matters, including leveraged finance transactions, debt
restructurings, mergers and acquisitions, and private equity
transactions. He has recently advised such clients as A2A, F2i,
Goodyear, Sogefi, and Warburg Pincus.
Helena Grannis (Partner, New York/Capital Markets and Corporate
Governance) ― Helena's practice focuses on capital market
transactions and corporate advisory matters. She handles domestic
financial transactions for U.S. and international clients,
including initial public offerings and equity and debt offerings.
She also advises companies on corporate governance matters,
including disclosures, ESG issues, board composition and
independence, proxy advice, and shareholder engagement and
strategy. Her recent clients have included Bed Bath & Beyond,
Clorox, Honeywell, and TPG.
Alexander Janghorbani (Counsel, New York/Litigation and
Enforcement) ― Alex's practice focuses on complex securities
issues, litigation, and enforcement, informed by nearly nine years
at the SEC as an investigative staff attorney and a Senior Trial
Counsel. His representations include matters for Petrobras,
Garlinghouse, ING, and OPKO Health.
Thomas S. Kessler (Partner, New York/Bankruptcy and Restructuring)
― Tom's practice focuses on bankruptcy, restructuring, and other
complex civil litigation. He has represented a variety of clients,
including debtors and creditors in bankruptcy proceedings, and
parties in restructuring-related suits, contractual disputes, and
securities litigation. His representations include matters for
LATAM Airlines, Samarco Mineração, Garuda Indonesia, Apollo
Management Holdings L.P., Novonor, BNP Paribas, Overseas
Shipholding Group, Warburg Pincus, and Petrobras.
Philipp Kirst (Senior Attorney, Cologne/Antitrust) ― Philipp's
practice focuses on European and German competition law, including
cartels, abuse of dominance, merger control, and all aspects of
competition damages litigation. He has represented clients before
the European Commission and the German Federal Cartel Office, as
well as European and German courts. His recent work includes
matters for BayWa, Beiersdorf, Broadcom, Google, Lundbeck, Nestle,
and Western Digital.
Wanjie Lin (Senior Attorney, Brussels/Antitrust) ― Wanjie's
practice focuses on competition law, State aid, and international
trade law. She has written and spoken on the EU's new Foreign
Subsidies Regulation. Her recent work includes matters for
Adevinta, NVIDIA, Illumina, Temasek, IBM, and The Walt Disney
Company.
Brian Morris (Counsel, New York/Financial Institutions) ― Brian's
practice focuses on U.S. securities, commodities, and derivatives
regulation, including SEC and CFTC regulations implementing the
Dodd-Frank Wall Street Reform and Consumer Protection Act. He
regularly advises banks, broker-dealers, exchanges, electronic
trading platforms, clearinghouses, and corporate end users on a
variety of transactional, enforcement, and financial regulatory
matters. He has worked with, among others, Citigroup, Goldman
Sachs, and Banco Santander.
Susanna Parker (Partner, New York/Tax) ― Susanna's practice
focuses on tax matters, particularly for private equity and hedge
funds, joint venture arrangements, acquisitions and divestitures
(both domestic and international transactions), financing
transactions, and private client and family office matters. Her
work includes matters for Sixth Street, KKR, TPG, Brookfield, The
Raine Group, Viking, and Coller Capital.
Laura Prosperetti (Counsel, Rome/Financial Institutions) ―
Laura's practice focuses on EU and Italian banking and financial
law and regulation. She advises clients on a range of regulatory
and transactional matters, including compliance issues linked to
the implementation of EU financial regulatory reforms, supervisory
reviews, and mergers and acquisitions of regulated entities. Her
recent representations include matters for Euronext, F2i Sgr,
Groupama, HP, and Worldline.
Chrishan Raja (Partner, London/Capital Markets) ― Chrishan's
practice focuses on international capital markets, with a
particular focus on equity and debt transactions (including bank
regulatory capital), corporate governance, and ongoing reporting.
Chrishan has experience across a range of jurisdictions, including
the United Kingdom, Europe, and the Middle East. He has recently
advised on matters for ACG Acquisition Company (a London-listed
SPAC), Barclays, Citigroup, J.P. Morgan, and UBS.
Andres Saenz (Senior Attorney, New York, White-Collar Defense and
Investigations, Civil Litigation) ― Andres' practice focuses on
white-collar defense, regulatory enforcement, compliance programs,
and complex civil litigation, in particular with respect to
cross-border issues. His representations include matters for
Petrobras, Vale, and BNDES.
Naomi Tarawali (Partner, London/Litigation and Arbitration) ―
Naomi's practice focuses on international dispute resolution. She
has represented financial institutions, corporations, funds, and
sovereigns in their most complex and challenging disputes,
involving litigation, arbitration, and mediation, and invariably
ranging across multiple jurisdictions. She has advised a range of
clients, including Goldman Sachs, Mubadala, Natixis, and Vale.
Sophie Troussard-Faure (Senior Attorney, Paris/Antitrust) ―
Sophie's practice focuses on EU and French competition law,
including merger control, cartel investigations, and related
litigation matters. She has experience in a range of sectors,
including aerospace, consumer goods, and manufacturing. Her recent
representations include matters for Airbus, Tech Data, Elsan,
Ortec, Vivendi, and Whirlpool.
Mirko von Bieberstein (Partner, Frankfurt/M&A) ― Mirko's practice
focuses on domestic and cross-border M&A, joint ventures, and
general corporate law. He also advises on German foreign direct
investment reviews, representing clients from a variety of sectors
before the German authorities and providing related strategic
advice. His recent work includes matters for Albany, Broadcom, DCC,
Henkel, Merck, OpenText, and a major UAE sovereign wealth fund.
Carina Wallance (Counsel, New York/Bankruptcy and Restructuring)
― Carina's practice primarily focuses on cross-border
restructurings in Latin America and other emerging markets, but
also includes corporate, leveraged, distressed, and project
financings. She has advised on matters for LATAM Airlines, Garuda,
Aeromexico, Grupo Posadas, and OEC.
Miao Zhang (Partner, Hong Kong/Capital Markets) ― Miao's practice
focuses on equity capital market transactions, including IPOs on
the Hong Kong Stock Exchange, pre-IPO investments, and PIPE
transactions involving Hong Kong-listed clients. Her recent
representations include matters for Bank of America, Goldman Sachs,
Morgan Stanley, UBS, Temasek, H World Group, Hansoh Pharmaceutical,
OneConnect, and Topsports.
[*] Greenberg Traurig's Boston Office Receives Top Rankings
-----------------------------------------------------------
Global law firm Greenberg Traurig, LLP's Boston office received top
metropolitan rankings, including five first-tier rankings, across
key practice areas in the U.S. News - Best Lawyers(C) 2023 "Best
Law Firms" report.
Nationally, Greenberg Traurig was recognized as "Law Firm of the
Year" in the area of Franchise Law. In addition, the firm received
the most overall national first-tier rankings for the 12th
consecutive year, as well as the most metropolitan first-tier
rankings and the most overall metropolitan rankings in the U.S.
News - Best Lawyers 2023(C).
Greenberg Traurig's Boston office metropolitan rankings include:
Bankruptcy and Creditor Debtor Rights / Insolvency and
Reorganization Law (Tier 1)
Eminent Domain and Condemnation Law (Tier 1)
Employment Law - Management (Tier 1)
Energy Law (Tier 1)
Real Estate Law (Tier 1)
Commercial Litigation (Tier 2)
Criminal Defense: White-Collar (Tier 2)
Labor Law - Management (Tier 2)
Litigation - Bankruptcy (Tier 2)
Litigation - Labor & Employment (Tier 2)
Litigation - Securities (Tier 2)
Public Finance Law (Tier 3)
"We are proud that 12 practice areas in the Boston office received
top rankings in the 'Best Law Firms' report," said David J. Dykeman
and Terence P. McCourt, co-managing shareholders of the Boston
office. "This honor is a testament to the outstanding collection of
attorneys we have, and we hope to continue this momentum in 2023."
According to U.S. News - Best Lawyers(C), firms included in the
2023 "Best Law Firms" report are recognized for "professional
excellence with persistently impressive ratings from clients and
peers." Achieving a tiered ranking "reflects the high level of
respect a firm has earned among other leading lawyers and clients
in the same communities and the same practice areas for their
abilities, their professionalism and their integrity." U.S. News -
Best Lawyers(R) includes rankings in 75 national practice areas and
127 metropolitan-based practice areas.
To be eligible for a ranking, a law firm must have at least one
lawyer listed in the 13th edition of The Best Lawyers in America(C)
list for that particular location and specialty. As previously
announced, 22 Greenberg Traurig Boston attorneys were recognized in
their respective fields this year.
About Greenberg Traurig's Boston Office
Established in 1999, Greenberg Traurig's Boston office is home to
more than 80 attorneys practicing in the areas of bankruptcy and
restructuring, corporate, emerging technology, energy,
environmental, financial services, gaming, governmental affairs,
intellectual property, labor and employment, life sciences and
medical technology, litigation, public finance, real estate, and
tax. An important contributor to the firm's international platform,
the Boston office includes a team of nationally recognized
attorneys with both public and private sector experience. The team
offers clients the value of decades of helping clients in complex
legal matters and hands-on knowledge of the local business
community, supported by the firm's vast network of global
resources.
About Greenberg Traurig
Greenberg Traurig, LLP has more than 2500 attorneys in 43 locations
in the United States, Europe, Latin America, Asia, and the Middle
East. The firm reported gross revenue of over $2 Billion for FY
2021 and is consistently among the top firms on the Am Law 100, Am
Law Global 100, and NLJ 250. On the debut 2022 Law360 Pulse
Leaderboard, it is a Top 15 firm. Greenberg Traurig is Mansfield
Rule 5.0 Certified Plus by The Diversity Lab and the Center for
Resource Solutions Green-e(R) Energy program certifies that the
firm's U.S. offices are 100% powered by renewable energy. The firm
is often recognized for its focus on philanthropic giving,
innovation, diversity, and pro bono. On the Web:
http://www.gtlaw.com/
[*] Sklar Kirsh Included as 2023 "Best Law Firm" by U.S. News
-------------------------------------------------------------
Los Angeles-based law boutique Sklar Kirsh LLP announced its
inclusion on the 2023 U.S. News - Best Lawyers(R) "Best Law Firms"
list. The list is compiled annually by U.S. News & World Report and
Best Lawyers(R).
"We are honored that Best Lawyers included us as one of the
nation's top law firms, particularly as this recognition is based
on feedback from clients and peers," said Sklar Kirsh Co-Chairman
Jeffrey Sklar. "This recognition is a testament to the hard work of
our entire team at the firm."
Law firms included in the 2023 "Best Law Firms" list are recognized
for professional excellence with persistently impressive ratings
from clients and peers, according to the publication. The 2023
Edition of "Best Law Firms" includes rankings in 75 national
practice areas and 127 metropolitan-based practice areas.
Sklar Kirsh was recognized as a Tier 1 Law Firm in Los Angeles in
Bankruptcy and Creditor Debtor Rights / Insolvency and
Reorganization Law and recognized regionally in Corporate Law and
Bankruptcy Litigation.
Sklar Kirsh LLP is a corporate, real estate, entertainment,
litigation, and bankruptcy law firm founded by attorneys from
nationally and internationally recognized firms who provide top
tier legal services in an entrepreneurial, sophisticated, and
focused manner.
Best Lawyers(R) and U.S. News and World Report have issued their
"Best Law Firm" rankings for the past thirteen years.
Sklar Kirsh LLP -- http://www.SklarKirsh.com-- is a boutique law
firm that provides sophisticated and expert advice in the areas of
corporate, real estate, bankruptcy, and entertainment law as well
as commercial, real estate and entertainment litigation. For more
information, visit www.SklarKirsh.com.
[^] 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
ABSOLUTE SOFTWRE ABST US 544.9 -4.3 -53.0
ABSOLUTE SOFTWRE OU1 GR 544.9 -4.3 -53.0
ABSOLUTE SOFTWRE ABST CN 544.9 -4.3 -53.0
ABSOLUTE SOFTWRE ABT2EUR EU 544.9 -4.3 -53.0
ABSOLUTE SOFTWRE OU1 GZ 544.9 -4.3 -53.0
ACCELERATE DIAGN AXDX* MM 58.7 -62.0 37.3
AEMETIS INC AMTX US 178.5 -122.7 -45.3
AEMETIS INC DW51 GR 178.5 -122.7 -45.3
AEMETIS INC AMTXGEUR EZ 178.5 -122.7 -45.3
AEMETIS INC AMTXGEUR EU 178.5 -122.7 -45.3
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 AERI US 375.6 -164.0 169.5
AERIE PHARMACEUT AERIEUR EU 375.6 -164.0 169.5
AERIE PHARMACEUT 0P0 GR 375.6 -164.0 169.5
AERIE PHARMACEUT 0P0 TH 375.6 -164.0 169.5
AERIE PHARMACEUT 0P0 QT 375.6 -164.0 169.5
AERIE PHARMACEUT 0P0 GZ 375.6 -164.0 169.5
AIR CANADA AC CN 29,754.0 -1,931.0 1,190.0
AIR CANADA ADH2 GR 29,754.0 -1,931.0 1,190.0
AIR CANADA ACEUR EU 29,754.0 -1,931.0 1,190.0
AIR CANADA ADH2 TH 29,754.0 -1,931.0 1,190.0
AIR CANADA ACDVF US 29,754.0 -1,931.0 1,190.0
AIR CANADA ADH2 QT 29,754.0 -1,931.0 1,190.0
AIR CANADA ADH2 GZ 29,754.0 -1,931.0 1,190.0
ALNYLAM PHAR-BDR A1LN34 BZ 3,535.3 -67.6 1,918.1
ALNYLAM PHARMACE ALNY US 3,535.3 -67.6 1,918.1
ALNYLAM PHARMACE DUL GR 3,535.3 -67.6 1,918.1
ALNYLAM PHARMACE DUL QT 3,535.3 -67.6 1,918.1
ALNYLAM PHARMACE ALNYEUR EU 3,535.3 -67.6 1,918.1
ALNYLAM PHARMACE DUL TH 3,535.3 -67.6 1,918.1
ALNYLAM PHARMACE DUL SW 3,535.3 -67.6 1,918.1
ALNYLAM PHARMACE ALNY* MM 3,535.3 -67.6 1,918.1
ALNYLAM PHARMACE DUL GZ 3,535.3 -67.6 1,918.1
ALNYLAM PHARMACE ALNYEUR EZ 3,535.3 -67.6 1,918.1
ALPHA ENERGY INC APHE US 2.0 -3.3 -2.9
ALPINE SUMMIT EN ALPS/U CN 247.4 -15.8 -165.4
ALPINE SUMMIT EN ALPS US 247.4 -15.8 -165.4
ALTICE USA INC-A ATUS US 33,282.6 -339.1 -1,469.1
ALTICE USA INC-A 15PA GR 33,282.6 -339.1 -1,469.1
ALTICE USA INC-A 15PA TH 33,282.6 -339.1 -1,469.1
ALTICE USA INC-A ATUSEUR EU 33,282.6 -339.1 -1,469.1
ALTICE USA INC-A 15PA GZ 33,282.6 -339.1 -1,469.1
ALTICE USA INC-A ATUS* MM 33,282.6 -339.1 -1,469.1
ALTICE USA INC-A ATUS-RM RM 33,282.6 -339.1 -1,469.1
ALTIRA GP-CEDEAR MOC AR 33,953.0 -4,232.0 -4,077.0
ALTIRA GP-CEDEAR MOD AR 33,953.0 -4,232.0 -4,077.0
ALTIRA GP-CEDEAR MO AR 33,953.0 -4,232.0 -4,077.0
ALTRIA GROUP INC PHM7 GR 33,953.0 -4,232.0 -4,077.0
ALTRIA GROUP INC MO* MM 33,953.0 -4,232.0 -4,077.0
ALTRIA GROUP INC MO US 33,953.0 -4,232.0 -4,077.0
ALTRIA GROUP INC MO SW 33,953.0 -4,232.0 -4,077.0
ALTRIA GROUP INC MOEUR EU 33,953.0 -4,232.0 -4,077.0
ALTRIA GROUP INC MO TE 33,953.0 -4,232.0 -4,077.0
ALTRIA GROUP INC PHM7 TH 33,953.0 -4,232.0 -4,077.0
ALTRIA GROUP INC MO CI 33,953.0 -4,232.0 -4,077.0
ALTRIA GROUP INC PHM7 QT 33,953.0 -4,232.0 -4,077.0
ALTRIA GROUP INC MOUSD SW 33,953.0 -4,232.0 -4,077.0
ALTRIA GROUP INC PHM7 GZ 33,953.0 -4,232.0 -4,077.0
ALTRIA GROUP INC 0R31 LI 33,953.0 -4,232.0 -4,077.0
ALTRIA GROUP INC ALTR AV 33,953.0 -4,232.0 -4,077.0
ALTRIA GROUP INC MOEUR EZ 33,953.0 -4,232.0 -4,077.0
ALTRIA GROUP INC MO-RM RM 33,953.0 -4,232.0 -4,077.0
ALTRIA GROUP INC PHM7 BU 33,953.0 -4,232.0 -4,077.0
ALTRIA GROUP-BDR MOOO34 BZ 33,953.0 -4,232.0 -4,077.0
AMC ENTERTAINMEN AMC US 9,206.1 -2,579.0 -717.4
AMC ENTERTAINMEN AH9 GR 9,206.1 -2,579.0 -717.4
AMC ENTERTAINMEN AMC4EUR EU 9,206.1 -2,579.0 -717.4
AMC ENTERTAINMEN AH9 TH 9,206.1 -2,579.0 -717.4
AMC ENTERTAINMEN AH9 QT 9,206.1 -2,579.0 -717.4
AMC ENTERTAINMEN AMC* MM 9,206.1 -2,579.0 -717.4
AMC ENTERTAINMEN AH9 GZ 9,206.1 -2,579.0 -717.4
AMC ENTERTAINMEN AH9 SW 9,206.1 -2,579.0 -717.4
AMC ENTERTAINMEN AMC-RM RM 9,206.1 -2,579.0 -717.4
AMC ENTERTAINMEN A2MC34 BZ 9,206.1 -2,579.0 -717.4
AMC ENTERTAINMEN APE* MM 9,206.1 -2,579.0 -717.4
AMC ENTERTAINMEN AH9 BU 9,206.1 -2,579.0 -717.4
AMERICAN AIR-BDR AALL34 BZ 66,652.0 -7,893.0 -4,593.0
AMERICAN AIRLINE AAL US 66,652.0 -7,893.0 -4,593.0
AMERICAN AIRLINE A1G GR 66,652.0 -7,893.0 -4,593.0
AMERICAN AIRLINE AAL* MM 66,652.0 -7,893.0 -4,593.0
AMERICAN AIRLINE A1G TH 66,652.0 -7,893.0 -4,593.0
AMERICAN AIRLINE A1G QT 66,652.0 -7,893.0 -4,593.0
AMERICAN AIRLINE A1G GZ 66,652.0 -7,893.0 -4,593.0
AMERICAN AIRLINE AAL11EUR EU 66,652.0 -7,893.0 -4,593.0
AMERICAN AIRLINE AAL AV 66,652.0 -7,893.0 -4,593.0
AMERICAN AIRLINE AAL TE 66,652.0 -7,893.0 -4,593.0
AMERICAN AIRLINE A1G SW 66,652.0 -7,893.0 -4,593.0
AMERICAN AIRLINE 0HE6 LI 66,652.0 -7,893.0 -4,593.0
AMERICAN AIRLINE AAL11EUR EZ 66,652.0 -7,893.0 -4,593.0
AMERICAN AIRLINE AAL-RM RM 66,652.0 -7,893.0 -4,593.0
AMERICAN AIRLINE AAL_KZ KZ 66,652.0 -7,893.0 -4,593.0
AMPLIFY ENERGY C AMPY US 456.5 -83.4 -78.1
AMPLIFY ENERGY C 2OQ GR 456.5 -83.4 -78.1
AMPLIFY ENERGY C MPO2EUR EU 456.5 -83.4 -78.1
AMPLIFY ENERGY C 2OQ TH 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
AMPRIUS TECHNOLO AMPX US 0.1 -0.0 -0.0
AMYRIS INC AMRS* MM 789.4 -243.6 123.0
AMYRIS INC A2MR34 BZ 789.4 -243.6 123.0
AON PLC-CLASS A AON US 31,223.0 -670.0 488.0
AON PLC-CLASS A 4VK GR 31,223.0 -670.0 488.0
AON PLC-CLASS A 4VK QT 31,223.0 -670.0 488.0
AON PLC-CLASS A 4VK TH 31,223.0 -670.0 488.0
AON PLC-CLASS A AON1EUR EU 31,223.0 -670.0 488.0
AON PLC-CLASS A AONN MM 31,223.0 -670.0 488.0
AON PLC-CLASS A 4VK GZ 31,223.0 -670.0 488.0
ARCH BIOPARTNERS ARCH CN 1.8 -4.0 -0.6
ARENA GROUP HOLD AREN US 186.4 -20.6 -34.2
ASHFORD HOSPITAL AHD GR 4,030.2 -44.4 0.0
ASHFORD HOSPITAL AHT US 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 15,275.0 -3,538.9 -1,960.4
AUTOZONE INC AZ5 TH 15,275.0 -3,538.9 -1,960.4
AUTOZONE INC AZ5 GR 15,275.0 -3,538.9 -1,960.4
AUTOZONE INC AZOEUR EU 15,275.0 -3,538.9 -1,960.4
AUTOZONE INC AZ5 QT 15,275.0 -3,538.9 -1,960.4
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BATTERY FUTURE A BFAC/U US 353.5 346.7 0.3
BATTERY FUTURE-A BFAC US 353.5 346.7 0.3
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CINEPLEX INC CGX CN 2,089.7 -222.0 -293.3
CINEPLEX INC CX0 GR 2,089.7 -222.0 -293.3
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FAIR ISAAC CORP FICO US 1,442.0 -801.9 153.3
FAIR ISAAC CORP FICOEUR EU 1,442.0 -801.9 153.3
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FERRELLGAS PAR-B FGPRB US 1,608.1 -236.5 194.3
FERRELLGAS-LP FGPR US 1,608.1 -236.5 194.3
FLUENCE ENERGY I FLNC US 1,672.6 671.1 556.7
FORTINET INC FTNT US 5,335.9 -622.8 202.6
FORTINET INC FO8 TH 5,335.9 -622.8 202.6
FORTINET INC FO8 GR 5,335.9 -622.8 202.6
FORTINET INC FTNTEUR EU 5,335.9 -622.8 202.6
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FORTINET INC-BDR F1TN34 BZ 5,335.9 -622.8 202.6
GARTNER INC GGRA GR 6,526.0 -64.9 -1,105.6
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GARTNER-BDR G1AR34 BZ 6,526.0 -64.9 -1,105.6
GCM GROSVENOR-A GCMG US 507.8 -45.0 119.3
GODADDY INC -BDR G2DD34 BZ 7,072.9 -276.0 -705.7
GODADDY INC-A GDDY US 7,072.9 -276.0 -705.7
GODADDY INC-A 38D GR 7,072.9 -276.0 -705.7
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GOGO INC GOGO US 728.6 -128.3 212.5
GOGO INC G0G GR 728.6 -128.3 212.5
GOGO INC G0G QT 728.6 -128.3 212.5
GOGO INC GOGOEUR EU 728.6 -128.3 212.5
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GOOSEHEAD INSU-A GSHD US 324.0 -45.7 33.1
GOOSEHEAD INSU-A 2OX GR 324.0 -45.7 33.1
GOOSEHEAD INSU-A GSHDEUR EU 324.0 -45.7 33.1
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GOOSEHEAD INSU-A 2OX QT 324.0 -45.7 33.1
H&R BLOCK - BDR H1RB34 BZ 2,559.2 -265.0 -65.8
H&R BLOCK INC HRB US 2,559.2 -265.0 -65.8
H&R BLOCK INC HRB GR 2,559.2 -265.0 -65.8
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H&R BLOCK INC HRB QT 2,559.2 -265.0 -65.8
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H&R BLOCK INC HRB-RM RM 2,559.2 -265.0 -65.8
HCA HEALTHC-BDR H1CA34 BZ 51,484.0 -778.0 3,697.0
HCA HEALTHCARE I 2BH GR 51,484.0 -778.0 3,697.0
HCA HEALTHCARE I HCA US 51,484.0 -778.0 3,697.0
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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 WORLDWIDE HLT US 15,508.0 -914.0 -389.0
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HP INC HPQ US 39,247.0 -2,318.0 -3,813.0
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IMMUNITYBIO INC IBRX US 352.9 -429.1 72.3
IMMUNITYBIO INC 26CA GR 352.9 -429.1 72.3
IMMUNITYBIO INC 26CA TH 352.9 -429.1 72.3
IMMUNITYBIO INC NK1EUR EU 352.9 -429.1 72.3
IMMUNITYBIO INC 26CA GZ 352.9 -429.1 72.3
IMMUNITYBIO INC NK1EUR EZ 352.9 -429.1 72.3
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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
INSEEGO CORP INSG-RM RM 184.4 -55.8 29.0
INSMED INC INSM US 994.8 -30.0 494.5
INSMED INC IM8N GR 994.8 -30.0 494.5
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INSPIRED ENTERTA INSE US 300.3 -57.1 48.8
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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
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J. JILL INC 1MJ1 GZ 460.3 -11.8 22.8
JACK IN THE BOX JBX GR 2,863.8 -767.9 -262.9
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KARYOPHARM THERA 25K GR 231.2 -140.3 160.9
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KARYOPHARM THERA 25K TH 231.2 -140.3 160.9
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KLX ENERGY SERVI KLXE US 415.4 -69.3 54.7
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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 2,625.8 -305.2 662.4
LENNOX INTL INC LII US 2,625.8 -305.2 662.4
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LESLIE'S INC LESL US 1,117.0 -258.8 199.4
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LINDBLAD EXPEDIT LIND US 811.5 -55.1 -126.4
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MADISON SQUARE G MSGS US 1,345.9 -171.9 -302.1
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MANNKIND CORP NNFN GR 293.8 -237.7 158.8
MANNKIND CORP MNKD US 293.8 -237.7 158.8
MANNKIND CORP NNFN TH 293.8 -237.7 158.8
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MANNKIND CORP MNKDEUR EU 293.8 -237.7 158.8
MANNKIND CORP MNKDEUR EZ 293.8 -237.7 158.8
MANNKIND CORP NNFN GZ 293.8 -237.7 158.8
MARKETWISE INC MKTW* MM 426.6 -359.6 -124.1
MASCO CORP MAS US 5,417.0 -416.0 1,040.0
MASCO CORP MSQ GR 5,417.0 -416.0 1,040.0
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MATCH GROUP INC 0JZ7 LI 3,914.5 -698.5 103.8
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MATCH GROUP INC MTCH1* MM 3,914.5 -698.5 103.8
MATCH GROUP INC 4MGN TH 3,914.5 -698.5 103.8
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MATCH GROUP INC MTCH-RM RM 3,914.5 -698.5 103.8
MBIA INC MBI US 4,067.0 -735.0 0.0
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MCDONALD'S - CDR MCDS CN 48,501.6 -6,566.2 2,254.7
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MCDONALDS CORP MDO QT 48,501.6 -6,566.2 2,254.7
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MCKESSON CORP MCK TH 63,081.0 -1,249.0 -1,909.0
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MEDIAALPHA INC-A MAX US 265.2 -68.4 6.0
METTLER-TO - BDR M1TD34 BZ 3,294.5 -82.8 151.0
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MICROSTRATEGY MSTREUR EU 2,545.3 -200.3 -58.2
MICROSTRATEGY MIGA SW 2,545.3 -200.3 -58.2
MICROSTRATEGY MIGA TH 2,545.3 -200.3 -58.2
MICROSTRATEGY MIGA QT 2,545.3 -200.3 -58.2
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MICROSTRATEGY MSTR* MM 2,545.3 -200.3 -58.2
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MONEYGRAM INTERN MGI US 4,389.1 -186.4 -11.3
MONEYGRAM INTERN 9M1N GR 4,389.1 -186.4 -11.3
MONEYGRAM INTERN 9M1N QT 4,389.1 -186.4 -11.3
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MONEYGRAM INTERN MGIEUR EU 4,389.1 -186.4 -11.3
MOTOROLA SOL-BDR M1SI34 BZ 11,625.0 -394.0 939.0
MOTOROLA SOL-CED MSI AR 11,625.0 -394.0 939.0
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MSCI INC 3HM GR 4,777.5 -1,077.4 459.7
MSCI INC MSCI US 4,777.5 -1,077.4 459.7
MSCI INC 3HM QT 4,777.5 -1,077.4 459.7
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MSCI INC MSCI* MM 4,777.5 -1,077.4 459.7
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MSCI INC 3HM GZ 4,777.5 -1,077.4 459.7
MSCI INC 3HM TH 4,777.5 -1,077.4 459.7
MSCI INC MSCI AV 4,777.5 -1,077.4 459.7
MSCI INC MSCI-RM RM 4,777.5 -1,077.4 459.7
MSCI INC-BDR M1SC34 BZ 4,777.5 -1,077.4 459.7
N/A CC-RM RM 2,846.3 -248.1 282.3
NATHANS FAMOUS NATH US 84.0 -47.5 56.6
NATHANS FAMOUS NFA GR 84.0 -47.5 56.6
NATHANS FAMOUS NATHEUR EU 84.0 -47.5 56.6
NEW ENG RLTY-LP NEN US 389.9 -59.4 0.0
NEXTSOURCE MATER NEXT CN 27.1 -35.9 -42.5
NINE ENERGY SERV NINE US 407.5 -32.1 86.0
NINE ENERGY SERV NEJ GR 407.5 -32.1 86.0
NINE ENERGY SERV NINE1EUR EU 407.5 -32.1 86.0
NINE ENERGY SERV NINE1EUR EZ 407.5 -32.1 86.0
NINE ENERGY SERV NEJ GZ 407.5 -32.1 86.0
NINE ENERGY SERV NEJ TH 407.5 -32.1 86.0
NINE ENERGY SERV NEJ QT 407.5 -32.1 86.0
NOVAVAX INC NVV1 GR 2,267.4 -566.0 92.0
NOVAVAX INC NVAX US 2,267.4 -566.0 92.0
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NOVAVAX INC NVAXEUR EU 2,267.4 -566.0 92.0
NOVAVAX INC NVV1 GZ 2,267.4 -566.0 92.0
NOVAVAX INC NVV1 SW 2,267.4 -566.0 92.0
NOVAVAX INC NVAX* MM 2,267.4 -566.0 92.0
NOVAVAX INC 0A3S LI 2,267.4 -566.0 92.0
NOVAVAX INC NVV1 BU 2,267.4 -566.0 92.0
NUTANIX INC - A NTNX US 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 0NU GZ 2,365.7 -790.2 507.8
NUTANIX INC - A NTNXEUR EZ 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 12,238.0 -1,205.5 -2,080.7
O'REILLY AUTOMOT OM6 GR 12,238.0 -1,205.5 -2,080.7
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O'REILLY AUTOMOT OM6 TH 12,238.0 -1,205.5 -2,080.7
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O'REILLY AUTOMOT ORLY AV 12,238.0 -1,205.5 -2,080.7
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OAK STREET HEALT OSH US 2,100.5 -155.6 509.6
OAK STREET HEALT HE6 GZ 2,100.5 -155.6 509.6
OAK STREET HEALT HE6 GR 2,100.5 -155.6 509.6
OAK STREET HEALT OSH3EUR EU 2,100.5 -155.6 509.6
OAK STREET HEALT HE6 TH 2,100.5 -155.6 509.6
OAK STREET HEALT HE6 QT 2,100.5 -155.6 509.6
OAK STREET HEALT OSH* MM 2,100.5 -155.6 509.6
ORACLE BDR ORCL34 BZ 130,309.0 -5,449.0 -13,815.0
ORACLE CO-CEDEAR ORCLC AR 130,309.0 -5,449.0 -13,815.0
ORACLE CO-CEDEAR ORCL AR 130,309.0 -5,449.0 -13,815.0
ORACLE CO-CEDEAR ORCLD AR 130,309.0 -5,449.0 -13,815.0
ORACLE CORP ORCL US 130,309.0 -5,449.0 -13,815.0
ORACLE CORP ORC GR 130,309.0 -5,449.0 -13,815.0
ORACLE CORP ORCL* MM 130,309.0 -5,449.0 -13,815.0
ORACLE CORP ORCL TE 130,309.0 -5,449.0 -13,815.0
ORACLE CORP ORC TH 130,309.0 -5,449.0 -13,815.0
ORACLE CORP ORCL CI 130,309.0 -5,449.0 -13,815.0
ORACLE CORP ORCL SW 130,309.0 -5,449.0 -13,815.0
ORACLE CORP ORCLEUR EU 130,309.0 -5,449.0 -13,815.0
ORACLE CORP ORC QT 130,309.0 -5,449.0 -13,815.0
ORACLE CORP ORCLUSD SW 130,309.0 -5,449.0 -13,815.0
ORACLE CORP ORC GZ 130,309.0 -5,449.0 -13,815.0
ORACLE CORP 0R1Z LN 130,309.0 -5,449.0 -13,815.0
ORACLE CORP ORCL AV 130,309.0 -5,449.0 -13,815.0
ORACLE CORP ORCLEUR EZ 130,309.0 -5,449.0 -13,815.0
ORACLE CORP ORCLCL CI 130,309.0 -5,449.0 -13,815.0
ORACLE CORP ORCL-RM RM 130,309.0 -5,449.0 -13,815.0
ORGANON & CO OGN US 10,614.0 -1,137.0 1,378.0
ORGANON & CO 7XP TH 10,614.0 -1,137.0 1,378.0
ORGANON & CO OGN-WEUR EU 10,614.0 -1,137.0 1,378.0
ORGANON & CO 7XP GR 10,614.0 -1,137.0 1,378.0
ORGANON & CO OGN* MM 10,614.0 -1,137.0 1,378.0
ORGANON & CO 7XP GZ 10,614.0 -1,137.0 1,378.0
ORGANON & CO 7XP QT 10,614.0 -1,137.0 1,378.0
ORGANON & CO OGN-RM RM 10,614.0 -1,137.0 1,378.0
OTIS WORLDWI OTIS US 9,342.0 -4,733.0 -163.0
OTIS WORLDWI 4PG GR 9,342.0 -4,733.0 -163.0
OTIS WORLDWI 4PG GZ 9,342.0 -4,733.0 -163.0
OTIS WORLDWI OTISEUR EZ 9,342.0 -4,733.0 -163.0
OTIS WORLDWI OTISEUR EU 9,342.0 -4,733.0 -163.0
OTIS WORLDWI OTIS* MM 9,342.0 -4,733.0 -163.0
OTIS WORLDWI 4PG TH 9,342.0 -4,733.0 -163.0
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OTIS WORLDWI OTIS AV 9,342.0 -4,733.0 -163.0
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OTIS WORLDWI-BDR O1TI34 BZ 9,342.0 -4,733.0 -163.0
OYSTER POINT PHA OYST US 109.2 -22.2 68.5
PAPA JOHN'S INTL PZZA US 829.7 -257.4 -24.2
PAPA JOHN'S INTL PP1 GR 829.7 -257.4 -24.2
PAPA JOHN'S INTL PZZAEUR EU 829.7 -257.4 -24.2
PAPA JOHN'S INTL PP1 GZ 829.7 -257.4 -24.2
PAPA JOHN'S INTL PP1 TH 829.7 -257.4 -24.2
PAPA JOHN'S INTL PP1 QT 829.7 -257.4 -24.2
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 697.3 -25.3 68.9
PETRO USA INC PBAJ US 0.0 -0.1 -0.1
PHATHOM PHARMACE PHAT US 201.9 -7.0 188.2
PHILIP MORRI-BDR PHMO34 BZ 40,717.0 -7,403.0 -1,737.0
PHILIP MORRIS IN PM1EUR EU 40,717.0 -7,403.0 -1,737.0
PHILIP MORRIS IN PMI SW 40,717.0 -7,403.0 -1,737.0
PHILIP MORRIS IN PM1 TE 40,717.0 -7,403.0 -1,737.0
PHILIP MORRIS IN 4I1 TH 40,717.0 -7,403.0 -1,737.0
PHILIP MORRIS IN PM1CHF EU 40,717.0 -7,403.0 -1,737.0
PHILIP MORRIS IN 4I1 GR 40,717.0 -7,403.0 -1,737.0
PHILIP MORRIS IN PM US 40,717.0 -7,403.0 -1,737.0
PHILIP MORRIS IN PMIZ IX 40,717.0 -7,403.0 -1,737.0
PHILIP MORRIS IN PMIZ EB 40,717.0 -7,403.0 -1,737.0
PHILIP MORRIS IN 4I1 QT 40,717.0 -7,403.0 -1,737.0
PHILIP MORRIS IN 4I1 GZ 40,717.0 -7,403.0 -1,737.0
PHILIP MORRIS IN 0M8V LN 40,717.0 -7,403.0 -1,737.0
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PHILIP MORRIS IN PM1EUR EZ 40,717.0 -7,403.0 -1,737.0
PHILIP MORRIS IN PM-RM RM 40,717.0 -7,403.0 -1,737.0
PITNEY BOW-CED PBI AR 4,593.1 -8.3 111.3
PITNEY BOWES INC PBW GR 4,593.1 -8.3 111.3
PITNEY BOWES INC PBI US 4,593.1 -8.3 111.3
PITNEY BOWES INC PBW TH 4,593.1 -8.3 111.3
PITNEY BOWES INC PBIEUR EU 4,593.1 -8.3 111.3
PITNEY BOWES INC PBW QT 4,593.1 -8.3 111.3
PITNEY BOWES INC PBIEUR EZ 4,593.1 -8.3 111.3
PITNEY BOWES INC PBW GZ 4,593.1 -8.3 111.3
PITNEY BOWES INC PBI-RM RM 4,593.1 -8.3 111.3
PLANET FITNESS I P2LN34 BZ 2,846.3 -248.1 282.3
PLANET FITNESS-A PLNT US 2,846.3 -248.1 282.3
PLANET FITNESS-A 3PL TH 2,846.3 -248.1 282.3
PLANET FITNESS-A 3PL GR 2,846.3 -248.1 282.3
PLANET FITNESS-A 3PL QT 2,846.3 -248.1 282.3
PLANET FITNESS-A PLNT1EUR EU 2,846.3 -248.1 282.3
PLANET FITNESS-A PLNT1EUR EZ 2,846.3 -248.1 282.3
PLANET FITNESS-A 3PL GZ 2,846.3 -248.1 282.3
POTBELLY CORP PBPB US 245.8 -8.9 -42.3
POTBELLY CORP PTB GR 245.8 -8.9 -42.3
POTBELLY CORP PTB QT 245.8 -8.9 -42.3
POTBELLY CORP PBPBEUR EU 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 460.9 -27.7 109.1
PROS HOLDINGS IN PRO US 460.9 -27.7 109.1
PROS HOLDINGS IN PRO1EUR EU 460.9 -27.7 109.1
PTC THERAPEUTICS PTCT US 1,576.4 -226.9 97.2
PTC THERAPEUTICS BH3 GR 1,576.4 -226.9 97.2
PTC THERAPEUTICS P91 TH 1,576.4 -226.9 97.2
PTC THERAPEUTICS P91 QT 1,576.4 -226.9 97.2
PTC THERAPEUTICS PTCTEUR EZ 1,576.4 -226.9 97.2
RAPID7 INC RPD US 1,295.5 -142.3 -47.9
RAPID7 INC R7D GR 1,295.5 -142.3 -47.9
RAPID7 INC RPDEUR EU 1,295.5 -142.3 -47.9
RAPID7 INC R7D TH 1,295.5 -142.3 -47.9
RAPID7 INC RPD* MM 1,295.5 -142.3 -47.9
RAPID7 INC R7D GZ 1,295.5 -142.3 -47.9
RAPID7 INC R7D QT 1,295.5 -142.3 -47.9
REDWOODS ACQUISI RWODU US 117.0 111.9 0.6
REVLON INC-A REV* MM 2,520.6 -2,497.1 -6.0
RIMINI STREET IN RMNI US 333.3 -75.4 -61.6
RIMINI STREET IN 0QH GR 333.3 -75.4 -61.6
RIMINI STREET IN RMNIEUR EU 333.3 -75.4 -61.6
RIMINI STREET IN 0QH QT 333.3 -75.4 -61.6
RINGCENTRAL IN-A RNG US 2,315.7 -45.4 135.4
RINGCENTRAL IN-A 3RCA GR 2,315.7 -45.4 135.4
RINGCENTRAL IN-A RNGEUR EU 2,315.7 -45.4 135.4
RINGCENTRAL IN-A 3RCA TH 2,315.7 -45.4 135.4
RINGCENTRAL IN-A 3RCA QT 2,315.7 -45.4 135.4
RINGCENTRAL IN-A RNGEUR EZ 2,315.7 -45.4 135.4
RINGCENTRAL IN-A RNG* MM 2,315.7 -45.4 135.4
RINGCENTRAL IN-A 3RCA GZ 2,315.7 -45.4 135.4
RINGCENTRAL-BDR R2NG34 BZ 2,315.7 -45.4 135.4
RITE AID CORP RAD US 8,367.1 -336.4 922.1
RITE AID CORP RTA1 GR 8,367.1 -336.4 922.1
RITE AID CORP RTA1 TH 8,367.1 -336.4 922.1
RITE AID CORP RTA1 QT 8,367.1 -336.4 922.1
RITE AID CORP RADEUR EU 8,367.1 -336.4 922.1
RITE AID CORP RTA1 GZ 8,367.1 -336.4 922.1
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 5,019.6 -732.0 655.0
SABRE CORP 19S GR 5,019.6 -732.0 655.0
SABRE CORP 19S TH 5,019.6 -732.0 655.0
SABRE CORP 19S QT 5,019.6 -732.0 655.0
SABRE CORP SABREUR EU 5,019.6 -732.0 655.0
SABRE CORP SABREUR EZ 5,019.6 -732.0 655.0
SABRE CORP 19S GZ 5,019.6 -732.0 655.0
SBA COMM CORP 4SB GR 9,942.4 -5,324.2 -801.9
SBA COMM CORP SBAC US 9,942.4 -5,324.2 -801.9
SBA COMM CORP 4SB TH 9,942.4 -5,324.2 -801.9
SBA COMM CORP 4SB QT 9,942.4 -5,324.2 -801.9
SBA COMM CORP SBACEUR EU 9,942.4 -5,324.2 -801.9
SBA COMM CORP 4SB GZ 9,942.4 -5,324.2 -801.9
SBA COMM CORP SBAC* MM 9,942.4 -5,324.2 -801.9
SBA COMM CORP SBACEUR EZ 9,942.4 -5,324.2 -801.9
SBA COMMUN - BDR S1BA34 BZ 9,942.4 -5,324.2 -801.9
SCPHARMACEUTICAL SCPH US 48.4 -217.3 45.4
SCPHARMACEUTICAL SCPHEUR EU 48.4 -217.3 45.4
SCPHARMACEUTICAL 2SX TH 48.4 -217.3 45.4
SCPHARMACEUTICAL 2SX GR 48.4 -217.3 45.4
SCPHARMACEUTICAL 2SX GZ 48.4 -217.3 45.4
SCPHARMACEUTICAL 2SX QT 48.4 -217.3 45.4
SEAGATE TECHNOLO S1TX34 BZ 8,611.0 -351.0 602.0
SEAGATE TECHNOLO STXN MM 8,611.0 -351.0 602.0
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SEAGATE TECHNOLO 847 GZ 8,611.0 -351.0 602.0
SEAGATE TECHNOLO STX4EUR EU 8,611.0 -351.0 602.0
SEAGATE TECHNOLO 847 TH 8,611.0 -351.0 602.0
SEAGATE TECHNOLO STXH AV 8,611.0 -351.0 602.0
SEAGATE TECHNOLO 847 QT 8,611.0 -351.0 602.0
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SEAWORLD ENTERTA SEAS US 2,355.5 -420.3 -153.8
SEAWORLD ENTERTA W2L GR 2,355.5 -420.3 -153.8
SEAWORLD ENTERTA W2L TH 2,355.5 -420.3 -153.8
SEAWORLD ENTERTA SEASEUR EU 2,355.5 -420.3 -153.8
SEAWORLD ENTERTA W2L QT 2,355.5 -420.3 -153.8
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SILVER SPIKE-A SPKC/U CN 128.5 -6.3 0.5
SIRIUS XM HOLDIN SIRI US 10,059.0 -3,616.0 -1,719.0
SIRIUS XM HOLDIN RDO TH 10,059.0 -3,616.0 -1,719.0
SIRIUS XM HOLDIN RDO GR 10,059.0 -3,616.0 -1,719.0
SIRIUS XM HOLDIN RDO QT 10,059.0 -3,616.0 -1,719.0
SIRIUS XM HOLDIN SIRIEUR EU 10,059.0 -3,616.0 -1,719.0
SIRIUS XM HOLDIN RDO GZ 10,059.0 -3,616.0 -1,719.0
SIRIUS XM HOLDIN SIRI AV 10,059.0 -3,616.0 -1,719.0
SIRIUS XM HOLDIN SIRIEUR EZ 10,059.0 -3,616.0 -1,719.0
SIX FLAGS ENTERT SIX US 2,704.1 -421.8 -212.8
SIX FLAGS ENTERT 6FE GR 2,704.1 -421.8 -212.8
SIX FLAGS ENTERT SIXEUR EU 2,704.1 -421.8 -212.8
SIX FLAGS ENTERT 6FE TH 2,704.1 -421.8 -212.8
SIX FLAGS ENTERT 6FE QT 2,704.1 -421.8 -212.8
SLEEP NUMBER COR SNBR US 940.8 -437.5 -725.6
SLEEP NUMBER COR SL2 GR 940.8 -437.5 -725.6
SLEEP NUMBER COR SNBREUR EU 940.8 -437.5 -725.6
SLEEP NUMBER COR SL2 TH 940.8 -437.5 -725.6
SLEEP NUMBER COR SL2 QT 940.8 -437.5 -725.6
SLEEP NUMBER COR SL2 GZ 940.8 -437.5 -725.6
SMILEDIRECTCLUB SDC* MM 631.8 -321.9 190.3
SPIRIT AEROSYS-A S9Q GR 6,713.6 -45.6 932.8
SPIRIT AEROSYS-A SPR US 6,713.6 -45.6 932.8
SPIRIT AEROSYS-A S9Q TH 6,713.6 -45.6 932.8
SPIRIT AEROSYS-A SPREUR EU 6,713.6 -45.6 932.8
SPIRIT AEROSYS-A S9Q QT 6,713.6 -45.6 932.8
SPIRIT AEROSYS-A S9Q GZ 6,713.6 -45.6 932.8
SPIRIT AEROSYS-A SPR-RM RM 6,713.6 -45.6 932.8
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 QT 5,209.6 -684.0 1,097.4
SPLUNK INC SPLKEUR EU 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 S0U GZ 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 IN-A SQSP US 962.8 -62.1 -98.7
SQUARESPACE IN-A 8DT GR 962.8 -62.1 -98.7
SQUARESPACE IN-A 8DT GZ 962.8 -62.1 -98.7
SQUARESPACE IN-A SQSPEUR EU 962.8 -62.1 -98.7
SQUARESPACE IN-A 8DT TH 962.8 -62.1 -98.7
SQUARESPACE IN-A 8DT QT 962.8 -62.1 -98.7
STARBUCKS CORP SBUX US 27,978.4 -8,698.7 -2,133.1
STARBUCKS CORP SBUX* MM 27,978.4 -8,698.7 -2,133.1
STARBUCKS CORP SRB TH 27,978.4 -8,698.7 -2,133.1
STARBUCKS CORP SRB GR 27,978.4 -8,698.7 -2,133.1
STARBUCKS CORP SBUX CI 27,978.4 -8,698.7 -2,133.1
STARBUCKS CORP SBUX SW 27,978.4 -8,698.7 -2,133.1
STARBUCKS CORP SRB QT 27,978.4 -8,698.7 -2,133.1
STARBUCKS CORP SBUX PE 27,978.4 -8,698.7 -2,133.1
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STARBUCKS CORP SRB GZ 27,978.4 -8,698.7 -2,133.1
STARBUCKS CORP SBUX AV 27,978.4 -8,698.7 -2,133.1
STARBUCKS CORP SBUX TE 27,978.4 -8,698.7 -2,133.1
STARBUCKS CORP SBUXEUR EU 27,978.4 -8,698.7 -2,133.1
STARBUCKS CORP SBUX IM 27,978.4 -8,698.7 -2,133.1
STARBUCKS CORP SBUXEUR EZ 27,978.4 -8,698.7 -2,133.1
STARBUCKS CORP 0QZH LI 27,978.4 -8,698.7 -2,133.1
STARBUCKS CORP SBUX-RM RM 27,978.4 -8,698.7 -2,133.1
STARBUCKS CORP SBUXCL CI 27,978.4 -8,698.7 -2,133.1
STARBUCKS CORP SBUX_KZ KZ 27,978.4 -8,698.7 -2,133.1
STARBUCKS CORP SRBD BQ 27,978.4 -8,698.7 -2,133.1
STARBUCKS-BDR SBUB34 BZ 27,978.4 -8,698.7 -2,133.1
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STARBUCKS-CEDEAR SBUXD AR 27,978.4 -8,698.7 -2,133.1
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 TPD GR 4,351.7 -143.3 198.5
TEMPUR SEALY INT TPX US 4,351.7 -143.3 198.5
TEMPUR SEALY INT TPXEUR EU 4,351.7 -143.3 198.5
TEMPUR SEALY INT TPD TH 4,351.7 -143.3 198.5
TEMPUR SEALY INT TPD GZ 4,351.7 -143.3 198.5
TEMPUR SEALY INT T2PX34 BZ 4,351.7 -143.3 198.5
TEMPUR SEALY INT TPX-RM RM 4,351.7 -143.3 198.5
TENNECO INC-A TNN GR 10,952.0 -208.0 -559.0
TENNECO INC-A TEN US 10,952.0 -208.0 -559.0
TENNECO INC-A TEN1EUR EU 10,952.0 -208.0 -559.0
TENNECO INC-A TNN TH 10,952.0 -208.0 -559.0
TENNECO INC-A TNN GZ 10,952.0 -208.0 -559.0
TORRID HOLDINGS CURV US 556.6 -238.7 -56.4
TRANSDIGM - BDR T1DG34 BZ 5,300.0 -2,968.0 3,874.0
TRANSDIGM GROUP T7D GR 5,300.0 -2,968.0 3,874.0
TRANSDIGM GROUP TDG US 5,300.0 -2,968.0 3,874.0
TRANSDIGM GROUP T7D QT 5,300.0 -2,968.0 3,874.0
TRANSDIGM GROUP TDGEUR EU 5,300.0 -2,968.0 3,874.0
TRANSDIGM GROUP T7D TH 5,300.0 -2,968.0 3,874.0
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TRAVEL + LEISURE WD5A GR 6,380.0 -903.0 513.0
TRAVEL + LEISURE TNL US 6,380.0 -903.0 513.0
TRAVEL + LEISURE WD5A TH 6,380.0 -903.0 513.0
TRAVEL + LEISURE WD5A QT 6,380.0 -903.0 513.0
TRAVEL + LEISURE WYNEUR EU 6,380.0 -903.0 513.0
TRAVEL + LEISURE 0M1K LI 6,380.0 -903.0 513.0
TRAVEL + LEISURE WD5A GZ 6,380.0 -903.0 513.0
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TRIUMPH GROUP TG7 GR 1,568.3 -702.1 443.5
TRIUMPH GROUP TGI US 1,568.3 -702.1 443.5
TRIUMPH GROUP TGIEUR EU 1,568.3 -702.1 443.5
TRIUMPH GROUP TG7 TH 1,568.3 -702.1 443.5
TRIUMPH GROUP TG7 GZ 1,568.3 -702.1 443.5
TUPPERWARE BRAND TUP US 1,053.6 -175.4 108.1
TUPPERWARE BRAND TUP GR 1,053.6 -175.4 108.1
TUPPERWARE BRAND TUP QT 1,053.6 -175.4 108.1
TUPPERWARE BRAND TUP GZ 1,053.6 -175.4 108.1
TUPPERWARE BRAND TUP TH 1,053.6 -175.4 108.1
TUPPERWARE BRAND TUP1EUR EU 1,053.6 -175.4 108.1
TUPPERWARE BRAND TUP1EUR EZ 1,053.6 -175.4 108.1
UBIQUITI INC 3UB GR 937.2 -325.5 350.1
UBIQUITI INC UI US 937.2 -325.5 350.1
UBIQUITI INC UBNTEUR EU 937.2 -325.5 350.1
UBIQUITI INC 3UB TH 937.2 -325.5 350.1
UNISYS CORP UISEUR EU 2,042.9 -135.3 236.4
UNISYS CORP UIS US 2,042.9 -135.3 236.4
UNISYS CORP UIS SW 2,042.9 -135.3 236.4
UNISYS CORP USY1 TH 2,042.9 -135.3 236.4
UNISYS CORP USY1 GR 2,042.9 -135.3 236.4
UNISYS CORP USY1 GZ 2,042.9 -135.3 236.4
UNISYS CORP USY1 QT 2,042.9 -135.3 236.4
UNISYS CORP UISEUR EZ 2,042.9 -135.3 236.4
UNITI GROUP INC UNIT US 4,811.0 -2,260.2 0.0
UNITI GROUP INC 8XC GR 4,811.0 -2,260.2 0.0
UNITI GROUP INC 8XC TH 4,811.0 -2,260.2 0.0
UNITI GROUP INC 8XC GZ 4,811.0 -2,260.2 0.0
UROGEN PHARMA LT URGN US 128.5 -63.1 102.6
UROGEN PHARMA LT UR8 GR 128.5 -63.1 102.6
UROGEN PHARMA LT URGNEUR EU 128.5 -63.1 102.6
VECTOR GROUP LTD VGR GR 994.6 -830.9 296.9
VECTOR GROUP LTD VGR US 994.6 -830.9 296.9
VECTOR GROUP LTD VGR QT 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 GZ 994.6 -830.9 296.9
VERISIGN INC VRS TH 1,744.4 -1,542.4 -46.6
VERISIGN INC VRS GR 1,744.4 -1,542.4 -46.6
VERISIGN INC VRSN US 1,744.4 -1,542.4 -46.6
VERISIGN INC VRS QT 1,744.4 -1,542.4 -46.6
VERISIGN INC VRSNEUR EU 1,744.4 -1,542.4 -46.6
VERISIGN INC VRS GZ 1,744.4 -1,542.4 -46.6
VERISIGN INC VRSN* MM 1,744.4 -1,542.4 -46.6
VERISIGN INC VRSNEUR EZ 1,744.4 -1,542.4 -46.6
VERISIGN INC VRSN-RM RM 1,744.4 -1,542.4 -46.6
VERISIGN INC-BDR VRSN34 BZ 1,744.4 -1,542.4 -46.6
VERISIGN-CEDEAR VRSN AR 1,744.4 -1,542.4 -46.6
VIVINT SMART HOM VVNT US 2,959.0 -1,740.2 -528.4
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 3,653.0 -2,378.0 43.0
WAYFAIR INC- A 1WF GR 3,653.0 -2,378.0 43.0
WAYFAIR INC- A 1WF TH 3,653.0 -2,378.0 43.0
WAYFAIR INC- A WEUR EU 3,653.0 -2,378.0 43.0
WAYFAIR INC- A 1WF QT 3,653.0 -2,378.0 43.0
WAYFAIR INC- A WEUR EZ 3,653.0 -2,378.0 43.0
WAYFAIR INC- A 1WF GZ 3,653.0 -2,378.0 43.0
WAYFAIR INC- A W* MM 3,653.0 -2,378.0 43.0
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 WE* MM 19,638.0 -2,317.0 -889.0
WINGSTOP INC WING US 411.0 -406.6 162.4
WINGSTOP INC EWG GR 411.0 -406.6 162.4
WINGSTOP INC WING1EUR EU 411.0 -406.6 162.4
WINGSTOP INC EWG GZ 411.0 -406.6 162.4
WINMARK CORP WINA US 33.7 -60.4 9.6
WINMARK CORP GBZ GR 33.7 -60.4 9.6
WORKIVA INC WK US 776.6 -5.5 192.1
WORKIVA INC 0WKA GR 776.6 -5.5 192.1
WORKIVA INC WKEUR EU 776.6 -5.5 192.1
WORKIVA INC 0WKA TH 776.6 -5.5 192.1
WORKIVA INC 0WKA QT 776.6 -5.5 192.1
WORKIVA INC WK* MM 776.6 -5.5 192.1
WW INTERNATIONAL WW US 1,092.8 -659.5 89.8
WW INTERNATIONAL WW6 GR 1,092.8 -659.5 89.8
WW INTERNATIONAL WW6 TH 1,092.8 -659.5 89.8
WW INTERNATIONAL WTWEUR EU 1,092.8 -659.5 89.8
WW INTERNATIONAL WW6 QT 1,092.8 -659.5 89.8
WW INTERNATIONAL WW6 GZ 1,092.8 -659.5 89.8
WW INTERNATIONAL WW6 SW 1,092.8 -659.5 89.8
WW INTERNATIONAL WTW AV 1,092.8 -659.5 89.8
WW INTERNATIONAL WTWEUR EZ 1,092.8 -659.5 89.8
WW INTERNATIONAL WW-RM RM 1,092.8 -659.5 89.8
WYNN RESORTS LTD WYR GR 11,779.3 -1,597.0 688.4
WYNN RESORTS LTD WYNN* MM 11,779.3 -1,597.0 688.4
WYNN RESORTS LTD WYNN US 11,779.3 -1,597.0 688.4
WYNN RESORTS LTD WYR TH 11,779.3 -1,597.0 688.4
WYNN RESORTS LTD WYR QT 11,779.3 -1,597.0 688.4
WYNN RESORTS LTD WYNNEUR EU 11,779.3 -1,597.0 688.4
WYNN RESORTS LTD WYR GZ 11,779.3 -1,597.0 688.4
WYNN RESORTS LTD WYNNEUR EZ 11,779.3 -1,597.0 688.4
WYNN RESORTS LTD WYNN-RM RM 11,779.3 -1,597.0 688.4
WYNN RESORTS-BDR W1YN34 BZ 11,779.3 -1,597.0 688.4
YELLOW CORP YELL US 2,450.9 -335.9 224.9
YELLOW CORP YEL GR 2,450.9 -335.9 224.9
YELLOW CORP YEL1 TH 2,450.9 -335.9 224.9
YELLOW CORP YEL QT 2,450.9 -335.9 224.9
YELLOW CORP YRCWEUR EU 2,450.9 -335.9 224.9
YELLOW CORP YRCWEUR EZ 2,450.9 -335.9 224.9
YELLOW CORP YEL GZ 2,450.9 -335.9 224.9
YUM! BRANDS -BDR YUMR34 BZ 5,779.0 -8,542.0 351.0
YUM! BRANDS INC YUM US 5,779.0 -8,542.0 351.0
YUM! BRANDS INC TGR GR 5,779.0 -8,542.0 351.0
YUM! BRANDS INC TGR TH 5,779.0 -8,542.0 351.0
YUM! BRANDS INC YUMEUR EU 5,779.0 -8,542.0 351.0
YUM! BRANDS INC TGR QT 5,779.0 -8,542.0 351.0
YUM! BRANDS INC YUM SW 5,779.0 -8,542.0 351.0
YUM! BRANDS INC YUMUSD SW 5,779.0 -8,542.0 351.0
YUM! BRANDS INC TGR GZ 5,779.0 -8,542.0 351.0
YUM! BRANDS INC YUM* MM 5,779.0 -8,542.0 351.0
YUM! BRANDS INC YUM AV 5,779.0 -8,542.0 351.0
YUM! BRANDS INC TGR TE 5,779.0 -8,542.0 351.0
YUM! BRANDS INC YUMEUR EZ 5,779.0 -8,542.0 351.0
YUM! BRANDS INC YUM-RM RM 5,779.0 -8,542.0 351.0
*********
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 ***