/raid1/www/Hosts/bankrupt/TCR_Public/221213.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, December 13, 2022, Vol. 26, No. 346
Headlines
1300U SPE: Court Denies Plan Extension; Show Cause Order Entered
21ST CENTURY VALET: Has Deal on Cash Collateral Access
8TH AVENUE FOOD: $100M Bank Debt Trades at 24% Discount
942 PENN RR: Delays Disclosures Hearing to Jan. 5
ACER THERAPEUTICS: CEO Has 16% Stake as of Nov. 29
AMC ENTERTAINMENT: $2B Bank Debt Trades at 52% Discount
ATLAS PURCHASER: $610M Bank Debt Trades at 24% Discount
AVAYA INC: $743M Bank Debt Trades at 52% Discount
AVAYA INC: $800M Bank Debt Trades at 53% Discount
BAYOU CYPRESS: Court OKs Interim Cash Collateral Access
BERTUCCI'S RESTAURANTS: Seeks Chapter 11 for 2nd Time
BERTUCCI'S RESTAURANTS: Wins Cash Collateral Access Thru Jan 2023
BETHELITE COMMUNITY: Taps La Reddola Lester as Special Counsel
BIJOU-CENTURY LLC: Court Confirms Second Amended Plan
BITNILE HOLDINGS: Unit Inks Hosting Agreement With Agora Digital
CARVANA CO: Morgan Stanley Holds 12.4% of Class A Common Shares
CHART INDUSTRIES: S&P Affirms 'B+' ICR, On CreditWatch Positive
CITY BREWING: $850M Bank Debt Trades at 46% Discount
CLOVIS ONCOLOGY: Case Summary & 30 Largest Unsecured Creditors
CODE L STUDIOS: Continued Operations & Property Sale to Fund Plan
COLOUROZ INVESTMENT: $677M Bank Debt Trades at 29% Discount
COMEDYMX LLC: Taps Leech Tishman Fuscaldo & Lampl as Counsel
COMMUNITY LEADERSHIP ACADEMY: S&P Affirms 'BB+' Rev. Bonds Rating
CS GROUP: Files Emergency Bid to Continue Cash Collateral Access
DEPENDABLE MACHINE: Continued Operations to Fund Plan
DIMENSIONS IN SENIOR: Court OKs Cash Access Thru Jan 2023
DIVISION MANAGEMENT: Unsecureds Get Share of Liquidation Fund
EAST COAST WELDING: Disposable Income to Fund Plan Payments
EASTGATE WHITEHOUSE: Taps Rosenberg & Estis as Special Counsel
EL MONTE NATURE: Jan. 23 Plan Confirmation Hearing
EMERALD GRANDE: Seeks to Hire Supple Law Office as Counsel
EMPIRE COUNTERTOPS: Seeks Cash Collateral Access Thru Dec 22
EQUINOX HOLDINGS: S&P Lowers ICR to 'CCC-', Outlook Negative
FEDNAT HOLDING: Case Summary & 30 Largest Unsecured Creditors
FELIX BRACE: Gets Interim OK to Hire Gold Weems Bruser as Counsel
FINANCIAL INVESTMENTS: Debtor has No Unsecured Claims
FIRST FRUITS BUSINESS: Taps Woods Rogers as Special Counsel
FIRST FRUITS: May Continue Using Cash Collateral
FIRST LINE: Seeks to Hire Thompson Law Group as Bankruptcy Counsel
FRASIER CONTRACTING: Taps Hamic, Previte & Sturwold as Accountant
FREE SPEECH: CHWWA, et al. Advise Texas Plaintiffs
FRONTLINE MEDICAL: Unsecureds Will Get 3.9% of Claims in 3 Years
FTX GROUP: U.S. Senators Ask Silvergate to Explain Crypto Ties
GANESH AA: Seeks to Hire Eric A. Liepins as Bankruptcy Counsel
GREENWORKS SERVICE: Seeks Cash Collateral Access
GROUPE SOLMAX: $660M Bank Debt Trades at 20% Discount
GTT COMMUNICATIONS: Latham & Watkins Updates on Noteholder Group
GTT COMMUNICATIONS: To Seek Plan Confirmation on Dec. 27
H&S ALANG: Unsecured Creditors to Get 10% Under Plan
HANLEY INTERNATIONAL ACADEMY: S&P Affirms 'BB' 2021 Bonds Rating
HAUSER INC: Unsecureds Will Get 71% of Claims over 3 Years
HOBBY LOBBY: Court OKs Interim Cash Collateral Access
HORNBLOWER SUB: $349M Bank Debt Trades at 30% Discount
HOUSTON REAL: Seeks to Hire Clark Hill as Litigation Counsel
IKON WEAPONS: Palmetto State Not Entitled to Injunctive Relief
INDIAN CANYON: Unsecureds Will Get 100% in Subchapter V Plan
ISAGENIX INTERNATIONAL: $375M Bank Debt Trades at 73% Discount
ISLAND DOG: Seeks to Hire Alissa McIntyre as Real Estate Agent
ISLAND DOG: Taps Professional Management Systems as Accountant
JAF 27: Rental Income & Property Sale Proceeds to Fund Plan
JORGABY FREIGHT: Unsecureds Will Get 100 Cents on Dollar in Plan
K STREET: Court OKs Cash Collateral Access Thru Dec 24
K&A PROPERTY: Unsecured Get Share of Disposable Income and Proceeds
K&N PARENT: $100M Bank Debt Trades at 74% Discount
KABBAGE INC: Taps Marc Sullivan of Phoenix Executive as CFO
KANE CORPORATION: Gets OK to Hire Belvedere as Bankruptcy Counsel
KEYWAY APARTMENT: Wins Cash Collateral Access Thru Dec 31
KTS SOLUTIONS: Seeks Cash Collateral Access
LIFEPOINT HEALTH: S&P Alters Outlook to Negative, Affirms 'B' ICR
LIGADO NETWORKS: $118M Bank Debt Trades at 69% Discount
LIONHEART TRAUMA: Unsecureds to Get Share of Income for 3 Years
LOMA LINDA UNIVERSITY MEDICAL CENTER: S&P Ups Bond Rating to 'BB'
LONG ISLAND CITY: Unsecureds Creditors Unimpaired in Plan
MAC'S KWIK STOP: Unsecureds Will Get 15 Cents on Dollar in Plan
MEDLY HEALTH: Seeks Cash Collateral Access, $8MM DIP Loan
MIDLAND ELECTRIC: Court OKs Cash Collateral Access Thru Feb 2023
MISTER ROBERTS: Taps Padgett Business Services as Accountant
MMJS ENGINEERING: Wins Cash Collateral Access Thru Dec 31
MOBITEK LLC: Seeks to Hire Newpoint Advisors as Financial Advisor
MONARCH PCM: Court OKs Cash Collateral Access, $500,000 DIP Loan
MONTANA TUNNELS: Taps Patten Peterman Bekkedahl & Green as Counsel
MOUNTAIN LIFE: A.M. Best Cuts Financial Strength Rating to B(Fair)
MYOMO INC: Cancels Special Meeting Due to Lack of Quorum
NATIONAL CINEMEDIA: $270M Bank Debt Trades at 73% Discount
NATIONWIDE FREIGHT: Wins Cash Collateral Access Thru Jan 10
NEOVIA LOGISTICS: S&P Upgrades ICR to 'CCC+', Outlook Negative
NEW CITY HISTORIC: Judgments for Santander/Fiat Chrysler Affirmed
NEW ENGLAND MOTOR: Claims Administrators' Bid for Dismissal Denied
NEWAGE INC: Unsecureds to Get Share of Liquidation Trust
NORTH FORK COMMUNITY: Amends Secured Bond Claim Pay Details
NUVISTA ENERGY: S&P Upgrades ICR to 'B+' on Lower Gross Debt
NXT ENERGY: Raises $387K From Rights Offering
O'CONNOR CONSTRUCTION: Seeks Cash Collateral Access Thru March 2023
O'MY FOODS: Case Summary & 20 Largest Unsecured Creditors
PARAMOUNT ROOFING: Gets OK to Hire Ayar Law as Special Counsel
PBF LOGISTICS: S&P Upgrades ICR To 'BB' on Share Purchase
PELLETIER MANAGEMENT: Taps RE/MAX Bakken as Expert Witness
PILATES AND YOGA: Unsecureds Will Get 10% of Claims in 60 Months
PRETIUM PKG: $350M Bank Debt Trades at 33% Discount
PRICHARD WATERWORKS: S&P Lowers 2019 Revenue Bonds Rating to 'CCC'
PRINCIPLE ENTERPRISES: Unsecured Creditors to Recover 10% in Plan
RACKSPACE TECHNOLOGY: $2.3B Bank Debt Trades at 34% Discount
RAGSTER INVESTMENT: Court OKs Interim Cash Collateral Access
RAGSTER INVESTMENT: Seeks to Hire Joyce W. Lindauer as Counsel
REALMARK MARINA: Voluntary Chapter 11 Case Summary
REDSTONE HOLDCO: $450M Bank Debt Trades at 57% Discount
REVLON INC: Taps Kaplan Rice as Special Litigation Counsel
RISING TIDE HOLDINGS: $120M Bank Debt Trades at 43% Discount
RISING TIDE: $400M Bank Debt Trades at 27% Discount
RIVERBEND ENVIRONMENTAL: Crum & Forster's Bid to Dismiss Denied
ROYALE ENERGY: Weaver and Tidwell Resigns
RUBY PIPELINE: Banker Expects More Bids in Bankruptcy Sale
SAMEH H. AKNOUK: Seeks Cash Collateral Access
SEARS HOMETOWN STORES: Case Summary & 20 Largest Unsecured Creditor
SIGNAL PARENT: $550M Bank Debt Trades at 39% Discount
TAJ GRAPHICS: Trustee's Settlement With Robert Kattula Approved
TCA FUND: Deadline to File Claims Set for January 2023
TEXSTAR COUNTRY STORE: Wins Cash Collateral on Final Basis
THOMPSON MILLWORK: Wins Cash Collateral Access Thru Dec 19
TRAYLOR CHATEAU: Lender Seeks to Prohibit Cash Collateral Access
ULTRA SEAL: Seeks to Hire T.S. Essential Consulting as Consultant
VERIPAC LLC: Seeks Cash Collateral Access
VMR CONTRACTORS: Files Emergency Bid to Use Cash Collateral
WATER WIND: All Allowed Claims to be Paid in Full From Future Sale
WAYNE BURT: Vertiv's Complaint and Mahesh's Cross-Claim Dismissed
WH INTERMEDIATE: S&P Places 'B-' ICR on CreditWatch Positive
WINC INC: Court OKs Cash Collateral Access, $2MM DIP Loan
WOUAFF WOUAFF: Unsecureds to Recover 100% in 60 Months
YAK ACCESS: $180M Bank Debt Trades at 86% Discount
YAK ACCESS: $680M Bank Debt Trades at 58% Discount
[^] Large Companies with Insolvent Balance Sheet
*********
1300U SPE: Court Denies Plan Extension; Show Cause Order Entered
----------------------------------------------------------------
Judge Barry Russell has entered an order denying debtor 1300U SPE,
LLC's motion to continue the deadline for the Debtor to file its
Disclosure Statement.
On Oct. 18, 2022, at 10:00 a.m., the Court held a preliminary
hearing on the adequacy of the Disclosure Statement and Plan of
Reorganization. At the hearing, this Court stated on the record
that it found the Disclosure Statement and Plan inadequate and the
Debtor, through its counsel, represented that the Disclosure
Statement and Plan needed revision.
On Nov. 2, 2022, the Court entered an order mandating that the
Debtor file its amended Disclosure Statement and Plan of
Reorganization on or before November 29, 2022.
Rather than file an Amended Disclosure Statement and Plan of
Reorganization, on Nov. 29th, 2022, the Debtor filed the instant
motion requesting an extension to file its Amended Disclosure
Statement and Plan of Reorganization by Dec. 31, 2022. The Court
denied an extension for lack of good cause.
Because the Debtor failed to comply with the prior order, the Court
has ordered the Debtor to show cause why the Chapter 11 case should
not be dismissed or converted. The Court ordered that:
1. A hearing to determine whether the case should be dismissed
or converted will be held on Jan. 3, 2023, at 10:00 a.m.
2. The hearing will be in-person at the Edward R. Roybal Federal
Courthouse located at 255 East Temple St. Los Angeles, CA 90012,
Courtroom 1668.
3. Debtor must file a response to this order by 12:00 p.m. on
Dec. 20, 2022.
4. Any interested parties may file a response to this order by
12:00 p.m. on Dec. 20, 2022.
5. Any replies to those responses must be filed by 12:00 p.m. on
Dec. 27, 2022.
About 1300U SPE LLC
1300U SPE LLC is a Single Asset Real Estate (as defined in 11
U.S.C. Sec. 101(51B)).
1300U SPE LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-14236) on August 4,
2022. In the petition filed by Robert W. Clippinger, as managing
member, the Debtor reported assets between $10 million and $50
million and liabilities between $1 million and $10 million.
Matthew D. Resnik, of RHM Law LLP, is the Debtor's counsel.
21ST CENTURY VALET: Has Deal on Cash Collateral Access
------------------------------------------------------
21st Century Valet Parking, LLC asks the U.S. Bankruptcy Court for
the Central District of California, San Fernando Division, for
entry of an order approving its stipulation with secured creditor,
Mariam Khachatryan, regarding the Debtor's use of cash collateral.
The Debtor requires the use of cash collateral to continue
uninterrupted operation of its business.
Khachatryan holds a security interest on all of the Debtor's assets
and profits and monies generated by those assets. The security
interest arose from the Debtor's purchase of the business from
Khachatryan's assignor, Star Garden Enterprise, in October 2021. At
that time, the Debtor executed a promissory note and a UCC-1
Statement in favor of Star Garden to finance a portion of the
purchase price paid for the business. On May 23, 2022, Star Garden
was dissolved. However, as part of its dissolution proceedings, the
rights under the under the UCC Statement were assigned to
Khachatryan.
The outstanding balance on the Note is $181,750, and the note
provides for monthly payments of $7,770 per month to the Creditor.
Khachatryan consents to the use of the cash collateral for the
ongoing operation of the Debtor's business, satisfying subsection
(A) of Section 363(c)(2).
As adequate protection, the creditor will be granted a replacement
lien with the same priority as prepetition lien. The Debtor will
also make adequate protection payments of $7,270 per month.
A copy of the motion is available at https://bit.ly/3BnzngW from
PacerMonitor.com.
About 21st Century Valet Parking, LLC
21st Century Valet Parking, LLC sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-11415) on
December 6, 2022. In the petition signed by Stepan Kazaryan,
managing member, the Debtor disclosed up to $50,000 in assets and
up to $500,000 in liabilities.
Vahe Khojayan, Esq., at YK Law, LLP, is the Debtor's counsel.
8TH AVENUE FOOD: $100M Bank Debt Trades at 24% Discount
-------------------------------------------------------
Participations in a syndicated loan under which 8th Avenue Food &
Provisions Inc is a borrower were trading in the secondary market
around 76.2 cents-on-the-dollar during the week ended Friday,
December 9, 2022, according to Bloomberg's Evaluated Pricing
service data.
The US$100 million facility is a Term loan. The loan is scheduled
to mature on October 1, 2026. The amount is fully drawn and
outstanding.
8th Avenue Food & Provisions, Inc. provides food catering services.
The Company supplies organic and conventional peanut and other nut
butters, baking nuts, raisins, other dried fruit, and trail mixes
to leading grocery retailers, top food service distributors, and
industrial bakeries.
942 PENN RR: Delays Disclosures Hearing to Jan. 5
-------------------------------------------------
942 Penn RR, LLC, filed an agreed motion to continue the hearing to
consider approval of the Disclosure Statement for its First Amended
Plan of Reorganization.
The Debtor needs additional time to address the issues raised in
the objections.
The parties agree to continue the Disclosure Statement Hearing to
Jan. 5, 2023 at 1:30 p.m., which is a date that has been provided
by the Court's Courtroom Deputy.
Counsel for the Debtor:
Mark S. Roher, Esq.
LAW OFFICE OF MARK S. ROHER, P.A.
1806 N. Flamingo Road, Suite 300
Pembroke Pines, FL 33028
Telephone: (954) 353-2200
E-mail: mroher@markroherlaw.com
About 942 Penn RR
942 Penn RR, LLC is the fee simple owner of a real property also
known as 942 Pennsylvania, Avenue, Miami Beach, Fla., valued at
$1.62 million.
942 Penn RR filed its voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-14038) on
May 23, 2022. In the petition filed by Raziel Ofer, manager, the
Debtor disclosed $1,617,630 in total assets and $27,179,541 in
total liabilities.
Judge Robert A. Mark oversees the case.
The Law Office of Mark S. Roher, PA serves as the Debtor's counsel.
ACER THERAPEUTICS: CEO Has 16% Stake as of Nov. 29
--------------------------------------------------
Chris Schelling, the president and chief executive officer of Acer
Therapeutics Inc., disclosed in an amended Schedule 13D filed with
the Securities and Exchange Commission that as of Nov. 29, 2022, he
beneficially owns 2,858,995 shares of common stock of Acer
Therapeutics Inc., representing 16 percent of the shares
outstanding. The percentage was based on a total of 16,489,694
shares of Common Stock issued and outstanding as of Nov. 28, 2022,
according to information provided by the Issuer to Mr. Schelling,
plus 1,229,508 shares issued upon closing of the Private
Placement.
On Nov. 29, 2022, Mr. Schelling and other accredited investors
entered into a securities purchase agreement with the Issuer for
the Private Placement in which the Issuer offered and sold an
aggregate of 1,229,508 shares of the Issuer's Common Stock to the
investors at a price of $1.22 per share, resulting in aggregate
proceeds to the Issuer of $1,499,999.76. Pursuant to the Purchase
Agreement, Mr. Schelling purchased 819,672 shares of Common Stock
in the Private Placement. The shares purchased by Mr. Schelling in
the Private Placement constitute "restricted securities" under the
federal securities laws and are subject to a minimum six-month
holding period. The Private Placement closed on Dec. 2, 2022.
A full-text copy of the regulatory filing is available for free
at:
https://www.sec.gov/Archives/edgar/data/1069308/000119312522297521/d261396dsc13da.htm
About Acer Therapeutics
Acer Therapeutics Inc. -- http://www.acertx.com-- is a
pharmaceutical company focused on the acquisition, development and
commercialization of therapies for serious rare and
life-threatening diseases with significant unmet medical needs.
Acer's pipeline includes four investigational programs: ACER-001
(sodium phenylbutyrate) for treatment of various inborn errors of
metabolism, including urea cycle disorders (UCDs) and Maple Syrup
Urine Disease (MSUD); ACER-801 (osanetant) for treatment of induced
Vasomotor Symptoms (iVMS); EDSIVO (celiprolol) for treatment of
vascular Ehlers-Danlos syndrome (vEDS) in patients with a confirmed
type III collagen (COL3A1) mutation; and ACER-2820 (emetine), a
host-directed therapy against a variety of viruses, including
cytomegalovirus, zika, dengue, ebola and COVID-19.
Acer Therapeutics reported a net loss of $15.37 million for the
year ended Dec. 31, 2021, compared to a net loss of $22.89 million
for the year ended Dec. 31, 2020. As of Sept. 30, 2022, the
Company had $15.32 million in total assets, $27.53 million in total
liabilities, and a total stockholders' deficit of $12.21 million.
Boston, MA-based BDO USA, LLP, the Company's auditor since 2019,
issued a "going concern" qualification in its report dated March 2,
2022, citing that the Company has recurring losses and negative
cash flows from operations that raise substantial doubt about its
ability to continue as a going concern.
AMC ENTERTAINMENT: $2B Bank Debt Trades at 52% Discount
-------------------------------------------------------
Participations in a syndicated loan under which AMC Entertainment
Holdings Inc is a borrower were trading in the secondary market
around 47.9 cents-on-the-dollar during the week ended Friday,
December 9, 2022, according to Bloomberg's Evaluated Pricing
service data.
The US$2.0 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
withdrawn and outstanding.
AMC Entertainment Holdings, Inc. operates as a holding company. The
Company, through its subsidiaries, provides theatrical exhibition,
movie screening, food distribution, online ticket booking, and
other related services.
ATLAS PURCHASER: $610M Bank Debt Trades at 24% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Atlas Purchaser Inc
is a borrower were trading in the secondary market around 75.8
cents-on-the-dollar during the week ended Friday, December 9, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$610 million facility is a Term loan. The loan is scheduled
to mature on May 8, 2028. The amount is fully 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.
AVAYA INC: $743M Bank Debt Trades at 52% Discount
-------------------------------------------------
Participations in a syndicated loan under which Avaya Inc is a
borrower were trading in the secondary market around 47.6
cents-on-the-dollar during the week ended Friday, December 9, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$743 million facility is a Term loan. The loan is scheduled
to mature on December 15, 2027. About US$737 million of the loan
is withdrawn and outstanding.
Avaya Inc. provides communication software and services. The
Company offers unified communications, as well as contact centers,
cloud, and collaboration services.
AVAYA INC: $800M Bank Debt Trades at 53% Discount
-------------------------------------------------
Participations in a syndicated loan under which Avaya Inc is a
borrower were trading in the secondary market around 47.5
cents-on-the-dollar during the week ended Friday, December 9, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$800 million facility is a Term loan. The loan is scheduled
to mature on December 15, 2027. The amount is fully drawn and
outstanding.
Avaya Inc. provides communication software and services. The
Company offers unified communications, as well as contact centers,
cloud, and collaboration services.
BAYOU CYPRESS: Court OKs Interim Cash Collateral Access
-------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Tennessee,
Nashville Division, authorized Bayou Cypress Restaurants, Inc. to
use cash collateral on an interim basis.
The Debtor is permitted to use cash collateral in the ordinary
course of business provided that the cash collateral access:
a. is for post-petition expenses only;
b. follows the amended budget included with the Debtor's
Expedited Motion to Utilize Cash Collateral; and
c. does not result in the Debtor having less money in deposits
than the Debtor had on the Petition Date.
Volunteer State Bank and the Small Business Administration will
have a perfected post-petition lien against cash collateral to the
same extent and with the same validity and priority as their
respective prepetition liens, without the need to file or execute
any documents as may otherwise be required under applicable
non-bankruptcy law.
A further interim hearing on the matter is set for December 13,
2022, at 9:30 a.m.
A copy of the order is available at https://bit.ly/3FGheNS from
PacerMonitor.com.
About Bayou Cypress Restaurants
Bayou Cypress Restaurants Inc., doing business as The Lost Cajun,
filed a petition for relief under Subchapter V of Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Tenn. Case No. 22-02945) on Sept. 14,
2022. In the petition filed by Susan Estrada, as owner and
secretary, the Debtor reported assets and liabilities between
$500,000 and $1 million.
Glen Coy Watson has been appointed as Subchapter V trustee.
Judge Randal S. Mashburn oversees the case.
The Debtor is represented by Steven L. Lefkovitz, Esq., at
Lefkovitz and Lefkovitz, PLLC.
BERTUCCI'S RESTAURANTS: Seeks Chapter 11 for 2nd Time
-----------------------------------------------------
Bertucci's Restaurants LLC, the owner and operator of the Italian
fast-casual restaurant chain, filed for bankruptcy, citing
operating losses stemming from inflation and the Covid-19
pandemic.
The restaurant chain filed for Chapter 11 relief in the US
Bankruptcy Court for the Middle District of Florida on Monday,
December 5, 2022, more than four years since its predecessor filed
for Chapter 11 bankruptcy.
Bertucci's, which operates 47 locations in nine states along the
East Coast, owes about $21 million to affiliate PHL Holdings LLC on
an outstanding loan and more than $26 million to unsecured
creditors, according to its filings.
Events Leading to Filing
The prior Bertucci's Brick Oven Pizza & Pasta went into bankruptcy
in April of 2018 in the United States Bankruptcy Court for the
District of Delaware. The current Debtor entity was created in May
of 2018 when it acquired approximately 56 restaurants.
The Restaurants are marketed toward the core casual dining market
and, when acquired, Bertucci's operated approximately 56 locations
in nine states nationwide reporting annual sales of more than $120
million for 2019 with nearly 2,000 employees.
Unfortunately, due to Covid and the impact of inflation, sales
declined and expenses increased. Although based on audited
financials, sales at fiscal year 2021 were $97.9 million, the
Debtor suffered an operating loss of $14 million and a net loss of
$7.2 million.
About Bertucci's Restaurants
Bertucci's Restaurants LLC doing business as Bertucci's Brick Oven
Pizza & Pasta, is an American chain of restaurants offering pizza
and Italian food.
On the web: https://www.bertuccis.com/
Then with 59 locations, Bertucci's Holdings, Inc., sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del.
Lead Case No. 18-10894) on
April 15, 2018. The Debtor tapped Landis Rath & Cobb LLP as
their bankruptcy counsel; and Imperial Capital, LLC as investment
banker; and Hilco Real Estate, LLC. The creditors committee
retained Bayard, P.A. and Kelley Drye & Warren LLP, as counsel.
Bertucci's Holding LLC, a unit of Earl Enterprises, acquired the
Debtors' assets in a bankruptcy sale. The entity acquired 56
restaurants under the name Bertucci's Brick Oven Pizza & Pasta from
the Debtor, in a transaction that closed on June 11, 2018.
Down to 47 locations, Bertucci's Restaurants LLC filed a petition
for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D.
Fla. Case No. 22-04313) on Dec. 5, 2022. In the petition filed by
Jeffrey C. Sirolly, as secretary, the Debtor reported assets
between $10 million and $50 million and liabilities between $50
million and $100 million.
The Debtor is represented by:
R Scott Shuker, Esq.
Shuker & Dorris, P.A.
4700 Millenia Blvd., Ste. 400
Orlando, FL 32839
BERTUCCI'S RESTAURANTS: Wins Cash Collateral Access Thru Jan 2023
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida,
Orlando Division, authorized Bertucci's Restaurants, LLC to use
cash collateral on an interim basis in accordance with the budget
through the date of the final hearing set for January 10, 2023 at
2:30 p.m.
The Debtor is permitted to use cash collateral to pay:
a. amounts expressly authorized by the Court, including
payments to the United States Trustee for quarterly fees;
b. the current and necessary expenses set forth in the budget,
plus an amount not to exceed 10% for the expenses.
During the interim period, PHL Holdings, LLC and Rewards Network
will each have a perfected post-petition lien against cash
collateral to the same extent and with the same validity and
priority as its respective prepetition lien, without the need to
file or execute any documents as may otherwise be required under
applicable non-bankruptcy law. The replacement lien(s) granted will
secure all obligations owing from the Debtor to PHL and Rewards
Network, as the case may be.
A copy of the order and the Debtor's budget is available at
https://bit.ly/3BnYG2x from PacerMonitor.com.
The Debtor projects $30,037 in total operating cash inflows and
$30,914 in total operating disbursements.
About Bertucci's Restaurants, LLC
Bertucci's Restaurants, LLC is a Florida limited liability company
that was formed in May of 2018. The Debtor owns and operates
approximately 47 Italian-themed restaurants under the name
Bertucci's Brick Oven Pizza & Pasta.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 6:22-bk-04313) on
December 5, 2022. In the petition signed by Jeffrey C. Sirolly,
secretary, the Debtor disclosed up to $50,000 in assets and up to
$100 million in liabilities.
Judge Grace E. Robson oversees the case.
R. Scott Schuker, Esq., at Shuker and Dorris, P.A., is the Debtor's
legal counsel.
BETHELITE COMMUNITY: Taps La Reddola Lester as Special Counsel
--------------------------------------------------------------
Bethelite Community Baptist Church Inc. seeks approval from the
U.S. Bankruptcy Court for the Southern District of New York to
employ La Reddola Lester & Associates, LLP as special litigation
counsel.
The Debtor requires a special counsel to commence an "Article 78"
proceeding that would require NYC DEP to appropriately assess water
and sewer charges for its property located at 36-38 West 123rd St.,
New York.
La Reddola will be paid at these rates:
Steven M. Lester, Partner $495 per hour
Nicole A. Wofler, Associate $375 per hour
Janine Vassallo, Paralegal $150 per hour
The firm will also be reimbursed for out-of-pocket expenses
incurred.
Steven Lester, Esq., a partner at La Reddola, disclosed in a court
filing that his firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Steven Lester, Esq.
La Reddola Lester & Associates, LLP
600 Old Country Rd #230
Garden City, NY 11530
Tel: (516) 357-0056
About Bethelite Community Baptist Church
Bethelite Community Baptist Church Inc. is a not-for-profit church,
that owns a building located at 36-38 West 123rd Street, New York.
The Debtor operates a small private school, which is also
not-for-profit, and houses several members of its congregation who
are homeless.
Bethelite Community Baptist Church filed for Chapter 11 protection
(Bankr. S.D.N.Y. Case No. 22-10374) on March 27, 2022. In the
petition filed by James Manning, pastor, the Debtor listed $1
million to $10 million in both assets and liabilities.
Judge Lisa G. Beckerman oversees the case.
The Debtor tapped Lewis Siegel, Esq., an attorney practicing in New
York, to handle its Chapter 11 case. Greenberg Freeman, LLP, Hegge
& Confusione, LLC, and La Reddola Lester & Associates, LLP serve as
the Debtor's special counsels.
BIJOU-CENTURY LLC: Court Confirms Second Amended Plan
-----------------------------------------------------
Judge Hannah L. Blumenstiel has entered an order confirming
Bijou-Century, LLC's Second Amended Plan of Reorganization dated
Nov. 17, 2022.
Bijou-Century's financial projections show that the Debtor will
have projected disposable income for the period described in
Section 1191(c)(2) of $134,300. The Debtor expects to fund the full
payment required under the Plan within 36 months after the Plan is
confirmed.
This Plan proposes to pay creditors of Bijou-Century from cash on
hand, and anticipated Employee Retention Tax Credit ("ERTC")
recovery, and cash profits from operations.
Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan is unable
to value in terms of cents on the dollar because the total amount
of all claims is unknown. Holders of Class 2 Non-priority
Unsecured Creditors will receive one or more pro rata
distribution(s) from the GUC Pot. Class 2 is impaired.
Whenever, from time to time, the Reorganized Debtor's cash on hand
exceeds (a) the face amount of unpaid administrative and priority
claims, and (b) $130,000, it shall deposit such excess to the GUC
Pot.
Counsel for the Debtor:
Michael St. James, Esq.
ST. JAMES LAW, P.C.
22 Battery Street, Suite 810
San Francisco, CA 94111
Tel: (415) 391-7566
Fax: (415) 391-7568
E-mail: michael@stjames-law.com
A copy of the Second Amended Plan of Reorganization dated Nov. 30,
2022, is available at https://bit.ly/3VM0YjS from
PacerMonitor.com.
About Bijou-Century LLC
Bijou-Century, LLC, owns and operates an adult theater in San
Francisco, California.
Bijou-Century filed its voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. N.D. Case No. 22-30126) on March
13, 2022. The petition was signed by Joseph Carouba as managing
member of the LLC. At the time of filing, the Debtor estimated $1
million to $10 million in both assets and liabilities.
Judge Hannah L. Blumenstiel presides over the case.
Michael St. James, Esq. at ST. JAMES LAW, P.C. serves as the
Debtor's counsel.
BITNILE HOLDINGS: Unit Inks Hosting Agreement With Agora Digital
----------------------------------------------------------------
BitNile Holdings, Inc. announced that its wholly owned subsidiary,
BitNile, Inc., has entered into a hosting agreement securing up to
78 megawatts of power with Agora Digital Holdings Inc., a
majority-owned subsidiary of Ecoark Holdings Inc.
Agora Digital will initially provide up to 12 MW of electricity at
their digital asset mining hosting facility located in Texas for
BNI's use. At BNI's direction and Agora Digital's expense, an
additional 66 MW of power can be made available to BNI as
determined by BNI, Agora Digital and the electricity provider.
Agora Digital is required to raise at least $5 million to fulfill
obligations under the Agreement to enable the build out of the
hosting facility including the initial 12 MW of power.
In conjunction with the ongoing expansion of BNI's site in
Michigan, the new hosting agreement is intended to maintain BNI's
plan to promptly install and operate the Bitcoin miners delivered
by Bitmain Technologies Limited. The geographical distribution
will also help BNI diversify the risk among its portfolio of mining
equipment. BNI believes that the Agreement will enable it to
initially power approximately 3,750 S19j Pro miners in the first
quarter of 2023.
Milton "Todd" Ault, III, the Company's Executive Chairman, stated,
"We are excited about the new hosting relationship with Agora
Digital. We believe this arrangement will lower our operational
production cost, while increasing our total enterprise mining
output."
As previously disclosed, BitNile has entered into purchase
agreements with Bitmain for a total of 23,065 Bitcoin miners,
including 4,600 environmentally friendly S19 XP Antminers that
feature a processing power of 140 terahashes per second ("TH/s"),
17,325 S19j Pro Antminers that feature a processing power of 100
TH/s and 1,140 S19 XP Hydro Antminers that feature a processing
power of 255 TH/s. Once all of the miners are fully deployed and
operational, BitNile expects to achieve a mining production
capacity of approximately 2.66 exahashes per second.
The Company notes that all estimates and other projections are
subject to the actual delivery and installation of Bitcoin miners,
the ability of Agora Digital to raise the required capital within
the time frames required, the ability of Agora Digital to build out
and provide the necessary power, and other factors that may impact
the results of production or operations.
About BitNile Holdings
BitNile Holdings, Inc. (formerly known as Ault Global Holdings,
Inc.) -- www.BitNile.com -- is a diversified holding company
pursuing growth by acquiring undervalued businesses and disruptive
technologies with a global impact. Through its wholly and
majority-owned subsidiaries and strategic investments, the Company
owns and operates a data center at which it mines Bitcoin and
provides mission-critical products that support a diverse range of
industries, including defense/aerospace, industrial, automotive,
telecommunications, medical/biopharma, and textiles. In addition,
the Company extends credit to select entrepreneurial businesses
through a licensed lending subsidiary. BitNile's headquarters are
located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas,
NV.
BitNile reported a net loss of $23.97 million for the year ended
Dec. 31, 2021, a net loss of $32.73 million for the year ended Dec.
31, 2020, a net loss of $32.94 million for the year ended Dec. 31,
2019, and a net loss of $32.98 million for the year ended Dec. 31,
2018. As of June 30, 2022, the Company had $596.27 million in
total assets, $133.98 million in total liabilities, $116.89 million
in redeemable noncontrolling interests in equity of subsidiaries,
and $345.40 million in total stockholders' equity.
CARVANA CO: Morgan Stanley Holds 12.4% of Class A Common Shares
---------------------------------------------------------------
Morgan Stanley disclosed in an amended Schedule 13G filed with the
Securities and Exchange Commission that as of Nov. 30, 2022, it
beneficially owns 13,113,145 shares of Class A common stock of
Carvana Co., representing 12.4 percent of the shares outstanding.
Morgan Stanley Investment Management Inc. also reported beneficial
ownership of 12,839,080 Class A Shares.
The securities being reported on by Morgan Stanley as a parent
holding company are owned, or may be deemed to be beneficially
owned, by Morgan Stanley Investment Management Inc., a wholly-owned
subsidiary of Morgan Stanley.
A full-text copy of the regulatory filing is available for free
at:
https://www.sec.gov/Archives/edgar/data/895421/000089542122000623/Carvana.txt
About Carvana
Founded in 2012 and based in Tempe, Arizona, Carvana Co. --
http://www.carvana.com-- is an e-commerce platform for buying and
selling used cars.
Carvana Co. reported a net loss of $287 million in 2021, a net loss
of $462 million in 2020, a net loss of $365 million in 2019, a net
loss of $254.74 million in 2018, and a net loss of $164.32 million
in 2017. As of June 30, 2022, the Company had $10.50 billion in
total assets, $9.64 billion in total liabilities, and $864 million
in total stockholders' equity.
* * *
As reported by the TCR on Nov. 14, 2022, S&P Global Ratings revised
its outlook on Carvana Co. to negative from stable and affirmed its
'CCC+' issuer credit rating. S&P said, "The negative outlook
reflects Carvana's weak operating performance and continuing
macroeconomic headwinds which could extend weaker profitability and
sustain or increase negative cashflows."
Moody's Investors Service changed Carvana Co.'s outlook to negative
from stable and at the same time affirmed Carvana's Caa1 corporate
family rating. Moody's said, "The change in outlook to negative
from stable reflects Carvana's persistent lack of profitability and
negative free cash flow generation that has consistently fallen
short of Moody's expectations," as reported by the TCR on Nov. 25,
2022.
CHART INDUSTRIES: S&P Affirms 'B+' ICR, On CreditWatch Positive
---------------------------------------------------------------
S&P Global Ratings places all of its ratings on Chart Industries
Inc., a global manufacturer of highly engineered equipment
servicing the industrial gas and clean energy industries, on
CreditWatch with positive implications.
Chart Industries Inc., a global manufacturer of highly engineered
equipment servicing the industrial gas and clean energy industries,
priced $700 million of common equity, as well as $350 million of
mandatorily convertible preferred shares.
S&P said, "The placement of the ratings on CreditWatch with
positive implications reflects our favorable view of the equity
issuance. Over the next 30 days, we will monitor the potential
exercise of the greenshoe option. Depending on the amount
exercised, we could raise our issuer credit rating on Chart to
'BB-' from 'B+'. We believe the common equity issuance makes it
more likely the company will be able to decrease leverage to below
5x on a sustained basis, our threshold for a higher rating level.
"The CreditWatch placement reflects our favorable view of the $700
million common equity issuance to help decrease the $1.1 billion of
series A preferred shares that were issued to KPS Capital Partners.
The net proceeds of the issuance, along with the $350 million of
mandatorily convertible preferred shares, will replace the vast
majority of the series A preferred shares. We viewed the original
$1.1 billion of series A preferred shares as debt because they are
held by a single investor. In our view, this makes it less likely
the shares would be viewed as a permanent loss absorbing part of
the capital structure.
"We will treat the proposed mandatorily convertible shares as debt
in our calculation of leverage because the conversion takes place
beyond one year from the issuance date (at the 'BB' category,
conversion would have to take place within two years to consider
equity treatment).
"Though we expect S&P Global Ratings-adjusted leverage to be at the
high end of the 5x-6x range on a pro forma basis in 2023, we
believe there is a high likelihood the company will reduce it below
5x in 2024, the first full year of the combined company. Based on
the additional equity issuance, we revised our financial risk
profile score on Chart to aggressive from highly leveraged.
"Our current 'B+' issuer credit rating on Chart Industries Inc.
reflects the combined companies' high initial leverage, its
exposure to cyclical end markets, and integration and execution
risks associated with the acquisition. Partially mitigating these
weaknesses are the company's increased scale and scope of
operations following the transaction, the secular growth trends of
its end markets, and the potential for healthy free operating cash
flow generation.
"The placement of the ratings on CreditWatch with positive
implications reflects our favorable view of the equity issuance.
Over the next 30 days, we will monitor the potential exercise of
the greenshoe option. Depending on the amount exercised, we could
raise our issuer credit rating on Chart to 'BB-' from 'B+'."
CITY BREWING: $850M Bank Debt Trades at 46% Discount
----------------------------------------------------
Participations in a syndicated loan under which City Brewing Co LLC
is a borrower were trading in the secondary market around 54.5
cents-on-the-dollar during the week ended Friday, December 9, 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.
CLOVIS ONCOLOGY: Case Summary & 30 Largest Unsecured Creditors
--------------------------------------------------------------
Lead Debtor: Clovis Oncology, Inc.
5500 Flatiron Parkway, Suite 100
Boulder, CO 80301
Business Description: Clovis Oncology, Inc. and its debtor and
non-debtor affiliates acquire, develop, and
commercialize cancer treatments in the
United States, Europe and other
international markets.
Chapter 11 Petition Date: December 11, 2022
Court: United States Bankruptcy Court
District of Delaware
Three affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Clovis Oncology, Inc. 22-11292
Clovis Oncology UK Limited 22-11293
Clovis Oncology Ireland Limited 22-11294
Judge: Hon. J Kate Stickles
Debtors'
Bankruptcy
Co-Counsel: Robert J. Dehney, Esq.
Andrew R. Remming, Esq.
Matthew O. Talmo, Esq.
MORRIS NICHOLS ARSHT & TUNNELL LLP
1201 North Market Street, 16th Floor
P.O. Box 1347
Wilmington, Delaware 19899-1347
Tel: (302) 658-9200
(302) 351-9353
Fax: (302) 658-3989
Email: rdehney@morrisnichols.com
aremming@morrisnichols.com
mtalmo@morrisnichols.com
Debtors'
Bankruptcy
Co-Counsel: Rachel C. Strickland, Esq.
Andrew S. Mordkoff, Esq.
Erin C. Ryan, Esq.
WILLKIE FARR & GALLAGHER LLP
787 Seventh Avenue
New York, New York 10019-6099
Tel: (212) 728-8000
Fax: (212) 728-8111
Email: rstrickland@willkie.com
amordkoff@willkie.com
eryan@willkie.com
Debtors'
Restructuring
Advisor: ALIXPARTNERS, LLP
909 Third Avenue,
New York, NY 10022
Debtors'
Investment
Banker: PERELLA WEINBERG PARTNERS LP
767 5th Avenue
New York, NY 10153
Debtors'
Claims,
Noticing, &
Solicitation
Agent: KROLL RESTRUCTURING ADMINISTRATION LLC
55 East 52nd Street
17th Floor
New York, NY 10055
Total Assets as of Oct. 31, 2022: $319,164,834
Total Debts as of Oct. 31, 2022: $754,564,457
The petitions were signed by Paul E. Gross, executive vice
president and general counsel.
Full-text copies of the petitions are available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/O7VWKJQ/Clovis_Oncology_Inc__debke-22-11292__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/PC3ZSGY/Clovis_Oncology_UK_Limited__debke-22-11293__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/PKHR72Q/Clovis_Oncology_Ireland_Limited__debke-22-11294__0001.0.pdf?mcid=tGE4TAMA
Consolidated List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. The Bank of New York Mellon Unsecured Notes $300,000,000
Trust Company N.A. (2025 Notes)
2001 Bryan Street, 10th Floor,
Dallas, TX 75201
Reginald Brewer
Tel: 312 827 8683
Email: reginald.brewer@bnymellon.com
2. The Bank of New York Mellon Unsecured $85,782,000
Trust Company N.A. Notes (2024
2001 Bryan Street, 10th Floor, Notes, 2019
Dallas, TX 75201 Issuance)
Reginald Brewer
Tel: 312 827 8683
Email: reginald.brewer@bnymellon.com
3. The Bank of New York Mellon Unsecured Notes $57,500,000
Trust Company N.A. (2024 Notes, 2020
2001 Bryan Street, 10th Floor, Issuance)
Dallas, TX 75201
Reginald Brewer
Tel: 312 827 8683
Email: reginald.brewer@bnymellon.com
4. Synteract Inc. Trade Debt $6,924,876
5909 Sea Otter Place, Suite 100
Carlsbad, CA 92010
Greg Guarasci
Tel: 250 514 9644
Email: greg.guarasci@syneoshealth.com
5. Pfizer Trade Debt $5,338,269
6730 Lenox Center Court,
Memphis, TN 38115
John DeYoung
Email: john.deyoung@pfizer.com
6. IQVIA Trade Debt $4,873,586
83 Wooster Heights #5,
Danbury, CT 06810
Gerhard DuToit
Email: gerhard.dutoit@iqvia.com
7. NHS UK Contractual $3,965,438
The Drive, Great Warley, Rebates
Brentwood, Essex, CM13 3FR
Jose Dominguez
Tel: 0 8008 886 006
Email: jose.dominguez@nhs.net
8. Lonza Trade Debt $3,024,454
12261 Collections Center
Drive, Chicago, IL 60693
Gordon Bates
Email: gordon.bates@lonza.com
9. Pharmaceutical Research Trade Debt $2,626,453
Associates, Inc.
12120 Sunset Hills Road Suite 600,
Reston, VA 20190
David Hinds
Tel: 415 990 8445
Email: david.hinds@iconplc.com
10. PSI CRO AG Trade Debt $2,521,539
875 First Avenue, King of Prussia,
PA 19406, USA
Benjamin Roccanova
Tel: 267 464 2506
Email: benjamin.roccanova@psi-cro.com
11. 3B Pharmaceuticals GmbH Trade Debt $2,160,799
Magnusstrasse 11, D-12489 Berlin,
Germany
Jan Michael
Tel: +49(0) 3063924136
Email: jan.michael@3b-pharma.com
12. AAH Pharmaceutical Ltd. Contractual $2,111,742
Sapphire Court Walsgrave Triangle Rebates
COVENTRY, CV2 2TX United Kingdom
Nicola Morton
Email: nicola.morton@hallohealthcaregroup.com
13. United BioSource LLC Trade Debt $2,096,773
920 Harvest Drive, Suite 200
Blue Bell, PA 19422-1968
Michael Haratz
Tel: 908 304 3079
Email: michael.haratz@ubc.vom
14. CMIC Co. Ltd Trade Debt $2,072,184
Hamamatsu-cho Bldg 1-1-1
Shibaura Minato-ku, Tokyo, Japan
Hwee Hwee Tey
Tel: +65 6222 2655
Email: hweehwee-tey@cmicgroup.com
15. MDcentRX LLC Trade Debt $1,850,001
1230 Avenue of the Americas, Floor 16,
New York, NY 10020
Erik Dalton
Tel: 917 838 6683
Email: edalton@mdcentrx.com
16. Food and Drug Administration Trade Debt $1,181,799
10903 New Hampshire Avenue,
Silver Spring, MD 20993
Christina Thompson
Email: cdercollections@fda.hhs.gov
17. ICON Clinical Research Limited Trade Debt $808,433
(Ireland)
9755 Ridge Drive, Lenexa, KS 66219
Fraser McCallum
Email: fraser.mccallum@iconplc.com
18. The GOG Foundation Inc. Trade Debt $742,262
3168 Braverton St., Suite 280,
Edgewater, MD 21037
Linda Gildersleeve
Tel: 410 721 7126
Email: lgilder@gog.org
19. EMB Statistical Solutions, LLC Trade Debt $534,759
c/o Linda K. Bennett, 9300 West
110th Street, Suite 550, Overland Park,
KS 66210
Brenda Bishop
Tel: 913 322 6557
Email: bbishop@embstats.com
20. Cult Health LLC Trade Debt $434,299
261 Fifth Avenue, Suite 1002
New York, NY 10016
Jeff Rothstein
Tel: 973 632 3309
Email: jrothstein@cult360.com
21. eResearchTechnology Inc. Trade Debt $364,986
1818 Market Street, Suite 1000,
Philadelphia, PA 19103-3638
Donna Casole
Tel: 215 776 8936
Email: dcasole@ert.com
22. Perceptive Informatics LLC Trade Debt $361,527
dba Calyx
5282 Paysphere Circle,
Chicago IL 60674
Sarah Pope
Tel: 0 773 198 1719
Email: sarah.pope@calyx.a
23. Astrazenca, Trade Debt $349,663
1800 Concord Pike,
Wilmington, DE 19803
Laura Collins
Tel: 781 839 4003
Email: laura.collins3@astrazeneca.com
24. Highline Consulting Trade Debt $339,176
268 Bush Street, #2801,
San Francisco, CA 94104
Colin Williams
Tel: 415 225 7190
Email: colin.williams@highlinesciences.com
25. ZS Associates Inc. Trade Debt $290,200
One Rotary Center, 1560 Sherman Avenue,
Evanston, IL 60201
Atul Choudhary
Tel: 650 696 8883
Email: atul.choudhary@zs.com
26. Veeva Systems Inc. Trade Debt $275,250
4280 Hacienda Drive,
Pleasanton, CA 94588
Jim Thai
Tel: 604 318 0937
Email: jim.thai@veeva.com
27. Symphony Health Solutions Trade Debt $266,667
Blue Bell 731 Arbor Way Suite 100,
Blue Bell, PA 19422
Arun Sybramaniam
Tel: 908 202 6706
Email: arun.subramanian@symphonyhealth.com
28. Medidata Solutions Inc. Trade Debt $256,533
350 Hudson St 9th Floor,
New York, NY 10014
Justin Hopkins
Tel: 725 500 3360
Email: justin.hopkins@3ds.com
29. AssistRx Inc. Trade Debt $254,298
4700 Millenia Blvd, Suite 500,
Orlando, FL 32839
Jeff Spafford
Tel: 407 367 4476
Email: jeff.spafford@assistrx.com
30. Fondazione Policlinico Trade Debt $210,144
Universitario Agostino
Gemelli RCCS Sede Operativa,
L.go Gemelli 8, Roma Italy 00168
Chiara Alonzi
Tel: 063 015 4498
Email: chiara.alonzi@policlinicogemelli.it
CODE L STUDIOS: Continued Operations & Property Sale to Fund Plan
-----------------------------------------------------------------
Code L Studios LLC ("CLS") filed with the U.S. Bankruptcy Court for
the Southern District of Texas a Subchapter V Plan of
Reorganization dated December 6, 2022.
CLS is a Texas limited liability company incorporated on March 10,
2021 and is currently managed by Lesley Reyes and Joshua Leidich.
CLS owns and operates several residential investment properties
(individually an "Investment Property") and collectively, the
"Investment Properties") located in the Houston, Texas area and
generates cash flow from leasing several of the Investment
Properties.
CLS purchased the Investment Properties through a promissory note
secured by the Investment Properties through Lone Ranger Capital
Investments REIT, LLC ("Lone Ranger Capital"). Due to a decrease in
rental income due to ongoing renovations, CLS defaulted on its
obligations to Lone Ranger Capital triggering the bankruptcy filing
of CLS on September 6, 2022 (the "Filing Date").
Class 2 shall consist of claims secured by the Investment
Properties held by Lone Ranger Capital. In full satisfaction, Lone
Ranger Capital shall retain its liens and receive Cash payments and
the proceeds from the sale of several Investment Properties.
Interest shall bear upon the claim of Lone Ranger Capital at the
rate of 5.5% per annum from the Effective Date. Payments to Lone
Ranger Capital shall be as follows:
* Monthly consecutive Cash payments of $5,000.00 for a term of
3 months with payments commencing the first day of the month
following 30 days from the Effective Date ("Term 1").
* Following the payment of Term 1, Lone Ranger Capital shall
receive monthly consecutive Cash payments of $6,500.00 until May
2023 ("Term 2"). During Term 2, Lone Ranger shall also receive
proceeds from the sale of 3719 Des Chaumes St., Houston, Texas,
77026, 3109 Evella St, Houston, Texas, 77026, and 3130 Coal St.,
Houston, Texas, 77026 ("Term 2").
* Following the payment of Term 2, Lone Ranger Capital shall
receive proceeds from the sale of a fourth Investment Property and
Pro Rata Cash payments of the then remaining claim of Lone Ranger
Capital for a term of 57 months.
Class 3 shall consist of ad valorem claims secured by the
Investment Properties held by Harris County et al. Harris County et
al shall receive 60 monthly Cash payments commencing 30 days from
the Effective Date with payments calculated on a 5-year
amortization of the Claims from the Petition Date, and with
interest bearing on the respective Claims per applicable statutory
non-bankruptcy law. Harris County shall retain all liens it
currently holds, whether for pre-petition tax years or for the
current tax year, on any property of the Debtor until it receives
payment in full of all taxes, and interest owed to them under the
provisions of this Plan, and its lien position shall not be
diminished.
Class 4 shall consist of claims held by AT&T. AT&T shall receive a
Cash payment of its Allowed Claim from the sale of the Investment
Properties in Term 2. In the event of any failure of the
Reorganized Debtor to timely make its required plan payments to
AT&T, which shall constitute an event of default under the Plan, it
shall send Notice of Default to the Reorganized Debtor. If the
default is not cured within 30 days of the date of such notice,
AT&T may proceed to collect all amounts owed pursuant to state law
without further recourse to the Bankruptcy Court. AT&T is only
required to send 2 notices of default, and upon the third event of
default, AT&T may proceed to collect all amounts owed under state
law without recourse to the Bankruptcy Court and without further
notice. Class 4 is impaired.
The equity interest holders Lesley Reyes and Joshua Leidich shall
retain their equity interest.
The payments contemplated in this Plan shall be funded from the
postpetition operations of the Debtor through the Effective Date
and from the sale of several of the Investment Properties.
A full-text copy of the Subchapter V Plan dated December 6, 2022,
is available at https://bit.ly/3Bts2wj from PacerMonitor.com at no
charge.
Attorneys for Debtor:
Susan Tran, Esq.
Brendon Singh, Esq.
Tran Singh, LLP
2502 La Branch Street
Houston, TX 77004
Telephone: (832) 975-7300
Facsimile: (832) 975-7301
Email: Stran@ts-llp.com
Bsingh@ts-llp.com
About Code L Studios
Code L Studios, LLC, a company in Austin, Texas, filed a petition
under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D.
Texas Case No. 22-32635) on Sept. 6, 2022. In the petition filed
by its managing member, Lesley Reyes, the Debtor reported between
$1 million and $10 million in assets and up to $50,000 in
liabilities.
Judge Jeffrey P. Norman oversees the case.
The Debtor is represented by Tran Singh, LLP.
COLOUROZ INVESTMENT: $677M Bank Debt Trades at 29% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which ColourOZ Investment
2 LLC is a borrower were trading in the secondary market around
71.1 cents-on-the-dollar during the week ended Friday, December 9,
2022, according to Bloomberg's Evaluated Pricing service data.
The US$677 million facility is a Term loan. The loan is scheduled
to mature on September 7, 2023. The amount is fully drawn and
outstanding.
ColourOZ Investment 2 LLC provides industrial paint products.
COMEDYMX LLC: Taps Leech Tishman Fuscaldo & Lampl as Counsel
------------------------------------------------------------
ComedyMX, LLC and ComedyMX Inc. seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Leech
Tishman Fuscaldo & Lampl as their counsel.
The firm will render these services:
(a) advise the Debtors regarding the requirements of the
Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules and the rules
promulgated by the Office of the United States Trustee as they
pertain to the Debtors' cases;
(b) advise the Debtors with respect to their rights, powers
and duties, and take all necessary action to protect and preserve
the Debtors' estates;
(c) conduct examinations of witnesses, claimants or adverse
parties and represent the Debtors in any adversary proceeding
arising under the Bankruptcy Code;
(d) prepare legal papers;
(e) review the nature and validity of any liens asserted
against the Debtors' properties and advise the Debtors concerning
the enforceability of such liens;
(f) counsel the Debtors in connection with the negotiation and
promulgation of a plan of reorganization, and take such other
further actions as may reasonably be required in connection with
the plan during the Debtors' Chapter 11 cases;
(g) advise the Debtors concerning executory contract and
unexpired lease assumptions, assignments, rejections, and lease
restructurings and recharacterizations; and
(h) perform such other reasonable and necessary legal services
in connection with these Chapter 11 cases.
Sandford Frey, Esq., a partner at Leech Tishman Fuscaldo & Lampl,
has agreed to reduce his hourly rate from $695 to $650 as a
courtesy to the Debtors.
The firm received a pre-bankruptcy retainer of $35,000 from the
Debtors.
Mr. Frey 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:
Sandford L. Frey, Esq.
Leech Tishman Fuscaldo & Lampl
200 S. Los Robles Avenue, Suite 300
Pasadena, CA 91101
Telephone: (626) 796-4000
Facsimile: (626) 795-6321
Email: sfrey@leechtishman.com
About ComedyMX
ComedyMX, LLC operates the business of making classic cartoons
available to the public on various platforms such as YouTube, under
the name Cartoon Classics.
ComedyMX, LLC and its affiliate, ComedyMX Inc., sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead
Case No. 22-11181) on Nov. 14, 2022. In the petition signed by
Edward Heldman, president and chief executive officer, ComedyMX,
LLC disclosed up to $500,000 in assets and up to $1 million in
liabilities while ComedyMX Inc. disclosed up to $100,000 in assets
and up to $500,000 in liabilities.
Judge Craig T. Goldblatt oversees the cases.
Leech Tishman Fuscaldo & Lampl is the Debtors' legal counsel.
COMMUNITY LEADERSHIP ACADEMY: S&P Affirms 'BB+' Rev. Bonds Rating
-----------------------------------------------------------------
S&P Global Ratings revised its outlook to stable from negative and
affirmed its 'BB+' long-term rating on the Colorado Educational &
Cultural Facilities Authority's series 2008 and series 2013 charter
school revenue bonds, issued for Community Leadership Academy
Building Corp. and Community Leadership Building Corp. II,
respectively, on behalf of Community Leadership Academy (CLA).
"The outlook revision reflects improved enrollment trends in fall
2022 after several years of declines. The outlook also reflects the
school's improved financial performance in fiscal years 2021 and
2022, which led to materially improved lease-adjusted maximum
annual debt service coverage based on our calculations," said S&P
Global Ratings credit analyst Chase Ashworth.
CLA's series 2008 and series 2013 bonds make up the academy's total
long-term debt, currently outstanding in the amount of
approximately $22.5 million. Management used 2013 bond proceeds to
fund the construction of the Quebec Street facility and refund the
interim financing CLA incurred to acquire the land and set up
modular buildings on this site. The new site began housing students
in grades six-through-10 beginning in fall 2014, later reaching
grades six-through-12 in fall 2016. The school used 2008 bond
proceeds to construct its Holly Street facility, which currently
provides space for pre-kindergarten through grade five (pre-K-5)
students.
S&P said, "We assess CLA's enterprise profile as adequate with
solid academic scores, coupled with an improving relationship with
the authorizer. The academy's materially declining enrollment in
recent years, with the exception of fall 2022, and modest waitlist
constrains the enterprise profile. We assess the academy's
financial profile as adequate based on CLA's favorable liquidity
and historically positive operating margins, with significantly
improved margins in fiscal 2022. We note this is offset by the
academy's weak debt profile and revenue base of less than $10
million. We believe that, combined, these credit factors lead to an
anchor rating of 'bbb-'. As our criteria indicate, the final rating
can be adjusted below the indicative credit level because of
overriding factors. We believe the 'BB+' rating on the school's
bonds better reflects the CLA's enrollment declines and fluctuating
financial performance in recent years."
The stable outlook reflects our expectation that over the two-year
outlook period, CLA will maintain stable financial operations, with
consistent lease-adjusted MADS coverage, solid liquidity, and
moderating debt burden, while continuing to improve enrollment
trends, as projected by management.
CS GROUP: Files Emergency Bid to Continue Cash Collateral Access
----------------------------------------------------------------
CS Group LLC asks the U.S. Bankruptcy Court for the Southern
District of Texas, Galveston Division, for entry of an order
amending the Final Order authorizing the use of cash collateral and
to allow continued use of sale proceeds.
The Debtor requests that the Final Order be amended be to allow the
Debtor's continued use of cash in accordance with the amended
budget to continue to maintain its remaining properties and
preserve their value until they can be sold.
On August 17, 2022, the Court entered a Final Order Authorizing Use
of Cash Collateral that ran through November 30. On the same day,
the Court authorized the sale of one of the Debtor's real
properties commonly referred to as the Church Property. Pursuant to
the Sale Order, the Church Property sale proceeds were deposited
into the IOLTA account of Dore Rothberg McKay, P.C. The Sale
Proceeds are not cash collateral, however, the Sale Order provided
the Debtor was authorized to use the Sale Proceeds only pursuant to
the Court order.
The Debtor and Dore Rothberg have been making authorized
administrative payments and adequate protection payments to the
Lenders from cash collateral and the Sale Proceeds as provided by
the Cash Collateral Order and the Sale Order.
The Debtor requests that the Motion be considered on or before
December 13 to allow it to make all required payments to maintain
the Winnie and Texas City Properties.
A copy of the motion is available at https://bit.ly/3W7aHS0 from
PacerMonitor.com.
About CS Group LLC
CS Group LLC owns three rental properties in Galveston County,
Texas:
a. 912 Church St., Galveston, Texas;
b. 918 Winnie St., Galveston, Texas; and
c. 732 1st Ave. N., Texas City, Texas.
CS Group LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 22-80112) on June 6,
2022. In the petition signed by Carolina Dupuis, managing member,
the Debtor disclosed up to $10 million in both assets and
liabilities.
Judge Jeffrey P. Norman oversees the case.
Vianey Garza, Esq., at Dore Rothberg McKay, PC is the Debtor's
counsel.
DEPENDABLE MACHINE: Continued Operations to Fund Plan
-----------------------------------------------------
Dependable Machine Company, Inc., filed with the U.S. Bankruptcy
Court for the Southern District of Indiana a Chapter 11 Plan dated
December 5, 2022.
The Debtor is engaged in the business manufacturing aerospace parts
and components.
This case is being filed to treat primary business debt that arose
from inflationary pressures and a contract with a large customary
that was set and prices that did not sufficiently adjust with
inflation.
This Plan of Reorganization is presented to you to inform you of
the proposed Plan for restructuring the debt of Dependable Machine
Company, Inc., and to seek your vote to accept the Plan. The length
of the Plan is three years.
Class 1 consists of the secured claim of Trinity Vendor Finance, a
Division of Bank of the West ("BW"). BW filed a proof of claim #7
in this matter. Such claim shall be an allowed secured claim upon
confirmation in the amount of $91,824.90. The Allowed Secured Claim
of BW shall be payable pursuant to existing loan documents between
the parties. This loan is a purchase money loan. The Debtor is
current on this obligation.
Class 2 consists of the secured claim of Trinity Vendor Finance, a
Division of Bank of the West ("BW"). BW filed a proof of claim #8
in this matter. Such claim shall be an allowed secured claim upon
confirmation in the amount of $128,187.30. The Allowed Secured
Claim of BW shall be payable pursuant to existing loan documents
between the parties. This loan is a purchase money loan. The Debtor
is current on this obligation.
Class 3 consists of the secured claim of Bank of the West ("BW").
BW is owed $123,141.53 pursuant to the schedules filed by the
Debtor in this matter. The Allowed Secured Claim of BW shall be
payable pursuant to existing loan documents between the parties.
This loan is a purchase money loan. The Debtor is current on this
obligation.
Class 4 consists of the secured claims of KeyBank. KeyBank filed a
proof of claim in this matter (Claim 10). Such claim shall be an
allowed secured claim upon confirmation in the amount of
$2,646,790.69. The Allowed Secured Claim of KeyBank shall be
payable pursuant to the respective loan documents between the
parties. Obligation #1 shall be paid in full at 8.25% in 60 monthly
payments, beginning the first full month after the Confirmation
Date. Obligation #2 shall be paid in full at 8.25% in 120 monthly
payments, beginning the first full month after the Confirmation
Date.
Class 5 consists of General Unsecured Claims. The members of this
class shall receive three payments during the term of this Plan.
Each plan distribution shall be shared by the creditors pro-rata
from the net disposable income of the Debtor for the prior period,
subject first to payment of all pending Allowed Administrative
Expenses and payment in full of all priority and secured claims
then due. The claims of the general unsecured creditors are
impaired.
Class 6 consists of Subordinated General Unsecured Claims. They
shall receive payment during the term of this Plan from the net
disposable income of the Debtor subject first to payment of all
pending Allowed Administrative Expenses and payment in full of all
secured claims then due, all priority unsecured, and all general
unsecured claims. The claims of the subordinated general unsecured
creditors are impaired.
Class 7 consists of Equity Interest Holders. All existing Equity
Interest is maintained. The claim of the Equity Holders are
impaired and are entitled to vote on this Plan.
The source of funds used in this Plan for payments to creditors
shall be the net annual income of the Debtor for three years
resulting from continued, normal business operations of the
Debtor's business. The Debtor shall contribute all net disposable
income toward Plan payments.
A full-text copy of the Chapter 11 Plan dated December 5, 2022, is
available at https://bit.ly/3hdiv5U from PacerMonitor.com at no
charge.
Debtor's Counsel:
Hester Baker Krebs LLC
Jeffrey M. Hester
Suite 1330
One Indiana Square
Indianapolis, IN 46204
Email: jhester@hbkfirm.com
Telephone: (317) 608-1129
Fax: (317) 833-3031
About Dependable Machine Company
Dependable Machine Company, Inc. is an Indianapolis-based company,
which provides precision machining services.
Dependable Machine Company sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 22-02191) on
June 7, 2022, with $2,189,630 in assets and $3,007,363 in
liabilities. Cory Lowe, owner, signed the petition.
Judge James M. Carr oversees the case.
Jeffrey Hester, Esq., at Hester Baker Krebs, LLC is the Debtor's
counsel.
DIMENSIONS IN SENIOR: Court OKs Cash Access Thru Jan 2023
---------------------------------------------------------
The U.S. Bankruptcy Court for the District of Nebraska authorized
Dimensions In Senior Living, LLC and affiliates to use cash
collateral on an interim basis in accordance with the budget
through January 9, 2023.
The Debtors acknowledge that as of the Petition Date, all or
substantially all of the assets of:
-- Wilcox Properties of Fort Calhoun, LLC are, subject to 11
U.S.C. sections 506, 552, subject to the liens and security
interests of American National Bank as senior lender, and Nebraska
Economic Development Corporation as junior lender;
-- WB Real Estate of Iola, LLC are, subject to 11 U.S.C.
sections 506, 552, subject to the liens and security interests of
ANB;
-- Wilcox Properties of Columbia, LLC are, subject to 11
U.S.C. sections 506, 552, subject to the liens and security
interests of ANB;
-- Village Place, LLC are, subject to 11 U.S.C. sections 506,
552, subject to the liens and security interests of ANB; and
-- Village Ridge LLC are, subject to 11 U.S.C. sections 506,
552, subject to the liens and security interests of Berkadia.
The Debtors note that Humboldt Assisted Living, LLC does not
possess secured debts or secured lenders.
The Court said the respective Adequate Protection Obligations
described in the Motion adequately protect ANB, Berkadia, and NEDCO
for Debtors' use of cash collateral and any diminution in value
resulting from Debtors' use of cash collateral during the Interim
Period.
A hearing on the matter is set for January 9 at 11 a.m.
A copy of the order is available at https://bit.ly/3hfy5hf from
PacerMonitor.com.
About Dimensions in Senior Living
Dimensions in Senior Living LLC -- https://www.dimsrivg.com/ --
through a series of entities, owns and manages a series of senior
living / assisted living facilities in Nebraska, Iowa, Missouri,
and Kansas.
Dimensions in Senior Living and six affiliates each filed a
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
D. Neb. Lead Case No. 22-80860) on Nov. 21, 2022. In the petition
filed by Amy Wilcox-Burns, as chief restructuring officer, the
Debtor reported assets and liabilities between $1 million and $10
million.
Judge Brian S. Kruse oversees the case.
The Debtors are represented by Patrick Raymond Turner of Turner
Legal Group, LLC.
DIVISION MANAGEMENT: Unsecureds Get Share of Liquidation Fund
-------------------------------------------------------------
Division Management, LLC, submitted an Amended Disclosure Statement
relating to the Amended Chapter 11 Plan dated Nov. 30, 2022.
The primary objective of the Debtor's Plan is to provide a
mechanism for either restructuring its debts or completing the
liquidation of the Debtor's assets, including causes of action, if
any, held by, or in favor of, the Debtor, reconciling and fixing
the claims asserted against the Debtor and distributing the net
liquidation proceeds in conformity with the distribution scheme
provided by the Bankruptcy Code. If the Plan is one of liquidation,
pursuant to section 1141(d)(3) of the Bankruptcy Code, the Debtor
will not receive a discharge, and will not engage in business after
a Final Decree has been entered and its chapter 11 case is closed.
All equity interests in the Debtor will be canceled and these
equity interest will not receive a distribution under the Plan.
Under the Plan, Class 2 Non-priority Unsecured Claims total amount
exceeds $500,000. The claims principally relate to the amounts owed
to UPSCO in regards to breach of contract obligations, but also
include damages from the rejection of executory contracts,
unexpired lease claims, deficiencies on secured claims, contract
damage claims or open account claims and damages arising from or
related to any liquidated or contingent claim except those in
Classes 3 and 4. It also includes any debt which is filed as a
priority or secured claim but, which is allowed as an unsecured
claim by the Bankruptcy Court. Holders of general unsecured claims
without priority which are Allowed Claims as determined on or
before the Effective Date of the Plan shall be paid a pro rata
distribution from the Liquidation Fund (Liquidation Fund to be
established) or, depending upon the total amount of Allowed
unsecured claims, from future operations of the Debtor. No Holders
of Allowed General Unsecured Claims shall be entitled to receive
post-petition interest on its Allowed Claim. Class 2 is impaired.
Class 3 Non-Priority Unsecured Claims of Mississippi Claimants.
This class consists of all general unsecured claims related to the
case styled Meridian Downtown Hotels, LLC, et al., v. Division
Management, LLC d/b/a Eagle Access, LLC, et al.; Case No.
20-CV-133(CW), which is pending in the Circuit Court of Lauderdale
County, Mississippi (hereinafter "Mississippi Litigation"). This
class consists of the following general unsecured creditors, each
of whose claim is contingent, unliquidated, and disputed: Ascent
Hospitality Management Co., LLC; Meridian Downtown Hotels, LLC; and
Tampa Enterprises, Inc. (collectively "the Tampa Parties"). The
total amount of these general unsecured claims exceeds $500,000
although the actual amount, if any, is unknown. In the event that a
claim of one or more of the Tampa Parties claim(s) is subsequently
Allowed as determined herein, said Allowed Claim Holder in this
Class shall be paid a pro rata distribution from either the
Liquidation Fund to be established or, depending upon the amount of
said claims, from future operations of the Debtor. No holder of an
Allowed Claim in this Class shall be entitled to receive
post-petition interest on its Allowed Claim. Class 3 is impaired.
Class 4 Non-Priority Unsecured Claims of Louisiana Claimants. This
class consists of all general unsecured claims related to the case
styled Cameron Soule v. Woodward Design + Build, LLC, et al., Case
No. 2018-00935 which is pending in the Civil District Court for the
Parish of Orleans, State of Louisiana ("Louisiana Litigation").
Chad Bondlow, Sr.; Chad Bondlow, Jr. (Minor); Bernard Curtis;
Brenda Curtis; Clarence Burks, Jr.; Michael Habisreitinger, Jr.;
Duane Dean; Christy Dean; Cameron Sole; Melvin Barnica; Ciriaco
Pina; Amalia Farretiz-Barron; Francisco Castillo; Louisiana Workers
Compensation Corporation; and Woodward Design + Build, LLC. All
claims held by these persons are contingent, unliquidated, and
disputed claims arising from or related to the Louisiana
Litigation. The total amount of these general unsecured claims
exceeds $10,000,000 although the actual amount, if any, is unknown.
Those Louisiana Claimants whose claims are subsequently Allowed as
determined herein shall be paid a pro rata distribution from the
Liquidation Fund to be established or, depending upon the total
amount of Allowed unsecured claims, from future operations of the
Debtor. No holder of an Allowed Claim in this Class shall be
entitled to receive post-petition interest on its Allowed Claim.
Class 4 is impaired.
If one or more claims asserted against the Debtor in either the
Louisiana Litigation or the Mississippi Litigation are liquidated
in an amount such that the Debtor, in its sole discretion, does not
reasonably believe that its reorganization is feasible, then in
such event the Debtor will sell its assets, in whole or in part,
through an auction process as summarized below. The Debtor's
decision to pursue an auction is largely dependent upon a final
determination as whether there is insurance coverage for the Debtor
in the Louisiana Litigation, since the existence of insurance
coverage would reduce the amount of allowed unsecured claims in
Class 4. In the event there is no insurance coverage available to
the Debtor, then the greater the likelihood that the Debtor will
pursue to sell its assets via an auction.
Also impacting the Debtor's decision to pursue an auction is the
cost of defending the Louisiana Litigation. If there is no
insurance coverage for the Debtor in the Louisiana Litigation or
the costs of defense become excessive, then the Debtor reserves the
right to pursue the sale of its assets through an auction. The
reason the Debtor believes that it is better for the Estate and its
creditors to liquidate in Chapter 11 versus Chapter 7 is due to the
unique nature of these assets. There are few companies who are
engaged in in this business, and there is no ready-made market.
Based on the Debtor's balance sheet as of September 2022, its total
assets of $197,059, which is almost half of the value of its
assets, was for physical assets (i.e., hoists, masts, motors,
etc.). Because of the nature of the Debtor's business, the Debtor
opines that there are very few companies who will be interested in
purchasing used masts, hoists, and motors given the potential
liabilities of moving men and material. As such, the sale of these
items will require knowledge and expertise in the industry beyond
that of most auctioneers.
In the event the Debtor pursues a Sale, the Debtor will solicit
bids to purchase its Assets for an approximate amount of $500,000
with entities that have expressed interest in purchasing the
Debtor's Assets; however, the Debtor does not have a formal offer
to purchase its Assets at this time.
The proceeds of the Sale of the Assets will be the primary funding
for the Plan. The Plan Administrator will use the proceeds from the
Sale to repay the Class 1 Allowed Secured Claims, as well as
certain closing and other expenses related to the Debtor's
operations, the Sale, and the Debtor's bankruptcy including
Administrative Claims. The remaining proceeds will be distributed
to the remaining Allowed Unsecured Claims pursuant to the Plan and
Confirmation Order.
Attorney for the Debtor:
Kevin D. Heard, Esq.
HEARD, ARY & DAURO, LLC
303 Williams Avenue SW, Park Plaza Suite 921
Huntsville, AL 35801
Tel: (256) 535-0817
Fax: (256) 535-0818
E-mail: kheard@heardlaw.com
A copy of the Amended Disclosure Statement dated Nov. 30, 2022, is
available at https://bit.ly/3UvVXdT from PacerMonitor.com.
About Division Management
Division Management LLC, doing business as Eagle Access LLC, is
engaged in commercial and industrial machinery and equipment rental
and leasing business.
Division Management sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ala. Case No. 22-80896) on May 26,
2022. In the petition signed by Eugene R. Sak, manager, the Debtor
disclosed $1,005,874 in assets and $463,781 in liabilities.
The case is assigned to Honorable Bankruptcy Judge Clifton R.
Jessup Jr.
Kevin D. Heard,of Heard, Ary & Dauro, LLC, is the Debtor's counsel.
EAST COAST WELDING: Disposable Income to Fund Plan Payments
-----------------------------------------------------------
East Coast Welding and Construction Co., Inc., filed with the U.S.
Bankruptcy Court for the District of Maryland a Chapter 11
Subchapter V Plan of Reorganization dated December 5, 2022.
The Debtor is a Maryland corporation founded in 1980 with its
headquarters located in Glen Burnie, Maryland. Christopher D.
Brown, the Debtor's president and sole shareholder, purchased the
company in December 2006.
The Debtor designated itself as a small business debtor, as that
term is set forth in Bankruptcy Code § 101 (51D), and as it
reflected on its voluntary petition elected to have subchapter V
(The Small Business Reorganization Act of 2019) of Chapter 11 apply
to its case.
Class 1 consists of Allowed Secured Claim of Ally Financial. Ally
Financial, and its successors or assigns (herein the "Holder of the
Class 1 Claim"), shall have an Allowed Claim. After payment in full
of any Allowed Administrative Expense or Priority Wage or Priority
Tax Claims and in full and complete satisfaction, discharge and
release of the Class 1 Claim, the Debtor shall pay the Holder of
Allowed Class 1 Claim as required by the respective loan documents.
The Holder of the Class 1 Claim shall retain its prepetition lien
on the property that secures the payments provided under the Plan.
Class 1 is Unimpaired.
Class 2 consists of Allowed Secured Claim of GM Financial. GM
Financial, and its successors or assigns (herein the "Holder of the
Class 1 Claim"), shall have an Allowed Claim. After payment in full
of any Allowed Administrative Expense or Priority Wage or Priority
Tax Claims and in full and complete satisfaction, discharge and
release of the Class 1 Claim, the Debtor shall pay the Holder of
Allowed Class 2 Claim as required by the respective loan documents.
The Holder of the Class 2 Claim shall retain its prepetition lien
on the property that secures the payments provided under the Plan.
Class 2 is Unimpaired.
Class 3 consists of Allowed Secured Claim of Channel Partners
Capital. Channel Partners Capital, and its successors or assigns
(herein the "Holder of the Class 3 Claim"), shall have an Allowed
Claim. After payment in full of any Allowed Administrative Expense
or Priority Wage or Priority Tax Claims and in full and complete
satisfaction, discharge and release of the Class 1 and Class 2
Claim, the Debtor shall pay the Holder of Allowed Class 3 Claim as
required by the respective loan documents. The Holder of the Class
3 Claim shall retain its prepetition lien on the property that
secures the payments provided under the Plan. Class 3 is
Unimpaired.
Class 4 consists of Allowed Unsecured Trade Debt Claims. After
payments in full of Allowed Class 1, Class 2 and Class 3 Claims,
and of any Allowed Administrative expense or Priority Wage or
Priority Tax Claims an in full and complete satisfaction discharge
and release of the Class 4 Claims, the Debtor shall pay the Holders
of allowed Class 4 Claims without interest their prorata share of
24% of all available Disposable Income of the Debor.
Distributions to Holders of Allowed Class 4 Claims shall occur on a
biannual basis, with a maximum of ten distributions in total, which
distributions will be made on a biannual basis with the first
distribution occurring on the later to occur of: after satisfaction
of Administrative Expense Claims, Priority Wage Claims and Priority
Tax Claims; and payment in full of any obligations owing in Classes
1, 2 and 3. The amount of each said disbursements shall equal (in
the aggregate) 24% of the Disposable Income for the preceding six
full calendar month period from March to August and September to
February.
Class 5 consists of Allowed Unsecured Loan Claims. After payment in
full of Allowed Class 1, Class 2 and Class 3 Claims, and of any
Allowed Administrative Expense or Priority Wage or Priority Tax
Claims and in full and complete satisfaction, discharge and release
of Class 4 Claims, the Debtor shall pay the Holders of Allowed
Class 5 Claims without interest their pro-rata share of all
available Disposable Income of the Debtor. Distributions to Holders
of Allowed Class 5 Claims shall occur on a bi-annual basis with a
maximum of ten distributions in total.
The amount of each of said disbursements shall equal 11.2% of the
Disposable Income for the preceding six full calendar month period
from March to September and September to February (as applicable),
not to exceed (individually or in the aggregate) the amount of
Claimant's Allowed Claim. Class 5 is Impaired and therefore, the
Holders of a Class 5 Claim are entered to vote to accept or reject
the Plan.
Class 6 consists of Claims of Christpher Brown. Holders of Allowed
Class 6 Claims shall receive no distributions under this Plan. Mr.
Brown, as the owner of the Debtor, has agreed to waive any
distribution and treat that as an equity investment into the Debtor
and treat that waiver as further justification for not pursuing any
preference actions in this case.
Class 7 consists of Allowed Interests. On the Effective Date, the
legal, equitable and contractual rights of the Holders of the
Interests in the Debtor shall be retained unaltered. Class 7 is
Unimpaired. Each Holder of an Interest is conclusively deemed to
have accepted the Plan and, therefore, is not entitled to vote to
accept or reject the Plan.
During the term of this Plan the Debtor shall pay all available
Disposable Income necessary for the performance of the Plan, which
Disposable Income is projected as set forth in the Projections of
Net Disposable Income.
The term of the Plan begins on the Effective Date and ends on the
last day of the 60th full calendar month following December 2022.
A full-text copy of the Subchapter V Plan dated December 5, 2022,
is available at https://bit.ly/3iXmP9y from PacerMonitor.com at no
charge.
Attorney for Debtor:
Robert M. Stahl, Esq.
Law Offices of Robert M. Stahl, LLC
1142 York Road
Lutherville, MD 21093
Tel: (410) 825-4800
Fax: (410) 825-4880
Email: stahllaw@comcast.net
About East Coast Welding and Construction
East Coast Welding and Construction Co., Inc., a company in Glen
Burnie, Md., filed its voluntary petition for Chapter 11 protection
(Bankr. D. Md. Case No. 22-14850) on Sept. 4, 2022, with up to
$50,000 in assets and $1 million to $10 million in liabilities.
Christopher D. Brown, owner, signed the petition.
Judge David E Rice presides over the case.
Robert M. Stahl, Esq. at the Law Offices Robert M. Stahl, LLC, is
the Debtor's counsel.
EASTGATE WHITEHOUSE: Taps Rosenberg & Estis as Special Counsel
--------------------------------------------------------------
Eastgate Whitehouse, LLC seeks approval from the U.S. Bankruptcy
Court for the Southern District of New York to employ Rosenberg &
Estis, P.C. as special litigation counsel.
The Debtor needs the firm's legal assistance in connection with a
case (Case No. APL-2021-00169) filed in the New York State Court of
Appeals.
The firm will be paid at the rate of $675 per hour, and a retainer
of $25,000.
Howard Kingsley, Esq., a partner at Rosenberg & Estis, 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:
Howard W. Kingsley, Esq.
Rosenberg & Estis, P.C.
733 Third Avenue
New York, NY 10017
Tel: (212) 867-6000
Fax: 212-551-8484
Email: hkingsley@rosenbergestis.com
About Eastgate Whitehouse
Eastgate Whitehouse, LLC, a company in Rye, N.Y., sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case
No. 22-22635) on Aug. 19, 2022. In the petition filed by its
managing member, William W. Koeppel, the Debtor reported assets
between $10 million and $50 million and liabilities between $10
million and $50 million.
Judge Sean H. Lane oversees the case.
Joel Shafferman, Esq., at Shafferman & Feldman, LLP and the Law
Office of Christopher J. Alvarado, P.C. serve as the Debtor's
bankruptcy counsel and special counsel, respectively.
EL MONTE NATURE: Jan. 23 Plan Confirmation Hearing
--------------------------------------------------
Judge Christopher B. Latham has entered an order conditionally
approving El Monte Nature Preserve, LLC's Disclosure Statement
dated Aug. 31, 2022, to be modified with revised Plan terms and
information regarding the proposed Financing Commitment.
The hearing on confirmation of the Debtor's Second Amended Plan of
Reorganization will be held on Jan. 23, 2023, at 2:00 p.m., in
Dept. 5, of the Court.
The Debtor is authorized to utilize a combined disclosure statement
and plan for the purposes of consideration of confirmation of the
Debtor’s to-be-filed Second Amended Plan of Reorganization Dated
July 11, 2022 containing its proffered financing commitment letter
as announced and discussed on the record at the Hearing and as
filed on November 28, 2022.
No later than Dec. 12, 2022, the Debtor must file and serve on all
creditors (i) its motion for approval of the Combined Disclosure
Statement and Second Amended Plan of Reorganization; (ii) the
Combined Disclosure Statement and Second Amended Plan of
Reorganization describing the Financing Commitment; and, (iii) a
ballot to be used by creditors entitled to vote on the Combined
Disclosure Statement and Second Amended Plan of Reorganization.
Opposition to the Combined Disclosure Statement and Second Amended
Plan must be filed no later than Jan. 5, 2023, and all ballots on
the Combined Disclosure Statement and Second Amended Plan must be
sent as the Debtor directs via mail, facsimile or e-mail so that
they are received by the Debtor no later than 5:00 p.m. on Jan. 5,
2023.
The Debtor's vote tabulations and any reply to oppositions must be
filed on or before Jan. 12, 2023.
Attorneys for El Monte Nature Preserve:
Michael D. Breslauer, Esq.
SOLOMON WARD SEIDENWURM & SMITH, LLP
401 B Street, Suite 1200
San Diego, CA 92101
Telephone: (619) 231-0303
Facsimile: (619) 231-4755
E-mail: mbreslauer@swsslaw.com
About El Monte Nature Preserve
El Monte Nature Preserve, LLC filed for Chapter 11 protection
(Bankr. S.D. Cal. Case No. 22-00971) on April 12, 2022, listing as
much as $50 million in both assets and liabilities. William B.
Adams, manager, signed the petition.
Judge Christopher B. Latham oversees the case.
Michael D. Breslauer, Esq., at Solomon Ward Seidenwurm & Smith, LLP
and Thorsnes Bartolotta McGuire, LLP serve as the Debtor's
bankruptcy counsel and special counsel, respectively.
EMERALD GRANDE: Seeks to Hire Supple Law Office as Counsel
----------------------------------------------------------
Emerald Grande, LLC seeks approval from the U.S. Bankruptcy Court
for the Southern District of West Virginia to employ Supple Law
Office, PLLC as its counsel.
The firm will render these services:
(a) advise the Debtor regarding the administration of this
Chapter 11 case;
(b) assist the Debtor in formulating a plan of reorganization
or plan of liquidation and represent the Debtor in efforts to
negotiate terms for reorganization in the best interest of all
creditors and parties-in-interest; and
(c) other matters requiring the services of counsel in
connection with this case.
The hourly rates of the firm's counsel and staff are as follows:
Joe M. Supple, Esq. $350
Paralegal $100
The firm received a retainer of $20,000 from the Debtor.
Joe Supple, Esq., an attorney at Supple Law Office, disclosed in a
court filing that the firm is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Joe M. Supple, Esq.
Supple Law Office, PLLC
801 Viand Street
Point Pleasant, WV 25550
Telephone: (304) 675-6249
Email: joe.supple@supplelawoffice.com
About Emerald Grande
Emerald Grande, LLC owns commercial buildings situated on 2.284
acres located at 5760, 5780, and 5790 MacCorkle Ave., SE,
Charleston, W. Va., having an appraised value of $2.97 million.
Emerald Grande filed a petition for Chapter 11 protection (Bankr.
S.D. W. Va. Case No. 22-20189) on Dec. 2, 2022. In the petition
signed by William A. Abruzzino as member of Gold Coast Partners,
LLC, the Debtor disclosed up to $3,009,950 in total assets and
$11,214,745 in total liabilities.
Judge B. McKay Mignault oversees the case.
Joe M. Supple, Esq., at Supple Law Office, PLLC serves as the
Debtor's counsel.
EMPIRE COUNTERTOPS: Seeks Cash Collateral Access Thru Dec 22
------------------------------------------------------------
Empire Countertops, LLC asks the U.S. Bankruptcy Code for the
Eastern District of Texas, Sherman Division, for authority to use
$18,780 of cash collateral on an interim emergency basis through
December 22, 2022.
For the last six months, the Debtor had an average gross revenue of
$137,384 per month. In September, the gross sales revenue was
approximately $55,689. The estimated average monthly gross sales
income projected for the next six months is $259,434 per month.
Empire also anticipates a net income of not less than $34,542 per
month.
In August 2022, 340 Broadway Holdings, LLC as successor-in-interest
for Empire PP Holdings, LLC sent a Notice of Substitute Trustee's
Sale of the Debtor's real property located at 1137 Empire Dr.,
Pilot Point, Denton County, Texas. The Debtor sought a temporary
and permanent injunction of the sale in Empire Countertops, LLC v.
340 Broadway Holdings, LLC, Cause No. 22-7235-431, filed in the
431st District Court of Denton County, Texas. Ultimately, the
permanent injunction was unsuccessful, and a sale was scheduled for
December 6, 2022.
Unable to resolve the litigation with 340 Broadway Holdings and
facing a sale of its fabrication facility, Empire filed its
petition for bankruptcy protection under Chapter 11 of the
Bankruptcy Code.
The Debtor filed for bankruptcy to get some breathing room to
reorganize its obligations and preserve the going concern value of
its countertop fabrication business.
The Debtor's monthly cash needs are approximately $64,805.
The Debtor is still examining the existence of any liens asserted
by any creditor to determine the amount, validity, and priority of
such liens. The Debtor has identified at least seven creditors who
may have perfected UCC liens in its cash accounts: Newtek Finance,
BTH Bank, 340 Broadway Holdings LLC, Eagle Eye Advance LLC, Gulf
Coast Bank and Trust Company, Merchant Advance LLC, and The LCF
Group, Inc.
As adequate protection, the creditors will be granted replacement
liens to secure the diminution in value of creditors' interest in
cash collateral existing as of the Petition Date.
A copy of the motion is available at https://bit.ly/3iOVRB5 from
PacerMonitor.com.
About Empire Countertops, LLC
Empire Countertops, LLC fabricates and installs countertops from
many materials; such as granite, quartz, solid surface, onyx,
marble, and quartzite. Its fabrication facility is located in
Pilot Point Texas.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Tex. Case No. 22-41686) on December 5,
2022. In the petition signed by Curtis M. Mahoney, member/manager,
the Debtor disclosed up to $10 million in both assets and
liabilities.
Clayton L. Everett, Esq., at Norred Law, PLLC, is the Debtor's
counsel.
EQUINOX HOLDINGS: S&P Lowers ICR to 'CCC-', Outlook Negative
------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Equinox
Holdings Inc. to 'CCC-' from 'CCC' and all the company's
issue-level ratings down by one notch.
S&P said, "The negative outlook reflects our expectation that tough
operating conditions will persist, and the company will likely face
a liquidity shortfall over the next six months absent a
liquidity-enhancing transaction.
"The 'CCC-' credit rating reflects our belief that a default or
distressed debt restructuring appears highly likely within six
months without a significantly favorable change in Equinox's
circumstances.
"The downgrade reflects the risk that the company may be unable to
refinance its first-lien revolver at par prior to its maturity in
March 2023. Additionally, we believe that even if the company
successfully extends the maturity of its revolving credit facility,
it is still burning significant amounts of cash. That means it
would likely require additional equity support beyond the $135
million its owners contributed in the first three quarters of 2022
to maintain a reduced level of cash burn and avoid a liquidity
crisis. Because of these factors, we believe the company's
management could seek a distressed exchange or offer at less than
par that creditors could agree to.
"While Equinox has continued to recover members and generate
positive EBITDA in the third quarter of 2022, we view the current
debt balances as unsustainable in the long term.
"While the company has grown its membership balance by 16.8% since
the start of 2022, this membership balance remains 17.5% lower than
at year-end 2019. At this membership level, the company has begun
to generate slightly positive EBITDA on a reported basis, and as
the company adds members, it will likely see higher incremental
revenue flow through to EBITDA and cash flow.
"However, we believe that at the current pace of membership and
revenue growth, the company is unlikely to generate sufficient cash
flow to support its current debt balances and refinance the
approximately $1.4 billion of debt due in 2024. Additionally, the
company still owes its landlords $161.1 million of unpaid cash rent
as of Sept. 30, 2022, and this balance could prolong the company's
cash burn even as it grows its revenue and EBITDA base.
"The negative outlook reflects our expectation that tough operating
conditions will persist and the company will likely face a
liquidity shortfall over the next six months absent a
liquidity-enhancing transaction.
"We could lower our ratings on Equinox to 'CC' if we believed a
default to be a virtual certainty, including the company announcing
it will miss an interest or principal payment or an announcement of
an exchange offer or similar restructuring we classify as
distressed.
"We could raise the ratings on Equinox if we no longer believed the
company to be at risk of default within the next six months."
ESG credit indicators: To E-2, S-3, G-3; From E-2, S-4, G-2
S&P said, "Social factors are a moderately negative consideration
in our credit rating analysis of Equinox, compared to a negative
consideration before. Fitness operators were significantly impaired
by the pandemic in terms of temporary gym closures, member losses,
and members placed on hold, leading to significantly lower revenue
and a cash burn from operations. However, fitness clubs have been
steadily recovering members throughout the last 12 months as gyms
reopened and the health situation improved. Still, while we believe
the company's high-quality gyms and lifestyle brand deeply resonate
with its core members, we anticipate its high-priced memberships
will recover more slowly than low-cost gym memberships, which had
lower cancellations and have recovered to near pre-pandemic levels
already.
"Governance factors are now a moderately negative consideration in
our rating analysis of Equinox compared to a neutral consideration
before. We believe that the company has demonstrated a high
tolerance for financial risk in allowing its revolver to near
maturity without a significant refinancing plan in place, and we
believe it is likely the company will allow its entire first-lien
capital structure to become current without a refinancing plan in
place. This, in combination with the company's significant unpaid
rent balances ($161.1 million as of Sept. 30, 2022), frequent
affiliate transactions (including a selective default on its
SoulCycle guarantee in May 2020), and historical tolerance for high
leverage before the pandemic demonstrate deficiencies in risk
management."
Environmental, social, and governance (ESG) credit factors for this
change in credit rating/outlook and/or CreditWatch status:
Risk management, culture, and oversight
FEDNAT HOLDING: Case Summary & 30 Largest Unsecured Creditors
-------------------------------------------------------------
Lead Debtor: FedNat Holding Company
14050 NW 14th Street
Suite 180
Sunrise, FL 33323
Business Description: FedNat is a regional insurance holding
company that controls substantially all
aspects of the insurance underwriting,
distribution and claims processes through
subsidiaries and contractual relationships
with independent and general agents. The
Debtors are not insurance carriers and do
not issue insurance policies. Rather,
FNHC provides agency, underwriting and
policyholder services to its insurance
carrier clients. FNHC's business is
comprised of two primary components:
underwriting and claims processing.
Chapter 11 Petition Date: December 11, 2022
Court: United States Bankruptcy Court
Southern District of Florida
Five affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
FedNat Holding Company (Lead Debtor) 22-19451
FedNat Underwriters, Inc. 22-19452
ClaimCor, LLC 22-19453
Century Risk Insurance Services, Inc. 22-19454
Insure-Link, Inc. 22-19455
Judge: Hon. Peter D. Russin
Debtors' Counsel: Shane G. Ramsey, Esq.
NELSON MULLINS RILEY & SCARBOROUGH LLP
150 Fourth Ave. North
Suite 1100
Nashville, TN 37219
Tel: 615-664-5355
Email: shane.ramsey@nelsonmullins.com
- and -
John T. Baxter, Esq.
Pro Hac Vice Application Pending
NELSON MULLINS RILEY & SCARBOROUGH LLP
150 Fourth Avenue, North, Suite 1100
Nashville, TN 37219
Tel: (615) 664-5300
Fax: (615) 664-5399
Email: john.baxter@nelsonmullins.com
Debtors'
Restructuring
Advisor: GGG PARTNERS, LLC
Debtors'
Claims &
Noticing
Agent: STRETTO, INC.
Total Assets as of Dec. 7, 2022: $33,830,000
Total Debts as of Dec. 7, 2022: $171,000,000
The petitions were signed by Katie S. Goodman as chief
restructuring officer.
A full-text copy of the Lead Debtor's petition is available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/RFODT6I/FedNat_Holding_Company__flsbke-22-19451__0001.0.pdf?mcid=tGE4TAMA
Consolidated List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. The Bank of New York Mellon Loan $105,489,583
240 Greenwich Street, Floor 7E
New York, NY 10286
Dimple Gandhi, VP, Client Service
Specialist, Corporate Trust
Tel: 212-815-5498
Email: dimple.gandhi@bnymellon.com
2. Florida Department of $40,848,229
Financial Services
200 East Gaines Street
Tallahassee, FL 32399
Attn: Jimmy Patronis
3. The Bank of New York Mellon Loan $21,656,250
240 Greenwich Street, Floor 7E
New York, NY 10286
Dimple Gandhi, VP, Client Service
Specialist, Corporate Trust
Tel: 212-815-5498
Email: dimple.gandhi@bnymellon.com
4. Ernst & Young U.S. LLP Trade $401,437
55 Ivan Allen Jr. Blvd.,
Suite 1000
Atlanta, GA 30308
Tel: (404) 874-8300
5. Silvervine Inc. Trade $298,369
201 Byrd Court
Warner Robins, GA 31088
Attn: Shurre Hampton
Tel: (888) 856-6388
6. Sawgrass Commerce Center Trade $210,410
Property Owner
954 W. Washington Blvd.,
Suite 415
Chicago, IL 60607
7. Claims Adjustment Group Trade $195,198
201 N. Federal Hwy., Suite 107
Deerfield Beach, FL 33441
Tel: (561) 910-4103
8. CFGI Holdings, LLC Trade $149,379
1 Lincoln Street, Suite 301
Boston, MA 02111
Attn: Robert Keep
Tel: (617) 938-7850
Email: rkeep@cfgi.com
9. Zurich North America Trade $137,258
1299 Zurich Way
Schaumburg, IL 60196-1056
Tel: (800) 382-2150
Email: info.source@zurichna.com
10. Futurity Group, Inc. Trade $59,671
NW 7628
P.O. Box 1450
Minneapolis, MN 55485
11. WPT Land 2 LP Trade $35,726
55 Donald street, Unit 200
Winnipeg, MB
R3C 1L8
Attn: Martin McGarry
Tel: (204) 928-5010
Email: martin.mcgarry@cwstevenson.com
12. Robert Half International Trade $35,691
2884 Sand Hill Road
Menlo Park, CA 94025
Tel: (650) 234-6000
13. ISS Corporate Services, Inc. Trade $32,461
702 King Farm Blvd., Suite 400
Rockville, MD 20850
Attn: Marija Kramer
Email: contactus@isscorporatesolutions.com
14. Randstad North America, Inc. Trade $32,018
One Overton Park
3625 Cumberland Blvd. SE
Atlanta, GA 30339
15. Auditboard, Inc. Trade $30,661
12900 Park Plaza Dr.
Cerritos, CA 90703
Attn: Scott Arnold
Tel: (877) 769-5444
16. Volt Workforce Solutions Trade $29,938
2401 N. Glassell St.
Orange, CA 92865
Tel: (714) 921-8800
17. Insight Global, LLC Trade $28,437
1224 Hammond Drive
Atlanta, GA 30346
Tel: (855) 485-8732
18. Mutual of Omaha Trade $28,224
Insurance Company
Premium Processing Center
P.O. Box 2147
Omaha, NE 68103-2147
19. Perficient Inc. Trade $26,000
5340 Legacy Drive
Dallas, TX 75024
Tel: (469) 277-3650
20. Fundamental Global Trade $25,000
Advisors, LLC
970 Lake Carillon Drive
St. Petersburg, FL 33716
21. CBRE, Inc. Trade $22,882
3550 Lexon Road, NE,
Suite 2300
Atlanta, GA 30384-658
Attn: Emma Giamartino
Tel: (404) 504-7900
22. Richard Michael Harvin Trade $21,706
1490 Hwy. 10
Greensburg, LA 70441
23. BDO USA, LLP Trade $21,021
339 Sixth Avenue, 8th Floor
Pittsburgh, PA 15222
Attn: Deron Curliss
Tel: (412) 281-2501
Email: dcurliss@bdo.com
24. Jonathan Lewis Joyner Trade $18,645
5138 Bay Lane
Bacliff, TX 77518
25. Salary.com LLC Trade $16,620
610 Lincoln St. North, Suite 200
Waltham, MA 02451
Tel: (617) 631-8000
26. Christopher Sean Marinovich Trade $15,685
5433 Thornhill Road
Pensacola, FL 32503
27. Vas Claim Adjusters Trade $15,453
and Services Corp.
1821 SW 21st Lane
Cape Coral, FL 33991
28. 333 Industries LLC Trade $13,506
1043 Royal Saint George Drive
Orlando, FL 32838
29. Jimmy Dan Tigert Trade $12,577
1573 Riffle Range Road
Iowa Park, TX 76367
30. William Songy Trade $12,528
37145 Harper Road 2
Pearl River, LA 70452
FELIX BRACE: Gets Interim OK to Hire Gold Weems Bruser as Counsel
-----------------------------------------------------------------
Felix Brace & Limb Co. received interim approval from the U.S.
Bankruptcy Court for the Western District of Louisiana to employ
Gold Weems Bruser Sues & Rundell, APLC to handle its Chapter 11
case.
The firm will be paid at these rates:
Shareholders $300 to $435 per hour
Associates $265 to $310 per hour
Paralegals $90 per hour
In addition, the firm will be reimbursed for out-of-pocket expenses
incurred.
The retainer fee is $20,000.
Bradley Drell, Esq., a partner at Gold Weems Bruser Sues & Rundell,
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:
Bradley L. Drell, Esq.
Gold Weems Bruser Sues & Rundell, APLC
P.O. Box 6118
Alexandria, LA 71307-6118
Tel: (318) 445-6471
Fax: (318) 445-6476
Email: bdrell@goldweems.com
About Felix Brace & Limb Co.
Felix Brace & Limb Co. filed a Chapter 11 bankruptcy petition
(Bankr. W.D. La. Case No. 22-80585) on Nov. 16, 2022, with as much
as $1 million in both assets and liabilities. Judge Stephen D.
Wheelis oversees the case.
The Debtor is represented by Bradley L. Drell, Esq., at Gold Weems
Bruser Sues & Rundell, APLC.
FINANCIAL INVESTMENTS: Debtor has No Unsecured Claims
-----------------------------------------------------
Financial Investments and Real Estate, LLC submitted a Corrected
Second Amended Disclosure Statement for the Second Amended Plan of
Reorganization dated Nov. 30, 2022.
The Plan is a culmination of events, including efforts to pivot the
intended use of the rental property and address the Debtor's
outstanding and future obligations. The Plan effectuates the
resolution of significant efforts by the debtor to use the premises
in a manner maximizing the return to creditors. Upon the Effective
Date and substantial consummation of the Plan, the Debtor's equity
shall revest in the current ownership structure and the Debtor will
continue business as usual. The Debtor believes this Plan
represents the best possible return for Holders of Claims.
The Debtor's real estate has a valuation of $350,000.
The Debtor has no unsecured claims.
Under the Plan, Class 2 consists of the Secured Judgment Claims
against the Debtor by the 3 individual investors/judgment
creditors, Monique Moise (claim#1), Shadonna Charleston (claim #2)
and Rasheeda Lawler (claim #3). The Debtor's original plan was to
pay these creditors a total of $1,500 per month for 16 months and
then $3,500 per month for 48 months for a total of $192,000 (64
Months Total) effective and due starting 30 days after confirmation
and continuing monthly thereafter. The payments are to be pro-rated
among the 3 Judgment Creditors. Debtor had filed with the Amended
Disclosure Statement filed, an Amended Plan. The Amended Plan still
was paying $1,500 per month for 16 months. During the $1,500 per
month period creditor Moise receives $946, Charleston $300 and
Lawler $255 per month. The remaining 44 months was amended to
require $4,088.50 per month. During the $4,088.50 per month Moise
receives $2,575.76 and Charleston $817.70 and Lawler $695.04 per
month. The total paid to the three Judgment Creditors is $203,894
(60 Months Total) which represents their full claim with 6 percent
statutory rate of interest. This payment plan was changed in the
Second Amended Plan to pay the post-petition attorney fees pursuant
to the note and the judgment permitting reasonable attorney fees.
Those fees will be paid in equal monthly installments for months
61-63. If Cyndescope pre-pays the loan due to the Debtor, then
those funds will be remitted in their entirety or to the extent
necessary to satisfy the remaining claim amounts at that time. If
that occurs interest over the life of the plan will be
re-calculated to reflect the reduced interest due to pre-payment.
Debtor reserves the right to contest the reasonableness of any fees
and costs incurred by the judgment creditors. The Judgment
Creditors will retain their lien on the Property, 1203 S. Melville
Street Philadelphia, Pa, until all required payments have been made
in full. Upon completion of the plan payments the judgment will be
satisfied in full against all defendants. The Judgment Creditors
will stay all collection efforts against the Debtor if Debtor is
complying with these terms. There is no co-debtor stay.
Post-Petition Attorney fees incurred by the judgment creditors of
$12,264 shall be paid by debtor in months 61-63 of the Second
Amended Plan in equal monthly installments of $4,088.50. If Debtor
defaults on the terms of this Plan, then Judgment Creditors shall
have the immediate right to file, and serve upon the Debtor and its
counsel, a certification of default stating the basis for the
default. Upon the filing of Certification, any stay or injunction
pursuant to the Bankruptcy Code and/or Plan, shall terminate and
the Judgment Creditors may immediately thereafter herein relief
will be granted to allow the Judgment creditors to be permitted to
pursue all rights and remedies under state law against the Debtor
and co-Defendants.
Counsel to the Debtor:
Michael A. Cataldo, Esq.
GELLERT SCALI BUSENKELL & BROWN, LLC
1628 JFK Blvd., Suite 1901
Philadelphia, PA 19103
Tel: (215) 238-0015
E-mail: mcataldo@gsbblaw.com
A copy of the Corrected Second Amended Disclosure Statement dated
Nov. 30, 2022, is available at https://bit.ly/3H20Pof from
PacerMonitor.com.
About Financial Investments
Financial Investments and Real Estate, LLC, is a Pennsylvania-based
real estate and financial investments company.
Financial Investments and Real Estate sought Chapter 11 bankruptcy
protection (Bankr. E.D. Pa. Case No. 22-11150) on May 3,
2022,listing as much as $500,000 in both assets and liabilities.
Kathryn Anderson, managing member, signed the petition.
The case is assigned to Judge Magdeline D. Coleman.
Michael A. Cataldo, Esq., at Gellert, Scali, Busenkell & Brown,
LLC, is the Debtor's counsel.
FIRST FRUITS BUSINESS: Taps Woods Rogers as Special Counsel
-----------------------------------------------------------
First Fruits Business Ministry, LLC seeks approval from the U.S.
Bankruptcy Court for the District of South Carolina to employ Woods
Rogers Vandeventer Black, PLC as special counsel.
The Debtor requires legal services in connection with its patent
application with the U.S. Patent and Trademark Office.
Nathan Evans, Esq., and Tim Bechen, Esq., the firm's attorneys who
will be providing the services, charge $475 per hour and $425 per
hour, respectively.
Mr. Evans 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:
Nathan A. Evans, Esq.
Woods Rogers Vandeventer Black PLC
123 East Main Street, Fifth Floor
Charlottesville, VA 22902
Tel: (434) 220-6829
Email: nevans@woodsrogers.com
About First Fruits Business Ministry
First Fruits Business Ministry, LLC is a privately held company,
which focuses on health and fitness through patented and
proprietary products that focus on losing body fat and building
lean muscle. The company is based in Columbia, S.C.
First Fruits Business Ministry sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. D.S.C. Case No. 22-02747) on
Oct. 7, 2022. In the petition signed by its chief executive
officer, Roger Catarino, the Debtor disclosed $23,348,908 in assets
and $1,628,225 in liabilities as of July 31, 2022.
Judge David R. Duncan oversees the case.
Jane H. Downey, Esq., at Moore Bradley Myers Law Firm, P.A. is the
Debtor's bankruptcy counsel. The Law Offices of Robert L. Hill, APC
and Woods Rogers Vandeventer Black, PLC serve as special counsels.
FIRST FRUITS: May Continue Using Cash Collateral
------------------------------------------------
The U.S. Bankruptcy Court for the District of South Carolina
authorized First Fruits Business Ministry, LLC to continue using
cash collateral on an interim basis as stated in the court's prior
order dated November 3, 2022, in accordance with a 10% variance.
The Court said all other terms of the November 3 Interim Order
remain unchanged.
As previously reported by the Troubled Company Reporter, the U.S.
Small Business Administration filed a UCC-1 on June 28, 2020, and a
proof of claim on October 12, 2022, asserting a lien upon the
Debtor's cash collateral.
The Debtor has a loan with Ross Harrison, who asserts a lien
against its receivables. The Debtor believes the lien may be
unperfected because no UCC-1 has been filed.
As adequate protection, the SBA was granted a replacement lien on
future cash collateral in the same validity and priority as its
pre-petition liens, to the extent of any diminution in its cash
collateral post-petition.
A copy of the order is available at https://bit.ly/3FG7TWi from
PacerMonitor.com.
About First Fruits Business Ministry, LLC
First Fruits Business Ministry, LLC is a privately held company
which focuses on health/wellness and fitness through patented and
proprietary products that are "safe with no negative side effects",
as well as being all-natural and plant-based. Its patents and
products focus on losing body fat and building lean muscle.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.S.C. Case No. 22-02747) on October 7,
2022. In the petition signed by Roger Catarino, its chief executive
officer, the Debtor disclosed $23,348,908 in assets and $1,628,225
in liabilities as of July 31, 2022.
Judge David R. Duncan oversees the case.
Jane H. Downey, Esq., at Moore Bradley Myers Law Firm, P.A., is the
Debtor's counsel.
FIRST LINE: Seeks to Hire Thompson Law Group as Bankruptcy Counsel
------------------------------------------------------------------
First Line Tactical, LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of Pennsylvania to employ Thompson
Law Group, PC as its counsel.
The firm will render these services:
(a) advise the Debtor regarding its powers and duties;
(b) take all necessary action to protect and preserve the
Debtor's estate;
(c) prepare legal papers; and
(d) perform all other legal services for the Debtor in
connection with its Chapter 11 case.
Thompson Law Group will charge $350 per hour for attorney and $90
per hour for paralegal.
In addition, the firm will seek reimbursement for expenses
incurred.
Prior to the petition date, the firm received a retainer of $5,000
from the Debtor.
Brian Thompson, Esq., an attorney at Thompson Law Group, 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:
Brian C. Thompson, Esq.
Thompson Law Group, PC
125 Warrendale Bayne Road, Suite 200
Warrendale, PA 15086
Telephone: (724) 799-8404
Facsimile: (724) 799-8409
Email: bthompson@thompsonattorney.com
About First Line Tactical
First Line Tactical, LLC, doing business as Steel City Ammo, offers
guns, ammunition sales and training services in Pittsburgh, Pa.
First Line Tactical filed a petition for Chapter 11 protection
(Bankr. W.D. Pa. Case No. 22-22395) on Dec. 2, 2022. In the
petition signed by Nathan Swierkosz, member, the Debtor disclosed
up to $50,000 in assets and up to $10 million in liabilities.
Brian C. Thompson, Esq., at Thompson Law Group, PC serves as the
Debtor's counsel.
FRASIER CONTRACTING: Taps Hamic, Previte & Sturwold as Accountant
-----------------------------------------------------------------
Frasier Contracting, Inc. received approval from the U.S.
Bankruptcy Court for the Middle District of Florida to employ
Hamic, Previte & Sturwold, PA as its accountant.
The firm will render these services:
(a) prepare and file tax returns and conduct tax research;
(b) perform normal accounting and other accounting services as
required by the Debtor; and
(c) prepare or assist the Debtor in preparing court ordered
reports.
The hourly rates of the firm's professionals are as follows:
Accountant $250 - $300
Accounting staff $100
In addition, the firm will seek reimbursement for expenses
incurred.
The firm also requires an initial retainer of $9,000.
Steve Hamic, CPA, an accountant at Hamic, Previte & Sturwold,
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:
Steve Hamic, CPA.
Hamic, Previte & Sturwold, PA
1905 South Florida Ave.
Lakeland, FL 33803
Telephone: (863) 682-5151
Facsimile: (863) 682-3079
About Frasier Contracting
Frasier Contracting Inc. -- https://www.frasiercontracting.com --
is a Florida State Certified Class A general contracting company.
Frasier Contracting filed a petition for relief under Subchapter V
of Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
22-03776) on Sept. 15, 2022. In the petition signed by Matthew
LaForest, president, the Debtor disclosed $1,253,075 in total
assets and $1,025,407 in total liabilities. Amy Denton Mayer has
been appointed as Subchapter V trustee.
Judge Catherine Peek McEwen oversees the case.
The Debtor tapped Buddy D. Ford, PA as bankruptcy counsel; Saunders
Law Group as special counsel; and Hamic, Previte & Sturwold, PA as
accountant.
FREE SPEECH: CHWWA, et al. Advise Texas Plaintiffs
--------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firms of Chamberlain, Hrdlicka, White, Williams & Aughtry,
P.C., McDowell Hetherington LLP, and Kaster Lynch Farrar & Ball,
LLP submitted a verified statement to disclose that they are
representing the Texas Plaintiffs in the Chapter 11 cases of Free
Speech Systems, LLC.
As of Dec. 7, 2022, the Texas Plaintiffs and their disclosable
economic interests are:
Scarlett Lewis
c/o McDowell Hetherington 1001 Fannin Street
Suite 2700
Houston, Texas 77002
* Plaintiff in cases alleging defamation, intentional infliction
of emotional distress, and TUFTA
* Principal Amount of Claim: At least $22,847,962.90
Neil Heslin
c/o McDowell Hetherington 1001 Fannin Street
Suite 2700
Houston, Texas 77002
* Plaintiff in cases alleging defamation, intentional infliction
of emotional distress, and TUFTA
* Principal Amount of Claim: At least $27,197,249.90
Leonard Pozner
c/o McDowell Hetherington 1001 Fannin Street
Suite 2700
Houston, Texas 77002
* Plaintiff in cases alleging defamation, intentional infliction
of emotional distress, and TUFTA
* Principal Amount of Claim: Unliquidated
Veronique De La Rose
c/o McDowell Hetherington 1001 Fannin Street
Suite 2700
Houston, Texas 77002
* Plaintiff in cases alleging defamation, intentional infliction
of emotional distress, and TUFTA
* Principal Amount of Claim: Unliquidated
The Estate of Marcel Fontaine c/o McDowell Hetherington 1001 Fannin
Street
Suite 2700
Houston, Texas 77002
* Plaintiff in cases alleging defamation and TUFTA
* Principal Amount of Claim: Unliquidated
The Debtor operates as a media company under the brand name
"InfoWars," and is owned by Alexander E. Jones.
The Debtor and Jones are defendants in lawsuits brought by the
Texas Plaintiffs.
The Texas Plaintiffs are monitoring the Debtor's case. Neither
CHWWA, MH, nor KLFB hold any interest in the Debtor or its estate.
None of the Texas Plaintiffs' disclosable economic interests have
been assigned subsequent to the commencement of the Debtor's case
and have not been solicited for purchase by CHWWA, MH, or KLFB.
Nothing contained in this Verified Statement should be construed as
a limitation upon, or waiver of any Texas Plaintiff's right to
assert, file, and/or amend its claim(s) in accordance with
applicable law and any orders entered in this case establishing
procedures for filing proofs of claim.
The Texas Plaintiffs' Counsel reserve the right to amend or
supplement this Verified Statement in accordance with the
requirements set forth in Bankruptcy Rule 2019.
Counsel for the Texas Plaintiffs can be reached at:
MCDOWELL HETHERINGTON LLP
Avi Moshenberg, Esq.
1001 Fannin Street, Suite 2700
Houston, TX 77002
Tel: 713-337-5580
Fax: 713-337-8850
E-mail: Avi.Moshenberg@mhllp.com
CHAMBERLAIN, HRDLICKA, WHITE, WILLIAMS & AUGHTRY, PC
Jarrod B. Martin, Esq.
Tyler W. Greenwood, Esq.
1200 Smith Street, Suite 1400
Houston, TX 77002
Tel: 713-356-1280
Fax: 713-658-2553
E-mail: jarrod.martin@chamberlainlaw.com
tyler.greenwood@chamberlainlaw.com
- and -
KASTER LYNCH FARRAR & BALL, LLP
Mark D. Bankston, Esq.
1117 Herkimer
Houston, TX 77008
Tel: 713-221-8300
Fax: 713-221-8301
E-mail: mark@fbtrial.com
A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/3UR0uId
About Free Speech Systems
Free Speech Systems LLC is a broadcast media production and
distribution company that provides broadcasting aural programs by
radio to the public.
On July 29, 2022, Free Speech Systems LLC filed a voluntary
petition for relief under chapter 11 of the Bankruptcy Code (Bankr.
S.D. Tex. Case No. 22-60043). The Debtor has elected to proceed
under subchapter V of chapter 11.
In the petition filed by W. Marc Schwartz, as chief restructuring
officer, the Debtor estimated assets and liabilities between $50
million and $100 million. Judge Christopher Lopez oversees the
case.
Melissa A. Haselden has been appointed as Subchapter V trustee.
The Law Offices of Ray Battaglia, PLLC, is the Debtor's counsel.
FRONTLINE MEDICAL: Unsecureds Will Get 3.9% of Claims in 3 Years
----------------------------------------------------------------
Frontline Medical Services LLC filed with the U.S. Bankruptcy Court
for the District of Colorado a Subchapter V Plan of Reorganization
dated December 5, 2022.
The Debtor is a Center for Verification and Evaluation ("CVE")
certified Service-Disabled, Veteran-Owned Small Business
("SDVOSB"). A national wholesale distributor of Durable Medical
Equipment ("DME"), the Debtor provides high-quality prosthetic,
orthotic, orthopedic, sports medicine, laboratory, hospital and
surgical products.
The Debtor is owned by Steve and Lori Dumler who purchased the
Debtor in 2013. The Debtor currently performs two contracts with
the VA Denver Logistics Center ("DLC"), a GSA/FSS contract, and a
Medical Surgical Prime Vendor (MSPV) contract. Additionally, the
Debtor continues to assist the VA, DoD, HHS (IHS), DHS and other
federal agencies.
On October 14, 2020, the Department of Veteran Affairs ("VA") sent
a termination letter to Debtor indicating that it was rescinding
part of the Contract on the basis of alleged irregularities in the
application process. The Debtor hired Busch Law Firm to confirm
that the VA contract termination was valid and administrate
settlement of the Partial Termination for Convenience.
On May 9, 2022, Busch Law commenced a law suit in the Douglas
County District Court against Debtor styled Busch Law Firm, LLC v.
Frontline Medical Services, LLC, Case No. 2022 CV 30329 (the "State
Court Action"). Busch Law filed a partial motion to dismiss the
counterclaims and the Debtor's response to that motion was
approaching. The Debtor could not afford to pay attorneys to
continue fighting the State Court Action so prior to the deadline
to file the response to the motion to dismiss, the Debtor filed
bankruptcy.
The Debtor listed Busch Law as a creditor with an unsecured claim
in the amount of $174,580.00 and did not mark it as disputed,
contingent, or unliquidated giving Busch Law an allowed claim
subject only to Busch Law filing a proof of claim in the different
amount, if necessary. In the Motion, Busch Law asserts it invoiced
the Debtor a total of $264,980.00 (the "Fees"). The Debtor informed
Busch Law that it would not contest Busch Law's Claim. The Debtor
has two creditors and was forced to file bankruptcy because it
could not continue to fight Busch Law or prosecute its claim
against the VA.
Class 1 consists of those unsecured creditors of the Debtor who
hold Allowed Claims that were either scheduled by the Debtor as
undisputed, or subject to timely filed proofs of claim to which the
Debtor does not successfully object. The Class 1 Claimants are
Busch Law Firm with $265,547.42 claim amount and Delmer H. Hamilton
with $32,646.18 claim amount.
Class 1 shall receive a pro-rata distribution of a variable amount
during the 3 years following the Effective Date of the Plan
("Repayment Term") in an amount equal to seven percent of the
Debtor's Net Cash Flow ("Class 1 Distribution"). Total
distributions to Class 1 over three years are estimated to be
approximately $11,675.00; an approximate 3.9% return. In the event
of a consensual Plan, Distributions will be made by the Debtor. In
the event of a nonconsensual Plan, Distributions will be made by
the Trustee.
Class 2 includes Interests in the Debtor held by the pre-
confirmation shareholders. Class 2 is unimpaired by this Plan. On
the Effective Date of the Plan, Class 2 shall retain its Interests
Debtor will be empowered to take such actions as may be necessary
to perform its obligations under this Plan.
The Plan, upon confirmation, constitutes a new contractual
relationship between Debtor and its creditors. All creditors are
bound by the terms of the Plan. In the event of default by Debtor
under the Plan, creditors will be entitled to enforce all of their
rights and remedies against it for breach of the Plan. Any creditor
claiming a breach by Debtor must first provide written notice to
Debtor of the claimed default. The notice must provide Debtor with
a 30-day period within which to cure the claimed default. If Debtor
fails to timely cure any default within such 30-day period, the
creditor may then proceed to exercise the rights and remedies
available to them under state law. In the event of a non-consensual
Plan, upon default, creditors and the Trustee have the right to
move for conversion of the case to chapter 7.
A full-text copy of the Subchapter V Plan dated December 5, 2022,
is available at https://bit.ly/3iTbN5s from PacerMonitor.com at no
charge.
Attorneys for Debtor:
Steven T. Mulligan, Esq.
Coan, Payton & Payne, LLC
999 18th Street
South Tower, Suite S1500
Denver, CO 80202
Tel: (303) 861-8888
Email: smulligan@cp2law.com
About Frontline Medical Services
Frontline Medical Services, LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No.
22-13411) on Sept. 6, 2022, with between $100,001 and $500,000 in
both assets and liabilities. Joli A. Lofstedt serves as Subchapter
V trustee.
Judge Kimberley H. Tyson oversees the case.
Steven T. Mulligan, Esq., at Coan, Payton & Payne, LLC, is the
Debtor's counsel.
FTX GROUP: U.S. Senators Ask Silvergate to Explain Crypto Ties
--------------------------------------------------------------
Drypto bank Silvergate Capital Corp. was asked by three US Senators
to release all records related to transfers of funds for the
collapsed FTX empire of Sam Bankman-Fried.
According to a statement, U.S. Senators Elizabeth Warren (D-Mass.),
Roger Marshall (R-Kan.), and John Kennedy (R-La.) wrote to
Silvergate, the bank that reportedly facilitated the transfer of
FTX customer funds to Alameda Research, seeking answers about the
bank's role in the loss of billions of dollars in customer
funds.
"Your bank's involvement in the transfer of FTX customer funds to
Alameda reveals what appears to be an egregious failure of your
bank's responsibility to monitor for and report suspicious
financial activity carried out by its clients. The public is owed
a full accounting of the financial activities that may have led to
the loss of billions in customer assets, and any role that
Silvergate may have played in these losses," wrote the senators.
Silvergate caters to digital asset clients -- as of September 30,
90% of its overall deposit base came from crypto firms operating in
a highly volatile market. The senators note that Silvergate's
average deposits quarter-to-date are down over $2 billion since the
end of September, and in just the past month, two of Silvergate's
digital assets clients -- FTX and its affiliates, and BlockFi --
have declared bankruptcy. In September, Silvergate asserted that
its "relationship with FTX [and its related entities] is limited to
deposits," and while Silvergate failed to explain what it meant by
"related entities," documents from FTX's bankruptcy case confirmed
that the bank had relationships with several firms controlled by
FTX's former CEO Sam Bankman-Fried, including Alameda, the crypto
trading firm that Bankman-Fried claimed was a "wholly separate
entity" from FTX.
"Mr. Bankman-Fried has, himself, admitted that FTX customer funds
were improperly transferred to Alameda's bank accounts. When asked
how FTX customer deposits ended up in Alameda's accounts, Mr.
Bankman-Fried told Vox that the company did not originally have a
bank account, and so it directed customers to wire money to
Alameda's account with Silvergate in exchange for assets on FTX.
According to Mr. Bankman-Fried, executives at the company 'forgot'
about this scheme until the company imploded," continued the
senators.
This arrangement between FTX and Alameda relied on Silvergate's
depository services, and Alameda's depository account with
Silvergate appears to be at the center of improper transfers of
customer funds. The senators note that Silvergate's failure to
take notice of and report this scheme could constitute violations
of the law -- including a failure to implement or maintain an
effective anti-money laundering (AML) program as required under the
Bank Secrecy Act, and a failure to report suspicious transactions
to the Financial Crimes Enforcement Network.
Given these concerns about Silvergate's failure to apply extensive
review processes to FTX and Alameda, and the possible role the bank
may have played in the loss of billions of dollars-worth of
customer funds, the senators are asking Silvergate to answer a set
of questions to provide the public a full accounting of its
relationship with FTX and Alameda and information about its safety
and soundness by December 19, 2022.
Senator Warren has been an outspoken advocate for regulation and
oversight of crypto to protect the environment, consumers, the
energy grid, and the safety and stability of the financial system.
Since the collapse of FTX, she has worked to hold all responsible
parties responsible for possible crimes:
* On Nov. 30, 2022, at a hearing of the Senate Banking, Housing,
and Urban Affairs Committee, Senator Warren called on regulators to
keep crypto out of the banking system following FTX's collapse.
* On Nov. 23, 2022, Senators Warren and Sheldon Whitehouse
(D-R.I.) sent a letter to the Department of Justice requesting
personal accountability for former FTX CEO Sam-Bankman Fried and
any complicit FTX executives for wrongdoing following the
exchange's collapse.
* On Nov. 22, 2022, Senator Warren published an op-ed in the Wall
Street Journal urging federal regulators to use their expansive
authorities to crack down on crypto fraud and hold the industry to
the same basic standards as other financial activities.
* On Nov. 17, 2022, Senator Warren, along with Senator Dick
Durbin (D-Ill.), sent a letter to Sam Bankman-Fried, founder and
former CEO of FTX Trading Ltd. (FTX), and John Jay Ray III, the
newly appointed CEO of FTX, seeking information on the reported
misuse of billions of dollars of customer funds and other
disturbing allegations that continue to emerge about the company's
fraudulent and illicit practices.
* On Oct. 25, 2022, Senators Warren and Whitehouse and
Representatives Alexandria Ocasio-Cortez (D-N.Y.), Jesús "Chuy"
García (D-Ill.), and Rashida Tlaib (D-Mich.) sent a letter to the
U.S. Securities and Exchange Commission, the Commodity Futures
Trading Commission, the U.S. Department of Treasury, the Federal
Reserve, the Federal Deposit Insurance Corporation, the Office of
the Comptroller of the Currency, and the Consumer Financial
Protection Bureau, seeking information about the steps each
regulator is taking to stop the revolving door between financial
regulatory agencies and the cryptocurrency industry.
* In September 2022, Senator Warren sent a letter to Treasury
Secretary Janet Yellen calling on the Treasury Department and the
Financial Stability Oversight Council to build a strong regulatory
framework for the crypto market
* In July 2022, Senator Warren and her colleagues released the
findings from an investigation into seven large cryptomining
companies – showing extraordinarily high energy use and climate
impacts from cryptomining – and called on the EPA and DOE to take
action.
* In May 2022, Senators Warren and Tina Smith (D-Minn.), sent a
letter to Fidelity, asking the company to explain its decision to
allow Bitcoin investments for 401(k) plans, despite the Department
of Labor’s warnings about 401(k) crypto investments.
* In March 2022, Senator Warren, Senate Armed Services Committee
Chair Jack Reed (D-R.I.), Senate Intelligence Committee Chair Mark
Warner (D-Va.), and Senate Defense Appropriations Subcommittee
Chair Jon Tester (D-Mt.) introduced the Digital Asset Sanctions
Compliance Enhancement Act to ensure that Vladimir Putin and
Russian elites don't use digital assets to undermine the
international community’s economic sanctions against Russia
following its invasion of Ukraine.
* In March 2022, at a hearing of the Senate Banking, Housing, and
Urban Affairs Committee, Senator Warren highlighted the various
cryptocurrency tools that could make it easier for sanctioned
individuals to hide their wealth and lessen the impact of Russian
sanctions.
* In March 2022, at a hearing of the Senate Banking, Housing, and
Urban Affairs Committee, Senator Warren warned that cryptocurrency
may allow Russia to dodge sanctions and urged stronger regulation
of the crypto market to ensure that countries, drug traffickers,
cyber criminals, and tax cheats can’t evade economic pain.
* In March 2022, Senators Warren, Warner, Reed, and Sherrod Brown
(D-Ohio), Chair of the Senate Banking, Housing, and Urban Affairs
Committee, sent a letter to Treasury Secretary Janet Yellen, asking
about the Treasury Department’s plans to enforce
sanctions-compliance guidance for the cryptocurrency industry to
ensure that economic sanctions remain an effective tool for
achieving foreign policy goals.
* In December 2021, during a hearing of the Senate Banking,
Housing, and Urban Affairs Committee, Senator Warren raised
concerns over the growing risks presented by stablecoins.
* In September 2021, at a hearing of the Senate Banking, Housing,
and Urban Affairs Committee, Senator Warren called on regulators to
step up to address crypto's regulatory gaps and ensure an inclusive
financial system.
* In July 2021, Senator Warren sent a letter to SEC Chair Gary
Gensler requesting information about the agency's authority to
regulate cryptocurrency exchanges and protect consumers from risks
posed by the highly volatile cryptocurrency market.
* In June 2021, chairing a hearing of the Senate Banking,
Housing, and Urban Affairs Committee's Subcommittee on Economic
Policy, Senator Warren delivered remarks on the opportunities and
risks that digital currencies present.
* In a June 2021 interview, Senator Warren called the market for
crypto the "wild west," and said digital currency is "not a good
way to buy and sell things and not a good investment and an
environmental disaster."
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.
Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.
Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell
itself to its giant rival Binance, but Binance walked away from the
deal the next day amid reports on FTX regarding mishandled customer
funds and alleged US agency investigations.
At approximately 4:30 a.m. on Nov. 11, Bankman-Fried ultimately
agreed to step aside, and restructuring vet John J. Ray III was
quickly named new CEO.
FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.
A total of 102 entities related to FTX have filed for Chapter 11
protection.
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, SBF
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.
The Hon. John T. Dorsey is the case judge.
Andrew G. Dietderich, James L. Bromley, Brian D. Glueckstein and
Alexa J. Kranzley at Sullivan & Cromwell LLP in New York, serve as
the Debtors' counsel.
Adam G. Landis, Kimberly A. Brown and Matthew R. Pierce at LANDIS
RATH & COBB LLP in Wilmington serve as local bankruptcy counsel to
FTX Group.
Alvarez & Marsal North America, LLC, is the Debtors' financial
advisor.
Kroll is the claims agent, maintaining the page
https://cases.ra.kroll.com/FTX/Home-Index
Lawyers at Paul Weiss represented SBF but later renounced
representing the entrepreneur due to a conflict of interest.
GANESH AA: Seeks to Hire Eric A. Liepins as Bankruptcy Counsel
--------------------------------------------------------------
Ganesh AA Corp seeks approval from the U.S. Bankruptcy Court for
the Northern District of Texas to employ Eric A. Liepins, PC as its
bankruptcy counsel.
The Debtor requires legal assistance to liquidate its assets,
reorganize the claims of the estate, and determine the validity of
claims asserted in the estate.
The hourly rates of the firm's counsel and staff are as follows:
Eric A. Liepins $275
Paralegals and Legal Assistants $30 - $50
In addition, the firm will seek reimbursement for expenses
incurred.
The firm has been paid a retainer of $5,000, plus filing fee.
Mr. Liepins, the sole shareholder of the firm, 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:
Eric A. Liepins, Esq.
Eric A. Liepins, PC
12770 Coit Road, Suite 850
Dallas, TX 75251
Telephone: (972) 991-5591
Facsimile: (972) 991-5788
Email: eric@ealpc.com
About Ganesh AA Corp
Ganesh AA Corp filed a voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. N.D. Texas Case No. 22-70211) on
Dec. 5, 2022, with as much as $1 million in both assets and
liabilities. Eric A. Liepins, PC serves as the Debtor's counsel.
GREENWORKS SERVICE: Seeks Cash Collateral Access
------------------------------------------------
GreenWorks Service Company asks the U.S. Bankruptcy Court for the
Northern District of Texas, Dallas Division, for authority to use
cash collateral in accordance with the budget, with a 5% variance.
The Debtor requires the use of cash collateral for contract
services, payroll and general operating expenses. Revenue is
generated through the Debtor's home and commercial home inspection
business.
A search in the Texas Secretary of State shows that allegedly
secured positions are held by Libertas Funding LLC (UCC Filing No.
22-0043655835); Rapid Finance (UCC Filing No. 22- 0044880523) and
Fundomate Technologies, Inc. (UCC filing No. 22-0057670675).
The loans are allegedly secured by a blanket lien on all accounts
and property of the Debtor's businesses, pursuant to the filed UCC
liens that have been filed. At this early stage, it is unclear as
to whether these agreements are secured and/or comply with Texas or
other state usury laws, but for the purposes of this motion only,
Debtor is acknowledging their UCC filings.
A copy of the motion is available at https://bit.ly/3VRbnLp from
PacerMonitor.com.
A copy of the budget is available at https://bit.ly/3YdQZ8G from
PacerMonitor.com.
The Debtor projects $650,000 in cash receipts and $488,390 in cash
disbursements for one month.
About GreenWorks Service Company
GreenWorks Service Company provides inspections, structural
engineering, environmental testing, handyman services, and pest
control services for residential and commercial properties.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 22-32290) on December 7,
2022. In the petition signed by Harmony Brown, member, the Debtor
disclosed up to $500,000 in assets and up to $10 million in
liabilities.
Judge Michelle V. Larson oversees the case.
Robert C. Lane, Esq., at the Law Lane Firm, is the Debtor's
counsel.
GROUPE SOLMAX: $660M Bank Debt Trades at 20% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Groupe Solmax Inc
is a borrower were trading in the secondary market around 80.1
cents-on-the-dollar during the week ended Friday, December 9, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$660 million facility is a Term loan. The loan is scheduled
to mature on July 23, 2028. The amount is fully drawn and
outstanding.
Groupe Solmax Inc. manufactures polyethylene geomembranes. The
Company offers containment and fluid transportation solutions
including HDPE pipes, valves, fittings and accessories. Groupe
Solmax serves mining, energy, waste management, water, and civil
engineering sectors in Canada.
GTT COMMUNICATIONS: Latham & Watkins Updates on Noteholder Group
----------------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firm of Latham & Watkins LLP submitted an amended verified
statement to disclose an updated list of Ad Hoc Noteholder Group in
the Chapter 11 cases of GTT Communications, Inc., et al.
On November 5, 2021, the Ad Hoc Noteholder Group filed the Verified
Statement Pursuant to Bankruptcy Rule 2019 of the Ad Hoc Noteholder
Group. Since the filing of the Verified Statement, the names or
contact information for certain of the members has changed, one
member has been added to the Ad Hoc Noteholder Group, and the
disclosable economic interests in relation to the Debtors held or
managed by certain members of the Ad Hoc Noteholder Group has
changed. Accordingly, the Ad Hoc Group of Noteholders submits this
Amended Statement.
As of Dec. 10, 2022, members of the Ad Hoc Noteholder Group and
their disclosable economic interests are:
Polen Capital Credit, LLC
1075 Main Street, Suite 320
Waltham, MA 02451
* 2024 Notes: $149,068,000.00
Aristeia Capital, LLC
One Greenwich Plaza
Greenwich, CT 06830
* 2024 Notes: $57,970,000.00
HG Vora Special Opportunities Master Fund, Ltd.
c/o HG Vora Capital Management, LLC
330 Madison Avenue, 20th floor
New York, NY 10017
* 2024 Notes: $68,500,000
Voya Investment Management Co. LLC
600 West Broadway
San Diego, CA 92101
* 2024 Notes: $64,795,000
* U.S. Term Loans: $1,234,944.53
Credit Suisse Asset Management, LLC
11 Madison Avenue
New York, NY 10010
* 2024 Notes: $37,465,000.00
Latham does not hold any prepetition claims against or interests in
the Debtors, except to the extent Latham has claims against the
Debtors for services rendered in connection with its representation
of the Ad Hoc Noteholder Group. Latham does not make any
representation regarding the validity, amount, allowance, or
priority of any claims of the members of the Ad Hoc Noteholder
Group and reserves all rights with respect thereto.
The information contained in this Amended Statement is not intended
and should not be construed to limit the assertion of any claims
against or interests in the Debtors held by the Ad Hoc Noteholder
Group, their affiliates or any other entity, as an admission with
respect to any fact or legal theory, or as a proof of claim of any
of the members of the Ad Hoc Noteholder Group against any of the
Debtors. Further, nothing in this Amended Statement should be
construed as a limitation upon, or waiver of, any rights of the
members of the Ad Hoc Noteholder Group under applicable law.
Counsel for the Ad Hoc Noteholder Group can be reached at:
Ted A. Dillman, Esq.
LATHAM & WATKINS LLP
355 South Grand Avenue, Suite 100
Los Angeles, CA 90071
Telephone: (213)485-1234
Facsimile: (213) 891-8763
E-mail: ted.dillman@lw.com
Hugh Murtagh, Esq.
Misha E. Ross, Esq.
Brian S. Rosen, Esq.
LATHAM & WATKINS LLP
1271 Avenue of the Americas
New York, NY 10020
Telephone: (212)906-1200
Facsimile: (212) 751-4864
E-mail: hugh.murtagh@lw.com
misha.ross@lw.com
brian.rosen@lw.com
- and -
Ebba Gebisa, Esq.
LATHAM & WATKINS LLP
330 North Wabash Avenue, Suite 2800
Los Angeles, CA 90071
Telephone: (312) 876-7700
Facsimile: (312) 993-9767
E-mail: ebba.gebisa@lw.com
A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/3UOKExU
About GTT Communications Inc.
Headquartered in McLean, Va., GTT Communications, Inc. --
http://www.gtt.net/-- owns and operates a global Tier 1 Internet
network and provides a comprehensive suite of cloud networking
services.
GTT and its affiliates sought Chapter 11 protection (Bankr.
S.D.N.Y. Lead Case No. 21-11880) on Oct. 31, 2021, to implement a
prepackaged Chapter 11 plan. GTT had total assets of $2.8 billion
and total debt of $4.1 billion as of June 30, 2021. As of the
petition date, the Debtors had pre-bankruptcy funded indebtedness
totaling $2.015 billion.
Judge Michael E. Wiles oversees the cases.
The Debtors tapped Akin Gump Strauss Hauer & Feld, LLP as legal
counsel; TRS Advisors as financial advisor and investment banker;
The Siegfried Group, LLP as accounting and financial resource
services provider; Ernst & Young LLP as tax, valuation and
accounting and advisory services provider; and Alvarez & Marsal,
LLC as restructuring advisor. Brian Fox, Alvarez & Marsal's
managing director, serves as the Debtors' chief restructuring
officer. Prime Clerk, LLC is the claims agent and administrative
advisor.
On Dec. 16, 2021, the court approved the Debtors' disclosure
statement and confirmed their joint prepackaged Chapter 11 plan of
reorganization.
GTT COMMUNICATIONS: To Seek Plan Confirmation on Dec. 27
--------------------------------------------------------
Judge Michael E. Wiles has entered an order provisionally approving
the Disclosure Statement Supplement of GTT Communications, Inc., et
al.
The Combined Hearing (at which hearing the Court will consider,
among other things, approval of the Disclosure Statement Supplement
and confirmation of the Amended Plan), will be held before this
Court on December 27, 2022 at 1:00 p.m. (prevailing Eastern Time).
The Confirmation Schedule is approved in accordance with the
following:
* The Plan Supplement Filing Deadline will be December 13, 2022
at 11:59 p.m. (prevailing Eastern Time);
* The Voting Deadline and the Plan Objection Deadline each will
be December 21, 2022 at 5:00 p.m. (prevailing Eastern Time); and
* The Confirmation Brief / Reply Deadline will be December 24,
2022 at 5:00 p.m. (prevailing Eastern Time).
Any objections to the adequacy of the Disclosure Statement
Supplement or confirmation of the Amended Plan must be filed and
served no later than 5:00 p.m. (prevailing Eastern Time) on
December 21, 2022.
Second Amended Third Modified Plan
GTT Communications, Inc., et al. submitted a Second Amended Third
Modified Joint Prepackaged Chapter 11 Plan of Reorganization.
Subject to Section 1129(a)(4) of the Bankruptcy Code, the Debtors
will pay in cash all reasonable and documented fees and expenses of
the Consenting Creditors' Advisors, Jones Day and Huron
(collectively, the "Creditor Advisor Fees") and the Administrative
Agent, in each case in accordance with the terms and conditions of
any applicable agreement with the Debtors, including the Credit
Agreement, and the Restructuring Support Agreement, and if any such
fee and/or expense is unpaid as of the Effective Date such fee
and/or expense shall be paid on the Effective Date; provided that
the Consenting Creditors' Advisors, Jones Day and Huron shall file
a notice (a "Fee Notice") with the Bankruptcy Court with respect to
any unpaid fees and expenses reflecting the amount of such unpaid
fees and expenses requested by such Consenting Creditor Advisor
(which shall not be required to contain time detail and which shall
not be required to comply with the U.S. Trustee guidelines)
reflecting the amount of the fees and expenses requested by such
Consenting Creditor Advisor, Jones Day or Huron, as applicable. If
the Debtors, Reorganized Debtors, or the U.S. Trustee, as
applicable, dispute the reasonableness of any such Creditor Advisor
Fees, the Debtors, Reorganized Debtors or the U.S. Trustee, as
applicable, shall file an objection with the Bankruptcy Court
within ten (10) calendar days of the filing of the Fee Notice and
the disputed portion of such invoice shall not be paid until the
dispute is resolved (the "Fee Notice Process"). If no objection is
filed, such Creditor Advisor Fees shall be paid by the Debtors or
the Reorganized Debtors, as applicable.
Subject to Bankruptcy Code section 1129(a)(4), from and after the
Effective Date, each Reorganized Debtor shall pay in Cash all
reasonable and documented fees and expenses of the Ad Hoc Lender
Group Advisors, the 2020 Ad Hoc Lender Group Advisors, the
Administrative Agent, the Ad Hoc Noteholder Group Advisors, Jones
Day, Huron and the Lone Star Advisors incurred in connection with
implementation of the Plan, the Restructuring Transactions
contemplated hereby and any related regulatory filings, approvals
or notification requirements, in each case, subject to the Fee
Notice Process; it being understood that, from and after the
Effective Date, the Reorganized Debtors shall be authorized to
fully perform under the Definitive Documents (including any fee or
expense reimbursement provisions contained therein), and nothing in
this paragraph shall be construed to alter any rights or
obligations under such Definitive Documents or impose additional
obligations on any party in order to receive payment from the
Reorganized Debtors thereunder.
Under the Plan, holders of Class 5 General Unsecured Claims will
receive (a) satisfaction of its Allowed General Unsecured Claim in
full in the ordinary course of business in accordance with the
terms and conditions of the particular transaction and/or agreement
giving rise to such Allowed General Unsecured Claim or (b) payment
in full in Cash on the date such Allowed General Unsecured Claim
becomes payable as if the Chapter 11 Cases had not been commenced;
provided, that notwithstanding anything herein to the contrary,
claims for rejection damages in connection with any Unexpired Lease
shall be subject to the limitations of Bankruptcy Code section
502(b)(6). Class 5 is unimpaired.
The Debtors will fund distributions under the Plan with: (a) Cash
on hand, including Cash from operations, remaining Retained Cash
Proceeds, Excess Cash (if any) and the I Squared Deferred
Consideration (if applicable); (b) if applicable, the proceeds of
the Exit Revolving Credit Facility; (c) the New Equity Interests;
(d) the Noteholder Warrants; (e) the Equityholder Warrants; and (f)
the New GTT Term Loans.
Counsel to the Debtors and Debtors in Possession:
Ira S. Dizengoff, Esq.
Philip C. Dublin, Esq.
David H. Botter, Esq.
Naomi Moss, Esq.
AKIN GUMP STRAUSS HAUER & FELD LLP
One Bryant Park
New York, NY 10036
Tel: (212) 872-1000
Fax: (212) 872-1002
E-mail: idizengoff@akingump.com
pdublin@akingump.com
dbotter@akingump.com
nmoss@akingump.com
A copy of the Order dated Nov. 30, 2022, is available at
https://bit.ly/3Y2bS70 from PacerMonitor.com.
A copy of the Modified Joint Prepackaged Chapter 11 Plan of
Reorganization dated Nov. 30, 2022, is available at
https://bit.ly/3EULl2M from PacerMonitor.com.
About GTT Communications Inc.
Headquartered in McLean, Va., GTT Communications, Inc. --
http://www.gtt.net/-- owns and operates a global Tier 1 Internet
network and provides a comprehensive suite of cloud networking
services.
GTT and its affiliates sought Chapter 11 protection (Bankr.
S.D.N.Y. Lead Case No. 21-11880) on Oct. 31, 2021, to implement a
prepackaged Chapter 11 plan. GTT had total assets of $2.8 billion
and total debt of $4.1 billion as of June 30, 2021. As of the
petition date, the Debtors had pre-bankruptcy funded indebtedness
totaling $2.015 billion.
Judge Michael E. Wiles oversees the cases.
The Debtors tapped Akin Gump Strauss Hauer & Feld, LLP as legal
counsel; TRS Advisors as financial advisor and investment banker;
The Siegfried Group, LLP as accounting and financial resource
services provider; Ernst & Young LLP as tax, valuation and
accounting and advisory services provider; and Alvarez & Marsal,
LLC as restructuring advisor. Brian Fox, Alvarez & Marsal's
managing director, serves as the Debtors' chief restructuring
officer. Prime Clerk, LLC is the claims agent and administrative
advisor.
On Dec. 16, 2021, the court approved the Debtors' disclosure
statement and confirmed their joint prepackaged Chapter 11 plan of
reorganization.
H&S ALANG: Unsecured Creditors to Get 10% Under Plan
----------------------------------------------------
H&S Alang, LLC, submitted a First Amended Disclosure Statement
explaining its Plan of Reorganization.
The Debtor will continue its business after confirmation of the
Plan. The Debtor is the owner of the real property and
improvements located at 604 S. Lindsey Lane, Pearsall, TX 78061,
where the Debtor operates a hotel as a franchisee of the "Hampton
Inn" brand (the "Hotel"). The Debtor intends to change its brand
following confirmation and will use its operating income to make
payments under the Plan and pay ordinary operating expenses. The
Debtor also intends to complete repairs that have been identified
in the approximate amount of $250,000.
The Debtor's scheduled aggregate assets in the amount of $3,023,298
as of the Petition Date, consisting of (a) the Hotel, with a
scheduled value of $2,900,000 as of the Petition Date, (b) the
furniture, fixtures and equipment used in operating the Hotel,
which collectively have a scheduled value of $90,940.50, and c)
cash of $32,358. The Debtor believes the hotel value is likely
closer to $2.3 million (including the furniture, fixtures and
equipment).
Under the Plan, Class 5 Allowed General Unsecured Claims other than
insider claims shall be paid 10% of their claims over 36 months
from the Effective Date. Payments shall be made on the first day
of the first month following the Effective Date and continuing on
the first day of each month thereafter for a total of 36 months.
These Claims are impaired.
The Debtor will use its normal operating income to make payments
under the Plan and pay operating expenses.
Attorney for the Debtor:
Joyce W. Lindauer, Esq.
JOYCE W. LINDAUER ATTORNEY, PLLC
1412 Main Street, Suite 500
Dallas, TX 75202
Telephone: (972) 503-4033
Facsimile: (972) 503-4034
A copy of the Disclosure Statement dated Nov. 30, 2022, is
available at https://bit.ly/3XS0fPR from PacerMonitor.com.
About H&S Alang, LLC
H&S Alang, LLC, operates a Hampton Inn hotel located in Pearsall,
Texas. H&S Alang, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 22-40712) on June
6, 2022. In the petition filed by Jaspreet S. Alang, manager, the
Debtor disclosed up to $10 million in both assets and liabilities.
Judge Brenda T. Rhoades oversees the case.
Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC, is
the Debtor's counsel.
Pearsall Holdings, LLC, as secured creditor, is represented by
Kenneth Stohner Jr., Esq. at Jackson Walker LLP.
HANLEY INTERNATIONAL ACADEMY: S&P Affirms 'BB' 2021 Bonds Rating
----------------------------------------------------------------
S&P Global Ratings revised its outlook to positive from stable and
affirmed its 'BB' long-term rating on the Michigan Finance
Authority's series 2021 public school academy limited-obligation
refunding bonds, issued for Hanley International Academy (HIA).
"The outlook revision reflects our view of the academy's
consistently improved financial operating margins and materially
improved debt service coverage metrics, which were aided by the
lowered debt burden resulting from the series 2021 refinancing,"
said S&P Global Ratings credit analyst Chase Ashworth. "Further
supporting the positive outlook are management's intentions to
increase liquidity in the future, providing greater financial
flexibility," Mr. Ashworth added.
HIA currently has about $6.6 million in long-term debt, consisting
only of the series 2021 bonds. The bonds are a general obligation
of the academy, secured by a pledge of 20% of per-pupil state aid,
a first-mortgage lien on the land, and facilities financed with the
bonds' issuance. HIA does not have any major expansion or capital
improvement plans that would require additional debt at this time.
S&P said, "The 'BB' rating reflects our view of stable enrollment,
favorable charter standing and consistently improving full-accrual
operating performance, offset by modest-but-improving maximum
annual debt service (MADS) coverage and relatively light days' cash
on hand. We assessed the academy's enterprise profile as adequate
and its financial profile as vulnerable. These credit factors,
combined, lead to an anchor rating of 'bb' and a final rating of
'BB'.
"The positive outlook reflects our view that there is at least a
one-in-three chance that we could raise the rating within the
outlook period. The outlook is based on our expectation that HIA
will maintain its financial performance reflecting lease-adjusted
MADS coverage consistent with a higher rating level. Furthermore,
the outlook is based on expectations for improving liquidity as
outlined by management's intentions to grow cash."
HAUSER INC: Unsecureds Will Get 71% of Claims over 3 Years
----------------------------------------------------------
Hauser, Inc., filed with the U.S. Bankruptcy Court for the Eastern
District of Michigan a Subchapter V Plan of Reorganization dated
December 6, 2022.
Debtor operates an engineering shop building high quality tooling
products, manufacturing and refurbishing super abrasive single
layer grinding wheels and other grinders and cutting tools. Debtor
has been operating its business in Ottawa Lake, Michigan since
2004.
Debtor filed its Chapter 11 bankruptcy petition to restructure its
finances and enable Debtor to regain its financial footing. Debtor
commenced this Chapter 11 proceeding to avoid eviction and provide
Debtor with an opportunity to reorganize for the benefit of all
creditors.
As shown in the projections, Debtor estimates that by continuing to
operate the business, Debtor will be able to make total payments to
general unsecured creditors over a three-year period equal to
$270,000, after payment of all anticipated administrative and
priority claims. After subtracting administrative and priority
claims, Debtor estimates total claims (including disputed claims)
of approximately $380,000. Thus, under Debtor's proposed Plan,
creditors will receive approximately 71.0% of the amounts owed by
Debtor to each unsecured creditor. This percentage may be
significantly increased or decreased depending on the total amount
of administrative and unsecured claims allowed against Debtor.
In particular, Debtor intends to contest the debt asserted by
Kingsford Broad & Tool, Inc. Based on assertions made by Debtor
before the Petition Date, Debtor believes that Kingsford will
assert a claim of approximately $325,000. Debtor vigorously
disputes this claim and asserts that Kingsford owes Debtor
approximately $15,000 for rebuilding a grinding machine at
Kingsford's request. Debtor reserves the right to pursue Kingsford
for any and all claims after Plan confirmation. In the event
Debtor's objections to Kingsford's claim is wholly successful,
Debtor projects that its disposable income will be sufficient to
pay all unsecured creditors in full over the three-year Plan
period.
Class I consists of all Allowed General Unsecured Claims. Debtor
estimates the amount of all General Unsecured Claims to be
approximately $600,000. Debtor believes the claims of Fanuc to be
mostly administrative claims, Debtor is assuming its lease
obligations with Ronald Hauser leaving general unsecured claims to
be treated Class I in the approximate amount of $380,000. The
deadline for the filing of claims has not passed and, accordingly,
the final claim amount may differ substantially from Debtor's
estimate.
Holders of Allowed Class I Claims shall receive a Pro Rata share of
the Projected Disposable Income based on all Class I Allowed
Unsecured Claims. Starting 6 months after the Effective Date, and
every 6 months thereafter for a three-year distribution period, the
Reorganized Debtor shall distribute all of its Projected Disposable
Income to Class I Creditors (each a "Semi-Annual Payment"). The
SemiAnnual Payments shall continue until the earlier of (i) payment
of all Class I Claims in full or (ii) three years have passed since
the initial distribution, for a maximum of six Semi-Annual
Payments. All Semi-Annual Payments shall be distributed to Holders
of Allowed Unsecured Claims on a Pro Rata basis.
The Debtor's Projected Disposable Income equating to six payments
in the total amount of $270,000, which equals 71.0% of each
creditors claims. This Class is Impaired.
Class II consists of the Claims of Interests of Debtor. The Holders
of Allowed Interests of this Class will retain their Interests in
the Reorganized Debtor in the same percentages as held in Debtor.
This Class will not be Impaired and are deemed to accept the Plan.
Upon the Effective Date, Debtor will become the Reorganized Debtor.
The Reorganized Debtor shall continue operating Debtor's business,
shall collect all revenues and income, and shall distribute such
revenues and income as provided under the terms of this Plan.
During the Payment Period, the Reorganized Debtor shall retain Mr.
Hauser as its President and shall continue to employ Kathy Hauser.
The Reorganized Debtor may retain or hire other employees at
commercially reasonable rates of compensation.
A full-text copy of the Subchapter V Plan dated December 6, 2022,
is available at https://bit.ly/3FqwixQ from PacerMonitor.com at no
charge.
Attorneys for Debtor:
Ryan D. Heilman, Esq.
Wernette Heilman, PLLC
40900 Woodward Ave., Suite 111
Bloomfield, MI 48304
Telephone: (248)835-4745
Email: ryan@wernetteheilman.com
About Hauser Inc.
Hauser, Inc. operates an engineering shop building high quality
tooling products, manufacturing and refurbishing super abrasive
single layer grinding wheels and other grinders and cutting tools.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. E.D. Mich. Case No. 22-47028) on Sept. 7,
2022, with up to $1 million in both assets and liabilities. Charles
M. Mouranie serves as Subchapter V trustee.
Judge Maria L. Oxholm oversees the case.
The Debtor is represented by Ryan D. Heilman, Esq., at Wernette
Heilman, PLLC.
HOBBY LOBBY: Court OKs Interim Cash Collateral Access
-----------------------------------------------------
The U.S. Bankruptcy Court for the District of New Jersey authorized
Hobby Lobby Marine LLC to use cash collateral on an interim basis
in accordance with the budget, with a 15% variance.
The Debtor requires the use of cash collateral to continue to
operate its business.
In addition to Hanover Bank's security interests, liens, rights,
and other interests in and with respect to its collateral, as
adequate protection for and to secure the payment of an amount
equal to any diminution in the value of its collateral, the Debtor
grants to the Bank postpetition replacement liens/security
interests under Bankruptcy Code section 361(2) on all property of
the Debtor and its estate. The Replacement Liens granted to the
Bank are valid, enforceable, and fully perfected liens without any
action by Debtor or the Bank, and no filing or recordation or other
act that otherwise may be required under federal or state law in
any jurisdiction will be necessary to create or perfect such liens
and security interests.
The Replacement Liens will survive the entry of any order: (i)
converting the Chapter 11 Case to a case under chapter 7 of the
Bankruptcy Code; (ii) dismissing the Chapter 11 Case; (iii)
appointing a Chapter 11 trustee (other than a Subchapter V trustee)
or examiner with expanded powers; and any Replacement Lien granted
pursuant to the Interim Order will continue in full force and
effect notwithstanding the entry of such an order, and such
Replacement Lien will maintain any priority granted in the Interim
Order. The Replacement Liens will be senior to any other security
interests, liens, or encumbrances, subject only to, in the
following order of priority (a) valid, perfected, and enforceable
prepetition liens which were senior to the Bank's respective liens
or security interests as of the Petition Date and (b) the payment
of the United States Trustee's fees, pursuant to 28 U.S.C. section
1930 and any court approved fees owed to the Subchapter V Trustee.
A final hearing on the matter is set for December 20, 2022 at 10
a.m.
A copy of the order and the Debtor's budget is available at
https://bit.ly/3Y7gdFP from PacerMonitor.com.
The Debtor projects $55,800 in total income and $54,755 in total
expenses for December 2022.
About Hobby Lobby Marine LLC
Hobby Lobby Marine LLC operates a successful and long-standing
family-owned marina that has operated in Toms River, NJ since 1961.
In addition to selling new and used watercraft and boating
equipment, the Debtor rent 84 slips to customers, provide storage
solutions, and provide repair and other customary marine services.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. N.J. Case No. 22-19381) on November 28,
2022. In the petition signed by Robert Tweer, co-managing member,
the Debtor disclosed up to $10 million in both assets and
liabilities.
Judge Kathryn C. Ferguson oversees the case.
The Law Offices of Douglas T. Tabachnik, P.C., is the Debtor's
counsel.
HORNBLOWER SUB: $349M Bank Debt Trades at 30% Discount
------------------------------------------------------
Participations in a syndicated loan under which Hornblower Sub LLC
is a borrower were trading in the secondary market around 70.4
cents-on-the-dollar during the week ended Friday, December 9, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$349 million facility is a Payment in Kind Term loan. The
loan is scheduled to mature on April 27, 2025. The amount is fully
drawn and outstanding.
Hornblower Sub, LLC is a charter yacht and public dining cruise
operator.
HOUSTON REAL: Seeks to Hire Clark Hill as Litigation Counsel
------------------------------------------------------------
Houston Real Estate Properties LLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of Texas to employ Clark
Hill as its special counsel.
The Debtor needs a special counsel to provide legal representation
in the lawsuit styled Abdullatif, et al. v. Choudhri, et al., Case
No. 2013-41273 in the 334th Judicial District Court of Harris
County, Texas.
Clark Hill will charge at its hourly rates ranging from $315 to
$830.
The firm received $13,715 and $32,457.54 for pre-bankruptcy and
post-petition services, respectively.
Jadd Masso, Esq., an attorney at Clark Hill, disclosed in a court
filing that the firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Jadd Masso, Esq.
Clark Hill
901 Main Street, Suite 6000
Dallas, TX 75202
Telephone: (214) 651-4716
Facsimile: (214) 659-4185
Email: jmasso@clarkhill.com
About Houston Real Estate Properties
Houston Real Estate Properties, LLC, a real estate company in
Texas, filed a petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Tex. Case No. 22-32998) on Oct. 7,
2022. In the petition filed by its manager, Dward Darjean, the
Debtor reported $1 million to $10 million in both assets and
liabilities.
Judge Jeffrey P. Norman oversees the case.
The Debtor tapped Ron Satija, Esq., at Hayward, PLLC as bankruptcy
counsel and Jadd Masso, Esq., at Clark Hill as special counsel.
IKON WEAPONS: Palmetto State Not Entitled to Injunctive Relief
--------------------------------------------------------------
In the adversary proceeding styled as In re IKON WEAPONS, LLC,
Chapter 11, Debtor. PALMETTO STATE ARMORY, LLC, Plaintiff, v. IKON
WEAPONS, LLC, Defendant, Case No. 22-10507, Adv. No. 22-02021,
(Bankr. M.D.N.C.), Bankruptcy Judge Benjamin A. Kahn denies the
Motion for Temporary Restraining Order or, in the Alternative, for
a Preliminary Injunction filed by the Plaintiff Palmetto State
Armory, LLC.
On June 16, 2021, the Plaintiff Palmetto State Armory, LLC and the
Debtor Ikon Weapons, LLC entered into a Purchase Agreement whereby
the Debtor agreed to sell, and the Plaintiff agreed to purchase:
(i) AK-47 kits; (ii) 5,500 Yugoslavian AK M70 Kit of Parts --
Underfold Stock; (iii) 2,500 Yugoslavian AK M70 Kit of Parts --
Fixed Stock, at a price of $3.76 million. The Original Agreement
provided that "transfer of title to the Product occurs when the
Seller has been paid 100% of the Total Amount Due."
On June 17, 2021, the Debtor and Plaintiff entered an Amendment to
the Purchase Agreement, requiring the Plaintiff to pay the entire
purchase price up front. On the same day, the Plaintiff paid the
Debtor $1.88 million (half of the purchase price). In the First
Amendment, the Debtor pledged to transfer to the Plaintiff 100% of
the "Stock" in the Debtor "if for any reason the Buyer does not
receive the products FOB Charleston, SC on or before Nov. 30, 2021,
or receive a full refund of all monies paid by the same date."
Neither Suliban Deaza (Debtor's managing member and holder of 90%
of the Debtor), nor any other holder of interests in Debtor, signed
the First Amendment in their individual capacity.
The Debtor filed its chapter 11 petition on Sept 2, 2022. At the
Sept. 8, 2022 hearing, the Debtor's counsel represented that the
Debtor was in possession of containers of parts, firearm kits, and
other merchandise which were either en route to or located at the
Port of Charleston (the "Container Goods"). The Debtor asserts that
the contents of these three containers were shipped to the Debtor
by AC Unity pursuant to a contract between Debtor and AC Unity
under which the Debtor agreed to sell the contents of the
containers on behalf of AC Unity.
On Sept. 21, 2022, the Plaintiff initiated this adversary
proceeding against the Debtor. On Oct. 3, 2022, the United States
Bankruptcy Court for the Western District of North Carolina entered
its order: (1) permitting the Container Goods to be shipped to the
Debtor's facility in Albemarle, North Carolina; (2) temporarily
enjoining the Debtor and anyone acting on behalf of the Debtor from
selling, transferring, encumbering, or otherwise disposing of the
Container Goods for ten days; (3) requiring the Debtor to segregate
the Container Goods from its other inventory; and (4) permitting
the Plaintiff to inspect the Container Goods at the Debtor's
facility. On the following day, the United States Bankruptcy Court
for the Western District of North Carolina transferred venue to
this Court.
In its Amended Complaint, the Plaintiff asserts an ownership
interest in virtually all of the Debtor's personal property and
funds under the terms of its contract and on theories of
constructive trust, resulting trust, equitable title, and the
earmarking doctrine. The Plaintiff asserts these same theories of
ownership with respect to the Container Goods -- subject matter in
the instant motion.
The Plaintiff asserts that the Debtor fraudulently induced the
Plaintiff to deposit $3.76 million under the First Agreement and
$744,504 under the Second Agreement, that the Debtor had no
intentions of honoring its obligations under either agreement, and
that the Plaintiff is entitled to have a constructive trust
declared in the Container Goods because Debtor had no money other
than that paid by Plaintiff with which to obtain the goods.
In its motion, the Plaintiff requests that the Court (1) enjoin the
Debtor Ikon Weapons, LLC from selling certain "firearms products
and place those goods in the custody of the Court, or (2) consign
those firearms products to the Plaintiff so that the Plaintiff may
sell them at retail and retain its normal profit margin and return
the remainder of the proceeds to the Court.
At this stage in litigation, the Court finds that the Plaintiff has
not made a clear showing that it is likely to establish that it is
entitled to the imposition of a constructive trust on any of the
Debtor's assets -- particularly the Container Goods. The Court
determines that the evidence presented at the hearing is
insufficient to impose a constructive trust in the Container Goods
-- it painted a picture of the Plaintiff knowingly entering a risky
international weapons deal due to the unique opportunity and
potentially immense profits which would be gained if the
transaction should be successful. At the hearing, Jamin McCallum
testified on behalf of Plaintiff. McCallum is the founder, an
owner, and current Chief Executive Officer of JJE Capital Holding,
LLC (owner of the Plaintiff). McCallum testified that the weapons
which were the subject of the first transaction were "the
equivalent of a rare Mustang or Corvette, found in a garage in a
time capsule from 1960-whatever, with like 2 miles on it. This was
an absolutely unique opportunity." McCallum further testified that
"within 30 days [of the delivery of the firearms], we would have
doubled our money."
The Court, therefore, concludes that the Plaintiff has failed to
make a clear showing that it is likely to demonstrate sufficient
wrongful conduct connected to the Debtor's acquisition of the
Container Goods to establish that the Container Goods were held in
a constructive trust for the Plaintiff's benefit.
The Court determines that the Plaintiff does not hold an interest
in the contents of the containers under a resulting trust because
the Plaintiff did not convey the Container Goods to the Debtor to
hold for its benefit or otherwise. Moreover, the Court finds that
the Plaintiff did not establish that Debtor used any of Plaintiff's
funds to obtain the Container Goods, and the Container Goods were
not purchased for the benefit of Plaintiff. Under these
circumstances, general considerations of equity and justice do not
require this Court to confer an equitable lien on any property
obtained by Debtor from AC Unity. Therefore, the Court rules that
the Plaintiff is not entitled to an injunction based on a resulting
trust.
The Court holds that the doctrines of equitable Lien and equitable
title do not apply in Plaintiff's case. The Court explains that
under the North Carolina law, where an equitable lien arises from a
written contract, the contract must show "an intention to charge
some particular property with a debt or obligation." However, the
Plaintiff failed to demonstrate any intention to charge the
Container Goods with any debt owed by the Debtor to the Plaintiff.
Even if an equitable lien had arisen, the Court concludes that such
lien would not confer on the Plaintiff an ownership interest in any
property, but merely an encumbrance against the property. Thus, the
Court holds that the Plaintiff would not be entitled to prevent the
sale of such property by debtor or trustee.
Earmarking doctrine is recognized in bankruptcy as "a judicially
created exception to the statutory power of the bankruptcy trustee
to avoid or set aside an otherwise preferential transfer of assets"
when "the debtor borrows money from one creditor and the terms of
that agreement require the debtor to use the loan proceeds to
extinguish specific, designated, existing debt." To establish the
earmarking defense, the doctrine further requires that "the funds
received by the debtor were used for the intended purpose." The
Court points out that this is not a preference or avoidance action
-- the Plaintiff did not provide a loan to the Debtor to extinguish
a specific debt. The Plaintiff did not present evidence that the
Debtor obtained the Container Goods with funds coming from the
Plaintiff. On the contrary, AC Unity has asserted claims in this
case for the purchase price of those goods.
Accordingly, the Court holds that the Plaintiff is not entitled to
injunctive relief. The Court explains that "Unlike litigation
between only two parties, requests for preliminary injunctions in
bankruptcy will affect the entirety of the creditor body, whose
interests must be considered. Any balancing of the equities must be
balanced against the bankruptcy estate and the interests and claims
of other creditors, rather than just the Debtor or Deaza. . . If
the Plaintiff is accorded the drastic relief it seeks, it will be
fatal to the estate and any chance of other creditors recovering on
their claims. The balance of the equities weighs in favor of the
estate."
A full-text copy of the Memorandum Opinion dated Nov. 30, 2022, is
available at https://tinyurl.com/39xdrz4f from Leagle.com.
About Ikon Weapons
Ikon Weapons, LLC -- https://www.ikonweapons.com/ -- is a small
business specializing in the repair and customization of modern
firearms.
Ikon Weapons sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D.N.C. Case No. 22-30424) on Sept. 2,
2022, with between $1 million and $10 million in both assets and
liabilities. On Oct. 3, 2022, the case was transferred to the U.S.
Bankruptcy Court for the Middle District of North Carolina (Bankr.
M.D.N.C. Case No. 22-10507).
Judge Benjamin A. Kahn oversees the case.
The Debtor is represented by John C. Woodman, Esq., at Essex
Richards, P.A.
INDIAN CANYON: Unsecureds Will Get 100% in Subchapter V Plan
------------------------------------------------------------
Indian Canyon & 18th Property Owners Association filed with the
U.S. Bankruptcy Court for the Central District of California a Plan
of Reorganization for Small Business under Subchapter V dated
December 5, 2022.
The Debtor is a nonprofit mutual benefit corporation operating
since 2018. The Debtor's function is to manage the common area of
the development commonly known as the Coachillin Industrial and
Business Park Development ("Coachillin Development").
The Coachillin Development is a 153 acre master plan business park
comprised of several parcels of land in the City of Desert Hot
Springs in the County of Riverside. Debtor is still operating in
the ordinary course of business post-petition. In this regard,
Debtor is still engaged in the collection of dues and assessments
and the payment of common area expenses.
Debtor currently has accounts receivable ("A/R") of roughly
$1,450,000. Because Debtor has only been in operation for a few
years and because only a limited number of parcels has been sold
since 2016, Debtor has insufficient information to derive a
meaningful historical collection rate. Therefore, it is presently
unknown how much Debtor can expect to receive from any A/R which a
parcel owner has not pledged to pay. Coachillin has agreed to loan
Debtor whatever monies are necessary to fund a plan to cover any
shortfalls between Debtor's anticipated regular monthly assessment
payments.
Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately 100 cents on the dollar. This Plan also provides
for the payment of administrative and priority claims.
Class 3 consists of Non-priority unsecured creditors. Non-priority
unsecured creditors shall be paid post-petition interest at the
federal judgment rate.
The allowed unsecured claims total $981,755.22.
The Debtor shall continue to be engaged in the collection of parcel
owner dues and the payment of common area expenses. EcoMaster
Corporation ("EMC") shall continue to assist in managing the Debtor
by providing property management and accounting services for Debtor
by way of assisting in the collection of monthly dues and paying
the common area expenses.
Assuming the Plan has been confirmed, General unsecured claims
shall be paid annually commencing on December 31, 2023 through the
last payment on either December 31, 2025 or December 31, 2027. In
the event of a default, Debtor's non-exempt assets shall be
liquidated and distributed in satisfaction of remaining Plan
obligations.
If the Plan is consensually confirmed under 11 U.S.C. section
1191(a), the Plan term shall be five years with unsecured creditors
receiving 100% of their claims over the Plan term. If the Plan is
non-consensually confirmed under 11 U.S.C. section 1191(b), the
Plan shall be three years with unsecured creditors receiving 100%
of their claims over the Plan term.
A full-text copy of the Plan of Reorganization dated December 5,
2022, is available at https://bit.ly/3uLRrgV from PacerMonitor.com
at no charge.
Attorney for the Plan Proponent:
Douglas A. Plazak, Esq.
Reid & Hellyer APC
3685 Main Street, Suite 300
Riverside, CA 92501
Telephone: (951) 682-1771
Facsimile: (951) 686-2415
Email: dplazak@rhlaw.com
About Indian Canyon & 18th Property
Owners Association
Indian Canyon & 18th Property Owners Association filed a petition
for relief under Subchapter V of Chapter 11 of the Bankruptcy Code
(C.D. Calif. Case No. 22-13378) on Sept. 6, 2022, with between $1
million and $10 million in assets and between $500,000 and $1
million in liabilities. Arturo Cisneros has been appointed as
Subchapter V trustee.
Judge Scott H. Yun oversees the case.
The Debtor tapped Douglas A. Plazak, Esq., at Reid & Hellyer as
bankruptcy counsel and Dinsmore & Shohl, LLP as litigation counsel.
ISAGENIX INTERNATIONAL: $375M Bank Debt Trades at 73% Discount
--------------------------------------------------------------
Participations in a syndicated loan under which Isagenix
International LLC is a borrower were trading in the secondary
market around 27.3 cents-on-the-dollar during the week ended
Friday, December 9, 2022, according to Bloomberg's Evaluated
Pricing service data.
The US$375 million facility is a Term loan. The loan is scheduled
to mature on June 14, 2025. About US$295 million of the loan is
withdrawn and outstanding.
Isagenix International LLC is a privately held multi-level
marketing company that sells dietary supplements and personal care
products. The company is based in Gilbert, Arizona.
ISLAND DOG: Seeks to Hire Alissa McIntyre as Real Estate Agent
--------------------------------------------------------------
Island Dog Too, LLC seeks approval from the U.S. Bankruptcy Court
for the Northern District of Florida to employ Alissa McIntyre, a
real estate agent at Anchor Realty Florida.
The Debtor requires a real estate agent to assist in the marketing
and sale of its commercial property located at 156 E. Pine Ave.,
St. George Island, Fla.
Ms. McIntyre will receive a commission of 6 percent of the sales
price. The fee will be split if any buyer also has an agent or
broker.
Ms. McIntyre disclosed in a court filing that her firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Alissa McIntyre
Anchor Realty Florida
131 Franklin Boulevard
St. George Island, FL 32328
Telephone: (850) 653-3333
Email: amcintyre77@gmail.com
About Island Dog Too
Island Dog Too, LLC a company in Eastpoint, Fla., filed its
voluntary petition for Chapter 11 protection (Bankr. N.D. Fla. Case
No. 22-40353) on Nov. 4, 2022. In the petition signed by its
manager, Sheryl H. Simmons, the Debtor disclosed up to $50,000 in
assets and up to $10 million in liabilities.
Judge Karen K. Specie oversees the case.
The Debtor tapped Byron Wright III, Esq., at Bruner Wright, PA as
bankruptcy counsel and Georgia Evans, CPA, at Professional
Management Systems, Inc. as accountant.
ISLAND DOG: Taps Professional Management Systems as Accountant
--------------------------------------------------------------
Island Dog Too, LLC seeks approval from the U.S. Bankruptcy Court
for the Northern District of Florida to employ Professional
Management Systems, Inc. as accountant.
The Debtor needs an accountant to provide tax advice and accounting
and bookkeeping services.
Georgia Evans, CPA at Professional Management Systems, Inc., will
be paid at her hourly rate of $85.
The firm requires a retainer of $1,000 from the Debtor.
Ms. Evans disclosed in a court filing that her firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Georgia Evans, CPA
Professional Management Systems, Inc.
512 Pennsylvania Ave.
Lynn Haven, FL 32444
About Island Dog Too
Island Dog Too, LLC a company in Eastpoint, Fla., filed its
voluntary petition for Chapter 11 protection (Bankr. N.D. Fla. Case
No. 22-40353) on Nov. 4, 2022. In the petition signed by its
manager, Sheryl H. Simmons, the Debtor disclosed up to $50,000 in
assets and up to $10 million in liabilities.
Judge Karen K. Specie oversees the case.
The Debtor tapped Byron Wright III, Esq., at Bruner Wright, PA as
bankruptcy counsel and Georgia Evans, CPA, at Professional
Management Systems, Inc. as accountant.
JAF 27: Rental Income & Property Sale Proceeds to Fund Plan
-----------------------------------------------------------
JAF 27 LLC filed with the U.S. Bankruptcy Court for the District of
Massachusetts a Small Business Plan of Reorganization under
Subchapter V dated December 6, 2022.
The Debtor is a Massachusetts single member limited liability
company that was formed in February 2010 by John A. Faneros. The
Debtor has been in the business of real estate investment and
management since its formation.
Several of the mortgages held by secured creditors of Debtor's
Properties are short-term loans, the purpose of which is to ensure
Debtor either sells the property or refinances within a certain
period of time. Accordingly, during August 2022, Debtor received
notice that both 621 Central and 175 Dalton were set to be
auctioned at foreclosure sales in early September.
Prior to the foreclosure auctions, Debtor was in negotiations with
a potential purchaser of 621 Central Street for $1,250,000.
However, the impending auction did not provide the potential
purchaser with enough time to secure financing, which was necessary
to follow through with the purchase.
Debtor was unable to negotiate terms with the foreclosing creditors
that would delay the auctions and provide him with enough time to
effectuate the sale of 621 Central. These circumstances necessitate
Chapter 11 relief in invoking the protections afforded by the
Bankruptcy Code and to allow negotiations with potential buyers to
continue so that Debtor might preserve its equitable interests.
Since filing its petition for relief under Chapter 11, Debtor has
received $10,800.00 in rental income from the tenants of 621
Central. At the time of the filing of this Plan there is $17,100.00
in outstanding rent due from tenants of 621 Central.
The proceeds from the Sale, along with the eventual sales of 175
sales of 175 Dalton and 44 Billerica, will be the primary sources
of funding the Plan. Debtor will be receiving rental income from
tenants of 621 Central on the 1st of each month until the Sale, and
this income will also be a source of funding the Plan.
The total for filed and scheduled General Unsecured Claims against
the Debtor is approximately $43,726.62.
Class 7 consists of any General Unsecured Claims against the
Debtor. Each holder of a General Unsecured Claim against the Debtor
shall share pro-rata an unsecured pot of funds sourced from the
proceeds of the sale of 175 Dalton, after payment of Class 2,
closing costs, pro-rata Administration Expenses, and the priority
claim of the City of Lowell, which is estimated to be $29,779.03.
Cash on hand and any additional rental income from tenants of 621
Central prior to the closing of the sale shall be added to the
unsecured pot of funds as well. Class 7 is impaired.
Class 8 consists of holders of Interests in the Debtor. On the
effective date, each holder shall retain their interests in the
Debtor in the sale proportions that existed on the petition date.
The Plan will be funded from the Sale of the Debtor's three
Properties, cash on hand and rental revenue from tenants of 621
Central. Upon the closings of the sales for each Property, the
Debtor shall use the sale proceeds to pay creditors. The Debtor
will continue to operate in the ordinary course of business until
the sale of all three Properties.
A full-text copy of the Plan of Reorganization dated December 6,
2022, is available at https://bit.ly/3FL6RZp from PacerMonitor.com
at no charge.
About JAF 27 LLC
JAF 27, LLC is a Tewksbury, Mass.-based company engaged in renting
and leasing real estate properties.
JAF 27 filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. D. Mass. Case No. 22-40648) on Sept. 7,
2022, with between $1 million and $10 million in both assets and
liabilities. Steven Weiss serves as Subchapter V trustee.
Judge Elizabeth D. Katz oversees the case.
Christopher Murray, Esq., at Murray Law Firm, P.C., is the Debtor's
legal counsel.
JORGABY FREIGHT: Unsecureds Will Get 100 Cents on Dollar in Plan
----------------------------------------------------------------
Jorgaby Freight Services, LLC, and its Affiliated Debtors filed
with the U.S. Bankruptcy Court for the Southern District of Texas a
Plan of Reorganization under Subchapter V dated Dec. 5, 2022.
The Debtors are all operating units of affiliated Jorgaby
companies. Begun in the 2000s, Jorgaby has grown to a fleet of
over 17 transcontinental Tractor Trailers hauling dry freight from
Los Angeles to points primarily in Southern Texas but extending
throughout the south.
Jorgaby is owned by Jorge and Gabriella Castillo and managed by
their son-in-law Magdiel (Mack) Herrera. Demand for the company as
a freight hauler has remained consistent through the pandemic. The
business was adversely affected by fuel prices during 2021 and the
first 9 months of 2022. However, post petition operations
demonstrate positive cash flow and a likely good opportunity to
reconfigure its debt, continue operations and successfully
reorganize.
The Debtors have been engaged in business since 2007. However,
given the extensive use of cross collateralization, affiliated
company guarantees, and personal guarantees by equity, there is no
fair, equitable, or practical way to divide the affairs of the
affiliated businesses into separate estates. All assets of the
entities are utilized by Jorgaby Freight Services and all revenues
into the affiliated group flow in through Jorgaby Freight Services.
Therefore, this plan is presented as a consolidated plan of
reorganization.
The Plan Proponent's financial projections show that the Debtors
will have projected disposable income of $2,988,747.41. After
payment of administrative, priority and secured claims Debtor
projects that it will have $498,213.00 to distribute to unsecured
creditors.
The final Plan payment is expected to be paid on January 1, 2028.
This Plan of Reorganization proposes to pay creditors of the Debtor
from continued operation of Debtors freight hauling business.
Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately 100 cents on the dollar.
Class 3 consists of Unsecured Claims and Under Secured Claims.
Unless the Holders and the Debtor, or any singular of the holders,
should agree upon a less advantageous treatment, the Class 3 Claims
shall be paid from the projected Disposable Income of the Debtor on
a monthly basis after the payment of all Claims pursuant to
Unclassified Claims through Class 2F. Payments shall be made
directly by the Debtor in the allowed amount of the Claim divided
by the number of months of this Plan. The Class 3 claims are
impaired and are entitled to vote on the Plan.
The Owners of Equity in the Debtors shall be unaffected by this
Plan. All properties of the Debtor entities shall vest according to
Sub-Chapter V of the Bankruptcy Code.
The Debtors will convey all assets to Jorgaby Freight Services, LLC
and provide each holder of an allowed secured claim with a
commercially reasonable security agreement and documents necessary
to provide for perfection of said interest with 30 days of the
effective date of the Plan within the parameters set forth in
respect of each class of claims under this Plan.
Jorgaby Freight Services, LLC will continue to operate the Trucking
business to produce revenues sufficient to fund the plan.
Debtors Jorgaby Delivery Services, Inc., Jorgaby Investments, LLC,
and Jorgaby Logistix, Inc,, shall be discharged of all liabilities
and dissolved in accord with the requirements of Texas State law
and the requirements of the Texas Secretary of State. The
Reorganized Debtor, Jorgaby Frieght Services, LLC shall continue in
existence and shall be managed by its current Directors, Jorge and
Gabriella Castillo and Operated by its current Chief Operating
Officer Magdiel Herrera.
A full-text copy of the Plan of Reorganization dated December 5,
2022, is available at https://bit.ly/3uGpW8H from PacerMonitor.com
at no charge.
Counsel for Debtors:
Donald L. Wyatt, Jr., Esq.
Donald Wyatt PC
431 Nursery Road
The Woodlands, TX 77380
Telephone: (281) 419-8733
Facsimile: (281) 419-8703
Email: don.wyatt@wyattpc.com
About Jorgaby Freight Services
Jorgaby Freight Services LLC, a trucking services provider, filed a
voluntary petition for relief under Subchapter V of Chapter 11 of
the Bankruptcy Code (Bankr. S.D. Tex. Case No. 22-32608) on Sept.
5, 2022. In the petition filed by Magdiel Herrera, as chief
operating officer, Jorgaby Freight disclosed between $1 million and
$10 million in assets and between $100,000 and $500,000 in
liabilities. Jarrod B. Martin has been appointed as Subchapter V
trustee.
Judge Jeffrey P. Norman oversees the case.
Donald Wyatt, Jr., Esq., at Donald Wyatt PC serves as the Debtor's
counsel.
K STREET: Court OKs Cash Collateral Access Thru Dec 24
------------------------------------------------------
The U.S. Bankruptcy Court for the District of Columbia authorized K
Street, LLC to use cash collateral on an interim basis in
accordance with the budget.
The Debtor is permitted to use cash collateral from the rents,
issues or profits and other encumbered income, if any, for the
two-month period from October 25 to December 24, 2022.
Wesbanco Bank, Inc. asserts an interest in the Debtor's cash
collateral.
The Court said the Debtor's obligations for payment evidenced by
the Note and the liens created, attached and perfected, by the Deed
of Trust are valid, authentic, and binding upon the Debtor and as
to the property at 1219 K Street, NE, Washington DC 20002 therein,
including rents, issues or profits therefrom.
As adequate protection, the Bank is granted a replacement lien only
to the extent of the liens it held and was perfected in property of
the estate prior to the petition date under its Deed of Trust
submitted.
A further hearing on the matter is set for December 16, 2022 at
2:30 p.m.
A copy of the order and the Debtor's budget is available at
https://bit.ly/3VKe9SG from PacerMonitor.com.
The Debtor projects $61,000 in total operating income and $55,175
in total operating expenses.
About K Street LLC
K Street LLC is a Single Asset Real Estate (as defined in 11 U.S.C.
Sec. 101(51B)).
K Street LLC filed a petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. D. Col. Case No. 22-00198) on Oct. 25,
2022. In the petition filed by Habte Sequar, as president and
member, the Debtor reported assets between $10 million and $50
million and liabilities between $1 million and $10 million.
Judge Elizabeth L. Gunn oversees the case.
The Debtor is represented by John D. Burns of The Burns Law Firm
LLC.
K&A PROPERTY: Unsecured Get Share of Disposable Income and Proceeds
-------------------------------------------------------------------
K&A Property Solutions, LLC, and Global Home Connect, LLC, filed a
Final Joint Plan of Reorganization dated Nov. 30, 2022.
In 2020, K&A entered into a franchise agreement with Honest Abe
Roofing Franchise, Inc. ("Honest Abe") to open an Honest Abe
roofing franchise in Florida. According to its website, Honest Abe
started business as a roofing contractor in Terra Haute, Indiana
before turning to franchising. Honest Abe offers its "Honest Abe
Roofing system" to franchisees for a royalty fee of 5% of gross
sales and an initial investment of between $98,000.00 and
$210,000.00. Mr. Calvillo anticipated starting an Honest Abe
roofing franchise in furtherance of his goal of operating a group
of companies that provide a wide range of real estate related
services. Mr. Calvillo also anticipated that K&A would provide real
estate brokerage and management services, while Global would
provide real estate maintenance and repair services.
Throughout this Bankruptcy Case, Debtors and Honest Abe have worked
together to reach an agreement on their various disputes and
issues. The text of the agreement should be forthcoming shortly
after the filing of this Plan of Reorganization. To the extent
Debtor and Honest Abe cannot reach a final agreement, Debtor's
reorganization efforts will not be hindered and Debtor does not
anticipate the failure to reach an agreement with Honest Abe will
materially impact its ability to confirm a Chapter 11 Plan.
Under the Plan, Class 2 consists of all Allowed General Unsecured
Claims against K&A. Holders of Class 2 Claims shall receive annual
pro rata distributions of K&A's Disposable Income for a period of 3
years from the Effective Date. In addition to the receipt of K&A's
annual Disposable Income, Class 2 Claimholders shall receive a pro
rata share of the net proceeds recovered from all Causes of Action
after payment of professional fees and costs associated with such
collection efforts, and after Administrative Claims and Priority
Claims are paid in full. The maximum Distribution to Class 2
Claimholders shall be equal to the total amount of all Allowed
Class 2 General Unsecured Claims. Class 2 is Impaired.
Class 3 consists of all Allowed General Unsecured Claims against
Global. Holders of Class 3 Claims shall receive annual pro rata
distributions of Global's Disposable Income for a period of 3 years
from the Effective Date. In addition to the receipt of Global's
annual Disposable Income, Class 3 Claimholders shall receive a pro
rata share of the net proceeds recovered from all Causes of Action
after payment of professional fees and costs associated with such
collection efforts, and after Administrative Claims and Priority
Claims are paid in full. The maximum Distribution to Class 3
Claimholders shall be equal to the total amount of all Allowed
Class 3 General Unsecured Claims. Class 3 is Impaired.
The Plan contemplates the Debtors will continue to manage and
operate their respective businesses in the ordinary course, but
with restructured debt obligations and reduced operating expenses.
It is anticipated that the Debtors' respective operations, which
mainly involve real estate brokerage, management and roofing
services, will be sufficient to make the Plan Payments. Debtor also
anticipates liquidating certain personal property which is no
longer needed for their operations, the cash from which will be
used to support the Debtors' respective plan obligations.
Funds generated from the Debtors' operations through the Effective
Date will be used for Plan Payments; however, the Debtors' cash on
hand as of Confirmation will be available for payment of
Administrative Expenses.
Counsel for the Debtor:
Daniel A. Velasquez, Esq.
Benjamin R. Taylor, Esq.
LATHAM, LUNA, EDEN & BEAUDINE, LLP
201 S. Orange Ave., Suite 1400
Orlando, FL 32801
A copy of the Plan of Reorganization dated Nov. 30, 2022, is
available at https://bit.ly/3FnGI2o from PacerMonitor.com.
About K&A Property
K&A is a Florida limited liability company organized on July 12,
2016. K&A operates as a real estate brokerage and management
company servicing the Central Florida area. Global is an affiliate
of K&A and a Delaware limited liability company organized on August
27, 2018.
K&A Property filed a Chapter 11 petition (Bankr. M.D. Fla. Case No.
22-02592) on July 21, 2022. The Debtor is represented by Daniel A.
Velasquez, Esq. of LATHAM LUNA EDEN & BEAUDINE LLP.
K&N PARENT: $100M Bank Debt Trades at 74% Discount
--------------------------------------------------
Participations in a syndicated loan under which K&N Parent Inc is a
borrower were trading in the secondary market around 26.1
cents-on-the-dollar during the week ended Friday, December 9, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$100 million facility is a Term loan. The loan is scheduled
to mature on October 20, 2024. The amount is fully drawn and
outstanding.
K&N Parent, Inc. operates as a designer and manufacturer of
performance automotive aftermarket products. The Company offers air
filters, intakes, oil filters, cabins, and accessories.
KABBAGE INC: Taps Marc Sullivan of Phoenix Executive as CFO
-----------------------------------------------------------
Kabbage, Inc. and its affiliates received approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Marc
Sullivan of Phoenix Executive Services, LLC as chief financial
officer.
The firm's services include:
(a) providing financial leadership to the Finance and Accounting
functions staffed in Atlanta, Ga.;
(b) overseeing the preparation of, monitoring, and periodically
modifying the Debtors' monthly financial projections;
(c) overseeing the preparation of monthly financial statements
along with a comparison of monthly and year-to-date actual
financial results versus budget;
(d) overseeing the preparation of year-end financial statements
for 2022 and the corresponding tax returns;
(e) providing oversight with regard to daily cash management
activities, including maximizing and forecasting collections and
availability, and assisting the Debtors with prioritizing
disbursements;
(f) providing ongoing reporting to the management team and the
Board;
(g) assisting the Debtors and their bankruptcy counsel and
financial advisors in their communications and negotiations with
creditors;
(h) monitoring and managing vendor and partner relationships;
(i) with the assistance of the Debtors' financial advisor,
overseeing, monitoring, and modifying the Debtors' cash flow
forecasts and any required or requested bankruptcy-related budgets,
on a periodic basis in order to determine and validate the sources
and uses of cash, borrowing availability, and the timing and
magnitude of financing necessary to support the Debtors;
(j) working with the Debtors' restructuring counsel and
financial advisor to assist in the preparation of the monthly
operating reports (MORs);
(k) assisting the Debtors' management to coordinate the work of
outside advisors;
(l) providing testimony in any Chapter 11 proceeding as needed;
and
(m) other duties as mutually agreed.
The firm will be paid $72,500 per month and will be reimbursed for
out-of-pocket expenses incurred.
The Debtor paid the firm a retainer of $72,500.
Marc Sullivan, managing director at Phoenix Executive Services,
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:
Marc Sullivan
Phoenix Executive Services, LLC
3340 Peachtree Road NE
Tower Place 100, Ste 1800
Atlanta, GA 30326
Tel: (404) 814-5285
Fax: (770) 592-3642
Email: msullivan@phoenixmanagement.com
About Kabbage Inc. d/b/a KServicing
Founded in 2010 and headquartered in Atlanta, Ga., Legacy Kabbage,
a predecessor of Kabbage Inc. (doing business as
KServicing) -- http://www.kservicing.com/-- was one of the leading
fintech providers of working capital to small businesses for over a
decade. Legacy Kabbage began as a proprietary online lending
platform for small businesses, providing loan services to over
250,000 American small businesses, many of which were businesses
that struggled to receive adequate funding through traditional
banking institutions. From 2020-2021, the company provided and
facilitated necessary funding to small business owners through PPP
loans during the COVID-19 pandemic. The company's existing
technology infrastructure spearheaded its PPP work, which led to a
total of $7 billion in loans being originated by the company.
The origination and servicing of PPP Loans and small business loans
to eligible borrowers was critical during a time of unprecedented
health and economic uncertainty brought about by the COVID-19
pandemic. On Aug. 16, 2020, much of the company's business was sold
to American Express Travel Related Services Company, Inc. As a
result of the merger, KServicing now operates in a limited capacity
as (i) a servicer and subservicer of PPP Loans, (ii) a software
services provider for lenders of PPP Loans, and (iii) a servicer of
a minor portfolio of non-PPP small business loans.
To implement the wind down of their businesses, on Oct. 3, 2022,
Kabbage, Inc. d/b/a KServicing and certain of its affiliates each
filed a voluntary petition for relief under Chapter 11 of the
United States Bankruptcy Code (Bankr. D. Del. Lead Case No.
22-10951). Judge Craig T. Goldblatt oversees the cases.
Kabbage Inc. estimated $500 million to $1 billion in assets and
debt as of the bankruptcy filing.
The Debtors tapped Weil, Gotshal & Manges, LLP as general counsel;
Richards, Layton & Finger, PA as local counsel; AlixPartners, LLC
as financial advisor; KPMG International Limited as fraud review
services provider; Jones Day, LLP as government investigations
counsel; and Marc Sullivan, managing director at Phoenix Executive
Services, LLC, as chief financial officer. Omni Agent Solutions,
Inc. is the Debtors' claims agent and administrative advisor.
Greenberg Traurig, LLP serves as counsel to the Debtors' board of
directors.
KANE CORPORATION: Gets OK to Hire Belvedere as Bankruptcy Counsel
-----------------------------------------------------------------
Kane Corporation received approval from the U.S. Bankruptcy Court
for the Northern District of California to employ Belvedere Legal,
a Professional Corporation to serve as legal counsel in its Chapter
11 case.
The firm's services include:
a. opposing any motions for relief from stay filed by
creditors;
b. any and all additional matters necessary towards the
maintenance of the Chapter 11 case; and
c. providing assistance in its prosecution of a plan of
reorganization.
Belvedere will be paid an hourly fee of $495 and a retainer of
$10,000. The firm will also receive reimbursement for
out-of-pocket expenses incurred.
Matthew Metzger, Esq., a partner at Belvedere, 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:
Matthew D. Metzger, Esq.
Belvedere Legal, PC
1777 Borel Place, Suite 314
San Mateo, CA 94402
Tel: (415) 513-5980
Fax: (415) 513-5985
Email: mmetzger@belvederelegal.com
About Kane Corporation
Kane Corporation filed a Chapter 7 voluntary petition (Bankr. N.D.
Calif. Case No. 21-30819) on Dec. 17, 2021. The case was converted
to one under Chapter 11 on Nov. 10, 2022.
Judge Hannah L. Blumenstiel oversees the case.
Matthew D. Metzger, Esq., at Belvedere Legal, PC serves as the
Debtor's legal counsel.
KEYWAY APARTMENT: Wins Cash Collateral Access Thru Dec 31
---------------------------------------------------------
The U.S. Bankruptcy Court for the District of Maryland, Baltimore
Division, authorized Keyway Apartment Rentals, LLC to continue
using cash collateral on an interim basis through December 31,
2022.
As previously reported by the Troubled Company Reporter, the Debtor
and Wilmington Trust, N.A. -- as trustee for the benefit of the
registered holders of Wells Fargo Commercial Mortgage Trust
20I8-C45, Commercial Mortgage Pass-Through Certificates, Series
20I8-C45 -- stipulated as follows:
a. The Note is secured by a Purchase Money Deed of Trust and
Security Agreement dated as of April 30, 2018 recorded in the Land
Records for Baltimore County at Book 40215, Page 391;
b. The Deed of Trust constitutes a valid, perfected and
continuing first priority lien on and security interest in the
Debtor's Property;
c. The rents generated by the Property constitute the Lender's
"Cash Collateral" as defined in 11 U.S.C. section 363;
d. The Debtor is in default under the terms of the Note and
Deed of Trust; and
e. The Debtor maintains a dispute as to the amount of the
Lender's claim and reserves all of its rights to such dispute.
A copy of the order is available at https://bit.ly/3WaYwDL from
PacerMonitor.com.
About Keyway Apartment Rentals, LLC
Keyway Apartment Rentals, LLC is a Maryland limited liability
company that owns a 63-unit residential apartment complex situated
upon three parcels of real property known as 113 Kinship Road, 122
Kinship Road, and 123 Willow Spring Road in Dundalk, Baltimore
County, Maryland.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Md. Case No. 22-13389) on June 21, 2022.
In the petition signed by George Divel, III, as managing member,
the Debtor disclosed $6,653,350 in assets and $4,252,151 in
liabilities.
Judge Michelle M. Harner oversees the case.
Joseph M. Selba, Esq., at Tydings and Rosenberg LLP oversees the
case.
KTS SOLUTIONS: Seeks Cash Collateral Access
-------------------------------------------
KTS Solutions, Inc. asks the U.S. Bankruptcy Court for the Eastern
District of Virginia for authority to use cash collateral and
provide adequate protection.
The Debtor requires the use of cash collateral to meet its ordinary
and necessary expenses.
The events precipitating the Chapter 11 filing are a combination of
economic factors resulting from the COVID-19 pandemic, as well as a
slower than anticipated collection of receivables, and several high
interest loans in the form of putative merchant cash advances. This
case was filed on an emergency basis after a large portion of the
Debtor's fleet of vehicles was threatened to be repossessed.
Prior to the Petition Date, the Debtor financed its business
operations through a factoring arrangement with Action Capital
Corporation, evidenced by the Factoring and Security Agreement
dated July 11, 2011, as amended. Pursuant to the UCC-1 Financing
Statement filed with the Virginia State Corporation Commission on
July 14, 2011, file no. 11-07-14-5244-7, Action Capital asserts a
first priority lien in and on substantially all assets of the
Debtor.
As of the Petition Date, Action Capital asserted an outstanding
balance in the amount of $899,438.
A review of the records of the Virginia Division of Corporations
reveals these filed financing statements:
1. Action Capital Corporation
2. C T Corporation System, as representative
3. U.S. Small Business Administration
4. Corporation Service Company, as Representative
5. Arrow Capital Solutions, Inc., assigned to CIT Bank
6. Spark Funding, LLC dba Fundamental Capital
7. First Corporate Solutions, as Representative
8. Xerox Financial Services
9. Hewlett-Packard Financial Services Company
10. Lien Solutions
Insofar as Action Capital asserts a first priority lien on the
Debtor's cash and cash equivalents, the Debtor submits that it is
not required at the present time to make adequate protection
payments to junior lien holders in and to the cash collateral.
The Debtor seeks an Order that, inter alia:
a. allows it to use its rents, accounts and rights to payment
in which the Lender asserts a security interest to pay those
obligations set forth in the budget for a period of 14 days from
the Petition Date, through and including December 23, 2022;
b. grants the Lender, pursuant to Sections 361 and 363(c)(2)
of the Bankruptcy Code, adequate protection, retroactive to the
Petition Date, of its interest in the Alleged Prepetition
Collateral, including the cash collateral in an amount equal to the
aggregate diminution in value, if any, of such interests from and
after the Petition Date;
c. grants Lender a replacement lien on the same assets and in
the same priority and extent of its Alleged Prepetition Liens, if
any;
d. requires the Debtor to make payments to the Lender, or
cause such payments under the Factoring and Security Agreement to
be made, in the same manner the Debtor was making payments prior to
the Petition Date; and
e. requires the Debtor to provide monthly operating reports
required by the Office of the United States Trustee, as well as
such other periodic financial information that Lender may
reasonably request of the Debtor (in addition to, and not in
replacement of, those reporting obligations that the Debtor may
have under the prepetition loan documents).
A copy of the motion is available at https://bit.ly/3UNaySr from
PacerMonitor.com.
About KTS Solutions, Inc.
KTS Solutions, Inc. is a Virginia corporation, which provides
transportation services for disabled veterans, to and from medical
appointments, under a series of contracts with the United States
Department of Veterans Affairs.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Va. Case No. 22-11694) on December 9,
2022. In the petition signed by Kelvin Smith, chief executive
officer, the Debtor disclosed up to $10 million in both assets and
liabilities.
Justin P. Fasano, Esq., at McNamee Hosea, P.A., is the Debtor's
legal counsel.
LIFEPOINT HEALTH: S&P Alters Outlook to Negative, Affirms 'B' ICR
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on LifePoint Health Inc. to
negative from positive and affirmed all its ratings, including its
'B' issuer credit rating.
The negative outlook reflects S&P's expectation the company will
benefit from its investments in its non-acute care businesses but
that the headwinds facing the acute care business will make it more
challenging for it to maintain a credit profile it views as
consistent with the current rating.
S&P said, "The conditions in the health care industry are more
difficult than we previously anticipated, which contributes to our
lower margin expectations. In 2021, we anticipated that LifePoint's
completion of the Kindred transaction, along with a modest
weakening in its operating performance, would lead to an S&P Global
Ratings-adjusted EBITDA margin of about 16% in 2022 and a
sustainable margin in the 14.5%-15.0% range for 2023 and 2024.
However, given the changing industry circumstances, we have lowered
our base-case margin expectations. Specifically, we believe
operating costs, particularly for labor (declining contract but
higher permanent staff costs), and inflation may remain more
elevated than we previously anticipated and that patient
utilization trends may have changed, which will contribute to
weaker patient volumes. Therefore, we now expect LifePoint's S&P
Global Ratings-adjusted EBITDA margin will be in the 10.0%-10.5%
range in 2023, which is about 160 basis points (bps) higher than
our assumption for 2022 but well below our previous expectation for
over 14% in 2023.
"Persistent operating cost pressures and changing patient volume
patterns will continue to negatively affect LifePoint. We expect
the company, like its peers, will continue to experience ongoing
cost pressures. While we project a further easing in its contract
labor costs, we anticipate its overall labor costs will remain
elevated. Although contract labor bill rates have declined from
their peak, we expect LifePoint's utilization of this labor source
will remain high. Furthermore, the anticipated increase in
permanent labor costs and effects of overall inflation will
continue to limit the upside potential for the company's results in
2022 and 2023. Additionally, its patient volume trends have been
relatively weak, including a faster-than-anticipated shift to
outpatient settings from inpatient.
"LifePoint's cash flow will improve from a large deficit in 2022
but likely remain relatively weak in 2023. The company's lower
margins have contributed to its recent cash flow deficits. We
expect LifePoint will generate an S&P Global Ratings-adjusted
discretionary cash flow (net operating income less capital
expenditure and payments to non-controlling interests) deficit in
excess of $200 million in 2022, which will improve to about a $100
million deficit in 2023. Our calculation includes a sizeable
increase in its interest expense in 2023 because its variable-rate
debt is unhedged. That said, we believe there is elevated risk and
uncertainty in the health care landscape. For example, the pace of
change in the industry is accelerating in a manner that will be
less comparable with its pre-pandemic trends. Specifically, patient
volume patterns, the increasing emphasis on value-based care, the
greater consumer acceptance of technologies and telehealth, and the
likely persistence of elevated labor difficulties could pose
significant risks for at least the next couple of years.
"The negative outlook reflects our expectation LifePoint will
benefit from its investments in its non-acute care businesses but
that the headwinds facing its acute care business will make it more
challenging for it to maintain a credit profile we view as
consistent with the current rating.
"We could lower our rating on LifePoint if it does not meet our
base-case expectations for 2023 and we don't see a viable path for
it to achieve S&P Global Ratings-adjusted discretionary cash flow
to debt of more than 2.5%.
"We could revise our outlook on LifePoint to stable if we believe
its S&P Global Ratings-adjusted discretionary cash flow to debt
will improve to at least 2.5%. We estimate that this would most
likely occur due to an improvement in its patient volumes, stable
patient acuity, and a further easing of labor and inflationary
challenges. These factors would likely lead to a greater-than-300
bps increase in its margin relative to our base-case assumption,
which we estimate would cause its leverage to decline to."
ESG credit factors: E-2, S-2, G-3
S&P said, "Governance factors are a moderately negative
consideration in our credit analysis. Our highly leveraged
assessment of the company's financial risk profile reflects that
its corporate decision-making prioritizes the interests of its
controlling owners, which is in line with our view of the majority
of rated entities owned by private-equity sponsors. Our assessment
also reflects private-equity owners' generally finite holding
periods and focus on maximizing shareholder returns."
LIGADO NETWORKS: $118M Bank Debt Trades at 69% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Ligado Networks LLC
is a borrower were trading in the secondary market around 30.8
cents-on-the-dollar during the week ended Friday, December 9, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$118 million facility is a Term loan. The loan is scheduled
to mature on May 27, 2023. The amount is fully drawn and
outstanding.
Ligado Networks LLC operates as a special purpose entity. The
Company provides mobile satellite coverage, as well as develops
innovative solutions that will accelerate 5G and IoT network
deployments. Ligado Networks serves customers in the United States.
LIONHEART TRAUMA: Unsecureds to Get Share of Income for 3 Years
---------------------------------------------------------------
Lionheart Trauma Support Services, LLC, filed with the U.S.
Bankruptcy Court for the Eastern District of Kentucky a Subchapter
V Small Business Plan of Reorganization dated December 5, 2022.
The Debtor was formed as a Kentucky limited liability company in
2018. The Debtor's principal office is located at 3147 Custer Drive
in Lexington, Fayette County, Kentucky, where it leases office
space. The Debtor also maintains leased offices in Hopkinsville and
Murray, Kentucky.
As the result of errors in submitting bills for its services in
July and August, 2022, payment from third-party payors, including
Medicaid, were delayed and the Debtor fell behind on payment of
wages and employee withholding taxes. In an attempt to replace the
shortfall in revenues, the Debtor borrowed from cash advance
lenders at unfavorable terms, with payments being automatically
drafted from the Debtor's bank account.
As the Debtors' revenues declined, the automatically deducted
payments did not, resulting in an even greater cash shortfall.
Certain lenders were scheduled as claiming a lien against the
Debtor's revenues and receipts (Business Backer, Rapid Finance,
Fundworks and the University of Kentucky Federal Credit Union).
However, only one creditor timely filed a financing statement with
the Kentucky Secretary of State's office.
Just prior to the Petition Date, the Debtor retained a
credentialing and billing agent. As a result, the Debtors' revenues
have stabilized and corrected duplicate bills have been submitted.
The Debtor expects to ultimately recover for most of the
erroneously billed services in the ordinary course of business.
The Plan provides that the Debtor will continue its provision of
mental health services, both virtually and in-person at the three
physical locations leased by the Debtor. The Debtor will use its
projected disposable income for a period of 36 months after
confirmation to pay administrative, secured, priority and unsecured
claims.
A substantial portion of the claims against the Debtor are for
loans from merchant cash advance lenders which are purportedly
secured by the Debtor's accounts receivable. The Debtor projects it
will be able to fully pay the secured and priority debts over the
36 month life of this Plan, with a substantial distribution to
unsecured creditors.
Class 6 consists of Allowed Unsecured Claims. Each holder of an
Allowed Claim in Class 6 shall receive distributions equal to its
pro rata share of 100% of the Reorganized Debtor's Disposable
Income for a period of 3 years post-Confirmation after satisfaction
of any Allowed Administrative, Secured and Priority Tax and Wage
Claims. Disposable Income for each year shall be determined and any
distributions made to the Class 6 Claims on or before March 31st of
the following year, beginning in March 2024. Creditors will receive
distributions based on actual Disposable Income and not projections
so distributions may be higher or lower than projected.
The Reorganized Debtor may make distributions to Class 6 creditors
in addition to the annual distributions required by the Plan, so
long as such distributions are made on a pro rata basis. Creditors
with contingent, unliquidated or disputed claims that do not timely
file proofs of claim shall not be eligible to receive a
distribution. Creditors whose claims are not designated as
contingent, unliquidated or disputed shall be paid pursuant to a
filed proof of claim, or, if no claim is filed, pursuant the
Debtor's Schedules. The Class 6 Claim is Impaired.
The Plan will be funded by the Debtors' continued operations,
specifically, the provision of mental health services. The
Reorganized Debtor will fund Plan payments to creditors in the
ordinary course of business from post-confirmation Disposable
Income, provided that the Reorganized Debtor may open or close
physical office locations and may sell all or any part of the
property of the Estate, free and clear of any liens, claims or
encumbrances, provided that such liens, claims or encumbrances
shall attach to the sale proceeds of any such property.
A full-text copy of the Subchapter V Plan dated December 5, 2022,
is available at https://bit.ly/3FGThpT from PacerMonitor.com at no
charge.
Counsel for Debtor:
DELCOTTO LAW GROUP PLLC
Dean A. Langdon, Esq.
200 North Upper Street
Lexington, KY 40507
Telephone: (859) 231-5800
Email: dlangdon@dlgfirm.com
About Lionheart Trauma Support Services
Lionheart Trauma Support Services, LLC is a Kentucky limited
liability company that employs a varied group of social workers,
counselors, therapists and support staff to provide both in-person
and remote counseling services to individuals and groups, with a
focus on trauma-related symptoms. They also provide education and
training for groups and medication management for individual
clients. The Company is led by sole member Katherine L. Middleton,
a licensed clinical social worker with a Masters Degree in social
work.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Ky. Case No. 22-50861) on Sept. 6,
2022. In the petition signed by Middleton, the Debtor disclosed up
to $500,000 in both assets and liabilities.
Judge Gregory R. Schaaf oversees the case.
Dean A. Langdon, Esq., at DelCotto Law Group PLLC, is the Debtor's
counsel.
LOMA LINDA UNIVERSITY MEDICAL CENTER: S&P Ups Bond Rating to 'BB'
-----------------------------------------------------------------
S&P Global Ratings raised its long-term rating to 'BB' from 'BB-'
on the California Statewide Communities Development Authority's
series 2018, 2016A, 2014A, and 2014B fixed-rate revenue bonds
issued for the Loma Linda University Medical Center (LLUMC)
obligated group. The outlook is stable.
"The rating action reflects our view of the full completion of the
campus transformation project with full occupancy over a year,
thereby eliminating related project risk, and growing volumes
despite COVID-19 surges," said S&P Global Ratings credit analyst
Suzie Desai.
The stable outlook reflects S&P's view of LLUMC's strong business
position for the service area and good demand for services that
should allow LLUMC to generate healthy revenue and volumes.
LONG ISLAND CITY: Unsecureds Creditors Unimpaired in Plan
---------------------------------------------------------
Long Island City Developers Group, LLC, submitted a Disclosure
Statement for Plan of Reorganization.
General unsecured creditors are classified in Class 4 and will
receive payment in full on the effective date. Secured creditors
are classified in Class 1, 2 and 3. Classes 1 and 2 will be paid
100% of their allowed claims on the effective date of the Plan.
Class 3 will receive a distribution of all remaining funds after
payment of administrative, priority, and the secured claims in
classes 1 and 2. The deficiency remaining to Class 3 will be paid
by the guarantor outside of the Plan. Any deficiency shall be paid
by Joseph Torres such that the Class 3 secured creditor is paid in
full.
Under the Plan, holders of Class 4 All General Unsecured Creditors
will be paid in full on the effective date. Class 4 is unimpaired.
The Debtor will fund the Plan by selling the Property or
refinancing the mortgage. Under the Plan the Debtor shall and
market the Property for sale or shall obtain a refinance of the
mortgage. Any deficiency owed to Cofane Associates, LLC shall be
funded by Joseph Torres as otherwise agreed between Mr. Torres and
Cofane Associates, LLC. The Debtor shall have through March 31,
2023 to close on the sale or refinance of the Property or to file a
motion on shortened time to sell the Property at auction subject to
higher and better offers. The auction shall be held at the
Bankruptcy Court or such other place that is mutually acceptable to
the Debtor and the secured creditors.
Attorneys for the Debtor:
Lawrence F. Morrison
Brian J. Hufnagel
MORRISON TENENBAUM PLLC
87 Walker Street, Floor 2
New York, NY 10013
Telephone: (212) 620-0938
Facsimile: (646)390-5095
A copy of the Disclosure Statement dated Nov. 30, 2022, is
available at https://bit.ly/3FnFrIC from PacerMonitor.com.
About Long Island City Developers Group
Long Island City Developers Group is a New York-based company
primarily engaged in renting and leasing real estate properties.
It owns a 10,000-square-foot commercial building located at 38-24
32nd St., Long Island City, N.Y.
Long Island City Developers Group filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y.
Case No. 21-4172) on May 10, 2021. Joseph Torres, manager, signed
the petition. At the time of filing, the Debtor had between $1
million and $10 million in both assets and liabilities.
Judge Hon. Jil Mazer-Marino oversees the case.
Morrison Tenenbaum, PLLC serves as the Debtor's legal counsel.
Signature Bank, as lender, is represented by David B. Grantz, Esq.
at Meyner and Landis LLP.
MAC'S KWIK STOP: Unsecureds Will Get 15 Cents on Dollar in Plan
---------------------------------------------------------------
Mac's Kwik Stop, Inc., filed with the U.S. Bankruptcy Court for the
District of Kansas a Plan of Reorganization for Small Business.
The Debtor has been in the business of gas station operation since
2007. The Debtor had another location in Phillipsburg that was sold
in July, 2022.
The Debtor's business was effectively closed earlier this year
because of ongoing levy of accounts and accounts receivables. It is
taking time and effort to rebuild revenue and customer base.
Projections are difficult because Debtor previously had two
business locations, but now has one. Debtor's owner and wife are
working at the business location at reduced salaries to reorganize
the business.
This Plan of Reorganization proposes to pay creditors of the Debtor
from cash flow from future operations.
Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately 15 cents on the dollar. This Plan also provides
for the payment of administrative and priority claims.
Class 1 consists of Priority claims. Class 1 is impaired by this
Plan. Each holder of a Class 1 Priority Claim will be paid in full,
with 6% interest over 60 months. The Internal Revenue Service has a
priority claim of $1,388.53 and will receive monthly payments of
$26.84 beginning April 1, 2023 for 60 months.
Class 2 consists of the Secured claim of Internal Revenue Service.
Class 2 is impaired by this Plan. Debtor shall pay the secured
claim of the Internal Revenue Service of $217,011.17 less the
$3,000.00 in adequate protection payments at 6% interest with a
monthly payment of $4,137.14 beginning April 1, 2023 for 60
months.
Class 3 consists of Non-priority unsecured creditors. Class 3 is
impaired by this Plan. Class 3 shall receive $42,133,11 with a
monthly payment of $702.22 beginning April 1, 2023 for 60 months.
Class 4 consists of Equity security holders of the Debtor. Mohammad
Nobi shall retain his interest in the Debtor, but otherwise not
receive any distributions because of his ownership interest.
The Plan will be implemented from Debtor's ongoing operations.
Mohammad Nobi shall remain the director and owner of the Debtor.
Attorney for the Debtor:
Colin N. Gotham, Esq.
Evans & Mullinix, P.A.
7225 Renner Road, Suite 200
Shawnee, KS 66217
Phone: (913) 962-8700
Fax: (913) 962-8701
Email: cgotham@emlawkc.com
About Mac's Kwik Stop
Mac's Kwik Stop, Inc. sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 22-20857) on Sep 8,
2022. In the petition filed by Mohammed N. Nobi, president, the
Debtor disclosed up to $500,000 in both assets and liabilities.
Judge Robert D. Berger oversees the case.
Colin Gotham, Esq., at Evans & Mullinix, P.A. is the Debtor's
counsel.
MEDLY HEALTH: Seeks Cash Collateral Access, $8MM DIP Loan
---------------------------------------------------------
Medly Health Inc. and affiliates ask the U.S. Bankruptcy Court for
the District of Delaware for authority to use cash collateral and
obtain postpetition financing.
The Debtor seeks to obtain a secured, superpriority postpetition
multi-draw term loan facility in an aggregate principal amount of
up to $8 million all of which constitutes new money (there is no
roll-up of prepetition debt), plus interest, costs, fees, and other
expenses and amounts provided for in the DIP Term Sheet, the
Interim Order, or the Final Order, with the initial sum of $4
million being available to the Debtors, on an interim basis
pursuant to the Interim Order pending entry of a Final Order, from
the DIP Lenders.
The DIP Lenders are TriplePoint Venture Growth BDC Corp.,
TriplePoint Capital LLC and TriplePoint Private Venture Credit Inc.
TriplePoint Venture Growth BDC Corp. is the collateral agent for
the DIP Lenders.
Prior to the Petition Date, the Debtors faced severe liquidity
challenges and recognized a need for further outside financing. The
Debtors attempted over the course of months to raise additional
financing, which culminated in $10 million of additional financing
under the Prepetition TPC Credit Facility and $10 million under the
Prepetition Notes in late August 2022. That financing proved
insufficient for the long term and the Debtors were required to
scramble to obtain additional bridge financing of $1 million under
the Prepetition TPC Credit Facility, which closed on November 30,
2022.
Facing a further imminent liquidity shortfall (access to Cash
Collateral alone is insufficient) and realizing the futility of
obtaining outside financing in the face of $91 million of existing
senior secured debt, the Debtors turned again to the Prepetition
TPC Lenders for debtor-in-possession financing. Fortunately, the
Prepetition TPC Lenders again agreed to extend financing, provided
that such financing would consensually prime the Prepetition Senior
Lender, the Prepetition TPC Lenders themselves, and the Prepetition
Noteholder.
The Debtors are parties to these prepetition secured loan
agreements:
a. Prepetition Senior Loan Agreement: Pursuant to the Loan and
Security Agreement, dated as of November 1, 2019, between the
Debtors and Silicon Valley Bank, the Prepetition Senior Lender made
secured advances to the Debtors. Pursuant to the Prepetition Senior
Loan Documents, the Debtors granted to the Prepetition Senior
Lender a lien on substantially all of the Debtors' assets, senior
to all other prepetition liens. The outstanding principal amount of
the Prepetition Senior Credit Facility is $20 million, together
with default interest, fees, expenses and all other amounts which
are payable, chargeable or otherwise reimbursable under the
Prepetition Senior Loan Documents.
b. Prepetition TPC Loan Agreement: Pursuant to the Plain
English Growth Capital Loan and Security Agreement dated as of
November 20, 2020, between the Debtors, the lenders from time to
time party thereto and TriplePoint Venture Growth BDC Corp. in its
capacity as collateral agent for the Prepetition TPC Lenders, the
Prepetition TPC Lenders made secured advances to the Debtors in
accordance with the terms thereof. Pursuant to the Prepetition TPC
Loan Documents, the Debtors granted to the Prepetition TPC Parties
a second priority lien on the Prepetition Collateral, senior to all
other prepetition liens other than (x) the liens granted to the
Prepetition Senior Lender under the Prepetition Senior Loan
Documents and (y) the liens granted to the Prepetition Noteholders
under the Prepetition Notes. The outstanding principal amount of
the Prepetition TPC Credit Facility is $81 million (of which $1
million is a TPC Prepetition Priority Obligation), plus (a)
interest accrued and payable thereon and (b) end of term fees with
respect thereto in an amount not less than $6.854 million, together
with default interest, fees, expenses and all other amounts which
are payable, chargeable or otherwise reimbursable under the
Prepetition TPC Loan Documents.
c. Prepetition Notes: As evidenced by those Senior Secured
Promissory Notes dated August 29, 2022 and August 30, 2022 executed
by the Debtors in favor of the holders thereof, the Prepetition
Noteholders made advances totaling $10 million in principal amount
in accordance with the terms thereof. Approximately 60% of the
amounts owing under the Prepetition Notes are held by insider
entities who are also equity holders and are represented on the
Debtors' boards of directors. The liens granted to the Prepetition
Noteholders under the Prepetition Notes are pari passu with the
Prepetition TPC Parties' liens.
d. Intercreditor Agreements: Pursuant to (A) the Second
Amended and Restated Subordination Agreement, dated as of August
29, 2022, between the Prepetition Senior Lender and the Prepetition
TPC Parties, (B) the Subordination Agreement, dated as of August
29, 2022, between the Prepetition Senior Lender and the Prepetition
Noteholders, and (C) the Intercreditor Agreement, dated as of
August 29, 2022, between the Prepetition TPC Parties and the
Prepetition Noteholders, the Prepetition Senior Lender, pursuant to
which the Prepetition TPC Parties, and the Prepetition Noteholders
agreed on the relative priority of the liens granted under the
Prepetition Senior Loan Documents, the Prepetition Notes, and the
Prepetition TPC Loan Documents, respectively, and, as between the
Prepetition TPC Parties and the Prepetition Noteholders, on the
order of distribution of collateral or proceeds thereof, all as
more particularly set forth in the Intercreditor Agreements. In
addition, pursuant to that certain Consent under Subordination
Agreement with respect to the TPC/Noteholder Intercreditor
Agreement dated as of November 30, 2022, the Prepetition TPC
Parties and certain Prepetition Noteholders agreed to certain
variances from the TPC/Noteholder Intercreditor Agreement with
respect to a $1 million prepetition advance which was made by the
Prepetition TPC Parties to the Debtors.
e. Prepetition Noteholder Consent to DIP Financing and Use of
Cash Collateral. The TPC/Noteholder Intercreditor Agreement and the
TPC/Noteholder Consent provide that to the extent the Prepetition
TPC Agent consents to the Debtors’ obtaining financing under
Section 363 or Section 364 of the Bankruptcy Code, then the
Prepetition Noteholders (x) will raise no objection to and will not
otherwise contest or oppose such financing, (y) will not request
adequate protection or any other relief in connection therewith
and, (z) to the extent the liens securing the Prepetition TPC
Obligations are subordinated to such financing, will subordinate
their liens to the liens securing such financing on the same basis
as is applicable to the liens securing the Prepetition TPC
Obligations and will subordinate their liens to any "carve-out" for
professional fees and United States Trustee fees agreed to by the
Prepetition TPC Agent. The Prepetition TPC Agent has consented to
the DIP Credit Facility, the use of Cash Collateral, and the other
relief provided for therein.
The DIP Loans will be used for (a) working capital and general
corporate purposes and (b) bankruptcy-related costs, all in
accordance with the Approved Budget.
As adequate protection, the Prepetition Senior Lender and
Prepetition TPC Parties will receive customary adequate protection
for their Prepetition Liens, including replacement liens and
superpriority claims on the DIP Collateral, to the extent of any
diminution, but will only be payable out of proceeds of Avoidance
Actions upon entry of the Final Order.
The DIP Facility contains Provisions Binding the Estate or Other
Parties with Respect to
Validity, Priority or Perfection of Prepetition Liens. The
challenge period is the earlier of (y) for the statutory Committee
appointed in the case, 60 days after formation of the Committee;
and (z) for all other parties-in-interest, 75 days from the
Petition Date. The Facility earmarks a $25,000 investigation
budget for the committee.
A copy of the motion is available at https://bit.ly/3hgrAe8 from
PacerMonitor.com.
About Medly Health Inc.
Medly Health Inc. and affiliates operate four full service digital
pharmacies, 21 brick-and-mortar, full-service specialty pharmacies
serving 20 markets across nine states and one health and wellness
store in Seattle, Washington. Medly Health also operates an
e-commerce business through the "Pharmaca.com" website. It offers
orchestrated consumer services such as delivery, prior
authorization coordination, copay management, refill management and
much more. Its strategic pillars include prescription medications,
health and wellness and order fulfilment, including, where
available, same day delivery.
Medly Health and its affiliates sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 22-11257)
on December 9, 2022. In the petition signed by Richard S. Willis,
chief executive officer and chief financial officer, Medly Health
disclosed up to $500 million in both assets and liabilities.
Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones LLP, is
the Debtor's counsel.
MIDLAND ELECTRIC: Court OKs Cash Collateral Access Thru Feb 2023
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Indiana,
Indianapolis Division, authorized Midland Electric Supply, LLC to
use cash collateral on an interim basis in accordance with the
budget, with a 15% variance through February 8, 2023.
The Debtor requires the use of cash collateral to operate its
business in the ordinary course of business and to maintain its
property.
The Debtor performed a preliminary investigation and analysis of
loan documents and related UCC filings and based upon this
preliminary investigation believes that Wells Fargo Bank, National
Association holds valid, enforceable, and non-avoidable liens, and
security interests in the property owned by the Debtor, including
among other things, the Debtor's cash collateral.
As of the October 19, 2022, the Debtor owes Wells Fargo
approximately $683,732, which amount is secured by, inter alia, the
Debtor's cash collateral.
In addition to Wells Fargo, the following parties may assert a
security interest in the Debtor's cash collateral:
-- Michael Brown and Bonnie Brown; and
-- The U.S. Small Business Administration.
Although Wells Fargo continues to dispute the Debtor's ability to
provide Wells Fargo adequate protection and the Court has not
finally determined whether the Debtor can adequately protect Wells
Fargo, on an interim basis the Court orders the Debtor to provide
Wells Fargo various forms of adequate protection.
Wells Fargo will receive as adequate protection for the Debtor's
use of cash collateral a payment from the Debtor in the amount of
$13,463 on or before December 15, 2022, and January 15, 2023, which
term will be included in any further order extending use of cash
collateral unless specifically modified by court order or agreement
of the parties.
The secured status as to the nature, extent and priority of the
Browns and the SBA is disputed. Therefore, no adequate protection
payments will be paid to the Browns or the SBA until the nature,
extent and priority of their asserted liens has been determined.
Pursuant to sections 363(e) and 361 of the Bankruptcy Code, Wells
Fargo, the Browns and the SBA are granted replacement liens in the
cash collateral and in the post-petition property of the Debtor of
the same nature and to the same extent and in the same priority
held in the cash collateral on the Petition Date, retroactive to
the Petition Date. Subject to the other provisions of the Third
Interim Order, the Adequate Protection Liens will be valid and
fully perfected without any further action by any party and without
the execution or the recordation of any control agreements,
financing statements, security agreements, or other documents.
Wells Fargo will also receive a claim under section 507(b) of the
Bankruptcy Code, senior in priority to all other administrative
expenses, as adequate protection to the extent of any decrease in
value of their respective perfected interests in the cash
collateral, subject to a carve-out for the Debtor's professional,
if any, as may be agreed to between the Debtor and Wells Fargo or
ordered by the Court.
The Debtor will continue to maintain insurance on its assets, name
Wells Fargo as a loss payee and provide proof of insurance upon
request.
Unless extended by the Court upon the written agreement of Wells
Fargo, the Debtor's authorization to use cash collateral will
immediately terminate on the earlier to occur of:
a. the date on which Wells Fargo provides, via facsimile and
electronic mail, written notice to the Debtor's counsel of the
occurrence of an Event of Default and the expiration of a
five-business day cure period, if such default can be cured; and
b. February 8, 2023, unless otherwise agreed by Wells Fargo
and the Debtor in writing.
A further hearing on the matter is set for February 3, 2023 at 5
p.m.
A copy of the order is available at https://bit.ly/3Hmt2Gx from
PacerMonitor.com.
About Midland Electric Supply
Midland Electric Supply, LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 22-04199) on
Oct. 19, 2022, with up to $500,000 in assets and up to $10 million
in liabilities. Matthew L. Johnson, owner and member of Midland
Electric Supply, signed the petition.
Judge Robyn L. Moberly oversees the case.
David Krebs, Esq., at Hester Baker Krebs, LLC is the Debtor's legal
counsel.
MISTER ROBERTS: Taps Padgett Business Services as Accountant
------------------------------------------------------------
Mister Roberts Furniture, LLC received approval from the U.S.
Bankruptcy Court for the Southern District of Texas to employ
Padgett Business Services as its accountant.
The firm will provide monthly payroll and accounting and financial
services to the Debtor; prepare tax returns; and provide other
services necessary to formulate the Debtor's Chapter 11 plan.
The firm will be paid at hourly rates ranging from $150 to $250.
Jeffrey Darley, a partner at Padgett Business Services, 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 L. Darley
Padgett Business Services
5797 S Rapp St.
Littleton, CO 80120
Tel: (303) 730-3311
About Mister Roberts Furniture
Mister Roberts Furniture, LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 22-33098) on
Oct. 18, 2022, with up to $500,000 in both assets and liabilities.
Robert Way, president of Mister Roberts Furniture, signed the
petition.
Judge Christopher Lopez oversees the case.
Reese W. Baker, Esq., at Baker & Associates and Padgett Business
Services serve as the Debtor's legal counsel and accountant,
respectively.
MMJS ENGINEERING: Wins Cash Collateral Access Thru Dec 31
---------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of California
authorized MMJS Engineering to use cash collateral on an interim
basis in accordance with the budget, with a 15% variance, through
December 31, 2022.
The Debtor is directed to provide adequate protection to the
secured creditors:
a. The Debtor will pay the U.S. Small Business Administration
$366 per month, starting from November 2022;
b. Secured creditors are granted replacement liens on the
Debtor's postpetition cash collateral with the same validity,
extent and priority as their prepetition liens and as they would
have under non-bankruptcy law, to the extent that their cash
collateral is actually used;
c. The Debtor must segregate and hold in its cash collateral
DIP bank account all revenue exceeding the funds needed to pay the
expenses set forth on the Budget.
A copy of the order is available at https://bit.ly/3FgzsnO from
PacerMonitor.com.
About MMJS Engineering
MMJS Enginering sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Cal. Case No. 22-02691) on October 19,
2022. In the petition filed by Mark Anthony Martini, chief
executive officer, the Debtor disclosed up to $1 million in both
assets and liabilities.
Judge Margaret M. Mann oversees the case.
Matthew D. Resnik, Esq., at RHM Law, LLP, is the Debtor's legal
counsel.
MOBITEK LLC: Seeks to Hire Newpoint Advisors as Financial Advisor
-----------------------------------------------------------------
Mobitek, LLC seeks approval from the U.S. Bankruptcy Court for the
Southern District of Florida to employ Newpoint Advisors
Corporation as financial advisor.
The firm will render these services:
(a) advise the Debtor with respect to its responsibilities in
complying with the United States Trustee's Guidelines and Reporting
Requirements;
(b) prepare monthly operating reports and other financial
documents necessary in the administration of this case; and
(c) other necessary services.
The hourly rates of the firm's professionals are as follows:
Carin Sorvik, CPA $285
Others $125 - $285
In addition, the firm will seek reimbursement for expenses
incurred.
Carin Sorvik, CPA, a senior director at Newpoint Advisors,
disclosed in a court filing that the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Carin Sorvik, CPA
Newpoint Advisors Corporation
421 S. Lakeside Dr. #5
Lake Worth Beach, FL 33460
Telephone: (800) 306-1250
Facsimile: (702) 543-3881
About Mobitek LLC
Mobitek, LLC filed its voluntary petition for relief under Chapter
11 of the Bankrutpcy Code (Bankr. S.D. Fla. Case No. 22-18538) on
Nov. 1, 2022. In the petition signed by its manager, Fadi Jaafar,
the Debtor reported $47,320 in assets and $1,054,423 in
liabilities.
Judge Robert A. Mark presides over the case.
The Debtor tapped David A. Ray, Esq. at David A. Ray, PA as counsel
and Carin Sorvik, CPA, at Newpoint Advisors Corporation as
financial advisor.
MONARCH PCM: Court OKs Cash Collateral Access, $500,000 DIP Loan
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas
authorized Monarch PCM, LLC to use cash collateral and obtain
postpetition financing in the aggregate principal amount of up to
$500,000, on a final basis.
The Debtor says the secured postpetition financing from GM
Pharmaceuticals Inc. is subordinated to the prepetition secured
lender, Susser Bank, and administrative expenses.
The Debtor has approximately $1.7 million is secured debt owed to
Susser.
As of the Petition Date, pursuant to and in connection with the
Susser Note, the Debtor granted to Susser a security interest in
and continuing lien on substantially all of its assets and
property.
As adequate protection, Susser is granted a postpetition
replacement lien on all of the Prepetition Collateral and is
granted valid, perfected and enforceable new, first-priority liens
and security interests upon any property of the Debtor.
The DIP Lender is granted valid and perfected subordinated security
interests in and liens on substantially all of the Debtor's assets
and a perfected, non-subordinated security interest in and to all
claims and causes of action arising under Chapter 5 of the
Bankruptcy Code and the proceeds and property recovered therefrom.
The Subordinated DIP Lien is (i) subject to the Carve Out; and (ii)
subordinate and junior to the liens of Susser and in right of
payment to Susser. The DIP Lender's Chapter 5 Lien will be the sole
lien on, against or encumbering the Chapter 5 claims and causes of
action, and is not subordinate to any lien rights of Susser.
The Subordinated DIP Lien is subject to a Carve-Out for (i) the
payment of fees and expenses of professionals retained by Debtor up
to an aggregate amount not to exceed $125,000; (ii) fees payable to
the subchapter v trustee up to an aggregate amount not to exceed
$25,000; and (iii) fees payable to the United States Trustee
pursuant to 28 U.S.C. section 1930(a)(6), if any. The Carve Out
will: (i) at all times be senior to the rights of DIP Lender; and
(ii) at all times be junior and subordinate to the rights of
Susser.
A copy of the order is available at https://bit.ly/3PolmW7 from
PacerMonitor.com.
About Monarch PCM, LLC
Monarch PCM, LLC is engaged in the business of pharmaceutical and
medicine manufacturing.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 22-42687) on November 7,
2022. In the petition signed by Sam P. Rizkal, CEO and CFO, the
Debtor disclosed up to $10 million in assets and up to $50 million
in liabilities.
Judge Mark X. Mullin oversees the case.
Mark A. Platt, Esq., at Frost Brown Todd, LLC, is the Debtor's
legal counsel.
MONTANA TUNNELS: Taps Patten Peterman Bekkedahl & Green as Counsel
------------------------------------------------------------------
Montana Tunnels Mining, Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Montana to employ Patten,
Peterman, Bekkedahl & Green, PLLC to handle its Chapter 11 case.
The hourly rates of the firm's counsel and staff are as follows:
James A. Patten, Esq. $400
Molly S. Considine, Esq. $275
Other attorneys $180 - $385
Diane S. Kephart, Paralegal $175
April J. Boucher, Paralegal $155
Other Paralegals $90 - $175
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer of $21,136.10 from the Debtor.
James Patten, Esq., a partner at Patten, Peterman, Bekkedahl &
Green, 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:
James A. Patten, Esq.
Molly S. Considine, Esq.
Patten, Peterman, Bekkedahl & Green, PLLC
2817 2nd Avenue North, Ste. 300
P.O. Box 1239
Billings, MT 59103
Telephone: (406) 252-8500
Facsimile: (406) 294-9500
Email: apatten@ppbglaw.com
mconsidine@ppbglaw.com
About Montana Tunnels Mining
Montana Tunnels Mining, Inc., a company in Jefferson City, Mont.,
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. D. Mont. Case No. 22-20132) on Dec. 2, 2022. In the
petition signed by its chief executive officer, Patrick Imeson, the
Debtor disclosed $10 million to $50 million in assets and $50
million to $100 million in liabilities.
Judge Benjamin P. Hursh oversees the case.
Patten, Peterman, Bekkedahl & Green, PLLC serves as the Debtor's
counsel.
MOUNTAIN LIFE: A.M. Best Cuts Financial Strength Rating to B(Fair)
------------------------------------------------------------------
AM Best has downgraded the Financial Strength Rating (FSR) to B
(Fair) from B+ (Good) and the Long-Term Issuer Credit Rating
(Long-Term ICR) to "bb+" (Fair) from "bbb-" (Good) of Mountain Life
Insurance Company (Mountain Life) (Lexington, KY). The outlook of
these Credit Ratings (ratings) is stable.
The ratings reflect Mountain Life's balance sheet strength, which
AM Best assesses as strong, as well as its marginal operating
performance, very limited business profile and appropriate
enterprise risk management.
Driving the downgrade of the ratings is the deterioration of
Mountain Life's balance sheet and the lack of production in
business, as well as the deterioration in creditworthiness at the
ultimate parent. Mountain Life's absolute capital levels have
continued to decrease due to excess claims, shrinking an already
modest capital base. Although risk-adjusted capitalization remains
within the strongest category, as measured by Best's Capital
Adequacy Ratio (BCAR), the low amount of absolute capital exposes
the company to sharper swings in risk-adjusted capital levels. At
the parent company level, losses from the property/casualty
affiliate have eaten away at the organization's equity base. The
ultimate parent's decline in balance sheet metrics reflect the
declining creditworthiness of the organization in general. At
Mountain Life, there has been a lack of production in new business
for some time as the company has been going through a transition
period. While new business is being put on the books, it is
extremely moderate compared with the amount of business in force.
MYOMO INC: Cancels Special Meeting Due to Lack of Quorum
--------------------------------------------------------
Myomo, Inc. said it could not convene its special meeting of
stockholders because there were not sufficient votes to establish a
quorum.
Shareholders of record were asked to vote on two proposals set
forth in the Company's Definitive Proxy Statement on Schedule 14A
filed with the Securities and Exchange Commission on Oct. 28, 2022.
The first proposal was to seek approval, in accordance with NYSE
American Rule 713, of the issuance of the Company's common stock to
Keystone Capital Partners, LLC in excess of the Exchange Cap of the
Common Stock Purchase Agreement dated Aug. 2, 2022 by and between
the Company and Keystone. The second proposal was to approve an
adjournment of the Special Meeting, if necessary, to solicit
additional proxies. Although a majority of the proxies received by
the Company so far have been in favor of both proposals in the
Proxy, the Company does not believe enough shareholders of record
will vote on the proposals to establish a quorum. Therefore the
Company has decided to withdraw the proposals.
The Company intends to pursue other means at its disposal in order
to raise additional capital.
About Myomo
Headquartered in Cambridge, Massachusetts, Myomo, Inc. --
http://www.myomo.com-- is a wearable medical robotics company
that
offers expanded mobility for those suffering from
neurologicaldisorders and upper limb paralysis. Myomo develops and
markets the MyoPro product line. MyoPro is a powered upper limb
orthosis designed to support the arm and restore function to the
weakened or paralyzed arms of patients suffering from CVA stroke,
brachial plexus injury, traumatic brain or spinal cord injury, ALS
or other neuromuscular disease or injury.
Myomo reported a net loss of $10.37 million for the year ended Dec.
31, 2021, a net loss of $11.56 million for the year ended Dec. 31,
2020, a net loss of $10.71 million for the year ended Dec. 31,
2019, and a net loss of $10.32 million for the year ended Dec. 31,
2018. As of Sept. 30, 2022, the Company had $12.16 million in
total assets, $4.33 million in total liabilities, and $7.82 million
in total stockholders' equity.
NATIONAL CINEMEDIA: $270M Bank Debt Trades at 73% Discount
----------------------------------------------------------
Participations in a syndicated loan under which National CineMedia
LLC is a borrower were trading in the secondary market around 27.5
cents-on-the-dollar during the week ended Friday, December 9, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$270 million facility is a Term loan. The loan is scheduled
to mature on June 20, 2025. About US$259 million of the loan is
withdrawn and outstanding.
National CineMedia, LLC owns and operates movie theaters. The
Company offers entertainment content, advertising, and movie
screening services.
NATIONWIDE FREIGHT: Wins Cash Collateral Access Thru Jan 10
-----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Illinois, Eastern
Division, authorized Nationwide Freight Systems, Inc. to use cash
collateral on an interim basis during the period from December 6,
2022 to January 10, 2023.
In exchange for the Debtor's use of cash collateral, PNC Bank
National Association, Vox Funding, LLC and Forward Financing, LLC
are granted, as adequate protection for their purported secured
interests in the Debtor's property, the following:
1. The Debtor will permit the Secured Creditors to inspect,
upon reasonable notice and within reasonable hours, the debtor's
books and records. By December 14, 2022, the Debtor must also
provide PNC and any other Secured Creditor that requests it, the
following information:
a. Current A/R aging report;
b. Balance sheet for the Debtor; and
c. An analysis of the proposed budget showing the
actual amounts that the debtor expended and
received compared to the amounts on the budget.
2. The Debtor must maintain and pay premiums for insurance to
cover all of its assets from fire, theft and water damage and upon
request provide proof of insurance to any Secured Creditor who asks
for it.
Without limiting or waiving the Secured Creditors' rights to
request additional adequate protection, the Secured Creditors are
granted valid, perfected, enforceable security interests in and to
the Debtor's post-petition assets, including all proceeds and
products which are now or hereafter become property of the
bankruptcy estate to the extent and priority of their alleged
pre-petition liens, if valid, but only to the extent of any
diminution in the value of those assets.
The Debtor is excused from making any monthly adequate protection
payment to PNC for the months of November 2022 and December 2022.
A further interim hearing on the motion is scheduled for January 9
at 10 a.m.
A copy of the order and the Debtor's budget is available at
https://bit.ly/3UYZMJb from PacerMonitor.com.
The budget provides for total expenses, on a weekly basis, as
follows:
$99,900 for the week ended December 2, 2022;
$102,400 for the week ended December 9, 2022;
$103,100 for the week ended December 16, 2022;
$103,000 for the week ended December 23, 2022;
$103,300 for the week ended December 30, 2022; and
$105,800 for the week ended January 6, 2023.
About Nationwide Freight Systems, Inc.
Nationwide Freight Systems, Inc. is an asset-based transportation
and logistics provider located in Elgin, Illinois. It provides
transportation, logistics, and distribution services to the
printing, retail, hospitality and textile industries, and also to
many manufacturing and wholesale companies of various sizes. The
Debtor sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. N.D. Ill. Case No. 22-06364) on June 6, 2022. In the
petition signed by Robert D. Kuehn, president, the Debtor disclosed
up to $1 million in assets and up to $10 million in liabilities.
Judge Benjamin A. Goldgar oversees the case.
David K. Welch, Esq., at Burke, Warren, Mackay and Serritella, PC
is the Debtor's counsel.
NEOVIA LOGISTICS: S&P Upgrades ICR to 'CCC+', Outlook Negative
--------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Neovia
Logistics L.P. to 'CCC+' from 'D'.
S&P said, "At the same time, we assigned a 'CCC+' issue-level
rating and '4'; recovery rating to the new $248 million first-lien
term loan due November 2027 (we do not rate any of its other debt
facilities).
"The negative outlook reflects our expectation that the company may
continue to experience challenges from a weakening economy and
additional customer losses, which could affect its ability to avoid
a default scenario over the medium term.
"The restructuring has lowered Neovia's outstanding adjusted debt
by $514 million; however, operational challenges and modest free
cash flow generation in 2023 lead us to view its current capital
structure as unsustainable. Neovia reduced its total reported debt
by $412 million to $353 million. Its preferred equity, which we
consider in our adjusted debt calculation, decreased by $102
million to $176 million. The lower debt will lead to $30 million of
lower cash interest annually. The restructured debt also has a
pay-in-kind (PIK) component that we expect to accrue starting at
about $70 million annually. Pro forma for the transaction, we
believe the company will end 2022 with S&P Global Ratings-adjusted
debt to EBITDA of about 10x (with preferred equity contributing
approximately 2.3x). We expect debt to EBITDA will decrease to the
high-8x area in 2023.
"We believe Neovia has a slightly improved operating position
following the transaction, but the loss of large contracts presents
operational headwinds. Neovia continues to experience operational
challenges, including the loss of large customer contracts (Jaguar
Land Rover, responsible for 17% of 2022 revenue, is rolling off at
the end of 2023 and the exit of Schaeffler created a $65 million
revenue headwind in 2022). In addition, we believe the scope of
services could be reduced on existing contracts (Daimler Singapore
in 2022). We believe a recession is likely to occur in 2023, which
could slow revenue growth and place pressure on the company's free
cash flow (FCF). We expect FCF outflows between $25 million and $35
million in 2022, improving to an FCF surplus of $20 million-$40
million in 2023.
"While we acknowledge there are operational hurdles the company is
currently navigating, we believe the restructuring positions it to
pursue additional growth opportunities. Management announced it
renegotiated the terms of a majority of its contracts, which
includes adding inflation pass throughs and conversion of some
fixed-price contracts into cost plus, somewhat improving growth
prospects. In addition, it announced new contracts from Home
Shopping Europe, John Deere, Trane, Mann & Hummel, and INEOS, as
well as adding new facilities for existing customers including
Bobst, Daimler, and Magna Steyr. Neovia is also using capital
expenditures to pursue additional operational efficiencies that may
result in the reduction of labor expenses over the next few years
through greater technology implementation in the warehouse
facilities it operates in. Despite these improvements, we believe
recent customer losses are substantial and will impair the
company's ability to increase revenue, EBITDA, and FCF over the
next few years. Similarly, we expect new contract wins will take
several years to ramp up, resulting in some margin dilution near
term. Moreover, there is continued uncertainty around Neovia's
ability to retain customers long term given the competitive pricing
dynamics in the industry.
"We believe the restructuring has provided near-term liquidity
relief. We believe Neovia will benefit in the near term from lower
cash interest expense and debt facilities with extended maturities
(therefore not current in 2023 as was the case before the
restructuring, with multiple maturities in 2024) with the cash flow
revolving credit facility and securitization facility maturing in
2025 and the first-lien term loan (with no amortization) maturing
in 2027. Further, we believe the financial maintenance covenants
are also favorable to the company, with a minimum liquidity
requirement of $25 million tested monthly on the new revolving
credit facility and a minimum liquidity requirement of $5 million
on the new first-lien term loan. Despite this, we believe an
additional customer loss would greatly pressure Neovia's FCF
surplus generation over the forecast and continue to assess
Neovia's liquidity asless than adequate."
The negative outlook reflects continued uncertainty around the
company's ability to attract and retain customers with profitable
contract terms amid broader economic headwinds and expectations of
a shallow recession in 2023.
S&P said, "We could lower our ratings if we believed Neovia were
likely to default within the next 12 months or engage in a
distressed exchange with the current capital structure. This could
occur if the company continued to suffer contract attrition or were
unable to win new profitable business such that its FCF were
severely reduced and liquidity worsened."
S&P could revise the outlook to stable over the next 12 months if
its expected Neovia to generate positive FCF and reduce leverage on
a sustained basis. This could occur if it:
-- Continued to win new contracts;
-- Grows volumes with existing customers;
-- Improves EBITDA margin, and profitability approaches historical
levels; and
-- Maintained a stable contract base, leading to FCF and earnings
improvement to better support debt outstanding.
Environmental, Social, And Governance
ESG credit indicators: E-2, S-2, G-3
S&P said, "Governance factors have a moderately negative influence
on our credit rating analysis of Neovia. We view
financial-sponsor-owned companies with highly leveraged financial
risk profiles as demonstrating corporate decision-making that
prioritizes the controlling owners' interests, typically with
finite holding periods and a focus on maximizing shareholder
returns."
NEW CITY HISTORIC: Judgments for Santander/Fiat Chrysler Affirmed
-----------------------------------------------------------------
In the appealed case FCA US LLC, Plaintiff-Appellee, v. NEW CITY
HISTORIC AUTO ROW LLC, Defendant-Counter Claimant-Appellant, v.
SANTANDER BANK, N.A., Defendant-Appellee, Case No. 21-1670, (7th
Cir.), the U.S. Court of Appeals for the Seventh Circuit dismisses
New City Historic Auto Row LLC's appeal of the district court's
ruling dismissing New City's counterclaims against Fiat Chrysler,
and affirms the district court's judgment in favor of Santander
Bank, N.A.
This case is the third in a series of legal actions involving New
City Historic Auto Row LLC and Santander Bank, N.A. Their dispute
started when New City defaulted on loans it took out from Santander
to finance a car dealership. The bank sued New City to collect its
secured assets. Santander's attempts to collect from New City
briefly stalled when New City filed for Chapter 11 bankruptcy seven
months into the litigation. The bankruptcy proceedings were
ultimately dismissed, and Santander's suit against New City ended
with a default judgment in Santander's favor after New City failed
to defend itself. After accounting for prejudgment interest and
attorney's fees, the court concluded that New City owed Santander
about $5 million. As part of the default judgment, the court also
dismissed New City's pending counterclaims against Santander for
failure to prosecute.
No one appealed the judgment in either of those cases.
This appeal is from an interpleader action brought by FCA US LLC,
the American wing of Fiat Chrysler and the distributor that sold
cars to New City.
Fiat Chrysler possesses funds due to New City under their
dealership contract. Fiat Chrysler owes about $440,000 to New City
in various incentive payments and other credits under their
dealership agreement. Because Santander has an interest in New
City's assets -- including any right to distributor incentives --
Fiat Chrysler initiated an interpleader action to determine who was
the proper recipient of the money. New City asserted counterclaims
against Fiat Chrysler, but the district court dismissed them as
barred by judicial estoppel. The court explained that New City was
bound by its representations during its prior bankruptcy proceeding
that it had no potential claims against any parties, including Fiat
Chrysler.
New City argued that judicial estoppel should not apply because
Fiat Chrysler could not prove that any misrepresentation was
intentional. But the court rejected this argument, relying on a
Fifth Circuit rule in Allen v. C & H Distribs., L.L.C., 813 F.3d
566, 573 (5th Cir. 2015) "that a debtor's omission before a
bankruptcy court is inadvertent only if the debtor lacks knowledge
of the undisclosed claims or has no motive for their concealment."
The court explained that New City knew about its claims against
Fiat Chrysler when it drafted its bankruptcy filings. Indeed, New
City had already filed similar claims against Fiat Chrysler with
Illinois's Motor Vehicle Review Board before it filed for
bankruptcy.
Santander eventually sought summary judgment in June 2020, laying
out why it had a claim to the disputed funds and priority over
other creditors. New City responded with crossclaims against
Santander in an attempt to block the bank from collecting the
funds. The district court entered summary judgment for Santander,
concluding that New City's counterarguments failed for three
reasons: (1) New City waived any contract or tort claims by raising
them for the first time in opposition to summary judgment, instead
of pleading them as crossclaims in the interpleader action; (2)
even if not waived, the court reasoned that New City's claims were
barred by judicial estoppel for the same reasons that judicial
estoppel had barred New City's counterclaims against Fiat Chrysler;
and (3) the court concluded that New City's arguments were barred
by collateral estoppel because the same issues had already been
resolved by the default judgment in the previous action.
New City appeals both the dismissal of its counterclaims against
Fiat Chrysler and the grant of summary judgment for Santander. The
Court dismisses this portion of the appeal because New City has not
made any argument regarding the counterclaims before this court.
Regarding the grant of summary judgment, the Court affirms and
concludes that the district court acted within its discretion when
it rejected New City's crossclaims as untimely and did not err when
it granted summary judgment to Santander.
As Fiat Chrysler points out, the intended scope of New City's
appeal is somewhat vague. According to its notice of appeal, New
City appealed both the district court's order entering summary
judgment for Santander and the court's earlier ruling dismissing
New City's counterclaims against Fiat Chrysler -- but the substance
of New City's brief focuses on only its claims against Santander.
New City's disinterest in appealing the dismissal of its
counterclaims against Fiat Chrysler is further evident from how New
City prepared its short appendix -- which includes only the
district court's summary judgment ruling in favor of Santander.
Although New City has dragged Fiat Chrysler into appellate court,
New City's brief mentions its counterclaims against Fiat Chrysler
only in passing, and only as they relate to its dispute with
Santander. And although New City says it opposes Fiat Chrysler's
motion to dismiss, New City has still not explained its basis for
challenging the dismissal order -- even after oral argument and
full briefing on the merits and the motion to dismiss. Thus, the
Court grants Fiat Chrysler's request to dismiss the appeal of the
ruling dismissing New City's counterclaims against Fiat Chrysler.
The Court, however, rejects Santander's invitation to dismiss the
appeal in its entirety. Specifically, in response to Fiat
Chrysler's motion to dismiss, Santander argues that the appeal
should be dismissed in its entirety for failure to comply with Rule
28. The Court finds that at the broadest level, New City has
fulfilled its basic obligations under Rule 28 because it (1)
explains what errors it believes the district court made in the
summary judgment ruling, (2) cites portions of the record, and (3)
cites legal authority that it believes furthers its case.
New City claims that the district court erred when entering summary
judgment for Santander. The parties focus on the district court's
application of judicial estoppel -- but judicial estoppel was only
one of three grounds that the court relied on at summary judgment
-- the court also concluded that New City waived its crossclaims
against Santander by failing to raise them prior to its brief in
opposition to summary judgment.
The Court explains that the district court had discretion to reject
New City's arguments as untimely because New City waited almost a
year and a half to raise any crossclaims or affirmative defenses at
summary judgment. Apart from the untimely crossclaims, New City
made no argument for why Santander was not entitled to the disputed
funds. The Court finds and concludes that the district court
properly granted Santander's request for summary judgment because
there no reason to conclude that the district court abused its
discretion when rejecting New City's crossclaims as untimely.
A full-text copy of the Order dated Nov. 29, 2022, is available at
https://tinyurl.com/mvnfu4j3 from Leagle.com.
About New City Historic Auto Row
New City Historic Auto Row, LLC --
https://www.alfaromeousaofchicago.com/ -- is a dealer of new and
pre-owned Alfa Romeo vehicles in Chicago, Illinois. New City
Historic Auto Row sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ill. Case No. 18-20811) on July 25,
2018. In the petition signed by Michael Helmstetter, president and
CEO, the Debtor estimated assets of $1 million to $10 million and
liabilities of $1 million to $10 million. Judge Jacqueline P. Cox
presides over the case.
NEW ENGLAND MOTOR: Claims Administrators' Bid for Dismissal Denied
------------------------------------------------------------------
In the case styled Kevin P. Clancy, in his capacity as Liquidating
Trustee for the New England Motor Freight Liquidating Trust,
Plaintiff, v. United Healthcare Insurance Company, et al.,
Defendants, Civil No. 3:21cv535 (DJN), (E.D. Va.), District Judge
David J. Novak for the Eastern District of Virginia denies the
Motion to Dismiss filed by the Defendants United Healthcare
Insurance Company and HPHC Insurance Company Inc.
Plaintiff Kevin P. Clancy, in his capacity as Liquidating Trustee
for the New England Motor Freight Liquidating Trust, brought this
action against the Defendants United Healthcare Insurance Company
and HPHC Insurance Company, Inc. for alleged breaches of fiduciary
duties arising under the Employee Retirement Income Security Act of
1974 ("ERISA") and concealment and spoliation of evidence in this
case under New Jersey law.
In 2008, New England Motor Freight ("NEMF") sponsored and created a
self-funded health benefit plan governed by ERISA. NEMF and the
Defendants entered into an Administrative Services Agreement which
governed the third-party claims administrator services for the NEMF
Plan provided by the Defendants. The Defendants determined health
benefits and processed claims for payment of covered benefits.
Under the Plan, the Trustee alleges that NEMF acted as a
"fiduciary" and served in a fiduciary capacity as the plan sponsor
and plan administrator. The Defendants also acted as fiduciaries in
determining the availability of Plan benefits and payment of
claims. The beneficiaries of the Plan were NEMF's employees,
spouses and dependents who received benefit coverage under the NEMF
Plan.
From 2014 to 2020, the Defendants paid approximately $172 million
of claims from NEMF Plan assets held in NEMF accounts. During that
time, the Trustee alleges that Defendants breached their fiduciary
duties to the NEMF Plan, which caused tens of millions of dollars
of losses to the NEMF Plan.
The Defendants argue that the Trustee's claims fail for two
reasons: (a) Trustee's lack of statutory standing; and (b) for
failure to state a derivative claim or, alternatively, for the
Court to decline to exercise supplemental jurisdiction.
The Trustee does not allege that he acts as a functional fiduciary
for the NEMF Plan. Instead, he argues that he remains a successor
fiduciary to the NEMF Plan: since NEMF performed as a fiduciary for
the Plan, so now does the Trustee. While the Defendants operated as
Claims Administrators, ASA Section 2.1 explicitly states that the
Defendants "are not the Plan Administrator of the Plan." The
Defendants do not contest that NEMF functioned as the Plan
Administrator of the NEMF Plan. Thus, as Plan Administrator, NEMF
unquestionably operated as a fiduciary of the NEMF Plan.
As NEMF fell under the definition of fiduciary as Plan
Administrator, the question remains whether the Liquidating
Trustee, in assuming control of the NEMF bankruptcy estate under
the Bankruptcy Plan, assumed NEMF's role as fiduciary of the NEMF
Plan. The Court finds that he did and disagrees with the
Defendants' argument that the Trustee lacks standing as fiduciary
of the Plan.
The Defendants argue that since the Trustee does not act as a
Chapter 11 trustee, the Trustee does not perform obligations
required to administer an ERISA plan. The Defendants thus argue
that as merely a trustee of the Liquidating Trust created by the
Bankruptcy Plan, the Trustee only has the "powers and duties. . .
dictated by" and limited to the Bankruptcy Plan, Confirmation Order
and Liquidating Trust Agreement.
The Court agrees with the Defendants argument but finds that under
the Bankruptcy Plan, the Trustee assumes successor fiduciary status
-- both the Bankruptcy Plan and Liquidating Trust Agreements
enumerate "the ways in which the Liquidating Trust, by way of the
Trustee, shall act as a successor in interest to NEMF."
The Court also agrees with the Trustee's argument that even if the
Plan's assets do not constitute part of the Liquidating Trust's
assets, NEMF's existing and future causes of action and claims do
constitute assets under the Trust. The Court further agrees that
the Trustee may not have inherited the Plan as an asset under the
estate, but he assumed NEMF's role as fiduciary of the NEMF Plan
when the Debtors' estates' assets, including its causes of action,
vested in the Liquidating Trust.
However, the Defendants further argue that the termination of the
plan negated this assignment. They argue that since the Plan
terminated before the Trustee brought this suit, the relief sought
must go to the Liquidating Trust or Trustee and not the NEMF Plan,
which would forestall statutory standing under ERISA. The Court
finds and concludes that the termination of the NEMF Plan on July
31, 2019, does not foreclose the Trustee from assuming the role of
successor fiduciary of the Plan.
Moreover, the Defendants argue that "a plan participant may not sue
under ERISA unless he seeks recovery on behalf of the plan." The
Defendants argue then that as fiduciary of the Liquidating Trust's
claimants, the Trustee cannot bring claims on behalf of the Plan.
The Trustee correctly responds, however, that he brings his claim
on behalf of the NEMF Plan. The Trustee alleges that "Defendants'
breaches of their fiduciary duties diminished the assets of, and
caused losses to, the NEMF Plan and NEMF. The Trustee seeks damages
from Defendants for all losses to NEMF and the NEMF Plan."
The Court notes that the Trustee is seeking relief on behalf of the
Trust (which owns NEMF's assets) for overpayment of healthcare
claims by the Defendants during the plan's existence. The Court
concludes that the cause of action, and the relief sought by the
Trustee as a result, will inure to the benefit of the Trust
standing in the shoes of the NEMF Plan, not to the Trustee
individually, because the Trustee suffered no injury independent of
that suffered by the NEMF Plan. As the Trustee succeeded NEMF as
fiduciary of the NEMF Plan, and brings claims on behalf of the
Plan, the Court concludes that the Trustee has statutory standing
under ERISA to bring this claim in federal court.
Finally, the Defendants argue that Trustee's concealment and
spoliation claim must fail either (1) as a derivative claim or (2)
because the Court should decline to exercise supplemental
jurisdiction. Both arguments rest entirely upon the failure of the
Trustee's first claim. Since the Court denies the Defendants'
Motion to Dismiss as to the first claim, the Court need not address
the second claim. The Trustee's claim for concealment and
spoliation under New Jersey law will survive Defendants' Motion to
Dismiss.
A full-text copy of the Memorandum Opinion dated Nov. 30, 2022, is
available at https://tinyurl.com/yckpmk8v from Leagle.com.
About New England Motor Freight
New England Motor Freight, Inc. -- http://www.nemf.com/-- provides
less-than-truckload (LTL) carrier services in the United States and
Canada. Founded in 1977, the company is based in Elizabeth, N.J.,
and has terminals in the Northeast and Mid-Atlantic.
New England Motor Freight and its affiliates sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case
No. 19-12809) on Feb. 11, 2019. At the time of the filing, New
England Motor estimated assets of $100 million to $500 million and
liabilities of $50 million to $100 million.
The cases are assigned to Judge John K. Sherwood.
The Debtors tapped Gibbons P.C. as legal counsel; Whiteford, Taylor
& Preston, LLP as special counsel; Phoenix Executive Services, LLC,
as restructuring advisor; and Donlin Recano as claims agent.
The Office of the U.S. trustee appointed an official committee of
unsecured creditors on Feb. 21, 2019. The committee tapped
Lowenstein Sandler LLP and Elliott Greenleaf as its legal counsel.
NEWAGE INC: Unsecureds to Get Share of Liquidation Trust
--------------------------------------------------------
NewAge, Inc., et al., filed a Combined Disclosure Statement and
Joint Chapter 11 Plan of Liquidation.
The Debtors consist of NewAge, Inc., Ariix LLC, Morinda Holdings,
Inc., and Morinda, Inc.
The Debtors' capital structure as of the Petition Date consisted
of: (1) a first lien credit facility, (2) trade debt, and (3)
equity interests.
On August 30, 2022, the Debtors filed the DIP Motion, requesting
authority to, among other things, enter a senior secured multi-draw
term loan debtor in possession financing facility in a principal
amount of $16 million (the "DIP Facility"), pursuant to the terms
and conditions of the Senior Secured Debtor-in-Possession Term Loan
(the "DIP Loan Agreement"). Under the DIP Loan Agreement, DIP
Financing agreed to be the lender, with NewAge as borrower and
Ariix, Holdings, and Morinda as guarantors. The DIP Facility
provided, and continues to provide, the Debtors with the cash
necessary to meet their operational needs and administer the
Chapter 11 Cases.
On September 30, 2022, the Bankruptcy Court entered the Final Order
(I) Authorizing the Debtors to Obtain Postpetition Financing, (II)
Authorizing the Debtors to Use Cash Collateral, (III) Granting
Liens and Superpriority Claims, and (IV) Modifying the Automatic
Stay.
As set forth in the Sale Motion, the Debtors sought to establish
certain procedures (the "Proposed Bid Procedures") with respect to
a competitive sale and marketing process for their assets in a way
that would maximize value for all stakeholders in the Chapter 11
Cases. Pursuant to the Proposed Bid Procedures, the Debtors
requested the approval of DIP Financing as the stalking horse
bidder, with a purchase price consisting of: (i) a credit bid of
the full outstanding amount of the amounts owed it under the EWB
Credit Facility; (ii) a credit bid of the full amount of the DIP
Facility; (iii) the payment of all cure costs of assumed and
assigned contracts and leases; and (iv) the assumption of certain
liabilities as set forth in the Asset Purchase Agreement dated as
of August 30, 2022 (as amended, supplemented, or otherwise modified
from time to time, the "Asset Purchase Agreement"). The Proposed
Bid Procedures also provided deadlines and procedures for other
interested parties to participate in an auction for the sale of the
Debtors' assets. Several parties filed objections to the Sale
Motion.
On September 20, 2022, the Bankruptcy Court held a hearing on the
Sale Motion. On September 21, 2022, the Bankruptcy Court entered
the Order (A) Approving Bid Procedures for the Sale of Assets of
the Debtors, (B) Approving Bid Protections, (C) Establishing
Assumption and Assignment Procedures, (D) Establishing Notice
Procedures, and (E) Granting Related Relief [Doc. No. 105] (the
"Bid Procedures Order"), thereby approving the Sale Motion,
including the revised Proposed Bid Procedures (as revised, the "Bid
Procedures"). Additionally, at the hearing on the Sale Motion, the
Debtors, the Committee, and DIP Financing agreed on the record that
DIP Financing shall (if necessary) make a cash payment to the
Debtors for the sole purpose of funding a post-confirmation trust
(the "Liquidation Trust") so that remaining property in the
Debtors' estates, along with any necessary "true-up" payments, to
be made by DIP Financing, provide the Liquidation Trust a cash
balance of no less than $1,500,000 for the benefit of general
unsecured creditors after payment of allowed administrative
expenses and priority claims (the "GUC Settlement").
Pursuant to the terms of the Bid Procedures and the Bid Procedures
Order, interested parties were invited to submit bids on the
Debtors' assets no later than 4:00 p.m. (prevailing Eastern Time)
on October 6, 2022 (the "Bid Deadline"). In order for a bid to be
considered a "Qualified Bid" under the Bidding Procedures, the bid
was required to meet the various requirements described therein.
Pursuant to the Bid Procedures, if the Debtors received two or more
Qualified Bids before the Qualified Bid Deadline, an auction would
be held (the "Auction"), at which the Debtors, in consultation with
the Committee, would select the winning bidder for the Debtors'
assets. No Qualified Bids, aside from the Stalking Horse Bid, were
received by the Debtors. Accordingly, on October 6, 2022, the
Debtors filed a Notice of (I) Cancellation of Auction and (II)
Successful Bid, cancelling the Auction and designating DIP
Financing as the successful bidder.
On October 13, 2022, the Debtors and DIP Financing amended the
Asset Purchase Agreement to provide for the sale of the equity in
Holdings rather than its assets, for the benefit of Holdings'
creditors and to streamline certain licensing requirements for DIP
Financing.
On October 17, 2022, the Debtors filed a Second Certification of
Counsel Requesting Entry of Order (I) Authorizing the Sale of
Assets of the Debtors Free and Clear of all Liens, Claims,
Encumbrances, and Interests; (II) Approving the Final Asset
Purchase Agreement; (III) Authorizing the Assumption and Assignment
of Certain Executory Contracts and Unexpired Leases; and (IV)
Granting Related Relief, which identified the contracts which were
being assumed and assigned to the Purchaser, with the corresponding
cure amount.
On October 17, 2022, the Bankruptcy Court entered to Order (I)
Authorizing the Sale of Assets of the Debtors Free and Clear of All
Liens, Claims, Encumbrances, and Interests; (II) Approving the
Final Asset Purchase Agreement; (III) Authorizing the Assumption
and Assignment of Certain Executory Contracts and Unexpired Leases;
and (IV) Granting Related Relief (the "Sale Order"), thereby
approving the Sale of substantially all of NewAge's, Ariix's, and
Morinda's assets and Holding's equity to DIP Financing. Paragraph
32 of the Sale Order fully incorporates the terms of the GUC
Settlement.
On October 17, 2022, the Sale closed. Since the Sale has closed,
the Debtors have continued to work towards reconciling various
accounting issues with DIP Financing.
After entry of the Sale Order, the Debtors have worked toward
preparing an orderly wind-down of the Chapter 11 Cases and the
proposal of a liquidating Chapter 11 plan. To this end, the Debtors
filed the Motion of the Debtors for Entry of an Order (I) Fixing
Deadlines for Filing Proofs of Claim and (II) Approving the Form
and Manner of Notice Thereof [Doc. No. 238] and the Supplement to
Motion of the Debtors for Entry of an Order (I) Fixing Deadlines
for Filing Proofs of Claim and (II) Approving the Form and Manner
of Notice Thereof (collectively, the "Bar Date Motion"). On
November 9, 2022, the Bankruptcy Court entered an order approving
the Bar Date Motion, establishing: (i) December 16, 2022 at 5:00
p.m. (prevailing ET), as the general bar date (i.e., deadline) for
filing prepetition claims, including claims asserting
administrative priority under section 503(b)(9) of the Bankruptcy
Code for goods delivered within 20 calendar days prepetition; (ii)
February 27, 2023 at 5:00 p.m. (prevailing ET), as the governmental
bar date; and (iii) December 16, 2022 at 5:00 pm. (prevailing ET),
as the bar date for filing requests for payment of Administrative
Expense Claims (other than Accrued Professional Compensation
Claims) arising on or before November 9, 2022.
To streamline the process and save costs, the Debtors decided the
best course of action was to file a combined plan and disclosure
statement, and to seek preliminary approval of the disclosures and
the scheduling of a combined, final hearing on plan confirmation
and the adequacy of the disclosures.
As of the date hereof, the Remaining Assets that will be used for
distribution to creditors consist of (i) the Liquidation Trust with
an initial principal amount of at least $1,500,000; (ii) causes of
action against certain of the Debtors' officers and directors in
the Kwikclick Lawsuit, which are being assigned to the Liquidation
Trust, and of which there may or may not be up to $35,000,000.00 of
D&O insurance coverage available; (iii) all other Causes of Action,
all of which causes of action are specifically preserved and
assigned to the Liquidation Trust; and (iv) any remaining Cash on
hand.
Liquidation Trust means a trust or such entity reasonably
acceptable to the Debtors and the Committee, to be established on
the Effective Date in accordance with the Plan and the Liquidation
Trust Agreement for the benefit of the General Unsecured Creditors
in Class 2, to hold an interest in the Assets, including, without
limitation, (i) any monetary recovery in the causes of action
against certain of the Debtors' officers and directors in the
Kwikclick Lawsuit, which are being assigned to the Liquidation
Trust; (ii) all other Causes of Action, all of which causes of
action are specifically preserved and assigned to the Liquidation
Trust; (iii) Cash to initially fund the Liquidation Trust in the
amount of $1,500,000.00, including the amount in the GUC
Administrative Convenience Account; and (iv) remaining Cash on
hand, if any.
Under the Plan, holders of Class 2 General Unsecured Claims
(Liquidation Trust Class) will receive its Pro Rata Share of an
interest in the Liquidation Trust. A holder of an Allowed General
Unsecured Claim greater than the Convenience Claim Threshold may
opt to reduce its claim to the Convenience Claim Threshold to
participate in Class 3; however, a holder making such election will
be forever barred and waives its right to receive a Distribution
for the waived amount. Class 2 is Impaired.
Holders of Class 3 General Unsecured Claims (Administrative
Convenience Class) will receive a Distribution within 30 days of
the Effective Date equal to 50% of its Allowed General Unsecured
Claim unless the amount deposited in the GUC Administrative
Convenience Account is not sufficient to allow for this percentage
distribution, in which case the holders of an Allowed Class 3 Claim
will receive their Pro Rata Share, which will be less than 50% of
each Allowed General Unsecured Claim. Class 3 is Impaired.
Counsel for the Debtors and Debtors in Possession:
Annette Jarvis, Esq.
Michael F. Thomson, Esq.
Carson Heninger, Esq.
GREENBERG TRAURIG, LLP
222 S. Main Street, Suite 1730
Salt Lake City, UT 84101
Telephone: (801) 478-6900
Facsimile: (801) 303-7397
E-mail: JarvisA@gtlaw.com
ThomsonM@gtlaw.com
Carson.Heninger@gtlaw.com
- and -
Alison Elko Franklin
GREENBERG TRAURIG, LLP
3333 Piedmont Road, NE, Suite 2500
Atlanta, GA 30305
Telephone: (678) 553-2100
Facsimile: (678) 553-2212
E-mail: Alison.Franklin@gtlaw.com
- and -
Anthony W. Clark, Esq.
Dennis A. Meloro, Esq.
GREENBERG TRAURIG, LLP
222 Delaware Avenue, Suite 1600
Wilmington, DE 19801
Telephone: (302) 661-7000
Facsimile: (302) 661-7360
E-mail: Anthony.Clark@gtlaw.com
Dennis.Meloro@gtlaw.com
A copy of the Combined Disclosure Statement and Joint chapter 11
Plan of Liquidation dated Nov. 30, 2022, is available at
https://bit.ly/3iBMZPn from PacerMonitor.com.
About NewAge Inc.
NewAge Inc. (Nasdaq: NBEV) -- http://www.NewAgeGroup.com/-- a
Utah-based company, commercializes a portfolio of organic and
healthy products worldwide primarily through a direct-to-consumer
(D2C) route to market distribution system across more than 50
countries. The company competes in three major category platforms
including health and wellness, inner and outer beauty, and
nutritional performance and weight management.
NewAge Inc. and certain of its subsidiaries, Ariix LLC, Morinda
Holdings, Inc., and Morinda, Inc., sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No.
22-10819) on August 30, 2022.
NewAge reported total assets of $310,902,000 against total
liabilities of $149,447,000 as of the bankruptcy filing.
Judge Laurie Selber Silverstein oversees the cases.
The Debtors tapped Greenberg Traurig, LLP as bankruptcy counsel and
SierraConstellation Partners, LLC as financial advisor. Houlihan
Lokey Capital, Inc. conducted the pre-bankruptcy marketing process
for the Debtors. Stretto is the claims agent.
The U.S. Trustee for Region 3 appointed an official committee of
unsecured creditors in the Debtors' Chapter 11 cases on Sept. 14,
2022. Cole Schotz P.C. and Dundon Advisers LLC serve as the
committee's legal counsel and financial advisor, respectively.
NORTH FORK COMMUNITY: Amends Secured Bond Claim Pay Details
-----------------------------------------------------------
North Fork Community Power, LLC, submitted a Modified Disclosure
Statement and Plan of Reorganization.
The Plan seeks to consummate a financial restructuring of claims
against and equity interests of the Debtor, including providing
significant additional financial investments into the Debtor
through exit debt financing in an amount sufficient to satisfy the
DIP Claim and complete and maintain future operational stability of
the "North Fork Plant Project," the Debtor's partially constructed
biomass alternative energy production Project in the Sierra
foothills above Madera, California.
This Chapter 11 financial restructuring will be implemented and
consummated through, among other things, issuance of the Exit
Financing to the Debtor upon the Effective Date of the Plan,
reinstatement of the existing Bond Documents, subject only to the
priorities set forth in the Exit Financing, cancellation of the
Debtor's existing equity interests, and an exchange of the Debtor's
unsecured obligations for 100% of newly issued equity interests of
the Reorganized Debtor.
The North Fork Plant Project currently requires approximately
$10,500,000 to make the project operational and payment of the DIP
Loan Claim. The Project is unmarketable in its present condition.
In order to complete the Project, the Debtor determined that the
most efficient means to do so is through a Chapter 11
restructuring.
Accordingly, this Chapter 11 case was filed on Oct. 11, 2022.
Prior to the Petition Date, the Debtor negotiated the terms and
conditions of the DIP Loans in an amount up to $4,300,000 to
operate during Chapter 11, that will enable the Debtor to pursue an
efficient plan of reorganization and emerge from Chapter 11 by
March 15, 2023. However, as a condition of lending this sum, the
Trustee and Majority Bondholder are requiring the Debtor to
eliminate unsecured debt from its balance sheet so that the
Reorganized Debtor emerges from Chapter 11 with a stronger balance
sheet and can consummate a feasible restructuring.
Class 1 consists of the Secured Bond Claim. The Class 1 Claim shall
be deemed an Allowed Claim in the amount of $17,499,170.80 in
principal and accrued interest, as of September 30, 2022, and plus
unliquidated, accrued, and unpaid interest, advances, fees and
costs through the Effective Date arising under the Bond Documents.
The Trustee on behalf of the Majority Bondholder, as the holder of
the Allowed Class 1 Secured Claim, shall retain its Liens and on
the Effective Date, will receive (a) the reinstatement of the Bond
obligations, consistent with the terms and conditions of the Bond
Documents (the "Reinstated Secured Bond Claim"), and (b) payment of
the Series 2019A Bond Arrears Amount and Series 2019B Bond Arrears
Amount paid from Excess Cash.
Like in the prior iteration of the Plan, each holder of an Allowed
General Unsecured Claims shall receive its Pro Rata share of a
payment to be made by the Reorganized Debtor on the Effective Date
in the amount of $25,000; provided, however, that no holder of an
Allowed General Unsecured Claim shall receive a distribution in
excess of the Allowed amount of their Claim. The Debtor believes
that there will be no unpaid Allowed General Unsecured Claims as of
the Effective Date.
Subject to timing of confirmation of the Plan and Debtor's
financing needs, the Reorganized Debtor shall be authorized to
enter into a senior secured credit facility in an aggregate
principal amount of up to $10,500,000 (the "Exit Financing"). The
proceeds of the Exit Financing shall be used for (a) repayment of
the allowed DIP Loan Claims, (b) capital improvements and other
development costs of the Project, (c) fees, costs and expenses of
the Trustee and Majority Bondholder's professionals that have not
been paid in full in accordance with the DIP Loans during the
Chapter 11 Case, (d) capitalized interest, and (e) to fund the
Reorganized Debtor's working capital and general corporate needs.
A full-text copy of the Modified Disclosure Statement dated
December 6, 2022, is available at https://bit.ly/3W7Rf7t from
PacerMonitor.com at no charge.
Attorneys for Debtor:
MacCONAGHY & BARNIER, PLC
JOHN H. MacCONAGHY, SBN 83684
JEAN BARNIER, SBN 231683
645 First St. West
Sonoma, CA 95476
(707) 935-3205
(707) 935-7051 (Facsimile)
Email: macclaw@macbarlaw.com
About North Fork Community Power
North Fork Community Power LLC is a limited liability company
organized in 2013 to develop, own, and operate a specialized
alternative energy power plant (forest biomass) in North Fork, CA.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Cal. Case No. 22-41001) on Oct. 11,
2022. In the petition signed by Gregory J. Stangl, authorized
agent, the Debtor disclosed up to $50 million in both assets and
liabilities.
Judge Roger L. Efremsky oversees the case.
John H. MacConaghy, Esq., at MacConaghy & Barnier, PLC, is the
Debtor's counsel.
NUVISTA ENERGY: S&P Upgrades ICR to 'B+' on Lower Gross Debt
------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Calgary-based
oil and gas exploration and production company NuVista Energy Ltd.
to 'B+' from 'B'. At the same time, S&P raised its issue-level
rating on the C$230 million of senior unsecured notes to 'BB-' from
'B+'. S&P's '2' recovery rating on the notes is unchanged.
The stable outlook incorporates S&P's expectation that NuVista's
leverage metrics will remain very strong over the next 12-24
months, including funds from operations (FFO) to debt of well over
100%, and that the company will continue to generate positive
discretionary cash flow (DCF), which should ensure it maintains its
current low balance-sheet leverage.
The upgrade reflects NuVista's very strong credit measures, which
are supported through the cycle by the company's debt repayment and
commitment to maintaining low balance-sheet leverage. Favorable oil
and gas prices and production growth (more than 50% growth by 2023
from 2021 levels) have enabled NuVista to generate
better-than-expected cash flows as well as robust credit measures.
Specifically, we project FFO to debt, on an adjusted basis, to
average more than 200% through 2024. The strength in credit
measures is also underpinned by NuVista's continued focus on debt
reduction. During the year-to-date period, the company repaid about
C$193 million of debt, including about C$187 million on its
revolving credit facility, and repurchased about C$7 million of its
senior unsecured notes due in 2026. NuVista has prioritized debt
reduction following the 2020 downturn and has reduced its total
debt by more than 50% relative to year-end 2020 levels. S&P
believes NuVista will prioritize maintaining low debt, adhering to
the C$200 million net debt target, which S&P expects it will
achieve by year-end 2022.
S&P said, "Based on the company's three-rig drilling program and
spending remaining well within cash flow generation, we project
strong free cash flow generation through 2024. While we expect the
majority of the free cash flows to be used for share buybacks as
publicly guided, we believe there is potential for further debt
repayment as the notes become callable in July 2023. In our view,
the lower target debt and higher production provide sufficient
downside cushion to temper commodity price volatility, and
accordingly the company should be able to maintain debt ratios in
line with the rating even at our long-term price assumptions of
US$50 West Texas Intermediate (WTI) and US$2.75 NYMEX.
Specifically, we expect FFO to debt of over 100% and debt to EBITDA
of less than 1x at these prices, which also support our upgrade."
Higher production, strong condensate pricing fundamentals, and a
relatively stable cost structure also support the upgrade. NuVista
has achieved meaningful production growth in 2022, with production
increasing by about 30% from 2021 levels to about 68,000 barrels of
oil equivalent per day (boe/day). S&P said, "We expect 2023
production to further increase to about 81,000 boe/day. We believe
the increased scale should help capitalize on the existing
infrastructure, while benefiting from additional cost efficiencies
as management currently has plans to support production up to
105,000 boe/day." Furthermore, most of the growth is expected to
come from the Pipestone asset, which has relatively better well
economics. Thus, despite the current inflationary conditions, the
company's efficiency gains have been able to partially offset
inflationary pressure to hold fairly stable operating and
full-cycle costs.
In addition, condensate represents about 30% of NuVista's overall
production volumes, but accounts for about two-thirds of the
company's revenues. With Western Canada producing only about 60% of
Canadian domestic condensate demand, condensate consistently prices
at or above WTI, as it is used for diluent blending for heavy oil.
The company's natural gas end-market diversification through
long-term contracts with midstream companies and financial
contracts, which reduce exposure to spot AECO prices, also dampens
EBITDA volatility. Given these supportive factors, S&P believes the
company's business is now more aligned with that of 'B+' rated
peers, supporting the upgrade.
NuVista's scale and relatively low proved developed ratio continue
to lag those of higher-rated peers and limit further rating upside.
Although the company's scale has increased and is projected to
further improve, it remains relatively small versus that of
similarly rated peers such as Paramount Resources Ltd. and Matador
Resources Co. S&P said, "We project production in the range of
105,000 to 110,000 boe/day for each of these companies in 2023. In
addition, the company's proved developed reserves ratio (41% as of
year-end 2021) remains low for the rating. While we expect the
ratio to improve modestly as the company drills new wells, we
believe it will still lag that of peers. In our view, the company's
large proved undeveloped reserves are a limiting factor, although
we note that the company's operations are in Montney, a
well-established play in Western Canada and has low perceived
development risk, given the company's development and operating
track record in the region." Further upside to the rating would be
contingent on a significant increase in NuVista's scale of
production and proved developed reserves to closely align with
those of higher-rated peers, while maintaining relatively stable
profitability metrics.
S&P said, "The stable outlook reflects our expectation that
favorable oil and gas prices and lower gross debt levels should
enable NuVista to generate strong credit measures over the next
12-24 months, with an adjusted FFO-to-debt ratio projected to
average well above 60% and an adjusted debt-to-EBITDA ratio below
1x. The outlook also reflects our expectation for positive free
cash flow generation and assumption that management will not
increase absolute debt and will continue to adhere to its publicly
stated net leverage target of C$200 million.
"We could lower the rating if the company's FFO-to-debt ratio
dropped to well below 45%, with limited prospects of improvement.
We believe this could occur if commodity prices fall sharply and
management fails to correspondingly reduce capital spending,
resulting in material negative free cash flow generation.
"Although unlikely over the next 12 months, we could raise our
rating on NuVista if it is able to improve its reserves base,
proved developed reserves, and production levels to closely align
with those of 'BB-' rated peers, while continuing a track record of
relatively stable profitability. In this scenario, we would also
expect the company to maintain an FFO-to-debt ratio comfortably
above 45% under our long-term price assumptions, and continue to
spend within internally generated cash flows while also leaving the
credit facility substantially undrawn, ensuring ample liquidity
cushion."
ESG credit indicators: E-4, S-2, G-2
S&P said, "Environmental factors are a negative consideration in
our credit rating analysis of NuVista. Although NuVista is mostly
exposed to natural gas (60% of production) and condensate (30%),
risks from accelerating energy transition, the global oil and gas
industry's declining profitability during the past decade, and
adoption of renewable energy sources as well as environmental risks
inherent in hydrocarbon production are reflected in our assessment
of the rating. Since 2012, the company has reduced its scope 1
greenhouse gas emissions intensity by over 60% and has set a
five-year target to further reduce both scope 1 and 2 emissions
intensity by 20% by 2025. While we expect operating and full-cycle
costs associated with meeting environmental standards to increase,
we do not expect them to have a rating impact."
NXT ENERGY: Raises $387K From Rights Offering
---------------------------------------------
NXT has closed its previously-announced rights offering, which
expired on Nov. 30, 2022. Under the Rights Offering, the Company
raised total gross proceeds of $386,852.40 from the issuance of a
total of 2,149,180 common shares.
Under the Rights Offering, rights to purchase common shares of the
Company at a price of $0.061 were granted to each existing
shareholder as of Nov. 7, 2022. 2.95 Rights gave the holder
thereof the right to purchase one Common Share. A total of
2,149,180 Common Shares were issued pursuant to the exercise of
Rights (including both the basic subscription and the additional
subscription). The total number of Common Shares issued by NXT
under the Rights Offering was 2,149,180.
The full amount of the Proceeds will be used to support working
capital requirements to commence SFD surveys and for general and
administrative overhead expenses.
As a result of the Rights Offering, NXT now had 67,776,293 Common
Shares outstanding as at Dec. 2, 2022.
About NXT Energy
NXT Energy Solutions Inc. is a Calgary-based technology company
whose proprietary SFD survey system utilizes quantum-scale sensors
to detect gravity field perturbations in an airborne survey method
which can be used both onshore and offshore to remotely identify
areas with exploration potential for traps and reservoirs. The SFD
survey system enables the Company's clients to focus their
hydrocarbon exploration decisions concerning land commitments, data
acquisition expenditures and prospect prioritization on areas with
the greatest potential. SFD is environmentally friendly and
unaffected by ground security issues or difficult terrain and is
the registered trademark of NXT Energy Solutions Inc. NXT Energy
Solutions provides its clients with an effective and reliable
method to reduce time, costs, and risks related to exploration.
NXT Energy reported a net loss and comprehensive loss of C$3.12
million for the year ended Dec. 31, 2021, compared to a net loss
and comprehensive loss of $6.03 million for the year ended Dec. 31,
2020. As of June 30, 2022, the Company had C$17.96 million in
total assets, C$3.35 million in total liabilities, and C$14.61
million in shareholders' equity.
Calgary, Canada-based KPMG LLP, the Company's auditor since 2006,
issued a "going concern" qualification in its report dated March
31, 2022, citing that the Company's current and forecasted cash and
cash equivalents and short-term investments position are not
expected to be sufficient to meet its obligations that raises
substantial doubt about its ability to continue as a going concern.
O'CONNOR CONSTRUCTION: Seeks Cash Collateral Access Thru March 2023
-------------------------------------------------------------------
O'Connor Construction Group, LLC asks the U.S. Bankruptcy Court for
the Northern District of Texas, Fort Worth Division, for authority
to continue using cash collateral and provide adequate protection.
A need exists for the Debtor to obtain funds in order to continue
the operation of its business.
The Debtor seeks, on a continuing basis, authorization to use cash
collateral to satisfy the actual, ordinary and necessary operating
expenses set forth on the budget through March 31, 2023. The
Budget sets forth, among other things, the projected cash receipts
and projected cash disbursements of the Debtor for the said period.
The Budget does not include extraordinary expenses which may be
required from the Debtor and to the extent that the expenses are
not a part of the Budget the Debtor may seek consent from the
secured creditors for the payment of same or further authorization
from the Court.
As of the Petition Date, liens or other interests are asserted
against the cash collateral of the Debtor by the United States
Small Business Administration, Breakout Capital, LLC, CIT Bank,
N.A., Union Funding Source, Inc. and Green Capital Funding, LLC.
While Union Funding Source and Green Capital Funding assert
security interests in the property they claim they purchased from
the Debtor pre-petition, they take issue with their designation as
creditors due to the nature of their prepetition transactions with
the Debtor.
The Debtor agrees to segregate and account to the Secured Creditors
for all cash collateral: (i) that it now possesses, (ii) it has
permitted to be transferred into the possession of others since the
Petition Date, if any, (iii) is being held by any party in privity
with or on behalf of the Debtor, and (iv) is existing on or is
received after the Petition Date.
As adequate protection, the Secured Creditors will receive, as
adequate protection to the extent of the diminution in value of
each of their perfected interests in the cash collateral, a
replacement lien in post-petition assets of the same character as
their respective prepetition collateral and proceeds of
post-petition assets of the same character as their respective
prepetition collateral.
The Adequate Protection Liens will (i) be supplemental to and in
addition to the prepetition liens or interests of each respective
Secured Creditor, (ii) be accorded the same validity and priority
as enjoyed by the prepetition liens or interests immediately prior
to the Petition Date, (iii) be deemed to have been perfected
automatically effective as of the entry of the Order without the
necessity of filing of any UCC-1 financing statement, state or
federal notice, mortgage or other similar instrument or document in
any state or public record or office and without the necessity of
taking possession or control of any collateral.
As additional adequate protection for the interests of Breakout
Capital LLC in the cash collateral, the Debtor will continue making
adequate protection payments to Breakout Capital LLC on or before
the first day of each month, until otherwise directed by the Court
or by operation of law, in the amount of $10,000.
A copy of the motion and the Debtor's budget is available at
https://bit.ly/3Pe6gCD from PacerMonitor.com.
The Debtor projects total expenses, on a monthly basis, as
follows:
$95,758 for January 2023;
$97,251 for February 2023; and
$108,751 for March 2023.
About O'Connor Construction Group, LLC
Based in Poolville, Texas, O'Connor Construction Group, LLC has
over 30 years of experience as a commercial/industrial contractor
specializing in food storage/processing facilities and provides
turnkey design, construction and construction management services
for projects nationwide, but focusing primarily in the
South/Southwest.
O'Connor sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. N.D. Tex. Case No. 22-40187-11) on January 28, 2022.
In the petition signed by Paul O'Connor, member/manager, the Debtor
disclosed up to $10 million in assets and up to $50 million in
liabilities.
Union Funding Source, Inc., as secured creditor, is represented by
Shanna M. Kaminski, Esq. at Kaminski Law, PLLC.
O'MY FOODS: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: O'MY Foods, LLC
O'MY Dairy Free, O'MY Dairy, O'MY Gelato
FKA Greater Good Foods, LLC
805 Glenburnie Rd. STE 18518
Richmond, VA 23226
Business Description: O'MY Foods is a frozen dessert supplier in
Richmond, Virginia.
Chapter 11 Petition Date: December 12, 2022
Court: United States Bankruptcy Court
Eastern District of Virginia
Case No.: 22-33509
Debtor's Counsel: Lynn L. Tavenner, Esq.
TAVENNER & BERAN, PLC
20 N. 8th Street, 2nd Floor
Richmond, VA 23219
Tel: (804) 783-8300
Email: ltavenner@tb-lawfirm.com
Estimated Assets: $500,000 to $1 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Allison Monette as chief executive
officer.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/MBVVBGI/OMY_Foods_LLC__vaebke-22-33509__0001.0.pdf?mcid=tGE4TAMA
PARAMOUNT ROOFING: Gets OK to Hire Ayar Law as Special Counsel
--------------------------------------------------------------
Paramount Roofing, LLC received approval from the U.S. Bankruptcy
Court for the District of Arizona to employ Ayar Law, PLLC as
special counsel.
The firm will render these services:
(a) determine whether the Debtor qualifies for the Employee
Retention Credit (ERC) under the Coronavirus Aid, Relief, and
Economic Security Act (Cares Act);
(b) identify eligible employees whose wages may qualify for
the ERC;
(c) calculate the ERC and eligible wages for each qualified
employee;
(d) prepare amended quarterly payroll tax filing Form 941-X as
it pertains to the ERC;
(e) file a claim for refund of payroll taxes resulting from the
qualified wages;
(f) in the event of a denial of the claim for refund for all
respective claims with the Internal Revenue Service (IRS),
represent the Debtor before the IRS and pursue an administrative
appeal of the claim denial but engage in no further appellate
stages beyond administrative appeal under this engagement;
(g) in the event the IRS approves the claim for refund, issues
refund, and later conducts an examination of the amended payroll
tax returns, represent the Debtor in the matter as it pertains
solely to the disputed ERC amount.
Ayer Law will get 15 percent of the total refund received from the
IRS as compensation for its services.
Joseph Alan Peterson, Esq., an attorney at Ayer Law, disclosed in a
court filing that his firm is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Joseph Alan Peterson, Esq.
Ayer Law, PLLC
30095 Northwestern Hwy., Suite 102
Farmington Hills, MI 48334
Telephone: (800) 571-7175
Email: info@ayarlaw.com
About Paramount Roofing
Paramount Roofing, LLC operates a roofing company providing new
roof construction, roof repairs and storm damage restoration
services for residential and commercial properties.
Paramount Roofing filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No.
22-04080) on June 23, 2022. In the petition signed by Jeff Hansen,
member, the Debtor disclosed between $100,000 and $500,000 in
assets and between $500,000 and $1 million in liabilities.
The Debtor tapped Alan A. Meda, Esq., at Burch & Cracchiolo, PA as
bankruptcy counsel and Joseph Alan Peterson, Esq., at Ayer Law,
PLLC as special counsel.
PBF LOGISTICS: S&P Upgrades ICR To 'BB' on Share Purchase
---------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on PBF Logistics
L.P. (PBFX) to 'BB' from 'B+' and the issue-level rating on its
senior secured revolving credit facility to 'BBB-' from 'BB'. At
the same time, S&P upgraded the senior unsecured notes to 'BB' from
'B+'. S&P removed the ratings from CreditWatch, where it placed
them with positive implications on July 28, 2022.
The stable outlook mirrors that on affiliate and largest
counterparty, PBF Holding Co. LLC.
On Nov. 30, 2022, PBF Energy Inc. (PBF) acquired all of the
outstanding common units in PBFX that it did not already own for a
combination of common equity and cash. S&P now considers PBFX to be
a core subsidiary of PBF.
These rating actions follow the close of PBF's acquisition of all
of the outstanding common units in PBFX that it did not already
own. S&P said, "We consider the partnership to be a core subsidiary
of PBF and raised our ratings to equalize them with our ratings on
its largest counterparty and refining affiliate, PBF Holding. We
expect the $525 million senior unsecured notes to be repaid at
maturity in May 2023."
PELLETIER MANAGEMENT: Taps RE/MAX Bakken as Expert Witness
----------------------------------------------------------
Pelletier Management and Consulting, LLC seeks approval from the
U.S. Bankruptcy Court for the Southern District of Ohio to employ
RE/MAX Bakken Realty as expert witness.
The firm will provide expert testimony and a report with an
appraisal of the Debtor's real property in North Dakota.
The firm will be paid $500 for the preparation of a market analysis
report, and $100 per hour for additional analysis or testimony on
the market analysis report.
Katheryn Kihly, office manager at RE/MAX Bakken Realty, disclosed
in a court filing that her firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Katheryn Kihly
RE/MAX Bakken Realty
1135 2nd Avenue West Suite 201
Williston, ND 58801-5918
Tel: (701) 580-8116
About Pelletier Management and Consulting
Ohio-based Pelletier Management and Consulting, LLC filed a
petition for relief under Subchapter V of Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Ohio Case No. 22-31296) on Sept. 16,
2022, with between $500,000 and $1 million in assets and between $1
million and $10 million in liabilities. Donald W. Mallory has been
appointed as Subchapter V trustee.
Judge Beth A. Buchanan oversees the case.
The Debtor is represented by Patricia J. Friesinger, Esq., at
Coolidge Wall Co., LPA.
PILATES AND YOGA: Unsecureds Will Get 10% of Claims in 60 Months
----------------------------------------------------------------
Pilates and Yoga Center, Inc., filed with the U.S. Bankruptcy Court
for the Southern District of Florida a Plan of Reorganization for
Small Business dated December 5, 2022.
The Debtor was formed in July, 2018 to operate a Pilates and Yoga
studio. The principals of the Debtor purchased an existing studio
by obtaining a loan in the amount of $327,700 through the Small
Business Administration. The seller was also given a promissory
note for $80,000.00.
It was discovered a few weeks after the purchase that the former
owner had obligated the Debtor with $80,000 in prepaid accounts.
This required the Debtor to provide services to customers without
receiving compensation. Despite this setback, the Debtor operated
and was able to pay its bills until the COVID-19 pandemic required
them to shut down in March 2020.
However, upon reopening, the Debtor could operate at only 50%
capacity. At 50% capacity, the Debtor earned just enough income to
pay its rent. In an effort to expand its business and increase its
revenues, the principals acquired a new Pilates studio located at
223 Sunset Ave, Palm Beach, FL in May, 2021. Since the filing of
the case, the Debtor has continued to operate its two facilities.
The Plan shall provide for the payment of all expenses of this
proceeding. The accompanying Plan of Reorganization divides
creditors into the following classes:
* Class 1 consists of the Secured claim of First Citizens Bank
& Trust. First Citizens is owed $297,571.33. The secured portion of
its claim is $27,960.72. The secured portion of the claim is
entitled to 5.75% interest and will be paid over five years. The
monthly amount to be paid will be $537.31 per month for 60 months.
This class is impaired.
* Class 2 consists of rhe secured claim of Truist. Truist
holds a secured claim in the amount of $35,782.63 which is secured
by a lien on a 2019 Dodge Ram VIN: 1C6SRFHT5KN512026. This claim is
current and will be paid by the principals of the Debtor. This
class is unimpaired.
* Class 3 consists of General unsecured creditors. General
unsecured creditors' claims are approximately $289,882.00. The
Debtor has the ability to pay $500.00 per month for 60 months which
shall be distributed to creditors on a pro rata basis. Unsecured
creditors will be paid slightly over 10% of their claim. This class
is impaired.
* The owner of the Debtor in Class 4 shall retain all property
of the estate.
This Plan of Reorganization proposes to pay creditors of the Debtor
from future income.
The Debtor's ability to fully fund the plan and make payments is
dependent on the ability of the company to continue to operate and
generate sufficient revenue to pay its expenses in the ordinary
creditor. The Debtor's sales are seasonal. The projections show
that the disposable income will average approximately $1,000.00 to
$2,000.00 per month. With the allocation of expenses for long range
repairs, this amount is sufficient to pay only a total of only
$1,000.00 per month.
A full-text copy of the Plan of Reorganization dated December 5,
2022, is available at https://bit.ly/3VXS8zw from PacerMonitor.com
at no charge.
Debtor's Counsel:
Brian K. McMahon, Esq.
Brian K. McMahon, PA
1401 Forum Way, 6th Floor
West Palm Beach, FL 33401
Telephone: (561) 478-2500
Facsimile: (561) 478-3111
Email: brian@bkmbankruptcy.com
About Pilates and Yoga Center
Pilates and Yoga Center, LLC owns and operates two pilates and yoga
studios. The studios are operated in leased locations at 901 N.
Congress Ave., Unit D-103, Boynton Beach, Fla.; and 223 Sunset
Ave., Suite 160, Palm Beach, Fla.
Pilates and Yoga Center sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-16923) on Sept.
6, 2022, with up to $100,000 in assets and up to $500,000 in
liabilities. Holly Andronicescu, managing member, signed the
petition.
Judge Mindy A. Mora oversees the case.
Brian K. McMahon, Esq., at Brian K. McMahon, PA is the Debtor's
counsel.
PRETIUM PKG: $350M Bank Debt Trades at 33% Discount
---------------------------------------------------
Participations in a syndicated loan under which Pretium PKG
Holdings Inc is a borrower were trading in the secondary market
around 67.3 cents-on-the-dollar during the week ended Friday,
December 9, 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 amount is fully drawn and
outstanding.
Pretium PKG Holdings, Inc. is a manufacturer of rigid plastic
containers.
PRICHARD WATERWORKS: S&P Lowers 2019 Revenue Bonds Rating to 'CCC'
------------------------------------------------------------------
S&P Global Ratings has lowered its rating to 'CCC' from 'B' on
Prichard Waterworks and Sewer Board, Ala.'s series 2019 water and
sewer revenue bonds.
The rating has subsequently been withdrawn due to lack of timely,
reliable, and sufficient information, for which it has been on
CreditWatch Negative since Oct. 5, 2022.
PRINCIPLE ENTERPRISES: Unsecured Creditors to Recover 10% in Plan
-----------------------------------------------------------------
Principle Enterprises, LLC, filed with the U.S. Bankruptcy Court
for the Western District of Pennsylvania a Combined Plan and
Disclosure Statement dated December 6, 2022.
The Debtor is a Pennsylvania limited liability company
headquartered in Canonsburg, specializing in oilfield services in
the Marcellus and Utica Shale Basin providing trucking services,
water management services, roustabout services and rental services.
On December 5, 2022, the Debtor finalized restructuring terms
reasonably acceptable to KeyBank, and agreed to pay $9,875,000.00
to KeyBank on or before the Effective Date, as set forth in this
Combined Plan and Disclosure Statement. The purpose of the Combined
Plan and Disclosure Statement is to provide for a reorganization of
the Debtor's operations and to provide for disbursements to the
holders of Allowed Claims in accordance with the terms of the
Combined Plan and Disclosure Statement and the priority provisions
of the Bankruptcy Code.
Following extensive arms' length and good faith negotiations with
the Exit Financing Lender and KeyBank, KeyBank consented to the
execution of the indication of interest by the Debtor and entered
into the Plan Support Agreement with the Debtor on December 5,
2022. The Plan Support Agreement provides, inter alia, the terms
upon which KeyBank agreed to the treatment of the KeyBank Claims in
this Combined Plan and Disclosure Statement and to support the
Debtor's request for confirmation of this Combined Plan and
Disclosure Statement. This Combined Plan and Disclosure Statement
incorporates the agreed-upon treatment for the KeyBank Claims as
set forth in the Plan Support Agreement.
Class 1 consists of Priority NonTax Claims. Each holder of an
Allowed Priority Non-Tax Claim shall receive, in full and complete
settlement, release, and discharge of, and in exchange for, such
Claim, Cash in an amount equal to the Allowed amount of such Claim
on the later of (i) the Effective Date or (ii) the date on which
such Claim becomes Allowed, or, in each case, as soon as reasonably
practicable thereafter.
Class 2 consists of KeyBank Secured Claims. Pursuant to the Plan
Support Agreement, on the Effective Date, KeyBank shall receive a
cash payment in the amount of $9,875,000.00 in full satisfaction of
its Secured Claim against the Debtor. KeyBank's Deficiency Claim in
the amount of $6,552,533.23 shall be classified as a Class 4
General Unsecured Claim, and shall be subordinated to the Claims of
all other general unsecured creditors.
Class 3 consists of Other Secured Claims. Allowed Other Secured
Claims asserted against the Debtor that remain unpaid are estimated
to total approximately $900,000.00. The Reorganized Debtor shall
pay the Other Secured Claims in accordance with the original
contract terms and all liens will be reinstated, such that the
Combined Plan and Disclosure Statement leaves unaltered the legal,
equitable, and contractual rights to which such Claim or Interest
entitles the holder of such Claim or Interest.
Class 4 consists of General Unsecured Claims. This Class will
receive a distribution of 10% of their allowed claims. Each holder
of an Allowed Claim in Class 4 shall receive, in full and complete
settlement, release, and discharge of, and in exchange for, such
Claim, Cash in an amount equal to its Pro Rata share of the General
Unsecured Recovery Pool.
Distributions shall be made to holders of Allowed Claims in Class 4
from the General Unsecured Recovery Pool as soon as practicable,
but not later than 30 days after resolution of all Disputed Claims
or an order of the Court estimating remaining Disputed Claims for
purposes of Distribution, whichever is sooner. If the Reorganized
Debtor elects to make any Distributions to holders of Allowed
Claims in Class 4 prior to resolution or estimation of all Disputed
Claims, the Reorganized Debtor shall set aside a reserve for such
Disputed Claims as if they were Allowed in the amounts asserted.
Class 5 consists of Interest Holders. Upon the Effective Date of
the Plan, Interests shall be cancelled and all equity of the Debtor
shall be revested in the Reorganized Debtor in exchange for the
Capital Contribution in accordance with this Combined Plan and
Disclosure Statement.
On the Effective Date, the Debtor shall utilize the proceeds from
the Exit Financing facility and the Capital Contribution to satisfy
the payments required on the Effective Date of this Combined Plan
and Disclosure Statement. The proposed Exit Financing from the Exit
Financing Lender, subject to the terms and conditions relating to
availability and liquidity requirements, will provide the Debtor
with up to a $13,000,000 senior secured revolving credit facility
for purposes of funding, in part, this Combined Plan and Disclosure
Statement and the Debtor's post confirmation working capital
needs.
The Debtor's request for approval of the Exit Financing
contemplated in this Combined Plan and Disclosure Statement
includes its request for: (i) approval of, and authority to satisfy
on or after the Effective Date, all fees incurred by the Exit
Financing Lender in connection with the Exit Financing as a
condition of issuing the Exit Financing facility; and (ii) a
determination that, subject to the Liens of holders of Other
Secured Claims, the Liens to be granted to the Exit Financing
Lender on all or substantially all of the Debtor's Assets,
including titled vehicles, shall be first-priority, properly
perfected, Liens on the Effective Date, regardless of any delay in
perfection.
On and after the Effective Date, the Reorganized Debtor shall
continue to operate the Debtor's business as a going concern, the
proceeds from which shall be used by the Reorganized Debtor to
satisfy its ongoing business obligations, provide additional
liquidity for the Reorganized Debtor, and fund, in part, the
payment obligations under the Combined Plan and Disclosure
Statement including, but not limited to, the ongoing payments to
holders of Allowed Other Secured Claims.
A full-text copy of the Combined Plan Disclosure Statement dated
December 6, 2022, is available at https://bit.ly/3Hsj5Hl from
PacerMonitor.com at no charge.
Counsel for Debtor:
Daniel R. Schimizzi, Esq.
Michael J. Roeschenthaler, Esq.
Whiteford Taylor & Preston, LLP
11 Stanwix Street Suite 1400
Pittsburgh, PA 15222
Tel: (412) 275-2401
Fax: (412) 275-2404
Email: mroeschenthaler@wtplaw.com
dschimizzi@wtplaw.com
About Principle Enterprises
Principle Enterprises, LLC, sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 22-21779) on
Sept. 9, 2022. In the petition filed by Angelo Mark Papalia,
president of AMP Holdings, sole member, the Debtor disclosed up to
$50 million in both assets and liabilities.
Judge Gregory L. Taddonio oversees the case.
Daniel R. Schimizzi, Esq., at Whiteford, Taylor & Preston, LLP, is
the Debtor's counsel.
RACKSPACE TECHNOLOGY: $2.3B Bank Debt Trades at 34% Discount
------------------------------------------------------------
Participations in a syndicated loan under which Rackspace
Technology Global Inc is a borrower were trading in the secondary
market around 65.9 cents-on-the-dollar during the week ended
Friday, December 9, 2022, according to Bloomberg's Evaluated
Pricing service data.
The US$2.300 billion facility is a Term loan. The loan is
scheduled to mature on February 9, 2028. About US$2.265 billion of
the loan is withdrawn and outstanding.
Rackspace Technology Global, Inc., supports and manages cloud
platforms, as well as offers managed hosting, colocation, security,
data processing, and enterprise application development.
RAGSTER INVESTMENT: Court OKs Interim Cash Collateral Access
------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas, Fort
Worth Division, authorized Ragster Investment Group, Inc. to use
cash collateral on an interim basis in accordance with the budget.
The Debtor has an immediate need to use the cash collateral of VFS
US, LLC, Sumitomo Mitsui Finance & Leasing Co., Ltd., BMO Harris
Bank, N.A., and Quantum 222 Trust, the secured creditors claiming
liens on the Debtor's personal property including cash and
accounts.
The Debtor requires the use of cash collateral to continue the
operation of its business.
The Secured Lenders are granted valid, binding, enforceable, and
perfected liens co-extensive with the Secured Lenders' pre-petition
liens in all currently owned or hereafter acquired property and
assets of the Debtor.
As adequate protection for the diminution in value of the interests
of the Secured Lenders, the Secured Lenders are granted replacement
liens and security interests, in accordance with Bankruptcy Code
Sections 361, 363, 364(c)(2), 364(e), and 552, co-extensive with
their pre-petition liens.
The replacement liens granted to the Secured Lenders are
automatically perfected without the need for filing of a UCC-1
financing statement with the Secretary of State's Office or any
other such act of perfection.
A further hearing on the matter is set for January 5, 2023 at 1:30
p.m.
A copy of the order and the Debtor's budget is available at
https://bit.ly/3UGkk8Y from PacerMonitor.com.
The Debtor projects $91,181 in income for two weeks.
About Ragster Investment Group, Inc.
Ragster Investment Group, Inc. sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 22-42825) on
November 22, 2022. In the petition signed by Timothy Ragster, chief
executive officer, the Debtor disclosed up to $10 million in both
assets and liabilities.
Judge Edward L. Morris oversees the case.
Joyce Lindauer, Esq., at JOYCE W. LINDAUER ATTORNEY, PLLC, is the
Debtor's legal counsel.
RAGSTER INVESTMENT: Seeks to Hire Joyce W. Lindauer as Counsel
--------------------------------------------------------------
Ragster Investment Group, Inc. seeks approval from the U.S.
Bankruptcy Court for the Northern District of Texas to employ Joyce
W. Lindauer Attorney, PLLC as its legal counsel.
The Debtor requires legal assistance to effectuate a
reorganization, propose a plan of reorganization and effectively
move forward in its bankruptcy proceeding.
The hourly rates of the firm's counsel and staff are as follows:
Joyce W. Lindauer, Esq. $450
Austin Taylor, Associate $275
Sydney Ollar, Associate Attorney $250
Larry Boyd, Law Clerk $195
Dian Gwinnup, Paralegal $195
In addition, the firm will seek reimbursement for out-of-pocket
expenses incurred.
The firm received from the Debtor a retainer of $7,500, which
included the filing fee of $1,738.
Joyce Lindauer, Esq., the owner of the firm, disclosed in a court
filing that the firm is a "disinterested person" as defined in
Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Joyce W. Lindauer, Esq.
Joyce W. Lindauer Attorney, PLLC
1412 Main Street, Suite 500
Dallas, TX 75202
Telephone: (972) 503-4033
Facsimile: (972) 503-4034
Email: joyce@joycelindauer.com
About Ragster Investment Group
Ragster Investment Group, Inc. operates in the transportation,
trucking and railroad industry. The company is based in Alvarado,
Texas.
Ragster Investment Group filed a petition for relief under
Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. N.D.
Texas Case No. 22-42825) on Nov. 22, 2022, with up to $10 million
in both assets and liabilities. Katharine B. Clark has been
appointed as Subchapter V trustee.
Judge Edward L. Morris oversees the case.
Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC serves
as the Debtor's counsel.
REALMARK MARINA: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Three affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Realmark Marina Grill, L.L.C. 22-01229
5793 Cape Harbour Dr., #116
Cape Coral, FL 33914
Realmark Parking Services One, LLC 22-01230
5793 Cape Harbour Dr., #116
Cape Coral, FL 33914
Realmark Parking Services Two, LLC 22-01231
5793 Cape Harbour Dr., #116
Cape Coral, FL 33914
Chapter 11 Petition Date: December 12, 2022
Court: United States Bankruptcy Court
Middle District of Florida
Debtors' Counsel: Amy Denton Mayer, Esq.
STICHTER, RIEDEL, BLAIN & POSTLER, P.A.
110 E. Madison St., Suite 200
Tampa, FL 33602
Tel: 813-229-0144
Email: amayer@srbp.com
Realmark Marina Grill's
Estimated Assets: $1 million to $10 million
Realmark Marina Grill's
Estimated Liabilities: $0 to $50,000
Realmark Parking Services One's
Estimated Assets: $500,000 to $1 million
Realmark Parking Services One's
Estimated Liabilities: $0 to $50,000
Realmark Parking Services Two's
Estimated Assets: $500,000 to $1 million
Realmark Parking Services Two's
Estimated Liabilities: $100,000 to $500,000
The petitions were signed by Dennis J. Bessey as manager.
The Debtors failed to include in the petitions lists of their 20
largest unsecured creditors.
Full-text copies of the petitions are available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/7HNK7TA/Realmark_Marina_Grill_LLC__flmbke-22-01229__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/BBZDLNA/Realmark_Parking_Services_Two__flmbke-22-01231__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/BGLG22Y/Realmark_Parking_Services_One__flmbke-22-01230__0001.0.pdf?mcid=tGE4TAMA
REDSTONE HOLDCO: $450M Bank Debt Trades at 57% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Redstone Holdco 2
LP is a borrower were trading in the secondary market around 42.8
cents-on-the-dollar during the week ended Friday, December 9, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$450 million facility is a Term loan. The loan is scheduled
to mature on August 6, 2029. The amount is fully drawn and
outstanding.
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: Taps Kaplan Rice as Special Litigation Counsel
----------------------------------------------------------
Revlon, Inc. and its affiliates received approval from the U.S.
Bankruptcy Court for the Southern District of New York to employ
Kaplan Rice, LLP as special litigation counsel.
The firm's services include:
a. representing the Debtors in matters where their bankruptcy
counsel, Paul Weiss Rifkind Wharton & Garrison LLP, and special
litigation counsel, Mololamken LLC, may have an actual or perceived
conflict of interest or where the Debtors believe it would be more
appropriate for Kaplan Rice to handle the matter;
b. rendering services for the Debtors including, but not limited
to, fact investigation, briefing, argument, discovery, litigation,
and appearance and participation in hearings, related to the
"conflict" matters; and
c. other necessary or requested litigation services in
connection with the conflict matters.
The firm will be paid at these rates:
Partners $1,200 per hour
Counsel and Associates $400 to $900 per hour
Staff Attorneys $300 to $375 per hour
Paralegals $200 to $250 per hour
In addition, the firm will be reimbursed for out-of-pocket expenses
incurred.
In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, Kaplan
Rice disclosed the following:
Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?
Response: No.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic location of the
bankruptcy case?
Response: No.
Question: If you represented the client in the 12 months
pre-petition, disclose your billing rates and material financial
terms for the pre-petition engagement, including any adjustments
during the 12 months pre-petition. If your billing rates and
material financial terms have changed post-petition, explain
the difference and the reasons for the difference.
Response: Not applicable.
Question: Has your client approved your prospective budget and
staffing plan, and, if so for what budget period?
Response: Yes, from Sept. 30 to Dec. 31, 2022. In accordance
with U.S. Trustee Guidelines, the budget may be amended as
necessary to reflect changed or unanticipated developments.
Howard Kaplan, Esq., a partner at Kaplan Rice, 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:
Howard J. Kaplan, Esq.
Kaplan Rice, LLP
142 West 57th Street, Suite 4A
New York, NY 10022
Tel: (212) 235-0300
Email: hkaplan@kaplanrice.com
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 HOLDINGS: $120M Bank Debt Trades at 43% Discount
------------------------------------------------------------
Participations in a syndicated loan under which Rising Tide
Holdings Inc is a borrower were trading in the secondary market
around 56.8 cents-on-the-dollar during the week ended Friday,
December 9, 2022, according to Bloomberg's Evaluated Pricing
service data.
The US$120 million facility is a Term loan. The loan is scheduled
to mature on June 1, 2029. The amount is fully drawn and
outstanding.
Rising Tide Holdings, Inc. is a specialty marine aftermarket
retailer. Rising Tide is controlled by investment funds affiliated
with L Catterton following a leveraged buyout in May 2021.
RISING TIDE: $400M Bank Debt Trades at 27% Discount
---------------------------------------------------
Participations in a syndicated loan under which Rising Tide
Holdings Inc is a borrower were trading in the secondary market
around 73.0 cents-on-the-dollar during the week ended Friday,
December 9, 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 amount is fully drawn and
outstanding.
Rising Tide Holdings, Inc. is a specialty marine aftermarket
retailer. Rising Tide is controlled by investment funds affiliated
with L Catterton following a leveraged buyout in May 2021.
RIVERBEND ENVIRONMENTAL: Crum & Forster's Bid to Dismiss Denied
---------------------------------------------------------------
In the civil action captioned Riverbend Environmental Services,
LLC, Plaintiff, v. Crum & Forster Specialty Insurance Company,
Defendant, Civil Action No. 5:22-CV-31-DCB-BWR, (S.D. Miss.),
District Judge David Bramlette for the Southern District of
Mississippi denies the First and Second Motion to Dismiss filed by
the Defendant Crum & Forster Specialty Insurance Company.
Judge Bramlette also denies as moot Riverbend Environmental
Services, LLC's Motion to Convert and Allow Discovery Pursuant to
Rule 56(d) and Motion to Supplement its Response in Opposition to
the Defendant's Renewed Motion to Dismiss.
First Motion to Dismiss. The Defendant asks the Court to dismiss
with prejudice all claims that Riverbend has filed against the
Defendant in the original complaint. While the First Motion to
Dismiss still was pending, Riverbend filed its First Amended
Complaint for Declaratory and Other Relief. In this case, the
Amended Complaint did not adopt or incorporate the Original
Complaint. Under Fifth Circuit precedent, the superseded Original
Complaint has "no legal effect", King v. Dogan, 31 F.3d at 344,
Judge Bramlette holds that the First Motion to Dismiss is rendered
moot, and therefore, will be denied as moot.
Second Motion to Dismiss. The Defendant's primary argument in favor
of dismissal is that Riverbend's notice of the claim was untimely
under the Policy, and Riverbend's claim for coverage therefore
fails. In contrast, Riverbend alleges in its Amended Complaint that
notice of the claim was timely. The Defendant also argues that
Riverbend cancelled the Policy on Nov. 13, 2020. The Policy
contained a 90-day extended reporting period. According to
Defendant, the extended reporting period expired on Feb. 11, 2021,
and Defendant did not receive notice of the claim until April 1,
2021. Riverbend alleges, however, that because it was under Chapter
11 bankruptcy protections, the automatic stay barred any attempted
cancellation of the policy, and the 90-day extended reporting
period under the Policy did not expire until March 29, 2021.
Judge Bramlette notes that the case is still in the early stages of
litigation -- the Case Management Order was entered on Nov. 1,
2022, and the preliminary discovery recently began. Accordingly,
Judge Bramlette is not persuaded that summary dismissal of this
case is appropriate at this time. In denying the Defendant's Second
Motion to Dismiss, Judge Bramlette opines that "there may be facts
for further development or clarification and that the better course
is for discovery to proceed in accordance with the deadlines set
forth in the Case Management Order."
On the other hand, Riverbend asks the Court to convert the Second
Motion to Dismiss into a motion for summary judgment and allow
discovery pursuant to Federal Rule of Civil Procedure 56(d). Given
the Court's disposition of the Second Motion to Dismiss, Judge
Bramlette denies Riverbend's motion to convert as moot and allow
discovery to proceed in accordance with the Federal Rules of Civil
Procedure, the Local Uniform Civil Rules, and the deadlines set
forth in the Case Management Order. Likewise, Riverbend's Motion to
Supplement Its Response in Opposition to the Defendant's Renewed
Motion to Dismiss also is denied as moot given Judge Bramlette's
disposition of the Second Motion to Dismiss.
A full-text copy of the Memorandum Opinion and Order dated Nov. 29,
2022, is available at https://tinyurl.com/ymm6a66u from
Leagle.com.
About Riverbend Environmental Services
Riverbend Environmental Services, LLC, a company based in Fayette,
Miss., sought Chapter 11 protection (Bankr. S.D. Miss. Case No.
19-03828) on Oct. 25, 2019. In the petition signed by its manager,
Jackie McInnis, the Debtor reported between $10 million and $50
million in assets and between $1 million and $10 million in
liabilities.
Judge Katharine M. Samson oversees the case.
The Debtor tapped the Law Offices of Craig M. Geno, PLLC as
bankruptcy counsel, and Watkins & Eager, PLLC and Pittman, Roberts
& Welsh, PLLC as special counsels.
ROYALE ENERGY: Weaver and Tidwell Resigns
-----------------------------------------
Weaver and Tidwell, L.L.P. has resigned as the independent
registered public accounting firm of Royale Energy, Inc.
As disclosed by the Company in a Form 8-K filed with the Securities
and Exchange Commission, Weaver's report on the Company's financial
statements for the fiscal year ended Dec. 31, 2021 did not contain
an adverse opinion or a disclaimer of opinion and it was not
qualified or modified as to uncertainty, audit scope, or accounting
principles, except for the explanatory paragraph included in the
report, which noted that there was substantial doubt as to the
Company's ability to continue as a going concern. Weaver was
engaged by the Company on May 25, 2021 and did not issue a report
on the Company's financial statements for the fiscal year ended
Dec. 31, 2020. The resignation of Weaver was accepted by the
Company's Audit Committee on December 6, 2022.
Royale Energy said that during Weaver's engagement by the Company,
there were no disagreements (as described in Item 304(a)(1)(iv) of
Regulation S-K) with Weaver or reportable events (as described
under Item 304(a)(1)(v) of Regulation S-K) on any matter of
accounting principles or practices, financial statement disclosure,
or auditing scope or procedure, which, if not resolved to the
satisfaction of Weaver, would have caused Weaver to make a
reference to the subject matter of the disagreement in connection
with its report.
The Company is currently interviewing accounting firms to audit the
Company's financial statements and will file a Form 8-K disclosing
the engagement of its new principal independent accountant.
About Royale
El Cajon, CA-based Royale Energy, Inc. -- http://www.royl.com-- is
an independent oil and natural gas producer incorporated under the
laws of Delaware. Royale's principal lines of business are the
production and sale of oil and natural gas, acquisition of oil and
gas lease interests and proved reserves, drilling of both
exploratory and development wells, and sales of fractional working
interests in wells to be drilled by Royale. Royale was
incorporated in Delaware in 2017 and is the successor by merger to
Royale Energy Funds, Inc., a California corporation formed in
1983.
Royale Energy reported a net loss of $3.60 million for the year
ended Dec. 31, 2021, compared to a net loss of $8.15 million for
the year ended Dec. 31, 2020. As of June 30, 2022, the Company had
$11.36 million in total assets, $21.30 million in total
liabilities, $23.20 million in convertible preferred stock, and a
total stockholders' deficit of $33.15 million.
Dallas, Texas-based Weaver and Tidwell, LLP, the Company's auditor
since 2021, issued a "going concern" qualification in its report
dated April 15, 2022, citing that the Company has suffered
recurring losses from operations and has a net capital deficiency
that raise substantial doubt about its ability to continue as a
going concern.
RUBY PIPELINE: Banker Expects More Bids in Bankruptcy Sale
----------------------------------------------------------
Jeremy Hill of Bloomberg News reports that a banker for Ruby
Pipeline expects to receive at least one more bid for the insolvent
natural gas pipeline, which has already received an offer from
existing part-owner Kinder Morgan Inc. for more than $230 million
cash.
"Sitting here today, I feel we will have multiple bids" for Ruby
Pipeline, said John Singh of PJT Partners, who testified in
bankruptcy court Tuesday, December 6, 2022.
Final bids for Ruby Pipeline are due Wednesday, December 7, 2022,
and an auction will follow next week if necessary, Singh said.
About Ruby Pipeline
Ruby Pipeline, LLC, a Houston-based natural gas pipeline company,
sought Chapter 11 bankruptcy protection (Bankr. D. Del. Case No.
22-10278) on March 31, 2022. In the petition filed by Will W.
Brown, as commercial vice-president, Ruby Pipeline listed $500
million to $1 billion in both assets and liabilities.
Judge Craig T. Goldblatt oversees the case.
Richards, Layton & Finger, P.A. and Weil Gotshal & Manges, LLP are
the Debtor's bankruptcy counsels while PJT Partners, LP is the
investment banker. Kroll Restructuring Administration, LLC,
formerly known as Prime Clerk, LLC, is the claims and noticing
agent and administrative advisor.
Counsel to the Ad Hoc Group and Special Counsel to the Indenture
Trustee are Morris, Nichols, Arsht & Tunnell LLP, and Davis Polk &
Wardwell LLP.
The U.S. Trustee for Region 3 appointed an official committee of
unsecured creditors on April 19, 2022. Brown Rudnick, LLP and
Benesch, Friedlander, Coplan & Aronoff LLP serve as the committee's
bankruptcy counsel and Delaware counsel, respectively.
SAMEH H. AKNOUK: Seeks Cash Collateral Access
---------------------------------------------
Sameh H. Aknouk, Dental Services, P.C. asks the U.S. Bankruptcy
Court for the Southern District of New York for authority to use
cash collateral and provide adequate protection.
The Debtor requires the use of cash collateral to continue to
operate its business.
Although the Debtor has been adversely affected by the economic
fallout from COVID-19, the primary reason for filing is the claim
of the Debtor's former union and the related claim of the National
Labor Relations Board for amounts allegedly due in connection with
a 2018 audit. While the Debtor vehemently disputes the claim and
believes that it has very strong defenses in connection therewith,
it simply lacks the resources to mount a proper litigation
defense.
The Debtor has only one secured creditor, the United States Small
Business Administration. The Debtor's obligation to the Secured
Creditor arose out of an Economic Injury Disaster Loan loan which
it entered into in or about June 13, 2020 in the amount of
$150,000.
In connection with the Loan, the Debtor executed a Note which
provided for an annual interest rate of 3.75% and the repayment of
the Loan in monthly installments of $731 commencing 12 months after
the date of the Note, with all remaining principal and interest due
and payable 30 years from the date of the Note. Upon information
and belief, the commencement of the payments under the Note has
since been extended and are presently scheduled to commence later
in December 2022.
As security for the Loan, including all costs and expenses incurred
by the SBA in connection with the disbursement, administration and
collection thereof, the Debtor executed a Security Agreement which
granted the SBA a security interest.
The SBA duly perfected its lien in the Collateral by filing a UCC-1
Financing Statement with the New York Secretary of State on June
29, 2020.
As adequate protection, the Debtor will grant the Secured Creditor
replacement liens in all of the Debtor's pre-petition and
post-petition assets and proceeds.
The Replacement Liens will be subject and subordinate only to: (a)
United States Trustee fees payable under 28 U.S.C. Section 1930 and
31 U.S.C Section 3717; (b) professional fees of duly retained
professionals in this Chapter 11 case as may be awarded pursuant to
Sections 330 or 331 of the Code; (c) the fees and expenses of a
hypothetical Chapter 7 trustee to the extent of $10,000; and (d)
the recovery of funds or proceeds from the successful prosecution
of avoidance actions pursuant to sections 502(d), 544, 545, 547,
548, 549, 550 or 553 of the Bankruptcy Code.
In addition to the liens and security interests proposed to be
granted pursuant hereto, the Debtor will commence payments to the
SBA in accordance with the underlying loan documents and the most
recent legislation regarding the repayment obligations of
borrowers, or extensions thereof, under such EIDL loans.
A copy of the motion is available at https://bit.ly/3FpoMUa from
PacerMonitor.com.
About Sameh H. Aknouk, Dental Services, P.C.
Sameh H. Aknouk, Dental Services, P.C. sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No.
22-11651-mg) on December 8, 2022. In the petition signed by Sameh
H. Aknouk, president, the Debtor disclosed up to $50,000 in assets
and up t $1 million in liabilities.
Erica Aisner, Esq., at Kirby Aisner & Curley LLP, is the Debtor's
legal counsel.
SEARS HOMETOWN STORES: Case Summary & 20 Largest Unsecured Creditor
-------------------------------------------------------------------
Lead Debtor: Sears Authorized Hometown Stores, LLC
5500 Trillium Blvd., Suite 501
Hoffman Estates, IL 60192
Business Description: SHS and SAHS distribute products through
approximately 121 "Sears Hometown Stores,"
which are locally owned and operated
businesses that offer a selection of the
trusted names in home appliances, lawn and
garden equipment, and tools.
Chapter 11 Petition Date: December 12, 2022
Court: United States Bankruptcy Court
District of Delaware
Two affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Sears Authorized Hometown Stores, LLC 22-11303
Sears Hometown Stores, Inc. 22-11304
Judge: Hon. Laurie Selber Silverstein
Debtors' Counsel: Mark Minuti, Esq.
Monique B. DiSabatino, Esq.
SAUL EWING LLP
1201 N. Market Street, Suite 2300
P.O. Box 1266
Wilmington, DE 19899
Tel: (302) 421-6800
(302) 421-6840
Fax: (302) 421-6813
Email: mark.minuti@saul.com
monique.disabatino@saul.com
- and -
Jeffrey C. Hampton, Esq.
Turner N. Falk, Esq.
Sabrina Espinal, Esq.
SAUL EWING LLP
Centre Square West
1500 Market Street, 38th Floor
Philadelphia, PA 19102
Tel: (215) 972-7700
Fax: (215) 972-7725
Email: jeffrey.hampton@saul.com
turner.falk@saul.com
sabrina.espinal@saul.com
Debtors'
Financial
Advisor: GRAY & COMPANY, LLC
Debtors'
Notice,
Claims &
Balloting
Agent and
Administrative
Advisor: STRETTO, INC.
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $50 million to $100 million
The petitions were signed by Elissa Robertson as CEO.
Full-text copies of the petitions are available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/DLHJAGI/Sears_Authorized_Hometown_Stores__debke-22-11303__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/DWIK24Y/Sears_Hometown_Stores_Inc__debke-22-11304__0001.0.pdf?mcid=tGE4TAMA
List of Debtors' 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Costco Innovel Solutions Trade $1,124,404
999 Lake Dr
Issaquah, WA 98027
Rick Jerabek
Tel: 425-427-3585
Email: rjerabek@costco.com
2. BDO Seidman LLP Professional $258,314
330 N Wabash Ave Services
Suite 3200
Chicago, IL 60611
Dianna Lorton
Tel: 312-616-4693
Email: dlorton@bdo.com
3. Cheng Cohen LLC Professional $213,066
363 W Erie St Services
Suite 500
Chicago, IL 60654
Amy Cheng
Tel: 312-351-5237
Email: amy.cheng@chengcohen.com
4. Whirlpool Trade $152,091
2000 N M63
Benton Harbor, MI 49022
James J Van De Wege
Tel: 269-944-7005
Email: james_j_van_de_wege@whirlpool.com
5. Potter Anderson & Professional $144,701
Corroon LLP Services
800 N State St
Suite 304
Dover, DE 19901
Berton W. Ashman, Jr.
Tel: 302-984-6000
Email: bashman@potteranderson.com
6. GA Communications Trade $76,320
2196 W Park Ct
Stone Mountain, GA 30087
Claudia Puerto
Email: claudia.puerto@purered.net
7. Dish Wireless Holdings Trade $38,445
9601 S Meridian Blvd
Englewood, CO 80112
Jordan Smith
Tel: 714-987-1179
Email: jordan.smith@dish.com
8. Nextopia Software Corporation Trade $33,750
260 King St E, A200
Toronto, ON M5A 4L5
Canada
Tel: 800-360-2191
9. Flexprint Intermediate LLC Trade $19,307
2845 N Omaha St
Mesa, AZ 85215
Tel: 888-353-9774
Email: info@flexprintinc.com
10. Abacaus Advisors Group LLC Trade $17,500
175 Washington Ave
Suite 3
Dumont, NJ 07628
Mitch Skowronski
Tel: 812-369-7664
Email: mskowronski@sb360.com
11. Total Quality Logistics Trade $15,020
4289 Ivy Pointe Blvd
Cincinnati, OH 45245
Tel: 800-580-3101
Email: clientservices@tql.com
12. Google LLC Trade $13,992
1600 Amphitheatre Pkwy
Mountain View, CA 94043
Tel: 650-253-0000
13. Engie Insight Services Inc. Trade $12,635
PO Box 2440
Spokane, WA 99210
Todd Styren
Tel: 509-329-7042
Email: todd.styren@engie.com
14. Brixmor Lake Rent $12,578
Pointe Village LLC
200 Ridge Pike
Suite 100
Conshohocken, PA 19428
Emily Delp
Tel: 610-832-6158
Email: emily.delp@brixmor.com
15. Sycamore Center Dekalb, LLC Rent $12,458
3333 Richmond Rd
Suite 350
Beachwood, OH 44122
Shari Juratovac
Tel: 216-455-5007
Email: sjuratovac@midamco.com
16. Greensfelder, Professional $10,913
Hemker & Gale, PC Services
10 S Broadway
Suite 2000
St. Louis, MO 63102
Tel: 314-241-9090
17. RR Donnelley Professional $8,683
4101 Winfield Rd Services
5th Floor
Warrenville, IL 60555
Daniel Weberski
Tel: 630-780-0128
Email: daniel.e.weberski@rrd.com
18. Springfield Sign & Graphic Trade $8,172
4825 E Kearney St
Springfield, MO 65803
Hailey Erter
Tel: 417-862-2454 EXT. 110
Email: haileee@springfieldsign.com
19. Agilence Inc Trade $8,000
1020 Briggs Rd
Suite 110
Mt. Laurel Township, NJ 08054
Tel: 856-366-1200
20. Cannon Square, LLC Litigation $0
c/o Prickett Jones & Elliott PA Claim
1310 King St
Wilmington, DE 19801
Marcus E. Montejo, Esq.
Email: memontejo@prickett.com
SIGNAL PARENT: $550M Bank Debt Trades at 39% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Signal Parent Inc
is a borrower were trading in the secondary market around 61.3
cents-on-the-dollar during the week ended Friday, December 9, 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
withdrawn and outstanding.
Signal Parent, Inc. provides interior design services.
TAJ GRAPHICS: Trustee's Settlement With Robert Kattula Approved
---------------------------------------------------------------
Bankruptcy Judge Thomas J. Tucker has issued an opinion granting
the Trustee's Motion for Order Approving Compromise, and denying
the Motion for Clarification filed by creditor Prime Financial,
Inc.
A. The Trustee Motion. The Trustee seeks authority and approval to
enter into a settlement with Robert Kattula and certain parties
related to Kattula, containing the following terms:
(1) Kattula and/or a Kattula-related party will pay $50,000 to
the bankruptcy estate within 7 days after the entry of an order
granting the Trustee Motion.
(2) In exchange for that payment, the Trustee will assign to
Kattula the bankruptcy estate's interest in the assets described by
the Trustee as follows: "(a) rights assigned to the Debtor by K&B
Capital, LLC under an Assignment dated in 2004; (b) rights assigned
to the Debtor by Robert Kattula under an Assignment dated in 2006;
(c) claims made in a lawsuit pending in the Commonwealth of
Kentucky, Marshall Circuit Court, K&B and Kattula v. Aaron Jade, et
al., Case No. 22-CI-00020; (d) an Unconditional Guarantee of
Payment and related documents allegedly executed in favor of K&B by
B. Daniel Sills, Melanie Joy Hubbs, and Glenn D. O'Connell; and (e)
a claim for $1.5 million that was originally owed by Robert and
Maria Kattula to the Debtor and which is secured by a mortgage on
the Kattulas' home ($1.5 million Claim).
(3) The claims filed by the following entities will be waived,
and will not receive any distribution from the bankruptcy estate:
Green Lake Equities, LLC (Claim No. 4 in the amount of $953,629);
DJS Investments, Inc. (Claim No. 5 in the amount of $1,095,146);
and Robert Kattula ILIT dated 1995 (Claim No. 6 in the amount of $5
million).
The Court finds and concludes that the compromise proposed in the
Trustee's Motion should be approved because it is fair and
equitable, reasonable, and is in the best interests of the
bankruptcy estate and its creditors. These findings and conclusions
are supported by the following considerations.
First, the bankruptcy estate has no money or means to hire counsel
to conduct litigation that likely will be necessary without the
proposed compromise, namely (1) litigation with Kattula and
Kattula-related entities to establish the bankruptcy estate's
ownership of the claims that are part of the Assets, which
ownership is in dispute as to at least some of the major Assets,
including the rights under the Memorandum of Understanding that
originally belonged to Robert Kattula; and (2) litigation to
liquidate the claims -- i.e., reduce them to money -- if and to the
extent the claims are determined to be property of the bankruptcy
estate.
Second, the possibility of Prime Financial litigating claims on
behalf of the bankruptcy estate, including claims relating to the
Memorandum of Understanding, on a "derivative standing" basis, is
not workable. The Court determines that there is a clear and
substantial conflict of interest in Prime Financial litigating to
enforce and collect on the bankruptcy estate's rights under the
Memorandum of Understanding. Such litigation, for the estate, would
be against the other party to the Memorandum of Understanding --
Calvert Properties, LLC. The sole owner of Calvert Properties is
Aaron Jade. But Aaron Jade also is the sole shareholder of Prime
Financial. So, in effect, Aaron Jade would be litigating against
himself. The Court could not and would not permit such an
arrangement.
Third, even if the Trustee could obtain counsel to litigate for the
estate, the Trustee's ability to establish the bankruptcy estate's
ownership of the rights in the claims at issue is uncertain --
especially the rights in the Memorandum of Understanding that
originally belonged to Kattula. Thus, if the issue has to be
litigated, Kattula has a chance of prevailing in his most recent
position, that he still owns the rights under the Memorandum of
Understanding, and that the bankruptcy estate does not own them.
Fourth, the IRS has made a concession that strongly tilts the case
in favor of the Court approving the Trustee's proposed compromise.
It is undisputed that the IRS has an allowed secured claim in this
bankruptcy case in the amount of $436,155 -- depending on the value
of the IRS's collateral. Recently, the IRS reached a settlement
with Kattula, outside of this bankruptcy case. In supporting the
Trustee's proposed compromise, the IRS has stated that if the
Trustee Motion is granted, the IRS will waive any rights it has as
a secured creditor to payment of any of the $50,000 in settlement
proceeds the Trustee will receive. Such waiver by the IRS applies
only if the Trustee's proposed compromise is approved. In the
absence of the Trustee's proposed compromise, the $436,155 secured
claim of the IRS, as well as the IRS's allowed priority claims in
the total amount of $38,597, as well as all allowed administrative
claims, would have to be paid in full before Prime Financial could
be paid any distribution in this case.
Fifth, the net value of the Assets that could actually be realized
by the bankruptcy estate, after litigation, is quite speculative,
even assuming that all of the Assets including the Memorandum of
Understanding rights are property of the estate. Prime Financial
has not presented or proffered any evidence, or any specific
reasons, to support its counsel's vague speculation about the
possible value of the Memorandum of Understanding rights. And Prime
Financial has not argued, and has provided no information
whatsoever to suggest, that there is any meaningful net value to be
gotten from any of the other Assets the Trustee wants to assign to
Kattula as part of the proposed compromise.
Lastly, in the absence of the Trustee's proposed settlement, the
litigation necessary to liquidate the estate's claims at issue is
likely to be complex, very expensive and very time consuming for
the estate, if somehow the estate could even obtain counsel to
prosecute such litigation.
B. The Prime Financial Motion -- asks the Court to determine, by
holding an evidentiary hearing, "the ownership of the Memorandum of
Understanding," and to "direct the Chapter 7 Trustee and the Office
of the U.S. Trustee to take appropriate action" to remedy what
Prime Financial considers to be inappropriate delay and inaction by
the Trustee in administering the assets of the bankruptcy estate.
Because the Court is granting the Trustee's Motion, the Court
concludes that the Prime Financial Motion is rendered moot.
A full-text copy of the Opinion dated Nov. 29, 2022, is available
at https://tinyurl.com/bdhhc2w7 from Leagle.com.
About TAJ Graphics
Based in Rochester, Michigan, TAJ Graphics Enterprises, LLC, filed
for Chapter 11 bankruptcy protection (Bankr. E.D. Mich. Case No.
09-72532) on Oct. 21, 2009. John D. Hertzberg, Esq., in Bingham
Farms, Michigan, served as the Debtor's counsel. In its petition,
the Debtor estimated $10 million to $50 million, and $1 million to
$10 million in debts.
TCA FUND: Deadline to File Claims Set for January 2023
------------------------------------------------------
TCA Fund Management Group Corp. and TCA Global Credit Fund GP Ltd.,
TCA Global Credit Fund LP, TCA Global Credit Fund Ltd., TCA Global
Credit Master Fund LP, and TCA Global Lending Corp. ("Receiver
Entities") have been place in receivership pursuant to an order
issued by the United State District Court for the Southern District
of Florida in an action styled Securities and Exchange Commission
v. TCA Fund Management Group Corp. et al., Case No.:
20-CIV-21964-CMA ("Action") and Jonathan E. Perlman ("Receiver")
has been appointed receiver. The Receiver is responsible for
administering all claims which may be asserted against the Receiver
Entities, subject to approval of the Court.
The Court has set a claims bar date of Jan. 31, 2023, by which time
any and all persons with claims against the Receiver Entities must
submit a claim. If you have not already filed a claim, you must do
so on before the claims bar date. If you do not already have a
claim form, you can request a copy by sending an email to:
receiver@tcafundingreceivership.com, or by requesting one from the
Receiver's office at:
Jonathan E. Perlman
Receiver
TCA Funding Management Group Corp. et al.
c/o Genovese Joblove Battista P.A.
100 SE Second Street, Suite 440
Miami, FL 33131
TCA Fund Management Group Corp. offers investment advisory
services. The Company provides senior secured, short-term lending,
and advisory services to small and listed companies.
TEXSTAR COUNTRY STORE: Wins Cash Collateral on Final Basis
----------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas,
Dallas Division, authorized Texas Country Store, LLC to use cash
collateral in accordance with the budget, on a final basis.
The Debtor requires the use of cash collateral to fund payroll
obligations and pay other operating expenses.
Mulligan Funding LLC asserts it is secured by liens on and security
interests in substantially all the Debtor's property and the
proceeds thereof.
As adequate protection of Mulligan's interest in the cash
collateral pursuant to sections 361 and 363(e) of the Bankruptcy
Code to the extent of any diminution in value from the use of the
Collateral the Court grants Mulligan replacement security liens on
and replacement liens on the Debtor's property whether such
property was acquired before or after the Petition Date.
The Replacement Liens are exclusive of any avoidance actions
available to the Debtor's bankruptcy estate pursuant to sections
544, 545, 547, 548, 549, 550, 553(b) and 724(a) of the Bankruptcy
Code and the proceeds thereof.
The Replacement Liens will be equal to the aggregate diminution in
value of the Collateral, if any, that occurs from and after the
Petition Date. The Replacement Liens will be of the same validity
and priority as the liens of Mulligan on the prepetition
Collateral.
The Replacement Liens granted will maintain the same priority,
validity and enforceability as existed Prepetition.
The Replacements Liens will be subject and subordinate to: (a)
professional fees and expenses of the attorneys, financial advisors
and other professionals retained by the Debtor subject to the
Court's approval under section 330 and/or section 331 of the
Bankruptcy Code; and (b) any and all fees payable to the Subchapter
V Bankruptcy Trustee.
A copy of the order is available at https://bit.ly/3Bqqt2p from
PacerMonitor.com.
About Texstar Country Store, LLC
Texstar Country Store, LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 22-32114) on
November 8, 2022. In the petition signed by Jan Dombach, managing
member, the Debtor disclosed up to $500,000 in both assets and
liabilities.
Judge Michelle V. Larson oversees the case.
Robert T. DeMarco, Esq., at DeMarco Mitchell, PLLC, is the Debtor's
legal counsel.
THOMPSON MILLWORK: Wins Cash Collateral Access Thru Dec 19
----------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of North
Carolina, Durham Division, authorized Thompson Millwork, LLC to use
cash collateral on an interim basis in accordance with the budget,
with a 10% variance.
The Debtor requires the use of cash collateral to pay its
operational needs.
Atlantic Union Bank, formerly known as Xenith Bank, a Division of
Union Bank & Trust of Richmond, Virginia, asserts a blanket lien
against all of the Debtor's personal property. Atlantic Union
Bank's security interest was perfected by the filing of a UCC-1
with the North Carolina Secretary of State on June 14, 2019,
bearing file number 20190063715F. As of the Petition Date, the
aggregate amount outstanding to Atlantic Union Bank on those loans
as approximately $340,000.
Ascentium Capital, LLC asserts a blanket lien against all of the
Debtor's personal property. Ascentium's security interest was
perfected by the filing of a UCC-1 with the North Carolina
Secretary of State on December 24, 2019, bearing file number
20190135727J. As of the Petition Date, the aggregate amount
outstanding to Ascentium on this loan is approximately $14,000.
The U.S. Small Business Administration asserts a blanket lien
against all of the Debtor's personal property, including its cash
revenue and accounts receivable. The SBA's security interest was
perfected by the filing of a UCC-1 with the North Carolina
Secretary of State on June 3, 2020, bearing file number
20200069083A. As of the Petition Date, the aggregate amount owed to
the SBA on this loan is approximately $498,000.
Breakout Capital, LLC asserts a blanket lien against all of the
Debtor's personal property, including its cash revenue and accounts
receivable. Breakout's security interest was perfected by the
filing of a UCC-1 with the North Carolina Secretary of State on
September 28, 2021, bearing file number 20210131632B. As of the
Petition Date, the aggregate amount owed to Breakout on this loan
is approximately $350,000.
Libertas Funding, LLC asserts a blanket lien against all of the
Debtor's personal property. Libertas' security interest was
perfected by the filing of a UCC-1 with the North Carolina
Secretary of State on March 11, 2022, bearing file number
20220032696C. As of the Petition Date, the aggregate amount owed to
Libertas on this loan is approximately $503,613.
The Internal Revenue Service asserts a blanket lien against all of
the of Debtor's personal property, including its cash revenue and
accounts receivable, on account of a Notice of Federal Tax Lien
filed on or about May 11, 2022, with the North Carolina Secretary
of State in the amount of $331,699.
As adequate protection, the Secured Parties are granted
post-petition replacement liens in the Debtor's post-petition
property of the same kind which secured the indebtedness of the
Secured Parties pre-petition, with such liens having the same
validity, priority, and enforceability as the Secured Parties had
against the same kind of such collateral as of the Petition Date.
As additional adequate protection, the Debtor will keep all of its
property insured for no less than the amounts of the pre-petition
insurance, and maintain all other required or customary insurance.
The Debtor will timely pay all insurance premiums related to any
and all of the collateral securing the claims of the Secured
Parties.
The Debtor's obligations are continuing in nature, will survive the
term of the Order, and will remain in effect until the earliest
of:
a. The entry of a final order authorizing the use of cash
collateral;
b. The entry of a further interim order authorizing the use of
cash collateral;
c. December 20, 2022;
d. The entry of an order denying or modifying the use of cash
collateral;
e. The effective date of any confirmed plan in the case;
f. Conversion of the case to another chapter of the Bankruptcy
Code or removal of the Debtor from possession;
g. The entry of further orders of the Court regarding the
subject matter hereof;
h. Dismissal of the proceeding; or
i. Occurrence of an event of default that is not timely
cured.
These events constitute an "Event of Default:"
a. The Debtor will fail to comply with any of the terms or
conditions of the Order;
b. The Debtor will use cash collateral other than as
authorized in the Order;
c. Cancellation or lapse of the Debtor's applicable insurance
coverage; or
d. Cessation of business operations by the Debtor.
As further adequate protection, the Secured Parties are granted an
allowed super-priority administrative expense claim pursuant to
Sections 503(b) and 507(a)(2) of the Bankruptcy Code to the extent
of any diminution in value of the respective Secured Party's
interest in prepetition collateral caused solely by the use of cash
collateral pursuant to the terms of the Order.
A further hearing on the matter is set for December 20 at 9:30
a.m.
A copy of the order and the Debtor's budget is available at
https://bit.ly/3FFAWt3 from PacerMonitor.com.
The Debtor projects $160,135 in revenue and $197,051 in total
expenses for the period from December 1 to December 20.
About Thompson Millwork
Thompson Millwork LLC is a turnkey commercial casework and
specialty millwork provider based in Durham, North Carolina.
Thompson Millwork LLC filed a petition for relief under Subchapter
V of Chapter 11 of the Bankruptcy Code (Bankr. M.D.N.C. Case No.
22-802102) on Oct. 26, 2022. In the petition filed by Matthew
Thompson, as managing member, the Debtor reported assets and
liabilities between $1 million and $10 million.
Brian Richard Anderson has been appointed as Subchapter V trustee.
Judge Benjamin A. Kahn oversees the case.
The Debtor is represented by Philip Sasser, Esq., at Sasser Law
Firm.
TRAYLOR CHATEAU: Lender Seeks to Prohibit Cash Collateral Access
----------------------------------------------------------------
Simmons Bank, an Arkansas state-chartered bank, successor by merger
of Reliance Bank, asks the U.S. Bankruptcy Court for the Eastern
District of Missouri to prohibit Traylor Chateau LLC from using
cash collateral.
Simmons does not consent to the Debtor's use of its cash
collateral, and the Debtor has not requested nor obtained a Court
order authorizing use of cash collateral.
Simmons is the holder of a promissory note dated May 19, 2005
executed by in the original principal amount of $360,000.
The Note is secured by, inter alia, a Deed of Trust Securing Future
Advances and Future Obligations up to a maximum of $360,000 (plus
interest, attorneys fees and any protective advances) dated May 19,
2005, and recorded with the Recorder of Deeds Office for the City
of St. Louis on May 23, 2005, encumbering certain real property
located at 5832-40 Cabanne Avenue, St. Louis, MO 63112, as such
Deed of Trust has been modified, amended and/or restated over time.
The Property consists of 30 residential rental units that generate
rental income. The rents generated from operation of the Property
constitute substantially all of the Debtor's gross income.
The Property is also encumbered by a second deed of trust securing
up to the maximum principal amount of $324,712 in favor of the
Affordable Housing Commission.
The Debtor was granted numerous extensions of the Note's maturity
date over the course of more than a decade. In the most recent
extension, Simmons granted the Debtor an additional 90 days, from
September 6, 2022 to December 6, 2022, to pay off the Note.
The Debtor made no further payments after the most recent extension
was granted. The Debtor failed to make payments due on October 6,
2022 and November 6, 2022, and filed the instant bankruptcy case on
the Note maturity date of December 6, 2022.
Furthermore, the principal of the Debtor withdrew $7,000 in rental
income from the Debtor's business account for personal use on or
about November 3, 2022.
On November 15, 2022, Simmons accelerated the balance due under the
Note and sent a demand letter to the Debtor demanding full payment
of the Note, together with all interest and late charges on or
before November 23, 2022.
The Debtor failed to pay after demand was made. Counsel for Simmons
had a discussion with counsel for the Debtor requesting information
about the withdrawn funds of $7,000 from the Debtor's bank account.
The Debtor did not provide any explanation for the withdrawal of
funds, nor a plan to bring the loan current, but instead, filed the
instant bankruptcy case.
As of the Petition Date, the amount due to Simmons under the Note
was $268,598.
Simmons further requests that the Court enter an order requiring
the Debtor to segregate and account to Simmons for all cash
collateral.
A copy of the motion is available at https://bit.ly/3HvhRLP from
PacerMonitor.com.
About Traylor Chateau LLC
Traylor Chateau LLC is a Single Asset Real Estate (as defined in 11
U.S.C. Section 101(51B)).
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Mo. Case No. 22-43815) on December 6,
2022. In the petition signed by Rena T. Traylor, member, the Debtor
disclosed up to $10 million in assets and up to $1 million in
liabilities.
Frank R. Ledbetter, Esq., at Ledbetter Law Firm, LLC, represents
the Debtor as counsel.
ULTRA SEAL: Seeks to Hire T.S. Essential Consulting as Consultant
-----------------------------------------------------------------
Ultra Seal Corporation and Ultra-Tab Laboratories, Inc. seek
approval from the U.S. Bankruptcy Court for the Southern District
of New York to employ T.S. Essential Consulting as consultant.
The Debtor needs a consultant to assist in the U.S. Food and Drug
Administration (FDA) correspondence and evaluation of Current Good
Manufacturing Practices (cGMP) documentation, component and
finished product testing, test method validation, cleaning
validation and record keeping, investigation handling, stability
testing, employee training and vendor qualifications.
T.S. Essential will bill an hourly fee of $225 for its services.
Timothy Stewart, the principal of T.S. Essential Consulting,
disclosed in a court filing that the firm is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Timothy Stewart
T.S. Essential Consulting
2820 Rumsey Drive
Riverside, CA
About Ultra Seal Corporation
Ultra Seal Corporation is a privately owned and operated contract
packager of pharmaceutical products, nutritional supplements and
personal care products located in the heart of New York's Hudson
Valley. Affiliate, Ultra-Tab Laboratories, Inc., is a bulk
manufacturer of those products. Both are regulated by the U.S. Food
and Drug Administration.
Ultra Seal and Ultra-Tab sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-35630) on
Oct. 6, 2022. At the time of the filing, Ultra Seal listed
$8,861,955 in assets and $5,757,027 in liabilities while Ultra-Tab
listed up to $10 million in both assets and liabilities.
Judge Cecelia G. Morris oversees the cases.
The Debtors tapped Michelle L. Trier, Esq., at Genova, Malin &
Trier, LLP as legal counsel; RBT CPAs, LLP as accountant; and
Timothy Stewart at T.S. Essential Consulting as consultant.
VERIPAC LLC: Seeks Cash Collateral Access
-----------------------------------------
Veripac, LLC and Smartpac, Inc. ask the U.S. Bankruptcy Court for
the Eastern District of Missouri, Eastern Division, for authority
to use cash collateral and provide adequate protection.
The Debtors require the use of cash collateral to continue their
business operations and pay their regular daily expenses, including
employees' wages, utilities, and other costs of doing business.
Debtor Veripac, LLC is indebted to the U.S. Small Business
Administration in the approximate amount of $2,259,872. Veripac,
LLC is also indebted to Midwest Business Funding in the approximate
amount of $1,392,159 and to St. Louis Bank in the approximate
amount of $213,527.
Debtor Smartpac, LLC is indebted to St. Louis Bank in the amount of
$2,884,269.
Additionally, through review of UCC records, it is possible
Veripac, LLC is indebted to Financial Agent Services or Robert
Chambers for a sum unknown.
The Debtor does not believe the creditors have an interest in cash
collateral but is providing notice out of an abundance of caution.
The Debtors will work in good faith with St. Louis Bank, the SBA
and Midwest Business Funding to hopefully achieve a fully
consensual budget by the hearing on the Motion.
STBL, Midwest, and USSBA's interests in the cash collateral are
adequately protected. To the extent the STBL, Midwest, or USSBA
have valid security interests in the cash collateral, adequate
protection will be provided to them though the granting of
replacement liens in any prepetition assets which were subject to
their liens to the same extent, validity, priority, perfection, and
enforceability as their interests in any assets to the extent of
any diminution in value.
A hearing on the matter is set for December 14, 2022 at 11 a.m.
About Veripac, LLC
Veripac, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Mo. Case No. 22-43839) on December 9,
2022. In the petition signed by Carey Edwards, president, the
Debtor disclosed up to $10 million in both assets and liabilities.
Robert E. Eggmann, Esq., at Carmody MacDonald P.C., is the Debtor's
legal counsel.
VMR CONTRACTORS: Files Emergency Bid to Use Cash Collateral
-----------------------------------------------------------
VMR Contractors Inc. asks the U.S. Bankruptcy Court for the
Northern District of Illinois, Eastern Division, for authority to
use cash collateral on an emergency basis.
The Debtor requires the use of cash collateral to preserve business
operations while it seeks to utilize chapter 11 protections to
restructure.
The supplied and installed rebar for the Illinois Tollway, but the
payor is seven months late in paying the Debtor the $667,000 it is
owed. This has had a major impact on the Debtor's business, making
it difficult to pay its obligations. The Debtor has been pushing to
collect this receivable and is optimistic that it will be paid
soon, but creditors continue to pursue the Debtor.
On December 6, 2022, the IRS sent a notice of levy to the Debtor's
payors and to the Debtor's bank. Because of the levy, the Debtor's
payors have refused to tender payment to the Debtor, and the bank
froze the account. In the meantime, the Debtor was obligated under
its union agreements to issue payroll checks on December 7, 2022.
Those payroll checks are now bouncing.
To gain control of the situation and prevent the business from
failing because its customers have not honored their obligations to
the Debtor and its employees, the Debtor filed for chapter 11 case
on December 8, 2022. The Debtor has made the Subchapter V election
and will pursue a reorganization plan.
Several entities may claim an interest in the Debtor's cash
collateral. Those potential claimants are:
1. State of Illinois, which recorded state tax liens on April
28 and June 14, 2022, in the total amount of $32,346.
2. Internal Revenue Service, which recorded federal tax liens
with the Illinois Secretary of State, including a lien November 16,
2016, in the amount of $424,956. Other tax liens also have been
recorded; the IRS has asserted it is owed $819,234. The Debtor
disputes a large portion of this amount, including an obligation
from 2015 of $560,027, which appears to be clearly erroneous
because it is wholly disproportionate to the Debtor's operations.
3. Old National Bank, whose predecessor, Bridgeview Bank
Group, filed on August 1, 2018, a financing statement with the
Illinois Secretary of State as document number 023614561. The
amount owed to Old National is approximately $160,633.
As adequate protection, the claimants will be granted replacement
liens on the same form and type of collateral securing the
claimants' claims as of the Petition Date.
A hearing on the matter is set for December 12, 2022 at 9:30 a.m.
A copy of the motion is available at https://bit.ly/3uXQBOB from
PacerMonitor.com.
About VMR Contractors
VMR Contractors is in the business of supplying and installing
rebar for road construction projects. The Debtor sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case
No. 22-14211) on December 8, 2022. In the petition signed by
Vincent Roberson, president, the Debtor disclosed up to $1 million
in assets and up to $10 million in liabilities.
Judge Benjamin Goldgar oversees the case.
William J. Factor, Esq., at Factor Law, is the Debtor's legal
counsel.
WATER WIND: All Allowed Claims to be Paid in Full From Future Sale
------------------------------------------------------------------
Water Wind & Sky, LLC, submitted a Third Amended Plan of
Reorganization.
The Debtor owns the real property and improvements comprised of
Kitsap County Tax Assessor parcel numbers 3976-030-012-0007 and
3976-030-011-0008.
Under the Plan, Each Class 2 Allowed General Unsecured Claims shall
be allowed or disallowed, as the case may be, in such amount as
reflected in each filed proof of claim, so long as the claim is
identified on the Debtor's schedules as liquidated, non-contingent,
and undisputed; to the extent a Class 2 Holder does not file a
proof of claim, as listed in the Debtor's schedules or as approved
by order of the Bankruptcy Court.
To the extent that rent payments from the Ground Lease remain after
payment of the monthly payments due the and Class 1 Claim and the
Administrative Expense Claims, the Debtor shall distribute 50% of
the excess Ground Lease rent, on a quarterly bases, to the Class 2
Claims, with each holder of a Class 2 Claim receiving its pro rata
share of such quarterly distribution, and upon sale of the Ground
Lease, refinance, and/or the Property in full in a single payment
from Net Sale Proceeds.
Interest shall accrue on each Class 2 Claim following the Effective
Date at the Federal Judgment Rate until paid in full.
All Allowed Claims will be paid in full from the proceeds of either
a Ground Lease (rent and/or sale of such Ground Lease) or a sale of
the Property. The Reorganized Debtor shall have until February 28,
2023 to enter into a Ground Lease. If unsuccessful, the Debtor
shall have an additional 12 months following the Ground Lease
Deadline to consummate a sale of the Property for an amount
sufficient to pay all allowed claims in full.
Counsel for the Debtor:
Armand J. Kornfed, Esq.
Lesley Bohleber, Esq.
BUSH KORNFELD LLP
601 Union St., Suite 5000
Seattle, WA 98101-2373
Telephone: (206) 292-2110
Facsimile: (206) 292-2104
E-mail: jkornfeld@bskd.com
lbohleber@bskd.com
A copy of the Third Amended Plan of Reorganization dated Nov. 30,
2022, is available at https://bit.ly/3OZXxUl from
PacerMonitor.com.
About Water Wind & Sky
Water Wind & Sky, LLC, a domestic limited liability company, sought
Chapter 11 bankruptcy protection (Bankr. W.D. Wash. Case No.
22-10752) on May 5, 2022, with up to $10 million in both assets and
liabilities. Mark Goldberg, managing member, signed the petition.
Judge Timothy W. Dore oversees the case.
Armand J. Kornfeld, Esq., at Bush Kornfeld, LLP and McNaul Ebel
Nawrot & Helgren, PLLC serve as the Debtor's bankruptcy counsel and
special counsel, respectively.
WAYNE BURT: Vertiv's Complaint and Mahesh's Cross-Claim Dismissed
-----------------------------------------------------------------
Judge Georgette Castner for the District of New Jersey grants Wayne
Burt, PTE, LTD.'s Motion to Dismiss the Amended Complaint and its
Motion to Dismiss Defendant TGS Mahesh's Cross-Claim filed in the
case styled Vertiv, Inc. et al., Plaintiffs, v. Wayne Burt PTE,
LTD, et al., Defendants, Civ. Action No. 3:20-cv-00363, (D.N.J.).
On January 10, 2020, Plaintiffs Verily Inc., Vertiv Capital Inc.,
and Gnaritis Inc. filed a suit against the Wayne Burt and Cetex
Petrochemicals LTD, asserting four causes of action for breach of
contract, unjust enrichment, book account, and for a declaratory
judgment that Vertiv is the owner of the pledged stock. The
Plaintiffs asserted that (a) Vertiv Capital loaned Wayne Burt $11.5
million; (b) Gnaritis loaned Wayne Burt $2.5 million; and (c)
Vertiv loaned Wayne Burt $2 million. In addition, the Plaintiffs
alleged that Wayne Burt and Cetex also signed a "Stock Pledge
Agreement" that pledged "29,651,068 shares of stock which it owned
in a company called Cetex Petrochemicals," representing 46.82% of
the shares of Cetex.
On Jan. 17, 2020, the Plaintiffs requested that the Court enter
judgment in their favor and against Wayne Burt and Cetex for the
total sum of $29.3 million as well as the allegedly agreed upon
stock of Cetex Petrochemicals. A Consent Order was entered by the
Court on Jan. 24, 2020. Shortly thereafter, the Plaintiffs filed a
Motion to Amend/Correct the Judgment that was entered -- they
sought for a new Order to provide additional factual background for
the claim so the judgment could be enforced in India.
After obtaining an Amended Judgment, the Plaintiffs initiated a
second lawsuit under Civil Action No. 3:20-cv-13050 on Sept. 22,
2020. In this new action, Cetex was removed as a Defendant but the
Plaintiffs added Wayne Burt Petro Chemical Private Limited as a new
Defendant.
Almost exactly one year after the entry of judgment, Farooq Mann --
a Singaporean Court Appointed Liquidator for Wayne Burt -- filed a
Motion to Vacate Judgment in the original action pursuant to
Federal Rule of Civil Procedure 60(b) which the Court granted. In
vacating the judgment, the Court found that in an unrelated
proceeding, the High Court of the Republic of Singapore placed
Wayne Burt into liquidation -- a process similar to Chapter 7
bankruptcy. The Court further determined that the Liquidator,
Farooq Mann, was appointed to "affect the liquidation of
Defendant." The Court also concluded that the evidence of fraud
that was presented by Mann was sufficient to fit the definition of
"misconduct" pursuant to Rule 60(b)(3) and found the judgments to
be void under Rule 60(b)(4).
Mann asserted that he was intentionally excluded from these
proceedings, which is improper as he is "the sole legal
representative of Defendant," and "is the only party with the
actual authority to act on behalf of Defendant in these cases." The
Court concluded that Mann stood in a similar position as a Chapter
7 bankruptcy trustee, which stripped any former directors of "any
and all authority to act on behalf of the company." The Court
agreed that the 2018 Singaporean liquidation proceeding removed any
authority from the directors to act on behalf of the company and
ensured that only the appointed liquidator could make decisions and
accept service.
Following the Court's opinion vacating the judgments, the
Plaintiffs consolidated the case Civil Action No. 3:20-cv-00363
into the current action, and dismissed Wayne Burt Petro Chemicals,
PTE, LTD without prejudice. The Plaintiffs filed an Amended
Complaint, on Sept. 21, 2021, which removes Cetex as a Defendant,
and adds, for the first time, TGS Mahesh -- an individual who is
alleged to be a director and major shareholder of Wayne Burt, and
who "signed an Agreement of Guaranty, personally guaranteeing
payment of any loans made to defendants, Wayne Burt, PTE, LTD."
Wayne Burt's Motion to Dismiss the Amended Complaint is based on
two legal theories. First, Wayne Burt argues that the Amended
Complaint fails to state a claim under Rule 12(b)(6) pursuant to
the principle of international comity -- which is particularly
appropriate in the context of bankruptcy proceedings – hence, the
Court should grant the motion to dismiss and defer to the
bankruptcy proceedings underway in Singapore. Second, Wayne Burt
argues that the forum selection clause is so overbroad that it is
unenforceable, and without the forum selection clause -- which the
Court does not have personal jurisdiction. Further, Wayne Burt
asserts that the choice of law provisions in the loan documents
"disagree considerably" -- the moving papers, "the stock pledge
agreement specifies that it should be governed by the laws of the
State of New York or Singapore.... By contrast, the three loan
documents and promissory notes specify that they should be governed
by the laws of the State of New Jersey. Finally, the 'Memorandum of
Understanding' specifies that it should be governed by the laws of
the State of New Jersey/New York. Ultimately, Wayne Burt asserts
that there is no consensus on the choice of law provision.
In its Motion to Dismiss the Crossclaim, Wayne Burt claims that
dismissal is appropriate under the doctrine of forum non
convieniens -- Mahesh has "already availed himself of Singapore as
a forum when he appealed the winding up order in 2018, so it has
already proven to be an adequate alternate forum available to him."
Wayne Burt also makes the same general arguments about
international comity and personal jurisdiction that are made in its
Motion to Dismiss the Amended Complaint. Finally, Wayne Burt claims
that Mahesh has failed to properly plead contribution and
indemnification in the crossclaim because he is at least partly at
fault for the mess he has created in connection with the Plaintiffs
alleged loans to Wayne Burt.
The Court notes at the outset that the legal and factual setting of
this case is essentially required to "accommodate conflicting,
mutually inconsistent national regulatory policies while minimizing
the amount of interference with the judicial processes of other
nations." The Court agrees with Wayne Burt's assertions that the
relief that the Plaintiffs seek would be inappropriate in light of
Wayne Burt's ongoing Singaporean liquidation process, and that
principles of international comity would compel disputes
surrounding the Plaintiffs' attempts to collect on a debt to be
handled by Mann or the Singaporean High Court. The Court concludes
that regardless of what test is applied, extending comity to the
proceedings in Singapore is an appropriate course of action.
While the Plaintiffs make clear that they do not believe the
Singapore proceedings should be subject to this Court's deference
for a myriad of reasons, there is no question that all parties
agree that Wayne Burt is under liquidation in Singapore, and that
the matter is currently being litigated there. Further still, the
Cross-claimant Mahesh states that he is "a resident of India and
the largest shareholder of Wayne Burt -- a Singapore Corporation
which is currently the subject of a liquidation proceeding in
Singapore."
In addition, the Court finds and concludes that the Singapore
liquidation proceedings involve the same parties, issues, and
facts. The Court notes that the Plaintiffs' Amended Complaint
essentially seeks a judgment solidifying that it is a creditor of
Wayne Burt for purposes of the bankruptcy proceedings -- the
Singaporean liquidation also permits a potential creditor to
present a claim to the liquidator in connection with his
administration of the liquidation process.
The Court is also satisfied that Singapore insolvency and
liquidation law "at least authorizes" that no court proceedings
move forward against Wayne Burt during the winding up process --
which the Court interprets as permitting the dismissal of the
instant case as the Plaintiffs do not assert that they acquired
Singaporean court authorization to bring it.
A full-text copy of the Opinion dated Nov. 30, 2022, is available
at https://tinyurl.com/yc54ek2w from Leagle.com.
WH INTERMEDIATE: S&P Places 'B-' ICR on CreditWatch Positive
------------------------------------------------------------
S&P Global Ratings placed all its ratings on WH Intermediate LLC
(d/b/a WHP Global; WHP), including its 'B-' issuer credit rating,
on CreditWatch with positive implications.
The CreditWatch placement indicates that S&P could affirm its
ratings or raise the ratings by one notch. S&P will resolve the
CreditWatch placement when it receives additional information about
the terms of the transaction that enable it to assess its financial
impact on the company.
WH Intermediate, a brand acquisition and development platform,
announced its investment in an intellectual property joint venture
with Express Inc. for $260 million to be funded with a combination
of an incremental term loan raise, revolver borrowings, balance
sheet cash, and equity from its existing owners. The final
combination and capital structure is to be determined.
S&P said, "We view WHP's partnership with Express as a
transformational step in its acquisitive growth strategy, providing
the company with a dedicated retail licensee operation that should
greatly expand its revenue base. Following the transaction, we
expect WHP's partnership with Express to provide the company with
access to a dedicated retail operating partner that it has been
lacking. The proposed acquisition will involve the transfer of
Express' intellectual property (IP) into a new IP joint venture
with an implied value of approximately $400 million that will be
60% owned by WHP and 40% by Express. WHP will also be making a
private investment in public equity (PIPE investment) to acquire
5.4 million newly issued shares of Express at $4.60 per share,
representing an approximate pro forma ownership of 7.4%. Express
will be remain public and own 100% of its operations. It will also
enter into an exclusive long-term license agreement with multiple
renewal options as part of the joint venture, allowing WHP to
receive guaranteed minimum royalties from Express that will
increase the company's scale, a key constraint for our existing
ratings. The transaction will also create new opportunities to
further grow royalty revenue via new global geographic licenses
thanks to Express' large retail footprint of stores. We expect cash
earnings in the venture to be distributed quarterly to both parties
on a pro rata basis.
"We expect WHP will fund the transaction with a combination of
debt, cash, and equity, but the final capital structure has not
been determined. We believe the impact to its credit metrics will
largely be offset by enough incremental EBITDA from its higher
royalty revenues, effectively remaining relatively leverage-neutral
to its S&P Global Ratings-adjusted pro forma leverage of 5.2x for
the 12 months ended Sept. 30, 2022. We expect the acquisition, will
increase WHP's size and scale while maintaining leverage below
6.5x, our current upgrade threshold. We expect WHP will continue to
manage leverage over 5x given the company's financial sponsor
ownership and acquisitive growth strategy.
"Our existing ratings are constrained by one notch given the
company's limited operating track record of growing brands and
uncertainty of our prior forecast due to the company's highly
acquisitive and aggressive growth strategy. The company's largest
brand is Toys 'R' Us, and the company has successfully executed on
its partnership with Macy's over the last year. We believe the
acquisition of Express can grow its brands and give it additional
scale.
"We expect to resolve the CreditWatch placement once we receive
additional information regarding the sources and uses to fund the
transaction (and the pro forma capital structure), have performed
due diligence on Express' impact to the company's scale, and have
reviewed the terms of the new retail operating entity. Upon
resolution of the CreditWatch we could affirm our ratings or raise
them (including the issuer credit rating) up to one notch."
ESG credit indicators: E-2, S-2, G-3
WINC INC: Court OKs Cash Collateral Access, $2MM DIP Loan
---------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
Winc, Inc. and affiliates to use cash collateral and obtain
postpetition financing, on an interim basis.
The Debtors sought to obtain obtain secured postpetition financing
from Project Crush Acquisition Corp LLC on a pari passu basis with
the Prepetition Secured Party pursuant to the terms and conditions
of the Superpriority Secured Debtor-in-Possession Credit Facility
Term Sheet, dated as of December 6, 2022 in the aggregate principal
amount of up to $5 million of which $2 million will be available
pursuant to the Interim Order.
The Debtors are party to a credit agreement dated December 15, 2022
by and among Winc, Inc. and BWSC, LLC, as borrowers, and Banc of
California, N.A., as successor-by-merger to Pacific Mercantile
Bank.
To secure the Prepetition Senior Obligations, the Debtors granted
to the Prepetition Secured Party first priority liens upon and
senior security interests in substantially all of the Debtors'
property and assets as more particularly set forth in the security
documents and instruments, including but not limited to the
Security Agreement, dated as of December 15, 2020, by Winc, Inc.
and BWSC, LLC as grantors, in favor of the Prepetition Secured
Party.
As of the Petition Date, the Debtors' Prepetition Senior
Obligations is not less than $3.4 million.
The term of the Interim Order and the DIP Loan Documents will
expire, and the DIP Facility made pursuant to the Interim Order and
the DIP Loan Documents will mature, and together with all interest
thereon and any other obligations accruing under the DIP Loan
Documents, will become due and payable, and the Debtors' authority
to use cash collateral will terminate, on the date that is the
earliest of:
a) 28 days after the Petition Date if a Final DIP Order has
not been entered prior to such date;
b) January 20, 2023;
c) the date of consummation of a sale of all or substantially
all of the assets of the Debtors pursuant to section 363 of the
Bankruptcy Code;
d) the occurrence of the effective date of any confirmed plan
of reorganization in the Chapter 11 Cases;
or
e) termination of the DIP Facility by the DIP Lender or the
Prepetition Secured Party's consent for the Debtors to the use of
cash collateral following the occurrence of an Event of Default.
To secure the DIP Obligations and other obligations of the Debtors
under the DIP Facility and DIP Loan Documents, the DIP Lender is
granted for the benefit of itself, pursuant to and in accordance
with sections 361, 362, 364(c)(2), 364(c)(3), and 364(d) of the
Bankruptcy Code, subject to the Carve Out at all times, valid,
enforceable, and fully perfected:
i. first priority liens, pari passu in all respects with any
valid, perfected and unavoidable liens of the Prepetition Secured
Party (including the Adequate Protection Liens), on all property of
the Debtors' estates in these Chapter 11 Cases that is not subject
to valid, perfect, and non-avoidable liens as of the Petition Date
ii. junior liens, pari passu in all respects with any valid,
perfected and unavoidable liens of the Prepetition Secured Party,
on all property of the Debtors' estates in these Chapter 11 Cases,
that is subject to valid, perfected, and non-avoidable liens in
existence as of the Petition Date and
iii. first priority, senior liens, pari passu in all respects
with any valid, perfected and unavoidable liens of the Prepetition
Secured Party on all of the property of the Debtors' estates.
The DIP Lender is also granted an allowed superpriority
administrative expense claim, which claim will be pari passu with
the Adequate Protection Superpriority Claim and the Prepetition
Senior Obligations, pursuant to section 364(c)(1) of the Bankruptcy
Code in each of the Chapter 11 Cases and in any successor case(s)
under the Bankruptcy Code.
The final hearing on the matter is set for December 22, 2022 at 10
a.m.
A copy of the order is available at https://bit.ly/3Y7yfYB from
PacerMonitor.com.
A copy of the budget is available at https://bit.ly/3h7Jtfb from
PacerMonitor.com.
The budget provides for total disbursements, on a weekly basis, as
follows:
$2,562,000 for the week ending December 9, 2022;
$1,414,000 for the week ending December 16, 2022;
$907,000 for the week ending December 23, 2022;
$956,000 for the week ending December 30, 2022;
$1,685,000 for the week ending January 6, 2023;
$1,199,000 for the week ending January 13, 2022; and
$1,001,000 for the week ending January 20, 2022.
About Winc, Inc.
Winc, Inc. develops, produces and sells alcoholic beverages through
wholesale and direct to consumer business channels in conjunction
with winemakers, vineyards, distillers, and manufacturers, both
domestically and internationally. Its products are available at
retailers and restaurants throughout the United States.
Winc, Inc. and its affiliates sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. Del Lead Case No. 22-11238) on
November 30, 2022. In the petition signed by Brian Smith, interim
chief executive officer and president. The Debtor disclosed up to
$50,318,000 in assets and up to $36,751,000 in liabilities.
Laurie Selber Silverstein oversees the case.
Young Conaway Stargatt & Taylor LLP is the Debtor's restructuring &
bankruptcy counsel. RPA Advisors LLC is the Debtors' financial
advisor. Canaccord Genuity Group Inc. is the Debtor's investment
banker. Epiq Corporate Restructuring LLC is Debtors' notice,
claims, solicitation & balloting agent.
WOUAFF WOUAFF: Unsecureds to Recover 100% in 60 Months
------------------------------------------------------
Wouaff Wouaff, LLC, submitted a Plan of Reorganization dated Nov.
30, 2022.
The Plan Proponent's financial projections show that the Debtor
will have projected disposable income (as defined by section
1191(d) of the Bankruptcy Code) for the period described in s
1191(c)(2) of $1,243,333.
The final Plan payment is expected to be paid on December 1, 2027.
The 12-month projected revenue in post-confirmation is
conservatively estimated based on past performance of the Debtor.
The Debtor's gross revenues for 12 months following confirmation is
expected to be $1,533,000, which is in line with the performance of
the Debtor in recent months.
The total net income following Confirmation are projected to be
$225,051 to $280,407 by the end of the fifth year of the Plan.
Naturally, as revenues increase there will be an increase of cost
of sales the projections consider variable costs along with fixed
costs. The projections also take into consideration Chapter 11
administrative expenses as well as ongoing professional fees for
continued support of attorneys and accountants. There are line
items for accounting and legal fees.
This Plan of Reorganization (the Plan) under chapter 11 of the
Bankruptcy Code (the Code) proposes to pay creditors of Wouaff
Wouaff, LLC from operations, or future income.
Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately 100 cents on the dollar. This Plan also provides
for the payment of administrative and priority claims.
Under the Plan, Class 6 Non-priority Unsecured Claims consisting of
PNC Bank (Claim #7); Wells Fargo Bank (Claims #1 and #3); American
Express (Claim #5); Ford Harrison (Claim #13), Balboa Capital (no
claim filed) and Capital One (no claim filed). This class will be
provided promissory notes for 100% of their allowed claims payable
over 60 months in monthly payments starting the 15th of each month
following the effective date of the Plan. These claims will be paid
100% of their claim over 60 months without interest in accordance
with the attached payment schedule. Class 6 is impaired.
Post-confirmation, all Plan payments will be funded by the Debtor's
cash flow.
Attorney for the Debtor:
Marshall G. Reissman, Esq.
THE REISSMAN LAW GROUP, P.A.
1700 66th St. N., Suite 405
St. Petersburg, FL 33710
Telephone: (727) 322-1999
Facsimile: (727) 327-7999
A copy of the Plan of Reorganization dated Nov. 30, 2022, is
available at https://bit.ly/3gXdFJK from PacerMonitor.com.
About Wouaff Wouaff
Wouaff Wouaff, LLC, sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 8:22-bk-01595) on April
21, 2022, with up to $50,000 in assets and up to $500 million in
liabilities. Julian M. Mackenzie, managing member, signed the
petition.
Judge Michael G. Williamson oversees the case.
Marshall G. Reissman, Esq., at Reissman Law Group, P.A., is the
Debtor's counsel.
YAK ACCESS: $180M Bank Debt Trades at 86% Discount
--------------------------------------------------
Participations in a syndicated loan under which Yak Access LLC is a
borrower were trading in the secondary market around 13.7
cents-on-the-dollar during the week ended Friday, December 9, 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 amount is fully drawn and
outstanding.
Yak Access LLC provides construction services. The Company offers
matting solutions, installation and removal of temporary roads,
construction of permanent access roads, and civil services.
YAK ACCESS: $680M Bank Debt Trades at 58% Discount
--------------------------------------------------
Participations in a syndicated loan under which Yak Access LLC is a
borrower were trading in the secondary market around 42.5
cents-on-the-dollar during the week ended Friday, December 9, 2022,
according to Bloomberg's Evaluated Pricing service data.
The US$680 million facility is a Term loan. The loan is scheduled
to mature on July 11, 2025. About US$561 million of the loan is
withdrawn and outstanding.
Yak Access, A Platinum Equity Portfolio Company, provides temporary
roadway solutions to remote construction sites, primarily serving
the powerline, oil and gas pipeline, industrials, and renewables
sectors in the United States.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- -------
7GC & CO HOLD-A VII US 231.4 (10.3) (2.2)
7GC & CO HOLDING VIIAU US 231.4 (10.3) (2.2)
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 75.8 (9.8) 56.7
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 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
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 458.2 (35.3) (48.9)
AMPLIFY ENERGY C 2OQ GR 458.2 (35.3) (48.9)
AMPLIFY ENERGY C MPO2EUR EU 458.2 (35.3) (48.9)
AMPLIFY ENERGY C 2OQ TH 458.2 (35.3) (48.9)
AMPLIFY ENERGY C 2OQ GZ 458.2 (35.3) (48.9)
AMPLIFY ENERGY C 2OQ QT 458.2 (35.3) (48.9)
AMYRIS INC AMRS* MM 754.1 (404.8) (36.8)
AMYRIS INC A2MR34 BZ 754.1 (404.8) (36.8)
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
ARENA GROUP HOLD AREN US 167.6 (31.2) (43.0)
ASHFORD HOSPITAL AHD GR 3,971.7 (68.8) -
ASHFORD HOSPITAL AHT US 3,971.7 (68.8) -
ASHFORD HOSPITAL AHT1EUR EU 3,971.7 (68.8) -
ASHFORD HOSPITAL AHD TH 3,971.7 (68.8) -
ATLAS TECHNICAL ATCX US 528.8 (125.1) 98.7
AUTOZONE INC AZO US 15,315.9 (3,538.9) (2,075.9)
AUTOZONE INC AZ5 TH 15,315.9 (3,538.9) (2,075.9)
AUTOZONE INC AZ5 GR 15,315.9 (3,538.9) (2,075.9)
AUTOZONE INC AZOEUR EU 15,315.9 (3,538.9) (2,075.9)
AUTOZONE INC AZ5 QT 15,315.9 (3,538.9) (2,075.9)
AUTOZONE INC AZO AV 15,315.9 (3,538.9) (2,075.9)
AUTOZONE INC AZ5 TE 15,315.9 (3,538.9) (2,075.9)
AUTOZONE INC AZO* MM 15,315.9 (3,538.9) (2,075.9)
AUTOZONE INC AZOEUR EZ 15,315.9 (3,538.9) (2,075.9)
AUTOZONE INC AZ5 GZ 15,315.9 (3,538.9) (2,075.9)
AUTOZONE INC AZO-RM RM 15,315.9 (3,538.9) (2,075.9)
AUTOZONE INC-BDR AZOI34 BZ 15,315.9 (3,538.9) (2,075.9)
AVID TECHNOLOGY AVID US 237.5 (141.4) (22.4)
AVID TECHNOLOGY AVD GR 237.5 (141.4) (22.4)
AVID TECHNOLOGY AVD TH 237.5 (141.4) (22.4)
AVID TECHNOLOGY AVD GZ 237.5 (141.4) (22.4)
AVIS BUD-CEDEAR CAR AR 25,197.0 (507.0) (770.0)
AVIS BUDGET GROU CUCA GR 25,197.0 (507.0) (770.0)
AVIS BUDGET GROU CAR US 25,197.0 (507.0) (770.0)
AVIS BUDGET GROU CUCA QT 25,197.0 (507.0) (770.0)
AVIS BUDGET GROU CAR2EUR EU 25,197.0 (507.0) (770.0)
AVIS BUDGET GROU CAR* MM 25,197.0 (507.0) (770.0)
AVIS BUDGET GROU CAR2EUR EZ 25,197.0 (507.0) (770.0)
AVIS BUDGET GROU CUCA TH 25,197.0 (507.0) (770.0)
AVIS BUDGET GROU CUCA GZ 25,197.0 (507.0) (770.0)
BABCOCK & WILCOX BW US 881.6 (17.1) 179.1
BABCOCK & WILCOX UBW1 GR 881.6 (17.1) 179.1
BABCOCK & WILCOX BWEUR EU 881.6 (17.1) 179.1
BATH & BODY WORK LTD0 GR 5,133.0 (2,608.0) 496.0
BATH & BODY WORK LTD0 TH 5,133.0 (2,608.0) 496.0
BATH & BODY WORK BBWI US 5,133.0 (2,608.0) 496.0
BATH & BODY WORK LBEUR EU 5,133.0 (2,608.0) 496.0
BATH & BODY WORK BBWI* MM 5,133.0 (2,608.0) 496.0
BATH & BODY WORK LTD0 QT 5,133.0 (2,608.0) 496.0
BATH & BODY WORK BBWI AV 5,133.0 (2,608.0) 496.0
BATH & BODY WORK LBEUR EZ 5,133.0 (2,608.0) 496.0
BATH & BODY WORK LTD0 GZ 5,133.0 (2,608.0) 496.0
BATH & BODY WORK BBWI-RM RM 5,133.0 (2,608.0) 496.0
BATTERY FUTURE A BFAC/U US 354.9 350.4 0.2
BATTERY FUTURE-A BFAC US 354.9 350.4 0.2
BED BATH &BEYOND BBBY US 4,666.6 (577.7) 75.7
BED BATH &BEYOND BBBY* MM 4,666.6 (577.7) 75.7
BED BATH &BEYOND BBBY SW 4,666.6 (577.7) 75.7
BED BATH &BEYOND BBY QT 4,666.6 (577.7) 75.7
BED BATH &BEYOND BBBYEUR EU 4,666.6 (577.7) 75.7
BED BATH &BEYOND BBBYEUR EZ 4,666.6 (577.7) 75.7
BED BATH &BEYOND BBBY-RM RM 4,666.6 (577.7) 75.7
BELLRING BRANDS BRBR US 707.2 (376.2) 277.8
BELLRING BRANDS D51 TH 707.2 (376.2) 277.8
BELLRING BRANDS BRBR2EUR EU 707.2 (376.2) 277.8
BELLRING BRANDS D51 GR 707.2 (376.2) 277.8
BELLRING BRANDS D51 QT 707.2 (376.2) 277.8
BENEFITFOCUS INC BNFT US 233.7 (24.9) 30.0
BENEFITFOCUS INC BTF GR 233.7 (24.9) 30.0
BENEFITFOCUS INC BNFTEUR EU 233.7 (24.9) 30.0
BEYOND MEAT INC BYND US 1,141.3 (142.0) 605.3
BEYOND MEAT INC 0Q3 GR 1,141.3 (142.0) 605.3
BEYOND MEAT INC 0Q3 GZ 1,141.3 (142.0) 605.3
BEYOND MEAT INC BYNDEUR EU 1,141.3 (142.0) 605.3
BEYOND MEAT INC 0Q3 TH 1,141.3 (142.0) 605.3
BEYOND MEAT INC 0Q3 QT 1,141.3 (142.0) 605.3
BEYOND MEAT INC BYND AV 1,141.3 (142.0) 605.3
BEYOND MEAT INC 0Q3 SW 1,141.3 (142.0) 605.3
BEYOND MEAT INC 0A20 LI 1,141.3 (142.0) 605.3
BEYOND MEAT INC BYNDEUR EZ 1,141.3 (142.0) 605.3
BEYOND MEAT INC 0Q3 TE 1,141.3 (142.0) 605.3
BEYOND MEAT INC BYND* MM 1,141.3 (142.0) 605.3
BEYOND MEAT INC B2YN34 BZ 1,141.3 (142.0) 605.3
BEYOND MEAT INC BYND-RM RM 1,141.3 (142.0) 605.3
BIOCRYST PHARM BO1 TH 558.6 (242.7) 427.4
BIOCRYST PHARM BCRX US 558.6 (242.7) 427.4
BIOCRYST PHARM BO1 GR 558.6 (242.7) 427.4
BIOCRYST PHARM BO1 QT 558.6 (242.7) 427.4
BIOCRYST PHARM BCRXEUR EU 558.6 (242.7) 427.4
BIOCRYST PHARM BO1 SW 558.6 (242.7) 427.4
BIOCRYST PHARM BCRX* MM 558.6 (242.7) 427.4
BIOCRYST PHARM BCRXEUR EZ 558.6 (242.7) 427.4
BIOTE CORP-A BTMD US 109.6 (109.9) 78.4
BLACK MOUNTAIN A BMAC/U US 283.4 (9.5) 0.0
BLACK MOUNTAIN-A BMAC US 283.4 (9.5) 0.0
BOEING CO-BDR BOEI34 BZ 137,558.0 (17,635.0) 19,633.0
BOEING CO-CED BA AR 137,558.0 (17,635.0) 19,633.0
BOEING CO-CED BAD AR 137,558.0 (17,635.0) 19,633.0
BOEING CO/THE BA EU 137,558.0 (17,635.0) 19,633.0
BOEING CO/THE BCO GR 137,558.0 (17,635.0) 19,633.0
BOEING CO/THE BAEUR EU 137,558.0 (17,635.0) 19,633.0
BOEING CO/THE BA TE 137,558.0 (17,635.0) 19,633.0
BOEING CO/THE BA* MM 137,558.0 (17,635.0) 19,633.0
BOEING CO/THE BA SW 137,558.0 (17,635.0) 19,633.0
BOEING CO/THE BOEI BB 137,558.0 (17,635.0) 19,633.0
BOEING CO/THE BA US 137,558.0 (17,635.0) 19,633.0
BOEING CO/THE BCO TH 137,558.0 (17,635.0) 19,633.0
BOEING CO/THE BA PE 137,558.0 (17,635.0) 19,633.0
BOEING CO/THE BOE LN 137,558.0 (17,635.0) 19,633.0
BOEING CO/THE BA CI 137,558.0 (17,635.0) 19,633.0
BOEING CO/THE BCO QT 137,558.0 (17,635.0) 19,633.0
BOEING CO/THE BAUSD SW 137,558.0 (17,635.0) 19,633.0
BOEING CO/THE BCO GZ 137,558.0 (17,635.0) 19,633.0
BOEING CO/THE BA AV 137,558.0 (17,635.0) 19,633.0
BOEING CO/THE BA-RM RM 137,558.0 (17,635.0) 19,633.0
BOEING CO/THE BAEUR EZ 137,558.0 (17,635.0) 19,633.0
BOEING CO/THE BA EZ 137,558.0 (17,635.0) 19,633.0
BOEING CO/THE BACL CI 137,558.0 (17,635.0) 19,633.0
BOEING CO/THE BA_KZ KZ 137,558.0 (17,635.0) 19,633.0
BOMBARDIER INC-A BBD/A CN 12,468.0 (3,289.0) 585.0
BOMBARDIER INC-A BDRAF US 12,468.0 (3,289.0) 585.0
BOMBARDIER INC-A BBD GR 12,468.0 (3,289.0) 585.0
BOMBARDIER INC-A BBD/AEUR EU 12,468.0 (3,289.0) 585.0
BOMBARDIER INC-A BBD GZ 12,468.0 (3,289.0) 585.0
BOMBARDIER INC-B BBD/B CN 12,468.0 (3,289.0) 585.0
BOMBARDIER INC-B BBDC GR 12,468.0 (3,289.0) 585.0
BOMBARDIER INC-B BDRBF US 12,468.0 (3,289.0) 585.0
BOMBARDIER INC-B BBDC TH 12,468.0 (3,289.0) 585.0
BOMBARDIER INC-B BBDBN MM 12,468.0 (3,289.0) 585.0
BOMBARDIER INC-B BBD/BEUR EU 12,468.0 (3,289.0) 585.0
BOMBARDIER INC-B BBDC GZ 12,468.0 (3,289.0) 585.0
BOMBARDIER INC-B BBD/BEUR EZ 12,468.0 (3,289.0) 585.0
BOMBARDIER INC-B BBDC QT 12,468.0 (3,289.0) 585.0
BOX INC- CLASS A BOX US 1,056.4 (78.2) 59.1
BOX INC- CLASS A 3BX GR 1,056.4 (78.2) 59.1
BOX INC- CLASS A 3BX TH 1,056.4 (78.2) 59.1
BOX INC- CLASS A 3BX QT 1,056.4 (78.2) 59.1
BOX INC- CLASS A BOXEUR EU 1,056.4 (78.2) 59.1
BOX INC- CLASS A BOXEUR EZ 1,056.4 (78.2) 59.1
BOX INC- CLASS A 3BX GZ 1,056.4 (78.2) 59.1
BOX INC- CLASS A BOX-RM RM 1,056.4 (78.2) 59.1
BRIDGEBIO PHARMA BBIO US 728.7 (1,130.4) 523.0
BRIDGEBIO PHARMA 2CL GR 728.7 (1,130.4) 523.0
BRIDGEBIO PHARMA 2CL GZ 728.7 (1,130.4) 523.0
BRIDGEBIO PHARMA BBIOEUR EU 728.7 (1,130.4) 523.0
BRIDGEBIO PHARMA 2CL TH 728.7 (1,130.4) 523.0
BRIGHTSPHERE INV BSIG US 474.7 (55.1) -
BRIGHTSPHERE INV 2B9 GR 474.7 (55.1) -
BRIGHTSPHERE INV BSIGEUR EU 474.7 (55.1) -
BRIGHTSPHERE INV 2B9 GZ 474.7 (55.1) -
BRINKER INTL EAT US 2,493.8 (296.6) (363.8)
BRINKER INTL BKJ GR 2,493.8 (296.6) (363.8)
BRINKER INTL BKJ QT 2,493.8 (296.6) (363.8)
BRINKER INTL EAT2EUR EU 2,493.8 (296.6) (363.8)
BRINKER INTL BKJ TH 2,493.8 (296.6) (363.8)
BROOKFIELD INF-A BIPC CN 10,034.0 (1,078.0) (4,698.0)
BROOKFIELD INF-A BIPC US 10,034.0 (1,078.0) (4,698.0)
CALUMET SPECIALT CLMT US 2,568.7 (265.4) (536.5)
CARDINAL HEA BDR C1AH34 BZ 43,387.0 (1,780.0) 1,137.0
CARDINAL HEALTH CAH US 43,387.0 (1,780.0) 1,137.0
CARDINAL HEALTH CLH GR 43,387.0 (1,780.0) 1,137.0
CARDINAL HEALTH CLH TH 43,387.0 (1,780.0) 1,137.0
CARDINAL HEALTH CLH QT 43,387.0 (1,780.0) 1,137.0
CARDINAL HEALTH CAHEUR EU 43,387.0 (1,780.0) 1,137.0
CARDINAL HEALTH CLH GZ 43,387.0 (1,780.0) 1,137.0
CARDINAL HEALTH CAH* MM 43,387.0 (1,780.0) 1,137.0
CARDINAL HEALTH CAHEUR EZ 43,387.0 (1,780.0) 1,137.0
CARDINAL HEALTH CAH-RM RM 43,387.0 (1,780.0) 1,137.0
CARDINAL-CEDEAR CAH AR 43,387.0 (1,780.0) 1,137.0
CARDINAL-CEDEAR CAHC AR 43,387.0 (1,780.0) 1,137.0
CARDINAL-CEDEAR CAHD AR 43,387.0 (1,780.0) 1,137.0
CEDAR FAIR LP FUN US 2,414.5 (470.8) (22.5)
CENTRUS ENERGY-A LEU US 618.2 (100.3) 111.0
CENTRUS ENERGY-A 4CU TH 618.2 (100.3) 111.0
CENTRUS ENERGY-A 4CU GR 618.2 (100.3) 111.0
CENTRUS ENERGY-A LEUEUR EU 618.2 (100.3) 111.0
CENTRUS ENERGY-A 4CU GZ 618.2 (100.3) 111.0
CENTRUS ENERGY-A 4CU QT 618.2 (100.3) 111.0
CHENIERE ENERGY LNG US 43,642.0 (4,330.0) (2,169.0)
CHENIERE ENERGY CHQ1 GR 43,642.0 (4,330.0) (2,169.0)
CHENIERE ENERGY CQP US 20,500.0 (3,884.0) (1,210.0)
CHENIERE ENERGY CHQ1 TH 43,642.0 (4,330.0) (2,169.0)
CHENIERE ENERGY CHQ1 QT 43,642.0 (4,330.0) (2,169.0)
CHENIERE ENERGY LNG2EUR EU 43,642.0 (4,330.0) (2,169.0)
CHENIERE ENERGY LNG* MM 43,642.0 (4,330.0) (2,169.0)
CHENIERE ENERGY CHQ1 SW 43,642.0 (4,330.0) (2,169.0)
CHENIERE ENERGY LNG2EUR EZ 43,642.0 (4,330.0) (2,169.0)
CHENIERE ENERGY CHQ1 GZ 43,642.0 (4,330.0) (2,169.0)
CINEPLEX INC CGX CN 2,089.7 (222.0) (293.3)
CINEPLEX INC CX0 GR 2,089.7 (222.0) (293.3)
CINEPLEX INC CPXGF US 2,089.7 (222.0) (293.3)
CINEPLEX INC CX0 TH 2,089.7 (222.0) (293.3)
CINEPLEX INC CGXEUR EU 2,089.7 (222.0) (293.3)
CINEPLEX INC CGXN MM 2,089.7 (222.0) (293.3)
CINEPLEX INC CX0 GZ 2,089.7 (222.0) (293.3)
COGENT COMMUNICA CCOI US 1,020.7 (491.8) 291.9
COGENT COMMUNICA OGM1 GR 1,020.7 (491.8) 291.9
COGENT COMMUNICA CCOIEUR EU 1,020.7 (491.8) 291.9
COGENT COMMUNICA CCOI* MM 1,020.7 (491.8) 291.9
COHERUS BIOSCIEN CHRS US 550.9 (97.1) 277.0
COHERUS BIOSCIEN 8C5 GR 550.9 (97.1) 277.0
COHERUS BIOSCIEN 8C5 TH 550.9 (97.1) 277.0
COHERUS BIOSCIEN CHRSEUR EU 550.9 (97.1) 277.0
COHERUS BIOSCIEN 8C5 QT 550.9 (97.1) 277.0
COHERUS BIOSCIEN CHRSEUR EZ 550.9 (97.1) 277.0
COHERUS BIOSCIEN 8C5 GZ 550.9 (97.1) 277.0
COMMUNITY HEALTH CYH US 14,914.0 (1,178.0) 886.0
COMMUNITY HEALTH CG5 GR 14,914.0 (1,178.0) 886.0
COMMUNITY HEALTH CG5 TH 14,914.0 (1,178.0) 886.0
COMMUNITY HEALTH CG5 QT 14,914.0 (1,178.0) 886.0
COMMUNITY HEALTH CYH1EUR EU 14,914.0 (1,178.0) 886.0
COMMUNITY HEALTH CG5 GZ 14,914.0 (1,178.0) 886.0
COMPOSECURE INC CMPO US 169.8 (324.8) 36.2
CONSENSUS CLOUD CCSI US 627.4 (289.7) 43.7
CPI CARD GROUP I PMTS US 305.0 (94.3) 112.7
CPI CARD GROUP I CPB1 GR 305.0 (94.3) 112.7
CPI CARD GROUP I PMTSEUR EU 305.0 (94.3) 112.7
CTI BIOPHARMA CO CEPS QT 123.5 (16.8) 77.6
CTI BIOPHARMA CO CTIC US 123.5 (16.8) 77.6
CTI BIOPHARMA CO CEPS GR 123.5 (16.8) 77.6
CTI BIOPHARMA CO CTIC1EUR EZ 123.5 (16.8) 77.6
CTI BIOPHARMA CO CTIC1EUR EU 123.5 (16.8) 77.6
CTI BIOPHARMA CO CEPS TH 123.5 (16.8) 77.6
CYTOKINETICS INC CYTK US 1,076.0 (16.0) 807.8
CYTOKINETICS INC KK3A GR 1,076.0 (16.0) 807.8
CYTOKINETICS INC KK3A QT 1,076.0 (16.0) 807.8
CYTOKINETICS INC CYTKEUR EU 1,076.0 (16.0) 807.8
CYTOKINETICS INC KK3A TH 1,076.0 (16.0) 807.8
DELEK LOGISTICS DKL US 1,638.2 (114.3) (192.7)
DELL TECHN-C DELL US 85,172.0 (3,368.0) (13,220.0)
DELL TECHN-C 12DA TH 85,172.0 (3,368.0) (13,220.0)
DELL TECHN-C 12DA GR 85,172.0 (3,368.0) (13,220.0)
DELL TECHN-C 12DA GZ 85,172.0 (3,368.0) (13,220.0)
DELL TECHN-C DELL1EUR EU 85,172.0 (3,368.0) (13,220.0)
DELL TECHN-C DELLC* MM 85,172.0 (3,368.0) (13,220.0)
DELL TECHN-C 12DA QT 85,172.0 (3,368.0) (13,220.0)
DELL TECHN-C DELL AV 85,172.0 (3,368.0) (13,220.0)
DELL TECHN-C DELL1EUR EZ 85,172.0 (3,368.0) (13,220.0)
DELL TECHN-C DELL-RM RM 85,172.0 (3,368.0) (13,220.0)
DELL TECHN-C-BDR D1EL34 BZ 85,172.0 (3,368.0) (13,220.0)
DENNY'S CORP DE8 GR 497.7 (44.6) (42.3)
DENNY'S CORP DENN US 497.7 (44.6) (42.3)
DENNY'S CORP DENNEUR EU 497.7 (44.6) (42.3)
DENNY'S CORP DE8 TH 497.7 (44.6) (42.3)
DENNY'S CORP DE8 GZ 497.7 (44.6) (42.3)
DIEBOLD NIXDORF DBD SW 2,907.4 (1,317.7) (2,223.6)
DINE BRANDS GLOB DIN US 1,972.0 (301.6) 126.7
DINE BRANDS GLOB IHP GR 1,972.0 (301.6) 126.7
DINE BRANDS GLOB IHP TH 1,972.0 (301.6) 126.7
DINE BRANDS GLOB IHP GZ 1,972.0 (301.6) 126.7
DIVERSIFIED ENER DEC LN - - -
DIVERSIFIED ENER DGOCGBX EU - - -
DIVERSIFIED ENER DECL PO - - -
DIVERSIFIED ENER DECL L3 - - -
DIVERSIFIED ENER DECL B3 - - -
DIVERSIFIED ENER DECL TQ - - -
DIVERSIFIED ENER DGOCGBX EP - - -
DIVERSIFIED ENER DGOCGBX EZ - - -
DIVERSIFIED ENER DECL IX - - -
DIVERSIFIED ENER DECL EB - - -
DIVERSIFIED ENER DECL QX - - -
DIVERSIFIED ENER DECL BQ - - -
DIVERSIFIED ENER DECL S1 - - -
DOMINO'S P - BDR D2PZ34 BZ 1,646.4 (4,316.5) 247.7
DOMINO'S PIZZA EZV TH 1,646.4 (4,316.5) 247.7
DOMINO'S PIZZA EZV GR 1,646.4 (4,316.5) 247.7
DOMINO'S PIZZA DPZ US 1,646.4 (4,316.5) 247.7
DOMINO'S PIZZA EZV QT 1,646.4 (4,316.5) 247.7
DOMINO'S PIZZA DPZEUR EU 1,646.4 (4,316.5) 247.7
DOMINO'S PIZZA DPZ AV 1,646.4 (4,316.5) 247.7
DOMINO'S PIZZA DPZ* MM 1,646.4 (4,316.5) 247.7
DOMINO'S PIZZA EZV GZ 1,646.4 (4,316.5) 247.7
DOMINO'S PIZZA DPZEUR EZ 1,646.4 (4,316.5) 247.7
DOMINO'S PIZZA DPZ-RM RM 1,646.4 (4,316.5) 247.7
DOMO INC- CL B DOMO US 217.3 (146.1) (78.7)
DOMO INC- CL B 1ON GR 217.3 (146.1) (78.7)
DOMO INC- CL B 1ON GZ 217.3 (146.1) (78.7)
DOMO INC- CL B DOMOEUR EU 217.3 (146.1) (78.7)
DOMO INC- CL B 1ON TH 217.3 (146.1) (78.7)
DROPBOX INC-A DBX US 2,702.8 (591.3) 423.3
DROPBOX INC-A 1Q5 GR 2,702.8 (591.3) 423.3
DROPBOX INC-A 1Q5 SW 2,702.8 (591.3) 423.3
DROPBOX INC-A 1Q5 TH 2,702.8 (591.3) 423.3
DROPBOX INC-A 1Q5 QT 2,702.8 (591.3) 423.3
DROPBOX INC-A DBXEUR EU 2,702.8 (591.3) 423.3
DROPBOX INC-A DBX AV 2,702.8 (591.3) 423.3
DROPBOX INC-A DBX* MM 2,702.8 (591.3) 423.3
DROPBOX INC-A DBXEUR EZ 2,702.8 (591.3) 423.3
DROPBOX INC-A 1Q5 GZ 2,702.8 (591.3) 423.3
DROPBOX INC-A DBX-RM RM 2,702.8 (591.3) 423.3
EMBECTA CORP EMBC US 1,049.8 (847.6) 352.1
EMBECTA CORP EMBC* MM 1,049.8 (847.6) 352.1
EMBECTA CORP JX7 GR 1,049.8 (847.6) 352.1
EMBECTA CORP JX7 QT 1,049.8 (847.6) 352.1
EMBECTA CORP EMBC1EUR EZ 1,049.8 (847.6) 352.1
EMBECTA CORP EMBC1EUR EU 1,049.8 (847.6) 352.1
EMBECTA CORP JX7 GZ 1,049.8 (847.6) 352.1
EMBECTA CORP JX7 TH 1,049.8 (847.6) 352.1
ESPERION THERAPE ESPR US 312.8 (294.1) 179.4
ESPERION THERAPE 0ET GR 312.8 (294.1) 179.4
ESPERION THERAPE 0ET TH 312.8 (294.1) 179.4
ESPERION THERAPE ESPREUR EU 312.8 (294.1) 179.4
ESPERION THERAPE 0ET QT 312.8 (294.1) 179.4
ESPERION THERAPE ESPREUR EZ 312.8 (294.1) 179.4
ESPERION THERAPE 0ET GZ 312.8 (294.1) 179.4
ETSY INC ETSY US 2,450.3 (606.2) 854.9
ETSY INC 3E2 GR 2,450.3 (606.2) 854.9
ETSY INC 3E2 TH 2,450.3 (606.2) 854.9
ETSY INC 3E2 QT 2,450.3 (606.2) 854.9
ETSY INC 2E2 GZ 2,450.3 (606.2) 854.9
ETSY INC 300 SW 2,450.3 (606.2) 854.9
ETSY INC ETSY AV 2,450.3 (606.2) 854.9
ETSY INC ETSYEUR EZ 2,450.3 (606.2) 854.9
ETSY INC ETSY* MM 2,450.3 (606.2) 854.9
ETSY INC ETSY-RM RM 2,450.3 (606.2) 854.9
ETSY INC - BDR E2TS34 BZ 2,450.3 (606.2) 854.9
ETSY INC - CEDEA ETSY AR 2,450.3 (606.2) 854.9
FAIR ISAAC - BDR F2IC34 BZ 1,442.0 (801.9) 153.3
FAIR ISAAC CORP FRI GR 1,442.0 (801.9) 153.3
FAIR ISAAC CORP FICO US 1,442.0 (801.9) 153.3
FAIR ISAAC CORP FICOEUR EU 1,442.0 (801.9) 153.3
FAIR ISAAC CORP FRI QT 1,442.0 (801.9) 153.3
FAIR ISAAC CORP FICOEUR EZ 1,442.0 (801.9) 153.3
FAIR ISAAC CORP FICO1* MM 1,442.0 (801.9) 153.3
FAIR ISAAC CORP FRI GZ 1,442.0 (801.9) 153.3
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
FORTINET INC FO8 QT 5,335.9 (622.8) 202.6
FORTINET INC FO8 SW 5,335.9 (622.8) 202.6
FORTINET INC FTNT* MM 5,335.9 (622.8) 202.6
FORTINET INC FTNTEUR EZ 5,335.9 (622.8) 202.6
FORTINET INC FO8 GZ 5,335.9 (622.8) 202.6
FORTINET INC FTNT-RM RM 5,335.9 (622.8) 202.6
FORTINET INC FTNT_KZ KZ 5,335.9 (622.8) 202.6
FORTINET INC-BDR F1TN34 BZ 5,335.9 (622.8) 202.6
GARTNER INC GGRA GR 6,526.0 (64.9) (1,105.6)
GARTNER INC IT US 6,526.0 (64.9) (1,105.6)
GARTNER INC GGRA GZ 6,526.0 (64.9) (1,105.6)
GARTNER INC GGRA TH 6,526.0 (64.9) (1,105.6)
GARTNER INC IT1EUR EU 6,526.0 (64.9) (1,105.6)
GARTNER INC GGRA QT 6,526.0 (64.9) (1,105.6)
GARTNER INC IT1EUR EZ 6,526.0 (64.9) (1,105.6)
GARTNER INC IT-RM RM 6,526.0 (64.9) (1,105.6)
GARTNER-BDR G1AR34 BZ 6,526.0 (64.9) (1,105.6)
GCM GROSVENOR-A GCMG US 549.1 (47.0) 158.0
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)
GODADDY INC-A 38D QT 7,072.9 (276.0) (705.7)
GODADDY INC-A GDDY* MM 7,072.9 (276.0) (705.7)
GODADDY INC-A 38D TH 7,072.9 (276.0) (705.7)
GODADDY INC-A 38D GZ 7,072.9 (276.0) (705.7)
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
GOGO INC G0G TH 728.6 (128.3) 212.5
GOGO INC GOGOEUR EZ 728.6 (128.3) 212.5
GOGO INC G0G GZ 728.6 (128.3) 212.5
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
GOOSEHEAD INSU-A 2OX TH 324.0 (45.7) 33.1
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)
H&R BLOCK INC HRB TH 2,559.2 (265.0) (65.8)
H&R BLOCK INC HRB QT 2,559.2 (265.0) (65.8)
H&R BLOCK INC HRBEUR EU 2,559.2 (265.0) (65.8)
H&R BLOCK INC HRBEUR EZ 2,559.2 (265.0) (65.8)
H&R BLOCK INC HRB GZ 2,559.2 (265.0) (65.8)
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
HCA HEALTHCARE I 2BH TH 51,484.0 (778.0) 3,697.0
HCA HEALTHCARE I 2BH QT 51,484.0 (778.0) 3,697.0
HCA HEALTHCARE I HCAEUR EU 51,484.0 (778.0) 3,697.0
HCA HEALTHCARE I HCA* MM 51,484.0 (778.0) 3,697.0
HCA HEALTHCARE I 2BH TE 51,484.0 (778.0) 3,697.0
HCA HEALTHCARE I HCAEUR EZ 51,484.0 (778.0) 3,697.0
HCA HEALTHCARE I 2BH GZ 51,484.0 (778.0) 3,697.0
HCA HEALTHCARE I HCA-RM RM 51,484.0 (778.0) 3,697.0
HCM ACQUISITI-A HCMA US 295.2 276.9 1.0
HCM ACQUISITION HCMAU US 295.2 276.9 1.0
HERBALIFE NUTRIT HOO GR 2,725.1 (1,361.9) 398.2
HERBALIFE NUTRIT HLF US 2,725.1 (1,361.9) 398.2
HERBALIFE NUTRIT HLFEUR EU 2,725.1 (1,361.9) 398.2
HERBALIFE NUTRIT HOO QT 2,725.1 (1,361.9) 398.2
HERBALIFE NUTRIT HOO GZ 2,725.1 (1,361.9) 398.2
HERBALIFE NUTRIT HOO SW 2,725.1 (1,361.9) 398.2
HERBALIFE NUTRIT HLFEUR EZ 2,725.1 (1,361.9) 398.2
HERBALIFE NUTRIT HOO TH 2,725.1 (1,361.9) 398.2
HEWLETT-CEDEAR HPQD AR 38,587.0 (2,918.0) (6,352.0)
HEWLETT-CEDEAR HPQC AR 38,587.0 (2,918.0) (6,352.0)
HEWLETT-CEDEAR HPQ AR 38,587.0 (2,918.0) (6,352.0)
HILLEVAX INC HLVX US 322.1 287.2 291.5
HILTON WORLD-BDR H1LT34 BZ 15,508.0 (914.0) (389.0)
HILTON WORLDWIDE HLT US 15,508.0 (914.0) (389.0)
HILTON WORLDWIDE HI91 TH 15,508.0 (914.0) (389.0)
HILTON WORLDWIDE HI91 GR 15,508.0 (914.0) (389.0)
HILTON WORLDWIDE HI91 QT 15,508.0 (914.0) (389.0)
HILTON WORLDWIDE HLTEUR EU 15,508.0 (914.0) (389.0)
HILTON WORLDWIDE HLT* MM 15,508.0 (914.0) (389.0)
HILTON WORLDWIDE HI91 TE 15,508.0 (914.0) (389.0)
HILTON WORLDWIDE HLTEUR EZ 15,508.0 (914.0) (389.0)
HILTON WORLDWIDE HLTW AV 15,508.0 (914.0) (389.0)
HILTON WORLDWIDE HI91 GZ 15,508.0 (914.0) (389.0)
HILTON WORLDWIDE HLT-RM RM 15,508.0 (914.0) (389.0)
HORIZON ACQUIS-A HZON US 528.3 (20.7) (4.5)
HORIZON ACQUISIT HZON/U US 528.3 (20.7) (4.5)
HP COMPANY-BDR HPQB34 BZ 38,587.0 (2,918.0) (6,352.0)
HP INC HPQ* MM 38,587.0 (2,918.0) (6,352.0)
HP INC HPQ US 38,587.0 (2,918.0) (6,352.0)
HP INC 7HP TH 38,587.0 (2,918.0) (6,352.0)
HP INC 7HP GR 38,587.0 (2,918.0) (6,352.0)
HP INC HPQ TE 38,587.0 (2,918.0) (6,352.0)
HP INC HPQ CI 38,587.0 (2,918.0) (6,352.0)
HP INC HPQ SW 38,587.0 (2,918.0) (6,352.0)
HP INC 7HP QT 38,587.0 (2,918.0) (6,352.0)
HP INC HPQUSD SW 38,587.0 (2,918.0) (6,352.0)
HP INC HPQEUR EU 38,587.0 (2,918.0) (6,352.0)
HP INC 7HP GZ 38,587.0 (2,918.0) (6,352.0)
HP INC HPQ AV 38,587.0 (2,918.0) (6,352.0)
HP INC HPQEUR EZ 38,587.0 (2,918.0) (6,352.0)
HP INC HPQ-RM RM 38,587.0 (2,918.0) (6,352.0)
HP INC HPQCL CI 38,587.0 (2,918.0) (6,352.0)
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
IMMUNITYBIO INC 26CA QT 352.9 (429.1) 72.3
INHIBRX INC INBX US 164.9 (35.1) 128.3
INHIBRX INC 1RK GR 164.9 (35.1) 128.3
INHIBRX INC 1RK TH 164.9 (35.1) 128.3
INHIBRX INC INBXEUR EU 164.9 (35.1) 128.3
INHIBRX INC 1RK QT 164.9 (35.1) 128.3
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
INSMED INC IM8N TH 994.8 (30.0) 494.5
INSMED INC INSMEUR EU 994.8 (30.0) 494.5
INSMED INC INSM* MM 994.8 (30.0) 494.5
INSPIRED ENTERTA INSE US 286.6 (50.6) 50.8
INSPIRED ENTERTA 4U8 GR 286.6 (50.6) 50.8
INSPIRED ENTERTA INSEEUR EU 286.6 (50.6) 50.8
J. JILL INC JILL US 489.4 (2.0) 35.9
J. JILL INC 1MJ1 GR 489.4 (2.0) 35.9
J. JILL INC JILLEUR EU 489.4 (2.0) 35.9
J. JILL INC 1MJ1 GZ 489.4 (2.0) 35.9
JACK IN THE BOX JBX GR 2,922.5 (736.2) (238.7)
JACK IN THE BOX JACK US 2,922.5 (736.2) (238.7)
JACK IN THE BOX JACK1EUR EU 2,922.5 (736.2) (238.7)
JACK IN THE BOX JBX GZ 2,922.5 (736.2) (238.7)
JACK IN THE BOX JBX QT 2,922.5 (736.2) (238.7)
JACK IN THE BOX JACK1EUR EZ 2,922.5 (736.2) (238.7)
KARYOPHARM THERA KPTI US 231.2 (140.3) 160.9
KARYOPHARM THERA 25K GR 231.2 (140.3) 160.9
KARYOPHARM THERA KPTIEUR EU 231.2 (140.3) 160.9
KARYOPHARM THERA 25K TH 231.2 (140.3) 160.9
KARYOPHARM THERA 25K GZ 231.2 (140.3) 160.9
KARYOPHARM THERA 25K QT 231.2 (140.3) 160.9
KLX ENERGY SERVI KLXE US 415.4 (69.3) 54.7
KLX ENERGY SERVI KLXEEUR EU 415.4 (69.3) 54.7
KLX ENERGY SERVI KX4A TH 415.4 (69.3) 54.7
KLX ENERGY SERVI KX4A GZ 415.4 (69.3) 54.7
L BRANDS INC-BDR B1BW34 BZ 5,133.0 (2,608.0) 496.0
LATAMGROWTH SPAC LATGU US 134.9 127.1 1.2
LATAMGROWTH SPAC LATG US 134.9 127.1 1.2
LENNOX INTL INC LXI GR 2,625.8 (305.2) 662.4
LENNOX INTL INC LII US 2,625.8 (305.2) 662.4
LENNOX INTL INC LII1EUR EU 2,625.8 (305.2) 662.4
LENNOX INTL INC LXI TH 2,625.8 (305.2) 662.4
LENNOX INTL INC LII* MM 2,625.8 (305.2) 662.4
LESLIE'S INC LESL US 1,109.6 (198.0) 194.4
LESLIE'S INC LE3 GR 1,109.6 (198.0) 194.4
LESLIE'S INC LESLEUR EU 1,109.6 (198.0) 194.4
LESLIE'S INC LE3 TH 1,109.6 (198.0) 194.4
LESLIE'S INC LE3 QT 1,109.6 (198.0) 194.4
LINDBLAD EXPEDIT LIND US 811.5 (55.1) (126.4)
LINDBLAD EXPEDIT LI4 GR 811.5 (55.1) (126.4)
LINDBLAD EXPEDIT LINDEUR EU 811.5 (55.1) (126.4)
LINDBLAD EXPEDIT LI4 TH 811.5 (55.1) (126.4)
LINDBLAD EXPEDIT LI4 QT 811.5 (55.1) (126.4)
LINDBLAD EXPEDIT LI4 GZ 811.5 (55.1) (126.4)
LOOP MEDIA INC LPTV US 18.1 (2.4) (1.6)
LOWE'S COS INC LWE GR 46,973.0 (12,868.0) 4,115.0
LOWE'S COS INC LOW US 46,973.0 (12,868.0) 4,115.0
LOWE'S COS INC LWE TH 46,973.0 (12,868.0) 4,115.0
LOWE'S COS INC LOW SW 46,973.0 (12,868.0) 4,115.0
LOWE'S COS INC LWE QT 46,973.0 (12,868.0) 4,115.0
LOWE'S COS INC LOWEUR EU 46,973.0 (12,868.0) 4,115.0
LOWE'S COS INC LWE GZ 46,973.0 (12,868.0) 4,115.0
LOWE'S COS INC LOW* MM 46,973.0 (12,868.0) 4,115.0
LOWE'S COS INC LWE TE 46,973.0 (12,868.0) 4,115.0
LOWE'S COS INC LOWE AV 46,973.0 (12,868.0) 4,115.0
LOWE'S COS INC LOWEUR EZ 46,973.0 (12,868.0) 4,115.0
LOWE'S COS INC LOW-RM RM 46,973.0 (12,868.0) 4,115.0
LOWE'S COS-BDR LOWC34 BZ 46,973.0 (12,868.0) 4,115.0
MADISON SQUARE G MSGS US 1,345.9 (171.9) (302.1)
MADISON SQUARE G MS8 GR 1,345.9 (171.9) (302.1)
MADISON SQUARE G MSG1EUR EU 1,345.9 (171.9) (302.1)
MADISON SQUARE G MS8 TH 1,345.9 (171.9) (302.1)
MADISON SQUARE G MS8 QT 1,345.9 (171.9) (302.1)
MADISON SQUARE G MS8 GZ 1,345.9 (171.9) (302.1)
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
MANNKIND CORP NNFN QT 293.8 (237.7) 158.8
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 435.2 (328.0) (119.1)
MASCO CORP MAS US 5,417.0 (416.0) 1,040.0
MASCO CORP MSQ GR 5,417.0 (416.0) 1,040.0
MASCO CORP MSQ TH 5,417.0 (416.0) 1,040.0
MASCO CORP MAS* MM 5,417.0 (416.0) 1,040.0
MASCO CORP MSQ QT 5,417.0 (416.0) 1,040.0
MASCO CORP MAS1EUR EU 5,417.0 (416.0) 1,040.0
MASCO CORP MSQ GZ 5,417.0 (416.0) 1,040.0
MASCO CORP MAS1EUR EZ 5,417.0 (416.0) 1,040.0
MASCO CORP MAS-RM RM 5,417.0 (416.0) 1,040.0
MASCO CORP-BDR M1AS34 BZ 5,417.0 (416.0) 1,040.0
MASON INDUS-CL A MIT US 503.2 (18.3) (0.2)
MASON INDUSTRIAL MIT/U US 503.2 (18.3) (0.2)
MATCH GROUP -BDR M1TC34 BZ 3,914.5 (698.5) 103.8
MATCH GROUP INC 0JZ7 LI 3,914.5 (698.5) 103.8
MATCH GROUP INC MTCH US 3,914.5 (698.5) 103.8
MATCH GROUP INC MTCH1* MM 3,914.5 (698.5) 103.8
MATCH GROUP INC 4MGN TH 3,914.5 (698.5) 103.8
MATCH GROUP INC 4MGN GR 3,914.5 (698.5) 103.8
MATCH GROUP INC 4MGN QT 3,914.5 (698.5) 103.8
MATCH GROUP INC 4MGN SW 3,914.5 (698.5) 103.8
MATCH GROUP INC MTC2 AV 3,914.5 (698.5) 103.8
MATCH GROUP INC 4MGN GZ 3,914.5 (698.5) 103.8
MATCH GROUP INC MTCH-RM RM 3,914.5 (698.5) 103.8
MBIA INC MBI US 4,015.0 (849.0) -
MBIA INC MBJ GR 4,015.0 (849.0) -
MBIA INC MBJ QT 4,015.0 (849.0) -
MBIA INC MBI1EUR EU 4,015.0 (849.0) -
MBIA INC MBJ GZ 4,015.0 (849.0) -
MCDONALD'S - CDR MCDS CN 48,501.6 (6,566.2) 2,254.7
MCDONALD'S - CDR MDO0 GR 48,501.6 (6,566.2) 2,254.7
MCDONALDS - BDR MCDC34 BZ 48,501.6 (6,566.2) 2,254.7
MCDONALDS CORP MDO TH 48,501.6 (6,566.2) 2,254.7
MCDONALDS CORP MCD TE 48,501.6 (6,566.2) 2,254.7
MCDONALDS CORP MDO GR 48,501.6 (6,566.2) 2,254.7
MCDONALDS CORP MCD* MM 48,501.6 (6,566.2) 2,254.7
MCDONALDS CORP MCD US 48,501.6 (6,566.2) 2,254.7
MCDONALDS CORP MCD SW 48,501.6 (6,566.2) 2,254.7
MCDONALDS CORP MCD CI 48,501.6 (6,566.2) 2,254.7
MCDONALDS CORP MDO QT 48,501.6 (6,566.2) 2,254.7
MCDONALDS CORP MCDUSD EU 48,501.6 (6,566.2) 2,254.7
MCDONALDS CORP MCDUSD SW 48,501.6 (6,566.2) 2,254.7
MCDONALDS CORP MCDEUR EU 48,501.6 (6,566.2) 2,254.7
MCDONALDS CORP MDO GZ 48,501.6 (6,566.2) 2,254.7
MCDONALDS CORP MCD AV 48,501.6 (6,566.2) 2,254.7
MCDONALDS CORP MCDUSD EZ 48,501.6 (6,566.2) 2,254.7
MCDONALDS CORP MCDEUR EZ 48,501.6 (6,566.2) 2,254.7
MCDONALDS CORP 0R16 LN 48,501.6 (6,566.2) 2,254.7
MCDONALDS CORP MCD-RM RM 48,501.6 (6,566.2) 2,254.7
MCDONALDS CORP MCDCL CI 48,501.6 (6,566.2) 2,254.7
MCDONALDS-CEDEAR MCDD AR 48,501.6 (6,566.2) 2,254.7
MCDONALDS-CEDEAR MCDC AR 48,501.6 (6,566.2) 2,254.7
MCDONALDS-CEDEAR MCD AR 48,501.6 (6,566.2) 2,254.7
MCKESSON CORP MCK* MM 63,081.0 (1,249.0) (1,909.0)
MCKESSON CORP MCK GR 63,081.0 (1,249.0) (1,909.0)
MCKESSON CORP MCK US 63,081.0 (1,249.0) (1,909.0)
MCKESSON CORP MCK TH 63,081.0 (1,249.0) (1,909.0)
MCKESSON CORP MCK1EUR EU 63,081.0 (1,249.0) (1,909.0)
MCKESSON CORP MCK QT 63,081.0 (1,249.0) (1,909.0)
MCKESSON CORP MCK GZ 63,081.0 (1,249.0) (1,909.0)
MCKESSON CORP MCK1EUR EZ 63,081.0 (1,249.0) (1,909.0)
MCKESSON CORP MCK-RM RM 63,081.0 (1,249.0) (1,909.0)
MCKESSON-BDR M1CK34 BZ 63,081.0 (1,249.0) (1,909.0)
MEDIAALPHA INC-A MAX US 265.2 (68.4) 6.0
METTLER-TO - BDR M1TD34 BZ 3,294.5 (82.8) 151.0
METTLER-TOLEDO MTD US 3,294.5 (82.8) 151.0
METTLER-TOLEDO MTO GR 3,294.5 (82.8) 151.0
METTLER-TOLEDO MTO QT 3,294.5 (82.8) 151.0
METTLER-TOLEDO MTO GZ 3,294.5 (82.8) 151.0
METTLER-TOLEDO MTO TH 3,294.5 (82.8) 151.0
METTLER-TOLEDO MTDEUR EU 3,294.5 (82.8) 151.0
METTLER-TOLEDO MTD* MM 3,294.5 (82.8) 151.0
METTLER-TOLEDO MTDEUR EZ 3,294.5 (82.8) 151.0
METTLER-TOLEDO MTD AV 3,294.5 (82.8) 151.0
METTLER-TOLEDO MTD-RM RM 3,294.5 (82.8) 151.0
MICROSTRATEG-BDR M2ST34 BZ 2,545.3 (200.3) (58.2)
MICROSTRATEGY MSTR US 2,545.3 (200.3) (58.2)
MICROSTRATEGY MIGA GR 2,545.3 (200.3) (58.2)
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)
MICROSTRATEGY MSTREUR EZ 2,545.3 (200.3) (58.2)
MICROSTRATEGY MSTR* MM 2,545.3 (200.3) (58.2)
MICROSTRATEGY MIGA GZ 2,545.3 (200.3) (58.2)
MICROSTRATEGY MSTR-RM RM 2,545.3 (200.3) (58.2)
MICROSTRATEGY MSTR AR 2,545.3 (200.3) (58.2)
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)
MONEYGRAM INTERN 9M1N TH 4,389.1 (186.4) (11.3)
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
MOTOROLA SOLUTIO MTLA GR 11,625.0 (394.0) 939.0
MOTOROLA SOLUTIO MSI* MM 11,625.0 (394.0) 939.0
MOTOROLA SOLUTIO MTLA TH 11,625.0 (394.0) 939.0
MOTOROLA SOLUTIO MSI US 11,625.0 (394.0) 939.0
MOTOROLA SOLUTIO MOT TE 11,625.0 (394.0) 939.0
MOTOROLA SOLUTIO MTLA QT 11,625.0 (394.0) 939.0
MOTOROLA SOLUTIO MSI1EUR EU 11,625.0 (394.0) 939.0
MOTOROLA SOLUTIO MTLA GZ 11,625.0 (394.0) 939.0
MOTOROLA SOLUTIO MSI1EUR EZ 11,625.0 (394.0) 939.0
MOTOROLA SOLUTIO MOSI AV 11,625.0 (394.0) 939.0
MOTOROLA SOLUTIO MSI-RM RM 11,625.0 (394.0) 939.0
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
MSCI INC 3HM SW 4,777.5 (1,077.4) 459.7
MSCI INC MSCI* MM 4,777.5 (1,077.4) 459.7
MSCI INC MSCIEUR EZ 4,777.5 (1,077.4) 459.7
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
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) -
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
NOVAVAX INC NVV1 TH 2,267.4 (566.0) 92.0
NOVAVAX INC NVV1 QT 2,267.4 (566.0) 92.0
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 2,357.4 (791.0) 524.3
NUTANIX INC - A 0NU GR 2,357.4 (791.0) 524.3
NUTANIX INC - A NTNXEUR EU 2,357.4 (791.0) 524.3
NUTANIX INC - A 0NU TH 2,357.4 (791.0) 524.3
NUTANIX INC - A 0NU QT 2,357.4 (791.0) 524.3
NUTANIX INC - A 0NU GZ 2,357.4 (791.0) 524.3
NUTANIX INC - A NTNXEUR EZ 2,357.4 (791.0) 524.3
NUTANIX INC - A NTNX-RM RM 2,357.4 (791.0) 524.3
NUTANIX INC-BDR N2TN34 BZ 2,357.4 (791.0) 524.3
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)
O'REILLY AUTOMOT ORLY US 12,238.0 (1,205.5) (2,080.7)
O'REILLY AUTOMOT OM6 TH 12,238.0 (1,205.5) (2,080.7)
O'REILLY AUTOMOT ORLY SW 12,238.0 (1,205.5) (2,080.7)
O'REILLY AUTOMOT OM6 QT 12,238.0 (1,205.5) (2,080.7)
O'REILLY AUTOMOT ORLY* MM 12,238.0 (1,205.5) (2,080.7)
O'REILLY AUTOMOT ORLYEUR EU 12,238.0 (1,205.5) (2,080.7)
O'REILLY AUTOMOT OM6 GZ 12,238.0 (1,205.5) (2,080.7)
O'REILLY AUTOMOT ORLY AV 12,238.0 (1,205.5) (2,080.7)
O'REILLY AUTOMOT ORLYEUR EZ 12,238.0 (1,205.5) (2,080.7)
O'REILLY AUTOMOT ORLY-RM RM 12,238.0 (1,205.5) (2,080.7)
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 10,437.0 (1,066.0) 1,264.0
ORGANON & CO 7XP TH 10,437.0 (1,066.0) 1,264.0
ORGANON & CO OGN-WEUR EU 10,437.0 (1,066.0) 1,264.0
ORGANON & CO 7XP GR 10,437.0 (1,066.0) 1,264.0
ORGANON & CO OGN* MM 10,437.0 (1,066.0) 1,264.0
ORGANON & CO 7XP GZ 10,437.0 (1,066.0) 1,264.0
ORGANON & CO 7XP QT 10,437.0 (1,066.0) 1,264.0
ORGANON & CO OGN-RM RM 10,437.0 (1,066.0) 1,264.0
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)
OTIS WORLDWI 4PG QT 9,342.0 (4,733.0) (163.0)
OTIS WORLDWI OTIS AV 9,342.0 (4,733.0) (163.0)
OTIS WORLDWI OTIS-RM RM 9,342.0 (4,733.0) (163.0)
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 296.2 280.8 0.9
PAPAYA GROWTH OP PPYAU US 296.2 280.8 0.9
PAPAYA GROWTH OP CC40 GR 296.2 280.8 0.9
PAPAYA GROWTH OP PPYAUEUR EU 296.2 280.8 0.9
PET VALU HOLDING PET CN 697.3 (25.3) 68.9
PETRO USA INC PBAJ US - (0.1) (0.1)
PHATHOM PHARMACE PHAT US 201.9 (26.4) 174.9
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)
PHILIP MORRIS IN PMOR AV 40,717.0 (7,403.0) (1,737.0)
PHILIP MORRIS IN PM* MM 40,717.0 (7,403.0) (1,737.0)
PHILIP MORRIS IN PM1CHF EZ 40,717.0 (7,403.0) (1,737.0)
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
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)
RAPID7 INC-BDR R2PD34 BZ 1,295.5 (142.3) (47.9)
REDWOODS ACQUISI RWODU US 117.2 112.6 0.3
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 RADEUR EZ 8,367.1 (336.4) 922.1
RITE AID CORP RTA1 GZ 8,367.1 (336.4) 922.1
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 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 COMMUN - BDR S1BA34 BZ 9,942.4 (5,324.2) (801.9)
SEAGATE TECHNOLO S1TX34 BZ 8,611.0 (351.0) 602.0
SEAGATE TECHNOLO STXN MM 8,611.0 (351.0) 602.0
SEAGATE TECHNOLO STX US 8,611.0 (351.0) 602.0
SEAGATE TECHNOLO 847 GR 8,611.0 (351.0) 602.0
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
SEAGATE TECHNOLO STH TE 8,611.0 (351.0) 602.0
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)
SEAWORLD ENTERTA W2L GZ 2,355.5 (420.3) (153.8)
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 5,251.3 (569.6) 525.9
SPLUNK INC S0U GR 5,251.3 (569.6) 525.9
SPLUNK INC S0U TH 5,251.3 (569.6) 525.9
SPLUNK INC S0U QT 5,251.3 (569.6) 525.9
SPLUNK INC SPLK SW 5,251.3 (569.6) 525.9
SPLUNK INC SPLKEUR EU 5,251.3 (569.6) 525.9
SPLUNK INC SPLK* MM 5,251.3 (569.6) 525.9
SPLUNK INC SPLKEUR EZ 5,251.3 (569.6) 525.9
SPLUNK INC S0U GZ 5,251.3 (569.6) 525.9
SPLUNK INC SPLK-RM RM 5,251.3 (569.6) 525.9
SPLUNK INC - BDR S1PL34 BZ 5,251.3 (569.6) 525.9
SPRING VALLEY AC SVIIU US 0.7 (0.0) (0.7)
SPRING VALLEY AC SVII US 0.7 (0.0) (0.7)
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)
STARBUCKS CORP SBUXUSD SW 27,978.4 (8,698.7) (2,133.1)
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)
STARBUCKS-CEDEAR SBUX AR 27,978.4 (8,698.7) (2,133.1)
STARBUCKS-CEDEAR SBUXD AR 27,978.4 (8,698.7) (2,133.1)
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 SW 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
TORRID HOLDINGS CURV US 556.6 (238.7) (56.4)
TRANSDIGM - BDR T1DG34 BZ 18,107.0 (3,766.0) 4,223.0
TRANSDIGM GROUP T7D GR 18,107.0 (3,766.0) 4,223.0
TRANSDIGM GROUP TDG US 18,107.0 (3,766.0) 4,223.0
TRANSDIGM GROUP T7D QT 18,107.0 (3,766.0) 4,223.0
TRANSDIGM GROUP TDGEUR EU 18,107.0 (3,766.0) 4,223.0
TRANSDIGM GROUP T7D TH 18,107.0 (3,766.0) 4,223.0
TRANSDIGM GROUP TDG* MM 18,107.0 (3,766.0) 4,223.0
TRANSDIGM GROUP TDGEUR EZ 18,107.0 (3,766.0) 4,223.0
TRANSDIGM GROUP TDG-RM RM 18,107.0 (3,766.0) 4,223.0
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
TRAVEL + LEISURE TNL* MM 6,380.0 (903.0) 513.0
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 2,058.1 (135.3) 236.4
UNISYS CORP UIS US 2,058.1 (135.3) 236.4
UNISYS CORP UIS SW 2,058.1 (135.3) 236.4
UNISYS CORP USY1 TH 2,058.1 (135.3) 236.4
UNISYS CORP USY1 GR 2,058.1 (135.3) 236.4
UNISYS CORP USY1 GZ 2,058.1 (135.3) 236.4
UNISYS CORP USY1 QT 2,058.1 (135.3) 236.4
UNISYS CORP UISEUR EZ 2,058.1 (135.3) 236.4
UNITI GROUP INC UNIT US 4,811.0 (2,260.2) -
UNITI GROUP INC 8XC GR 4,811.0 (2,260.2) -
UNITI GROUP INC 8XC TH 4,811.0 (2,260.2) -
UNITI GROUP INC 8XC GZ 4,811.0 (2,260.2) -
UROGEN PHARMA LT URGN US 128.5 (63.3) 102.6
UROGEN PHARMA LT UR8 GR 128.5 (63.3) 102.6
UROGEN PHARMA LT URGNEUR EU 128.5 (63.3) 102.6
VECTOR GROUP LTD VGR GR 1,049.3 (823.3) 281.6
VECTOR GROUP LTD VGR US 1,049.3 (823.3) 281.6
VECTOR GROUP LTD VGR QT 1,049.3 (823.3) 281.6
VECTOR GROUP LTD VGREUR EU 1,049.3 (823.3) 281.6
VECTOR GROUP LTD VGREUR EZ 1,049.3 (823.3) 281.6
VECTOR GROUP LTD VGR TH 1,049.3 (823.3) 281.6
VECTOR GROUP LTD VGR GZ 1,049.3 (823.3) 281.6
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 1,490.3 (55.0) 229.8
W&T OFFSHORE INC UWV GR 1,490.3 (55.0) 229.8
W&T OFFSHORE INC WTI1EUR EU 1,490.3 (55.0) 229.8
W&T OFFSHORE INC UWV TH 1,490.3 (55.0) 229.8
W&T OFFSHORE INC UWV GZ 1,490.3 (55.0) 229.8
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
WAYFAIR INC- BDR W2YF34 BZ 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* MM 18,339.0 (2,755.0) (1,228.0)
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 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
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
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*** End of Transmission ***