/raid1/www/Hosts/bankrupt/TCR_Public/221227.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 27, 2022, Vol. 26, No. 360
Headlines
26 BOWERY: Exclusivity Period Extended to April 5
AERKOMM INC: Incurs $3.8 Million Net Loss in Third Quarter
AHF PARENT: Moody's Affirms 'B2' CFR & Alters Outlook to Negative
AIG FINANCIAL: Employee Plaintiffs Blast Chapter 11 Filing, Plan
AMERICAN TOOLS: Bautista REO's Bid for Default Judgment Granted
ANCHOR GLASS: Moody's Affirms Caa1 CFR, Outlook Negative
ATP OIL & GAS: Court Grants Keel Charles' Bid to Reopen Case
AVAYA HOLDINGS: Theodore King Has 0.1% Stake as of Dec. 19
AVAYA HOLDINGS: Vanguard Group Reports 6.29% Equity Stake
AVIRTA LLC: Voluntary Chapter 11 Case Summary
BED BATH & BEYOND: Extends Exchange Offers Until Jan. 4
BEN'S GARDEN: Court OKs Deal on Cash Collateral Access
BIONIK LABORATORIES: Borrows $400K from Director's Affiliate
BITNILE HOLDINGS: Obtains $14.7 Million in Secured Debt Financing
BITNILE HOLDINGS: Plans to Merge With Ault Alliance
BITNILE HOLDINGS: Unit Closes Acquisition of Circle 8 Crane Assets
BITTER CREEK: Court OKs Deal on Cash Collateral Access
BLACK DIAMOND ENERGY: Exclusivity Period Extended to Feb. 21
BLOCKFI INC: U.S. Trustee Appoints Creditors' Committee
BLUCORA INC: Moody's Confirms B1 CFR Following Cinven Transaction
BOYCE HYDRO: Mueller's Bid to Enforce Fourth Modified Plan Denied
BRIGHT MOUNTAIN: Appoints Jonathan Slavin as Chief Revenue Officer
BROOKFIELD RESIDENTIAL: Moody's Hikes Unsecured Notes Rating to B1
CALAMP CORP: Incurs $4.7 Million Net Loss in Third Quarter
CALPLANT I: Exclusivity Period Extended to April 5
CAROLINA CAJUNS: Wins Cash Collateral Access Thru Jan 2023
CELSIUS NETWORK: Advisers, Lawyers Seek $52 Million Fees
CHESTER COUNTY IDA: Moody's Affirms Ba2 Rating on 2013A Rev. Bonds
CLOVIS ONCOLOGY: Sixth Street Beats Bondholders for DIP Loan
CLOVIS ONCOLOGY: U.S. Trustee Appoints Creditors' Committee
CLUBHOUSE MEDIA: Further Cuts Company Debt by $350K
COGENT COMMUNICATIONS: Moody's Affirms 'B2' CFR, Outlook Stable
COSMOS HOLDINGS: Effects 1-for-25 Reverse Stock Split
CUMBERLAND RJ: Wins Cash Collateral Access Thru May 2023
DASEKE INC: S&P Alters Outlook to Negative, Affirms 'B+' ICR
DURA-METRICS INC: Court OKs Cash Collateral Access Thru Jan 2023
ELITE PRODUCTS: Court Confirms Reorganization Plan
ELWOOD ENERGY: S&P Affirms 'BB-' Rating on Senior Secured Debt
ESCADA AMERICA: Unsecureds Owed $20M to Get 13% of Claims
EVERYTHING BLOCKCHAIN: Posts $1.3 Million Net Loss in Third Quarter
EXPRESSJET AIRLINES: UST Notes of Discharge Injunction
EXWORKS CAPITAL: Unsecureds to Get Share of Liquidating Trust
FAIRPORT BAPTIST: Wins Cash Collateral Access Thru Feb 2023
FTX GROUP: Alameda Tried to Get 3K Wrapped Bitcoin Prior to Filing
FTX TRADING: Liquidators Haven't Resolved Info-Sharing Issues
FUELCELL ENERGY: Incurs $147.2M Net Loss in FY Ended Oct. 31
GMS INC: S&P Downgrades $504MM Sr. Secured Debt Rating to 'BB-'
GREENHILL & CO: Moody's Affirms 'Ba3' CFR & Alters Outlook to Neg.
GROWLIFE INC: Silverback Capital Reports 9.99% Equity Stake
H. I. D. INTERIORS: Court Confirms Reorganization Plan
KNOW LABS: Incurs $20.1 Million Net Loss in FY Ended Sept. 30
MAGENTA BUYER: Moody's Rates New First Lien Term Loan Add-on 'B2'
MEDLY HEALTH: U.S. Trustee Appoints Creditors' Committee
MOUNTAIN PROVINCE: S&P Upgrades ICR to 'CCC+' on Debt Refinancing
MUSCLEPHARM CORP: Hits Chapter 11 Bankruptcy Protection
NEONODE INC: Forsakringsaktiebolaget Has 9.98% Stake as of Dec. 16
OMNIQ CORP: Two Proposals Approved at Annual Meeting
P&L DEVELOPMENT: Moody's Cuts CFR to Caa1, Outlook Stable
PACIFIC GREEN: Unit Acquires UK's Sheaf Energy for US$9.1 Million
PENNSYLVANIA REIT: NYSE to Delist Company, Suspends Trading
PRO MACH: Moody's Rates New $100MM Incremental 1st Lien Loan 'B1'
PROFESSIONAL DIVERSITY: Inks $1M Stock Purchase Deal With Investor
QUANERGY SYSTEMS: Edward Brown Appointed as New Committee Member
QUANERY SYSTEMS: Will Cut 72 Sunnyvale Jobs as Part of Chapter 11
QUOTIENT LIMITED: Highbridge Capital Reports 9.99% Equity Stake
QUOTIENT LIMITED: Issues Additional $10M Notes to Enhance Liquidity
REMARK HOLDINGS: To Continue Business Relationship With Mudrick
REVLON: Inks Deal With Lenders Ending $500Mil. Citi Transfer Battle
RUBY PIPELINE: Tallgrass' $282 Million Bid Wins Bankruptcy Auction
SACRAMENTO COUNTY: S&P Places 'BB-' Rev Bonds Rating on Watch Neg.
SHEM OLAM: Exclusivity Period Extended to March 27
SICKWEATHER INC: Seeks Chapter 7 Liquidation
STITCH ACQUISITION: S&P Downgrades ICR to 'CCC', on Watch Negative
SUBURBAN PROPANE: Moody's Affirms Ba3 CFR, Outlook Remains Stable
SUPERIOR REAL ESTATE: In Chapter 11; Creditor Balks at Use of Cash
TALEN ENERGY: Gen. Unsecureds Get Share of GUC Trust Net Assets
TENEO HOLDINGS: Moody's Affirms 'B2' CFR, Outlook Remains Stable
TREES CORP: Closes Acquisition of GMC LLC
TRINITY LEGACY: Court OKs Cash Collateral Access Thru Jan 2023
VYANT BIO: Board Lowers Quorum Requirement for Stockholder Meeting
[^] Large Companies with Insolvent Balance Sheet
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26 BOWERY: Exclusivity Period Extended to April 5
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26 Bowery, LLC and 2 Bowery Holding, LLC obtained a court order
extending their exclusive right to file a Chapter 11 plan to April
5, 2023, and solicit votes on the plan to June 6, 2023.
The ruling by Judge Martin Glenn of the U.S. Bankruptcy Court for
the Southern District of New York gives the companies more time to
prepare and market for sale their real properties in New York.
To maximize the value of the properties, the companies need to
finalize their review of each tenant's occupancy rights to
determine their legitimacy and whether litigation might be
necessary to test the validity of the tenant leases, according to
the companies' attorney, Fred Ringel, Esq., at Leech Tishman
Robinson Brog, PLLC.
About 26 Bowery
26 Bowery, LLC is the owner of the real property and improvements
located at 26 Bowery, N.Y. The property is a mixed-use commercial
property located in Manhattan's Chinatown neighborhood.
26 Bowery and its affiliate, 2 Bowery Holding, LLC, filed their
voluntary petitions for Chapter 11 protection (Bankr. S.D.N.Y. Case
Nos. 22-10412 and 22-10413) on March 31, 2022. Both reported as
much as $10 million in both assets and liabilities at the time of
the filing.
Judge Martin Glenn oversees the cases.
A. Mitchell Greene, Esq., at Leech Tishman Robinson Brog PLLC and
Ravert, PLLC serve as the Debtors' bankruptcy counsel and special
litigation counsel, respectively.
AERKOMM INC: Incurs $3.8 Million Net Loss in Third Quarter
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Aerkomm Inc. reported a net loss of $3.81 million on $2,855 of
total revenue for the three months ended Sept. 30, 2022, compared
to a net income of $1.70 million on $1.81 million of total revenue
for the three months ended Sept. 30, 2021, according to the
Company's Quarterly Report on Form 10-Q filed with the Securities
and Exchange Commission.
For the nine months ended Sept. 30, 2022, the Company reported a
net loss of $9.02 million on $6,073 of total revneue compared to a
net loss of $4.06 million on $1.88 million of total revenue for the
same period during the prior year.
As of Sept. 30, 2022, the Company had $63.81 million in total
assets, $35.13 million in total liabilities, and $28.68 million in
total stockholders' equity.
As of Sept. 30, 2022, the Company had cash and cash equivalents of
$5,966,294. To date, the Company has financed its operations
primarily through cash proceeds from financing activities,
including through its completed public offering, short-term
borrowings and equity contributions by our stockholders.
Aerkomm stated, "The Company's ability to continue as a going
concern depends upon its ability to market and sell its products to
generate positive operating cash flows. For the nine months ended
September 30, 2022, the Company reported net loss of $9,020,680.
As of September 30, 2022, the Company had working capital deficit
of approximately $11.9 million. In addition, the Company had net
cash outflows of $7,379,758 from operating activities for the nine
months ended September 30, 2022. These conditions give rise to
substantial doubt as to whether the Company will be able to
continue as a going concern.
"Currently, the Company has taken measures that management believes
will improve its financial position by financing activities,
including through public offerings, private placements, short-term
borrowings and equity contributions."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1590496/000121390022081459/f10q0922_aerkomm.htm
About Aerkomm
Headquartered in Nevada, USA, Aerkomm Inc. --
http://www.aerkomm.com-- is a full-service development stage
provider of in-flight entertainment and connectivity (IFEC)
solutions, intended to provide airline passengers with a broadband
in-flight experience that encompasses a wide range of service
options. Those options include Wi-Fi, cellular, movies, gaming,
live TV, and music. The Company plans to offer these core
services, which it is currently still developing, through both
built-in in-flight entertainment systems, such as a seat-back
display, as well as on passengers' own personal devices.
Aerkomm reported a net loss of $9.38 million for the year ended
Dec. 31, 2021, compared to a net loss of $9.11 million for the year
ended Dec. 31, 2020. As of June 30, 2022, the Company had $56.58
million in total assets, $25.44 million in total liabilities, and
$31.14 million in total stockholders' equity.
San Mateo, Calif.-based WWC, P.C., the Company's auditor since
2022, issued a "going concern" qualification in its report dated
July 1, 2022, citing that the Company had incurred substantial
losses during the year ended Dec. 31, 2021. As of Dec. 31, 2021,
the Company had a working capital deficit and net cash outflows
from operating activities. Accordingly, as of Dec. 31, 2021, these
factors gave rise to substantial doubt that the Company would
continue as a going concern.
AHF PARENT: Moody's Affirms 'B2' CFR & Alters Outlook to Negative
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Moody's Investors Service affirmed AHF Parent Holding, Inc.'s
ratings including its Corporate Family Rating at B2, Probability of
Default Rating at B2-PD, and the B2 rating of the company's $215
million original principal amount senior secured first lien term
loan due 2028. Moody's change the outlook to negative from stable.
The change to a negative outlook reflects AHF's high financial
leverage and meaningfully weaker organic operating results amid
weakening demand and Moody's expectations that demand pressures
will persist into 2023. Persistently high inflation, rising
interest rates, and weakening macroeconomic conditions is
negatively affecting spending on discretionary goods, including
hard flooring products. The company reported a year-over-year
organic revenue decline in the high teens percentage range for the
3Q 2022 period, driven by volume declines that more than offset a
modest benefit from price increases. In addition, the significant
increase in lumber prices earlier in 2022 negatively impacted the
company's profitability year to date through 3Q 2022. As a result,
AHF's financial leverage is high with debt/EBITDA at around 5.4x
for the last twelve months (LTM) ending September 30, 2022, and pro
forma for recent acquisitions. The negative outlook considers the
risk that AHF's profitability will continue to be pressured if
steeper volume declines more than offset the benefits from lower
material costs and pricing in 2023.
Despite these pressures, Moody's affirmed the ratings because AHF's
July 2022 acquisition of Armstrong Flooring Incorporated (AFI)
diversified the company's product category and end markets, and
helped offset AHF's base business earnings pressures. In addition,
AHF anticipates profitability of its wood business will
meaningfully improve during the fourth quarter and into 2023,
benefitting from lower lumber costs and pricing. Moody's projects
that debt/EBITDA leverage will improve to around 5.0x by the end of
fiscal 2022, driven by debt reduction using excess free cash flow
generation benefiting from the anticipated margin expansion and a
full quarter contribution of AFI.
The ratings affirmation also reflect that AHF's good liquidity with
a relatively healthy cash balance of $76 million as of September
30, 2022 provides the company with the financial flexibility to
fund growth investments to expand the earnings base, including
acquisitions.
The following ratings/assessments are affected by the action:
Ratings Affirmed:
Issuer: AHF Parent Holding, Inc.
Corporate Family Rating, Affirmed B2
Probability of Default Rating, Affirmed B2-PD
Senior Secured Bank Credit Facility, Affirmed B2 (LGD4)
Outlook Actions:
Issuer: AHF Parent Holding, Inc.
Outlook, Changed To Negative From Stable
RATINGS RATIONALE
AHF's B2 CFR broadly reflects its good market position in the US
hardwood flooring market, aided by its strong market leading
position in the solid wood flooring (SWF) segment, and #2 position
in engineered wood flooring (EWF). The acquisition of AFI
meaningfully expanded the company's products into the faster
growing luxury vinyl tile (LVT) and other non-wood categories,
which now represent about a third of pro forma revenue, and
diversified its end markets with sales in the commercial segment
now representing about a quarter of revenue. The company's large
domestic manufacturing footprint and differentiated brand portfolio
with the ability to service distribution partners without channel
conflict are competitive advantages. AHF's good liquidity is
supported by its relatively healthy cash balance of $76 million as
of September 30, 2022, and Moody's expectations of good
availability under its $75 million revolving facility due 2027 over
the next 12 months and lack of meaningful debt maturities until the
revolver expiration.
AHF's credit profile also reflects its relatively small scale with
pro forma revenue of around $700 million and narrow product focus
in the mature and discretionary hard flooring industry. The
hardwood category, which represents under 60% of AHF's revenue pro
forma for the AFI acquisition, continues to experience gradual
declines in market penetration, as LVT products continue to gain
share. AHF's financial leverage is high with debt/EBITDA at 5.4x as
of the LTM period ending September 30, 2022 and pro forma for the
AFI acquisition, due to meaningfully weaker organic volumes and
high lumber costs. Free cash flow has been negative in 2022
primarily due to large transaction costs, and Moody's projects the
company will generate modestly positive free cash flow in 2023,
pressured by anticipated elevated capital expenditures related to
planed automation projects. The company has high geographic and
customer concentration with sales primarily in North America and
with 4 customers individually exceeding 10% of 2021 sales.
AHF's ESG credit impact score is highly negative (CIS-4),
reflecting the company's highly negative exposure to governance
risk associated with its concentrated control due to majority
ownership by private equity sponsors and aggressive financial
strategies including operating with high leverage. AHF is
moderately negatively exposed to environmental risk. Moody's
changed the company's social issuer profile score to S-3 from S-4
because of a reduction in the demographic and societal trend risk
because of the higher mix of growing segments of the flooring
market.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The negative outlook reflects AHF's high financial leverage due to
weaker demand for its products and lower profitability due to high
lumber costs, and the risk that profitability will continue to be
pressured if steeper volume declines more than offset the benefits
from lower material costs and pricing in 2023.
The ratings could be downgraded if AHF's operating performance
weakens, debt/EBITDA is sustained above 5.0x, EBITA/interest falls
below 1.5x, or if free cash flow remains negative. The ratings
could also be downgraded if the company completes a debt-financed
acquisition or shareholder distribution that increases leverage.
The ratings could be upgraded if the company meaningfully increases
its revenue scale and demonstrates a consistent track record of
organic revenue growth alongside EBITDA margin expansion, sustains
debt/EBITDA below 4.0x and free cash flow to debt above 7.5%. The
company would also need to maintain at least good liquidity, and
Moody's would need to expect balanced financial policies that
support credit metrics at those levels.
The principal methodology used in these ratings was Consumer
Durables published in September 2021.
AHF Parent Holding, Inc. (AHF) manufactures and distributes hard
surface flooring in North America to both residential and
commercial end markets. Pro forma for the AFI acquisition, hardwood
flooring products including solid wood flooring ("SWF") and
engineered wood flooring ("EWF") categories represent about 66% of
revenue, with the remainder from non-wood flooring products
including luxury vinyl tile (LVT), vinyl composite tile (VCT) and
stone polymer core (SPC) flooring products, among others. The
company is headquartered in Mountville, PA, and has 9 manufacturing
plants in the US and 1 in Cambodia. Following the 2022 leveraged
buyout transaction, AHF is majority owned by Paceline Equity and
reported revenue for the LTM 3Q 2022 period is about $560 million.
AIG FINANCIAL: Employee Plaintiffs Blast Chapter 11 Filing, Plan
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Former employees of AIG Financial Products Corp. filed documents
claiming that AIGFP's Chapter 11 filing is a bad faith attempt by
AIGFP and parent AIG Inc. to dilute their claims and that any plan
proposed in the case is doomed to fail.
The Employee Plaintiffs are Lee Arthurs; David Ackert; Mitchell
Bell; Erik Bengtson; Paul Bradshaw; Thomas Buttke; John Cappetta;
David Chang; Robert Chang; Jason DeSantis; Richard Fabbro; Kenneth
Farrar; Jonathan Fraade; Carl Giesler Jr.; James Haas; Charles
Hsieh; Thomas Kalb; Thomas Kushner; Robert Leary; Jonathan
Liebergall; Nathaniel Litwak; Brendan Lynch; Alfred Medioli;
Matthew Mihaly; Joann Palazzo; Eugene Park; Andrew Partner; Carl
Peterson; Steven Pike; Thomas Plagemann; Robert Powell; Daniel
Raab; Ann Reed; Paul Schreiner; Dmitry Satanovsky; Mary Heather
Singer; Keith Stein; Frank Strohm; Timothy Sullivan Jr.; Chris
Toft; Joe Tom; Ryan Vetter; Steven Wagar; Thomas Ward; Martin
Wayne; and James Wolf.
AIG is the world's leading insurance organization. It reported well
over $9 billion in net income in 20213 and "returned $3.7 billion
to shareholders . . . through stock repurchases and . . dividends"
in the same year. The putative Chapter 11 debtor, AIGFP, is a
wholly-owned subsidiary of AIG. Notwithstanding the glowing
financial health of its parent and the financial support it has
always received from AIG (even through the financial crisis of
2008), AIGFP has now suddenly filed for Chapter 11 bankruptcy based
on a purported loan it owes its parent.
The real impetus for AIGFP's bankruptcy filing is to avoid repaying
certain deferred compensation it owes to the Employee Plaintiffs,
46 former employees from whom AIGFP borrowed approximately $194
million during the 2008 financial crisis but has never repaid. The
Employee Plaintiffs have sued AIGFP to recover those amounts in a
case that has been pending in Connecticut state court since 2019
(the "Connecticut Action").
Significantly, in the Connecticut Action, AIGFP was ordered to
produce by Dec. 14 -- i.e., the date of the Chapter 11 petition --
documents that it tried to withhold as privileged, relating to its
treatment of a purported loan with AIG and the circumstances of its
failure to pay its employees. Instead of complying with that
order, AIGFP commenced this case in a blatant attempt to shift what
essentially is a two-party dispute to this forum, dressing it up as
an actual reorganization. AIGFP's proposed Chapter 11 plan pits
AIG and AIGFP, on the one hand, against the Employee Plaintiffs, on
the other.
During the 2008 financial crisis, AIGFP borrowed hundreds of
millions of dollars of already-earned compensation that employees,
including the Employee Plaintiffs, deferred into two deferred
compensation plans (the Deferred Compensation Plan, "DCP," and
Special Incentive Plan, "SIP"; together, the "Plans"). The Plans
provided that AIGFP could borrow from its employees' deferred
compensation accounts, but AIGFP had the unequivocal obligation to
restore those account balances after borrowing from them. At the
same time, AIG decided to wind down AIGFP and to use the proceeds
of that wind-down to pay off loans it received from the federal
government, which is well documented as AIG's "bailout."
Many of the Employee Plaintiffs stayed with AIGFP through the
financial crisis and helped it wind down, thus mitigating the
impact of the financial crisis on AIG and -- more importantly --
U.S. taxpayers, who funded AIG’s bailout. By 2013, with the
Employee Plaintiffs' help, AIG had repaid the federal government
with interest and returned to profitability. And though, by this
time, AIGFP was well-positioned to repay its employees, it never
did so. Instead, it took affirmative steps to avoid its obligations
under the Plans. In 2019, the Employee Plaintiffs brought the
Connecticut Action against AIGFP in Connecticut state court,
seeking damages for breach of contract, breach of the duty of good
faith, and violations of Connecticut labor law as a result of
AIGFP’s refusal to pay them the compensation due to them under
the Plans, including the compensation AIGFP promised certain of
them in connection with the financial crisis. The Employee
Plaintiffs seek over $500 million in total damages related to
AIGFP's breaches of its obligations.
In 2022, the Employee Plaintiffs filed a motion in the Connecticut
Action seeking an order for AIGFP to produce certain key documents
related to (a) a purported recapitalization of a "loan" AIGFP
claims it owes to its parent (the same "debt" that AIGFP is using
as a pretext for this bankruptcy), and (b) AIGFP's obligation to
restore the Employee Plaintiffs’ account balances. AIGFP lost
that motion. The Connecticut court set a deadline of Dec. 14, 2022
for AIGFP to produce the documents previously withheld on the basis
of privilege.
Rather than comply with this court order, AIG and AIGFP are now
weaponizing the Bankruptcy Code in bad faith to try to (1) take
advantage of the automatic stay of the Connecticut Action, (2)
shield AIG, AIGFP, and their executives from discovery and
previously ordered disclosures, and (3) dilute the claims of the
only non-insider unsecured creditors of AIGFP identified
in the petition: AIGFP's former employees.
"Indeed, AIGFP's Chapter 11 filing can serve no reorganizational
purpose at all. It has no direct employees and does not operate as
a going concern -- i.e., AIGFP has no business to rehabilitate
through the Chapter 11 process. Moreover, any Chapter 11 plan
AIGFP could attempt to propose is doomed to fail, as the Employee
Plaintiffs are the only non-insider creditors identified in the
petition that could vote on any plan. The plan is also deficient
for classifying as debt AIG's purported "loan" to AIGFP. That
"loan" -- which has no maturity date or interest rate—is nothing
more than disguised equity," the Employee Plaintiffs said.
As reported in the Dec 23, 2022 edition of the TCR, AIG Financial
Products Corp. submitted a Plan of Reorganization and a Disclosure
Statement. A hearing on the Disclosure Statement is slated for
Jan. 25, 2023, at 10:30 AM at US Bankruptcy Court, 824 Market St.,
5th Fl., Courtroom #4, Wilmington, Delaware. Objections are due by
Jan. 11, 2023.
About AIG Financial Products Corp.
AIG Financial Products Corp. is a wholly- owned, direct subsidiary
of American International Group, Inc. AIG FP, a Delaware
corporation, founded in 1987 and based in Wilton, Connecticut, is a
financial products company. AIG FP was founded for the purpose
of trading in the capital markets and offering corporate finance,
structured finance, and financial risk management products,
including complex derivatives transactions.
AIG Financial Products Corp. filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. Del Case No. 22-11309)
on Dec. 14, 2022, with as much as $100 million to $500 million
million in assets and $10 billion to $50 billion liabilities.
The Hon. Mary F. Walrath oversees the case.
Young Conaway Stargatt & Taylor, LLP and Latham & Watkins LLP is
the Debtor's co-counsel. Alvarez & Marsal North America, LLC is
the Debtor's financial advisor. Epiq Corporate Restructuring, LLC
is the Debtor's claims and noticing agent.
AMERICAN TOOLS: Bautista REO's Bid for Default Judgment Granted
---------------------------------------------------------------
Bautista REO PR Corp., Plaintiff, v. Sylar Corporation; American
Tools, Inc.; Armando Cepeda-Chembi; his wife Sylvia
Cepeda-Benavides; and the legal conjugal partnership Cepeda-Cepeda,
Defendants, Civil No. 16-3109(RAM), (D.P.R.), District Judge Raul
M. Arias-Marxuach for the District of Puerto Rico grants the motion
for default judgment filed by Plaintiff Bautista REO PR Corp.
On Dec. 30, 2009, Sylar Corporation executed a loan agreement with
Doral Bank, which provided to Sylar a credit facility in the
principal amount of $1.73 million. On the same day, American
Tools, Inc. executed a Continuing and Unlimited Guarantee to
jointly and severally guarantee to Doral the payment of all of the
obligations under the Loan Agreement, thereby making American Tools
a joint guarantor of Sylar's obligations under the Loan Agreement.
On Feb. 27, 2015, the Office of the Commissioner of Financial
Institutions closed the operations of Doral Bank and named the
Federal Deposit Insurance Corporation as receiver. A month later,
Bautista Cayman Asset Company executed an agreement with the FDIC
through which it acquired certain assets of Doral & Doral Mortgage
LLC, including, among others, the credit relationships between
Doral, Doral Mortgage LLC, and American Tools.
American Tools and the rest of the co-defendants in the case
defaulted on their obligations under the Loan Agreement as they
failed to pay the amounts due therein under the terms and
conditions of the Loan Agreement.
As a result, Bautista filed a Complaint for collection of moneys
and foreclosure of collateral against American Tools, Sylar
Corporation, Armando Cepeda-Chembi, Sylvia Cepeda-Benavides and the
Conjugal Partnership Cepeda-Cepeda. Bautista seeks a certain amount
of damages, namely the amount of $3.78 million, consisting of $1.65
million of principal in connection with the Loan Agreement and the
Guaranty, and $2.13 million of interest and other charges, as of
Sept. 16, 2022.
On Feb. 8, 2017, Bautista certified having served summons and the
Complaint on American Tools on Jan. 11, 2017. Pursuant to Fed. R.
Civ. P. 12(a)(1)(A)(i), American Tools was required to file an
answer or responsive pleading on or before Feb. 1, 2017. However,
no such answer or responsive pleading was filed. Likewise, Bautista
filed a Motion to Stay Proceeding Against Guarantor, American
Tools, Inc. as Bautista received a notice that American Tools had
filed for bankruptcy under Case Num. 16-08071-BKT11 in the United
States Bankruptcy Court for the District of Puerto Rico. The Court
granted the Motion to Stay and directed Bautista to inform the
Court "if and when the automatic stay is lifted or no longer in
effect due to the dismissal of the bankruptcy case".
A Partial Final Default Judgment was entered against co-defendants
Sylar Corporation, Armando Cepeda-Chembi, Sylvia Cepeda-Benavides
and the Conjugal Partnership Cepeda-Cepeda on Aug. 14, 2017.
Therefore, American Tools is the only remaining co-defendant.
On July 6, 2018, an order dismissing the First American Tools
Bankruptcy Case was entered. But on Sept. 11, 2019, American Tools
filed for bankruptcy again under Case Num. 19-05202-BKT11. American
Tools moved to voluntarily dismiss the Second American Tools
Bankruptcy Case and on Oct. 15, 2019, the Bankruptcy Court
dismissed it.
On March 9, 2022, Bautista filed a Motion for Substitution of Party
asking the Court to be substituted by Bautista REO for any and all
purposes. The following day, Bautista filed a Motion for Order
Vacating Judgment Staying Case as to American Tools, Inc. and for
Entry of Default. The Court granted both Bautista's Motion for
Substitution of Party and it's Motion to Vacate Stay and for
Default Entry.
As of today Dec. 8, 2022, American Tools has failed to answer the
Complaint or otherwise file any pleading in this case. In
compliance with the Court's order, Bautista REO filed a Motion for
Default Judgment.
The Court finds that "Per the terms of the Guaranty, American Tools
is jointly and severally liable for all of the obligations under
the Loan Agreement. . . American Tools, along with the
co-defendants, defaulted on their obligations under the Loan
Agreement by failing to pay the amounts required by the terms and
conditions of the Loan Agreement. Moreover, American Tools breached
its repayment obligation with Bautista REO under the Puerto Rico
Civil Code and the Puerto Rico Mortgage Law."
In accordance with the above, and pursuant to Fed. R. Civ. P.
55(b)(1), the Court finds and concludes that as of September 16,
2022, Bautista REO is entitled to judgment as a matter of law
against American Tools, and the other co-defendants, for the amount
of $3.8 million, consisting of $1.65 million of principal in
connection with the Loan Agreement and the Guaranty, and $2.13 of
interest and other charges, which will continue to accrue interest
daily until indefeasible payment in full.
The aforementioned amounts will accrue interest from the date of
judgment, at a rate equal to the weekly average 1-year constant
maturity Treasury yield, as published by the Board of Governors of
the Federal Reserve System, for the calendar week preceding the
entry of judgment. Interest will be computed daily until the date
of payment and compounded annually.
Further, the Court forbids American Tools from alienating,
transferring or further encumbering any real property or personal
property or from causing others to alienate, transfer or further
encumber any personal property owned by American Tools, outside of
the ordinary course of business, pending the outcome of this
lawsuit.
A full-text copy of the Opinion and Order dated Dec. 8, 2022, is
available at https://tinyurl.com/4pcerdsn from Leagle.com.
About American Tools
American Tools, Inc. is engaged in the manufacturing of custom
sheet metal products in its physical facilities located in Bayamon,
Puerto Rico. The Debtor's business has been focused in certain
specialized industries such as pharmaceutical, medical devices,
aeronautical, telecommunications, electronics, military and
restaurants industries. The Debtor previously sought bankruptcy
protection on Oct. 7, 2016 (Bankr. D.P.R. Case No. 16-08071).
American Tools filed another petition under Chapter 11 of the
Bankruptcy Code (Bankr. D. P.R. Case No. 19-05202) on Sept. 11,
2019. The petition was signed by Armando Cepeda, president. At the
time of the filing, the Debtor estimated assets of less than
$50,000 and liabilities of $1 million to $10 million.
The case is assigned to Judge Brian K. Tester.
ANCHOR GLASS: Moody's Affirms Caa1 CFR, Outlook Negative
--------------------------------------------------------
Moody's Investors Service affirmed the Caa1 corporate family rating
of Anchor Glass Container Corporation. At the same time, Moody's
downgraded the company's Probability of Default Rating to Caa3-PD
from Caa1-PD. Further, Moody's affirmed the company's 1st lien
senior secured term loan at Caa1, and downgraded its 2nd lien
senior secured term loan to Ca from Caa3. The outlook remains
negative.
"The affirmation of Anchor Glass' Caa1 CFR considers the company's
improving operation and credit metrics," says Motoki Yanase,
VP-Senior Credit Officer at Moody's.
"However, the company faces near-term debt maturities. With
improving leverage but limited free cash flow generation projected
in 2023, there is a reasonable chance of debt restructuring, which
led us to downgrade the PDR," adds Yanase.
Anchor Glass' asset-based revolver (unrated) is expiring in
September 2023 and its 1st lien term loan is maturing in December
2023. The 2nd lien term loan is maturing in December 2024.
The downgrade of the PDR drives the affirmation of the 1st lien
term loan and the downgrade of the 2nd lien term loan, based on
Moody's Loss-Given-Default model. The outcome indicates a higher
level of expected loss for the 2nd lien term loan.
The following rating actions were taken:
Affirmations:
Issuer: Anchor Glass Container Corporation
Corporate Family Rating, Affirmed Caa1
Senior Secured 1st Lien Term Loan, Affirmed Caa1 (LGD2) from
(LGD4)
Downgrades:
Issuer: Anchor Glass Container Corporation
Probability of Default Rating, Downgraded to Caa3-PD from Caa1-PD
Senior Secured 2nd Lien Term Loan, Downgraded to Ca (LGD4) from
Caa3 (LGD6)
Outlook Actions:
Issuer: Anchor Glass Container Corporation
Outlook, Remains Negative
RATINGS RATIONALE
The company's operations are improving after automated lines were
installed at the company's Lawrenceburg plant and are now working
at full capacity. With expected increases in profit supported by
contracted price increases and better operational efficiencies,
Moody's expects Anchor Glass' leverage to improve to 6x range at
the end of 2023 from 7.9x for the twelve months that ended
September 2022. Free cash flow generation will also improve, as
capital spending declines after additional spending to improve
facilities rolled off, but likely remain near break-even in 2023
while higher interest expense curbs cash flow.
Despite the operational improvements, Anchor Glass' credit profile
is restrained by weak liquidity due to its upcoming debt
maturities. With limited free cash flow generation and a difficult
market environment, refinancing may not materialize easily, leaving
a reasonable chance for debt restructuring, including transactions
that could be viewed as distressed exchanges. The downgraded
Caa3-PD reflects the approaching debt maturities and increased
probability of a debt restructuring. Should debt restructuring
materialize, Moody's believes the 2nd lien term loan holders would
face a greater loss relative to the 1st lien term loan holders.
In addition to liquidity, Anchor Glass' credit weaknesses include
customer concentration of sales, smaller scale relative to its
competitors, and most revenue being generated in the mature,
low-growth US glass market.
The company's credit strengths include the consolidated US glass
packaging industry; long-term relationships with large, well-known
customers; and the majority of business being under long-term
contract with cost pass-through provisions. Also, the difficulty in
shipping fragile glass packaging for a distance provides value to
Anchor Glass' facilities and raises switching costs.
The negative outlook reflects uncertainty regarding the company's
maturing debt in the next 12-18 months despite some operational
improvements.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's could upgrade the ratings if Anchor Glass generates
positive free cash flow, with credit metrics within the context of
a stable competitive environment and the maintenance of adequate
liquidity. Specifically, the ratings could be upgraded if free cash
flow to debt is above 1.0%, debt to EBITDA is below 6.5x, and/or
EBITDA to interest expense is above 1.5x.
Moody's could downgrade the ratings if there is any deterioration
in credit metrics, liquidity or the competitive environment.
Distressed exchanges or capital structure changes that impair
creditors could also prompt a downgrade. Specifically, the ratings
could be downgraded if free cash flow to debt remains negative,
debt to EBITDA is above 7.0x, and/or EBITDA to interest expense is
below 1.0x.
Headquartered in Tampa, Florida, Anchor Glass Container Corporation
is a North American manufacturer of premium glass packaging
products. For the 12 months that ended September 2022, Anchor Glass
generated about $600 million in revenue. Anchor is a portfolio
company of CVC Capital Partners.
The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass and Plastic Containers published in
December 2021.
ATP OIL & GAS: Court Grants Keel Charles' Bid to Reopen Case
------------------------------------------------------------
In the case styled Keel Charles, Plaintiff, v. Nabors Drilling USA,
LP, et al., Section: "E", Defendants, Civil Docket No. 12-2516,
(E.D. La.), Judge Susie Morgan for the Eastern District of
Louisiana grants the Motion to Reopen Case and to Set Status
Conference filed by Keel Charles.
This 2012 case stems from injuries Plaintiff Keel Charles sustained
on a drilling rig in 2011. The Plaintiff was employed by MI Swaco
as a service technician for Rig M-202, which was allegedly owned by
the Nabors Defendants. ATP Oil & Gas Corporation was allegedly the
owner/operator of the lease and/or drilling operations on the rig's
platform. The Plaintiff alleges, while making a transfer from the
HARVEY SPIRIT vessel operated by Harvey Gulf International Marine,
LLC to the fixed platform via a personnel basket attached to the
rig's crane, he was thrown from the personnel basket and sustained
serious injuries.
As a result of the accident, Plaintiff sued the Nabors Defendants
(the rig owners), ATP (the platform operator), and HGIM (the vessel
operator), originally in the U.S. District Court for the Western
District of Louisiana, on April 17, 2012. Four months after filing
suit, ATP filed a "suggestion of bankruptcy" on the record.
On September 4, 2012, in light of the suggestion of bankruptcy,
Judge Doherty held a status conference with the parties. Judge
Doherty stayed the case for 30 days and ordered the parties "to
confer for the purpose of ascertaining whether . . . all parties
"agreed" on how to proceed." In discussing how the case should
proceed, the parties began with the threshold issue of whether
venue is proper in the Western District of Louisiana -- the parties
agreed it was not.
As such, the parties requested Judge Doherty "lift the Stay for the
limited purposes of (1) allowing an Agreed Motion to Transfer Venue
to be filed; and (2) transferring the case to the U.S. District
Court for the Eastern District of Louisiana." Judge Doherty obliged
the parties' request, and the case was transferred to this Court.
On Aug. 6, 2013, the Court administratively closed the case.
Nine years after this Court's Aug. 6, 2013 Order administratively
closing the case, the Plaintiff filed a Motion to Reopen Case and
to Set Status Conference because ATP's "bankruptcy has now
completed." HGIM and Nabors filed an opposition, arguing that the
Court should dismiss the Plaintiff's claims against all Defendants
with prejudice for failure to prosecute under Rule 41(b) of the
Federal Rules of Civil Procedure.
Despite HGIM's and Nabor's arguments, the situation presented in
this case fails the Fifth Circuit's analytical framework for Rule
41(b) dismissal with prejudice. First, while the amount of time
elapsed here (nine years) is certainly sufficient to constitute a
"clear record of delay," the delay is not clearly attributable to
the Plaintiff's or his counsel's failure to prosecute. The Court
finds the delay in prosecution may be fairly attributed, at least
in part, to the Aug. 6, 2013 Order. In that order, and specifically
referencing ATP Oil & Gas Corporation's suggestion of bankruptcy,
the Court administratively closed the case. The Court's order also
instructed the parties to file a motion to reopen the case "if
circumstances changed so that it may proceed to final
disposition."
One plausible interpretation of the Court's order, and the one
Plaintiff argues he took, is that the case was stayed due to ATP's
bankruptcy -- when ATP's bankruptcy concluded, the Plaintiff moved
to reopen the case.
Here, the record does not reveal the extent of the Plaintiff's
personal responsibility for the delay, if any. Nor does the record
show that the delay was the result of intentional conduct. HGIM and
Nabors argue the delay will cause them prejudice in that the case
is now stale -- witnesses may be hard to locate or may have
difficulty remembering relevant facts, for example. Certainly,
there is a potential for prejudice.
Importantly though, the Court explains that "potential prejudice"
is not an aggravating circumstance recognized by the Fifth Circuit
-- instead, actual prejudice is. The Court finds this is not one of
the "egregious cases" where dismissal with prejudice is warranted.
A full-text copy of the Order and Reasons dated Dec. 9, 2022, is
available at https://tinyurl.com/2wxe45nt from Leagle.com.
About ATP Oil & Gas
Houston, Texas-based ATP Oil & Gas Corporation was an international
offshore oil and gas development and production company focused in
the Gulf of Mexico, Mediterranean Sea and North Sea.
ATP Oil & Gas filed a Chapter 11 petition (Bankr. S.D. Tex. Case
No. 12-36187) on Aug. 17, 2012. Attorneys at Mayer Brown LLP,
serve as bankruptcy counsel. Munsch Hardt Kopf & Harr, P.C., is
the conflicts counsel. Motley Rice LLC and Fayard & Honeycutt, APC,
serve as special counsel. Opportune LLP is the financial advisor
and Jefferies & Company is the investment banker. Kurtzman Carson
Consultants LLC is the claims and notice agent.
ATP disclosed assets of $3.6 billion and $3.5 billion of
liabilities as of March 31, 2012. Debt includes $365 million on a
first-lien loan where Credit Suisse AG serves as agent. There is
$1.5 billion on second-lien notes with Bank of New York MellonTrust
Co. as agent. ATP's other debt includes $35 million on convertible
notes and $23.4 million owing to third parties for their shares of
production revenue. Trade suppliers have claims for $147 million,
ATP said in a court filing.
An official committee of unsecured creditors has been appointed in
the case. Evan R. Fleck, Esq., at Milbank, Tweed, Hadley & McCloy,
in New York, represents the Creditors Committee as counsel.
A seven-member panel of equity security holders has also been
appointed in the case. Kyung S. Lee, Esq., and Charles M. Rubio,
Esq. of Diamond McCarthy LLP, in Houston, Texas, serve as counsel
to the Equity Committee.
Judge Marvin Isgur of the U.S. Bankruptcy Court for the Southern
District of Texas, Houston Division, issued an order on June 26,
2014, converting ATP Oil & Gas Corporation's Chapter 11 case to one
under Chapter 7 of the Bankruptcy Code.
AVAYA HOLDINGS: Theodore King Has 0.1% Stake as of Dec. 19
----------------------------------------------------------
Theodore Walker Cheng-De King disclosed in an amended Schedule 13G
filed with the Securities and Exchange Commission that as of Dec.
19, 2022, he beneficially owns 112,320 shares of common stock of
Avaya Holdings Corp., representing 0.1 percent based on 85,836,560
shares of common stock, par value $0.01 per share, of Avaya
Holdings outstanding as of April 30, 2022, as reported on the
Issuer's Form 10-Q filed by the Issuer with the SEC on May 10,
2022. A full-text copy of the regulatory filing is available for
free at:
https://www.sec.gov/Archives/edgar/data/1418100/000119312522309163/d381322dsc13ga.htm
About Avaya Holdings
Avaya Holdings Corp. offers digital communications products,
solutions and services for businesses of all sizes delivering its
technology predominantly through software and services.
Avaya reported a net loss of $13 million for the year ended Sept.
30, 2021, a net loss of $680 million for the year ended Sept. 30,
2020, and a net loss of $671 million for the year ended Sept. 30,
2019.
* * *
As reported by the TCR on Aug. 15, 2022, S&P Global Ratings lowered
its issuer credit rating on Avaya Holdings Corp. to 'CCC-' from
'CCC'. The negative outlook reflects that S&P could lower its
rating on Avaya if it concludes a distressed restructuring or
payment default are a virtual certainty.
Also in August 2022, Moody's Investors Service downgraded the
Corporate Family Rating of Avaya Holdings Corp. to Caa2 from B3.
Moody's said Avaya's Caa2 CFR reflects the Company's unsustainably
high financial leverage, sustained cash burn, and increased near
term performance challenges that may worsen substantially as
customers reassess Avaya's financial standing.
AVAYA HOLDINGS: Vanguard Group Reports 6.29% Equity Stake
---------------------------------------------------------
The Vanguard Group disclosed in a Schedule 13G/A filed with the
Securities and Exchange Commission that as of Nov. 30, 2022, it
beneficially owns 5,461,528 shares of common stock of Avaya
Holdings Corp., representing 6.29 percent of the shares
outstanding. A full-text copy of the regulatory filing is
available for free at:
https://www.sec.gov/Archives/edgar/data/102909/000110465922126210/tv0019-avayaholdingscorp.htm
About Avaya Holdings
Avaya Holdings Corp. offers digital communications products,
solutions and services for businesses of all sizes delivering its
technology predominantly through software and services.
Avaya reported a net loss of $13 million for the year ended Sept.
30, 2021, a net loss of $680 million for the year ended Sept. 30,
2020, and a net loss of $671 million for the year ended Sept. 30,
2019.
* * *
As reported by the TCR on Aug. 15, 2022, S&P Global Ratings lowered
its issuer credit rating on Avaya Holdings Corp. to 'CCC-' from
'CCC'. The negative outlook reflects that S&P could lower its
rating on Avaya if it concludes a distressed restructuring or
payment default are a virtual certainty.
Also in August 2022, Moody's Investors Service downgraded the
Corporate Family Rating of Avaya Holdings Corp. to Caa2 from B3.
Moody's said Avaya's Caa2 CFR reflects the Company's unsustainably
high financial leverage, sustained cash burn, and increased near
term performance challenges that may worsen substantially as
customers reassess Avaya's financial standing.
AVIRTA LLC: Voluntary Chapter 11 Case Summary
---------------------------------------------
Debtor: Avirta, LLC
918 S Crescent Way
Mapleton, UT 84664
Chapter 11 Petition Date: December 24, 2022
Court: United States Bankruptcy Court
District of Utah
Case No.: 22-25002
Judge: Hon. Joel T. Marker
Debtor's Counsel: Steven W. Shaw, Esq.
SHAWLAW LEGAL PLLC
2237 W 1850 N
Clinton, UT 84015
Tel: 801-318-8084
Email: steve@shawlaw.biz
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Craig O. Brooksby, manager of managing
entity.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/RQLAHXQ/AVIRTA_LLC__utbke-22-25002__0001.0.pdf?mcid=tGE4TAMA
BED BATH & BEYOND: Extends Exchange Offers Until Jan. 4
-------------------------------------------------------
Bed Bath & Beyond Inc. said it has further extended its previously
announced offers to exchange any and all of its outstanding Senior
Notes.
The extension includes the offers to exchange:
(i) 3.749% Senior Notes due 2024 for new 3.693% Senior Second
Lien Secured Non-Convertible Notes due 2027 and/or new 8.821%
Senior Second Lien Secured Convertible Notes due 2027, at the
option of the holder of the 2024 Notes;
(ii) 4.915% Senior Notes due 2034 for new 12.000% Senior Third
Lien Secured Convertible Notes due 2029; and
(iii) 5.165% Senior Notes due 2044 for New Third Lien Convertible
Notes.
In connection with the Exchange Offers, the Company is also
soliciting consents to amend the indenture governing the Old
Notes.
Each of the Exchange Offers and Consent Solicitations, which were
previously scheduled to expire at 11:59 p.m., New York City time,
on Dec. 19, 2022, has been extended until 11:59 p.m., New York City
time, on Jan. 4, 2023. Tenders of Old Notes may be withdrawn at
any time at or prior to the Expiration Time, but not thereafter,
subject to limited exceptions and except as otherwise required by
applicable law, unless extended.
Except for the extension of the Expiration Time and Withdrawal
Deadline, all other terms of the Exchange Offers and Consent
Solicitations remain unchanged.
As of 11:59 p.m., New York City time, on Dec. 19, 2022, which was
the previous expiration time for the Exchange Offers, the principal
amounts of Old Notes validly tendered and not validly withdrawn, as
advised by Global Bondholder Services Corporation, the exchange
agent for the exchange offers, are set forth below:
Title of Old Notes Outstanding Principal
to be Tendered Principal Amount
Amount Tendered
3.749% Notes due 2024 $215,403,000 $39,234,000
4.915% Notes due 2034 $209,712,000 $51,948,000
5.165% Notes due 2044 $604,820,000 $67,702,000
As of Dec. 19, 2022 the Comany had a total of approximately 117.3
million shares of common stock outstanding.
A Registration Statement on Form S-4, including a prospectus and
consent solicitation statement forming a part thereof, which is
subject to change, relating to the issuance of the New Notes has
been filed with the Securities and Exchange Commission, but has not
yet become effective. The New Notes may not be sold nor may offers
to buy be accepted prior to the time the Registration Statement
becomes effective. If and when issued, the New Notes will be
registered under the Securities Act of 1933, as amended.
Copies of the Prospectus pursuant to which the Exchange Offers and
Consent Solicitations are being made may be obtained from Global
Bondholder Services Corporation, the information agent and exchange
agent for the Exchange Offers and Consent Solicitations. Requests
for documentation and questions regarding procedures for tendering
the Old Notes can be directed to Global Bondholder Services
Corporation at (855) 654-2015 (for information U.S. Toll-free) or
(212) 430-3774 (information for brokers). Questions regarding the
terms and conditions of the Exchange Offers and Consent
Solicitations should be directed to the dealer manager, Lazard
Freres & Co. LLC, at (212) 632-6311.
The Exchange Offers and Consent Solicitations are being made only
by and pursuant to the terms and subject to the conditions set
forth in the Prospectus, which forms a part of the Registration
Statement, and the information in this press release is qualified
by reference to such Prospectus and the Registration Statement.
About Bed Bath & Beyond
Bed Bath & Beyond Inc. is an omnichannel retailer selling a wide
assortment of merchandise in the Home, Baby, Beauty and Wellness
markets. Additionally, the Company is a partner in a joint venture
which operates retail stores in Mexico under the name Bed Bath &
Beyond.
The Company reported a net loss of $559.62 million for the fiscal
year ended Feb. 26, 2022, a net loss of $150.77 million for the
year ended Feb. 27, 2021, and a net loss of $613.82 million for the
year ended Feb. 29, 2020. As of Aug. 27, 2022, the Company had
$4.66 billion in total assets, $5.24 billion in total liabilities,
and a total shareholders' deficit of $577.65 million.
* * *
As reported by the TCR on Nov. 16, 2022, S&P Global Ratings lowered
its issuer credit rating on Union, N.J.-based specialty home
retailer Bed Bath & Beyond Inc. (BBBY) to 'SD' (selective default)
from 'CC'. This action follows the Company's announcement of
privately negotiated exchanges of over $150 million par value of
its senior unsecured notes for the company's common stock. S&P
views the exchange as distressed and not opportunistic.
As reported by the TCR on Nov. 28, 2022, Moody's Investors Service
retained Bed Bath's corporate family rating at Ca and the outlook
remains stable. According to Moody's, Bed Bath & Beyond's Ca
corporate family rating reflects the very high likelihood of
further defaults over the next twelve months.
BEN'S GARDEN: Court OKs Deal on Cash Collateral Access
------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of New York
authorized Ben's Garden Inc. to use cash collateral on an interim
basis in accordance with its agreement with the New York State
Department of Taxation and Finance.
NYS Tax asserts a secured claim in the amount of no less than
$131,973 resulting from tax warrants filed April 21, 2022. The
secured claim is asserted against all of the Debtor's assets,
including bank accounts and proceeds from assets against which NYS
Tax asserts a lien.
As adequate protection, NYS Tax will retain its liens on the
Debtor's real and personal property to the extent and in the
priority existing as of the Petition Date. NYS Tax will also have a
continuing post-petition security interest in all of the assets of
the Estate and all substitutions therefor, which are created,
acquired, and in which the Estate obtains an interest subsequent to
the filing of the petition herein, provided, however, the lien does
not extend to any avoidance power recoveries available to the
estate.
As additional adequate protection for NYS Tax, the Debtor will pay
$2,200 no later than the fifth day after entry of an order
approving the Stipulation, and on the fifteenth day of each month
thereafter, continuing until such time as (i) a Plan of
Reorganization is confirmed, (ii) NYS Tax and the Debtor enter into
an agreement superseding this Stipulation; or (iii) the Secured
Claim is paid in full prior to (i) or (ii) of this paragraph to be
applied toward the Secured Claim.
The Debtor's right to use the cash collateral will terminate on:
a. The entry of an order converting or dismissing the chapter
11 case;
b. The entry of an order confirming a chapter 11 Plan in the
case;
c. The amendment, supplementation, waiver or other
modification of the Stipulation and order without NYS Tax having
been given 72 hours advance written notice (unless otherwise
prescribed by the Court) by email address to counsel for NYS Tax;
or
d. The termination of all or substantially all of the Debtor's
operations. Whether by voluntary acts or omissions of the Debtor,
or otherwise.
A copy of the order is available at https://bit.ly/3hKDoW6 from
PacerMonitor.com.
About Ben's Garden
Ben's Garden Inc. in Stony Brook, N.Y., filed its voluntary
petition for Chapter 11 protection (Bankr. E.D.N.Y. Case No.
22-72391) on September 12, 2022, listing $50,000 to $100,000 in
assets and $1 million to $10 million in liabilities. Benjamin Busko
as president, signed the petition.
Judge Louis A. Scarcella oversees the case.
Certilman Balin Adler & Hyman, LLP serves as the Debtor's legal
counsel.
BIONIK LABORATORIES: Borrows $400K from Director's Affiliate
------------------------------------------------------------
Bionik Laboratories Corp. issued a convertible promissory note and
borrowed $400,000 from an affiliate of Remi Gaston-Dreyfus, a
director of the Company, as disclosed in a Form 8-K filed with the
Securities and Exchange Commission. The Holder subscribed to the
Note pursuant to a Subscription Agreement.
The Company intends to use the net proceeds from the Loan for the
Company's working capital and general corporate purposes.
The Note bears interest at a fixed rate of 1% per month, computed
based on a 360-day year of twelve 30-day months and will be
payable, along with the principal amount, on the two year
anniversary of the issue date.
The Note will be convertible into equity of the Company upon the
following events on the following terms:
* On the Maturity Date without any action on the part of the
Holder, the outstanding principal and accrued and unpaid interest
under the Note will be converted into shares of common stock at a
conversion price equal to the closing price of the Company's common
stock on the Maturity Date.
* Upon the consummation of the next equity or equity linked
round of financing of the Company for cash proceeds, without any
action on the part of the Holder, the outstanding principal and
accrued and unpaid interest under the Note will be converted into
the securities (or units of securities if more than one security
are sold as a unit) issued by the Company in one or more tranches
in the context of the Qualified Financing, based upon the issuance
(or conversion) price of such securities.
The Note contains customary events of default, which, if uncured,
entitle the Holder to accelerate the due date of the unpaid
principal amount of, and all accrued and unpaid interest on, the
Note.
About BIONIK Laboratories
Bionik Laboratories Corp. -- http://www.BIONIKlabs.com-- is a
robotics company focused on providing rehabilitation and mobility
solutions to individuals with neurological and mobility challenges
from hospital to home. The Company has a portfolio of products
focused on upper and lower extremity rehabilitation for stroke and
other mobility-impaired patients, including three products on the
market and three products in varying stages of development.
Bionik reported a net loss and comprehensive loss of $10.41 million
for the year ended March 31, 2022, compared to a net loss and
comprehensive loss of $13.62 million for the year ended March 31,
2021. As of Sept. 30, 2022, the Company had $3.83 million in total
assets, $3.31 million in total liabilities, and $523,018 in total
stockholders' equity.
Toronto, Canada-based MNP LLP, the Company's auditor since 2015,
issued a "going concern" qualification in its report dated June 9,
2022, citing that the Company has experienced losses and has a
working capital deficiency and an accumulated deficit. These
conditions, along with other matters, raise substantial doubt about
Company's ability to continue as a going concern.
BITNILE HOLDINGS: Obtains $14.7 Million in Secured Debt Financing
-----------------------------------------------------------------
BitNile Holdings, Inc. said it borrowed $14.7 million of principal
amount of a secured promissory note from an accredited investor and
shareholder. The Note matures on March 16, 2023, although if the
Company repays at least $12 million of principal payment on or
before the maturity date, the Company may extend the maturity date
by 45 days by paying a fee of 10% of the outstanding balance owed
as of the original maturity date. The Note is secured by certain
assets of the Company and various subsidiaries. The purchase price
for the Note was $13.5 million, of which $12 million was paid in
cash and $1.5 million was a non-accountable expense allowance.
The Loans are guaranteed by Ault Lending, LLC, a subsidiary of the
Company, Ault & Company, Inc., an affiliate of the Company, as well
as Milton C. Ault, III, the Company's executive chairman and the
chief executive officer of Ault & Company, Inc.
The proceeds from the Note will be used for one of the Company's
first private equity related investments, the previously announced
agreement to purchase substantially all of the operating assets of
Circle 8 Crane Services LLC. The Company's investments in private
equity and commercial real estate are led by Christopher K. Wu, the
president of the Company's subsidiary, Ault Alliance, Inc.
The Company's Founder and Executive Chairman, Milton "Todd" Ault,
III said "Chris Wu and I are very pleased to close this financing
related to what I believe will be a transformational acquisition of
the crane operations of Circle 8, an expected key component of our
initiatives in energy and infrastructure. We expect to repay the
Note from funds from Ault Lending and proceeds from certain real
estate transactions."
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.
BITNILE HOLDINGS: Plans to Merge With Ault Alliance
---------------------------------------------------
BitNile Holdings, Inc. said in a press release it plans to merge
its wholly owned subsidiary, Ault Alliance, Inc. (AAI) with and
into the Company. In connection with this upstream merger, the
current AAI will disappear and the business of BitNile will
continue as it is currently being conducted. Further, on Jan. 3,
2023, the effective date of the merger, the Company will change its
name to Ault Alliance, Inc. and its ticker will be changed to
"AULT."
The Company's Founder and Executive Chairman, Milton "Todd" Ault,
III said, "The name change to Ault Alliance reflects the changes we
began to build in 2017 and grow to become the diversified holding
company we are today. We have built a diversified portfolio of
companies with assets totaling more than $600 million. In the
months ahead, we plan to operate in three main segments.
* Energy and Infrastructure:
- Ault Energy, LLC – oil exploration;
- Circle 8 Newco LLC – crane operations;
- Avalanche International Corp. – multiplexed laser surface
enhancement of textiles;
- Investment in Eco Pack Technologies; and
- Investment in Unique Electric Solutions.
* Technology and Finance:
- Ault Lending, LLC – California Finance Lending License
#60DBO-77905;
- The Singing Machine Company – (Nasdaq: MICS) consumer
electronics;
- BitNile, Inc. – Bitcoin mining operations;
- Ault Disruptive Technologies Corp. – (NYSE American: ADRT)
special purpose acquisition company;
- Investment in Alzamend Neuro, Inc. – (Nasdaq: ALZN)
biopharma;
- Investment in Adtech Pharma, Inc. – biotechnology; and
- Investment in Earnity Inc. – decentralized finance
platform.
* Hotels, Real Estate and Data Center:
- Ault Global Real Estate Equities, Inc.;
@ Four Midwest Marriott and Hilton hotels;
@ St. Petersburg, Florida land development project;
- Alliance Cloud Services, LLC – the Michigan data center;
and
- Limited partnership investment in Hotel Fouquet's New York.
The attributed assets do not reflect all the assets owned by the
Company, such as equity investments in other private and public
companies. The Company plans to file a list of all assets each
quarter.
"As previously announced, the Company plans to spin off Imperalis
Holding Corp. (to be renamed TurnOnGreen, Inc.) and Giga-tronics
Incorporated and excluding revenue from the announced spin-offs
expects revenue of more than $200 million for 2023. We are pleased
with the positioning and strategic direction of the Company. We
are committed in our Bitcoin mining endeavors as a key component of
our technology and finance segment. As Ault Alliance, we plan to
make the Company's structure and focus clear, precise and
understandable. We are dedicated to enhancing stockholder value and
continuing to improve our financial results, we plan to maximize
the returns of our existing investments, which are positioned for
growth, and we do not expect to make significant acquisitions
within the next year."
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.
BITNILE HOLDINGS: Unit Closes Acquisition of Circle 8 Crane Assets
------------------------------------------------------------------
BitNile Holdings, Inc. announced that Circle 8 Newco LLC, a newly
formed indirect subsidiary of Ault Alliance, Inc., a wholly owned
subsidiary of the Company, has closed on its acquisition of
substantially all of the operating assets of Circle 8 Crane
Services LLC.
Circle 8 was a crane rental and lifting solutions provider founded
in 2007 and headquartered in Corpus Christi, TX with multiple
locations throughout the South Central region of the U.S. It
maintained a large modern fleet of mobile cranes for its customers'
heavy lifting needs. In particular, Circle 8 provided crane
operators, engineering, custom rigging and transportation services
for oilfield, construction, commercial and infrastructure markets.
Circle 8 maintained an industry leading safety record.
The Company's Founder and Executive Chairman, Milton "Todd" Ault,
III said "We are very pleased to consummate this strategic
acquisition. We believe the Circle 8 acquisition provides a
significant growth platform and furthers our strategy of investing
in private equity opportunities that provide operating cash flow.
As previously disclosed, based on current market conditions, we
believe that the assets of Circle 8 we acquired are on track to
generate in excess of $40 million of annual revenue in 2023."
Ault Alliance's President, Christopher K. Wu said, "Todd and I are
excited to close this private equity investment and look forward to
supporting the expected growth of our crane 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.
BITTER CREEK: Court OKs Deal on Cash Collateral Access
------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas,
Abilene Division, authorized Bitter Creek Water Supply Corporation
to use cash collateral on an interim basis in accordance with its
agreement with the Texas Water Development Board.
The Debtor requires the use of cash collateral to continue
operating in the ordinary course of business and pay normal
operating expenses.
On May 17, 2013, the Debtor entered into a Loan Agreement and
Promissory Note with the TWDB. Both the First Loan Agreement and
the Promissory Note have been amended from time to time and are
identified as TWDB Loan Numbers L1000150 and L1000176 between the
Debtor and the Secured Creditor.
On February 21, 2014, the Debtor entered into another Loan
Agreement and Promissory Note with TWDB. Both the Second Loan
Agreement and the Promissory Note have been amended from time to
time and are identified as TWDB Loan Number L1000175 between the
Debtor and the Secured Creditor.
Pursuant to the First Loan Documents, the Secured Creditor funded
an initial principal amount of $6 million, consisting of $5.3
million under TWDB Loan No. L1000150 and $700,000 under TWDB Loan
No. L1000176. An additional principal amount of $1.5 million, was
funded under TWDB Loan No. L1000175, in accordance with the Second
Loan Documents.
As of the Petition Date, the Debtor was liable to the Secured
Creditor pursuant to the Loan Documents (i) in an aggregate
principal amount of not less than $6.593 million, and (ii) accrued
and unpaid interest, fees, expenses, and other costs and
obligations due under the Loan Agreement.
As adequate protection for TWDB's interest in the cash collateral,
the Debtor will provide the Secured Creditor with monthly payments
in an amount equal to interest accruing at the contract rate on the
principal balance of all loan obligations owed to the TWDB accruing
in the postpetition portion of the prior month, and on the same
schedule set forth in, the Loan Agreement as if the bankruptcy case
had not commenced through the effective date of the a confirmed
plan.
As additional adequate protection for the Debtor's use of cash
collateral, the Secured Creditor is granted, effective as of the
Petition Date, valid, binding, enforceable, and automatically
perfected liens co-extensive with the Prepetition Liens, in all
currently owned or hereafter acquired property and assets of the
Debtor.
Further, and only to the extent the foregoing will be insufficient
to adequately protect the Secured Creditor's interest in the
Prepetition Collateral, the Secured Creditor will have a
super-priority claim under Section 507(b) in the amount of any
diminution in the value of the Secured Creditor's interest in the
Prepetition Collateral as of the Petition Date.
These events constitute an "Event of Default":
a. Seven calendar-days following the Secured Creditor's
delivery of a notice (either written or via e-mail) of a breach by
the Debtor of any obligations under the Order, which breach remains
uncured at the end of such notice period;
b. Conversion of the Debtor's chapter 11 case to a case under
chapter 7 of the Bankruptcy Code;
c. The appointment of a chapter 11 trustee under the
Bankruptcy Code, not including the Subchapter V Trustee;
d. The entry of any order modifying, reversing, revoking,
staying, rescinding, vacating, or amending the Order without the
express prior written consent of the Secured Creditor (and no such
consent will be implied from any action, inaction, course of
conduct or acquiescence by the Secured Creditor); or
e. The lifting of the automatic stay for any other party other
than the Secured Creditor that authorizes such party to proceed
against the Prepetition Collateral, or entry of a final order by
the bankruptcy court authorizing any party to foreclose or
otherwise enforce any lien or other right such other party may have
in and to any part of the Prepetition Collateral.
A copy of the order and the Debtor's budget is available at
https://bit.ly/3VhXq8f from PacerMonitor.com.
The budget provides for, total operating expenses, on a monthly
basis as follows:
$51,856 for December 2022;
$58,933 for January 2023; and
$58,933 for February 2023.
About Bitter Creek Water Supply Corporation
Bitter Creek Water Supply Corporation is water supplier in
Sweetwater, Texas. The Debtor sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 22-10137) on
November 21, 2022. In the petition signed by Jeff Posey, president,
the Debtor disclosed up to $10 million in both assets and
liabilities.
Lynn Hamilton Butler, Esq., at Husch Blackwell LLP, is the Debtor's
counsel.
BLACK DIAMOND ENERGY: Exclusivity Period Extended to Feb. 21
------------------------------------------------------------
Black Diamond Energy of Delaware, Inc. obtained a court order
extending its exclusive right to file a Chapter 11 plan to Feb. 21,
2023, and solicit votes on the plan to April 22, 2023.
The ruling by Judge Gregory Taddonio of the U.S. Bankruptcy Court
for the Western District of Pennsylvania allows the company to
pursue its own plan for emerging from Chapter 11 protection without
the threat of a competing plan from creditors.
The company will use the extension to continue to investigate and
seek to recover transferred property that will "help maximize value
for creditors," according to its attorney, Donald Calaiaro, Esq.,
at Calaiaro Valencik.
Black Diamond has already resolved substantial preferential
transfer litigations that will return over a million dollars in
transfers back to the estate. Moreover, the company has further
identified several other transfers that it will seek to recover
money from.
About Black Diamond Energy
Black Diamond Energy of Delaware, Inc. --
https://www.blackdiamondenergy.com/ -- provides natural gas
drilling programs for investor partners. It specializes in coalbed
methane play in the Powder River Basin.
Black Diamond sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Pa. Case No. 22-21448) on July 26,
2022, with up to $50,000 in assets and $10 million to $50 million
in liabilities. Eric Koval, president of Black Diamond, signed the
petition.
Donald R. Calaiaro, Esq., at Calaiaro Valencik is the Debtor's
legal counsel.
BLOCKFI INC: U.S. Trustee Appoints Creditors' Committee
-------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Chapter 11 cases
of BlockFi Inc. and its affiliates.
The committee members are:
1. Nicholas Owen Gunden, an individual creditor
c/o Carl Grumer, Esq.
Manatt, Phelps & Phillips, LLP
2049 Century Park East, Suite 1700
Los Angeles, CA 90067
Telephone: (310)-312-4149
Email: cgrumer@manatt.com
2. Corey L. Grossman, an individual creditor
3. John A. Javes, an individual creditor
4. Robert Moleda, an individual creditor
5. Curt Tudor, an individual creditor
6. Elisabeth Carabas, an individual creditor
c/o Eric Daucher, Esq.
Norton Rose Fulbright US LLP
1301 Avenue of the Americas
New York, NY 10019
Telephone: (212) 408-5405
Email: eric.daucher@nortonrosefulbright.com
7. Michael Ilg, an individual creditor
8. Greg Dingle, an individual creditor
9. Brendon Ishikawa, an individual creditor
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
About BlockFi Inc.
BlockFi Inc. and eight affiliates sought protection under Chapter
11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 22-19361) on
Nov. 28, 2022. In the petitions signed by their chief executive
officer, Zachary Prince, the Debtors reported $1 billion to $10
billion in both assets and liabilities.
Judge Michael B. Kaplan oversees the cases.
The Debtors taped Kirkland & Ellis and Haynes and Boone, LLP as
general bankruptcy counsels; Walkers (Bermuda) Limited as special
Bermuda counsel; Cole Schotz, P.C. as local counsel; Berkeley
Research Group, LLC as financial advisor; Moelis & Company as
investment banker; and Street Advisory Group, LLC as strategic and
communications advisor. Kroll Restructuring Administration, LLC is
the notice and claims agent.
BLUCORA INC: Moody's Confirms B1 CFR Following Cinven Transaction
-----------------------------------------------------------------
Moody's Investors Service has confirmed Blucora, Inc.'s B1
corporate family rating and B1 senior secured bank credit facility
rating. Moody's has also changed Blucora's outlook to negative from
rating under review. The rating action follows Blucora's
announcement[1] that it has closed the sale of its tax software
business TaxAct to an affiliate of private equity firm Cinven for
$720 million cash ($620 million after-tax). The surviving entity,
consisting solely of Blucora's wealth management business, will be
rebranded as Avantax. This rating action concludes Blucora's review
for downgrade initiated on November 2, 2022.
Moody's has taken the following rating actions:
Issuer: Blucora, Inc.
Corporate Family Rating, Confirmed, currently at B1
Backed Senior Secured Bank Credit Facility, Confirmed, currently
at B1
Outlook Actions:
Issuer: Blucora, Inc.
Outlook, changed to Negative from Rating Under Review
RATINGS RATIONALE
The confirmation of Blucora's ratings reflects Moody's assessment
that its debt leverage, cash flow leverage and interest coverage
ratios will be sustained at a level that supports its existing
level of creditworthiness, even though the company's scale and
profitability has been weakened by the disposition of a material
business unit. Moody's said that Blucora's wealth management
business has revenue streams and profit margins that are
sufficiently durable to withstand plausible stress scenarios, and
that its revenue and profitability have been bolstered by the more
favorable interest rate environment in which the company now
operates. Moody's said this business has exhibited solid organic
growth and is undergoing a favorable shift in revenue mix towards
recurring advisory asset fees, and it has strong advisor retention
rates with more favorable payout ratios than many peers. Moody's
also expects that Blucora's financial profile will benefit
substantially from higher interest rates in 2023, and that the firm
will aim to preserve these benefits so that its revenue will be
sufficiently resilient even if interest rates decline.
Because of the sale and related provisions in Blucora's existing
credit agreement, the company plans to imminently repay the balance
of its existing B1-rated senior secured bank credit facility ($525
million as of 30 September 2022) in its entirety. Moody's said this
rating would be withdrawn upon the debt's repayment. Blucora plans
to raise funds from a new credit facility sometime in 2023 in an
amount that may maintain its debt leverage at its existing level,
although it is possible that a lower level of leverage may be
maintained, at least in the short-term. After issuing the new
facility, Blucora intends return up to $450 million capital to its
shareholders in the form of a $250 million modified "Dutch Auction"
tender offer in the first quarter of 2023 and, subsequently, an
additional $200 million share repurchase program. However, the
final amount and timing of share repurchases may vary considerably
and would depend on the amount of new debt issued and other
factors.
Moody's said Blucora's negative outlook reflects the level of
uncertainty concerning how its financial and strategic policies may
develop as it becomes attuned to being a monoline business. These
uncertainties include developments in shareholder expectations and
priorities, including with respect to the timing and magnitude of
share repurchases and shareholder distributions, the shape of the
company's longer-term capital structure, including its debt
leverage tolerance, the company's appetite for significant
debt-funded M&A transactions, and the extent to which corporate
costs could be sustainably reduced following the TaxAct
disposition.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Blucora's ratings could be upgraded if the company engages in
significant other business activities that provide meaningful
revenue diversification. The ratings could also be upgraded if the
firm were to meaningfully and demonstratably change its financial
policy and operate at a significantly lower level of debt
leverage.
Blucora's ratings could be downgraded should it fail to effectively
preserve the revenue and profitability benefits from higher
interest rates, it succumbs to more challenging competitive
pressures, or if its corporate cost base does not appreciably
reduce following the disposition. The ratings could also be
downgraded should the firm's strategic or financial policies
develop in a manner that has adverse implications for creditors. A
significant deterioration in franchise value, via a security breach
of client accounts, a sustained service outage, or a significant
legal or compliance issue resulting in reputational damage, loss of
customers and litigation costs could also lead to a downgrade.
The principal methodology used in these ratings was Securities
Industry Service Providers Methodology published in November 2019.
BOYCE HYDRO: Mueller's Bid to Enforce Fourth Modified Plan Denied
-----------------------------------------------------------------
Bankruptcy Judge Daniel S. Opperman of the U.S. Bankruptcy Court
for the Eastern District of Michigan denies the motion of Lee W.
Mueller to enforce the Fourth Modified Plan of Boyce Hydro, LLC and
its debtor-affiliates' and the November 22 Order.
Lee W. Mueller, a creditor and former manager and member of the
Debtors, seeks to enforce provisions of the Debtor's Fourth
Modified Plan and the Nov. 22, 2021 Order Denying Liquidating
Trustee's Motion to Enforce Order Confirming Plan against the State
of Michigan, the Department of Environment, Great Lakes and Energy,
and the Department of Natural Resources.
Specifically, Mueller asks the Court to order that the State of
Michigan, EGLE and DNR will be: (a) enjoined and judicially
estopped from employing the doctrine of collateral estoppel, even
defensively, against the flood victims in the Michigan Court of
Claims based on the Western District Action discovery sanctions
order; (b) subject to this Court's reimposition of the automatic
stay, in both the Western District Action and in the Ingham County
Circuit Court Action, if they individually and/or collectively
continue to primarily pursue their/its pecuniary interests in these
venues at the expense of the flood victims; and (c) warned that
they will be subject individually and/or collectively to the
Court's imposition of penalties and/or sanctions, including payment
of all flood victim attorney fees and costs, if they individually
and/or collectively continue to contravene the Court's Orders of
Nov. 22, 2021, and the Plan.
The State of Michigan, EGLE and DNR, along with the Liquidating
Trustee and numerous flood survivors either directly oppose or do
not support Mr. Mueller's request.
Boyce Hydro and related entities owned and operated four dams in
Gladwin and Midland Counties. These dams required significant and
substantial repairs and maintenance which the Debtors could not
afford. The DNR and EGLE assumed regulatory authority after the
Federal Energy Regulatory Commission withdrew its approval. The DNR
and EGLE investigated the Debtors' operations and noted that lake
levels were lowered and alleged that certain aquatic wildlife was
endangered. On May 19, 2020, the Edenville Dam failed, followed by
a partial failure of the Sanford Dam. As a result, the downriver
communities of the Village of Sanford, City of Midland, and
adjoining areas were flooded, and thousands of humans displaced and
substantial property damage was sustained.
The DNR and EGLE turned to court action, this time in the District
Court for the Western District of Michigan, claiming that the
Debtors, Lee Mueller, Boyce Michigan, LLC, WD Boyce Trust 2350, WD
Boyce Trust 3649 and Boyce Trust 3650 violated various federal and
state environmental laws under the Michigan Natural Resources and
Environmental Protection Act.
To complete the summary of lawsuits, many flood survivors filed
complaints in various state and federal courts. Because the claims
are against the State of Michigan, DNR and EGLE, these cases are
now before the Michigan Court of Claims.
The DNR and EGLE argues that Mr. Mueller must have standing under
Article III in order to obtain relief from the Court. This means
Mr. Mueller "must have suffered an injury-in-fact, that the injury
must have been caused by the [DNR and EGLE], and that the injury
must be redressable by a favorable ruling from the Court]."
In turn, Mr. Mueller argues that he has suffered an injury in that
he is deprived of the right to present facts at the trial of the
Western District Action. Moreover, since he has assumed the role of
the Debtor and Liquidating Trustee, the unusual circumstances
described and required in In re Johnson, 548 B.R. 770, 787-88
(Bankr. S.D. Ohio 2016) all give him standing. For added measure,
Mr. Mueller argues that an extension of the Western District Court
Order could have an impact on the flood survivors and, thus,
violate the Court's November 22, 2021 Order.
Judge Opperman points out that "the Western District Action was
initiated by the State of Michigan, DNR and EGLE to enforce the
natural resource and environmental laws, all pursuant to their
police powers. On its face, there is no prohibition in the
Bankruptcy Code or applicable case law barring the State of
Michigan, DNR and EGLE from this action. It is when the pecuniary
interest of the State of Michigan, DNR, or EGLE comes into play
that the Court can or should examine the actions of these entities.
At this time, the Court sees no reason to intervene."
In addition, Judge Opperman points out that in "the Western
District Action, the Liquidating Trustee was and is providing
discovery to the DNR and EGLE. . . Mr. Mueller, facing numerous
discovery requests with limited financial and legal resources, was
unable to comply with requests directed to him. . . from
approximately April 2022 to September 2022. . . The result of this
approach was the entry of the Western District Court Order. This
Order only affects Mr. Mueller and a non-debtor entity, and no
other party. The pursuit of discovery and enforcement of the rights
and remedies available under the Federal Rules of Civil Procedure
at this stage are only to advance the enforcement of police
powers."
Judge Opperman concludes that "the precise language of the Western
District Court Order leaves no doubt that it only affects Mr.
Mueller and Edenville Hydro Property, LLC and no other entity. The
Order also only relates to the remainder of the litigation in the
Western District Action. . . At this time, this Court does not see
how an order with limitations resulting from the failure to produce
discovery impacts others. This point is buttressed by counsel for
the State of Michigan, DNR and EGLE who has repeatedly stated on
the record that neither entity intends to use a determination in
either the Ingham County Action or Western District Action against
the flood survivors. To date, no judgment has been entered in
either action, so there is nothing more this Court can or should do
at this time."
Additionally, Judge Opperman explains that "the Nov. 22, 2021 Order
of this Court defined a bright line and allowed for methods to
allow any party to petition this Court to seek redress. Counsel for
the Liquidating Trustee and the Mass Coalition each expressed an
ability and willingness to use those avenues if the need arises. To
date, the need has not arisen. Also, Mr. Mueller and Edenville
Hydro were not protected parties as defined in the Plan. . . The
Plan provided that the Liquidating Trustee retain certain causes of
actions that could have been related to or perhaps affected by the
Ingham County Action or the Western District Action. By June 2022,
however, these assets were abandoned by the Liquidating Trustee and
are no longer property of the estate or subject to administration
pursuant to the Plan."
Many of the arguments made by Mr. Mueller are directed to the
propriety of the entry of the Western District Court Order. Hence,
Judge Opperman pronounces that the proper immediate court of review
of the Western District Court Order is the Sixth Circuit Court of
Appeals. Distilled to its essence, Mr. Mueller details the
disparate position of himself with the State of Michigan, DNR and
EGLE and laments that he was unable to comply with the discovery
requests imposed on him. Judge Opperman opines that "Whether he is
correct, however, is not for this Court to answer. . . this Court
is tasked with the duty to ensure the Plan is followed and
completed. . . part of that process, its Nov. 22, 2021 Order is
followed."
A full-text copy of the Opinion dated Dec. 9, 2022, is available at
https://tinyurl.com/ycy8cahw from Leagle.com.
About Boyce Hydro
Boyce Hydro, LLC and Boyce Hydro Power, LLC, Michigan-based
providers of electrical power services, sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Lead Case No.
20-21214) on July 31, 2020. At the time of the filing, the Debtors
each disclosed up to $50 million in assets and up to $10 million in
liabilities.
Judge Daniel S. Opperman oversees the cases.
Goldstein & McClintock LLP, led by Matthew E. McClintock, Esq., is
the Debtors' legal counsel.
On Feb. 25, 2021, the court entered a nonconsensual order, which
confirmed the Debtors' joint consolidated Chapter 11 plan of
liquidation, and approved the establishment of the Boyce Hydro
liquidating trust and Scott A. Wolfson's appointment as liquidating
trustee. The plan was declared effective on March 3, 2021.
The liquidating trustee tapped Wolfson Bolton PLLC as bankruptcy
counsel, Honigman LLP and Steinhardt Pesick & Cohen P.C. as special
counsel, and Plante & Moran, PLLC as accountant. Stretto is the
claims agent.
BRIGHT MOUNTAIN: Appoints Jonathan Slavin as Chief Revenue Officer
------------------------------------------------------------------
Bright Mountain Media, Inc. issued a press release announcing the
appointment of industry veteran Jonathan Slavin as chief revenue
officer, as part of a series of changes to boost the growth of the
company's Technology Division in 2023. The Company said the move
follows a successful year for the Company in 2022.
Matt Drinkwater, Bright Mountain's CEO says the Company is
investing in its Technology Division, beginning by adding industry
veteran Jonathan Slavin as chief revenue officer to spearhead the
Company's next phase of growth. He states that "The company has
reorganized into two divisions: Publishing & Technology. Our
Technology Division's strong revenue growth and presence in the CTV
space make this the right time to add more leadership. Jonathan
brings a wealth of experience and a successful track record that
will help the business continue to grow and develop. We will have
major announcements about the direction and focus of the Technology
Division in the coming months."
Slavin adds, "Bright Mountain's Technology Division had a fantastic
2022, and we expect this trend to continue and accelerate in 2023,
particularly in the CTV space. As more high-value AVOD inventory
becomes available in the programmatic landscape, our Technology
Division is well-positioned to take advantage of this opportunity
and experience strong growth."
Todd Speyer will transition to the newly minted role as "SVP of
Revenue Operations" for Bright Mountain Media, Inc. where he will
be responsible for implementing tools, systems, and processes to
support the company's growth. Previously Mr. Speyer served as CEO
of Bright Mountain, LLC, the company's Technology Division. CEO
Drinkwater says of Mr. Speyer, "Todd has helped the company launch
a myriad of new products and revenue channels from scratch. Under
his leadership, our Technology Division has achieved 250% plus
growth this year. His experience will support us as we continue to
look to diversify the company, both organically and through
acquisition."
Drinkwater credits SVP of Product, Vinay Belani, with much of the
Technology Division's success. "Vinay is a skilled and passionate
product leader. He developed our Technology Division's product
strategy from the ground up, leading to tremendous results this
year. He believed in a vision, executed development of a multitude
of new products, and now has proof of concept based on exceptional
adoption and growth. I have no doubt Vinay, Jonathan, and Todd
will take Bright Mountain's Technology Division to new heights."
About Bright Mountain
Based in Boca Raton, Fla., Bright Mountain Media, Inc. --
www.brightmountainmedia.com -- is engaged in operating a
proprietary, end-to-end digital media and advertising services
platform designed to connect brand advertisers with
demographically-targeted consumers -- both large audiences and more
granular segments -- across digital, social and connected
television publishing formats. The Company defines "end-to-end" as
its process for taking ad buying from beginning to end, delivering
a complete functional solution, usually without requiring any
involvement from a third party.
Bright Mountain reported a net loss of $12 million for the year
ended Dec. 31, 2021, a net loss of $72.71 million for the year
ended Dec. 31, 2020, a net loss of $4.17 million for the year ended
Dec. 31, 2019, and a net loss of $5.22 million for the year ended
Dec. 31, 2018. As of Sept. 30, 2022, the Company had $30.28
million in total assets, $41.80 million in total liabilities, and a
total shareholders' deficit of $11.52 million.
East Brunswick, New Jersey-based WithumSmith+Brown, PC, the
Company's auditor since 2021, issued a "going concern"
qualification in its report dated June 10, 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.
BROOKFIELD RESIDENTIAL: Moody's Hikes Unsecured Notes Rating to B1
------------------------------------------------------------------
Moody's Investors Service has upgraded Brookfield Residential
Properties ULC's (BRP, formerly dba Brookfield Residential
Properties Inc.) senior unsecured notes to B1 from B2. At the same
time, Moody's affirmed BRP's B1 corporate family rating and B1-PD
Probability of Default Rating. The company's SGL-3 Speculative
Grade Liquidity Rating remain unchanged. The outlook remains
stable.
The upgrade of BRP's senior unsecured notes to B1 (in-line with the
CFR) reflects the decrease in higher ranking secured construction
loans at the company's OliverMcMillan Spectrum Emery LLC subsidiary
following the sale of Fifth + Broadway mixed used property and the
repayment of related project debt. Moody's expects a further
decrease of secured construction loans with the completion of the
Lilia mixed use project at the OliverMcMillan Kuhio LLC subsidiary
and the repayment of related debt over the next 12-18 months.
Moody's expects the amount outstanding under the construction loans
to decrease by about $600 million pro forma for the Fifth +
Broadway property sale and as the company completes the remaining
projects over the next 12-18 months.
This B1 CFR affirmation reflects Moody's expectation that BRP's
credit metrics and liquidity will likely remain supportive of its
credit profile despite softening housing market demand. The
affirmation comes shortly after BRP's announced organizational
restructuring, whereby the company will acquire the 89.6% interest
of Brookfield Residential US Holdings LLC's that it did not
previously own from Brookfield US Inc. (BUSI) in exchange for
common shares and exchange its 9.1% interest in BUSI for partial
redemption of the company's common shares (Transaction). The
Transaction will likely simplify the company's corporate structure
with the company owning and reporting 100% of the North American
land and housing business and divesting its partial ownership in
the equity accounted BUSI subsidiary.
Affirmations:
Issuer: Brookfield Residential Properties ULC
Corporate Family Rating, Affirmed B1
Probability of Default Rating, Affirmed B1-PD
Upgrades:
Issuer: Brookfield Residential Properties ULC
Senior Unsecured Regular Bond/Debenture, Upgraded to B1 (LGD4)
from B2 (LGD4)
Outlook Actions:
Issuer: Brookfield Residential Properties ULC
Outlook, Remains Stable
RATINGS RATIONALE
BRP's B1 CFR benefits from: geographic diversification with
operations in Canada and the US, including homebuilding, land
development and mixed-use properties; sizeable, low-cost land
holdings providing flexibility around pace of investment in new lot
inventory; presence in markets characterized by favorable housing
trends; and solid gross profit margins (28% LTM Sep-22).
The company's rating is constrained by: revenue concentration in
California (nearly 40% of housing revenues in 2021); exposure to
volatile and capital intensive mixed-use property development
business; and cash distributions to parent (Brookfield Corporation,
A3 stable) limiting cash flow capacity to reduce leverage (51% debt
to capitalization at Sep-22 pro forma for the Transaction and
repayment of related project-specific debt).
BRP has adequate liquidity (SGL-3). Moody's estimate sources total
about $420 million compared to uses of around $220 million. Pro
forma for the sale of Fifth + Broadway property and repayment of
project-specific debt and 364-day mezzanine loan, liquidity sources
include about $343 million in cash on hand (net of restricted
cash), and about $74 million available under the company's
committed $675 million revolver due August 2025. Uses of cash
include Moody's forecast for negative free cash flow of around $200
million through September 2023 and mandatory debt repayment of
about $17 million. The company has strong sources of alternate
liquidity to raise cash given its robust land inventory position,
with assets largely unencumbered. Moody's expect the company to
maintain an adequate cushion under its covenants, including a
maximum total debt to capitalization of 65% and proposed minimum
tangible net worth of $1.9 billion.
The stable outlook reflects Moody's expectation that the company
will sustain gross margins around 23% and debt to capitalization at
around 43% while maintaining adequate liquidity.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Factors that could lead to an upgrade
Gross debt to capitalization sustained below 40%
Sustained gross profit margins around 25%
Maintenance of a good liquidity profile
Factors that could lead to a downgrade
Weakening liquidity
Gross debt to capitalization sustained above 60%
Gross profit margins declining toward 20%
Brookfield Residential Properties ULC, incorporated in Ontario,
Canada, is a wholly-owned subsidiary of Brookfield Corporation and
has been developing land and building homes in Canada and the US
for over 60 years. Revenues are approximately $1.9 billion.
The principal methodology used in these ratings was Homebuilding
and Property Development published in October 2022.
CALAMP CORP: Incurs $4.7 Million Net Loss in Third Quarter
----------------------------------------------------------
CalAmp Corp. has filed with the Securities and Exchange Commission
its Quarterly Report on Form 10-Q disclosing a net loss of $4.73
million on $78.89 million of total revenues for the three months
ended Nov. 30, 2022, compared to a net loss of $11.44 million on
$68.78 million of total revenues for the three months ended Nov.
30, 2021.
For the nine months ended Nov. 30, 2022, the Company reported a net
loss of $24.40 million on $216.44 million of total revenues
compared to a net loss of $18.81 million on $227.46 million of
total revenues for the nine months ended Nov. 30, 2021.
As of Nov. 30, 2022, the Company had $388.91 million in total
assets, $370.21 million in total liabilities, and $18.69 million in
total stockholders' equity.
"Revenue in the quarter exceeded the high-end of our expectations
as increased supply allowed us to ship aged backlog to strategic
customers," said Jeff Gardner, CalAmp's president and CEO. "This
increased supply included devices incorporating components we
secured in the spot market for customers affected by the imminent
decommissioning of Verizon's 3G network. We had an unusually high
volume of spot component purchases, made at higher than usual
costs, which had a transitory negative effect on gross margin in
the quarter. We anticipate a meaningful improvement in gross
margin in the fourth quarter and return to normalized levels early
in the next fiscal year. As of quarter end, we've cumulatively
converted approximately 75% of eligible customers to recurring
subscription contracts, and we anticipate completing substantially
all conversions by fiscal year end."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/730255/000156459022039540/camp-10q_20221130.htm
About CalAmp
CalAmp Corp. provides flexible solutions to help organizations
worldwide monitor, track and protect their vital assets. The
Company's unique combination of software, devices, and platform
enables over 14,000 commercial and government organizations
worldwide to increase efficiency, safety and transparency while
accommodating the unique ways they do business.
Calamp reported a net loss of $27.99 million for the year ended
Feb. 28, 2022, a net loss of $56.31 million for the year ended Feb.
28, 2021, and a net loss of $79.30 million for the year ended Feb.
29, 2020. As of Aug. 31, 2022, the Company had $371.04 million in
total assets, $349.22 million in total liabilities, and $21.82
million in total stockholders' equity.
CALPLANT I: Exclusivity Period Extended to April 5
--------------------------------------------------
CalPlant I Holdco, LLC and its affiliates obtained a court order
extending their exclusive right to file a Chapter 11 plan to April
5, 2023, and solicit acceptances from creditors to June 5, 2023.
The ruling by Judge John Dorsey of the U.S. Bankruptcy Court for
the District of Delaware allows the companies to pursue their own
plan for emerging from Chapter 11 protection without the threat of
a competing plan from creditors.
The companies will use the extension to negotiate a term sheet with
Andritz AG, an Austria-based refiner repair specialist tapped by
the companies to reengineer the feeding system and refiner
components of their plant's processing equipment.
Employing a specialist to resolve issues at the plant is one of the
options eyed by the companies to maximize the value of their
assets, according to companies' attorney, Brya Keilson, Esq., at
Morris James, LLP.
CAROLINA CAJUNS: Wins Cash Collateral Access Thru Jan 2023
----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Connecticut, Hartford
Division, authorized The Carolina Cajuns, LLC to use cash
collateral, which may be subject to the liens and/or security
interests of United Community Bank and the United States Small
Business Administration, on an interim basis in accordance with the
budget, with a 10% variance, through January 15, 2023.
As adequate protection, each of the Secured Creditors is granted a
post-petition lien upon and security interest in the Debtor's
assets, with the same validity, extent and priority as the
prepetition lien and security interest, if any, of each of the
Secured Creditors.
To the extent the adequate protection to the Secured Creditors
proves to be inadequate and the inadequacy gives rise to a claim
allowable under Bankruptcy Code section 507, the claim will
constitute an administrative claim against the Debtor with priority
over all administrative claims in the bankruptcy case.
The post-petition liens and security interests of the Secured
Creditors are subject and subordinate to post-petition taxes
(including, without limitation, withholding taxes), the
post-petition wages of non-insider employees, which are actually
earned but which remain unpaid, and the allowed professional fees
of the Subchapter 5 Trustee awarded by the Court pursuant to 11
U.S.C. sections 330 and 331 up to the amount of $8,000.
A continued hearing on the matter is set for January 17 at 11 a.m.
A copy of the order and the Debtor's budget is available at
https://bit.ly/3vcpCie from PacerMonitor.com.
The Debtor projects $66,000 in total weekly sales income and
$18,800 in direct operating expenses for the period from December
19, 2022, to January 15, 2023.
About The Carolina Cajuns, LLC
The Carolina Cajuns, LLC is part of the restaurant industry.
Carolina Cajuns sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Conn. Case No. 22-20640) on September
16, 2022. In the petition signed by Steven A. Galloway, president,
the Debtor disclosed up to $50,000 in assets and up to $10 million
of liabilities.
Judge James J. Tancredi oversees the case.
John P. Newton, Esq., at Reid and Riege, P.C., is the Debtor's
counsel.
CELSIUS NETWORK: Advisers, Lawyers Seek $52 Million Fees
--------------------------------------------------------
Suvashree Ghosh and Olga Kharif of Bloomberg News report that
advisers, experts and lawyers to bankrupt crypto lender Celsius
Network Ltd. are seeking $52.8 million in fees for up to four
months of services rendered as of end of October, according to Dec.
15 and 16, 2022 docket filings.
Kirkland & Ellis billed nearly $20 million for its services from
July through October. White & Case LLP, which represents Celsius'
creditors, has billed $10.2 million for its services from July 29
to October 31, 2022, according to a filing.
About Celsius Network
Celsius Network LLC -- http://www.celsius.network/-- is a
financial services company that generates revenue through
cryptocurrency trading, lending, and borrowing, as well as by
engaging in proprietary trading.
Celsius helps over a million customers worldwide to find the path
towards financial independence through a compounding yield service
and instant low-cost loans accessible via a web and mobile app.
Celsius has a blockchain-based fee-free platform where membership
provides access to curated financial services that are not
available through traditional financial institutions.
The Celsius Wallet claims to be one of the only online crypto
wallets designed to allow members to use coins as collateral to get
a loan in dollars, and in the future, to lend their crypto to earn
interest on deposited coins (when they're lent out).
Crypto lenders such as Celsius boomed during the COVID-19 pandemic,
drawing depositors with high interest rates and easy access to
loans rarely offered by traditional banks. But the lenders'
business model came under scrutiny after a sharp sell-off in the
crypto market spurred by the collapse of major tokens terraUSD and
luna in May 2022. New Jersey-based Celsius froze withdrawals in
June 2022, citing "extreme" market conditions, cutting off access
to savings for individual investors and sending tremors through the
crypto
market.
The list of major crypto firms that have filed for bankruptcy
protection in 2022 now includes Celsius Network, Three Arrows
Capital and Voyager Digital.
Celsius Network, LLC and its subsidiaries sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case
No.22-10964) on July 14, 2022. In the petition filed by CEO Alex
Mashinsky, the Debtors estimated assets and liabilities between $1
billion and $10 billion.
The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis
International, LLP as legal counsels; Centerview Partners, LLC as
investment banker; and Alvarez & Marsal North America, LLC as
financial advisor. Stretto, the claims agent and administrative
advisor, maintains the page https://cases.stretto.com/celsius
On July 27, 2022, the U.S. Trustee appointed an official committee
of unsecured creditors. The committee tapped White & Case, LLP as
its bankruptcy counsel; Elementus Inc. as its blockchain forensics
advisor; M3 Advisory Partners, LP as its financial advisor; and
Perella Weinberg Partners, LP as its investment banker.
Shoba Pillay, Esq., is the examiner appointed in the Debtors'
Chapter 11 cases. Jenner & Block, LLP, and Huron Consulting
Services, LLC, serve as the examiner's legal counsel and financial
advisor, respectively.
CHESTER COUNTY IDA: Moody's Affirms Ba2 Rating on 2013A Rev. Bonds
------------------------------------------------------------------
Moody's Investors Service has affirmed the rating of Chester County
Industrial Development Authority's (PA) Student Housing Revenue
Bonds (University Student Housing, LLC Project at West Chester
University of Pennsylvania), Series 2013A at Ba2, and revised the
outlook to stable from negative.
RATINGS RATIONALE
The rating affirmation at Ba2 is based on the stabilization of the
project operating performance following significant contraction of
financial flexibility precipitated by COVID-related occupancy
limits put in place beginning in March 2020 at Commonwealth Hall
(the "Project"). Following West Chester University's ("WCU")
announcement extending campus density restrictions through the
spring 2021 term, University Student Housing's ("USH") Project
remained vacant for the entirety of the 2020/2021 academic
calendar. This rating action incorporates stabilizing operating
performance, as demonstrated by full project occupancy as of the
Fall 2022 semester and improving operating performance as the
result of project reopening. The rating also incorporates fiscal
ramifications of material drawdown of trustee-held and project
reserves in FY2020 and FY2021 in order to meet debt service
requirements. All trustee-held accounts for the Series 2013A bonds
have been fully replenished. However, the debt service reserve fund
for the unrated Series 2016C-2 bonds remains underfunded,
diminishing Project's ability to absorb potential future net
revenue shortfalls. Additionally, near-term changes in student
preferences stemming from prior interruption of campus activities
could result in longer-term shifts in overall student demand.
Offsetting these challenges are a track record of consistently
strong pre-COVID housing demand that often exceeded 100% occupancy
and improving performance in Fall 2021 and Fall 2022 semesters,
once campus restrictions were lifted. Additionally, the strategic
and operating coordination between the university and project owner
(University Student Housing, LLC/West Chester University
Foundation) remains an important credit support factor.
RATING OUTLOOK
The stable outlook reflects normalization of on-campus activities
that restored historical occupancy and revenue performance, as
demonstrated by the Fall 2022 project occupancy and financial
performance. Sustained stabilization of project occupancy, coupled
with ongoing replenishment of the Series 2016C-2 debt service
reserve fund, would be credit positive to bondholders.
FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING
Rating upgrade would depend on the Projects ability to maintain
sufficient net revenues to continue replenishing the Series 2016C-2
debt service reserve fund
Continued sound financial performance, resulting in debt service
coverage figures in line with pre-COVID level
FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING
Return to housing restrictions that decrease current occupancy
levels, and results in future draws on the available reserves
LEGAL SECURITY
The bonds are secured by project revenues consisting primarily of
housing rental charges. The bond trustee has a security interest in
various funds, such as the Bond Fund, Debt Service Reserve Fund,
and the Repair and Replacement Fund, as provided by the Indenture.
PROFILE
University Student Housing, LLC, is a Section 501(c)(3) limited
liability company whose sole member is West Chester University
Foundation (the "Foundation"). The company is governed by a Board
of Managers that consists of no fewer than 15, and up to 39,
members who serve by virtue of their positions as Trustees of the
Foundation. The Foundation's Board of Trustees consists of five
members who serve by virtue of their respective positions within
the University. USH owns six on-campus residence halls at West
Chester University, with a total of 2,962 beds, inclusive of
Commonwealth Hall.
METHODOLOGY
The principal methodology used in this rating was Global Housing
Projects published in June 2017.
CLOVIS ONCOLOGY: Sixth Street Beats Bondholders for DIP Loan
------------------------------------------------------------
A Delaware bankruptcy judge Friday, December 16, 2022, ended the
competition over who will provide $75 million in Chapter 11
financing for Clovis Oncology Inc., approving the offer from a
secured lender and denying a request to pay the losing bidder's
fees.
In order to provide necessary funding during the Chapter 11
proceeding, Clovis has received a commitment of up to $75 million
in a multi-draw DIP financing facility. The Court on Dec. 16,
2022, entered an interim order authorizing the Debtor to access up
to $50 million pursuant to a Secured Super-Priority Loan Agreement
TOP IV TALENTS, LLC as the administrative and collateral agent, and
the lenders from time to time party thereto. A final hearing is
scheduled for Jan. 11, 2023.
Prepetition, the Ad Hoc Committee of Bondholders and Sixth Street
Partners, LLC, the existing lender under the Debtors' prepetition
financing facility, submitted offers to provide the Debtors with
DIP financing. The Debtors determined that the Ad Hoc Committee
offered the most viable and beneficial
DIP financing terms available and the parties were able to come to
an agreement on the terms of a
DIP financing facility.
On December 13, 2022, the Debtors filed the Motion seeking approval
of the Ad Hoc Committee DIP Facility. Prior to the hearing on
December 14, 2022 to consider approval of the Motion, Sixth Street
conveyed to the Debtors its desire to submit a competing proposal
on superior terms as compared to the Ad Hoc Committee DIP Facility
and submitted a revised term sheet to the Debtors and their
advisors accordingly.
During the First Day Hearing, the Debtors informed the Court that
the competitive bidding process remained ongoing and requested that
the Court adjourn consideration of the Motion to a hearing on
December 15, 2022 at 11:30 a.m. (Eastern Time), which request the
Court approved. Following the conclusion of the First Day Hearing,
the Debtors, Sixth Street, the Ad Hoc Committee and their advisors
engaged in extensive, arms' length negotiations.
The Debtors and their advisors determined that continuing a
competitive bidding process would allow the Debtors to obtain DIP
financing on the most favorable terms. Accordingly, prior to the
DIP Hearing, the Debtors reached an agreement with Sixth Street
whereby Sixth Street consented to the Debtors’ limited use of
cash collateral to bridge the Debtors to DIP approval. This
allowed the Debtors to fund immediate and necessary operating
expenses and increased the Debtors’ runway to engage with Sixth
Street and the Ad Hoc Committee. At the DIP Hearing, the Court
approved the Interim Cash
Collateral Agreement and agreed to adjourn the DIP Hearing by one
day to allow the Debtors
additional time to conduct an auction to select a winning DIP
financing proposal (the “Auction”).
The Auction took place following the DIP Hearing, and the
participants included the Debtors, Sixth Street, the Ad Hoc
Committee, and their respective advisors. The Auction, which took
place over Zoom on a recorded line, lasted approximately four
hours. At the conclusion of the Auction, and following multiple
rounds of competitive bidding, the Debtors determined that the
final DIP financing proposal submitted by Sixth Street contained
more favorable terms as compared to the Ad Hoc Committee DIP
Facility, and the Debtors and Sixth Street were able to come to an
agreement on the terms of a DIP financing facility.
John Cesarz, a Partner at Perella Weinberg Partners LP, the
Debtors' investment banker, explains that several features of the
Sixth Street DIP Facility led to its selection as the DIP lender.
* First, the Sixth Street DIP Facility permits the Debtors to
use Sixth Street’s cash collateral consensually. This avoids
significant "execution risk" by obviating the need for the Debtors
to seek
nonconsensual use of cash collateral through costly and uncertain
litigation. The Sixth Street DIP Facility, coupled with access to
cash collateral, will provide the Debtors with sufficient funding
to monetize their assets and seek the restructuring alternatives
required when dealing with their life-saving cancer treatments.
* The Sixth Street Facility also allows the Debtors to obtain
DIP financing at an overall lower cost as compared to the Ad Hoc
Committee DIP Facility. Although the Sixth Street Facility includes
a "roll-up", the roll-up is a lesser cost overall to the Debtors as
compared to the Ad Hoc Committee Facility's Sale Fee.4 Moreover, I
believe that the roll-up, which contemplates the roll up of Sixth
Street’s prepetition secured debt at a 2/3 ratio to new money DIP
loans, is reasonable and consistent with roll-ups seen in
comparable DIP financing facilities, and is reasonable when
considered in light of the entire Sixth Street DIP Facility and
other concessions made by Sixth Street. In addition, the fees,
interest, roll-up, and sizing considerations in the Sixth Street
DIP Facility were less expensive when compared to those of the Ad
Hoc Committee DIP Facility and therefore resulted in lower DIP
obligations to be repaid at exit or upon conversion to CVR.
* The Sixth Street Facility also accommodates some of the unique
aspects of the Debtors’ Chapter 11 Cases, including the proposed
repayment mechanics under the DIP Facility. While the aggregate
maximum principal amount of the DIP Facility is $75 million, the
upfront cash payment contemplated to be received upon closing of
the FAP Stalking Horse APA is only $50 million (though additional
contingent payments of up to $630,750,000 may be made upon
satisfaction of future milestone events). Therefore, if the FAP
Stalking Horse Bid is not topped during the auction process, the
Debtors likely will not have sufficient liquidity to repay their
obligations under the DIP Facility in full in cash upon the closing
of the FAP Stalking Horse Bid or upon the subsequent effective date
of a chapter 11 plan. As an accommodation to account for this
shortfall, the DIP Facility contemplates that if the outstanding
DIP obligations are not paid in full upon the effective of the
Debtors' chapter 11 plan, such outstanding obligations, plus any
outstanding amounts of Sixth Street's prepetition secured debt,
will be converted on a dollar-for-dollar basis into contingent
value rights (“CVRs”), thereby enabling the Debtors to confirm
a chapter 11 plan despite lacking the liquidity to repay all of
their obligations under the DIP Facility in full in cash. The CVRs
will entitle the holders thereof to the proceeds realized by the
Debtors upon satisfaction of future milestone payments until the
outstanding DIP obligations are paid in full. Notably, such CVRs
will not accrue any interest or be entitled to any premium.
Although
the Ad Hoc Committee DIP Facility contemplates a similar CVR
conversion, the CVR conversionin the Sixth Street Facility is more
favorable because the Sixth Street DIP Facility does not have a
Sale Fee.
About Clovis Oncology
Clovis Oncology Inc. (NASDAQ:CLVS) is an American pharmaceutical
company which mainly markets products for treatment in oncology.
Clovis Oncology, Inc., and two affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 22-11292) on Dec. 11,
2022. The Hon. J Kate Stickles is the case judge.
Clovis Oncology had $319,164,834 in total assets against
$754,564,457 in total liabilities as of Oct. 31, 2022.
The Debtors tapped MORRIS NICHOLS ARSHT & TUNNELL LLP and WILLKIE
FARR & GALLAGHER LLP as bankruptcy co-counsel; ALIXPARTNERS, LLP,
as restructuring advisor; and PERELLA WEINBERG PARTNERS LP as
investment banker. KROLL RESTRUCTURING ADMINISTRATION LLC is the
claims agent.
CLOVIS ONCOLOGY: U.S. Trustee Appoints Creditors' Committee
-----------------------------------------------------------
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases of Clovis
Oncology Inc. and its affiliates.
The committee members are:
1. The Bank of New York Mellon Trust Company, N.A.
Attn: Gary Bush, 101, Barclay Street
New York, NY 10286
Email: gary.bush@bnymellon.com
2. Pfizer Inc.
Attn: Marc Brotman
66 Hudson Blvd.
New York, NY 10001
Email: marc.brotman@pfizer.com
3. Syneous Health
Attn: Wesley Roberts
1030 Sync Street
Morrisville, NC 27560
Email: wesley.roberts@syneoushealth.com
4. IQVIA
Attn: Dave Mack
2400 Ellrs Rd.
Durham, NC 27703
Email: david.mack@iqvia.com
5. Lonza Ltd.
Attn: Sean Diver Munchensteinerstrasse
38 CH-4002 Basel
Switzerland
Email: sean.diver@lonza.com
6. MDcentRx, LLC
Attn: Jon Larson
1230 Avenue of the American, 16th Floor
New York, NY 10020
Email: jon@larsonventures.com
7. EMB Statistical Solutions, LLC
Attn: Brenda Bishop
9300 West 110th Street, Suite 550
Overland Park, KS 66210
Email: bbishop@embstats.com
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
About Clovis Oncology
Clovis Oncology, Inc. is an American pharmaceutical company, which
mainly markets products for treatment in oncology. The company is
based in Boulder, Colo.
Clovis Oncology and its affiliates sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bank. D. Del. Lead Case No.
22-11292) on Dec. 11, 2022. In the petition signed by Paul E.
Gross, executive vice president and general counsel, Clovis
Oncology disclosed $319,164,834 in assets and $754,564,457 in
liabilities.
Judge J. Kate Stickles oversees the cases.
The Debtors tapped Morris Nichols Arsht and Tunnell, LLLP and
Wilkie Farr & Gallagher, LLP as bankruptcy counsels; Alixpartners,
LLP as restructuring advisor; Perella Weinberg Partners, LP as
investment banker; and Kroll Restructuring Administration, LLC as
claims, noticing, and solicitation agent.
CLUBHOUSE MEDIA: Further Cuts Company Debt by $350K
---------------------------------------------------
Clubhouse Media Group, Inc. announced a reduction of its
outstanding debt by approximately $350,000. Clubhouse Media's
outstanding debt to noteholders remains approximately $4.75 million
(not including accrued interest), following the reduction.
Management Commentary
"This agreement is the second of its kind that we've managed to
secure in the month of December alone," said Scott Hoey, chief
financial officer of Clubhouse Media. "Similar conversations are
ongoing with other note holders. We plan to continue down this
path toward eliminating a majority of our outstanding debt. We
believe that this will assist the company in strengthening its
balance sheet and setting Clubhouse Media up for long-term
success."
About Clubhouse Media
Las Vegas, Nevada-based Clubhouse Media Group, Inc. offers
management, production, and deal-making services to its handpicked
influencers, a management division for individual influencer
clients, and an investment arm for joint ventures and acquisitions
for companies in the social media influencer space.
Clubhouse Media reported net loss of $22.25 million for the year
ended Dec. 31, 2021, compared to a net loss of $2.58 million for
the period from Jan. 2, 2020 (inception) to Dec. 31, 2020. As of
Sept. 30, 2022, the Company had $1.59 million in total assets,
$11.65 million in total liabilities, and $10.06 million in total
stockholders' deficit.
Spokane, Washington-based Fruci & Associates II, PLLC, the
Company's auditor since 2020, issued a "going concern"
qualification in its report dated March 29, 2022, citing that the
Company has an accumulated deficit, net losses, and negative
working capital. These factors raise substantial doubt about the
Company's ability to continue as a going concern.
COGENT COMMUNICATIONS: Moody's Affirms 'B2' CFR, Outlook Stable
---------------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating for Cogent Communications Group, Inc. Moody's has also
affirmed Cogent's B2-PD probability of default rating, Ba3 senior
secured rating and B3 senior unsecured rating. The company's
speculative grade liquidity rating was downgraded to SGL-2 from
SGL-1, reflecting good liquidity. The outlook is stable.
Affirmations:
Issuer: Cogent Communications Group, Inc.
Corporate Family Rating, Affirmed B2
Probability of Default Rating, Affirmed B2-PD
Backed Senior Secured Regular Bond/Debenture, Affirmed Ba3 (LGD2)
Backed Senior Unsecured Regular Bond/Debenture, Affirmed B3
(LGD5)
Downgrades:
Issuer: Cogent Communications Group, Inc.
Speculative Grade Liquidity Rating, Downgraded to SGL-2 from
SGL-1
Outlook Actions:
Issuer: Cogent Communications Group, Inc.
Outlook, Remains Stable
RATINGS RATIONALE
Cogent's B2 CFR is supported by a good liquidity profile, Moody's
expectations for a return to higher revenue growth in 2023 closer
in line with pre-Covid 19 levels due to robust internet traffic
growth, solid EBITDA growth and margins, a growing and diversified
customer base and a sizable and productive sales force. The
company's low cost structure and targeted niche product sales
approach continue to make it a nimble and formidably persistent
competitor against larger companies burdened with more complex,
higher cost legacy structures. Moody's expects debt/EBITDA (Moody's
adjusted) at year-end 2022 and 2023 to be in the mid-to-high 5x
area. The company is constrained by slightly negative free cash
flow generation which results from its use of targeted debt
leverage to optimize shareholder returns largely through its
dividend policy. While liquidity currently offsets some of the
risks inherent in this financial policy, Cogent's currently
elevated leverage, moderate but growing scale and highly
competitive end markets could also pressure the company's future
credit profile absent the balanced approach to this policy that
exists.
Cogent has a simple strategy that focuses primarily on selling high
speed internet access to on-net customers, typically by leasing
dark fiber between its network and its customers' locations, with
limited pursuit of off-net solutions for specific customer needs.
Cogent's focus on internet service allows for a streamlined cost
structure and uniform network architecture. Technology trends
continue to be favorably aligned with Cogent's architecture, as
enterprise and net-centric customers' networking and transit needs
still remain heavily reliant upon dedicated internet access. Older,
complex network IT architectures face obsolescence risks in favor
of low cost IP networks. This trend continues to benefit Cogent and
will continue to support its growth.
In the company's Corporate segment, Moody's expects underlying data
demand, improving return-to-office occupancy trends and the longer
term potential of increasing building tenant density profiles will
prove key drivers of higher revenue growth in 2023 and beyond.
Strong double-digit growth in traffic and revenue from net-centric
customers during the Covid 19 pandemic and afterwards will likely
slow slightly going forward but remain in the high single-digit
range. The company's Netcentric segment, which can be more volatile
due to foreign exchange impacts and its larger customer profile
relative to the medium-sized customers in its Corporate segment,
benefits from strong demand outside the US and solid demand in the
US. Moody's expects sustained revenue growth improvement from its
Corporate segment, driven by continued customer adoption of cloud
solutions, SaaS and additional data networking services, and a
steady return to more normalized dedicated internet demand trends.
In September 2022 Cogent announced it had entered into a definitive
agreement to acquire the wireline business of Sprint Communications
LLC (Sprint), a limited liability company and an indirect
wholly-owned subsidiary of T-Mobile US, Inc. (T-Mobile US), for $1.
T-Mobile US is the publicly traded parent of T-Mobile USA, Inc.
(T-Mobile, Baa3 stable) and Sprint is a wholly-owned subsidiary of
T-Mobile. Moody's does not expect this carveout transaction to have
any impact on ratings. Moody's expects the integration of Sprint's
wireline assets will strengthen Cogent's US fiber network footprint
and facilitate its entry into the North American market for
wavelength and dark fiber sales. The risk to the company's credit
profile posed by acquiring these Sprint assets centers on the
current annual run-rate of negative $300 million of EBITDA at this
wireline business. However, Moody's believes this will be
substantially, if not fully, mitigated by T-Mobile's contractual
obligation for IP transit services from Cogent beginning at deal
close aggregating $700 million. T-Mobile will pay Cogent $350
million in equal monthly installments during the first 12 months
after transaction close, which Moody's expects by year-end 2023
pending completion of the regulatory review process. T-Mobile will
pay an additional $350 million in equal monthly installments over a
subsequent 42 month period, for a total of 54 months of payments
while Cogent works to rationalize and improve the profitability of
the wireline assets. This Sprint wireline business has been deemed
non-core by T-Mobile and in Moody's view this sale transaction was
structured favorably for Cogent. Moody's expects the company will
be able to quickly achieve cost synergies from this acquisition and
also achieve positive and growing EBITDA contributions from it over
time. Cogent will benefit from an increased scale to near $1
billion of revenue by year-end 2024 and is expected to deliver
sustainable and profitable revenue growth on an ongoing basis from
its ability to serve new end markets post transaction close.
The instrument ratings reflect both the probability of default of
Cogent, as reflected in the B2-PD probability of default rating, an
average expected family recovery rate of 50% at default given the
mix of secured and unsecured debt, and the loss given default (LGD)
assessment of the debt instruments in the capital structure based
on a priority of claims. Cogent's senior secured notes are rated
Ba3 (LGD2), two notches above the B2 CFR to reflect their senior
position in the capital structure. The uncertainty around the level
of unsecured operating and capital lease rejection claims in a
default scenario results in a one notch lower rating to Ba3 for the
senior secured notes than indicated in Moody's LGD model. The
senior secured notes are secured equally and ratably by continuing
first-priority security interests in substantially all of the
tangible and intangible assets of Cogent and its subsidiary
guarantors. The senior secured notes are guaranteed by Cogent's
domestic subsidiaries and secured by a pledge of stock of 100% of
Cogent's US subsidiaries and 65% of the Company's non-US
subsidiaries. In addition, the senior secured notes are guaranteed
on a senior unsecured basis by Cogent Communications Holdings, Inc.
(Cogent Holdings), Cogent's public parent. However, Cogent Holdings
will not be subject to the covenants under the indenture governing
these secured notes as it is not a party to the Indenture and is
not governed by the indenture. Cogent's senior unsecured notes are
rated B3 (LGD5), reflecting their junior position to the senior
secured notes. Cogent's bond indentures restrict certain payments,
such as dividends or share repurchases, if consolidated leverage is
above 6.0x or if the company's fixed charge coverage ratio is less
than 2.0x, both as defined within the indentures of its outstanding
notes.
Moody's expects Cogent to continue to maintain good liquidity. As
of September 30, 2022 aggregate cash held on a consolidated basis
at Cogent Holdings totaled $323.7 million, with the bulk of that
cash remaining at Cogent, the operating entity. Moody's expects
Cogent to generate slightly negative free cash flow with cash
balances expected to decline due to the company's equity
stakeholder returns. When prudent, Moody's believes that Cogent
will likely supplement its regular quarterly dividends with share
buybacks and/or special dividends. As of December 31, 2021, Cogent
had $30.4 million available for stock buybacks under its share
repurchase program which is authorized through December 2022.
Cogent does not have a revolving credit facility. While cash
balances will shrink steadily, Moody's expects Cogent to maintain
at least $60 million of cash at all times, a level believed to be
the minimum required to run the business prudently.
The stable outlook is based on Moody's view that while Cogent's
earnings and cash flow will continue to grow, equity stakeholder
returns – in the form of dividends and share buybacks -- will
increase in tandem. Moody's expects the company will maintain
sufficient liquidity while debt levels remain relatively constant,
with a return to company-targeted and historically lower debt
leverage (Moody's adjusted) during 2024. Cogent's low cost
structure and niche sales approach, in conjunction with its
aggressive equity stakeholder return policy, will prevent the
company from generating meaningful positive free cash flow for the
near future.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's could upgrade Cogent's ratings if leverage is sustained
below 4x (Moody's adjusted) and free cash flow is positive.
Moody's could downgrade Cogent's ratings if leverage is sustained
above 5.5x (Moody's adjusted) or if liquidity weakens or fails to
improve.
Cogent Communications Holdings, Inc., with headquarters in
Washington, DC, is a multinational Tier 1 internet service
provider. The company offers dedicated internet access and data
transport over its fiber optic, IP network to corporate and
net-centric customers. Cogent is among the top five largest
carriers of internet traffic in the world.
The principal methodology used in these ratings was Communications
Infrastructure published in February 2022.
COSMOS HOLDINGS: Effects 1-for-25 Reverse Stock Split
-----------------------------------------------------
Cosmos Holdings Inc. d/b/a Cosmos Health announced a reverse stock
split with a ratio of 1-for-25, which took effect at the opening of
the business day on Dec. 16, 2022. The CUSIP number of the Company
after the split changed to 221413-305. The reverse stock split was
authorized at the Company's Annual General Meeting on Dec. 2, 2022
and was approved by the Company's Board of Directors on Dec. 15,
2022.
Greg Siokas, chief executive officer of Cosmos Health stated: "We
are pleased to proceed with the reverse split of our stock which is
required for us to re-gain compliance with NASDAQ's minimum bid
price requirement. Being listed on NASDAQ has been a key part of
our strategy to fund our growth opportunities for the benefit of
all our shareholders. We uplisted on NASDAQ in February 2022 and,
to-date, we have secured funding that has enabled us to not only
significantly de-lever our balance sheet but also pursue our
business and growth plan. I am very excited about our business
prospects and financial stability, and, firmly believe in the
future success of Cosmos and in our ability to rapidly grow as an
international health and wellness company with multiple strong
brands. To better align our corporate mission, focus and nature of
our activities with our name, we changed our name to Cosmos Health
Inc.".
Cosmos Holdings changed its name to Cosmos Health Inc. as approved
at the Company's AGM on Dec. 2, 2022. The name change became
effective at the opening of the business day on Friday, Dec. 16,
2022.
About Cosmos Holdings
Cosmos Holdings Inc., together with its subsidiaries, is an
international pharmaceutical company with a proprietary line of
nutraceuticals and distributor of branded and generic
pharmaceuticals, nutraceuticals, over-the-counter (OTC)
medications
and medical devices through an extensive, established EU and UK
distribution network.
Cosmos Holdings reported a net loss of $7.96 million for the year
ended Dec. 31, 2021, compared to net income of $820,786 for the
year ended Dec. 31, 2020. As of Sept. 30, 2022, the Company had
$45.62 million in total assets, $40.46 million in total
liabilities, $1.71 million in preferred stock, and $3.44 million in
total stockholders' equity.
San Francisco, California-based Armanino LLP, the Company's auditor
since 2019, issued a "going concern" qualification in its report
dated April 15, 2022, citing that the Company has suffered
recurring losses and cash used in operations that raises
substantial doubt about its ability to continue as a going concern.
CUMBERLAND RJ: Wins Cash Collateral Access Thru May 2023
--------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Georgia,
Gainesville Division, authorized Cumberland RJ, Inc., dba Rockin
Jump, to use cash collateral on a final basis in accordance with
the budget, with a 10% variance.
The Debtor requires the use of cash collateral to fund critical
operations.
The Debtor is permitted to use cash collateral from the date of the
entry of the Order through (i) the entry of an order confirming the
Debtor's plan, or (ii) May 31, 2023, whichever comes first, and the
Debtor may only use cash collateral to the extent necessary to
avoid immediate and irreparable harm to the estate as set out in
the Budget.
The Debtor is a borrower on certain loans with Firestone Financial,
LLC and the United States Small Business Administration.
These events constitute an "Event of Default" under the Cash
Collateral Order:
a. Failure to timely provide the financial information and
reports required by the Bankruptcy Code;
b. Failure to comply with the Budget; or
c. The conversion or dismissal of the Debtor's Chapter 11
case, unless the Secured Creditor consents to such dismissal or
conversion.
To provide adequate protection for the Debtor's use of the cash
collateral, the Interested Parties are granted a valid and properly
perfected replacement lien on all property acquired by the Debtor
after the Petition Date that is the same or similar nature, kind,
or character as the Interested Parties' respective pre-petition
collateral, except that no such replacement lien will attach to the
proceeds of any avoidance actions under Chapter 5 of the Bankruptcy
Code. The Adequate Protection Lien will be deemed automatically
valid and perfected upon entry of the Order.
A copy of the order is available at https://bit.ly/3I1tbQ5 from
PacerMonitor.com.
About Cumberland RJ, Inc.
Cumberland RJ, Inc. owns and operates a trampoline park.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-21039) on October 12,
2022. In the petition signed by Asif Amin Ali, president, the
Debtor disclosed up to $50,000 in assets an up to $10 million in
liabilities.
Judge James R. Sacca oversees the case.
William Rountree, Esq., at Rountree, Leitman, Klei & Geer, LLC, is
the Debtor's legal counsel.
DASEKE INC: S&P Alters Outlook to Negative, Affirms 'B+' ICR
------------------------------------------------------------
S&P Global Ratings revised its outlook on Daseke Inc. to negative
from stable and affirmed its 'B+' issuer credit rating and 'B+'
senior secured issue-level rating.
The negative outlook reflects S&P's expectation that Daseke's funds
from operations (FFO) to debt will be below its downgrade trigger
in 2022. However, S&P believes the company can improve its FFO to
debt above 20% in 2023 as its profitability improves and it repays
debt.
On Nov. 14, 2022, Daseke Inc. repurchased the equity held by its
founder using $40 million of cash and $67 million of preferred
equity, which S&P treats as debt.
S&P said, "The recent share repurchase transaction caused Daseke's
S&P Global Ratings-adjusted debt to exceed our previous
expectations. On Nov. 14, 2022, the company repurchased the
outstanding common shares held by its founder in exchange for $40
million of cash and $67 million of series B preferred equity. We
include the series B preferred equity in our adjusted debt
calculation (the shares are callable at any time). In addition, we
now assess Daseke's $65 million of series A convertible preferred
shares as having no equity content, which is a shift from our
previous treatment of the equity as having intermediate content.
This assessment reflects our updated view of the (possible lack of)
permanence of the instrument, which features a cash redemption
option after the seven-year anniversary of its issuance in 2024.
This change results in an increase of about $33 million in Daseke's
S&P Global Ratings-adjusted debt. Combined with the preferred
shares it provided as part of the share repurchase, the company's
S&P Global Ratings-adjusted debt has increased by over $100 million
to about $900 million in 2022 (between the term loan, equipment
loans, operating and finance leases, and preferred shares).
Additionally, we now incorporate the cash dividend on the series B
preferred shares (blended rate of 8.78%) in our adjusted FFO
calculation. The series B shares feature a payment-in-kind (PIK)
option, though we forecast Daseke will make the payments in cash.
Accordingly, due to the higher cash interest and additional debt,
we expect the company's FFO to debt will be in the 17%-18% range in
2022 (which is below our downgrade trigger of 20%) and its debt to
EBITDA will be in the high-3x range. Excluding the debt and cash
interest from the preferred shares, Daseke's FFO to debt improves
by nearly 3% to 20%-21% and its debt to EBITDA is lower by over
half a turn at about 3.3x in 2022.
"We expect the company's FFO to debt will improve to at least 20%
in 2023 as it increases its revenue and expands its FFO through
improved operating efficiencies. Our macroeconomic outlook for 2023
has worsened slightly since we published our previous forecast. We
now anticipate a shallow recession occurring in the U.S. in the
first half of 2023, leading real U.S. GDP to contract by 0.1% for
the year, which compares with our previous forecast for a 1.6%
expansion. We assume Daseke increases its reported revenue by
14%-15% in 2022 (with about 5% coming from the fuel surcharge
program), which is in line with our previous forecast. However,
most of this is offset by the effects on its margin stemming from
elevated wage-related expenses and fuel prices. As such, we now
forecast slightly softer EBITDA margins in 2022 of approximately
13%, down from about 14% in our previous forecast. Conversely, in
2023 we expect Daseke's reported revenue will remain flat to
modestly declining as fuel prices, and therefore its surcharges,
decline. Excluding the fuel surcharge, we forecast the company will
modestly expand its revenue by 2%-3%. This level of reported
revenue growth is about 1% weaker than in our previous forecast.
Despite our expectation for negative reported revenue growth due to
the deteriorating macro environment, we believe the company will
expand its EBITDA margins supported by the benefits from specific
cost-reduction initiatives related to consolidating its back office
processes. Additionally, we believe wage increases and fuel prices
will moderate into 2023 which should support a recovery in its
EBITDA margins to the 14%-15% range.
"Management has publicly communicated its intention to pay down
debt over time. Therefore, we believe the company could use its
excess cash to repay debt (or retire the newly issued preferred
shares) in 2023. We forecast $30 million of debt reduction in 2023
(the company has not specified an amount) but believe its
debt-reduction efforts will depend on developments in the macro
environment and its capital allocation strategy. If Daseke is
unable to reduce its back office-related expenses or its
profitability worsens due to higher-than-expected inflationary
pressures in 2023, we could take a negative rating action. However,
given our expectation for some debt reduction and an expansion in
its EBITDA margin, we forecast the company's FFO to debt will
improve to between 20% and 21% in 2023 while its debt to EBITDA
declines to the mid-3x range.
"We believe the company will continue to generate moderate free
operating cash flow (FOCF) and maintain a financial policy
supportive of the current rating. Despite its higher FFO to debt in
the near term, our view of Daseke's financial policy has not
fundamentally changed. As of the close of the transaction, the
company had nearly $150 million of cash on its balance sheet. We
continue to expect the business will generate full-year reported
FOCF of $120 million-$140 million in 2022, which will decline to
$90 million-$110 million in 2023, including $70 million of capital
expenditure (the company also uses equipment leases to procure
vehicles and build its fleet). Despite its sizable cash balance and
our expectation for positive FOCF, the amortization on its
equipment leases is a material use of cash. Additionally, we expect
Daseke will likely continue to pursue tuck-in acquisitions to
support its expansion. That said, we still believe the company will
look to balance its growth with long-term debt reduction.
"The negative outlook reflects Daseke's increased S&P Global
Ratings-adjusted debt, including S&P Global Ratings-adjusted FFO to
debt below our downgrade trigger in 2022, following the completion
of its recent share repurchase transaction. We expect the company
will reduce its leverage in 2023 on an increase in its earnings and
debt repayment. We forecast Daseke's S&P Global Ratings-adjusted
debt to EBITDA will be in the high-3x range and its FFO to debt
will be in the 17%-18% range in 2022, with debt to EBITDA improving
to the mid 3x range and FFO to debt returning above 20% in 2023."
S&P could lower its rating on Daseke in the next 12 months if it
expects:
-- Its debt to EBITDA will increase above 4x;
-- Its FFO to debt will remain below 20% on a sustained basis; or
-- Its financial policy will become more aggressive, including
capital deployment for share repurchases and dividends, or it
engages in debt-financed acquisitions without maintaining
appropriate credit metrics for the current rating.
These scenarios could occur due to a weaker-than-anticipated
operating performance, demand or pricing pressure, the realization
of a lower-than-expected level of costs savings, or unexpected
execution challenges.
S&P could revise its outlook on Daseke to stable in the next 12
months if:
-- Its S&P Global Ratings-adjusted debt to EBITDA remains between
3x and 4x; and
-- S&P believes its FFO to debt will remain above 20% on a
sustained basis.
This could occur if market conditions in the trucking industry
improve and the company's margins and profitability outperform
S&P's expectations. Alternatively, this could occur if Daseke uses
cash to repay its debt.
ESG credit indicators: E-3, S-2, G-2
DURA-METRICS INC: Court OKs Cash Collateral Access Thru Jan 2023
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of California,
Sacramento Division, authorized Dura-Metrics, Inc. to use cash
collateral on an interim basis in accordance with the budget,
retroactive to the Petition Date of December 5, 2022 through
January 13, 2022.
All cash collateral use must be in accordance with the terms of the
Budget, subject to variances of no more than 10% per line item for
disbursements and collections.
In consideration for the use of cash collateral, the Debtor will
provide Fora Financial LLC, Formula 5 Capital dba Formula Funding,
Employment Development Department (EDD) and California Department
of Tax and Fee Administration a replacement security interest and
lien in the prepetition and postpetition assets of the Debtor to
the same extent and priority granted Secured Creditors pursuant to
the Prepetition Loan Documents. The Adequate Protection Replacement
Lien will be automatically perfected without the need for any
additional filings or notices.
The Debtor will also pay the Creditors starting January 1, 2023,
monthly payments as follows:
Fora Financial LLC - $1,451
Formula 5 Capital dba Formula Funding - $1,068
EDD - $306
CDTFA - $3,374
CDTFA - $512
EDD - $263
The final hearing on the matter is set for January 12, 2023 at 11
a.m.
A copy of the order and the Debtor's budget is available at
https://bit.ly/3GcOnBm from PacerMonitor.com.
The Debtor projects $94,421 in gross profit and $78,667 in total
business expenses for the period from December 5, 2022, to January
13, 2023.
About Dura-Metrics Inc.
Dura-Metrics Inc. -- https://www.dentalmasters.com/ -- is a dental
laboratory in Rohnert Park, California. For over 65 years,
Dura-Metrics' expertly trained technicians and staff have provided
superior dental lab services to dental practices nationwide.
Dura-Metrics filed a petition for relief under Subchapter V of
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Calif. Case No.
22-23151) on Dec. 5, 2022, with between $100,000 and $500,000 in
assets and between $1 million and $10 million in liabilities.
Michael Kulweic, president of Dura-Metrics, signed the petition.
Judge Christopher M. Klein oversees the case.
The Debtor is represented by Gabriel E. Liberman, Esq., in
Sacramento, Calif.
ELITE PRODUCTS: Court Confirms Reorganization Plan
--------------------------------------------------
Judge Mildred Caban Flores has entered an order confirming Elite
Products Inc.'s Plan of Reorganization dated Oct. 20, 2022.
The Plan of Reorganization under Chapter 11 Subchapter V of the
Bankruptcy Code was filed by Debtor on Oct. 20, 2022, and has been
transmitted to creditors and equity security holders.
The Court found that the Plan satisfies the relevant provisions of
11 U.S.C. Sec. 1129(a) and, as a result, is a consensual Subchapter
V plan under Sec. 1191(a).
About Elite Products
Elite Products Inc. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.P.R. Case No. 22-02142) on July 22, 2022,
listing under $1 million in both assets and liabilities.
Judge Mildred Caban Flores oversees the case.
The Debtor tapped Jesus E. Batista Sanchez, Esq., at The Batista
Law Group as counsel and Xavier Flores Rios as financial
consultant.
ELWOOD ENERGY: S&P Affirms 'BB-' Rating on Senior Secured Debt
--------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' rating on Elwood Energy LLC's
senior secured debt. The recovery rating remains '1', indicating
its expectation for very high (90%-100%; rounded estimate: 95%)
recovery in the event of a payment default.
The negative outlook reflects its expectation that the project's
DSCR will likely fall below 1x in 2023 given historically low
cleared-capacity prices in the PJM-ComEd zone.
Elwood is a 1,576-megawatt (MW) power plant about 50 miles
southwest of Chicago. It operates as a peaking facility and is
deployed mainly during the summer months. The project is fully
merchant and has nine simple-cycle 7FA combustion turbines sourced
from General Electric Co. Each turbine earns revenue by selling
production capacity and electricity into PJM Interconnection LLC's
(PJM) ComEd power market.
Elwood is indirectly owned by J-Power USA, a subsidiary of
Japan-based Electric Power Development Co. Ltd.
S&P's affirmation of the 'BB-' rating reflects the seasonal decline
in Elwood's DSRA, which it views as neutral to the project's credit
profile because it does not affect its debt-servicing ability and
liquidity.
Elwood's capital structure includes a $20 million credit facility
and $54 million outstanding senior notes that will be fully
amortized by their maturity date in 2026. Elwood has a six-month
DSRA funded with a letter of credit (LOC) with Sumitomo Mitsui
Banking Corp., which supports its liquidity and serves as a credit
enhancement tool. The project benefits from its sculpted
debt-repayment profile, which results in amortization payments that
are not uniform between the two semiannual periods. As such, Elwood
releases its debt service reserve on Jan. 5 and refunds it on July
5 every year, resulting in the available LOC declining to about $2
million from about $22 million in 2023. S&P said, "Although the
dollar amount of available liquidity sources falls from January to
June, we believe it is still adequate because the DSRA's six-month
required amount continues to be funded. We expect that in July 2023
the project will increase its DSRA balance to about $11 million
from $2 million."
In the third quarter of 2022, a decline in energy prices and low
capacity prices in the PJM-ComEd zone hampered Elwood's
year-to-date financial performance. The project's operation revenue
declined to $10 million compared with about $105 million in the
previous year, while cash flow from operations was $28 million
compared with $59 million. Positively, Elwood has sizable liquidity
with balance sheet cash at $43 million relative to its $54 million
outstanding debt. S&P expects that the project will have sufficient
liquidity source to service its debt until it is fully repaid in
2026.
S&P said, "The negative outlook reflects our expectation that
Elwood will face a material decline in cash flow available for debt
service (CFADS) during the next two years given the
cleared-capacity price of $34.13/MW-day in the PJM-ComEd zone
through 2024, resulting in our expected DSCR of below 1x in 2023.
We anticipate capacity prices in PJM-ComEd will not exceed
$40-$45/MW-day during the debt tenor, which will continue to weaken
Elwood's credit profile."
S&P could lower the rating if:
-- S&P expects that Elwood's DSCR will remain below 1x such that
the project's liquidity deteriorates below its periodic debt
service requirements; or
-- Cash distributions to the sponsor result in liquidity
deterioration.
S&P could change its outlook to stable if, despite low
cleared-capacity prices, Elwood maintains DSCR of at least 1x
during the remaining life of its notes.
ESCADA AMERICA: Unsecureds Owed $20M to Get 13% of Claims
---------------------------------------------------------
Escada America, LLC, submitted a Disclosure Statement describing
its First Amended Chapter 11 Plan of Reorganization dated Dec. 14,
2022.
The Post-Confirmation Debtor will acquire all assets and assume all
liabilities of the Debtor as restructured under the Plan, except
all of the Debtor's inventory and tangible personal property shall
vest in ESP in accordance with the Plan. The Post-Confirmation
Debtor will sign any reasonable documentation required by law to
effectuate the acquisition of assets and assumption of liabilities
under the Plan.
Under the Plan, Class 5 All Allowed, Non-Insider, General Unsecured
Claims total $20,616,905. The Plan's treatment of Class 5 is the
result of an extensively negotiated global settlement among the
Debtor, the Committee, and the Secured Creditors. On the Plan
Effective Date, the total amount of value available for
distribution to holders of allowed General Unsecured Claims shall
be no less than $2,600,000 (the "GUC Floor") and may be a greater
sum (the "GUC Distribution"), which amount shall be comprised of,
as of no later than May 1, 2023 (the "Distribution Date"): (i) Cash
on Hand after satisfaction in full of allowed Administrative Claims
and Priority Claims, (ii) the Cash Contribution, and (iii) either
(A) the Bond Proceeds or (B) the Bond.
The GUC Floor is predicated on allowed General Unsecured Claims
totaling not more than an aggregate amount of $20,000,000. If, as
of the effective date, the total allowed amount of General
Unsecured Claims exceeds, in aggregate, $20,000,000, then the
amount of the GUC Floor shall increase to the amount necessary to
provide all allowed General Unsecured Claims a distribution equal
to 13.0%. Class 5 is impaired.
The Plan will be funded with: (i) Cash on Hand after satisfaction
in full of allowed Administrative Claims and Priority Claims, (ii)
the Cash Contribution (as defined below), and (iii) (A) the Bond
Proceeds and/or (B) the Bond Cover.
That a Hearing on adequacy of the Disclosure Statement will be held
on January 25, 2023 at 2:00 p.m. in Courtroom 1539, 255 East Temple
Street, Los Angeles, CA 90012.
Attorneys for the Chapter 11 Debtor:
John-Patrick M. Fritz, Esq.
LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P.
2818 La Cienega Avenue
Los Angeles, CA 90034
Telephone: (310) 229-1234
Facsimile: (310) 229-1244
E-mail: JPF@LNBYG.COM
A copy of the First Amended Chapter 11 Plan of Reorganization dated
Dec. 14, 2022, is available at https://bit.ly/3FxJMrP from
PacerMonitor.com.
About Escada America
Escada America, LLC, owner of a clothing store in New York, sought
Chapter 11 bankruptcy protection (Bankr. C.D. Cal. Case No.
22-10266) on Jan. 18, 2022. In the petition filed by Kevin Walsh,
director of finance, the Debtor listed $1 million to $10 million in
both assets and liabilities.
Judge Sheri Bluebond oversees the case.
John Patrick M. Fritz, Esq., at Levene, Neale, Bender, Yoo &
Golubchik, LLP serves as the Debtor's legal counsel while
Holthouse, Carlin & Van Trigt, LLP is the Debtor's accountant.
On May 18, 2022, the U.S. Trustee for Region 16 appointed an
official committee of unsecured creditors in this Chapter 11 case.
Kelley Drye & Warren, LLP serves as the committee's legal counsel.
The Debtor filed its proposed Chapter 11 plan of reorganization and
disclosure statement on May 12, 2022.
EVERYTHING BLOCKCHAIN: Posts $1.3 Million Net Loss in Third Quarter
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Everything Blockchain, Inc. has filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q disclosing
a net loss of $1.26 million on $1.82 million of revenue for the
three months ended Oct. 31, 2022, compared to a net income of $3.23
million on $830,000 of revenue for the three months ended Oct. 31,
2021.
For the nine months ended Oct. 31, 2022, the Company reported a net
loss of $5.38 million on $2.46 million of revenue compared to a net
income of $6.54 million on $2.22 million of revenue for the nine
months ended Oct. 31, 2021.
As of Oct. 31, 2022, the Company had $28.07 million in total
assets, $2.65 million in total liabilities, and $25.42 million in
total stockholders' equity.
The Company's cash on hand as of Oct. 31, 2022 was $0.9 million.
Based on the Company's revenues, cash on hand, current monthly burn
rate, and recently launched products, EB Control and EB Build, the
Company believes it can sustain its operations going forward.
The Company funds operations primarily through cash on hand and
cash from sales of cryptocurrencies and common stock.
Going Concern
Everything Blockchain stated, "The Company has had historically
negative cash flow and net losses. Though the year ended January
31, 2022 resulted in positive cash flow and net income, there are
no assurances the Company will generate a profit or obtain positive
cash flow in the future. The Company has sustained its solvency
through the support of its shareholder Overwatch Partners, Inc.
("Overwatch"), which raise substantial doubt about its ability to
continue as a going concern.
"Management is taking steps to raise additional funds to address
its operating and financial cash requirements to continue
operations in the next twelve months. Management has devoted a
significant amount of time to the raising of capital from
additional debt and equity financing. However, the Company's
ability to continue as a going concern is dependent upon raising
additional funds through debt and equity financing and generating
revenue. There are no assurances the Company will receive the
funding or generate the revenue necessary to fund operations."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1730869/000147793222009419/ebi_10q.htm
About Everything Blockchain
Headquartered in Fleming Island, Florida, Everything Blockchain,
Inc. (fka OBITX, Inc.) is a developer, engineer, and consultant in
the industry of blockchain technologies.
Everything Blockchain disclosed net income of $2.32 million for the
year ended Jan. 31, 2022, compared to a net loss of $49.30 million
for the year ended Jan. 31, 2021. As of Jan. 31, 2022, the Company
had $29.65 million in total assets, $2.2 million in total
liabilities, and $27.45 million in total stockholders' equity.
Mitzpe Netofa, Israel-based Elkana Amitai CPA, the Company's
auditor since 2022, issued a "going concern" qualification in its
report dated May 10, 2022, citing that the Company suffered losses
from operations in all years since inception, except for the year
ended Jan. 31, 2022. These and other factors raise substantial
doubt about the Company's ability to continue as a going concern.
EXPRESSJET AIRLINES: UST Notes of Discharge Injunction
------------------------------------------------------
Andrew R. Vara, United States Trustee for Region 3, filed an
objection to confirmation of the First Amended Combined Disclosure
Statement and Chapter 11 Plan of Reorganization or Liquidation of
Expressjet Airlines LLC.
U.S. Trustee points out that the Combined Plan would establish a
discharge injunction, despite the Debtor being ineligible for a
discharge under Sec. 1141(d)(3) if the Reorganization Toggle is not
effectuated. Unless adequately revised, the Combined Plan does not
satisfy Sec. 1129(a)(1), says the UST.
The U.S. Trustee further points out that the Combined Plan does not
include appropriate provisions regarding obligations to file
post-confirmation reports or to pay statutory fees arising under 28
U.S.C. s 1930 to the U.S. Trustee after the Effective Date.
About Expressjet Airlines
ExpressJet Airlines, LLC -- https://expressjet.com/ -- is a
regional U.S. airline headquartered in College Park, Ga.
ExpressJet Airlines sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 22-10787) on Aug. 23,
2022, with between $10 million and $50 million in both assets and
liabilities. John Greenlee, president of ExpressJet Airlines,
signed the petition.
Morris, Nichols, Arsht & Tunnell, LLC and Eversheds Sutherland
(US), LLP serve as the Debtor's bankruptcy counsel and special
counsel, respectively. Epiq Corporate Restructuring, LLC is the
claims and noticing agent and administrative advisor.
EXWORKS CAPITAL: Unsecureds to Get Share of Liquidating Trust
-------------------------------------------------------------
Exworks Capital, LLC, submitted a Combined Disclosure Statement and
Third Amended Chapter 11 Plan dated Dec. 14, 2022.
Pursuant to the Plan, a Liquidating Trust will be established for
the purposes of monetizing the Liquidating Trust Assets, including
the Litigation, the Avoidance Actions, and the Debtor's interest in
World Trade, and distributing the proceeds of the Liquidating Trust
to Creditors in accordance with the priorities set forth in this
Plan and the Bankruptcy Code. The Liquidating Trust will be managed
by a Liquidating Trustee in accordance with the Liquidating Trust
Agreement. The primary purpose of the Liquidating Trust and its
Liquidating Trustee shall be (i) administering, monetizing and
liquidating the Liquidating Trust Assets, (ii) resolving all
Disputed Claims and (iii) making all Distributions from the
Liquidating Trust as provided for in the Plan and the Liquidating
Trust Agreement. The Liquidating Trust Assets will primarily
consist of the Debtor's cash on hand on the Effective Date, the
Litigation and other Causes of Action against third parties, and
the Debtor's interest in World Trade.
The Debtor's primary assets consist of (a) the potential proceeds
of the Litigation and Avoidance Actions, (b) its equity interest in
World Trade, and (c) the proceeds of the Insurance Policies. Other
than an insurance reimbursement payment in the amount of
$903,652.21 that the Debtor received for certain indemnification
payments made by the Debtor for which the Debtor was entitled to
direct reimbursement in accordance with the Insurance Policies,
these assets have an unknown and unprojectable value at this time;
however, the Debtor is asserting damages up to at least $100
million in the Litigation and the Debtor believes the Avoidance
Actions have a value of approximately $3 million.
Under the Plan, Class 5 General Unsecured Claims total
$1,842,977.19. Each Holder of an Allowed General Unsecured Claim
shall receive a Pro Rata Share of Beneficial Interests in the
Liquidating Trust entitling the Holder to a Pro Rata Share of all
Available Trust Cash derived from the Debtor's Liquidating Trust
Assets. Class 5 is impaired.
On the Effective Date, all property of the Debtor, tangible and
intangible, including, without limitation, Causes of Action,
Avoidance Actions, and any future earning or other future income of
the Debtor, will vest in the Liquidating Trust to be administered
by the Liquidating Trustee in accordance with the terms of the Plan
and the Liquidating Trust Agreement.
Counsel for the Debtor:
Michael A. VanNiel, Esq.
Alexis C. Beachdell, Esq.
Scott E. Prince, Esq.
BAKER & HOSTETLER LLP
127 Public Square, Suite 2000
Cleveland, OH 44114
- and -
Jeffrey J. Lyons, Esq.
1201 N. Market Street, Suite 1402
Wilmington, DE 19801
- and –
Andrew V. Layden, Esq.
200 South Orange Ave., Suite 2300
Orlando, FL 32801
A copy of the Combined Disclosure Statement and Third Amended
Chapter 11 Plan dated Dec. 14, 2022, is available at
https://bit.ly/3FWUZn9 from PacerMonitor.com.
About Exworks Capital
ExWorks Capital, LLC, a company engaged in financial investment
activities, filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. D. Del. Case No. 22-10213) on March 14,
2022, listing up to $500,000 million in assets and up to $10
million in liabilities. David M. Klauder serves as Subchapter V
trustee.
Judge Brendan Linehan Shannon oversees the case.
The Debtor tapped Baker & Hostetler, LLP as bankruptcy counsel and
King & Spalding, LLP as special counsel.
FAIRPORT BAPTIST: Wins Cash Collateral Access Thru Feb 2023
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of New York
authorized Fairport Baptist Homes and its debtor-affiliates to
continue using cash collateral on a final basis pursuant to its
agreement with Berkadia Commercial Mortgage LLC, assignee of
Capmark Finance, Inc.
The Debtor is permitted to use cash collateral through February 27,
2023, under the terms and conditions of the Cash Collateral Order.
As previously reported by the Troubled Company Reporter, the Loan
Documents are each valid and enforceable against the Debtor, and
the Debtor does not possess and agrees not to assert any claim (as
such term is defined in section 101(5) of the Bankruptcy Code),
counterclaim, setoff or defense of any kind, nature or description
which would in any way affect the validity or enforceability of the
Loan Documents.
As of the Petition Date, the Prepetition Obligations constitute
legal, valid and binding obligations of the Debtor.
As of the Petition Date, the approximate indebtedness owed from the
Debtor to the Lender was $6,369,443.
A copy of the order and the Debtor's budget is available at
https://bit.ly/3VhWBfF from PacerMonitor.com.
The budget provides for total disbursements, on a weekly basis, as
follows:
$317,800 for the week beginning December 5, 2022;
$284,800 for the week beginning December 12, 2022;
$689,000 for the week beginning December 19, 2022; and
$166,300 for the week beginning December 26, 2022.
About Fairport Baptist Homes
Fairport Baptist Homes and affiliates operate skilled nursing care
facilities. The Debtors sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. W.D.N.Y. Case No. 22-20220) on May 6,
2022. In the petition signed by Thomas H. Poelma, president, the
Debtors disclosed up to $10 million in assets and up to $50 million
in liabilities.
Judge Paul R. Warren oversees the case.
John A. Mueller, Esq., at Lippes Mathias LLP is the Debtors'
counsel.
FTX GROUP: Alameda Tried to Get 3K Wrapped Bitcoin Prior to Filing
------------------------------------------------------------------
Brayden Lindrea of CoinTelegraph reports that Mike Belshe, the CEO
of digital asset custodian BitGo has confirmed that Alameda
Research attempted to redeem 3,000 Wrapped Bitcoin (wBTC) in the
days before FTX's bankruptcy filing on Nov. 11.
During a Dec. 14 Twitter Spaces hosted by decentralized finance
(DeFi) researcher Chris Blec, Belshe confirmed the firm knocked
back the redemption request because the unknown Alameda
representative involved didn't pass Bitgo's security verification
process and seemed unfamiliar with how the wrapped Bitcoin burning
process worked.
"[The security details] didn't match the process. So we held it up
and we said no, no, no, no. This is not what the burn looks like.
And we need to know who this person was."
"So we held it and while we were holding it, waiting for a response
on those issues [Alameda] went bankrupt and of course, once they
went bankrupt, everything halted," Belshe added.
The Bitgo CEO also said that Alameda's 3,000 BTC mint request
remains "stuck" on the platform's dashboard, adding that the firm
would most likely leave the tokens where they are until they're
dealt with by the trustees taking on Alameda's bankruptcy case.
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, 2022, 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, CEO
Bankman-Fried shared a document with investors on Nov. 10 showing
FTX had $13.86 billion in liabilities and $14.6 billion in assets.
However, only $900 million of those assets were liquid, leading to
the cash crunch that ended with the company filing for bankruptcy.
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.
FTX TRADING: Liquidators Haven't Resolved Info-Sharing Issues
-------------------------------------------------------------
Vince Sullivan of Law360 reports that attorneys for bankrupt
cryptocurrency exchange FTX Trading Ltd. said Dec. 16, 2022, that
no deal had yet been struck in the ongoing dispute with liquidators
appointed in the Bahamas over the sharing of digital information,
but discussions are continuing with the goal of resolving the
issue.
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, 2022, 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, CEO
Bankman-Fried shared a document with investors on Nov. 10 showing
FTX had $13.86 billion in liabilities and $14.6 billion in assets.
However, only $900 million of those assets were liquid, leading to
the cash crunch that ended with the company filing for bankruptcy.
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.
FUELCELL ENERGY: Incurs $147.2M Net Loss in FY Ended Oct. 31
------------------------------------------------------------
FuelCell Energy, Inc. has filed with the Securities and Exchange
Commission its Annual Report on Form 10-K disclosing a net loss of
$147.23 million on $130.48 million of total revenues for the year
ended Oct. 31, 2022, compared to a net loss of $101.02 million on
$69.58 million of total revenues for the year ended Oct. 31, 2021.
For the three months ended Oct. 31, 2022, the Company reported a
net loss of $42.01 million on $39.20 million of total revenues
compared to a net loss of $24.15 million on $13.93 million of total
revenues for the three months ended Oct. 31, 2021.
As of Oct. 31, 2022, the Company had $939.72 million in total
assets, $185.33 million in total liabilities, $59.86 million in
redeemable series B preferrd stock, $3.03 million in redeemable
noncontrolling interest, and $691.50 million in total equity.
Management Commentary
"We are pleased with the progress we continue to make against our
strategic objectives, which are to grow, scale and innovate," said
Mr. Jason Few, president and CEO. "We delivered revenue growth of
approximately 88% for fiscal year 2022 compared to fiscal year
2021, deployed capital in support of growth and commercializing our
solid oxide-based platform for both power generation and hydrogen
electrolysis, reimagined our Company's brand, and expanded our
organizational talent and capabilities. Subsequent to the end of
the fourth fiscal quarter, we achieved commercial operations of our
micro-grid project located at the U.S. Navy Base in Groton,
Connecticut and announced our intent to deploy our solid oxide
electrolysis platform integrated with NuScale's Small Modular
Reactor to produce hydrogen and ammonia in Ukraine to support
energy security and agriculture. We also extended our joint
development agreement with ExxonMobil Technology and Engineering
Company through August 31, 2023 and completed a joint market
development study to prioritize and advance commercial projects.
Global policy support for decarbonization is developing quickly,
including the Inflation Reduction Act in the U.S., a Carbon Tax in
Canada, and expanding policies across Europe, Asia, Africa, and the
Middle East. We believe that FuelCell Energy is well positioned to
capitalize on the evolving global energy landscape with a portfolio
of solutions that aim to decarbonize power and produce hydrogen."
"In the fourth fiscal quarter, we completed the Ex Works delivery
of eight modules to Korea Fuel Cell, bringing the total number of
modules delivered for the operation and maintenance of their
existing Korean fleet of projects to twenty," continued Mr. Few.
"We are excited to regained full access to market and sell in the
Korean market starting January 1st, including the ability to market
and sell to existing customers of our carbonate fuel cell
technology who have plants that are currently serviced by Korea
Fuel Cell. We continue to see interest in our solutions across a
broad landscape of geographies and applications. Recently, we
announced that Trinity College in Hartford, CT, a repeat customer
of FuelCell Energy, has placed a firm order for our first 250kW
solid oxide platform. Our solid oxide platform will add modular,
sub-megawatt power generation to our targeted geographic markets in
addition to the sub-megawatt power generation platforms we
currently offer across the European Union and the UK, and high
efficiency electrolysis to our product portfolio as we work towards
expanded availability in fiscal year 2024 and beyond. In addition,
we are extremely pleased with early results from independent lab
testing of our solid oxide cells in electrolysis mode at Idaho
National Labs (INL) and look forward to delivering a large-scale
prototype for extended testing that we believe will result in
greatest known efficiencies being achieved when provided with
external heat."
Mr. Few concluded, "FuelCell Energy is in a period of transition,
investing across our business to support the strong market
opportunity that we believe exists for our Company. Growth
investment was reflected in the fiscal year 2022 results as we
advanced platform commercialization and investment, increased
engineering capability, as well as expanded sales and marketing
talent and activities. As we transition into fiscal year 2023,
these investments will grow and accelerate as we deploy capital for
plant, equipment and the talent needed to meaningfully increase the
total manufacturing capacity across our technology platforms. We
have already made commitments for the equipment to launch the
carbon capture platform manufacturing required for the assembly of
the jointly developed technology with ExxonMobil Research and
Engineering Company, as well as capital equipment to expand our
existing solid oxide platform manufacturing capabilities in
Calgary, Canada. In parallel, the Company is expanding its
Connecticut manufacturing activities and evaluating additional U.S.
locations in anticipation of increased production volume."
A full-text copy of the Form 10-K is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/886128/000155837022018810/fcel-20221031x10k.htm
About FuelCell Energy
Headquartered in Danbury, Connecticut, FuelCell Energy, Inc. --
http://www.fuelcellenergy.com-- is a global developer of
distributed baseload power solutions through its proprietary fuel
cell technology. The Company's current commercial technology
produces electricity, heat, hydrogen, and water while separating
carbon for utilization and/or sequestration.
FuelCell reported a net loss of $89.11 million for the year ended
Oct. 31, 2020, a net loss of $77.57 million for the year ended Oct.
31, 2019, and a net loss of $47.33 million for the year ended Oct.
31, 2018.
GMS INC: S&P Downgrades $504MM Sr. Secured Debt Rating to 'BB-'
---------------------------------------------------------------
S&P Global Ratings revised its recovery rating on GMS Inc.'s $504
million senior secured term loan due in 2025 to '3' from '2' and
lowered its issue-level rating to 'BB-' from 'BB'.
At the same time, S&P affirmed its 'BB-' issuer credit rating and
'B' issue-level ratings on the unsecured notes. The recovery rating
on the unsecured notes remains '6'.
The stable outlook indicates S&P's expectation of adjusted leverage
sustained at 3x-4x, even during weaker business conditions.
The ABL upsize bolsters liquidity through deteriorating business
conditions but significantly increases priority claims.
As part of the proposed transaction, GMS intends to increase its
ABL facility to $950 million from $545 million and extend the
maturity to 2027 from 2024. S&P said, "We believe this increased
ABL availability and extended maturity will support incremental
liquidity. We view this to be credit-positive, particularly in
light of worsening macroeconomic and business conditions. However,
the substantial increase in priority claims deteriorates senior
secured debt recovery."
S&P believes credit measures contain a strong cushion against less
favorable demand and pricing conditions
S&P said, "The company's adjusted leverage at 2x (for 12 months
ended Oct. 2022) indicates a strong cushion when compared against
our 3x-4x tolerance for the rating. Further, while slower market
conditions would likely compress earnings and margins, we believe
GMS could sustain credit measures in line with our thresholds.
Nonetheless, a faster than expected moderation in earnings and
aggressive financial policy actions involving debt-financed
acquisitions could raise leverage toward 4x.
"The stable outlook on GMS indicates our expectations of adjusted
leverage of 3x-4x and operating cash flow (OCF) to debt of 15%-25%
over the next 12 months. We believe the company could sustain these
credit measures, even through a weaker macroeconomic and operating
environment."
S&P may lower its ratings over the next 12 months if:
-- Adjusted EBITDA is 30% lower than our base-case scenario,
raising adjusted leverage above 4x; or
-- OCF to debt falls below 15%.
This could occur in a severe recession that drastically slows
demand for GMS' products; if elevated cost inflation that cannot be
passed on compresses margins to under 10% on a sustained basis; or
a more aggressive financial policy such as debt-financed
acquisitions or shareholder-friendly actions raises leverage above
4x with little prospect of a rapid recovery.
Though unlikely, S&P could raise the ratings over the next 12
months if:
-- The company outperforms S&P's base-case expectations, resulting
in adjusted leverage under 3x; and
-- S&P views these levels as sustainable in all business
conditions.
ESG credit indicators: E-2, S-2, G-2
GREENHILL & CO: Moody's Affirms 'Ba3' CFR & Alters Outlook to Neg.
------------------------------------------------------------------
Moody's Investors Service affirmed at Ba3 the senior debt and
corporate family ratings of Greenhill & Co., Inc. Greenhill's
outlook was changed to negative from stable.
Affirmations:
Issuer: Greenhill & Co., Inc.
Corporate Family Rating, Affirmed Ba3
Senior Secured 1st Lien Bank Credit Facility, Affirmed Ba3
Outlook Actions:
Issuer: Greenhill & Co., Inc.
Outlook, Changed To Negative From Stable
RATINGS RATIONALE
The ratings affirmation reflects Moody's expectation that despite a
challenging operating environment, Greenhill's full year financial
performance for 2022 and 2023 will remain consistent with its
current Ba3 ratings. Although the firm's results for the first
nine months of 2022 were weak, with negative EBITDA on a Moody's
adjusted basis, Moody's expects that consistent with the previous
three years, Greenhill's fourth quarter results will be
considerably stronger, reflecting the typical seasonal pattern for
M&A completions as well as the firm's current pipeline of
transactions on which it is providing advice.
The affirmation also reflects the rating agency's expectation that
Greenhill will refinance or extend its existing $272 million senior
secured term loan in the near future and well in advance of its
April 2024 maturity date. However, to reflect the risk that this
may not happen given current market conditions, Moody's revised
Greenhill's outlook to negative from stable. The negative outlook
reflects Greenhill's growing refinancing risk in a softening M&A
environment.
The rating agency expects Greenhill's variable compensation model
and its growing restructuring business will help ameliorate a
portion of the revenue pressures that could arise in 2023 due to
the adverse impact on M&A activity from the global economic
slowdown and heightened levels of market volatility. The rating
agency also noted that Greenhill's advisory business is less
dependent upon sponsor-driven M&A activity which in the current
operating environment has been challenged by wider credit spreads
and more limited financing availability. As a result, even though
Greenhill lacks the scale and diversification of many other
advisory firms, which in some environments could lead to greater
earnings and cash flow generation volatility than peers, Moody's
expects that Greenhill's lower reliance on sponsor-driven activity
and its traditional strength in advising large-cap investment grade
corporates should lead to a more modest decline in advisory
revenues during the current downturn than at many of its peers.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Greenhill's ratings could be upgraded should its capital allocation
policies shift in favor of creditor interests, and should it
sustain debt/EBITDA on a Moody's adjusted basis below 4.0x,
generate annual pre-tax earnings above $45 million and a pre-tax
margin above 15%.
Greenhill's ratings will likely be downgraded should it not
refinance or extend its existing term loan debt maturity at
reasonable terms by spring of 2023. The company's ratings could
also be downgraded should either its debt/EBITDA on a Moody's
adjusted basis remain above 5.5x or its pre-tax margin remain below
12% on a prolonged basis, or if there is an escalation in its
compensation costs as a percentage of revenues above management's
target range, or the departure of key personnel.
Greenhill is a New York-headquartered financial advisory firm. The
firm's specialization is in M&A advisory, and it also operates a
restructuring advisory business and a capital advisory segment.
Greenhill reported $318 million in revenues in 2021.
The principal methodology used in these ratings was Securities
Industry Service Providers Methodology published in November 2019.
GROWLIFE INC: Silverback Capital Reports 9.99% Equity Stake
-----------------------------------------------------------
Silverback Capital Corporation disclosed in an amended Schedule 13G
filed with the Securities and Exchange Commission that it
beneficially owns 539,786 shares of common stock of Growlife, Inc.,
representing 9.99 percent based on 5,405,921 shares outstanding
(after conversion to reach 9.99%) on Dec. 5, 2022 (as reported by
the OTC Markets Group Inc. on Dec. 13, 2022). A full-text copy of
the regulatory filing is available for free at:
https://www.sec.gov/Archives/edgar/data/1161582/000173112222002120/e4294_sc13-ga.htm
About GrowLife
GrowLife, Inc. (PHOT)-- http://www.shopgrowlife.com-- focuses on
functional mushroom business opportunities. The Company sees a
growing market, intends to service its existing distribution
channel and will build on opportunities in the medicinal mushroom
industry.
GrowLife reported a net loss of $5.47 million for the year ended
Dec. 31, 2021, compared to a net loss of $6.38 million for the year
ended Dec. 31, 2020. As of Sept. 30, 2022, the Company had $2.71
million in total assets, $9.97 million in total current
liabilities, $59,057 in total long-term liabilities, and a total
stockholders' deficit of $7.33 million.
Irvine, Calif.-based Macias Gini & O'Connell LLP, the Company's
auditor since 2021, issued a "going concern" qualification in its
report dated May 16, 2022, citing that the Company has suffered
recurring losses from operations, incurred negative cash flows
from operating activities, and has an accumulated deficit that
raise substantial doubt about its ability to continue as a going
concern.
H. I. D. INTERIORS: Court Confirms Reorganization Plan
------------------------------------------------------
The Bankruptcy Court has entered an order confirming H.I.D.
Interiors Inc.'s Second Amended Chapter 11 Plan of Reorganization
dated Oct. 31, 2022.
No objections to confirmation of the Plan were filed and the
Subchapter V Trustee supports the Plan.
All parties have had a full and fair opportunity to litigate all
issues that might have been raised.
Because the Plan is confirmed pursuant to Section 1191(a), the
Debtor shall receive its discharge on the Effective Date on the
terms set forth in Section 1141(d).
All estate property is vested in the Debtor on the Effective Date
of the Plan, free and clear of all claims and interests excepted as
provided in this Plan, which is consistent with 11 U.S.C. Sec.
1141(b).
About H. I. D. Interiors
H. I. D. Interiors Inc., doing business as H.I.D. Drywall, operates
in the business services industry. It holds a Drywall license
according to the California license board.
H. I. D. Interiors filed a petition for relief under Subchapter V
of Chapter 11 of the Bankruptcy Code (Bankr. S.D. Cal. Case No.
22-01228) on May 9, 2022, listing as much as $1 million in both
assets and liabilities. Barbara R. Gross serves as Subchapter V
trustee.
Judge Margaret M. Mann oversees the case.
Craig E. Dwyer, Esq., a practicing attorney in San Diego, Calif.,
represents the Debtor in its Chapter 11 case.
KNOW LABS: Incurs $20.1 Million Net Loss in FY Ended Sept. 30
-------------------------------------------------------------
Know Labs, Inc. has filed with the Securities and Exchange
Commission its Annual Report on Form 10-K disclosing a net loss of
$20.07 million on $4.36 million of revenue for the year ended Sept.
30, 2022, compared to a net loss of $25.36 million on $0 of revenue
for the year ended Sept. 30, 2021.
As of Sept. 30, 2022, the Company had $13.76 million in total
assets, $3.81 million in total current liabilities, $87,118 in
total non-current liabilities, and $9.86 million in total
stockholders' equity.
As of Sept. 30, 2022, the Company had cash and cash equivalents of
$12,594,000 and net working capital of approximately $11,040,000
(exclusive of convertible notes payable). The Company has
experienced net losses since inception. As of Sept. 30, 2022, the
Company had an accumulated deficit of $101,398,000 and net losses
in the amount of $20,071,000 and $25,360,000 during the years ended
Sept. 30, 2022 and 2021, respectively. The Company incurred
non-cash expenses of $12,142,000, and $17,701,000 during the years
ended Sept. 30, 2022 and 2021, respectively.
Know Labs said, "We are currently operating at a loss and using
substantial cash to fund our operation. We believe that our cash
on hand will be sufficient to fund our operations through December
31, 2023. We may need additional financing to implement our
business plan and to service our ongoing operations, pay our
current debts ... and maintain ownership of our intellectual
property. There can be no assurance that we will be able to secure
any needed funding, or that if such funding is available, the terms
or conditions would be acceptable to us. If we are unable to
obtain additional financing when it is needed, we will need to
restructure our operations and/or divest all or a portion of our
business. We are each seeking additional capital through a
combination of private and public equity offerings, debt financings
and strategic collaborations. Debt financing, if obtained, may
involve agreements that include covenants limiting or restricting
our ability to take specific actions, such as incurring additional
debt, and could increase our expenses and require that our assets
secure such debt. Equity financing, if obtained, could result in
dilution to our then-existing stockholders and/or require such
stockholders to waive certain rights and preferences. If such
financing is not available on satisfactory terms, or is not
available at all, we may be required to delay, scale back,
eliminate the development of business opportunities and our
operations and financial condition may be materially adversely
affected. There can be no assurance that we will be able to sell
that number of shares, if any."
A full-text copy of the Form 10-K is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1074828/000165495422016732/knwn_10k.htm
About Know Labs
Know Labs, Inc. is focused on the development and commercialization
of proprietary biosensor technologies which, when paired with its
AI deep learning platform, are capable of uniquely identifying and
measuring almost any material or analyte using electromagnetic
energy to detect, record, identify and measure the unique
"signature" of said materials or analytes. Know Labs call this its
"Bio-RFID" technology platform, when pertaining to radio and
microwave spectroscopy, and its "ChromaID" technology platform,
when pertaining to optical spectroscopy. The data obtained with
the Company's biosensor technology is analyzed with its trade
secret algorithms which are driven by its AI deep learning
platform.
Know Labs reported a net loss of $13.56 million for the year ended
Sept. 30, 2020, and a net loss of $7.61 million for the year ended
Dec. 31, 2019.
MAGENTA BUYER: Moody's Rates New First Lien Term Loan Add-on 'B2'
-----------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to Magenta Buyer
LLC's proposed add on first lien term loan, the same rating as the
existing first lien debt. The new loan will be used to fund a
dividend to the private equity owners and cash to the balance
sheet. The existing ratings including the B3 Corporate Family
Rating were not affected by the transaction. The outlook remains
stable.
Financial leverage will increase and cash flow will weaken
moderately as a result of the transaction but remain within the
parameters for the rating. Magenta, the entity formed by a
consortium of private equity owners led by Symphony Technology
Group ("STG") to acquire the enterprise security software business
from McAfee Corp. in July 2021 subsequently acquired FireEye's
enterprise security software business in October 2021. While the
standup and integration of the two companies are relatively far
along, the process and associated costs will continue well into
2023 contributing to modestly negative free cash flow.
RATINGS RATIONALE
Magenta's (dba Trellix) B3 CFR is driven by high leverage as the
company restructures operations, separates as a stand-alone company
and integrates the FireEye acquisition. Debt to EBITDA inclusive of
the proposed debt is over 9x based on September 2022 trailing
results but around 6x excluding all transaction, stand up and
restructuring costs. The company has the potential to drive actual
leverage towards 7x over the next 12 to 18 months driven by the
wind-down of one time costs and realization of private equity
owner's sizeable cost restructuring and synergy plans for McAfee
Enterprise and FireEye if it can maintain stable revenues.
While Magenta has leading positions in endpoint, network and cloud
security, the company continues to face challenges from new market
entrants. Moody's expect growth to be flat over the next 12 to 18
months as the company continues its transition from a license to
subscription based model and focuses on growth from its existing
customer base. The credit profile is supported by Magenta's large
scale, diverse enterprise customer base with long-term
relationships and high retention rates. The company's stable
customer base and large proportion of recurring revenue helps drive
revenue visibility and the potential for consistent free cash flow
generation. However, flat revenue expectations imply the company is
not gaining, or possibly losing, market share in segments of a
growing cybersecurity market. Still, Magenta has made significant
investments in recent years among its endpoint security and cloud
products which has offset declines from certain security operations
and network products.
The stable outlook reflects Moody's expectation of synergy
realization and wind down of stand up and integration expenses but
also reflects the execution risks of integrating FireEye while
simultaneously separating McAfee Enterprise as a stand-alone
company and restructuring its operations. Given the high debt
levels and ongoing (albeit declining) one-time costs, debt to
EBITDA could remain elevated for an extended period. If the company
is successful with the restructuring plans and can return the
combined businesses to modest growth, Magenta has the potential to
improve EBITDA margins to the low thirties percentage level and
meaningfully reduce leverage over the next two years.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if the company grows revenues,
maintains or improves market share, sustains leverage below 7x
(including Moody's adjustments) while producing free cash flow to
debt above 5%. The ratings could be downgraded if performance
deteriorates as a result of the separation, restructuring, or
integration plans, leverage remains over 8.5x (including Moody's
adjustments), free cash flow is negative on other than a temporary
basis, or liquidity otherwise deteriorates.
Liquidity is good based on a cash balance of about $300 million at
close of the transaction and an undrawn $125 million revolving
credit facility. Moody's expect free cash flow will be modestly
negative over the next 12 to 18 months. The revolver contains a
springing first lien net leverage covenant, and Moody's anticipates
Magenta will maintain good cushion under this covenant over the
next 12 to 18 months.
Assignments:
Issuer: Magenta Buyer LLC (McAfee Enterprise)
Senior Secured First Lien Term Loan, Assigned B2 (LGD3)
Magenta is a security software company serving both enterprise and
government customers, with approximately $1.9 billion of (combined
McAfee and FireEye) revenue for the twelve months ended September
30, 2022. The company is owned by a consortium of investors led by
private equity firm Symphony Technology Group. McAfee's enterprise
business was acquired in July 2021. The company subsequently
acquired certain FireEye assets in October 2021.
The principal methodology used in this rating was Diversified
Technology published in February 2022.
MEDLY HEALTH: U.S. Trustee Appoints Creditors' Committee
--------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Chapter 11 cases
of Medly Health Inc. and its affiliates.
The committee members are:
1. Cardinal Health 110, LLC
Attn: Mr. Todd Bell, Credit Manager
7000 Cardinal Place
Dublin, OH 43017
Phone: (614) 553-3921
Email: jtodd.bell@cardinalhealth.com
2. Workday Inc.
Attn: Alexander Robinson, Esq.
Senior Counsel
6110 Stoneridge Mall Rd.
Pleasanton, CA 94588
Phone: (734) 330-4247
Email: alexander.robinson@workday.com
3. Uniweb, Inc.
Attn: Ms. Denise Savaria
Accounting Manager
222 S. Promenade Ave
Corona, CA 92879
Phone: (951) 279-7999
Email: dsavaria@uniweb.com
4. Nestle USA, Inc.
Attn: Mr. Craig Lydigsen
Head of Credit Risk
30500 Bainbridge Road
Solon, OH 44139
Phone: (440) 264-7240
Email: Craig.Lydigsen@us.nestle.com
5. Sun River Health
Attn: Mr. James Sinkoff
1200 Brown Street
Peekskill, NY 10566
Phone: (914) 734-8600 x78722
Email: nlatman@sunriver.org
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
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, Wash. 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 Dec. 9, 2022. In the petition signed by Richard S. Willis, chief
executive officer and chief financial officer, Medly Health
reported $100 million to $500 million in both assets and
liabilities.
Judge Karen B. Owens oversees the cases.
Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones, LLP is
the Debtors' counsel.
MOUNTAIN PROVINCE: S&P Upgrades ICR to 'CCC+' on Debt Refinancing
-----------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Toronto-based Mountain Province Diamonds Inc. (MPVD) to 'CCC+' from
'CCC-'. At the same time, S&P assigned its 'B' issue-level rating
(two notches above the issuer credit rating) and '1' recovery
rating to the company's US$195 million senior secured second-lien
notes due 2025. A '1' recovery rating reflects its expectation for
very high (90%-100%; rounded estimate: 95%) recovery in the event
of a payment default.
S&P said, "The positive outlook indicates that we could raise the
rating over the next 12 months if MPVD materially reduces its debt
from free cash flow generation and maintains sufficient liquidity
to meet its ongoing financial commitments.
"The upgrade follows MPVD's debt refinancing transaction that
extended the company's debt maturity profile and reduced debt. On
Dec. 15, 2022, MPVD announced that it refinanced all of its 8%
senior secured notes outstanding (approximately US$260 million)
using US$195 million of new senior secured second-lien notes due
December 2025, a draw on the junior credit facility due 2027, and
cash on hand. In our view, the refinancing transaction has averted
a liquidity crisis by extending the company's debt maturity by
three years to December 2025. The transaction also reduced the
company's overall debt levels by about 15% from cash generated
through 2022, as favorable rough diamond prices enabled meaningful
free cash flow generation over this period. However, MPVD's
interest costs will remain high and largely unchanged due to an
increase in the effective rates on the new debt to 12%.
"The rating reflects our view that MPVD remains dependent on
favorable business, financial, and economic conditions to improve
its capital structure. Under our base-case estimates, we believe
the company will generate significant free cash flows in 2023 that
will be used to reduce the outstanding balance on its new notes, as
required under the notes' indenture. We estimate the company will
reduce debt by C$100 million-C$110 million next year, leading to
adjusted debt to EBITDA of below 2x. Our estimates incorporate a
year-over-year increase in MPVD's rough diamond production of about
10% to about 3 million carats (for its 49% share of the Gahcho Kue
mine). We also expect that rough diamond prices will remain
relatively stable over this period at about US$100 per carat. The
lower future debt levels and no near-term maturities should improve
the company's financial flexibility and contribute to a capital
structure that we view as sustainable over the long term.
"However, our cash flow estimates for MPVD will remain sensitive to
relatively modest changes in our key assumptions. In particular,
the diamond market is generally opaque relative to many
commodities, and rough diamond prices have historically been
volatile. We assume relatively stable prices next year but
acknowledge the potential for weakness amid an increasingly
uncertain (and weaker) economic environment. In addition,
inflationary pressures are likely to persist and present downside
risk to margins. The company relies exclusively on cash flows
derived from marketing its 49% share of rough diamond production
from the Gahcho Kue mine, which also presents exposure to
unexpected operational disruptions. Moreover, we consider the
potential for much lower cash flow generation in 2024, based mainly
on lower estimated output from the company's planned mining
transition to lower-grade areas and processing of lower-grade
stockpile material. In the event debt reduction is lower than our
expectations next year, we believe MPVD could remain vulnerable and
dependent on improving operating results to service its high-cost
debt and maintain adequate liquidity beyond next year.
"The positive outlook indicates that we could raise the rating over
the next 12 months if MPVD materially reduces its debt from free
cash flow generation, leading to a capital structure we view as
sustainable in the long term. We believe lower debt levels will
reduce its cash interest costs and reliance on favorable market
conditions to preserve its liquidity.
"We could revise the outlook to stable if we believe the company's
long-term capital structure is unsustainable, most likely to due to
high prospective leverage and debt servicing costs. In our view,
this could result from weaker rough diamond prices and/or operating
underperformance and higher capital expenditures that result in
free cash flow generation well below our estimates. In this
scenario, we would assume a protracted delay in the deleveraging of
the company, thereby increasing MPVD's reliance on favorable
business and economic conditions to fund its ongoing financial
obligations.
"We could raise the ratings if MPVD executes its deleveraging plan
in line with our base-case expectations, leading to a capital
structure we view as sustainable in the long term. In such a
scenario, we would expect the company to generate and sustain
adjusted debt to EBITDA of about 2.0x in 2023 and in the 3.0x-3.5x
range in 2024, with liquidity we view as adequate."
ESG credit indicators: E-3, S-4, G-2
MUSCLEPHARM CORP: Hits Chapter 11 Bankruptcy Protection
-------------------------------------------------------
MusclePharm Corp., a top sports nutrition brand in the 2010s,
recently filed for chapter 11 protection in the District of Nevada.
According to court filings, MusclePharm Corp. estimates between $10
million to $50 million in debt owed to 1 to 49 creditors. The
petition states that funds will be available to unsecured
creditors.
NutraIngredients-USA reported that iconic sports nutrition brand
MusclePharm declared Chapter 11 bankruptcy to forestall an auction
of the company's intellectual property and other assets.
NutraIngredients notes that despite some reports that the company
had named another CEO recently, Ryan Drexler, who w has headed the
company for a number of years, was listed on the bankruptcy
documents in that role.
NutraIngredients recounts that MusclePharm rose like a meteor in
the early 2010s and crashed just as spectacularly. Its products
have bene sold in more than 100 countries and nationwide in the
United States, including Costco and Walmart, as well as through
more than 100 online stores, notably bodybuilding.com and Amazon.
A founding team that included Denver resident and former NFL player
Brad Pyatt rapidly built the brand, which featured bold lime green
packaging to annual sales of more than $150 million. Part of the
strategy was to sign up high profile athletes and influences,
including at one time Tiger Woods and Arnold Schwarzenegger.
However, the company failed to keep costs under control. In 2015,
the Securities and Exchange Commission charged the company with a
series of accounting and disclosure violations, including
undisclosed payments in funds and in kind services to Pyatt and
other executives. Pyatt was ousted as CEO and agreed to pay a
$150,000 fine.
Drexler, a veteran from Country Life Vitamins, who was one of the
company's main shareholders, subsequently took over as CEO. He
struggled with unraveling Pyatt's lavish influencer and athlete
endorsement contracts, as well as dealing with a lawsuit filed by a
contract manufacturing partner. Most recently, the company was hit
by supply chain disruptions brought on the global pandemic.
About MusclePharm Corp.
Headquartered in Denver, Colorado, MusclePharm Corporation
(OTCQB:MSLP) -- http://www.musclepharm.com/ and
http://www.musclepharmcorp.com/ --is a lifestyle company that
develops, manufactures, markets and distributes branded nutritional
supplements. The Company offers a broad range of performance
powders, capsules, tablets, gels and on-the-go ready to eat snacks
that satisfy the needs of enthusiasts and professionals alike.
MusclePharm reported a net loss of $12.87 million for the year
ended Dec. 31, 2021. As of March 31, 2022, the Company had
$11.98 million in total assets, $50.03 million in total
liabilities, and a total stockholders' deficit of $38.06 million.
MusclePharm Corp. filed a petition for relief under Subchapter V of
Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No.
22-14422) on Dec. 15, 2022. In the petition filed by Ryan Drexler,
as CEO, the Debtor reported assets and liabilities between $10
million and $50 million.
The Honorable Natalie M. Cox is the case judge.
The Debtor is represented by:
Samuel A. Schwartz, Esq.
SCHWARTZ LAW, PLLC
8275 SOUTH EASTERN AVENUE
LAS VEGAS, NV 89123
NEONODE INC: Forsakringsaktiebolaget Has 9.98% Stake as of Dec. 16
------------------------------------------------------------------
Forsakringsaktiebolaget Avanza Pension disclosed in an amended
Schedule 13G filed with the Securities and Exchange Commission that
as of Dec. 16, 2022, it beneficially owns 1,354,137 shares of
common stock of Neonode, Inc., representing 9.98 percent of the
shares outstanding. A full-text copy of the regulatory filing is
available for free at:
https://www.sec.gov/Archives/edgar/data/87050/000110465922128032/tm2232892d2_sc13ga.htm
About Neonode
Neonode Inc. (NASDAQ:NEON) -- http://www.neonode.com-- provides
advanced optical sensing solutions for contactless touch, touch,
gesture control, and in-cabin monitoring.
Neonode reported a net loss attributable to the company of $6.45
million for the year ended Dec. 31, 2021, a net loss attributable
to the company of $5.61 million for the year ended Dec. 31, 2020,
and a net loss attributable to the Company of $5.30 million for the
year ended Dec. 31, 2019. As of Sept. 30, 2022, the Company had
$17.79 million in total assets, $1.90 million in total liabilities,
and $15.89 million in total stockholders' equity.
OMNIQ CORP: Two Proposals Approved at Annual Meeting
----------------------------------------------------
OmniQ Corp. held its 2022 Annual Meeting of Stockholders at which
the stockholders:
(1) elected Shai Lustgarten, Neev Nissenson, Andrew J.
MacMillan, Yaron Shalem, Guy Elhanani, and Mina Teicher as
directors to hold office until the next meeting of the Company's
stockholders or until their successors are elected;
(2) ratified the appointment of Haynie & Company as the
Company's independent registered public accounting firm for the
fiscal year ending Dec. 31, 2022.
About omniQ Corp.
Headquartered in Salt Lake City, Utah, omniQ Corp. (OTCQB: OMQS) --
http://www.omniq.com-- provides computerized and machine vision
image processing solutions that use patented and proprietary AI
technology to deliver data collection, real time surveillance and
monitoring for supply chain management, homeland security, public
safety, traffic and parking management and access control
applications. The technology and services provided by the Company
help clients move people, assets and data safely and securely
through airports, warehouses, schools, national borders, and many
other applications and environments.
Omniq reported a net loss of $13.14 million for the year ended Dec.
31, 2021, a net loss of $11.50 million for the year ended Dec. 31,
2020, and a net loss attributable to the company's common
stockholders $5.31 million. As of Sept. 30, 2022, the Company had
$70.34 million in total assets, $77.91 million in total
liabilities, and a total deficit of $7.56 million.
P&L DEVELOPMENT: Moody's Cuts CFR to Caa1, Outlook Stable
---------------------------------------------------------
Moody's Investors Service downgraded P&L Development, LLC's ("PLD")
Corporate Family Rating to Caa1 from B3 and its Probability of
Default rating to Caa1-PD from B3-PD. At the same time, Moody's
downgraded the rating on PLD's senior secured notes to Caa2 from
B3. The rating outlook is stable.
The CFR downgrade reflects PLD's weak credit metrics including
negative free cash flow and high financial leverage above 10.0x
debt-to-EBITDA as of September 30, 2022 (before including $87
million of the puttable preferred stock as debt). Earnings were
negatively impacted by significant raw material and labor cost
increases, as well as supply chain disruptions and higher freight
costs. The company has implemented pricing actions to offset cost
increases, but price increases lag those cost increases by several
quarters. In 2022, negative free cash flow was also exacerbated by
new product development costs, elevated capital spending and higher
working capital investment to support new product introduction and
capacity expansion amid business wins. Moody's expects PLD's
financial leverage to improve meaningfully over the next 12-18
months amid pricing actions, new business wins, initiatives on
logistics optimization, as well as higher fixed cost absorption
with volume growth. Nevertheless, the company has generated
lower-than-expected earnings from product launches in the past few
years, and Moody's anticipates PLD's leverage will remain above
8.5x debt-to-EBITDA through 2023 (including approximately $88
million puttable preferred stock) as the company faces execution
risks to launch products with adequate returns and control costs to
improve profitability.
The Caa2 rating on the senior secured notes that matures in June
2025 is one notch lower than the Caa1 CFR with the downgrade
additionally reflecting its weaker collateral coverage relative to
its asset-based revolver (ABL, unrated) that was upsized to $125
million from $85 million in November 2022. The increase in the
revolver reduces the estimated recovery on the senior secured notes
in the event of a default if a substantial amount of the ABL is
drawn, which is likely as Moody's expects the company to rely on
ABL to support business growth. The senior secured notes has a
second lien on the ABL priority collateral (receivables and
inventory) and a first lien on other assets.
Downgrades:
Issuer: P&L Development, LLC
Corporate Family Rating, Downgraded to Caa1 from B3
Probability of Default Rating, Downgraded to Caa1-PD from B3-PD
Senior Secured Global Notes, Downgraded to Caa2 (LGD4) from B3
(LGD4)
Outlook Actions:
Issuer: P&L Development, LLC
Outlook, Changed To Stable From Negative
RATINGS RATIONALE
PLD's Caa1 CFR reflects the company's modest scale with annual
revenue below $550 million, weak credit metrics including negative
free cash flow and financial leverage above 10.0x debt-to-EBITDA
(before including $87 million of puttable preferred stock as debt)
for the 12 months ending September 30, 2022. PLD has limited
geographic diversity, with the majority of its revenues derived
from US markets, where the competitive landscape for store brand
over-the-counter products ("OTC") is intense. The company continues
to win new business and add to its portfolio through acquisitions.
However, PLD's revenue and profit realization in the last few years
from new business wins have lagged expectations, leading to
leverage being sustained at a very high level and persistent
negative free cash flow. In 2022, significant cost increase in raw
materials and labor further pressured the company's earnings and
operating cash flow. Partially offsetting these risks are PLD's
attractive growth prospects including nicotine replacement therapy
products, as well as product expansion and volume growth with
existing customers. PLD has also implemented pricing increases,
which should largely offset the higher raw material costs. Moody's
also views that most of PLD's product categories are important
staples for consumers and retail partners, and consumers will also
opt for lower-priced store brands in an economic downturn. Another
positive factor is PLD's favorable relationship with key retailers
such as Walmart and Walgreens, as well as with larger consumer
packaged goods clients including Procter & Gamble, Bayer, and
Haleon.
Moody's estimates that PLD's financial leverage will remain high
but decline to a high-single-digit range over the next 12-18 months
through EBITDA growth. Earnings growth will benefit from recently
implemented price increases, new product launches, ramp-up of
recently launched products, and cost savings through its logistics
optimization program. The company also continues to expand
relationships with key clients including Walmart, Walgreens,
Procter & Gamble, Bayer, and Haleon.
PLD has adequate liquidity in the year ahead largely supported by
its $125 million ABL facility that expires in June 2025 (upsized
from $85 million in November 2022). As of September 30, 2022, the
company had $32 million borrowings on the revolver and very limited
cash on hand. Moody's expects PLD will have $25-30 million of
negative free cash flow in 2023, primarily due to high capital
spending and higher working capital to support business growth. The
revolver should be sufficient to cover any cash shortfall in 2023.
Financial policies are aggressive including high leverage and debt
used for acquisitions. However, Moody's believes the company has a
long-term investment focus under majority family ownership.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The stable outlook reflects Moody's view that new product launches
and ramp-up recently launched products will improve earnings and
reduce leverage over the next 12 months. The stable outlook also
reflects Moody's expectation that PLD will maintain adequate
liquidity and improve cash flow from operations.
PLD's ratings could be downgraded if the company experiences
significant operational disruption, or if financial performance or
free cash flow does not meaningfully improve. The ratings could
also be downgraded if the company's financial policy becomes
increasingly aggressive, including additional debt funded
acquisitions. Moody's could also downgrade ratings if PLD's
liquidity deteriorates.
The ratings could be upgraded if PLD effectively manages its growth
strategy, meaningfully improves operating performance and generates
positive free cash flow. An upgrade would also require
debt-to-EBITDA (including the puttable preferred stock) be
sustained below 7.5x.
The principal methodology used in these ratings was Consumer
Packaged Goods published in June 2022.
Headquartered in Westbury, NY, PLD manufactures, packages and
distributes over-the-counter private label products across multiple
categories. The company provides contract manufacturing and
contract packaging services to major OTC and nutritional companies
in the United States. PLD is majority owned by the Singer family
with Stephens Inc., a long-term equity holder of PLD, as a minority
shareholder. The company generates annual revenues of $541 million
for the last 12 months ending September 30, 2022.
PACIFIC GREEN: Unit Acquires UK's Sheaf Energy for US$9.1 Million
-----------------------------------------------------------------
Pacific Green Battery Energy Parks 2 Limited, a wholly-owned
subsidiary of Pacific Green Technologies, Inc., announced that it
has acquired 100% of the shares in Sheaf Energy Limited for GBP7.5
million (US$9.1 million) from UK-based energy originator, Tupa
Energy (Holdings) Limited.
Sheaf Energy Park will be a 249 MW / 373.5 MWh battery energy
storage system ("BESS") located next to the Richborough Energy Park
in Kent, England. Design and construction will begin in the first
half of 2023, with the battery park commencing its 35 year
operating life in April 2025.
Scott Poulter, Pacific Green's chief executive, commented: "When
operational, Sheaf Energy Park will be one of the largest batteries
in the UK. Pacific Green is extremely proud to be the industry
leader in developing the next generation of large-scale energy
parks in support of the country's transition to Net Zero."
Building on Pacific Green's first BESS development, 99.98 MW
Richborough Energy Park Limited, which is due to connect with the
grid in Q2 2023, Sheaf Energy Park is the continuation of the
Company's multi-gigawatt pipeline in the UK and around the world.
Scott added: "Having proven the ability to project finance and
develop large scale battery energy storage systems in the UK, the
template we have now established provides a streamlined structure
for developing these unprecedented battery projects anywhere in the
world."
About Pacific Green Technologies
Pacific Green Technologies, Inc. is focused on addressing the
world's need for cleaner and more sustainable energy. The Company
offers Battery Energy Storage Systems and Concentrated Solar Power
energy solutions to compliment its marine environmental
technologies division.
Pacific Green reported a net loss of $10.75 million for the year
ended March 31, 2022, compared to a net loss of $1.81 million for
the year ended March 31, 2021, and a net loss of $10.38 million for
the year ended March 31, 2020. As of June 30, 2022, the Company
had $32.03 million in total assets, $16.34 million in total
liabilities, and $15.68 million in total equity.
PENNSYLVANIA REIT: NYSE to Delist Company, Suspends Trading
-----------------------------------------------------------
The New York Stock Exchange announced Dec. 15, 2022, that the staff
of NYSE Regulation has determined to commence proceedings to delist
the four securities enumerated below of Pennsylvania Real Estate
Investment Trust from the Exchange. Trading in the Company’s
Securities will be suspended immediately.
Symbol Description
------ -----------
PEI Shares of Beneficial Interest, par value $1.00 per
share
PEI PRB Series B Preferred Shares, par value $0.01 per share
PEI PRC Series C Preferred Shares, par value $0.01 per share
EI PRD Series D Preferred Shares, par value $0.01 per share
NYSE Regulation reached its decision to delist the Company’s
Securities pursuant to Section 802.01B of the NYSE's Listed Company
Manual because the Company had fallen below the NYSE's continued
listing standard requiring listed companies to maintain an average
global market capitalization over a consecutive 30 trading day
period of at least $15,000,000.
The Company has a right to a review of this determination by a
Committee of the Board of Directors of the Exchange. The NYSE will
apply to the Securities and Exchange Commission to delist the
Securities upon completion of all applicable procedures, including
any appeal by the Company of the NYSE Regulation staff’s
decision.
Contacts
Company Contact:
Investor Relations
Heather Crowell
heather@gregoryfca.com
preit@gregoryfca.com
About Pennsylvania REIT
Headquartered in Philadelphia, Pennsylvania, Pennsylvania Real
Estate Investment Trust is a self-administered real estate
investment trust involved in acquiring, managing, and holding real
estate interests for current yield and long-term appreciation.
PRO MACH: Moody's Rates New $100MM Incremental 1st Lien Loan 'B1'
-----------------------------------------------------------------
Moody's Investors Service assigned a B1 rating to Pro Mach Group,
Inc.'s proposed $100 million of incremental senior secured first
lien term loan due August 2028. All other ratings, including the B2
Corporate Family Rating, B2-PD Probability of Default Rating and B1
ratings on the existing senior secured first lien bank credit
facilities remain unchanged. The outlook is stable.
Pro Mach intends to use the proceeds from the proposed $100 million
incremental first lien term loan to fund future acquisitions. The
debt financing does not meaningfully alter its leverage with
adjusted debt/EBITDA rising to 7.1x (on a pro forma basis) from
current levels of 6.8x. The company's operating performance has
been strong year-to-date with high single-digit organic revenue and
EBITDA growth. Backlog build and order book indicates a healthy
demand level despite concerns of slowing economic growth. Moody's
expects that free cash flow will improve significantly over the
next 12-18 months as the investment in working capital subsidies.
The company's strong liquidity with $131 million of cash (as of
September 2022) and full availability under its $200 million
revolving credit facility provides an important mitigant to
macroeconomic headwinds and potential slowdown in demand levels.
Importantly, about 70% of the company's floating rate debt is
hedged for multiple years, providing insulation from rising
interest rates.
Assignments:
Issuer: Pro Mach Group, Inc.
Senior Secured 1st Lien Term Loan, Assigned B1 (LGD3)
RATINGS RATIONALE
Pro Mach's B2 CFR reflects the company's high leverage as it
undertakes an aggressive growth strategy in the fragmented
packaging equipment industry. Demand for Pro Mach's machinery sales
exhibits volatility and is cyclical in nature. Due to the capital
goods nature of the company's products, the risk of order delays
and contract deferrals is heightened in a recessionary environment,
with machinery sales exhibiting sharper declines than their end
markets. The rating is also constrained by Pro Mach's private
equity ownership and ensuing aggressive financial policy that
exposes the company to future leveraging events.
Nonetheless, the rating benefits from the company's diversified
product offerings and large installed base that supports a high
margin aftermarket business. The company's exposure to food &
beverage and pharmaceutical end-markets are generally stable and
growing, mitigating some of the cyclicality associated with selling
expensive capital equipment. Also, the low capital requirements
inherent in the company's assembly-based business model provide
ongoing support to cash flow.
The stable outlook reflects Moody's expectation that the company
will generate positive free cash flow and maintain good liquidity
over the next 12-18 months, despite its high leverage.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
The ratings could be upgraded if strong earnings growth or a shift
to a more conservative financial policy results in adjusted
debt-to-EBITDA being sustained below 5.0x and EBITA-to-interest
above 2.0 times.
The ratings could be downgraded if the company's organic growth
stalls or EBITDA margins decline. A large debt-funded acquisition
or shareholder dividend could also result in a downgrade.
Specifically, adjusted debt-to-EBITDA sustained meaningfully above
current levels, EBITA-to-interest falling below 1.5x, or
deterioration in liquidity could result in a downgrade.
The principal methodology used in this rating was Manufacturing
published in September 2021.
Headquartered in Covington, Kentucky, Pro Mach Group, Inc.
manufactures a broad range of packaging equipment and related
aftermarket parts and services for a number of industries including
the food, beverage, household goods and pharmaceutical industries.
Pro Mach is owned by Leonard Green & Partners, L.P. Sales for the
last twelve months ended September 2022 were $1.6 billion.
PROFESSIONAL DIVERSITY: Inks $1M Stock Purchase Deal With Investor
------------------------------------------------------------------
Professional Diversity Network, Inc. disclosed in a Form 8-K filed
with the Securities and Exchange Commission it entered into a stock
purchase agreement with Ms. Hongjun Chen, an individual and a
resident of the People's Republic of China, in connection with the
purchase by the Investor of 2,325,581 shares of common stock of the
Company at a price of approximately $0.43 per share (representing a
20% discount of the 5-day average closing price of the common stock
immediately prior to the closing) for aggregate gross proceeds of
$1,000,000. The closing of the transaction took place on Dec. 20,
2022.
The issuances of the Shares are exempt from registration due to the
exemption found in Regulation S promulgated by the Securities and
Exchange Commission under the Securities Act of 1933, as amended.
The sales were offshore transactions since the offerees/purchasers
were outside the United States at the time of the purchase.
Further, there were no directed selling efforts of any kind made in
the United States either by the Company or any affiliate or other
person acting on the Company's behalf in connection with the
offerings. All offering materials and documents used in connection
with the offers and sales of the securities included statements to
the effect that the securities have not been registered under the
Securities Act and may not be offered or sold in the United States
or to U.S. persons unless the securities are registered under the
Securities Act or an exemption therefrom is available, and that
hedging transactions involving the Shares may not be conducted
unless in compliance with the Securities Act. The Investor
certified that she is not a U.S. person (as that term is defined in
Regulation S) and is not acquiring the Shares for the account or
benefit of any U.S. person and agreed to resell the Shares only in
accordance with the provisions of Regulation S, pursuant to
registration under the Securities Act or pursuant to an available
exemption from registration. The Shares sold are restricted
securities and the certificates representing the Shares will be
affixed with a standard restrictive legend, which states that the
Shares cannot be sold without registration under the Securities Act
or an exemption therefrom.
Pursuant to the Agreement, the Company agreed no later than 45 days
after the later of (a) the Closing Date and (b) the date on which
the Company files with the SEC its Annual Report on Form 10-K for
the year ended Dec. 31, 2022, the Company will file a registration
statement under the Securities Act to permit the public resale of
all the Shares from time to time as permitted by Rule 415 under the
Securities Act and will use commercially reasonable efforts to
cause such registration statement to be declared effective as soon
as practicable after the filing thereof.
About Professional Diversity
Headquartered in Chicago, Illinois, Professional Diversity Network,
Inc. -- https://www.prodivnet.com -- is a global developer and
operator of online and in-person networks that provides access to
networking, training, educational and employment opportunities for
diverse individuals.
Professional Diversity reported a net loss of $2.76 million for the
year ended Dec. 31, 2021, a net loss of $4.35 million for the year
ended Dec. 31, 2020, compared to a net loss of $3.84 million for
the year ended Dec. 31, 2019. As of Sept. 30, 2022, the Company
had $7.07 million in total assets, $4.38 million in total
liabilities, and $2.68 million in total stockholders' equity.
Wilmington, DE-based Ciro E. Adams, CPA, LLC, the Company's auditor
since 2018, in its report dated March 31, 2022, citing that the
Company has incurred significant losses, and needs to raise
additional funds to meet its obligations and sustain its
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
QUANERGY SYSTEMS: Edward Brown Appointed as New Committee Member
----------------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed Edward Brown as a
new member of the official committee of unsecured creditors in the
Chapter 11 case of Quanergy Systems, Inc.
Meanwhile, Infortrend Corp. resigned from the committee.
As of Dec. 22, the members of the committee are:
1. Rand Technology, LLC
15225 Alton Parkway, Suite 100
Irvine, CA 92618
Attention: Tawnie Bassett-Parkins
Tel: 949-255-5740
Email: tawnie.bassett-parkins@randtech.com
2. Sanmina, Inc.
2700 North First Street
San Jose, CA 95134
Attention: Dave Rodgers
Tel: 408-964-3600
Email: buck.rodgers@sanmina.com
3. Triple Crown Consulting, LLC
10814 Jollyville Road, Bldg. IV, Ste. 100
Austin, TX 78759
Attention: Sarah Fletcher
Tel: 512-331-6330
Email: sarah@tripleco.com
4. Spanidea Systems, LLC
1525 McCarthy Blvd., Ste. 1039
Milpitas, CA 95035
Attention: Bhagirath Choudhary
Tel: 669-226-7863
Email: bchoudhary@spanidea.com
5. Edward Brown
Email: ebrown1111@aol.com
About Quanergy Systems
Quanergy Systems, Inc. designs, develops and markets Light
Detection and Ranging (LiDAR) sensors and 3D perception software
solutions that enable intelligent, real-time detection, tracking
and classification of objects such as people and vehicles in
mission-critical markets such as security, smart cities and
industrial automation. The company is based in Sunnyvale, Calif.
Quanergy Systems sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Case No. 22-11305) on Dec. 13,
2022, with $10 million to $50 million in both assets and
liabilities. Larry Perkins, chief restructuring officer of Quanergy
Systems, signed the petition.
The Debtor tapped Young Conaway Stargatt & Taylor, LLP and Cooley,
LLP as legal counsels; SierraConstellation Partners as
restructuring advisor; FTI Consulting, Inc. as financial Advisor;
and Raymond James Financial, Inc. as investment Banker. Bankruptcy
Management Solutions, Inc., doing business as Stretto, Inc. is the
claims, noticing and solicitation agent.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee of unsecured creditors in the Debtor's case on Dec. 20,
2022.
QUANERY SYSTEMS: Will Cut 72 Sunnyvale Jobs as Part of Chapter 11
-----------------------------------------------------------------
Cromwell Schubarth of Silicon Valley Business Journal reports that
Quanergy Systems Inc. plans to cut 72 jobs in Sunnyvale, California
as part of the bankruptcy reorganization it filed for on Tuesday,
December 13, 2022.
The struggling lidar business posted a WARN notice with the state
Employment Development Department on Monday, December 12, 2022,
about the move.
The EDD notification was made a day before Quanergy filed for
bankruptcy and announced its CEO will step down from his role at
the end of the month.
The company last month said in a filing with the Securities and
Exchange Commission that it planned an 11% reduction in its
workforce, cutting 15 workers to get staffing down to 126 employees
globally. But in this week's bankruptcy filing, it said it had only
87 employees.
In this week's WARN notice, Quanergy said it plans to begin its
layoffs in Sunnyvale by Feb. 7, 2023 and complete them within 60
days after that date. Among those that are listed to lose their
jobs are co-founder and Chief Development Officer Tianyue Yu, Chief
Financial Officer Patrick Archambault, Chief Marketing Officer Enzo
Signore and Senior Vice President of Operations Kevin Amiri.
The Sunnyvale company intends to continue operating while it
pursues a sale of its business under Chapter 11 bankruptcy
protection. The decision to file for bankruptcy comes after it
slashed operating costs and settled a patent dispute with rival
Velodyne Lidar Inc., Quanergy said in a press release on Tuesday.
"We are confident that Quanergy's efforts have positioned the
company for a value-maximizing transaction during the Chapter 11
sale process," Lawrence Perkins, who will head the company as its
newly named chief restructuring officer and president, said in the
news release.
Perkins, Quanergy's new chief restructuring officer, is the CEO of
SierraConstellation Partners, a Los Angeles-based firm that
specializes in helping down-on-their-luck companies reorganize.
Quanergy offered few details on its financial condition in its
initial bankruptcy documents, which it filed in U.S. Bankruptcy
Court in Delaware. It owes $21.8 million to its top 30 unsecured
creditors and owes money to between 1,000 and 5,000 creditors
total, according to its filing. All told, it owes between $10
million and $50 million, and its assets are in that same range, it
said in its bankruptcy filing.
In addition to announcing its bankruptcy, the company said Kevin
Kennedy will retire as its CEO Dec. 31, 2022. Quanergy is paying
Kennedy, who will remain its non-executive chairman, a lump sum of
$285,000 as part of his separation agreement with it, the company
said in a filing with the Securities and Exchange Commission.
His retirement was "not the result of any disagreement with the
company's policies, practices or procedures," Quanergy said in its
SEC filing. The payment to him, it continued, was "in recognition
of his ongoing service and leadership as chairman of the board and
valuable continued contributions to the company in that capacity."
Quanergy's performed poorly
The bankruptcy filing comes as the company has been struggling with
widening losses, a plunging stock price and dwindling cash
reserves. It warned investors in May that due to such problems it
might no longer be in operation a year later.
In its third quarter financial report last month, Quanergy posted a
$17.7 million loss on just $2.3 million in revenue. At the end of
September, it had only $7 million in cash.
The move into bankruptcy also comes just 10 months after Quanergy
went public in a merger with a blank-check entity. The lidar
company got far less capital from that deal than it expected. The
bankruptcy filing also comes despite the company having raised
$16.7 million last month by selling additional shares to investors
(OTCMKTS:QNGY).
In a funding round in late 2018, Quanergy's venture backers valued
it at $2.3 billion. It now has a market capitalization of less than
$2 million.
The company is not the only lidar sensor maker that has fallen on
tough times. Eight such companies with Bay Area ties have gone
public in blank-check mergers. All of them have since lost more
than half their market value. Such companies were betting on the
rapid growth of the market for autonomous vehicles, which are
generally built around lidar sensors. Instead, that market and the
underlying technology has developed much slower than many
anticipated.
Quanergy is at least the second lidar maker to settle a legal
dispute in recent months with Velodyne. Last month, Ouster Inc.
announced it was essentially settling its own dispute with Velodyne
by buying the company. Quanergy owes Velodyne $2.25 million as part
of their settlement, according to the former's bankruptcy filing.
About Quanergy Systems
Quanergy Systems, Inc., designs, develops and markets Light
Detection and Ranging (LiDAR) sensors and 3D perception software
solutions that enable intelligent, real-time detection, tracking
and classification of objects such as people and vehicles in
mission-critical markets such as security, smart cities and
industrial automation. The company is based in Sunnyvale, Calif.
Quanergy Systems sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Delaware Case No. 22-11305) on Dec. 13,
2022, with $10 million to $50 million in both assets and
liabilities. Larry Perkins, chief restructuring officer of
Quanergy Systems, signed the petition.
The Debtor tapped Young Conaway Stargatt & Taylor, LLP and Cooley,
LLP as legal counsels; SierraConstellation Partners as
restructuring advisor; FTI Consulting, Inc. as financial Advisor;
and Raymond James Financial, Inc. as investment Banker. Bankruptcy
Management Solutions, Inc., doing business as Stretto, Inc. is the
claims, noticing and solicitation agent.
QUOTIENT LIMITED: Highbridge Capital Reports 9.99% Equity Stake
---------------------------------------------------------------
Highbridge Capital Management, LLC disclosed in a Schedule 13D
filed with the Securities and Exchange Commission that as of Dec.
5, 2022, it beneficially owns 784,105 Ordinary Shares (including
556,174 Ordinary Shares issuable upon exercise of warrants and upon
conversion of convertible notes) of Quotient Limited, representing
9.99 percent of the shares outstanding.
The percentage was calculated based upon 3,531,710 Ordinary Shares
outstanding as of Nov. 9, 2022, as reported in the Issuer's
Quarterly Report on Form 10-Q for the quarterly period ended Sept.
30, 2022 filed with the SEC on Nov. 14, 2022. Certain of the
reported warrants are subject to a 9.99% beneficial ownership
blocker and the balance of the reported warrants and the
convertible notes are subject to a 9.90% beneficial ownership
blocker and the percentage reported gives effect to such blockers.
A full-text copy of the regulatory filing is available for free
at:
https://www.sec.gov/Archives/edgar/data/919185/000090266422005114/p22-2593sc13d.htm
About Quotient Limited
Eysins, Switzerland-based Quotient Limited is a commercial-stage
diagnostics company committed to reducing healthcare costs and
improving patient care through the provision of innovative ways to
test within established markets. The Company's initial focus is on
blood grouping and donor disease screening, which is commonly
referred to as transfusion diagnostics. Blood grouping involves
specific procedures performed at donor or patient testing
laboratories to characterize blood, which includes antigen typing
and antibody detection. Disease screening involves the screening
of donor blood for unwanted pathogens using two different methods,
a serological approach (testing for specific antigens or
antibodies) and a molecular approach (testing for DNA or RNA).
Quotient Limited reported a net loss of $125.13 million for the
year ended March 31, 2022, compared to a net loss of $111.03
million for the year ended March 31, 2021. As of Sept. 30, 2022,
the Company had $127.90 million in total assets, $309.99 million in
total liabilities, and a total shareholders' deficit of $182.09
million.
Belfast, United Kingdom-based Ernst & Young LLP, the Company's
auditor since 2007, issued a "going concern" qualification in its
report dated June 28, 2022, citing that the Company has incurred
recurring net losses and negative cash flows from operations, its
planned expenditures exceed available funding, and has stated that
substantial doubt exists about the Company's ability to continue as
a going concern.
QUOTIENT LIMITED: Issues Additional $10M Notes to Enhance Liquidity
-------------------------------------------------------------------
Quotient Limited disclosed in a Form 8-K filed with the Securities
and Exchange Commission it received consents from all of the
holders of its 12% Senior Secured Notes due 2025 issued pursuant to
the Indenture, dated as of Oct. 14, 2016, by and among the Company,
the guarantors party thereto and U.S. Bank National Association, a
national banking association, as trustee and collateral agent, to
further amend the Indenture pursuant to the Ninth Supplemental
Indenture, dated as of Dec. 15, 2022. The Ninth Supplemental
Indenture has been executed by the Company, the Trustee and the
other parties and is in effect.
Pursuant to the Ninth Supplemental Indenture, the Company issued
and delivered further SSNs ("Further SSNs") in an aggregate
principal amount of $10,000,000. The Further SSNs have the same
terms as the SSNs, except that the Further SSNs have payment
priority over other SSNs if any event of default occurs under the
Indenture. So long as an event of default does not occur under the
Indenture, the Further SSNs and the original SSNs are treated as a
single class thereunder, including for purposes of directions
provided to the Trustee, waivers, amendments, redemptions and
offers to purchase, and rank on a parity basis in right of payment
and security. If an event of default occurs under the Indenture,
the Further SSNs will constitute a separate class under the
Indenture, and will have payment priority over the original SSNs.
The Company sought the amendments to enhance liquidity by issuing
Further SSNs in an aggregate principal amount of $10,000,000.
About Quotient Limited
Eysins, Switzerland-based Quotient Limited is a commercial-stage
diagnostics company committed to reducing healthcare costs and
improving patient care through the provision of innovative ways to
test within established markets. The Company's initial focus is on
blood grouping and donor disease screening, which is commonly
referred to as transfusion diagnostics. Blood grouping involves
specific procedures performed at donor or patient testing
laboratories to characterize blood, which includes antigen typing
and antibody detection. Disease screening involves the screening
of donor blood for unwanted pathogens using two different methods,
a serological approach (testing for specific antigens or
antibodies) and a molecular approach (testing for DNA or RNA).
Quotient Limited reported a net loss of $125.13 million for the
year ended March 31, 2022, compared to a net loss of $111.03
million for the year ended March 31, 2021. As of Sept. 30, 2022,
the Company had $127.90 million in total assets, $309.99 million in
total liabilities, and a total shareholders' deficit of $182.09
million.
Belfast, United Kingdom-based Ernst & Young LLP, the Company's
auditor since 2007, issued a "going concern" qualification in its
report dated June 28, 2022, citing that the Company has incurred
recurring net losses and negative cash flows from operations, its
planned expenditures exceed available funding, and has stated that
substantial doubt exists about the Company's ability to continue as
a going concern.
REMARK HOLDINGS: To Continue Business Relationship With Mudrick
---------------------------------------------------------------
Remark Holdings, Inc. and Mudrick Capital Management, L.P., a New
York-based, SEC-registered investment advisory firm with
approximately three billion dollars under management, have
announced their shared intention to continue their business
relationship by working to reach a mutually-beneficial amendment of
their existing loan agreement.
"We recognize that unforeseen circumstances can, at times, result
in a need to adjust plans," said Jason Mudrick, founder and chief
investment officer of Mudrick Capital Management, "and we want to
give the companies with which we do business the opportunity to
succeed while also meeting their obligations to us."
The companies are working to reach agreement on all details, with
any potential loan modification expected to be communicated to the
public after the New Year holiday.
"Despite the difficult and unforeseen conditions that we have dealt
with over the past year, we have put our company on the right path
to achieve both growth and profitability in 2023," said Kai-Shing
Tao, chairman and chief executive officer of Remark Holdings. "We
appreciate Mudrick's long-term vision and flexibility in working
with us to allow us to continue to bring our business plans to
fruition while meeting our obligations to Mudrick."
About Remark Holdings
Remark Holdings, Inc. (NASDAQ: MARK) --
http://www.remarkholdings.com-- delivers an integrated suite of AI
solutions that help organizations monitor, understand, and act on
threats in real-time. Remark consists of an international team of
sector-experienced professionals that have created video analytics.
The Company's GDPR-compliant and CCPA-compliant solutions focus on
market sectors including retail, federal and state governmental
entities, public safety, hospitality, and transportation. Remark
maintains its headquarters in Las Vegas, Nevada, with an additional
North American office in New York and New York and international
offices in London, England, and Chengdu, China.
Remark Holdings reported net income of $27.47 million for the year
ended Dec. 31, 2021, compared to a net loss of $13.69 million for
the year ended Dec. 31, 2020. As of Sept. 30, 2022, the Company
had $16.69 million in total assets, $31.38 million in total
liabilities, and a total stockholders' deficit of $14.69 million.
Los Angeles, California-based Weinberg & Company, the Company's
auditor since 2020, issued a "going concern" qualification in its
report dated March 31, 2022, citing that the Company has suffered
recurring losses from operations and negative cash flows from
operating activities and has a negative working capital and a
stockholders' deficit that raise substantial doubt about its
ability to continue as a going concern.
REVLON: Inks Deal With Lenders Ending $500Mil. Citi Transfer Battle
-------------------------------------------------------------------
Hailey Konnath of Law360 reports that Revlon lenders inks deal with
Citi ending $500 million transfer battle.
Citibank has reached settlements with all 10 lenders to Revlon Inc.
in a yearslong legal battle over the lenders returning $500 million
in disputed funds, according to a letter filed Friday, December 16,
2022, in New York federal court.
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.
RUBY PIPELINE: Tallgrass' $282 Million Bid Wins Bankruptcy Auction
------------------------------------------------------------------
James Nani of Bloomberg Law reports that energy infrastructure
company Tallgrass won an auction for bankrupt Ruby Pipeline LLC's
nearly 700-mile natural gas pipeline with a $282.5 million bid.
Tallgrass MLP Operations LLC beat out a stalking horse offer for
the pipeline from a subsidiary of Ruby's existing part-owner,
Kinder Morgan Inc., Ruby told the Delaware bankruptcy court on
Friday, December 16, 2022.
Tallgrass said in a press release that the purchase, which requires
bankruptcy court approval, will enhance its West Coast natural gas
service. The pipeline runs from Wyoming to Oregon.
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.
SACRAMENTO COUNTY: S&P Places 'BB-' Rev Bonds Rating on Watch Neg.
------------------------------------------------------------------
S&P Global Ratings placed its 'BB-' long-term rating on the
Sacramento County Housing Authority, Calif.'s series 2000 Issue B
multifamily housing revenue bonds (Cottage Estates Apartment) on
CreditWatch Negative.
"The CreditWatch Negative placement reflects our view that there is
a greater than one-in-two chance the rating will be lowered in the
next 90 days, given our projection that debt service coverage (DSC)
will be below 1.0x at the bonds' final maturity on Feb. 1, 2033,"
said S&P Global Ratings credit analyst Caroline West. Under the
applicable "Federally Enhanced Housing" criteria, published Nov.
12, 2019, on RatingsDirect, a cap of 'B+' applies when our
projected DSC falls below 1.0x between four and 10 years out, using
speculative-grade rating level S&P Global Ratings stressed
reinvestment assumptions. We expect to meet the conditions of this
rating cap after Feb. 1, 2023."
The bonds are backed by a mortgage loan that is secured by an
irrevocable standby Fannie Mae credit enhancement facility.
S&P has analyzed the transaction's environmental, social, and
governance (ESG) risks relative to its legal framework, operational
risk framework, cash flow and enhancement type, and views these
risks as neutral in its credit analysis.
SHEM OLAM: Exclusivity Period Extended to March 27
--------------------------------------------------
A judge extended the time Shem Olam, LLC can keep exclusive control
of its Chapter 11 case, giving the company until March 27, 2023, to
file a bankruptcy plan and until May 23, 2023, to solicit votes on
that plan.
The ruling by Judge Sean Lane of the U.S. Bankruptcy Court for the
Southern District of New York allows the company to pursue its own
plan for emerging from bankruptcy protection without the threat of
a rival plan from creditors.
Shem Olam will use the extension to settle its dispute with Yeshiva
Chofetz Chaim, Inc. and 82 Highview, LLC over the ownership of real
properties in Suffern, N.Y.; and to prepare to market the
properties for sale before it files a plan.
The company is prepared to file a plan authorizing the sale of the
properties at an auction, with the proceeds to be held in escrow
pending a determination as to which entity owns the properties,
according to its attorney, Steven Eichel, Esq., at Leech Tishman
Robinson Brog, PLLC.
About Shem Olam
Shem Olam, LLC, a company in Monsey, N.Y., sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No.
22-22493) on July 27, 2022. In the petition filed by its manager,
Rabbi Aryeh Zaks, the Debtor listed between $1 million and $10
million in both assets and liabilities.
Judge Sean H. Lane oversees the case.
Leech Tishman Robinson Brog, PLLC is the Debtor's legal counsel.
SICKWEATHER INC: Seeks Chapter 7 Liquidation
--------------------------------------------
Matt Hooke of MarylandInno reports that Sickweather Inc., a
Baltimore technology company that tracks the spread of colds and
flu through crowdsourcing, has filed for bankruptcy after more than
10 years in business.
The company filed to liquidate its assets under Chapter 7 of the
bankruptcy code in U.S. Bankruptcy Court in Maryland on Dec. 2,
2022. Sickweather declared that it has estimated assets of $27,500
in cash and liabilities of $432,481, according to documents filed
in the bankruptcy case.
About Sickweather Inc.
Sickweather Inc. is a Baltimore technology company that tracks the
spread of colds and flu through crowdsourcing.
Sickweather sought relief under Chapter 7 of the U.S. Bankruptcy
Code (Bankr. D. Md. Case No. 22-16723) on Dec. 2, 2022. The Company
listed assets of $27,500 in cash and liabilities of $432,481.
The Honorable David E Rice is the case judge.
The Debtor is represented by Joseph Michael Selba, Esq., of Tydings
& Rosenberg LLP.
STITCH ACQUISITION: S&P Downgrades ICR to 'CCC', on Watch Negative
------------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
Stitch Acquisition Corp. (operating as SVP Worldwide) to 'CCC' from
'B-' because it believes a default due to a liquidity shortfall or
balance sheet restructuring is likely without unforeseen positive
developments within the next 12 months.
S&P said, "Concurrently, we lowered our issue-level rating on its
senior secured term loan to 'CCC' from 'B'. The recovery rating
remains '3', indicating our expectations for meaningful recovery
(50%-70%; rounded estimate: 50%) in the event of a payment
default.
"Further, we placed all of our ratings on CreditWatch with negative
implications to reflect the heightened risk for additional
downgrades if a default scenario or debt restructuring becomes
increasingly likely. We expect to resolve the CreditWatch placement
when we obtain information regarding the company's plans to improve
liquidity."
SVP Worldwide's revenue and profits will be significantly weaker
than our previous forecasts.
S&P said, "The company's third-quarter 2022 results came in
substantially below our expectations, impaired by fewer
replenishment orders from retailers, softening consumer demand, and
foreign currency headwinds, partially offset by pricing actions. We
previously forecasted a slight recovery in the second half of 2022
compared to the first half based on our expectation that supply
chain issues would subside and the company would be able to recover
sales during the holiday season, although below 2021 levels.
However, we now believe performance will be considerably lower as
retailers continue to focus on reducing stock levels. Our revised
forecast includes weakening macroeconomic conditions that lead to
consumers focusing on necessities and consumables, cutting back on
discretionary spending. This is further amplified in Europe--which
historically accounted for about 35% of revenue--where elevated
inflationary pressures are exacerbated by an acute energy shortfall
and high energy prices. Further, although retail demand in the
North America region held steady previously, the company reported
that replenishment orders weakened in the third quarter of 2022.
"SVP Worldwide continues to focus on innovation and new product
development outside of its core sewing machine products, such as
its joint venture partnership with a major customer which it
expects to launch in 2023. We acknowledge that innovation should
drive some recovery from recent lows, but we continue to believe a
large segment of customers would cut back or defer purchases of
product upgrades in a recessionary and/or inflationary
environment.
"Therefore, we now project revenue will drop about 30% and S&P
Global Ratings'-adjusted EBITDA about 60% in 2022, resulting in
elevated leverage of about 15x, which we deem unsustainable."
Liquidity could come under pressure in the near term.
S&P said, "We expect FOCF will remain stressed over the next few
quarters due to weak earnings, partially offset by the unwinding of
its working capital position. We expect rising interest rates to
further pressure FOCF since most of the company's debt is floating
rate and is not protected via interest rate hedges. We expect the
company will draw on the $70 million asset-based loan (ABL) to meet
its interest payment. However, we estimate availability under the
ABL is limited to around $15 million as of Sept. 30, 2022, given
our expectation that the company would not be in compliance with
its springing minimum fixed-charge coverage covenant if it became
effective. Therefore, absent a substantial recovery in early 2023,
we believe the company will be required to raise external capital
to shore up liquidity and avoid a cash shortfall in the near term.
"We will seek to resolve the CreditWatch placement upon receipt of
information regarding the company's plans to improve liquidity. We
could lower our ratings if SVP Worldwide executes a debt
restructuring or is unable to receive additional liquidity to fund
its sizable negative FOCF and debt servicing requirements."
ESG credit indicators: E-2; S-2; G-3
SUBURBAN PROPANE: Moody's Affirms Ba3 CFR, Outlook Remains Stable
-----------------------------------------------------------------
Moody's Investors Service affirmed Suburban Propane Partners,
L.P.'s Ba3 Corporate Family Rating and B1 senior notes rating.
Suburban's SGL-3 Speculative Grade Liquidity Rating was maintained.
The ratings outlook remains stable.
Affirmations:
Issuer: Suburban Propane Partners, L.P.
Corporate Family Rating, Affirmed Ba3
Probability of Default Rating, Affirmed Ba3-PD
Senior Unsecured Regular Bond/Debenture, Affirmed B1 (LGD4)
Outlook Actions:
Issuer: Suburban Propane Partners, L.P.
Outlook, Remains Stable
RATINGS RATIONALE
Suburban's Ba3 CFR is supported by its significant scale and market
position in the propane distribution industry, and its strong track
record of successful cost reduction efforts. Moody's expect
Suburban to maintain supportive leverage and distribution coverage.
Suburban is exposed to the challenges of the propane distribution
sector, which include a high degree of sensitivity to unpredictable
external factors such as weather, a trend of secularly declining
volumes, the highly competitive and fragmented nature of the
sector, and growth opportunities that are mostly limited to
acquisitions as opposed to organic growth. Suburban has started a
renewable energy platform to leverage its competency in energy
distribution. However, these investments are in early stage and
will take time to become meaningful relative to the core propane
business.
Moody's expect Suburban to have adequate liquidity through 2023 as
reflected by its SGL-3 rating. As of September 24, 2022, Suburban
had $4.1 million of cash and $89.6 million outstanding under its
$500 million secured revolver due March 5, 2025. It also had $49
million in letters of credit outstanding under its revolver, which
is available for unexpected working capital swings and other
seasonal needs. Suburban has about $80 million in annual
partnership distributions, and about $60 million in interest
expense. The revolver's financial covenants include a 5.75x maximum
consolidated leverage ratio, a 2.5x minimum interest coverage
covenant, and a 3.25x maximum senior secured consolidated leverage
ratio. Moody's expects the company to maintain good headroom for
future compliance with its financial covenants. Suburban's next
debt maturity is in 2025 when its revolver is due.
The stable outlook reflects Moody's expectation that leverage and
distribution coverage will remain supportive of the ratings.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Suburban's ratings could be upgraded if the company increases its
scale and demonstrates a lower reliance on weather-dependent
volumes, debt/EBITDA sustainably remains below 4x, and distribution
coverage remains strong. The rating could be downgraded if
debt/EBITDA is sustained above 5x (normalized for seasonal working
capital related borrowings), distribution coverage falls
substantially, and/or if the company makes large debt funded
acquisitions or distributions.
Suburban Propane Partners, L.P. (Suburban), based in Whippany, NJ,
is a master limited partnership (MLP), which conducts operations
through four primary business segments: Propane (87% of revenues),
Fuel Oil and Refined Fuels (6%), and Natural Gas and Electricity
(3%), and Service (4%).
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
SUPERIOR REAL ESTATE: In Chapter 11; Creditor Balks at Use of Cash
------------------------------------------------------------------
Superior Real Estate Solutions LLC filed for chapter 11 protection
in the Eastern District of Arkansas.
The Debtor intends to liquidate a portion of its real estate, as
part of the chapter 11 proceedings, which efforts are expected to
result in returns to creditors at a higher rate than dismissal or
conversion. Moreover, due to the need for speed in liquidating
certain real estate which is currently burdensome to the estate, a
sale under 11 U.S.C. Sec. 363 is preferred over a sale pursuant to
a chapter 11 plan.
The Debtor has located a prospective buyer of its assets. On Nov.
14, 2022, the Debtor received from Stone Realty, a draft Real
Estate Contract, which outlined the terms under which Rikki
Wyzgoski, of Wyze Buy & Hold LLC, is willing to purchase Debtor's
assets for $32,500. On November 14, 2022, the Debtor and Rikki
Wyzgoski signed the Contract.
Meanwhile, a secured creditor, First Security bank, claims that the
Debtor has defaulted on its notes and that the Debtor should be
barred from using the rent collected from the 2 properties securing
the notes. First Security Bank loaned the Debtor $194,500 on
account of a note secured by the Debtor's property at 1516 Kanis
Village Drive, Little Rock, Pulaski County, Arkansas. It also
loaned the Debtor $326,000 pursuant to a note secured by the
Debtor's property at 707 Loyola Drive, Little Rock, Pulaski County,
Arkansas.
According to court filings, Superior Real Estate Solutions
estimates between $1 million to $10 million in debt owed to 100 to
199 creditors. The petition states that funds will be available to
unsecured creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
Jan. 12, 2023, at 1:00 PM at Ch. 11 Tele-Meeting of Creditors.
About Superior Real Estate Solutions
Superior Real Estate Solutions LLC owns and manages residential and
commercial real estate.
Superior Real Estate Solutions filed a petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Ark. Case No.
22-13494) on Dec. 15, 2022. In the petition filed by Alvin Franks
Jr. as authorized signatory, the Debtor reported assets and
liabilities between $1 million and $10 million.
The Honorable Bankruptcy Judge Bianca M. Rucker handles the case.
The Debtor is represented by:
Kevin P. Keech, Esq.
KEECH LAW FIRM, PA
1122 Main St., Suite 7
Vilonia, AR 72173
TALEN ENERGY: Gen. Unsecureds Get Share of GUC Trust Net Assets
---------------------------------------------------------------
Talen Energy Supply, LLC and its debtor-affiliates propose a Joint
Plan of Reorganization.
Under the Plan, Class 4 Unsecured Notes Claims will be allowed in
the aggregate amount of approximately $1.429 billion principal
amount, plus accrued and unpaid interest as of the Petition Date at
the applicable contractual interest rate and any unpaid fees and
expenses payable in accordance with the Unsecured Notes Documents.
Each Holder of an Allowed Unsecured Notes Claim against any Debtor,
in each case without duplication among the Debtors, shall receive,
in accordance with the Restructuring Transactions, its Pro Rata
share of, as applicable:
(i) 99% of the New Common Equity, less the New Common Equity
distributed on account of the Retail PPA Incentive Equity, and
subject to dilution from the Rights Offering, the Backstop Periodic
Premium, the Backstop Put Premium, the New Warrant Equity, and the
Employee Equity Incentive Plan;
(ii) the 1145 Subscription Rights; and
(iii) with respect to
A. Eligible Holders of Unsecured Notes Claims: solely if
such Holder fully exercises its 1145 Subscription Rights, the
4(a)(2) Subscription Rights; or
B. Ineligible Holders of Unsecured Notes Claims (if any):
solely if such Holder fully exercises its 1145 Subscription Rights,
New Common Equity or Cash, at the option of the Requisite
Consenting Parties, subject to the Rights Offering Procedures, in
the amount equal to the value of the (4)(a)(2) Subscription Rights
that would have been distributable to such Holder if such Holder
was an Eligible Holder of Unsecured Notes Claims. Class 4 is
impaired.
Class 5A General Unsecured Claims will receive its share of the GUC
Trust Net Assets with such share to be determined based on the GUC
Settlement Allocation. Distributions to Holders of Allowed Class 5A
General Unsecured Claims may be made periodically or once at the
conclusion of the administration of the GUC Trust, which
distributions shall be at the sole discretion of the GUC Trustee,
subject to Article IV.N.5. Class 5A is impaired.
"GUC Cash Pool" means $26.05 million in Cash to be transferred by
the Debtors or Reorganized Debtors to the GUC Trust on the
Effective Date and administered by the GUC Trustee for purposes of
(i) satisfying the obligations of the GUC Trust, including the GUC
Trust Expenses and any Committee Budget Deficit, if any, and (ii)
making distributions to Holders of Allowed Class 5A General
Unsecured Claims, in accordance with Article III.B.6. For avoidance
of doubt, the General Unsecured Convenience Claims Fund is in
addition to the GUC Cash Pool.
"GUC Settlement Allocation" means that certain allocation formula
for the GUC Trust Net Assets among each Debtor set forth as Exhibit
F to the Supplement to Disclosure Statement for Joint Chapter 11
Plan of Talen Energy Supply, LLC and Its Affiliated Debtors, filed
contemporaneously herewith, and which may be amended, supplemented,
or modified from time to time by order of the Bankruptcy Court in
connection with Confirmation or otherwise.
Class 6 General Unsecured Convenience Claims will receive its Pro
Rata share of the General Unsecured Convenience Claims Fund, with
such Pro Rata share to be determined based on the Allowed amount of
such General Unsecured Convenience Claim relative to the aggregate
amount of all Allowed General Unsecured Convenience Claims against
all Debtors; provided, however, that in no event shall any Holder
of a General Unsecured Convenience Claim receive, on account of
such Claim, a recovery greater than 100% of the Allowed amount of
such General Unsecured Convenience Claim. Distributions to Holders
of Allowed Class 6 General Unsecured Convenience Claims may be made
periodically or once at the conclusion of the administration of
Class 6 General Unsecured Convenience Claims, which distributions
shall be at the sole discretion of the GUC Trustee, subject to
Article IV.N.5. Class 6 is impaired.
"General Unsecured Convenience Claims Fund" means Cash in the
amount of $200,000 to be transferred by the Debtors or the
Reorganized Debtors to the GUC Trust on or prior to the Effective
Date, for purposes of making distributions to Holders of Allowed
Class 6 General Unsecured Convenience Claims, in accordance with
Article III.B.8. For the avoidance of doubt, the General Unsecured
Convenience Claims Fund is not included in the GUC Cash Pool.
The Reorganized Debtors shall fund distributions under the Plan
(including with respect to the settlements embodied herein) with
(i) Cash on hand and (ii) the issuance or distribution of (a) the
New Common Equity, including pursuant to the Rights Offering, (b)
the New Warrants, and (c) the New Debt. The GUC Trust shall fund
distributions to Holders of Allowed General Unsecured Claims from
the GUC Trust Net Assets and to Holders of Allowed General
Unsecured Convenience Claims from the General Unsecured Convenience
Claims Fund.
Attorneys for the Debtors:
Gabriel A. Morgan, Esq.
Clifford Carlson, Esq.
WEIL, GOTSHAL & MANGES LLP
700 Louisiana Street, Suite 1700
Houston, TX 77002
Telephone: (713) 546-5000
Facsimile: (713) 224-9511
- and -
Matthew S. Barr, Esq.
Alexander Welch, Esq.
WEIL, GOTSHAL & MANGES LLP
767 Fifth Avenue
New York, NY 10153
Telephone: (212) 310-8000
Facsimile: (212) 310-8007
A copy of the Disclosure Statement dated Dec. 14, 2022, is
available at https://bit.ly/3V2hMlH from PacerMonitor.com.
About Talen Energy Corp.
Allentown, Pennsylvania-based Talen Energy Corp. is an independent
power producer founded in 2015. Riverstone Holdings LLC completed
its acquisition of the remaining 65% stake of Talen Energy in 2016
for $5.2 billion.
Talen Energy Corporation, through subsidiary Talen Energy Supply
LLC, is one of the largest competitive power generation and
infrastructure companies in North America. Through subsidiary
Cumulus Growth, TEC is developing a large-scale portfolio of
renewable energy, battery storage, and digital infrastructure
assets across its expansive footprint. On the Web:
https://www.talenenergy.com/
TES owns and/or controls approximately 13,000 Megawatts of
generating capacity in wholesale U.S. power markets, principally in
the Mid-Atlantic, Texas and Montana. Woodlands, Texas-based TES
runs 18 power generation facilities, at eight of which rely on
natural gas to make electricity.
Talen Energy Supply, LLC, and 71 affiliates sought Chapter 11
protection (Bankr. S.D. Tex. Lead Case No. 22-90054) on May 9,
2022. The Hon. Marvin Isgur is the case judge.
Talen Energy Corporation (TEC), its Cumulus Growth subsidiary, and
TES' LMBE subsidiaries are excluded from the in-court process.
TES has retained Weil Gotshal & Manges LLP as its legal advisor,
Evercore as its investment banker and Alvarez & Marsal as its
financial advisor for its restructuring. Kroll is the claims
agent.
TEC is represented by PJT Partners as financial advisors and Vinson
& Elkins as legal counsel.
Cumulus Growth is represented by Ardea Partners and DH Capital as
its investment bankers, and Gibson Dunn as legal counsel.
The Consenting Noteholders are represented by Kirkland & Ellis LLP
and Rothschild & Co US Inc.
TENEO HOLDINGS: Moody's Affirms 'B2' CFR, Outlook Remains Stable
----------------------------------------------------------------
Moody's Investors Service affirmed Teneo Holdings LLC's corporate
family rating at B2, its probability of default rating at B2-PD,
and its senior secured rating at B2. The outlook remains stable.
The ratings affirmation reflects Moody's expectation that the
company will generate at least $30 million of free cash flow
(excluding tax distributions) through 2023, despite higher interest
expenses from rising interest rates. The stable outlook also
reflects Moody's expectations of steady demand for Teneo's services
that will support modest revenue and earnings growth, such that
financial leverage, as expressed by debt to EBITDA, sustainably
declines to around 5.7x in 2023.
Affirmations:
Issuer: Teneo Holdings LLC
Corporate Family Rating, Affirmed B2
Probability of Default Rating, Affirmed B2-PD
Backed Senior Secured First Lien Bank Credit Facility, Affirmed B2
(LGD3)
Outlook Actions:
Issuer: Teneo Holdings LLC
Outlook, Remains Stable
RATINGS RATIONALE
Teneo's B2 CFR broadly reflects its high pro-forma financial
leverage of 6.1x as of September 30, 2022 and its small size and
scale within a highly competitive advisory services landscape. The
rating is also constrained by the risk related to key employee
retention, given the nature of the business in providing strategic
advice, reliance on a strong reputation to sustain client
relationships, as well as event and financial policy risk given its
private equity ownership. The rating also considers recent
unfavorable foreign exchange impacts driven by the strengthening of
the US dollar. About 50% of Teneo's business is outside the US, of
which is primarily in British pound sterling currency. However, the
rating is supported by its strong market position and client
relationships as a provider of strategic advisory services to CEOs
and senior executives with good geographic and client diversity.
The rating also benefits from Teneo's good liquidity and the
continued demand for a majority of its service offerings across the
economic cycle owing to the mix of cyclical and countercyclical
offerings that Moody's expects will limit downside revenue and
earnings risk in a recession. The rating incorporates the benefits
of Teneo's relatively high recurring revenue base, solid margins
and low capital expenditure requirements that support stable cash
flow generation.
All financial metrics cited reflect Moody's standard adjustments.
The B2 rating on the senior secured first lien credit facility
(consisting of a $50 million revolver due July 2024 and $674
million of term loans due July 2025) is in line with the B2 CFR and
reflects its position as the vast majority of debt in the capital
structure. The company has a modest amount of capital leases. The
facilities are secured by a first lien on substantially all
material domestic assets.
Moody's expects Teneo to maintain good liquidity over the next 12
to 18 months. At least $30 million of positive free cash flow
(excluding tax distributions) is expected in 2023, which provides
good coverage of the 1% (or $7 million) of required debt
amortization of first lien term loan debt. The company has full
availability on its $50 million revolver expiring in July 2024 as
of September 30, 2022. Teneo's financial covenant (applicable to
only the revolver) is a springing maximum first lien net leverage
ratio of 8.25x, tested quarterly if amounts drawn under the
revolver plus letters of credit is greater than 40% ($20 million).
There are no term loan financial maintenance covenants. Alternate
sources of liquidity are limited, as substantially all tangible and
intangible assets of the company are pledged to creditors.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if the company delivers sustained
revenue and earnings growth, with financial leverage maintained
below 4.5x and free cash flow as a percentage of debt sustained
above 10%. The company would also need to maintain financial
policies that would sustain these credit metrics to be considered
for an upgrade.
The ratings could be downgraded if there is loss of key employees
or reputational damage to the company. Deterioration in operating
performance or aggressive use of debt that would cause financial
leverage to be sustained above 6.5x, free cash flow as a percentage
of debt to decline below 5%, or liquidity to deteriorate could also
prompt a downgrade.
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
Teneo, headquartered in New York, NY, is a provider of strategic
advisory services to CEOs and senior executives of companies across
the globe. The company has been majority owned by the private
equity firm CVC Capital Partners since 2019.
TREES CORP: Closes Acquisition of GMC LLC
-----------------------------------------
TREES Corporation, through a newly-formed subsidiary, said in a
Form 8-K filed with the Securities and Exchange Commission it has
completed the acquisition of substantially all of the assets of
GMC, LLC, a Colorado limited liability company. At the closing,
the Company delivered to GMC and equity holders thereof an
aggregate of cash equal to $1,225,000 together with an aggregate of
4,494,382 shares of the Company's common stock, par value $0.01 per
share. An additional $1,500,000 in cash will be paid by the
Company to GMC and its equity holders in 18 equal monthly payments
equal to $83,333.33 per month commencing on the 12-month
anniversary of the closing.
Upon the closing of the Acquisition, the Company, its newly-formed
subsidiary, and Headgate III, LLC, a Colorado limited liability
company, commenced a commercial lease agreement for the location on
East Hampden Avenue, Denver, CO where the GMC dispensary is
located. The term expires on Dec. 31, 2032 and provides for rent
of $10,000 per month for year 1, followed by 4.5% rent increases
for each subsequent year of the term. The Lease also provides for
an additional aggregate payment by the Company to Landlord of
$200,000, payable in 30 equal monthly installments of $6,666.67
commencing upon the commencement date of the Lease. The Lease may
be renewed for two additional five-year terms at a lease rate equal
to the greater of the last year of the initial term of first
extension, or fair market value.
About Trees Corp
Headquartered in Denver, Colorado, Trees Corporation (formerly
known as General Cannabis Corp) -- provides services and products
to the regulated cannabis industry. The Company is a trusted
partner to the cultivation, production and retail sides of the
cannabis business.
General Cannabis reported a net loss of $8.87 million for the year
ended Dec. 31, 2021, compared to a net loss of $7.68 million for
the year ended Dec. 31, 2020. As of Sept. 30, 2022, the Company
had $27.79 million in total assets, $19.45 million in total
liabilities, and $8.34 million in total stockholders' equity.
Salt Lake City, Utah-based Haynie & Company, the Company's auditor
since 2021, issued a "going concern" qualification in its report
dated March 25, 2022, citing that the Company has suffered
recurring losses from operations and has negative working capital
that raise substantial doubt about its ability to continue as a
going concern.
TRINITY LEGACY: Court OKs Cash Collateral Access Thru Jan 2023
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of New Mexico authorized
Trinity Legacy Consortium, LLC to use cash collateral on an interim
basis in accordance with the budget and provide adequate
protection.
The Debtor is permitted to use cash collateral to pay the expenses
as set out on the budget, with a 10% variance, for the period of
December 7, 2022 through January 6, 2023 -- when a final hearing is
held on use of cash collateral for the first interim period, as
long as the Debtor complies with the provisions of the Order. If
the actual amount owed for any expenditure is less than the
budgeted amount, then the Debtor may only pay the actual amount.
As adequate protection, the U.S. Small Business Administration and
Forward Financing are granted replacement liens on post-petition
cash collateral, to the same extent and with the same priority as
they held valid liens on such collateral pre-petition, without the
necessity of any filing or recording to establish perfection of
such post-petition liens.
A copy of the order is available at https://bit.ly/3WjnrW2 from
PacerMonitor.com.
About Trinity Legacy Consortium, LLC
Trinity Legacy Consortium, LLC operates a construction and home
building business with locations in Farmington, NM and Wallowa,
Oregon.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.N.M. Case No. 22-10973) on December 7,
2022. In the petition signed by Jan Swift and Jacob Swift, managing
members, the Debtor disclosed up to $500,000 in assets and up to $1
million in liabilities.
Judge Robert H. Jacobvitz oversees the case.
Dennis A. Banning, Esq., at NM Financial Law, P.C., is the Debtor's
legal counsel.
VYANT BIO: Board Lowers Quorum Requirement for Stockholder Meeting
------------------------------------------------------------------
The Board of Directors of Vyant Bio, Inc. approved an amendment to
the Amended and Restated Bylaws of the Company to decrease the
quorum requirement for stockholder meetings from a majority to
one-third of the voting power of the shares of the capital stock of
the Company entitled to vote at a meeting, present in person or
represented by proxy, according to a Form 8-K filed with the
Securities and Exchange Commission.
About Vyant Bio
Headquartered in Cherry Hill, New Jersey, Vyant Bio, Inc. (formerly
known as Cancer Genetics, Inc.) is an innovative biotechnology
company reinventing drug discovery for complex neurodevelopmental
and neurodegenerative disorders. Its central nervous system drug
discovery platform combines human-derived organoid models of brain
disease, scaled biology, and machine learning.
Vyant Bio reported a net loss of $40.86 million for the year ended
Dec. 31, 2021, a net loss of $8.65 million for the year ended Dec.
31, 2020, a net loss of $6.71 million for the year ended Dec. 31,
2019, and a net loss of $20.37 million for the year ended Dec. 31,
2018. As of Sept. 30, 2022, the Company had $23.04 million in
total assets, $9.20 million in total liabilities, and $13.84
million in total stockholders' equity.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($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)
AMC ENTERTAINMEN AMCE AV 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 AHT US 3,971.7 (68.8) -
ATLAS TECHNICAL ATCX US 528.8 (125.1) 98.7
AUTOZONE INC AZO US 15,315.9 (3,837.9) (2,075.9)
AUTOZONE INC AZ5 TH 15,315.9 (3,837.9) (2,075.9)
AUTOZONE INC AZ5 GR 15,315.9 (3,837.9) (2,075.9)
AUTOZONE INC AZOEUR EU 15,315.9 (3,837.9) (2,075.9)
AUTOZONE INC AZ5 QT 15,315.9 (3,837.9) (2,075.9)
AUTOZONE INC AZO AV 15,315.9 (3,837.9) (2,075.9)
AUTOZONE INC AZ5 TE 15,315.9 (3,837.9) (2,075.9)
AUTOZONE INC AZO* MM 15,315.9 (3,837.9) (2,075.9)
AUTOZONE INC AZOEUR EZ 15,315.9 (3,837.9) (2,075.9)
AUTOZONE INC AZ5 GZ 15,315.9 (3,837.9) (2,075.9)
AUTOZONE INC AZO-RM RM 15,315.9 (3,837.9) (2,075.9)
AUTOZONE INC-BDR AZOI34 BZ 15,315.9 (3,837.9) (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* MM 4,666.6 (577.7) 75.7
BED BATH &BEYOND BBBY SW 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 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 1,086.4 (891.4) 363.7
EMBECTA CORP EMBC* MM 1,086.4 (891.4) 363.7
EMBECTA CORP JX7 GR 1,086.4 (891.4) 363.7
EMBECTA CORP JX7 QT 1,086.4 (891.4) 363.7
EMBECTA CORP EMBC1EUR EZ 1,086.4 (891.4) 363.7
EMBECTA CORP EMBC1EUR EU 1,086.4 (891.4) 363.7
EMBECTA CORP JX7 GZ 1,086.4 (891.4) 363.7
EMBECTA CORP JX7 TH 1,086.4 (891.4) 363.7
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 1,537.6 (305.7) 116.2
FERRELLGAS-LP FGPR US 1,537.6 (305.7) 116.2
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 26C 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
INHIBRX INC INBXEUR EZ 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)
KLX ENERGY SERVI KLXE US 415.4 (69.3) 54.7
KLX ENERGY SERVI KX4A GR 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)
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 TH 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 128,469.0 (3,776.0) (9,545.0)
ORACLE CO-CEDEAR ORCLC AR 128,469.0 (3,776.0) (9,545.0)
ORACLE CO-CEDEAR ORCL AR 128,469.0 (3,776.0) (9,545.0)
ORACLE CO-CEDEAR ORCLD AR 128,469.0 (3,776.0) (9,545.0)
ORACLE CORP ORCL US 128,469.0 (3,776.0) (9,545.0)
ORACLE CORP ORC GR 128,469.0 (3,776.0) (9,545.0)
ORACLE CORP ORCL* MM 128,469.0 (3,776.0) (9,545.0)
ORACLE CORP ORCL TE 128,469.0 (3,776.0) (9,545.0)
ORACLE CORP ORC TH 128,469.0 (3,776.0) (9,545.0)
ORACLE CORP ORCL CI 128,469.0 (3,776.0) (9,545.0)
ORACLE CORP ORCL SW 128,469.0 (3,776.0) (9,545.0)
ORACLE CORP ORCLEUR EU 128,469.0 (3,776.0) (9,545.0)
ORACLE CORP ORC QT 128,469.0 (3,776.0) (9,545.0)
ORACLE CORP ORCLUSD EU 128,469.0 (3,776.0) (9,545.0)
ORACLE CORP ORCLUSD SW 128,469.0 (3,776.0) (9,545.0)
ORACLE CORP ORC GZ 128,469.0 (3,776.0) (9,545.0)
ORACLE CORP 0R1Z LN 128,469.0 (3,776.0) (9,545.0)
ORACLE CORP ORCL AV 128,469.0 (3,776.0) (9,545.0)
ORACLE CORP ORCLEUR EZ 128,469.0 (3,776.0) (9,545.0)
ORACLE CORP ORCLUSD EZ 128,469.0 (3,776.0) (9,545.0)
ORACLE CORP ORCLCL CI 128,469.0 (3,776.0) (9,545.0)
ORACLE CORP ORCL-RM RM 128,469.0 (3,776.0) (9,545.0)
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
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
REDWOODS ACQUISI RWOD 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 8,209.8 (403.7) 854.1
RITE AID CORP RTA1 GR 8,209.8 (403.7) 854.1
RITE AID CORP RTA1 TH 8,209.8 (403.7) 854.1
RITE AID CORP RTA1 QT 8,209.8 (403.7) 854.1
RITE AID CORP RADEUR EU 8,209.8 (403.7) 854.1
RITE AID CORP RADEUR EZ 8,209.8 (403.7) 854.1
RITE AID CORP RTA1 GZ 8,209.8 (403.7) 854.1
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 SABREUR EZ 5,019.6 (732.0) 655.0
SABRE CORP 19S GZ 5,019.6 (732.0) 655.0
SBA COMM CORP 4SB GR 9,942.4 (5,324.2) (801.9)
SBA COMM CORP SBAC US 9,942.4 (5,324.2) (801.9)
SBA COMM CORP 4SB TH 9,942.4 (5,324.2) (801.9)
SBA COMM CORP 4SB QT 9,942.4 (5,324.2) (801.9)
SBA COMM CORP SBACEUR EU 9,942.4 (5,324.2) (801.9)
SBA COMM CORP 4SB GZ 9,942.4 (5,324.2) (801.9)
SBA COMM CORP SBAC* MM 9,942.4 (5,324.2) (801.9)
SBA COMM CORP SBACEUR EZ 9,942.4 (5,324.2) (801.9)
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)
SHIFTPIXY INC PIXY US 128.6 (31.5) (31.2)
SHIFTPIXY INC PIXYEUR EU 128.6 (31.5) (31.2)
SHIFTPIXY INC 19U GR 128.6 (31.5) (31.2)
SHIFTPIXY INC 19U GZ 128.6 (31.5) (31.2)
SHIFTPIXY INC 19U TH 128.6 (31.5) (31.2)
SILVER SPIKE-A SPKC/U CN 128.5 (6.3) 0.5
SIRIUS XM HO-BDR SRXM34 BZ 10,059.0 (3,616.0) (1,719.0)
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 564.3 (229.1) (51.1)
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 1,448.0 (411.9) 35.4
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 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.
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*** End of Transmission ***