/raid1/www/Hosts/bankrupt/TCR_Public/230117.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, January 17, 2023, Vol. 27, No. 16
Headlines
A & T AUTO: Court OKs Cash Collateral Access Thru Jan 23
ACPRODUCTS INC: Calamos CHIF Marks $127,400 Loan at 29% Off
ACPRODUCTS INC: Calamos CHIF Marks $386,100 Loan at 29% Off
ACPRODUCTS INC: Calamos COIF Marks $117,600 Loan at 29% Off
ACPRODUCTS INC: Calamos COIF Marks $356,400 Loan at 29% Off
ACPRODUCTS INC: Calamos STRF Marks $147,000 Loan at 29% Off
ACPRODUCTS INC: Calamos STRF Marks $445,500 Loan at 29% Off
ADVAXIS INC: Stockholders Approve Reverse Stock Split, Name Change
B GSE GROUP LLC: Commences Subchapter V Bankruptcy Proceeding
BAUSCH HEALTH: Calamos CHIF Marks $261,000 Loan at 25% Off
BAUSCH HEALTH: Calamos COIF Marks $241,900 Loan at 25% Off
BAUSCH HEALTH: Calamos STRF Marks $296,250 Loan at 25% Off
BCPE NORTH STAR: S&P Alters Outlook to Negative, Affirms 'B-' ICR
BOLTA US: Has $7MM DIP Loan from SMP and Volkswagen
BURKE BRANDS: Wins Cash Collateral Access Thru Jan 20
CASH DEVELOPMENT: Exclusivity Period Extended to Feb. 28
CASH ENVIRONMENTAL HOLDINGS: Gets More Time for Bankruptcy Plan
CASH ENVIRONMENTAL RESOURCES: Gets More Time for Bankruptcy Plan
CNBX PHARMACEUTICALS: Posts $358K Net Loss in First Quarter
COASTAL LANDFILL: Gets More Time for Bankruptcy Plan
CROWN ESTATES: Files for Chapter 11, Seeks Control of Property
CUSHMAN & WAKEFIELD: S&P Rates New Senior Secured Term Loan B 'BB'
DEPAUL COLLEGE: S&P Rates 2023A Rev. Bonds 'BB+', Outlook Stable
DIAMOND FOUNDRY: S&P Assigns 'B-' ICR, Outlook Stable
DIAMOND SPORTS: Prudential IP9 Marks $2M Loan at 81% Off
DIAMOND SPORTS: Prudential IPI17Marks $55.4M 2L Loan at 81% Off
DOLPHIN ENTERTAINMENT: Gets $1.85M from Convertible Notes Issuance
EMERALD GRANDE: U.S. Trustee Unable to Appoint Committee
ENTERCOM MEDIA: Calamos CHIF Marks $1.5M Loan at 23% Off
ENTERCOM MEDIA: Calamos COIF Marks $1.5M Loan at 23% Off
ENTERCOM MEDIA: Calamos STRF Marks $1.75M Loan at 23% Off
F.R. ALEMAN: U.S. Trustee Unable to Appoint Committee
FORUM ENERGY: MacKay Shields Has 11.36% Stake as of Jan. 3
FTX GROUP: Bid Procedures Okayed; Account Holders Concerned
GREEN ENERGY: Gets More Time for Bankruptcy Plan
INFINITE SYNERGY: Bid to Use Cash Collateral Denied
JUMAS FOOD: Bid to Use Cash Collateral Denied
JUST ENERGY: 5th Circuit Remands Chapter 15 Suit Over Power Prices
LECLAIRRYAN PLLC: Former Partners Stuck on Shares Ownership
MALLINCKRODT FINANCE: Calamos CHIF Marks $1M Loan at 18% Off
MARCUSE COMPANIES: Wins Cash Collateral Access Thru June 30
MARTIN MIDSTREAM: S&P Cuts ICR to 'CCC' on Diminishing Liquidity
NORD ANGLIA: S&P Upgrades Long-Term ICR to 'B', Outlook Stable
PATAGONIA HOLDCO: Calamos CHIF Marks $1M Loan at 19% Off
PATAGONIA HOLDCO: Calamos STRF Marks $1.2M Loan at 19% Off
PHI GROUP: Posts $21.2 Million Net Loss in FY Ended June 30
QURATE RETAIL: S&P Downgrades ICR to 'B-', Outlook Negative
RSBRMK LLC: Lender Seeks to Prohibit Cash Collateral Access
SNC VENTURES: Court OKs Final Cash Collateral Access
STRUCTURAL TECHNOLOGY: Starts Subchapter V Bankruptcy Process
TEAM HEALTH: Calamos COIF Marks $2.4M Loan at 16% Off
TEAM HEALTH: Calamos STRF Marks $2.9M Loan at 16% Off
TELOGIA POWER: U.S. Trustee Unable to Appoint Committee
TOMS KING: U.S. Trustee Appoints Creditors' Committee
VANGUARD WINES: Seeks Cash Collateral Access, $100,000 DIP Loan
W&T OFFSHORE: Prices $275 Million Senior Second Lien Notes Offering
WW INTERNATIONAL: Calamos CHIF Marks $1.7M Loan at 35% Off
WW INTERNATIONAL: Calamos COIF Marks $1.6M Loan at 35% Off
WW INTERNATIONAL: Calamos STRF Marks $1.9M Loan at 35% Off
[*] Commercial Ch. 11 Bankruptcy Filings Increased by 2% in 2022
[^] Large Companies with Insolvent Balance Sheet
*********
A & T AUTO: Court OKs Cash Collateral Access Thru Jan 23
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The U.S. Bankruptcy Court for the Western District of Missouri
authorized A & T Auto, LLC to use the cash collateral of Nextgear
on an interim basis in accordance with the budget, through the date
of the final hearing set for January 23, 2023 at 1:30 p.m.
The Debtor requires the use of cash collateral to pay its operating
and business expenses.
The Debtor is directed to pay Central Bank of Boone County monthly
payments of $2,000 beginning January 28, 2023, and continuing on
the 28th day of the month thereafter.
As adequate protection of Westlake's interest, upon sale of any car
that is collateral for the Westlake Secured Claim, the Debtor will
pay Westlake the amount owed for such vehicle, subject to current
interest as of the date of sale, as detailed in Westlake's Proof of
Claim. The Debtor is not authorized to make any sale of Westlake
collateral without payment to Westlake. Sale of collateral without
payment will constitute a Default of the Cash Collateral Order.
As adequate protection of Nextgear's interest, upon sale of any car
that is collateral for the Nextgear Secured Claim, the Debtor will
pay Nextgear the amount owed for such vehicle, subject to current
interest as of the date of sale, as detailed in Nextgear's loan
documents. The Debtor is not authorized to make any sale of
Nextgear collateral without payment to Nextgear. Sale of collateral
without payment will constitute a Default of the Cash Collateral
Order.
The Debtor will spend down cash reserves of $18,000 before
accessing the money held at Central Bank. The Debtor is only to
spend these monies on necessary expenses contained within the
budget submitted to the Court with the underlying motion to use
cash collateral.
The Debtor will have access to a maximum of $32,000 of the cash
collateral held at Central Bank to be spent on necessary expenses
contained within the budget submitted to the Court with the
underlying motion to use cash collateral. The Debtor will only
access the funds held at Central Bank once debtor has exhausted the
cash reserves of $18,000.
Central Bank will retain its lien on the contents of the Debtor's
bank accounts at the Bank. In addition, Central Bank will gain
liens on unencumbered vehicles held by the Debtor.
A copy of the order is available at https://bit.ly/3XwDIan from
PacerMonitor.com.
About A & T Auto, LLC
A & T Auto, LLC is a used car dealer. The Debtor sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case
No. 23-20001) on January 2, 2023. In the petition signed by Adrian
Ahuja, owner, the Debtor disclosed up to $500,000 in assets and up
to $1 million in liabilities.
Judge Dennis R. Dow oversees the case.
Justin Coke, Esq., at Coke Law Firm, is the Debtor's legal
counsel.
ACPRODUCTS INC: Calamos CHIF Marks $127,400 Loan at 29% Off
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Calamos Convertible and High Income Fund has marked its $127,400
loan extended to ACProducts, Inc to market at $89,870, or 71% of
the outstanding amount, as of October 31, 2022, according to a
disclosure contained in Calamos CHIF's Form N-CSR for the fiscal
year ended October 31, 2022, filed with the Securities and Exchange
Commission on December 29, 2022.
Calamos CHIF is a participant in a Bank Loan that accrues interest
at a rate of 7.924% per annum (3 mo. LIBOR + 4.25% to ACProducts,
Inc. The loan is scheduled to mature on May 17, 2028.
Calamos Convertible and High-Income Fund was organized as a
Delaware statutory trust on March 12, 2003 and is registered under
the Investment Company Act of 1940 as a diversified, closed-end
management investment company. The Fund commenced operations on May
28, 2003.
ACProducts, Inc., headquartered in The Colony, TX, is a national
manufacturer and distributor of kitchen and bathroom cabinetry.
American Industrial Partners, through its affiliates, is the
primary owner of ACProducts, having acquired it in 2012.
ACPRODUCTS INC: Calamos CHIF Marks $386,100 Loan at 29% Off
-----------------------------------------------------------
Calamos Convertible and High Income Fund has marked its $386,100
loan extended to ACProducts, Inc to market at $272,361, or 71% of
the outstanding amount, as of October 31, 2022, according to a
disclosure contained in Calamos CHIF's Form N-CSR for the fiscal
year ended October 31, 2022, filed with the Securities and Exchange
Commission on December 29, 2022.
Calamos CHIF is a participant in a Bank Loan that accrues interest
at a rate of 7.127% per annum (6 mo. LIBOR + 4.25%) to ACProducts,
Inc. The loan is scheduled to mature on May 17, 2028.
Calamos Convertible and High-Income Fund was organized as a
Delaware statutory trust on March 12, 2003 and is registered under
the Investment Company Act of 1940 as a diversified, closed-end
management investment company. The Fund commenced operations on May
28, 2003.
ACProducts, Inc., headquartered in The Colony, TX, is a national
manufacturer and distributor of kitchen and bathroom cabinetry.
American Industrial Partners, through its affiliates, is the
primary owner of ACProducts, having acquired it in 2012.
ACPRODUCTS INC: Calamos COIF Marks $117,600 Loan at 29% Off
-----------------------------------------------------------
Calamos DCIF has marked its $117,600 loan extended to ACProducts,
Inc to market at $82,957, or 71% of the outstanding amount, as of
October 31, 2022, according to a disclosure contained in Calamos
COIF's Form N-CSR for the fiscal year ended October 31, 2022, filed
with the Securities and Exchange Commission on December 29, 2022.
Calamos COIF is a participant in a Bank Loan that accrues interest
at a rate of 7.924% (3 mo. LIBOR + 4.25%) to ACProducts, Inc. The
loan is scheduled to mature on May 17, 2028.
Calamos Convertible Opportunities and Income Fund was organized as
a Delaware statutory trust on April 17, 2002 and is registered
under the Investment Company Act of 1940 as a diversified,
closed-end management investment company. The Fund commenced
operations on June 26, 2002.
ACProducts, Inc., headquartered in The Colony, TX, is a national
manufacturer and distributor of kitchen and bathroom cabinetry.
American Industrial Partners, through its affiliates, is the
primary owner of ACProducts, having acquired it in 2012.
ACPRODUCTS INC: Calamos COIF Marks $356,400 Loan at 29% Off
-----------------------------------------------------------
Calamos Convertible Opportunities and Income Fund has marked its
$356,400 loan extended to ACProducts, Inc to market at $251,410, or
71% of the outstanding amount, as of October 31, 2022, according to
a disclosure contained in Calamos COIF's Form N-CSR for the fiscal
year ended October 31, 2022, filed with the Securities and Exchange
Commission on December 29, 2022.
Calamos COIF is a participant in a Bank Loan that accrues interest
at a rate of 7.127% per annum (3 mo. LIBOR + 4.25%) to ACProducts,
Inc. The loan is scheduled to mature on May 17, 2028.
Calamos Convertible Opportunities and Income Fund was organized as
a Delaware statutory trust on April 17, 2002 and is registered
under the Investment Company Act of 1940 as a diversified,
closed-end management investment company. The Fund commenced
operations on June 26, 2002.
ACProducts, Inc., headquartered in The Colony, TX, is a national
manufacturer and distributor of kitchen and bathroom cabinetry.
American Industrial Partners, through its affiliates, is the
primary owner of ACProducts, having acquired it in 2012.
ACPRODUCTS INC: Calamos STRF Marks $147,000 Loan at 29% Off
-----------------------------------------------------------
Calamos Strategic Total Return Fund has marked its $147,00 loan
extended to ACProducts, Inc to market at $103,696, or 71% of the
outstanding amount, as of October 31, 2022, according to a
disclosure contained Calamos STRF's Form N-CSR for the fiscal year
ended October 31, 2022, filed with the Securities and Exchange
Commission on December 29, 2022.
Calamos STRF is a participant in a Bank Loan that accrues interest
at a rate of 7.127% per annum (6 mo. LIBOR + 4.25% to ACProducts,
Inc. The loan is scheduled to mature on May 17, 2028.
Calamos Strategic Total Return Fund was organized as a Delaware
statutory trust on December 31, 2003 and is registered under the
Investment Company Act of 1940 as a diversified, closed-end
management investment company. The Fund commenced operations on
March 26, 2004.
ACProducts, Inc., headquartered in The Colony, TX, is a national
manufacturer and distributor of kitchen and bathroom cabinetry.
American Industrial Partners, through its affiliates, is the
primary owner of ACProducts, having acquired it in 2012.
ACPRODUCTS INC: Calamos STRF Marks $445,500 Loan at 29% Off
-----------------------------------------------------------
Calamos Strategic Total Return Fund has marked its $445,00 loan
extended to ACProducts, Inc to market at $314,262, or 71% of the
outstanding amount, as of October 31, 2022, according to a
disclosure contained Calamos STRF's Form N-CSR for the fiscal year
ended October 31, 2022, filed with the Securities and Exchange
Commission on December 29, 2022.
Calamos STRF is a participant in a Bank Loan that accrues interest
at a rate of 7.127% per annum (6 mo. LIBOR + 4.25% to ACProducts,
Inc. The loan is scheduled to mature on May 17, 2028.
Calamos Strategic Total Return Fund was organized as a Delaware
statutory trust on December 31, 2003 and is registered under the
Investment Company Act of 1940 as a diversified, closed-end
management investment company. The Fund commenced operations on
March 26, 2004.
ACProducts, Inc., headquartered in The Colony, TX, is a national
manufacturer and distributor of kitchen and bathroom cabinetry.
American Industrial Partners, through its affiliates, is the
primary owner of ACProducts, having acquired it in 2012.
ADVAXIS INC: Stockholders Approve Reverse Stock Split, Name Change
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Advaxis, Inc. convened its Special Meeting of Stockholders on Jan.
13, 2023, at which the stockholders:
(1) approved an amendment to the Amended and Restated
Certificate of Incorporation to effect a reverse stock split of the
common stock at a ratio to be determined by the Board of Directors
within a range of one-for-two to one-for-ten (or any number in
between), without reducing the authorized number of shares of the
common stock, to be effected in the sole discretion of the Board of
Directors at any time within one year of the date of the Special
Meeting without further approval or authorization of the Company's
stockholders;
(2) approved an amendment to the Charter to change the corporate
name from "Advaxis, Inc." to "Ayala Pharmaceuticals, Inc."; and
(3) did not approve an amendment to the Company's 2015 Incentive
Plan to increase the total number of shares authorized for issuance
thereunder from 79,165 shares to 1,579,165 shares and to increase
certain other maximum number of awards that may be granted
annually.
As previously announced, on Oct. 18, 2022, Advaxis, Inc., Doe
Merger Sub, Inc., a Delaware corporation and a wholly owned
subsidiary of the Company ("Merger Sub"), and Ayala
Pharmaceuticals, Inc., a Delaware corporation, entered into an
Agreement and Plan of Merger. Pursuant to the Merger Agreement,
Merger Sub will merge with and into Ayala, with Ayala being the
surviving entity as a wholly-owned subsidiary of the Company.
On Jan. 13, 2023, at a special meeting of the stockholders of
Ayala, the stockholders of Ayala voted to approve a proposal to
adopt the Merger Agreement.
The Merger is expected to be completed on or about Jan. 19, 2023,
subject to the satisfaction of customary closing conditions.
About Advaxis Inc.
Advaxis, Inc. -- http://www.advaxis.com-- is a clinical-stage
biotechnology company focused on the development and
commercialization of proprietary Lm-based antigen delivery
products. These immunotherapies are based on a platform
technology
that utilizes live attenuated Listeria monocytogenes (Lm)
bioengineered to secrete antigen/adjuvant fusion proteins. These
Lm-based strains are believed to be a significant advancement in
immunotherapy as they integrate multiple functions into a single
immunotherapy and are designed to access and direct antigen
presenting cells to stimulate anti-tumor T cell immunity, activate
the immune system with the equivalent of multiple adjuvants, and
simultaneously reduce tumor protection in the tumor
microenvironment to enable T cells to eliminate tumors.
Advaxis reported a net loss of $17.86 million for the year ended
Oct. 31, 2021, a net loss of $26.47 million for the year ended Oct.
31, 2020, a net loss of $16.61 million for the year ended Oct. 31,
2019, and a net loss of $66.51 million for the year ended
Oct. 31, 2018. As of July 31, 2022, the Company had $30.10 million
in total assets, $1.91 million in total liabilities, and $28.19
million in total stockholders' equity.
B GSE GROUP LLC: Commences Subchapter V Bankruptcy Proceeding
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B GSE Group LLC filed for chapter 11 protection in the Western
District of North Carolina. The Debtor elected on its voluntary
petition to proceed under Subchapter V of chapter 11 of the
Bankruptcy Code.
Formed in North Carolina on Oct. 3, 2011, the Debtor engineers and
manufactures ground support equipment for commercial and military
aircraft. The company's products include ground power units, air
units, fueling equipment, underground service pits, and hose
systems. Its clients include airports, airlines, the United States
armed forces, as well as airplane and aviation manufacturers.
The Debtor employs 27 workers. While its principal office is
located in Huntersville, North Carolina, the company maintains
fabrication and assembly facilities in Morgantown, West Virginia.
The Debtor's assets primarily consist of equipment, machinery,
tooling, inventory, production contracts, and accounts receivable.
The Debtor on the Petition Date filed motions to use cash
collateral, pay prepetition wages, and provide adequate assurance
to utilities.
According to court filings, B GSE Group estimates between $1
million and $10 million in debt owed to 1 to 49 creditors. The
petition states that funds will be available to unsecured
creditors.
Truist Bank holds a first-priority lien on the Debtor's accounts
and general intangibles, and a second-priority lien on all other
assets of the company. The Debtor is indebted to Truist in the
amount of approximately $2,487,568 pursuant to a revolving line of
credit and a term equipment loan.
The United States Small Business Administration also holds a
blanket lien on the Debtor’s personal property (junior only to
Truist with respect to accounts and general intangibles), securing
an indebtedness of $500,000.
No other parties hold valid, consensual liens in the Debtor's
assets.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
Feb. 15, 2023, at 1:00 PM at Zoom 341 Meeting.
Proofs of claim are due by March 17, 2023.
About B GSE Group LLC
B GSE Group LLC, doing business as Bullerdick GSE LLC, delivers
turnkey system solutions to Military and Commercial airport
terminals, ramps, and hangars around the globe -- cutting capital
maintenance costs, saving time, and reducing fuel consumption.
B GSE Group LLC filed a petition for relief under Subchapter V of
Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.C. Case No.
23-30013) on Jan. 6, 2023. In the petition filed by Mark Allen, as
manager, the Debtor reported assets and liabilities between $1
million and $10 million.
David Schilli has been appointed as Subchapter V trustee.
The Debtor is represented by:
Richard S. Wright, Esq.
Moon Wright & Houston, PLLC
14034 Clarendon Point Court
Huntersville, NC 28078
BAUSCH HEALTH: Calamos CHIF Marks $261,000 Loan at 25% Off
----------------------------------------------------------
Calamos Convertible and High Income Fund has marked its $261,688
loan extended to Bausch Health Companies, Inc. to market at
$196,642, or 75% of the outstanding amount, as of October 31, 2022,
according to a disclosure contained in Calamos CHIF's Form N-CSR
for the fiscal year ended October 31, 2022, filed with the
Securities and Exchange Commission on December 29, 2022.
Calamos CHIF is a participant in a Bank Loan that accrues interest
at a rate of 8.624% per annum (1 mo. SOFR + 5.25%) to Bausch Health
Companies, Inc. The loan is scheduled to mature on November 18,
2024.
Calamos Convertible and High-Income Fund was organized as a
Delaware statutory trust on March 12, 2003 and is registered under
the Investment Company Act of 1940 as a diversified, closed-end
management investment company. The Fund commenced operations on May
28, 2003.
Bausch Health Companies Inc develops drugs for unmet medical needs
in central nervous system disorders, eye health and
gastrointestinal diseases, as well as contact lenses, intraocular
lenses, ophthalmic surgical equipment, and aesthetic devices.
BAUSCH HEALTH: Calamos COIF Marks $241,900 Loan at 25% Off
----------------------------------------------------------
Calamos Convertible Opportunities and Income Fund has marked its
$241,938 loan extended to Bausch Health Companies, Inc. to market
at $181,801, or 75% of the outstanding amount, as of October 31,
2022, according to a disclosure contained in Calamos COIF's Form
N-CSR for the fiscal year ended October 31, 2022, filed with the
Securities and Exchange Commission on December 29, 2022.
Calamos COIF is a participant in a Bank Loan that accrues interest
at a rate of 8.624% per annum (1 mo. SOFR + 5.25%) to Bausch Health
Companies, Inc. The loan is scheduled to mature on February 1,
2027.
Calamos Convertible Opportunities and Income Fund was organized as
a Delaware statutory trust on April 17, 2002 and is registered
under the Investment Company Act of 1940 as a diversified,
closed-end management investment company. The Fund commenced
operations on June 26, 2002.
Health Companies Inc develops drugs for unmet medical needs in
central nervous system disorders, eye health and gastrointestinal
diseases, as well as contact lenses, intraocular lenses, ophthalmic
surgical Bausch equipment, and aesthetic devices.
BAUSCH HEALTH: Calamos STRF Marks $296,250 Loan at 25% Off
----------------------------------------------------------
Calamos Strategic Total Return Fund has marked its $296,250 loan
extended to Bausch Health Companies Inc to market at $222,614, or
75% of the outstanding amount, as of October 31, 2022, according to
a disclosure contained Calamos STRF's Form N-CSR for the fiscal
year ended October 31, 2022, filed with the Securities and Exchange
Commission on December 29, 2022.
Calamos STRF is a participant in a Bank Loan that accrues interest
at a rate of 8.624% per annum (1 mo. SOFR + 5.25% to Bausch Health
Companies Inc. The loan is scheduled to mature on February 1,
2027.
Calamos Strategic Total Return Fund was organized as a Delaware
statutory trust on December 31, 2003 and is registered under the
Investment Company Act of 1940 as a diversified, closed-end
management investment company. The Fund commenced operations on
March 26, 2004.
Bausch Health Companies Inc develops drugs for unmet medical needs
in central nervous system disorders, eye health and
gastrointestinal diseases, as well as contact lenses, intraocular
lenses, ophthalmic surgical equipment, and aesthetic devices.
BCPE NORTH STAR: S&P Alters Outlook to Negative, Affirms 'B-' ICR
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S&P Global Ratings revised its outlook on U.S.-based premium
desserts manufacturer BCPE North Star Holdings L.P.'s (operating as
Dessert Holdings; DH) to negative from stable and affirmed its 'B-'
issuer credit rating.
S&P said, "Concurrently, we affirmed the 'B-' issue-level ratings
on the $155 million revolving credit facility and $855 million
first-lien term loan and the 'CCC' rating on the $225 million
second lien term loan. We also assigned a 'B-' rating to the
company's $75 million first-lien delayed-draw term loan and a 'CCC'
rating to the company's $20 million second-lien delayed-draw term
loan. The revolver and first-lien term loan recovery rating remains
'3', and the second-lien term loan recovery rating remains '6'.
"The negative outlook reflects the probability that we could lower
the ratings over the next few quarters if the company cannot
improve profitability and generate positive free operating cash
flow (FOCF), resulting in further weakening of liquidity or an
unsustainable capital structure."
The outlook revision to negative from stable reflects DH's elevated
leverage and weak cash flow through the third quarter.
Although sales increased 19.2% during the third quarter (ended
Sept. 30, 2022), S&P Global Ratings-adjusted EBITDA dropped over
20% from the same prior-year period. Despite pricing actions during
the quarter, supply chain disruptions and cost inflation
contributed to the large profitability drop. During the quarter, DH
realized higher than expected manufacturing costs as supply chain
disruptions drove inefficiencies in the manufacturing plants. In
addition to higher manufacturing costs, the company also
experienced in increase in ingredient costs. The company's
ingredient exposure is more weighted in commodity categories, such
as diary (butter, cream, cream cheese) and eggs, which have seen
some of the highest inflationary pressures in the food industry.
Due to customer contractual requirements, mitigating pricing
actions lagged increases in ingredient costs.
S&P said, "We estimate S&P-Global Ratings adjusted pro-forma
leverage was about 10x for the 12 months ended Sept. 30, 2022. We
expect leverage will remain above 8x through the end of fiscal year
2023. We had previously expected the company to deleverage closer
to 7x by the end of 2022. The company reported substantial negative
FOCF for the nine-month period ended Sept. 30, 2022. In addition to
the operational challenges, this has been also due to large
working-capital outflows during the year, to rebuild inventory
positions that were depleted due to strong demand in 2021
continuing into 2022."
Substantial borrowings on the revolving credit facility and weak
cash-flow generation constrain liquidity.
As of Sept. 30, 2022, DH had roughly $86 million of liquidity,
comprising $22 million of cash on hand and $64 million of
availability, under its revolver (this compares with a cash balance
of $21 million and $132 million of revolver availability as of Dec.
31, 2021). Subsequently, the company drew an additional $50 million
on the revolver to partially fund the DFD acquisition, leaving it
with total liquidity of less than $40 million at the end of
October.
S&P said, "We expect the company to right-size its working-capital
position in early 2023, as it works down inventory to fulfill
still-healthy demand for its products and collects its receivables
after the key holiday selling season. However, strong volume growth
could result in DH rebuilding its inventory balances, particularly
if supply-chain disruptions continue. We expect FOCF to stay
depressed at $10 million-$15 million in 2023 after remaining
negative in 2022. This compares to our previous expectation of
roughly $45 million-$55 million annually in 2022 and 2023. The
lower FOCF expectation is driven by lower profitability and higher
interest expense from variable-rate debt (the company has hedged
majority of its debt, which should mostly shield it from rising
interest rates). Furthermore, DH has a $10 million-$15 million
earn-out liability (relating to the December 2022 Steven Charles
acquisition) due in the first quarter of fiscal year 2023. This
follows a $25 million earn-out payment in the third quarter, which
was funded by revolver borrowings.
"Given the company's limited revolver availability and expected
weak cash-flow generation, we now expect sources of liquidity to
cover uses by less than 1x over the next 12 months. We believe the
company's current liquidity position makes it vulnerable to
unforeseen operating headwinds such as weaker demand conditions,
additional operating disruptions, or an uptick in input costs,
particularly another increase in the price of dairy or eggs. We
believe the company's access to additional liquidity sources is
limited to raising additional debt (which may not be favorable,
given current capital-market volatility) or an equity injection
from its sponsors."
Resilient demand, pricing actions, and tight cost control should
improve earnings and cash flow in 2023.
S&P said, "We expect the company to increase its pro forma revenues
by roughly 8% in 2023 due to resilient performance in both its
retail and foodservice businesses, continued strong consumption
trends, and its price increases. DH saw strong top-line growth
across both its retail and foodservice businesses behind new
product offerings, new customers and share gains. DH implemented
another price increase after the close of the third quarter, which
should benefit its operating performance in 2023. The company has
been chasing rapidly rising input cost, transportation, and wage
inflation in 2022, but the time lag between the pass-through to
customers has hurt profitability. Input and transportation costs
stabilization should allow previous pricing actions to catch up to
the inflation the company has experience, which should in tern
improve profitability in 2023.
"We expect DH to realize about $6 million in automation and
procurement cost savings by the end of calendar year 2023 which,
coupled with synergies from recent acquisitions, will allow DH to
improve profitability in fiscal years 2023 and 2024. We anticipate
S&P Global Ratings-adjusted EBITDA margins of 17.4% in fiscal year
2023 and 18%-20% in fiscal year 2024, compared with 15.1% in fiscal
year 2022.
"We expect DH to successfully integrate recent acquisitions and
achieve its stated synergies.
"DFD supplies premium desserts to primarily national foodservice
distributors that serve independently-operated restaurants,
commercial, and non-commercial venues. We believe acquiring DFD
will further diversify DH's presence in the broadline distributor
channel, which it currently has limited presence in. We expect DH
to also benefit from DFD's long-standing relationships with its
core customers and its complementary high-quality product portfolio
focused on premium ingredients. We believe that this acquisition
will allow DH to cross-sell each company's products into different
distribution channels, driving incremental volumes. We forecast DH
will realize roughly $2.6 million in synergies from the acquisition
by eliminating duplicate roles in various functions. Other
synergies likely will be realized by leveraging DH's size to reduce
DFD's operating costs.
"We also expect the company to achieve roughly $12 million in
synergies from the Steven Charles acquisition completed in December
2022. We believe DH will continue to benefit from Steven Charles'
scale, and the company's strong relationships with foodservice
customers should drive strong revenue growth for DH over the near
term.
"The negative outlook reflects the risk that we could lower the
ratings over the next 12 months if the company cannot improve
profitability and generate positive FOCF, resulting in further
weakening of liquidity or an unsustainable capital structure."
S&P could lower its ratings on DH in the coming quarters if:
-- Working capital does not improve and ABL revolver borrowings do
not decrease;
-- Profitability continues to deteriorate due to supply-chain
disruptions or cost inflation;
-- Interest coverage drops below 1.5x; or
-- It breached its springing financial covenant.
S&P could revise the outlook to stable if:
-- The company continues to pass through higher costs to its
customers and returns to historical margins by resolving its
supply-chain issues and improving its working-capital position;
and
-- The company generates positive FOCF and uses it to pay down
revolver borrowings, therefore improving its liquidity position on
a sustainable basis.
BOLTA US: Has $7MM DIP Loan from SMP and Volkswagen
---------------------------------------------------
Bolta US Ltd. asks the U.S. Bankruptcy Court for the Northern
District of Alabama, Western Division, for authority to use cash
collateral and obtain postpetition financing.
The Debtor seeks approval, on an interim and final basis, of
secured postpetition financing from SMP Automotive Systems Alabama
Inc. and Volkswagen Group of America Chattanooga Operations, LLC in
the form of postpetition advances not to exceed $7 million.
The Lenders will make postpetition advances to the Debtor, provided
that the principal amount of the requested postpetition advance and
all other postpetition advances outstanding as of such date, will
not exceed $3.6 million, provided that if the Final Hearing on the
Motion occurs after February 3, 2023, the Interim Cap will be $5.1
million. Each Lender will be responsible for making its respective
Pro Rata Share of each requested advance. "Pro Rata Share"
initially means 69.47% for SMP and 30.53% for VW.
The Debtor's ability to request advances under the Interim Order
and the Postpetition Notes will terminate on the earlier of the
date of a final hearing on the Motion or upon an Event of Default,
unless the Termination Date is extended by written stipulation of
Lenders and Debtor.
The events of default includes:
a. The Debtor defaults in performance of any of its
obligations under the Interim Order or under the DIP Loan
Documents;
b. Entry of an order dismissing the Case, appointing a trustee
in the Case, converting the Case to a case under chapter 7 of the
Bankruptcy Code, or transferring the venue of the Case to another
district;
c. The Debtor repudiates or breaches its obligations, or
refuses to perform its obligations under the various nominating
agreements, purchase agreements, release requests, purchase orders
or other agreements with respect to the manufacturing of component
parts or tooling for the Lenders, including any Lender's general
terms and conditions of purchase, the consequence of which is a
substantial likelihood that a Lender's production will be
interrupted, and as long as such repudiation or breach was not
caused by a Lender's breach of the Purchase Orders or its failure
to comply with the Order, including its obligations to fund the
Postpetition Indebtedness and accelerate payments for postpetition
shipments under the Purchase Orders; and
d. The Debtor experiences a material adverse change, the
consequence of which is a substantial likelihood that any Lender's
production will be interrupted.
The Debtor is also required to meet deadlines and obligations
related to the transaction:
a. On or before January 20, 2023, the Debtor will file a
motion to approve bidding procedures and the Transaction in form
and substance acceptable to those Lenders (in their capacities as
customers of Debtor) who will have remaining production after
consummation of the Transaction;
b. On or before February 2, 2023, the Debtor will obtain an
order approving bidding procedures in form and substance acceptable
to the Remaining Customers;
c. On or before February 6, 2023, the Debtor will execute and
provide to the Lenders one or more indications of interest or
proposal letters for a Transaction from Qualified Bidders in form
and substance acceptable to the Remaining Customers;
d. On or before March 23, 2023, the Debtor will execute and
provide to the Lenders a definitive agreement for a Transaction
from a Qualified Bidder that is in form and substance acceptable to
the Remaining Customers;
e. On or before March 30, 2023, the Debtor will obtain an
order approving a Transaction with a Qualified Bidder in form and
substance acceptable to the Remaining Customers; and
f. On or before March 31, 2023, the Debtor will close on a
Transaction with a Qualified Bidder on terms reasonably
satisfactory to the Remaining Customers.
The Debtor has an unusual capital structure as it does not have a
typical working capital line of credit. Rather, it has been
"factoring" specific accounts receivable with Porter Capital
Corporation pursuant to the Amended and Restated Recourse Purchase
and Security Agreement dated September 17, 2021. Under the Porter
Agreement, the Debtor sells specific accounts receivable owing from
two specific customers to Porter at a price equal to 90% of the
amount of each invoice, which is paid immediately. The applicable
customers pay directly to Porter; when the account is paid, Porter
remits a second payment to the Debtor, and the amount paid to the
Debtor decreases the longer it takes for the customer to pay. This
facility has a maximum "line amount" of $8,000,000 (with sub-limits
applicable to each approved customer). While the Porter Agreement
structures the funds being advanced by Porter as an outright
purchase of the accounts receivable with recourse, it also grants
Porter a security interest in all of the Debtor's assets. Based on
a second financing statement filed by Porter in March 2022, Porter
asserts a security interest in substantially all of the Debtor's
personal property.
The Debtor's obligations to Porter are guaranteed by White Capstan
Ltd., who is the sole shareholder of the Debtor. Based on the
Debtor's estimates, the amount owed to Porter on the Petition Date
is approximately $2.2 million.
The Debtor estimates it owes ICICI Bank UK Plc, Germany Branch in
excess of $11.3 million, including past due interest and penalties,
pursuant to the $15 million Credit Agreement dated April 21, 2016
and related documents.
The Debtor owes Deutsche Leasing USA, Inc. approximately $990,000
on account of various lease agreements entered into between
Deutsche Leasing and the Debtor pursuant to a certain Master Lease
Agreement November 3, 2015.
In October 2021, to enable the Debtor to continue production of
component parts, its three largest customers -- SMP Automotive
Systems Alabama, Inc.; Rehau Automotive, LLC; and Volkswagen Group
of America Chattanooga Operations, LLC -- began granting price
increases and provided other incremental funding to support the
Debtor's operations. Beginning in January 2022, SMP, Rehau and VW
agreed to provide funding to the Debtor in the form of unsecured
loans.
As of the Petition Date, the Debtor was obligated to SMP, VW, and
Rehau for unsecured loans made by such customers to the Debtor
commencing in January 2022 and continuing until December 2022, as
evidenced by various Draw-To Notes. The Debtor made no payments to
SMP, VW or Rehau under the Draw-To Notes prior to the Petition
Date. As of the Petition Date, the Debtor owed the following
amounts on account of the Prepetition Obligations -- (a) to SMP,
the principal amount of $6.251 million plus accrued interest and
expenses; (b) to VW, the principal amount of $2.255 million plus
accrued interest and expenses; and (c) to Rehau, the principal
amount of $2.376 million plus accrued interest and expenses.
The Lenders' security interest in the DIP Collateral is junior only
to the prepetition security interests of ICICI Bank, Deutsche
Leasing and Porter in their respective Prepetition Collateral, to
the extent that such security interests are valid, binding and
unavoidable, the Adequate Protection Liens and the Carve-Out.
As adequate protection under sections 361 and 363 of the Bankruptcy
Code for any diminution in value of the Prepetition Collateral of
the Prepetition Lenders:
a. ICICI Bank and Porter will be each granted a continuing and
replacement security interest and lien in all inventory of the
Debtor that is acquired after the Petition Date, to the same extent
and respective priority that the liens of ICICI Bank and Porter
attached to inventory as of the Petition Date;
b. Porter will maintain its lien on the Debtor's prepetition
accounts receivable, the proceeds of which will at the election of
the Debtor with the consent of Lenders either be (i) paid by the
Debtor to Porter (or if received in Porter's lockbox, applied by
Porter) as and when collected and applied to the Debtor's
outstanding pre-petition obligations to Porter until paid in full
or (ii) segregated until the Debtor (or Porter in its lockbox) is
holding proceeds sufficient to pay Porter's prepetition claim in
full, at which time the excess funds will be available for use by
the Debtor in accordance with the Budget and will be turned over by
Porter to the Debtor (to the extent such excess funds are received
by Porter); and
c. The Debtor will continue to make the regularly scheduled
monthly payments to Deutsche Leasing as set forth in the Budget.
The Adequate Protection Liens are junior and subordinate to the
Carve-Out.
A copy of the motion is available at https://bit.ly/3IV3Rvl from
PacerMonitor.com.
About Bolta US Ltd.
Bolta US Ltd. is an auto parts manufacturer in Tuscaloosa, Alabama.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ala. Case No. 23-70042) on January 13,
2023. In the petition signed by Jeffrey Truitt, chief restructuring
officer, the Debtor disclosed up to $50 million in assets and up to
$100 million in liabilities.
Judge Jennifer H. Henderson oversees the case.
Stephen Gross, Esq., at McDonald Hopkins, LLC, is the Debtor's
legal counsel.
The Debtor also tapped Rosen Harwood, P.C. as local bankruptcy
co-counsel and Winter McFarland, LLC as special counsel.
BURKE BRANDS: Wins Cash Collateral Access Thru Jan 20
-----------------------------------------------------
The U.S. Bankruptcy Court for the U.S. Bankruptcy Court for the
Southern District of Florida, Miami Division, authorized Burke
Brands, LLC, dba Don Pablo Coffee, to use the cash collateral of
Century Bank on an interim basis through January 20, 2023.
The Debtor is permitted to use cash collateral, as defined in 11
U.S.C. section 363(a), including the cash or noncash proceeds of
assets that were not cash collateral on the Petition Date up to the
amounts shown in the Budget, with a 10% variance.
Additionally, on or before January 12, the Debtor is directed to
provide Lender with a copy of its 2021 tax return, year ending 2022
financial statement, balance sheet, profit and loss statement and
current accounts receivable aging, accounts payable aging and
inventory reports as of December 31, 2022.
No later than January 18, the Debtor will file with the Court a
comparison between its actual first week budget and its projected
budget.
As adequate protection for the use of cash collateral, the Lender
is granted valid, perfected replacement liens upon, and security
interests in, the Pre-petition Collateral, to the same extent,
validity and priority as Lender's existing prepetition liens on any
and all assets including but not limited to all cash generated
post-petition from the Lender's Pre-Petition Collateral.
In the event that this Court ultimately determines Velocity Capital
Group or another Merchant Cash Advance company had a valid
ownership or security interest in the Debtor's receivables on
December 29, 2022, VCG or such other MCA will be granted a valid,
perfected replacement lien upon, and security interest in the
Receivables, to the same extent, validity and priority as any
ownership interest and/or liens of VCG or such other MCA determined
by the Court to have existed prepetition on the Receivables.
These events constitute an "Event of Default":
a. If a trustee is appointed in the Chapter 11 Case;
b. If the Debtor breaches any term or condition of the Order
or any of the Lender’s loan documents, other than defaults
existing as of the Petition Date;
c. If the Case is converted to a case under Chapter 7 of the
Bankruptcy Code;
d. If the Case is dismissed; or
e. If any violation or breach of any provision of the Order
occurs.
A continued hearing on the matter is set for January 20 at 1:30
p.m. by video conference.
A copy of the order and the Debtor's budget is available at
https://bit.ly/3IRkwzS from PacerMonitor.com.
The Debtor projects $450,000 in total cash receipts and $441,809 in
total disbursements.
About Burke Brands LLC
Burke Brands LLC -- https://www.burkebrands.com/ -- is a privately
owned coffee company.
Burke Brands LLC filed a petition for relief under Subchapter V of
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
22-19932) on Dec. 30, 2022. In the petition filed by Darron Burke,
as manager, the Debtor reported assets and liabilities between $1
million and $10 million.
Judge Robert A. Mark oversees the case.
Linda Marie Leali has been appointed as Subchapter V trustee.
The Debtor is represented by Aaron A Wernick, Esq., at Wernick Law,
PLLC.
CASH DEVELOPMENT: Exclusivity Period Extended to Feb. 28
--------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Georgia
extended the time Cash Development, LLC can keep exclusive control
of its Chapter 11 case, giving the company until Feb. 28 to file a
bankruptcy plan and until April 28 to solicit votes on that plan.
The ruling allows the company to pursue its own plan without the
threat of a rival plan from creditors.
Cash Development will use the extension to negotiate a potential
refinancing and sale of a portion of its assets, according to its
attorney, Cameron McCord, Esq., at Jones & Walden, LLC.
The company originally asked to extend the exclusive filing period
and solicitation period to March 27 and May 26, respectively. Prior
to the hearing, Cash Development and Comerica Bank, which initially
opposed the extension given the lack of progress in the case,
agreed to shorten the time the company can keep exclusive control
of its bankruptcy.
About Cash Development
Cash Development, LLC specializes in hauling, disposal, and
recycling of construction demolition waste with its headquarters
located at 2859 Paces Ferry Road, Suite 1150, Atlanta, Ga.
Cash Development sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-41007) on Aug. 26,
2022. In the petition filed by its authorized representative,
Carson Cash King, the Debtor disclosed up to $50,000 in assets and
up to $500,000 in liabilities.
Judge Barbara Ellis-Monro oversees the case.
Cameron M. McCord, Esq., at Jones & Walden, LLC and Baker Donelson
Bearman Caldwell & Berkowitz, PC serve as the Debtor's bankruptcy
counsel and special counsel, respectively. Windham Brannon, LLC is
the Debtor's accountant.
CASH ENVIRONMENTAL HOLDINGS: Gets More Time for Bankruptcy Plan
---------------------------------------------------------------
Cash Environmental Holdings, LLC received court approval to remain
in control of its bankruptcy while it negotiates a potential
refinancing and sale of a portion of its assets.
The U.S. Bankruptcy Court for the Northern District of Georgia
extended the exclusive periods for the company to file its Chapter
11 plan and solicit acceptances for the plan to Feb. 28 and April
28, respectively.
The company originally asked to extend the exclusive filing period
and solicitation period to March 27 and May 26, respectively. Prior
to the hearing, Cash Environmental Holdings and Comerica Bank,
which initially opposed the extension given the lack of progress in
the case, agreed to shorten the time the company can keep exclusive
control of its bankruptcy.
About Cash Environmental Holdings
Cash Environmental Holdings, LLC sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-41008) on
Aug. 26, 2022. In the petition filed by Carson Cash King,
authorized representative, the Debtor disclosed up to $50,000 in
both assets and liabilities.
Judge Barbara Ellis-Monro oversees the case.
The Debtor tapped Cameron M. McCord, Esq., at Jones & Walden, LLC
as bankruptcy counsel and Windham Brannon, LLC as accountant.
CASH ENVIRONMENTAL RESOURCES: Gets More Time for Bankruptcy Plan
----------------------------------------------------------------
Cash Environmental Resources, LLC obtained a court order extending
the exclusive period for the company to file a Chapter 11 plan to
Feb. 28 and solicit acceptances from creditors to April 28.
The ruling by the U.S. Bankruptcy Court for the Northern District
of Georgia allows the company to pursue a bankruptcy plan without
the threat of a competing plan while it negotiates a potential
refinancing and sale of a portion of its assets.
The company originally asked to extend the exclusive filing period
and solicitation period to March 27 and May 26, respectively. Prior
to the hearing, Cash Environmental Resources and Comerica Bank,
which initially opposed the extension given the lack of progress in
the case, agreed to shorten the time the company can keep exclusive
control of its bankruptcy.
About Cash Environmental Resources
Cash Environmental Resources, LLC sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-41006)
on Aug. 26, 2022. In the petition filed by Carson Cash King,
authorized representative, the Debtor disclosed up to $50,000 in
assets and up to $500,000 in liabilities.
Judge Barbara Ellis-Monro oversees the case.
The Debtor tapped Cameron M. McCord, Esq., at Jones & Walden, LLC
as bankruptcy counsel and Windham Brannon, LLC as accountant.
CNBX PHARMACEUTICALS: Posts $358K Net Loss in First Quarter
-----------------------------------------------------------
CNBX Pharmaceuticals Inc. has filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q disclosing a
net loss of $357,669 for the three months ended Nov. 30, 2022,
compared to a net loss of $1.32 million for the three months ended
Nov. 30, 2021.
As of Nov. 30, 2022, the Company had $609,509 in total assets,
$2.58 million in total current liabilities, and a total
stockholders' deficit of $1.97 million.
As of Nov. 30, 2022, the Company had $21,600 in cash compared to
$786,414 on Nov. 30, 2021. The Company expects to incur a minimum
of $1,000,000 in expenses during the next twelve months of
operations. The Company estimates that these expenses will be
comprised primarily of general expenses including overhead, legal
and accounting fees, research and development expenses, and fees
payable to outside medical centers for clinical studies.
The Company had no cash flow from investing activities during the
three months ended Nov. 30, 2022, compared to $513 cash flow from
investing activities for the three months ended Nov. 30, 2021.
CNBX stated, "We will have to raise funds to pay for our expenses.
We may have to borrow money from shareholders, issue equity or
enter into a strategic arrangement with a third party. There can
be no assurance that additional capital will be available to us.
We currently have no arrangements or understandings with any person
to obtain funds through bank loans, lines of credit or any other
sources. Since we have no such arrangements or plans currently in
effect, our inability to raise funds for our operations will have a
severe negative impact on our ability to remain a viable company.
"Due to the uncertainty of our ability to meet our current
operating and capital expenses, our independent auditors included
an explanatory paragraph in their report on the audited financial
statements for the year ended August 31, 2022, regarding concerns
about our ability to continue as a going concern. Our financial
statements contain additional note disclosures describing the
circumstances that lead to this disclosure by our independent
auditors.
"Our ability to continue as a going concern is dependent upon our
ability to generate profitable operations in the future and/or to
obtain the necessary financing to meet our obligations and repay
our liabilities arising from normal business operations when they
become due. The outcome of these matters cannot be predicted with
any certainty at this time and raise substantial doubt that we will
be able to continue as a going concern."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001343009/000168316823000174/cnbx_i10q-113022.htm
About CNBX Pharmaceuticals
CNBX Pharmaceuticals Inc. is a clinical-stage company specializing
in the discovery, development and commercialization of novel
cannabinoid-based products and innovative technologies for the
treatment of cancer.
CNBX reported a net loss of $3.72 million for the year ended Aug.
31, 2022, compared to a net loss of $3.19 million for the year
ended Aug. 31, 2021. As of Aug. 31, 2022, the Company had $811,166
in total assets, $2.44 million in total current liabilities, and a
total stockholders' deficit of $1.63 million.
Tel - Aviv, Israel-based Weinstein International. C.P.A., the
Company's auditor since 2019, issued a "going concern"
qualification in its report dated Nov. 29, 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.
COASTAL LANDFILL: Gets More Time for Bankruptcy Plan
----------------------------------------------------
Coastal Landfill Disposal of Florida, LLC received court approval
to remain in control of its bankruptcy while it negotiates a
potential refinancing and sale of a portion of its assets.
The U.S. Bankruptcy Court for the Northern District of Georgia
extended the exclusive periods for the company to file its Chapter
11 plan and solicit acceptances for the plan to Feb. 28 and April
28, respectively.
The company originally asked to extend the exclusive filing period
and solicitation period to March 27 and May 26, respectively. Prior
to the hearing, Coastal Landfill and Comerica Bank, which initially
opposed the extension given the lack of progress in the case,
agreed to shorten the time the company can keep exclusive control
of its bankruptcy.
About Coastal Landfill Disposal of Florida
Coastal Landfill Disposal of Florida, LLC sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No.
22-41009) on Aug. 26, 2022, with up to $50,000 in assets and up to
$500,000 in liabilities. Carson Cash King, authorized
representative, signed the petition.
Judge Barbara Ellis-Monro oversees the case.
Cameron M. McCord, Esq., at Jones & Walden, LLC, Shelly May
Johnson, P.A. and Windham Brannon, LLC serve as the Debtor's
bankruptcy counsel, special counsel and accountant, respectively.
CROWN ESTATES: Files for Chapter 11, Seeks Control of Property
--------------------------------------------------------------
Crown Estates Holding LLC filed for chapter 11 protection.
Crown Estate Holdings owns an industrial-zoned property which
consists of four parcels with rentable building area of
approximately 135,000 square feet on a lot size of 218,000 square
feet (approximately five acres). There are four buildings
consisting of 10 total units with 22 tenants occupying the 10
units. The Debtor owns the property commonly known as 9860,
9866,9680 and 9874 Gidley Street, El Monte CA 91731.
On July 15, 2021, the City of El Monte filed a Complaint in the
Superior Court of California, Los Angeles County, (Case Number:
21STCV26110; Captioned, City of El Monte, Plaintiff v. Crown Estate
Holding, LLC, et al, Defendants). On May 9, 2022, the Superior
Court appointed Ryan C. Baker of Douglas Wilson Companies as
receiver over the property.
Immediately after filing for Chapter 11 bankruptcy, the Debtor
filed with the Bankruptcy Court a motion to direct the receiver to
turnover the Property to the Debtor.
The Debtor explains that prior to the filing of the Bankruptcy
petition, the Receiver failed to make one of the monthly mortgage
payments to the secured lender and first lien holder, IRP Fund II
Trust 1B. This default made the debtor unable to exercise it’s
right to extend the term of the loan for another year by
paying 1%. The loan matured in August 2022 and the loan is now
accruing high default interest rates. The secured lender recorded a
Notice of Trustee’s Sale and the sale date was set for January
17, 2023. Had the receiver not caused the default, the loan could
have been renewed and there were funds in the environmental reserve
to take care of all the environmental issues.
The secured lender recorded a Notice of Trustee’s Sale and the
sale date was set for January 17, 2023.
The Debtor has determined to seek turnover of the subject property
to the Debtor. The property is fully insured. The Receiver remains
in possession as of the filing of this motion.
According to court filings, Crown Estates Holding estimates between
$10 million and $50 million in debt owed to 1 to 49 creditors. The
petition states that funds will be available to unsecured
creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
Feb. 7, 2023, at 9:30 AM at UST-LA2, TELEPHONIC MEETING.
CONFERENCE LINE: 1-866-816-0394, PARTICIPANT CODE:5282999.
About Crown Estates Holding
Crown Estates Holding LLC is the owner, in fee simple title, of
real properties located at 9860, 9866, 9670 and 9874 Gidley Street
El Monte, CA valued at $23 million.
Crown Estates Holding LLC filed a petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 23-10058) on
Jan. 6, 2023. In the petition filed by Jay Hooper, as CEO, the
Debtor reported assets and liabilities between $10 million and $50
million.
The Debtor is represented by:
Onyinye N Anyama, Esq.
Anyama Law Firm, A Professional Corp
9860 Gidley Street
El Monte, CA 91731
CUSHMAN & WAKEFIELD: S&P Rates New Senior Secured Term Loan B 'BB'
------------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue rating to Cushman &
Wakefield's (C&W) proposed senior secured term loan B issuance of
up to $2.6 billion. C&W will use the proceeds from the issuance to
refinance its existing $2.6 billion term loan due August 2025 to a
new seven-year term loan, extending the existing maturity by 4.5
years. Pro forma net debt to EBITDA is expected to stay around
3.2x, within our expectations for the current rating.
The positive outlook on the 'BB' issuer credit rating reflects
C&W's market position, ample liquidity, and prudent financial
management. Over the next 12 months, S&P expects the company to
operate with net debt to adjusted EBITDA of 3.0x-4.0x and EBITDA
margins of 10%-15%.
S&P could revise its outlook to stable over the next 12 months if:
-- The company embarks on a large debt-financed acquisition, or
-- Operating performance materially weakens such that leverage
approaches 4.0x.
S&P said, "We could raise the rating over the next 12 months if
leverage remains well below 3.0x or EBITDA margins approach 15% on
a sustained basis. We would also look for the company to maintain
its market position and stable operating performance."
DEPAUL COLLEGE: S&P Rates 2023A Rev. Bonds 'BB+', Outlook Stable
----------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' rating to the Illinois
Finance Authority's series 2023A revenue bonds issued for DePaul
College Prep (DCP). The outlook is stable.
"The 'BB+' rating reflects S&P's opinion of DCP's highly seasoned,
professional, and responsive management team, with a supportive and
engaged board of directors," said S&P Global Ratings credit analyst
Jesse Brady.
Other credit strengths include the school's:
-- Solid demand profile, supported by a steadily expanding
enrollment base, high-quality academics and extracurriculars, and
an increasing ability to attract and enroll prospective students;
-- History of good operating performance with small-but-consistent
surpluses that have benefitted from annual fundraisers and a
successfully completed first campaign; and
-- Market position as a Catholic independent school in the Chicago
area with lower tuition than that of competing peers.
S&P said, "The stable outlook reflects our expectation that DCP
will continue to demonstrate strong demand and maintain budgetary
balance in the near term as it builds out the enterprise. We also
believe the school will maintain its current financial resource
ratios as it constructs the new academic wing in calendar year
2023.
"A negative rating action could occur if enrollment or demand
metrics fall, leading to sustained full-accrual operating losses.
We could also lower the rating in the event of additional debt or a
significant decrease in available financial resource ratios.
"We could raise the rating over time if financial resources rise to
a level commensurate with that of higher-rated peers while the
school maintains its strong demand and enrollment metrics. A higher
rating is also predicated on DCP increasing and sustaining the
endowment at levels similar to those of higher-rated peers."
DIAMOND FOUNDRY: S&P Assigns 'B-' ICR, Outlook Stable
-----------------------------------------------------
S&P Global Ratings assigned its 'B-' issuer credit rating to the
Diamond Foundry Inc. (DFI).
S&P said, "The stable outlook reflects our expectation that DFI
will continue to increase sales and EBITDA over the next 12-18
months, driven by more production capacity, new customers, and
favorable demand trends. This will result in healthy operating cash
flow (OCF), though over the medium term capital expenditure (capex)
may increase significantly.
"Our ratings on DFI reflect its small scale and scope, and narrow
business and product focus, notwithstanding good growth prospects
in a rapidly expanding industry."
DFI develops, manufactures, and sells laboratory-grown diamonds
directly to consumers and businesses through its retail and online
stores and direct sales force.
DFI intends to increase its diamond production capacity
substantially over the next few years to cater to high technology
related applications, primarily for semiconductor production.
DFI has a small market share and narrow focus in the highly
competitive lab-grown diamond market. It is a small portion of the
global diamond jewelry industry, but fast expanding. This is fueled
by consumers (especially younger generations) actively looking to
avoid mined diamonds, which come with high environmental and social
impacts. Further, recent U.S. restrictions on Russia and its
diamond mining company, Alrosa, caused supply shortages, which we
think is a positive for lab-grown diamond producers.
DFI uses its proprietary plasma reactor technology to crystallize
greenhouse gas (methane) into diamonds. The company indicates its
reactors are significantly more efficient than other commercially
available industry-standard chemical vapor deposition (CVD)
reactors due to technological advancement. S&P said, "Nevertheless,
we believe there is significant competition from similar companies
(especially in countries that have established cutting and
polishing industries such as China) and traditional mining (such as
DeBeers' Lightbox). Our rating reflects potential profit volatility
from lower spending on diamond jewelry in the event of a sustained
economic downturn or execution risk of its expansionary plans,
particularly with scaling its proprietary reactor base; filling
order volumes with existing and new customers; and generating and
managing very high growth as considered in our forecast."
Although S&P assumes DFI will continue to invest in building
reactors and expanding production capacity to eventually serve the
high technology industry, it focuses its forecasts primarily on the
consumer segment.
DFI derives most of its revenue from the consumer jewelry segment,
with about 60% of 2021 sales derived through off-take agreements
(distributors, resellers, polishers, retailers) for rough diamonds.
The remainder was sold directly to consumers through its VRAI store
brand as final products. The company believes that lab-grown
diamonds can be produced on a mass scale and at a cost that would
make them a feasible alternate substrate to silicon wafers, which
have been the semiconductor industry standard for decades. The
company indicates that diamonds have theoretically proven to be a
better alternative to silicon in semiconductors, although they have
only recently been tested as a use case following the mainstream
introduction of lab-grown diamonds. S&P said, "While we believe
this could have potential use cases including telecommunications
(5G and 6G), cloud and AI computing, and electric vehicles, we
estimate that testing and commercial acceptance could take a long
time to come to fruition. Further, potential semiconductor
customers will need to invest heavily in making the switch from
well-established processes, which could be a multiyear investment.
Therefore, we believe profitably scaling lab-grown diamonds for
such uses is far from certain."
DFI's production facilities are geographically concentrated, depend
highly on reliable power sources, and remain vulnerable to cost of
power increases.
DFI has significant concentration with its entire manufacturing
operations in Chelan County, Wash. S&P said, "While the company
indicates it plans to develop manufacturing operations in Europe,
we understand that is still in early stages. DFI, a heavy user of
energy, has signed a power purchase agreement with the Chelan
County Public Utility District (PUD). We understand the company's
foundry is entirely powered by hydroelectricity, which allows it to
market itself as carbon neutral versus diamond mines. We expect any
expansion plans locally or overseas will require DFI to secure its
power needs by entering into similar agreements. Should the company
lose access to power sources, including potentially a drought or
the cost increases, this could materially lower profitability and
diminish the perceived environmental attractiveness of its
products. This risk could increase if the company expands
significantly--particularly in Europe--followed by an energy
shortage."
S&P factors cash flow ratio volatility in our financial risk
profile assessment given a lack of an operating track record and
inherent earnings volatility.
S&P said, "Although the company has no reported outstanding debt,
we estimate free operating cash flow (FOCF) will remain pressured
and possibly be negative over the forecast period as it continues
capex to expand production capabilities. Further, we estimate that
credit metrics could weaken if DFI incurs substantial new debt, in
addition to the subsidiary's EUR120 million FAIIP loan, or during
periods of stress such as a recession, unavailability of key inputs
(such as power), loss of customers, new and improved technologies
from competitors, or a steep drop in lab-grown diamond prices.
"The stable outlook reflects our expectation for sales and profit
growth over the next year, driven by increased production capacity,
new customers, and favorable demand trends, resulting in healthy
OCF. Nevertheless, we believe DFI will invest most OCF in expanding
capacity."
S&P could lower the rating if operating performance deteriorates,
resulting in materially weaker than forecast cash flows and
margins, and its capital structure becomes unsustainable. This
could be caused by:
-- Less conservative financial policies, such as debt-financed
shareholder returns, significant capacity increases, or mergers and
acquisitions.
-- Excessive debt at potentially unfavorable terms.
-- Disruptions to consumer discretionary spending due to severe or
prolonged weak economic conditions.
-- Changing customer preferences away from lab-grown diamonds or
lower perceived product quality.
Although unlikely over the next 12 months, S&P could raise the
rating if:
-- The company can acquire and retain customers in the consumer
diamond business; and
-- Sustain a successful track record of cash flow at or above
break-even, while withstanding competitive pressures.
ESG credit indicators: E-2; S-2; G-3
S&P said, "Governance factors are a moderately negative
consideration in our credit analysis of DFI. We believe the
company's controlling ownership and voting structure point to
corporate decision-making that could prioritize the interests of
its co-founder and major controlling shareholders. This includes
influence on the board and major decisions that require a
shareholder vote and could result in outcomes that are not in the
best interest of other stakeholders. Environmental and social
factors have an overall neutral influence in our credit rating
analysis. While lab-grown diamonds require significant amounts of
water and energy through the manufacturing process, we believe this
is still vastly below the environmental and social impact of a
mined diamond and therefore is a more sustainable alternative."
DIAMOND SPORTS: Prudential IP9 Marks $2M Loan at 81% Off
--------------------------------------------------------
Prudential Investment Portfolios 9 has marked its $2,070,000 loan
extended to Diamond Sports Group LLC to market at $397,613 or 19%
of the outstanding amount, as of October 31, 2022, according to a
disclosure contained in Prudential IP9's Form N-CSR for the fiscal
year ended October 31, 2022, filed with the Securities and Exchange
Commission on December 29, 2022.
Prudential IPI17 is a participant in a Second Lien Term Loan that
accrues interest at a rate of 6.458% per annum (1 Month SOFR +
3.350%) to Diamond Sports Group LLC. The loan is scheduled to
mature on August 24, 2026.
Prudential Investment Portfolios 9 is registered under the
Investment Company Act of 1940, as amended, as an open-end
management investment company. The RIC is organized as a Delaware
Statutory Trust.
Diamond Sports Group, LLC operates as a sports marketing company.
The Company offers seminars, combine, speed and agility
assessments, recruiting tools, and online training sessions for
sports including football, baseball, soccer, and basketball.
DIAMOND SPORTS: Prudential IPI17Marks $55.4M 2L Loan at 81% Off
---------------------------------------------------------------
Prudential Investment Portfolios, Inc. 17 has marked its
$55,445,000 loan extended to Diamond Sports Group LLC to market at
$10,650,006 or 19% of the outstanding amount, as of October 31,
2022, according to a disclosure contained in Prudential IPI17's
Form N-CSR for the fiscal year ended October 31, 2022, filed with
the Securities and Exchange Commission on December 29, 2022.
Prudential IPI17 is a participant in a Second Lien Term Loan that
accrues interest at a rate of 7.144% per annum (1 Month SOFR +
3.350%) to Diamond Sports Group LLC. The loan is scheduled to
mature on August 24, 2026.
Prudential Investment Portfolios, Inc. 17 is registered under the
Investment Company Act of 1940, as amended, as an open-end
management investment company. The RIC is organized as a Maryland
Corporation.
Diamond Sports Group, LLC operates as a sports marketing company.
The Company offers seminars, combine, speed and agility
assessments, recruiting tools, and online training sessions for
sports including football, baseball, soccer, and basketball.
DOLPHIN ENTERTAINMENT: Gets $1.85M from Convertible Notes Issuance
------------------------------------------------------------------
Dolphin Entertainment, Inc. disclosed in a Form 8-K filed with the
Securities and Exchange Commission that between Nov. 28, 2022 and
Jan. 9, 2023, the Company entered into subscription agreements with
three individuals for five convertible promissory notes in the
aggregate principal amount of $1,850,000 and received cash proceeds
of $1,850,000.
The Notes bear interest at a rate of 10% per annum. Two of the
notes, in the principal amount of $450,000, mature in four years
from their issuance date and the remaining three Notes mature two
years from their issuance dates. The noteholders may convert the
principal balance of the Notes and any accrued interest thereon at
any time before the maturity date of the Note into common stock of
the Company using the 90-day trailing average trading price of the
Company's common stock. The floor on such conversion price is
$2.50 in one Note and $2.00 in the remaining Notes.
About Dolphin Entertainment
Headquartered in Coral Gables, Florida, Dolphin Entertainment, Inc.
-- http://www.dolphinentertainment.com-- is an independent
entertainment marketing and premium content development company.
Through its subsidiaries, 42West LLC, The Door Marketing Group LLC
and Shore Fire Media, Ltd, the Company provides expert strategic
marketing and publicity services to many of the top brands, both
individual and corporate, in the entertainment, hospitality and
music industries.
Dolphin Entertainment reported a net loss of $6.46 million for the
year ended Dec. 31, 2021, a net loss of $1.94 million for the year
ended Dec. 31, 2020, and net loss of $2.33 million for the year
ended Dec. 31, 2019. As of Sept. 30, 2022, the Company had $55.72
million in total assets, $26.74 million in total liabilities, and
$28.98 million in total stockholders' equity.
EMERALD GRANDE: U.S. Trustee Unable to Appoint Committee
--------------------------------------------------------
The U.S. Trustee for Region 4 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of Emerald Grande, LLC.
About Emerald Grande
Emerald Grande, LLC owns commercial buildings situated on 2.284
acres located at 5760, 5780, and 5790 MacCorkle Ave., SE,
Charleston, W. Va., having an appraised value of $2.97 million.
Emerald Grande filed a petition for Chapter 11 protection (Bankr.
S.D. W. Va. Case No. 22-20189) on Dec. 2, 2022. In the petition
signed by William A. Abruzzino as member of Gold Coast Partners,
LLC, the Debtor disclosed up to $3,009,950 in total assets and
$11,214,745 in total liabilities.
Judge B. McKay Mignault oversees the case.
Joe M. Supple, Esq., at Supple Law Office, PLLC serves as the
Debtor's counsel.
ENTERCOM MEDIA: Calamos CHIF Marks $1.5M Loan at 23% Off
--------------------------------------------------------
Calamos Convertible and High Income Fund has marked its $1,527,000
loan extended to Entercom Media Corp to market at $1,183,066, or
77% of the outstanding amount, as of October 31, 2022, according to
a disclosure contained in Calamos CHIF's Form N-CSR for the fiscal
year ended October 31, 2022, filed with the Securities and Exchange
Commission on December 29, 2022.
Calamos CHIF is a participant in a Bank Loan that accrues interest
at a rate of 6.1325% per annum (1 mo. LIBOR + 2.50%) to Entercom
Media Corp. The loan is scheduled to mature on November 18, 2024.
Calamos Convertible and High-Income Fund was organized as a
Delaware statutory trust on March 12, 2003 and is registered under
the Investment Company Act of 1940 as a diversified, closed-end
management investment company. The Fund commenced operations on May
28, 2003.
Entercom Media Corp is in the broadcasting industry.
ENTERCOM MEDIA: Calamos COIF Marks $1.5M Loan at 23% Off
--------------------------------------------------------
Calamos Convertible Opportunities and Income Fund has marked its
$1,505,000 loan extended to Entercom Media Corp to market at
$1,166,021, or 77% of the outstanding amount, as of October 31,
2022, according to a disclosure contained in Calamos COIF's Form
N-CSR for the fiscal year ended October 31, 2022, filed with the
Securities and Exchange Commission on December 29, 2022.
Calamos COIF is a participant in a Bank Loan that accrues interest
at a rate of 6.132% per annum (1 mo. LIBOR + 2.50.%) to Entercom
Media Corp. The loan is scheduled to mature on November 18, 2024.
Calamos Convertible Opportunities and Income Fund was organized as
a Delaware statutory trust on April 17, 2002 and is registered
under the Investment Company Act of 1940 as a diversified,
closed-end management investment company. The Fund commenced
operations on June 26, 2002.
Entercom Media Corp is in the broadcasting industry.
ENTERCOM MEDIA: Calamos STRF Marks $1.75M Loan at 23% Off
---------------------------------------------------------
Calamos Strategic Total Return Fund has marked its $1,755,000 loan
extended to Entercom Media Corp to market at $1,359,713, or 77% of
the outstanding amount, as of October 31, 2022, according to a
disclosure contained Calamos STRF's Form N-CSR for the fiscal year
ended October 31, 2022, filed with the Securities and Exchange
Commission on December 29, 2022.
Calamos STRF is a participant in a Bank Loan that accrues interest
at a rate of 6.132% per annum (1 mo. LIBOR + 2.50%) to Entercom
Media Corp. The loan is scheduled to mature on November 18, 2024.
Calamos Strategic Total Return Fund was organized as a Delaware
statutory trust on December 31, 2003 and is registered under the
Investment Company Act of 1940 as a diversified, closed-end
management investment company. The Fund commenced operations on
March 26, 2004.
Entercom Media Corp is in the broadcasting industry.
F.R. ALEMAN: U.S. Trustee Unable to Appoint Committee
-----------------------------------------------------
The U.S. Trustee for Region 21, until further notice, will not
appoint an official committee of unsecured creditors in the Chapter
11 case of F.R. Aleman and Associates, Inc., according to court
dockets.
About F.R. Aleman and Associates
Miami-based F.R. Aleman and Associates, Inc. filed a petition under
Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla.
Case No. 22-18696) on Nov. 10, 2022, with up to $10 million in both
assets and liabilities. Aleida Martinez-Molina has been appointed
as Subchapter V trustee.
Judge Laurel M. Isicoff oversees the case.
Hoffman Larin & Agnetti, Leto Law Firm and De La Hoz Perez &
Barbeito, P.A. serve as the Debtor's bankruptcy counsel, special
counsel and accountant, respectively.
FORUM ENERGY: MacKay Shields Has 11.36% Stake as of Jan. 3
----------------------------------------------------------
In a Schedule 13G filed with the Securities and Exchange
Commission, MacKay Shields LLC disclosed that as of Jan. 3, 2023,
it beneficially owns 1,199,110 shares of common stock of Forum
Energy Technologies, representing 11.36 percent of the shares
outstanding.
MacKay Shields LLC, an investment adviser registered under Section
203 of the Investment Advisers Act of 1940, is deemed to be the
beneficial owner of 1,199,110 shares believed to be outstanding as
a result of acting as investment adviser to various clients. The
percentage ownership was calculated based on a total of 10,552,000
shares of Common Stock issued and outstanding as of Jan. 12,2023,
as disclosed on the Company's Form 10-Q filed with the SEC on Nov.
7, 2022.
A full-text copy of the regulatory filing is available for free
at:
https://www.sec.gov/Archives/edgar/data/1401257/000108514623000121/fet.htm
About Forum Energy
Forum Energy Technologies, Inc. -- www.f-e-t.com -- is a global
oilfield products company, serving the drilling, downhole, subsea,
completions and production sectors of the oil and natural gas
industry. FET provides value added solutions that increase the
safety and efficiency of energy exploration and production. Forum
is headquartered in Houston, TX with manufacturing and distribution
facilities strategically located around the globe.
Forum Energy reported a net loss of $82.65 million for the year
ended Dec. 31, 2021, a net loss of $96.89 million for the year
ended Dec. 31, 2020, a net loss of $567.06 million for the year
ended Dec. 31, 2019, a net loss of $374.08 million for the year
ended Dec. 31, 2018, a net loss of $59.40 million for the year
ended Dec. 31, 2017, and a net loss of $81.95 million for the year
ended Dec. 31, 2016. As of Sept. 30, 2022, the Company had $790.25
million in total assets, $487.64 million in total liabilities, and
$302.60 million in total equity.
* * *
In July 2022, Moody's Investors Service changed Forum Energy
Technologies, Inc.'s outlook to positive from stable. Concurrently,
Moody's affirmed Forum's Corporate Family Rating at Caa1. "The
change in Forum's rating outlook reflects our expectation that
Forum will grow EBITDA through 2023, driving improved leverage,"
said Jonathan Teitel, Moody's analyst.
FTX GROUP: Bid Procedures Okayed; Account Holders Concerned
-----------------------------------------------------------
FTX Trading Ltd. and its debtor-affiliates won bankruptcy court
approval of their proposed bid procedures in connection with
certain businesses within the Debtors they seek to sell, possibly
through an asset sale, or possibly through a sale of the stock of
certain Debtor holding companies in some or all of their Debtor and
non-Debtor subsidiaries.
Pursuant to the Bid Procedures, Indications of Interest must be
received by 5:00 p.m. (prevailing Eastern Time) on (i) Jan. 18,
2023 for the Embed Business, (ii) Jan. 25, 2023 for the LedgerX
Business, and (iii) Feb. 1, 2023 for the FTX Japan Business and/or
FTX Europe Business (each, a "Preliminary Bid Deadline"). Required
bid documents must be received by 5:00 p.m. (prevailing Eastern
Time) on (i) Feb. 15, 2023 for the Embed Business, (ii) March 1,
2023 for the LedgerX Business, and (iii) March 15, 2023 for the FTX
Japan Business and/or FTX Europe Business ("each, a "Bid
Deadline"). The Debtors may extend the bid deadlines without
further order of the Court. In the event that the Debtors timely
receive two or more qualified bids with respect to the same or
overlapping Businesses, the Debtors are authorized to conduct one
or more auctions in accordance with the Bid Procedures.
The Sale Hearing(s) shall be held in the United States Bankruptcy
Court for the District of Delaware, Courtroom 5, 824 North Market
Street, 5th Floor, Wilmington, Delaware 19801, on the following
dates, at times to be determined, or as soon thereafter as the
Debtors may be heard: (i) February 27, 2023 for the Embed Business,
(ii) March 13, 2023 for the LedgerX Business, and (iii) March 27,
2023 for the FTX Japan Business and the FTX Europe Business. The
sale hearing may be adjourned or continued by an announcement at a
hearing before the Court and/or by filing a notice on the Court's
docket.
The Ad Hoc Committee of Non-US Customers of FTX.com, comprising
international customers who held accounts on the FTX.com platform,
filed a reservation of rights and limited objection to the bid
procedures. The Ad Hoc Committee said it has significant concerns
over the lack of information regarding sale of the Businesses and
the potential effects on the interests of FTX.com customers, who
are believed to be the most significant stakeholder group in these
cases. The Bid Procedures Motion does not disclose or discuss the
source of funds the Debtors used to acquire and support the
Businesses. Yet, it is likely (if not already apparent) that the
Debtors used FTX.com customer funds to fuel the purchase and
support of the businesses they acquired, the Ad Hoc Committee tells
the Court.
The Ad Hoc Committee has filed its Complaint for Declaratory
Judgment, Adv. Pro. No. 22-50514, seeking a declaration that assets
customers deposited, held, received, or acquired on the FTX.com
platform are customer property and not property of the Debtors'
estates under section 541 of the Bankruptcy Code. The Complaint
remains pending.
About FTX Group
FTX is the world's second-largest cryptocurrency firm. FTX is a
cryptocurrency exchange built by traders, for traders. FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.
Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.
Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell
itself to its giant rival Binance, but Binance walked away from the
deal the next day amid reports on FTX regarding mishandled customer
funds and alleged US agency investigations.
At 4:30 a.m. on Nov. 11, 2022, 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.
FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year. According to Reuters, SBF
shared a document with investors on Nov. 10 showing FTX had $13.86
billion in liabilities and $14.6 billion in assets. However, only
$900 million of those assets were liquid, leading to the cash
crunch that ended with the company filing for bankruptcy.
The Hon. John T. Dorsey is the case judge.
The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal
North America, LLC as 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.
Morris, Nichols, Arsht & Tunnell LLP and Eversheld Sutherland (US)
LLP are representing the Ad Hoc Group of Non-U.S. Customers of
FTX.com.
The Official Committee of Unsecured Creditors tapped Paul Hastings
as counsel.
GREEN ENERGY: Gets More Time for Bankruptcy Plan
------------------------------------------------
Green Energy Transport, LLC obtained a court order extending the
exclusive period for the company to file a Chapter 11 plan to Feb.
28 and solicit acceptances from creditors to April 28.
The ruling by the U.S. Bankruptcy Court for the Northern District
of Georgia allows the company to pursue a bankruptcy plan without
the threat of a competing plan while it negotiates a potential
refinancing and sale of a portion of its assets.
The company originally asked to extend the exclusive filing period
and solicitation period to March 27 and May 26, respectively. Prior
to the hearing, Green Energy Transport and Comerica Bank, which
initially opposed the extension given the lack of progress in the
case, agreed to shorten the time the company can keep exclusive
control of its bankruptcy.
About Green Energy Transport
Green Energy Transport, LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-41010) on
Aug. 26, 2022. In the petition filed by Carson Cash King,
authorized representative, the Debtor disclosed up to $50,000 in
assets and up to $500,000 in liabilities.
Judge Barbara Ellis-Monro oversees the case.
The Debtor tapped Cameron M. McCord, Esq., at Jones & Walden, LLC
as bankruptcy counsel and Windham Brannon, LLC as accountant.
INFINITE SYNERGY: Bid to Use Cash Collateral Denied
---------------------------------------------------
The U.S. Bankruptcy Court for the District of Oregon denied the
Motion for Authority to Use Cash Collateral filed by Infinite
Synergy Insurance Agency, LLC on November 30, 2022.
A hearing on the matter was held on December 30 where:
-- the Debtor appeared by and through its Counsel, Theodore
Piteo;
-- Creditor, U.S. Bank Trust Company, National Association,
appeared through its Counsel, Tony Kullen;
-- the United States Trustee Appeared through its Counsel,
Kathryn Evans; and
-- the case Trustee Ken Eiler appeared as well.
The Court found, for the reasons stated on the record, that the
Debtor's Motion for Use of Cash Collateral was not approved.
An initial status conference was held in the case January 10, 2023,
before Bankruptcy Judge Peter C. McKittrick. Following the
hearing, the Court directed the Debtor January 23 to:
-- provide proof that it has closed all bank accounts open on
the petition date and opened
new debtor-in-possession bank accounts at an authorized
depositories for this District;
-- provide proof that the United States Trustee has been added
to each insurance policy as a party entitled to receive notice and,
including copies of all insurance policies, not already provided
for the IDI;
-- provide to the UST copies of all Bank statements used by
the Debtor for the time period
of October through December 2022, including but not limited to,
Bank of America statements for Home Health Complete LLC;
-- prepare and file amended Schedules, including the Statement
of Financial Affairs;
-- prepare a flowchart describing all affiliated entities of
the Debtor; and
-- recover any and all funds it loaned or transferred to any
affiliate or otherwise and deposit the same into the
debtor-in-possession bank account.
Any motion to determine the Debtor's eligibility under Subchapter V
must be filed by January 23, unless a letter requesting assignment
of a mediator is filed by the Debtor or US Bank, N.A., on or before
that date.
A copy of the Court's order is available at https://bit.ly/3ILSPIS
from PacerMonitor.com.
About Infinite Synergy Insurance Agency, LLC
Infinite Synergy Insurance Agency, LLC is the fee simple owner of a
property located at 6015 SE Oatfield Rd. in Milwaukie, Ore., having
a comparable sale value of $975,000.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Ore. Case No. 22-31983) on November 29,
2022. In the petition signed by Desiree Magcalas, member, the
Debtor disclosed $1,038,510 in assets and $688,881 in liabilities.
Judge Teresa H. Pearson oversees the case.
Theodore J. Piteo, Esq., at Michael D. O'Brien and Associates,
P.C., is the Debtor's counsel.
JUMAS FOOD: Bid to Use Cash Collateral Denied
---------------------------------------------
The U.S. Bankruptcy Court for the Middle District of North Carolina
denied the Motion for Interim and Final Orders Granting Authority
to Use Cash Collateral filed by Jumas Food Mart, LLC.
The Court said it appears from the record in the case that the
Debtor's cash, inventory, and accounts receivable generated by the
business operations as well as any rent generated by the rental
property may constitute cash collateral of Residential Asset Sub
LLC and Natural Capital Investment Fund, Inc. to the extent of the
value of the collateral to secure such liens on cash collateral.
After due consideration of the matters set forth in the Motion, the
evidence presented at the hearing does not support the further use
of cash collateral for the reasons stated in court.
The Debtor is ordered to deposit all cash, and the proceeds of all
checks and all credit and debit card transfers in the Debtor in
Possession account when received and to not use those funds,
pending further Orders of the Court.
The Debtor is ordered to pay the rent generated by the real
property since December 1, 2022, to the trust account of Debtor's
Counsel, on or before January 30, 2023, pending further Orders of
the Court.
A further hearing on the matter is set for February 7, 2023 at 9:30
a.m.
A copy of the order is available at https://bit.ly/3W8XFCY from
PacerMonitor.com.
About Jumas Food Mart, LLC
Jumas Food Mart, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D.N.C. Case No. 22-80201) on October 17,
2022. In the petition filed by Benard Ogomo, member-manager, the
Debtor disclosed up to $500,000 in both assets and liabilities.
Judge Benjamin A. Kahn oversees the case.
Laurie B. Biggs, Esq., at Biggs Law Firm PLLC, is the Debtor's
legal counsel.
JUST ENERGY: 5th Circuit Remands Chapter 15 Suit Over Power Prices
------------------------------------------------------------------
The Fifth Circuit Court of Appeals remanded an energy pricing
dispute between Chapter 15 debtor Just Energy Group Inc. and Texas
regulators back to the bankruptcy court there, saying the lower
court should have abstained from handling the fight in favor of a
local state court.
"This direct appeal from the bankruptcy court arises out of the
soaring electricity prices charged during week-long winter storm
Uri, which incapacitated most of Texas's power-generating
facilities. The bankruptcy court's refusal to abstain under
Burford was in error. Accordingly, we VACATE and REMAND," the
Fifth Circuit ruled Jan. 5, 2023, in the matter Electric
Reliability Council of Texas, Incorporated; Calpine Corporation;
NRG Energy, Incorporated, Appellants, versus Just Energy Texas,
L.P.; Fulcrum Retail Energy, L.L.C.; Hudson Energy Services,
L.L.C.; Just Energy Texas I Corporation; Just Energy Group,
Incorporated, Appellees.
Just Energy, a retail energy provider, purports that after the
storm, Electric Reliability Council of Texas, Inc. ("ERCOT")
"floored" it with invoices totaling approximately $335 million for
the operating days of Feb. 13, 2021, through Feb. 20, 2021. Lacking
sufficient liquidity to satisfy the invoices on its own, Just
Energy commenced bankruptcy proceedings in Canada and filed this
Chapter 15 case in the United States Bankruptcy Court for the
Southern District of Texas, Houston Division. Under protest, Just
Energy paid ERCOT the monies owed, disputing "no less than $274
million of the invoiced amounts."
In a complaint, Just Energy challenges its invoice obligations
"because, among other things, the Invoices are based on the PUCT
Orders, which themselves are unlawful under the [Administrative
Procedure Act] and the [Public Utility Regulatory Act], and
otherwise are inconsistent with the ERCOT Protocols and the
[Standard Form Market Participant Agreement]." In the alternative,
Just Energy contends that "even if the PUCT Orders are valid, [it]
still has valid claims because ERCOT had no basis to apply the
$9,000/MWh price after 11:55 p.m. on February 17, 2021." ERCOT
moved to dismiss the complaint, arguing that each count "attempts
to obtain judicial repricing of energy charges" and "implicate[s]
the filed rate doctrine, the PUCT's rulemaking, ERCOT's sovereign
immunity, and Burford abstention."
"In deciding whether to abstain under Burford, [federal] courts
consider: (1) whether the plaintiff raises state or federal claims,
(2) whether the case involves unsettled state law or detailed local
facts, (3) the importance of the state's interest in the
litigation, (4) the state's need for a coherent policy in the area,
and (5) whether there is a special state forum for judicial
review." Harrison, 48 F.4th at 339-40 (citing Grace Ranch, 989 F.3d
at 313).
The Fifth Circuit said that four of the five factors favor
abstention. Just Energy fails to cite any caselaw where the
scoreboard is this lopsided in favor of abstention, yet Burford was
inapplicable. Cf. Grace Ranch, 989 F.3d at 319 (holding that
abstention was not warranted when the first three factors favored
abstention). Accordingly, the district court abused its discretion
in declining to abstain, the Fifth Circuit ruled.
A copy of the ruling is available at
https://www.ca5.uscourts.gov/opinions/pub/22/22-20424-CV0.pdf
About Just Energy
Just Energy Group Inc. (TSX:JE; NYSE:JE) --
https//www.justenergy.com/ -- is a retail energy provider
specializing in electricity and natural gas commodities and
bringing energy efficient solutions and renewable energy options to
customers. Currently operating in the United States and Canada,
Just Energy serves residential and commercial customers. Just
Energy is the parent company of Amigo Energy, Filter Group Inc.,
Hudson Energy, Interactive Energy Group, Tara Energy, and
terrapass.
On March 9, 2021, Just Energy Group Inc., Just Energy Corp.,
Ontario Energy Commodities Inc., Universal Energy Corporation, Just
Energy Finance Canada ULC, Hudson Energy Canada Corp., Just
Management Corp., Just Energy Finance Holding Inc., 11929747 Canada
Inc., 12175592 Canada Inc., JE Services Holdco I Inc., JE Services
Holdco II Inc., 8704104 Canada Inc., Just Energy Advanced
Solutions
Corp., Just Energy (U.S.) Corp., Just Energy Illinois Corp, Just
Energy Indiana Corp., Just Energy Massachusetts Corp., Just Energy
New York Corp., Just Energy Texas I Corp., Just Energy, LLC, Just
Energy Pennsylvania Corp., Just Energy Michigan Corp., Just Energy
Solutions Inc., Hudson Energy Services LLC, Hudson Energy Corp.,
Interactive Energy Group LLC, Hudson Parent Holdings LLC, Drag
Marketing LLC, Just Energy Advanced Solutions LLC, Fulcrum Retail
Energy LLC, Fulcrum Retail Holdings LLC, Tara Energy, LLC, Just
Energy Marketing Corp., Just Energy Connecticut Corp., Just Energy
Limited, Just Solar Holdings Corp., and Just Energy (Finance)
Hungary ZRT filed for protection under the Companies' Creditors
Arrangement Act ("CCAA") before the Ontario Superior Court of
Justice (Commercial List).
Just Energy Group Inc. and its affiliates filed petitions under
Chapter 15 of the Bankruptcy Code in the United States (Bankr. S.D.
Tex. Lead Case No. 21-30823) on March 9, 2021, to seek recognition
of the Canadian proceedings.
FTI Consulting Canada Inc. has consented to act as monitor in the
CCAA proceeding. BMO Capital Markets has been engaged as financial
advisor, Osler, Hoskin & Harcourt LLP and Fasken Martineau DuMoulin
LLP are legal advisors in Canada, Kirkland & Ellis LLP and Jackson
Walker LLP are legal advisors in the United States.
LECLAIRRYAN PLLC: Former Partners Stuck on Shares Ownership
-----------------------------------------------------------
A Virginia federal judge agreed that a bankruptcy court went too
far last 2022 when it said a trustee could rely on a future,
amended list of ex-LeClairRyan partners, a group that has
challenged their inclusion amid fears it will bring them a big tax
bill.
Law360 previously reported that a Virginia bankruptcy judge denied
on Tuesday, March 29, 2022, requests by attorney Gary LeClair and
other former members of LeClairRyan to be struck from a list of the
bankrupt law firm's shareholders, finding that they retained their
shares and the tax liabilities that came with them. Judge Kevin
Huennekens of the U.S. Bankruptcy Court for the Eastern District of
Virginia ruled that LeClairRyan had legally dissolved five days
before it filed for bankruptcy and that founding partner LeClair
and nearly all the other remaining members quit too late to avoid
being locked into ownership of their firm equity.
About LeClairRyan PLLC
Founded in 1988, LeClairRyan PLLC is a national law firm with 385
attorneys, including 160 shareholders, at its peak. The firm
represented thousands of clients, including individuals and local,
regional, and global businesses.
Following massive defections by its attorneys LeClairRyan, members
of the firm in July 2019 voted to effect a wind-down of the
Debtor's operations.
LeClairRyan PLLC sought Chapter 11 protection (Bankr. E.D. Va. Case
No. 19-bk-34574) on Sept. 3, 2019, to effect the wind-down of its
affairs.
In its Chapter 11 petition, the firm listed a range of 200-999
creditors owed between $10 million and $50 million. The firm claims
assets of $10 million to $50 million.
The Hon. Kevin R Huennekens is the case judge.
Richmond attorneys Tyler Brown and Jason Harbour of Hunton Andrews
Kurth represented LeClairRyan in the case. Protiviti was the
Debtor's financial adviser for the liquidation.
The bankruptcy case was converted to a Chapter 7 liquidation on
Oct. 24, 20219. Lynn L. Tavenner was named a Chapter 7 trustee, and
then Benjamin C. Ackerly, a successor trustee.
The Chapter 7 trustee Ackerly's counsel:
Tyler P. Brown
Hunton Andrews Kurth LLP
Tel: 804-788-8200
E-mail: tpbrown@huntonak.com
MALLINCKRODT FINANCE: Calamos CHIF Marks $1M Loan at 18% Off
------------------------------------------------------------
Calamos Convertible and High Income Fund has marked its $1,029,026
loan extended to Mallinckrodt International Finance SA to market at
$842,356, or 82% of the outstanding amount, as of October 31, 2022,
according to a disclosure contained in Calamos CHIF's Form N-CSR
for the fiscal year ended October 31, 2022, filed with the
Securities and Exchange Commission on December 29, 2022.
Calamos CHIF is a participant in a Bank Loan that accrues interest
at a rate of 8.733% per annum (3 mo. LIBOR + 5.25%) to Mallinckrodt
International Finance SA. The loan is scheduled to mature on
September 30, 2027.
Calamos Convertible and High-Income Fund was organized as a
Delaware statutory trust on March 12, 2003 and is registered under
the Investment Company Act of 1940 as a diversified, closed-end
management investment company. The Fund commenced operations on May
28, 2003.
Mallinckrodt International Finance SA manufactures and distributes
pharmaceutical products. The company's country of domicile is
Luxembourg.
MARCUSE COMPANIES: Wins Cash Collateral Access Thru June 30
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas, Fort
Worth Division, authorized The Marcuse Companies, Inc. d/b/a/
Marcuse & Son, Inc. to continue using cash collateral on an interim
basis in accordance with the budget, with a 10% variance, through
June 30, 2023.
The Debtor may access cash collateral to pay its direct operating
expenses and obtain goods and services needed to carry on its
business.
As of the Petition Date, liens or other interests are asserted
against the cash collateral of the Debtor by The Frost National
Bank, United States Small Business Administration, Westmark Finance
and Funding Metrics, LLC.
The Court held that, on or before the end of business on January
20, 2023, the Debtor will provide Interested Parties with evidence
that it has opened an account styled as Debtor in Possession
Account. The Debtor will immediately deposit into the Cash
Collateral Account all Cash Collateral.
The Interested Parties, will receive, as adequate protection to the
extent of the diminution in value of each of their perfected
interests in the cash collateral, a replacement lien in
post-petition assets of the same character as their respective
prepetition collateral and proceeds of post-petition assets of the
same character as their respective prepetition collateral. Union
Funding Source, Inc. and Green Capital Funding, LLC assert that due
to the nature of their transactions with the Debtor, Section 552 of
the Bankruptcy Code does not apply and, as a result, a replacement
lien does not protect their interests in the property they claim
they purchased.
The Adequate Protection Liens will (i) be supplemental to and in
addition to the prepetition liens or interests of each respective
Interested Party, (ii) be accorded the same validity and priority
as enjoyed by the prepetition liens or interests immediately prior
to the Petition Date, (iii) be deemed to have been perfected
automatically effective as of the entry of the Order without the
necessity of filing of any UCC-1 financing statement, state or
federal notice, mortgage or other similar instrument or document in
any state or public record or office and without the necessity of
taking possession or control of any collateral.
As additional adequate protection for the interests of The Frost
National Bank in the cash collateral, the Debtor will commence
making adequate protection payments to The Frost National Bank on
or before February 1, 2023, and on the first day of each month
thereafter until otherwise directed by the Court or by operation of
law, in the amount of $2,042. The adequate protection payments will
be applied to accrued post-petition interest calculated at the
contractual non-default rate.
These events constitute an "Event of Default":
a. 10 days following either a Interested Party’s delivery of
a notice (either written or via email) of a breach by the Debtor of
any obligation under the Order which breach remains uncured or
otherwise continues to exist at the end of such 10 day 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 trustee pursuant to Section 1104 of
the Bankruptcy Code; and
d. The entry of any order modifying, reversing, revoking,
staying, rescinding, vacating or amending the Order without the
express prior written consent of Interested Parties.
The Debtor's obligations to the Interested Parties and the liens,
security interests, and superpriority claims granted herein shall
be subject and subordinate to the Carve-Out. The Carve-Out means
fees owed pursuant to 28 USC section 1930 as well as fees and
expenses of the Subchapter V trustee including, without limitation,
fees owed pursuant to 11 USC section 1194, plus (ii) up to $40,000
of allowed fees and expenses of professionals employed by the
Debtor in the subject bankruptcy case during the time the case is
in chapter 11.
A copy of the order and the Debtor's budget is available at
https://bit.ly/3IR6vlP from PacerMonitor.com.
The budget provides for total general overhead, on a monthly basis,
as follows:
$77,484 for January 2023;
$73,984 for February 2023;
$73,984 for March 2023;
$77,124 for April 2023;
$77,124 for May 2023; and
$93,571 for June 2023.
About The Marcuse Companies
The Marcuse Companies is a distributor of air compressors and air
compressor parts in North Texas. It also sells industrial sized
blast & paint rooms/booths.
The Marcuse Companies, Inc. filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No.
22-43146) on Sep. 23, 2022.
The petition was signed by Sydney A. English as president. At the
time of filing, the firm estimated $500,000 to $1 million in assets
and $1 million to $10 million in liabilities.
Judge Edward L. Morris presides over the case.
Joseph F. Postnikoff, Esq. at the Law Offices of Joseph F.
Postnikoff, PLLC represents the Debtor as counsel.
MARTIN MIDSTREAM: S&P Cuts ICR to 'CCC' on Diminishing Liquidity
----------------------------------------------------------------
S&P Global Ratings lowered its issue-level rating on Martin
Midstream Partners L.P.'s second-lien notes due 2025 to 'CCC'. The
recovery rating remains '3', indicating its expectation of
meaningful (50%-70%; rounded estimate: 55%) recovery.
The CreditWatch status reflects uncertainty around the timing of
Martin's extension of its revolving credit facility.
S&P said, "The downgrade reflects our view that Martin could face
liquidity issues over the next 12 months due to the maturity of its
revolving credit facility (RCF) in August 2023. In our view, Martin
will not have sufficient liquidity to repay amounts outstanding on
the RCF when the facility matures in August 2023. As of Sept. 30,
2022, we do not expect the company to generate sufficient cash
during the next 12 months to cover amounts outstanding under the
RCF. We expect Martin will pursue a refinancing transaction before
the maturity date, but the timing of execution is uncertain."
As it currently stands, Martin Midstream has a sizeable maturity
wall that will require comprehensive refinancing options.
These maturities include:
-- The RCF facility, which has about $201 million outstanding as
of Sept. 30, 2022.
-- About $52 million of 1.5 lien notes due February 2024
-- About $290 million of second-lien notes due February 2025.
S&P said, "Market access for speculative-grade issuers is currently
limited due to significant economic uncertainty. Although market
conditions are difficult to predict, we note that since our last
review, S&P Global' view of the U.S. economy avoiding recession has
dimmed, and we now anticipate a recession in 2023. This could lead
to an extended period of market turbulence that heightens
refinancing risk. Given these factors, coupled with high leverage
(above 5.0x through fiscal 2023 based on S&P Global
Ratings-adjusted debt to EBITDA) and current liquidity, in our
opinion, the company's capital structure appears unsustainable for
at least the next few years.
"We now expect adjusted debt to EBITDA to be in the 5.0x-6.0x range
in 2022 and 2023.Our expectation of elevated adjusted debt to
EBITDA at Martin reflects losses experienced in the natural gas
liquids (NGL) business along with limited free cash flow generation
available for debt repayment. The elevated financial measures could
limit the company's ability to successfully refinance its debt
maturities at satisfactory terms."
The CreditWatch placement reflects the uncertainty around the
timing of Martin's refinancing of its $275 million Revolving Credit
Facility due August 2023.
If Martin does not refinance or extend its revolving credit
facility in 90 days, S&P could lower the rating.
Alternatively, if Martin improves its liquidity by completing a
refinancing transaction within the next few months such that weak
liquidity concerns are alleviated, S&P could raise its rating,
potentially by multiple notches.
NORD ANGLIA: S&P Upgrades Long-Term ICR to 'B', Outlook Stable
--------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Nord Anglia Education (Bach Finance Ltd.) to 'B' from 'B-'.
S&P said, "The stable outlook reflects our expectation that Nord
Anglia Education will continue to expand its learning facilities'
capacity and utilization rates at a sustainable pace, as well as
passing on fee increases to offset the inflationary environment. We
expect leverage metrics will remain below historic levels, with
adjusted debt to EBITDA at about 9.0x (or about 7.0x, excluding
debt-like noncommon equity instruments) over the next 12 months,
supported by positive free operating cash flow (FOCF) after lease
payments, albeit constrained by higher cash interest payments."
Nord Anglia reported good revenue and EBITDA growth in 2022,
largely supported by an increase in revenue per student, while
utilization rates remain below pre-pandemic levels. Nord Anglia
reported revenue growth of 13% in fiscal year ending Aug. 31, 2022,
up to $1.54 billion, with growth in all areas except the China
International business, where COVID-19-related restrictions on
mobility led to stable revenue. Capacity increased only marginally
during the year by 4% up to a 93,610 average for the period
(excluding the China Bilingual business), with strong growth in
Americas and China International, as the group continued to invest
in these regions. Nevertheless, utilization rates fell during 2022
by about 80 basis points (bps) to 69.9% in fiscal 2022, which still
remains below the pre-pandemic level of 73.3% (excluding China
Bilingual).
The removal of the COVID-19-related restrictions across the globe
has led to an increase of ancillary businesses, including boarding
schools. This, together with the overall fee increase during the
year, has led to a revenue per student growth of about 8%,
supported by 11% growth in the Americas (where revenue per
full-time equivalent [FTE] had been decreasing since 2018) and
14.6% growth in Europe. S&P Global Ratings-adjusted EBITDA stood at
$536 million in 2022, leading to a decrease in EBITDA margin to
34.7% in fiscal 2022 from 36.5% in fiscal 2021 on the back of
marginally increasing administrative costs following the reopening
of schools. However, this remains significantly above pre-pandemic
levels, with margins around 30%. S&P expects organic growth to be
the main driver of Nord Anglia's performance over the next 12-24
months.
S&P said, "We anticipate that the group will continue to build
organic capacity by investing in school extensions, leading to an
average capacity growth of 4%-5% over the next two years. In our
view, Nord Anglia will focus on increasing the utilization of its
existing schools across all geographies, and consolidate its China
business following the regulatory changes of the past two years.
However, we expect growth-capital investment to remain relatively
modest, at about $30 million-$40 million per year, to respond to
capacity-increase needs. While the group has made significant
acquisitions in the past, leading to a total cash outflow of $262
million in 2022, we do not factor any transformational acquisitions
into our base case. Instead, we would expect the group to make
small bolt-on acquisitions as it benefits from the consolidation
trends in a highly fragmented market.
"We anticipate top-line growth and improved profitability metrics
over the next 12-24 months, though we expect a small drop in EBITDA
margin in 2023 before recovering in 2024.We think the group is well
positioned to continue growing its top line, based on its ability
to increase fees, its investment in organic growth, and the
available capacity within the existing current school base. We
expect revenue to increase by 8%-10% over the next two years,
mostly driven by increasing utilization toward 72%-74% and rising
fees across all geographies--though a weak euro versus dollar could
hinder Europe's reported performance. However, in our view, there
will be some inflationary pressures on wages and other operating
expenses, such as energy costs, during fiscal 2023, which--while
largely offset by the fee increases--will lead to a small drop in
EBITDA margin of about 100 bps-150 bps from 34.7% in fiscal 2022.
However, we expect a rapid recovery in EBITDA margins in 2024,
rising above 35%."
The nature of the business means the group is continually exposed
to regulatory risk, yet this is mitigated by increasing
geographical diversity. The education sector is intrinsically
exposed to changes in regulation, and Nord Anglia has been highly
affected by the Chinese government's decision to ban direct foreign
ownership of private schools that impart mandatory education for
Chinese nationals. As a result, the group no longer controls its
China Bilingual segment (for which it now receives only service
fees). Mobility and travel restrictions in China have also affected
the group's ability to increase utilization rates, and we expect
this will continue over the coming 12-24 months, as fewer foreign
nationals settle in the country. S&P said, "We recognize the
group's efforts to diversify its student base and increase the
proportion of local students, reducing the reliance on foreign
nationals and international mobility. At present, we do not factor
any significant change in the regulatory environment of any of the
group's key geographies (including China); however, we do not
discard the possibility that regulatory changes could affect the
group's performance in the medium term. However, this risk is
mitigated by the increasing geographical diversification of the
group's school base (now present in 32 countries)."
The proposed refinancing transaction allows Nord Anglia to extend
its maturity profile, avoiding refinancing risk and enhancing
liquidity. The current capital structure comprises $1.8 billion of
first-lien debt maturing September 2024 ($1.5 billion
euro-equivalent and $300 million in U.S. dollars), $409 million
second-lien debt maturing September 2025, and a $400 million
revolving credit facility (RCF) maturing August 2024 (currently
undrawn). Nord Anglia is seeking to extend its 2024 and 2025
maturities by three years up to 2027 and 2028, respectively. The
resulting capital structure is expected to be $1.9 billion
equivalent of first-lien debt maturing January 2028, $409 million
second-lien debt maturity September 2028, and a $545 million RCF,
reducing to $525 million in 2024, maturing August 2027 (expected to
remain undrawn at closing and to be used for the group's working
capital needs). A successful extension of the maturity date will
reduce the refinancing risk in a volatile market and, together with
the upsizing of the RCF, improves the group's liquidity profile,
which we continue to view as adequate.
The group's leverage continues to be elevated given its large debt
burden. S&P said, "We anticipate that the proposed capital
structure will be neutral to the group's leverage, which continues
to be elevated. Nord Anglia will have more than $2.3 billion of
financial debt, comprising $1.9 billion of first-lien debt, $409
million of second-lien debt, and a $545 million RCF (expected to be
undrawn at closing). The group also has $1.6 billion of reported
leases and $1.1 billion of accruing preference shares as of Aug.
31, 2022. We expect leverage to remain high, despite its expected
improvement, above 6.0x–7.0x (excluding preference shares) for
the next two years. The group's limited cash generation in relation
to its balance sheet is reflected in a weak FOCF after leases to
debt (excluding preference shares), below 1% in 2023 and only
marginally increasing toward 2%-3% in 2024."
S&P said, "We anticipate that the increasing interest rate
environment will weigh on Nord Anglia's cash flow generation.The
current macroeconomic conditions have led to increasing base rates
following central banks' actions, and to increasing margins for
refinancing existing debt. We expect this will have a significant
impact on Nord Anglia's cash interest expense, which we expect to
increase by about 50% up to approximately $300 million (including
lease interest expense), from about $200 million. As a result, we
expect FOCF after leases to drop below $50 million in 2023 but
remain positive, returning to growth in 2024 as profitability
improves."
Borrowing in euros exposes the company to foreign exchange risk in
the absence of a hedging policy. Under the proposed capital
structure, the group is expected to borrow approximately $1.9
billion equivalent first-lien debt, split between euros and
dollars, with approximately $1.4 billion equivalent in euros. S&P
expects interest payments for the euro tranche to be above $100
million (euro equivalent). However, the group generates less than
5% of its EBITDA (that is, less than $30 million) in that currency,
which could leave it exposed to foreign exchange risk in the
absence of a hedging strategy. Nevertheless, the risk is
significantly mitigated, and we therefore continue to assess the
capital structure as neutral. The group and its sponsors
proactively manage its foreign exchange exposure and have in the
past swapped its operational currencies into euros when required.
Nord Anglia has significant amounts of cash in several currencies
and full availability under the RCF, which it can draw in euros to
cover interest payments if needed.
S&P said, "The stable outlook reflects our expectation that Nord
Anglia will continue to expand its learning facilities' capacity
and utilization rates at a sustainable pace as well as passing on
fee increases to offset the inflationary environment. We expect
leverage metrics will remain below historic levels with S&P
Global-adjusted debt to EBITDA at about 9.0x (or about 7.0x
excluding debt-like noncommon equity instruments) over the next 12
months, supported by positive FOCF after lease payments, though
constrained by higher cash interest payments. The outlook also
reflects our view that the group and its financial sponsors will
continue to show a prudent financial policy with no transformative
mergers and acquisitions (M&A) activity that could jeopardize its
credit metrics. The stable outlook also assumes that there would
not be any major adverse changes in regulations in the key
geographies where the group operates (including China), and that
the group will effectively manage its large unhedged foreign
exchange exposure.
"We could take a negative rating action on Nord Anglia if the group
were to materially underperform our base-case expectations, leading
to an adjusted debt to EBITDA above 7.5x (excluding preference
shares) or any material deterioration of its FOCF after lease
payments.
"We could also lower our rating if the financial sponsors were to
pursue a more aggressive financial policy than expected, or
undertake significant M&A activity that could negatively affect the
credit metrics.
"Although unlikely at this stage given its financial leverage, we
could raise our ratings on Nord Anglia if its performance
materially exceeded our base case, especially if the group were
able to reduce adjusted debt to EBITDA to below 5.0x, excluding
shareholder instruments, and if we saw a sustainable improvement in
cash flow generation leading to FOCF after leases to debt
(excluding preference shares) above 5%."
An upgrade would require a financial policy supportive of these
ratios as well as increasing certainty around regulation in China
(including Hong Kong), and the implementation of a strong foreign
exchange hedging policy.
ESG credit indicators: E-2, S-2, G-3
S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of Nord Anglia, as it
is for most rated entities owned by private-equity sponsors. We
believe the group's highly leveraged financial risk profile points
to corporate decision-making that prioritizes the interests of the
controlling owners. This also reflects generally finite holding
periods and a focus on maximizing shareholder returns."
Environmental, social, and governance (ESG) credit factors for this
change in credit rating/outlook and/or CreditWatch status:
-- Health and safety
PATAGONIA HOLDCO: Calamos CHIF Marks $1M Loan at 19% Off
--------------------------------------------------------
Calamos Convertible and High Income Fund has marked its $1,060,000
loan extended to Patagonia Holdco LLC to market at $853,300, or 81%
of the outstanding amount, as of October 31, 2022, according to a
disclosure contained in Calamos CHIF's Form N-CSR for the fiscal
year ended October 31, 2022, filed with the Securities and Exchange
Commission on December 29, 2022.
Calamos CHIF is a participant in a Bank Loan that accrues interest
at a rate of 8.386% per annum (3 mo. SOFR + 5.75%) to Patagonia
Holdco LLC. The loan is scheduled to mature on August 1, 2029.
Calamos Convertible and High-Income Fund was organized as a
Delaware statutory trust on March 12, 2003 and is registered under
the Investment Company Act of 1940 as a diversified, closed-end
management investment company. The Fund commenced operations on May
28, 2003.
Patagonia Holdco LLC is a holding company fully owned and
established by Stonepeak Partners LP, a private equity firm
specializing in infrastructure and real estate investments, to hold
the Latin American assets acquired from Lumen Technologies, Inc.
PATAGONIA HOLDCO: Calamos STRF Marks $1.2M Loan at 19% Off
----------------------------------------------------------
Calamos Strategic Total Return Fund has marked its $1,200,000 loan
extended to Patagonia Holdco LLC to market at $966,000, or 81% of
the outstanding amount, as of October 31, 2022, according to a
disclosure contained Calamos STRF's Form N-CSR for the fiscal year
ended October 31, 2022, filed with the Securities and Exchange
Commission on December 29, 2022.
Calamos STRF is a participant in a Bank Loan that accrues interest
at a rate of 8.386% per annum (3 mo. SOFR + 5.75% to Patagonia
Holdco LLC. The loan is scheduled to mature on August 1, 2029.
Calamos Strategic Total Return Fund was organized as a Delaware
statutory trust on December 31, 2003 and is registered under the
Investment Company Act of 1940 as a diversified, closed-end
management investment company. The Fund commenced operations on
March 26, 2004.
Patagonia Holdco LLC is a holding company fully owned and
established by Stonepeak Partners LP, a private equity firm
specializing in infrastructure and real estate investments, to hold
the Latin American assets acquired from Lumen Technologies, Inc.
PHI GROUP: Posts $21.2 Million Net Loss in FY Ended June 30
-----------------------------------------------------------
PHI Group, Inc. has filed with the Securities and Exchange
Commission its Annual Report on Form 10-K disclosing a net loss of
$21.15 million on $30,000 of total revenues for the year ended June
30, 2022, compared to a net loss of $6.55 million on $61,000 of
total revenues for the year ended June 30, 2021.
As of June 30, 2022, the Company had $469,963 in total assets,
$7.01 million in total liabilities, and a total stockholders'
deficit of $6.54 million.
Bangalore, India-based M.S. Madhava Rao, the Company's auditor,
issued a "going concern" qualification in its report dated Jan. 13,
2023, citing that Company has an accumulated deficit of $71,717,973
and had a negative cash flow from operations amounting to
$1,545,570 for the year ended June 30, 2022. These factors raise
substantial doubt about the Company's ability to continue as a
going concern.
A full-text copy of the Form 10-K is available for free at:
https://www.sec.gov/Archives/edgar/data/704172/000149315223001450/form10-k.htm
About PHI Group
Headquartered in Irvine, California, PHI Group, Inc.
(www.phiglobal.com) is primarily engaged in mergers and
acquisitions, advancing PHILUX Global Funds, SCA, SICAV-RAIF, a
"Reserved Alternative Investment Fund" under the laws of
Luxembourg, and establishing the Asia Diamond Exchange in Vietnam.
Besides, the Company provides corporate finance services, including
merger and acquisition advisory and consulting services for client
companies through its wholly owned subsidiary PHILUX Capital
Advisors, Inc. (formerly PHI Capital Holdings, Inc.) and invests in
selective industries and special situations aiming to potentially
create significant long-term value for the Company's shareholders.
PHILUX Global Funds intends to include a number of sub-funds for
investment in select growth opportunities in the areas of
agriculture, renewable energy, real estate, infrastructure, and the
Asia Diamond Exchange in Vietnam.
QURATE RETAIL: S&P Downgrades ICR to 'B-', Outlook Negative
-----------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S. based
video commerce and online retailer Qurate Retail Inc. two notches
to 'B-' from 'B+'. S&P is also assigning its 'B-'issuer credit
rating to Liberty Interactive LLC, the obligor on some of the
corporate-level unsecured debt, to enhance transparency.
S&P said, "We also lowered our issue-level rating on subsidiary QVC
Inc.'s secured debt to 'B+' from 'BB'. The recovery ratings remain
'1'.
"The outlook is negative, reflecting our assessment of Qurate's
uncertain business recovery prospects. We could lower the rating
within the next 12 months if the company is unable to achieve
significant progress with its transformation plan or if free cash
flow generation prospects do not rebound substantially and
sustainably to allow Qurate to address its high debt burden in the
context of a rising interest rate environment.
"The downgrade reflects our view that Qurate Retail Inc.'s business
prospects have weakened amid the ongoing deterioration in its
operating performance. Customer count declined in the third quarter
year over year as the company continued to face significant supply
chain disruptions which caused cancelled orders. In particular, it
experienced a significant pullback in orders by repeat customers
compared to 2021, who represent about 90% of total purchases. The
deterioration highlights the challenges the company's business
model is facing amid scarce discretionary spending and the evolving
way in which consumers are interacting with TV viewership. The
company recognized an impairment charge of about $3 billion related
to some of its business goodwill and trade names in the third
quarter, underscoring the longer-term challenges the business model
is facing.
"In our view, Qurate has had limited ability to effectively adjust
its merchandising strategy as part of its wide-reaching turnaround.
We believe the new management team's focus on implementing material
transformation plans to resolve logistical challenges and
merchandising strategies is key to preserve market share. We expect
competitive pressures to remain significant and the company's
performance to remain vulnerable to weakening macroeconomic
conditions, with our domestic economist's base case calling for a
shallow recession in 2023. To reflect these challenges, we have
revised our business risk assessment one category to weak from
fair."
Near-term profitability and cash flow weakness will continue to
erode credit metrics in 2022. Qurate's operating margins turned
negative in the third quarter as the company as a whole reported
more than a 300-basis-point deterioration in gross margin year over
year, with free operating cash flow of negative $105 million year
to date. Margins continued to be constrained by outsize fulfillment
and freight costs due to logistical challenges; in particular, the
fire that occurred at one of the company's fulfillment centers in
December 2021. While its inventory position has improved
sequentially during the third quarter, we expect a weak margin in
2022 and continued margin pressure through at least 2023 as easing
supply chain costs are partially offset by investments in
turnaround initiatives and a weak demand environment. S&P expects
Qurate's adjusted leverage to remain in the high-5.0x area in 2022,
improving to about 5.0x in 2023 but still up more than a turn from
2021.
S&P said, "Our calculation of Qurate's leverage reflects its debt
levels excluding cash on hand and our adjustments including
operating lease liabilities. In 2020, the company paid nearly $1.3
billion in special cash dividends to its shareholders and issued
approximately $1.3 billion of preferred stock, which we include in
our calculation of its adjusted debt due to the terms of the
equity. The company has a publicly stated financial policy of
maintaining leverage of less than 2.5x at QVC Inc. by the company's
calculations.
"To preserve profit, the company is focusing on managing costs over
the next two years including through cost savings in marketing and
reducing inventory levels. We believe there is significant
execution risk associated with this plan to drive profitability
while keeping sales stable, which we believe could result in cash
flow generation well below historical levels.
"While we expect the company to repay the draws under its revolver
over the coming quarters and free operating cash flow to return to
positive in 2023, we believe this rebound in performance is
critical to keeping the capital structure sustainable given the
reported high debt burden of more than $6 billion in the context of
rising interest rates.
"Due to the anticipated weaker credit measures and volatile
operating results, we revised our financial risk profile assessment
one category to highly leveraged from aggressive.
"Longer-term headwinds such as cord-cutting and declining TV
viewership trends could accelerate. Qurate generates a significant
portion of its revenue from TV viewership, which is in secular
decline due to cord-cutting and other factors. We also foresee some
execution risks as the company shifts away from TV viewership in a
cost-effective manner, but we recognize that it has adequate
financial resources to attempt to expand its digital and mobile
content."
Furthermore, Qurate remains susceptible to intensified competitive
pressures from pure e-commerce players that could require it to
hasten its promotional cadence to sustain its sales while there are
execution risks associated with the secular changes it is
navigating and the uncertain outcome of its current transformation
plan.
Intense margin compression could pressure Qurate's free operating
cash flow (FOCF) and reduce its liquidity. S&P continues to assess
the company's liquidity as adequate, given the cash balances and
availability under its $3.25 billion revolver. Year to date, the
company entered into several sale-leaseback transactions to
monetize real estate assets for an aggregate amount of about $685
million after tax. In addition, the company has collected about
$250 million of insurance proceeds in 2022 following the fire in
its fulfillment center.
Among the staggered debt maturities within the next five years,
$214 million senior secured notes are due in March 2023, $600
million are due in April 2024, with about $550 to 600 million of
debt due each year thereafter. S&P expects the company to favor
debt repayment over shareholder returns for at least the next few
years. This is given near-term debt maturities, which S&P expects
it will repay with cash on hand and revolver borrowings in coming
months.
The negative outlook reflects Qurate's uncertain business recovery
prospects and tightening liquidity if it fails to return to healthy
free cash flow generation.
S&P said, "We could lower the rating within the next 12 months if
the company is unable to achieve significant progress in its
transformation plan in light of inflationary pressure, ongoing
supply chain disruptions, and declining customer counts. We will
monitor the company's free cash flow generation prospects,
sufficient to comfortably service and refinance its high debt
burden across the group.
"We could revise the outlook to stable if the company is on track
to generate sustained profit growth and cash flow generation such
that we believe the company will be well positioned to sustain the
existing capital structure for several years."
ESG credit indicators: E-2, S-2, G-3
S&P said, "Governance is a moderately negative consideration in our
credit rating analysis of Qurate Retail Inc. Ownership remains
concentrated among key executives, and most directors and officers
have overlapping roles with Liberty Media Corp. (LMC). Gregory B.
Maffei, chairman of the board of Qurate and president and chief
executive officer of LMC, beneficially owns approximately 20% of
the voting rights in Qurate, and John C. Malone, who serves as
chairman of the board of LMC and a director of Qurate, beneficially
owns approximately 6.7% of the voting rights in Qurate. Qurate has
executed unconventional financial transactions to return capital to
its shareholders. In 2018, the company contributed most of its
equity investment securities to a newly acquired company (General
Communication Inc.), which was subsequently split off into an
independent, publicly traded company. This led to a reduction in
collateral available for unsecured debt holders and a lowering of
the issue-level ratings."
RSBRMK LLC: Lender Seeks to Prohibit Cash Collateral Access
-----------------------------------------------------------
Wells Fargo Bank, National Association as Trustee for Soundview
Home Loan Trust 2007-OPT3, Asset-Backed Certificates, Series
2007-OPT3, by and through its loan servicer, PHH Mortgage
Corporation, asks the U.S. Bankruptcy Court for the Eastern
District of New York, Brooklyn Division, to prohibit RSBRMK LLC
from using cash collateral.
On May 30, 2007, Frankie Freeman executed and delivered or was
otherwise obligated with respect to a promissory note in the
original principal amount of $598,500. The Note reflects it was
indorsed in blank.
Pursuant to the Mortgage, all obligations of the Borrower under and
with respect to the Note and Mortgage are secured by the Real
Property located at 42 Pulaski St, Brooklyn, NY 11206.
The Property is the only asset owned by the Debtor and is valued at
$675,000.
On December 30, 2022, Wells Fargo filed a Proof of Claim for
$1,667,880, including arrears of $914,299. Pursuant to the Claim,
the Loan is contractually due for February 1, 2009 payment.
Further, Wells Fargo pays the taxes and insurance for the Property,
not the Debtor.
Wells Fargo asserts the Debtor failed to obtain permission before
using cash collateral. The unauthorized use alone constitutes cause
to dismiss or convert a Chapter 11 Case under 11 U.S.C. section
1112(b)(4)(D).
Wells Fargo objects to any use of the cash collateral unless the
Debtor commences adequate protection payments. To the extent the
Property has been producing rental income, it appears the Debtor
has been using cash collateral in violation of the Bankruptcy Code.
Wells Fargo contends it is being harmed by the Debtor's use of cash
collateral as the Subject Loan remains in default while the
Creditor maintain taxes and insurance for the Property. Based on
the foregoing, Wells Fargo requests an immediate accounting and
turnover of all income generated by the Property from the petition
date to present. At a minimum, Wells Fargo asserts it is entitled
to adequate protection payments equal to the gross income less
expenses.
Wells Fargo also requests clarification regarding the amount of
income produced by the Property and the turnover of any cash
collateral generated from the petition date to present.
It also requests the Court to hold a hearing on the matter on
February 24, 2023 at 10:30 a.m.
Wells Fargo on February 18, 2020, obtained a Final Judgment of
Foreclosure and Sale in the amount of $1,252,470.
A copy of the motion is available at https://bit.ly/3iH8Y7L from
PacerMonitor.com.
About RSBRMK LLC
RSBRMK LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Court (Bankr. Case. No. 1-22-42748-ess) on November 2,
2022. In the petition signed by Joseph Lebovits, sole member, the
Debtor disclosed up to $1 million in both assets and liabilities.
Solomon Rosengarten, Esq. represents the Debtor as legal counsel.
Wells Fargo Bank, National Association as Trustee for Soundview
Home Loan Trust 2007-OPT3, Asset-Backed Certificates, Series
2007-OPT3, as creditor is represented by:
Jenelle Arnold, Esq.
Aldridge Pite, LLP
4375 Jutland Drive, Suite 200
P.O. Box 17933
San Diego, CA 92177-0933
Telephone: (858) 750-7600
Facsimile: (619) 590-1385
Email: JArnold@aldridgepite.com
SNC VENTURES: Court OKs Final Cash Collateral Access
----------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas,
Houston Division, authorized SNC Ventures, LLC 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 avoid immediate
and irreparable harm to its bankruptcy estate.
Prepetition, the Debtor entered into a promissory note with
Allegiance Bank secured by a security agreement. Pursuant to the
Loan Documents and its recorded UCC-1 financing statement,
Allegiance holds a first, perfected lien against the Debtor's
assets. The Debtor's total indebtedness to Allegiance is
approximately $220,000. The value of all of the collateral in which
Allegiance asserts first priority liens is approximately
$1,530,000. Allegiance has been paid current through the Petition
Date.
The Debtor also entered into a capital financing agreement with
security interest with Shopify Capital, Inc., which asserts a lien
on "all assets of the [D]ebtor." The Debtor's total indebtedness
to Shopify is approximately $400,000. The value of all of the
Collateral in which Shopify asserts liens is approximately
$1,530,000. Shopify has been paid current through the Petition
Date.
As adequate protection, Allegiance Bank is granted a replacement
lien on post-petition proceeds arising from the Collateral to the
extent of any cash collateral used pursuant to the order and will
receive monthly adequate protection payments of principal and
interest.
Shopify is granted its a replacement lien on post-petition proceeds
arising from the Collateral to the extent of any cash collateral
used pursuant to the Order, and will receive its adequate
protection payments.
A copy of the order and the Debtor's budget is available at
https://bit.ly/3khOKlp from PacerMonitor.com.
The Debtor projects $2,067,598 in total expenses for 90 days.
About SNC Ventures LLC
SNC Ventures LLC is a Texas limited liability company that operates
an e-commerce costume jewelry retail business. Steven Habel is the
managing member and operates SNC from its headquarters in Tomball,
Texas.
SNC Ventures LLC filed a petition for relief under Subchapter V of
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No.
22-33813) on December 22, 2022. In the petition filed by Steven T.
Habel, as managing member, the Debtor reported assets and
liabilities between $1 million and $10 million.
Brendon D Singh has been appointed as Subchapter V trustee.
The Debtor is represented by Wayne Kitchens, Esq., at Hughes
Watters Askanase LLP.
STRUCTURAL TECHNOLOGY: Starts Subchapter V Bankruptcy Process
-------------------------------------------------------------
Structural Technology Custom Homes LLC filed for chapter 11
protection in the District of Arizona. The Debtor elected on its
voluntary petition to proceed under Subchapter V of chapter 11 of
the Bankruptcy Code.
The Debtor is a licensed general contractor which subs out work to
be performed by its team of workers to satisfy its jobs, and is
rated A+ by the Better Business Bureau. Joseph Rubanow is the
Debtor’s manager. The Debtor has a 4.94 out of 5.0 on the Angi
Leads website from 296 reviews rating the Debtor at five stars.
The Debtor was hired by Ann and Randy Ross as their general
contractor, which rolled into the height of the COVID-19 pandemic,
to oversee, supervise and manage and perform construction work on
the their home located at 9412 E. Jasmine Circle, Mesa,Arizona
85215, pursuant to a construction contract.
The Debtor performed all of its obligations under the terms of the
construction contract; however, the Rosses refused to pay the going
rate to the Debtor and the Debtor's suggested contractors to
accommodate their overspending and lack of funds in their
construction budget. The Rosses disputed and fired most of the
Debtor's team of vital workers, and hired unlicensed workers to
work under Rubanow's license despite Rubanow's objection. The
Rosses fired the Debtor with no payment.
The Debtor filed a lawsuit in the Maricopa County Superior Court,
case no. CV2020-015623. The Rosses have filed a countersuit.
Due to the Rosses nonpayment, the Debtor had to take out two
Economic Injury Disaster Loans ("EIDLs") with the U.S. Small
Business Administration ("SBA") to stay afloat.
According to court filings, Structural Technology estimates between
$1 million and $10 million in debt owed to 1 to 49 creditors. The
petition states that funds will be available to unsecured
creditors.
About Structural Technology Custom Homes
Structural Technology Custom Homes LLC --
http://structuraltechnologyhomerepairs.com/-- is a home builder in
Mesa, Arizona.
Structural Technology Custom Homes filed a petition for relief
under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D.
Ariz. Case No. 23-00080) on Jan. 6, 2023. In the petition filed by
Joseph Rubanow, as manager, the Debtor reported assets and
liabilities between $1 million and $10 million.
Joseph Cotterman has been appointed as Subchapter V trustee.
The Debtor is represented by:
D Lamar Hawkins, Esq.
GUIDANT LAW, PLC
10757 E HILLVIEW ST
MESA, AZ 85207
TEAM HEALTH: Calamos COIF Marks $2.4M Loan at 16% Off
-----------------------------------------------------
Calamos Convertible Opportunities and Income Fund has marked its
$2,408,096 loan extended to Team Health Holdings, Inc to market at
$2,016,780, or 84% of the outstanding amount, as of October 31,
2022, according to a disclosure contained in Calamos COIF's Form
N-CSR for the fiscal year ended October 31, 2022, filed with the
Securities and Exchange Commission on December 29, 2022.
Calamos COIF is a participant in a Bank Loan that accrues interest
at a rate of 8.979% (1 mo. SOFR + 5.25%) to Team Health Holdings,
Inc. The loan is scheduled to mature on March 2, 2027.
Calamos Convertible Opportunities and Income Fund was organized as
a Delaware statutory trust on April 17, 2002 and is registered
under the Investment Company Act of 1940 as a diversified,
closed-end management investment company. The Fund commenced
operations on June 26, 2002.
Team Health Holdings, Inc. is a provider of physician staffing and
administrative services to hospitals and other healthcare providers
in the U.S.
TEAM HEALTH: Calamos STRF Marks $2.9M Loan at 16% Off
-----------------------------------------------------
Calamos Strategic Total Return Fund has marked its $2,919,809 loan
extended to Team Health Holdings, Inc to market at $2,445,340, or
84% of the outstanding amount, as of October 31, 2022, according to
a disclosure contained Calamos STRF's Form N-CSR for the fiscal
year ended October 31, 2022, filed with the Securities and Exchange
Commission on December 29, 2022.
Calamos STRF is a participant in a Bank Loan that accrues interest
at a rate of 8.979% per annum (1 mo. SOFR + 5.25% to Team Health
Holdings, Inc. The loan is scheduled to mature on March 2, 2027.
Calamos Strategic Total Return Fund was organized as a Delaware
statutory trust on December 31, 2003 and is registered under the
Investment Company Act of 1940 as a diversified, closed-end
management investment company. The Fund commenced operations on
March 26, 2004.
Team Health Holdings, Inc. is a provider of physician staffing and
administrative services to hospitals and other healthcare providers
in the U.S.
TELOGIA POWER: U.S. Trustee Unable to Appoint Committee
-------------------------------------------------------
The U.S. Trustee for Region 21, until further notice, will not
appoint an official committee of unsecured creditors in the Chapter
11 case of Telogia Power, LLC, according to court dockets.
About Telogia Power
Telogia Power, LLC is an electric utility company in Florida. It
owns bio-fuel power plant and related equipment, including real
estate as well as all generators, fuel handlers, and other
equipment on site valued at $750,000.
Judge Karen K. Specie oversees the case.
Telogia Power filed its voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 22-40389) on
Dec. 9, 2022. The petition was signed by Patrick James as owner and
managing member. At the time of filing, the Debtor reported
$750,000 in assets and $7,447,020 in liabilities.
Allen P. Turnage, Esq., at Allen Turnage P.A. represents the Debtor
as counsel.
TOMS KING: 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 TOMS King (Ohio), LLC and its affiliates.
The committee members are:
1. King of Northern Virginia LP
Benjamin F. Jarratt, II, Partner
1724 Oak Lane
McLean, VA 22101
Phone: (703) 408-6101
Email: bfjarratt2@gmail.com
2. ARC BKMST41001, LLC
Michael Anderson
38 Washington Square
Newport, RI 02840
Phone: (212) 415-6507
Email: manderson@ar-global.com
3. Faith Mendenhall
c/o Ryan F. Stephan, Esq.
Stephanzouras, LLP
100 N. Riverside Plaza, Suite 2150
Phone: (312) 233-1550
Email: rstephan@stephanzouras.com
4. Case Snow Management, LLC
Michael Cipolla
356 John L. Dietsch Blvd.
North Attleboro, MA 02763
Phone: (508) 316-0045
Email: mcipolla@casefms.com
5. HMC- Fountain Square, LLC
c/o Huber Management Corporation
Julia Huber Mayeux
7333 Paragon Rd., Suite 150
Dayton, OH 45459
Phone: (937) 291-2790
Email: julia@huberrealestategroup.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 TOMS King (Ohio)
TOMS King (Ohio) LLC and its affiliates filed their voluntary
petitions for relief under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. N.D. Ohio Lead Case No. 23-50001) on Jan.
2, 2023. Judge Alan M. Koschik oversees the cases.
The Debtors tapped Allen Stovall Neuman & Ashton, LLP and Womble
Bond Dickinson (US), LLP as legal counsels, and Omni Agent
Solutions, Inc. as claims and noticing agent.
VANGUARD WINES: Seeks Cash Collateral Access, $100,000 DIP Loan
---------------------------------------------------------------
Vanguard Wines, LLC asks the U.S. Bankruptcy Court for the Northern
District of Ohio, Eastern Division, for authority to use cash
collateral and obtain postpetition financing.
The Debtor seeks to obtain senior secured post-petition financing
up to the amount of $100,000 from RBR QL3 LLC. The proceeds of the
DIP Financing and the use of cash collateral will fund the Debtor's
operations for at least the next four and a half months of its
bankruptcy case while it evaluates its options to seek and obtain
plan confirmation allowing it to emerge from Chapter 11.
The DIP Lender is an assignee of Crossroads Financial Group, LLC, a
North Carolina limited liability company. The Debtor's obligations
arise out of its debt facility with Crossroads having a balance of
$983,290 as of August 22, 2022.
The U.S. Small Business Administration and Libertas Funding LLC are
also lien claimants.
The Debtor's obligations to the SBA arise out of an Economic Injury
Disaster Loan made to the Debtor on July 15, 2020, in the original
principal amount of $150,000, which amount was subsequently
increased to $500,000 on August 2, 2021. The EDIL Loan is evidenced
by the Loan Authorization and Agreement, Note, and Security
Agreement all with an effective date of July 15, 2020, and a UCC
Financing Statement located at FS Number OH00244272786 filed on
July 24, 2020, purporting to evidence a security interest in all
tangible and intangible personal property of the Debtor. The
Debtor's records indicate that $500,000 was owing on the EDIL Loan
as of the Petition Date.
The Debtor's obligations to Libertas arise out of those financial
accommodations extended to the Debtor on July 6, 2022. The Libertas
Credit is evidenced by the Agreement of Sale of Future Receipts
dated on July 6, 2022, and a UCC Financing Statement located at FS
Number OH00264787933 filed on July 6, 2022, by C T Corporation
Service Company as representative for Libertas purporting to
evidence a security interest in virtually all of the Debtor's
assets. The Debtor's records indicate $154,286 was owing to
Libertas as of August 22, 2022.
As revenue faltered, Vanguard was left in a precarious financial
position. While government provided pandemic programs were
supportive, eventually Vanguard could not survive on its current
collections. The liquidity provided under its asset-based lending
facility became insufficient, and Vanguard had to turn to a
factoring relationship relative to its accounts receivable.
The Debtor worked closely with Crossroads and other investor
candidates throughout the month of December 2022 to attract
potential working capital on both near and long-term bases. Those
efforts have culminated in an agreement having been reached between
the DIP Lender and Crossroads for the acquisition of the senior
lien position held by Crossroads.
All amounts owed by the Debtor to the DIP Lender, including the DIP
Financing, will continue to be subject to replacement liens in the
same order and priority as the liens held by Crossroads (as the
assignor of the DIP Lender) against the Debtor's assets on a
prepetition basis. The Other Lien Claimants will continue to be
provided with automatically perfected security interests in and
liens on cash collateral in existence on the Petition Date, to the
same extent, amount, and priority as their respective pre-petition
security interests, if any, in cash collateral in existence on the
Petition Date.
As reflected in the Budget, the Debtor proposes to draw on the DIP
Financing first during the week beginning January 16, in the amount
of $50,000, and again during the week beginning February 13, in the
amount of $30,000. Repayment is projected to be made during the
weeks beginning March 6th ($30,000), April 3rd ($20,000) and April
24th ($30,000). Payment of interest on the DIP Financing is also
reflected in the Budget.
As reflected in the Budget, the Debtor proposes to pay to the DIP
Lender, commencing the week of January 9th bi-weekly adequate
protection payments of $3,700 each, through the period of the
Budget.
The Proposed Order provides that the replacement liens and security
interests granted to the DIP Lender be subject and subordinate to
i) allowed claims of professionals of the Debtor, ii) all fees
required to be paid to the Clerk of the Court and to the Office of
the United States Trustee under section 1930(a) of title 28 of the
United States Code, and iii) the fees of the Subchapter V Trustee
in such amounts, respectively, as are reflected in the Budget.
The bankruptcy filing was precipitated by a variety of factors, the
most significant being the loss of distribution to restaurant
customers upon the onset of the COVID-19 pandemic at the end of the
first quarter of 2020.
A copy of the motion is available at https://bit.ly/3QLVnbN from
PacerMonitor.com.
About Vanguard Wines, LLC
Vanguard Wines, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ohio Case No. 22-51200) on October 10,
2022. In the petition signed by Eric Stewart, president, the Debtor
disclosed $1,408,580 in total assets and $5,063,797 in total
liabilities.
Vanguard Wines, LLC is an independently owned importer and
distributor of fine wines and spirits in Ohio, Kentucky and
Indiana. Vanguard operates primarily from its leased warehouse
facility in Columbus, Ohio, as well as smaller facilities in
Indianapolis, Indiana and Louisville, Kentucky. On a company
widebasis, Vanguard has 26 employees as of the filing of its
chapter 11 case.
Judge Alan M. Koschik oversees the case.
Richard K. Stoval, Esq., at Allen Stovall Neuman & Ashton LLP, is
the Debtor's counsel.
W&T OFFSHORE: Prices $275 Million Senior Second Lien Notes Offering
-------------------------------------------------------------------
W&T Offshore, Inc. announced the pricing of its offering of $275
million in aggregate principal amount of 11.750% senior second lien
notes due 2026 at par in a private offering that is exempt from
registration under the Securities Act of 1933, as amended. The
closing of the offering of the Notes is expected to occur on Jan.
27, 2023, subject to customary closing conditions.
The Company intends to use the net proceeds of the offering, along
with cash on hand, to redeem all of the Company's 9.75% Senior
Second Lien Notes due 2023. On Jan. 9, 2023, the Company delivered
a conditional redemption notice with respect to $552.5 million in
principal amount of the Existing Second Lien Notes. This
announcement is not an offer to purchase or a solicitation of an
offer to sell the Existing Second Lien Notes, and it does not
constitute a notice of redemption of the Existing Second Lien
Notes.
The Notes and the related guarantees to be offered have not been
registered under the Securities Act or any other securities laws,
and the Notes and the related guarantees may not be offered or sold
except pursuant to an exemption from, or in a transaction not
subject to, the registration requirements of the Securities Act and
any other applicable securities laws. The Notes and the related
guarantees are being offered only to persons reasonably believed to
be qualified institutional buyers in the United States under Rule
144A and to non-U.S. investors outside the United States pursuant
to Regulation S.
About W&T Offshore
W&T Offshore, Inc. -- http://www.wtoffshore.com-- is an
independent oil and natural gas producer with operations offshore
in the Gulf of Mexico and has grown through acquisitions,
exploration and development. As of Sept. 30, 2022, the Company
holds working interests in 47 offshore fields in federal and state
waters (45 fields producing and 2 fields capable of producing,
which include 39 fields in federal waters and 8 in state waters).
The Company currently has under lease approximately 622,000 gross
acres (449,500 net acres) spanning across the outer continental
shelf off the coasts of Louisiana, Texas, Mississippi and Alabama,
with approximately 8,000 gross acres in Alabama State waters,
449,000 gross acres on the conventional shelf and approximately
165,000 gross acres in the deepwater. A majority of the Company's
daily production is derived from wells it operates.
W&T Offshore reported a net loss of $41.48 million for the year
ended Dec. 31, 2021, compared to net income of $37.79 million for
the year ended Dec. 31, 2020. As of Sept. 30, 2022, the Company
had $1.49 billion in total assets, $380.77 million in total current
liabilities, $665.97 million in long-term debt, $398.72 million in
asset retirement obligations (less current portion), $94.84 million
in other liabilities, $113,000 in deferred income taxes, $4.90
million in commitments and contingencies, and a total shareholders'
deficit of $55.02 million.
* * *
Moody's Investors Service placed W&T's Caa1 Corporate Family Rating
and Caa1-PD Probability of Default Rating under review for upgrade,
according to a TCR report dated Jan. 12, 2023. "The review of W&T
Offshore's ratings reflects the company's pending refinancing and
debt reduction, which extends its debt maturity profile, and
commodity prices that support stronger credit metrics," commented
Jonathan Teitel, a Moody's analyst.
As reported by the TCR on Jan. 11, 2023, S&P Global Ratings placed
its 'CCC+' issuer credit rating on W&T Offshore Inc. and all
issue-level ratings on CreditWatch with positive implications,
reflecting the expected improvement in its debt maturity profile as
well as continued improvement in credit measures.
WW INTERNATIONAL: Calamos CHIF Marks $1.7M Loan at 35% Off
----------------------------------------------------------
Calamos Convertible and High Income Fund has marked its $1,752,975
loan extended to WW International Inc to market at $1,141,625, or
65% of the outstanding amount, as of October 31, 2022, according to
a disclosure contained in Calamos CHIF's Form N-CSR for the fiscal
year ended October 31, 2022, filed with the Securities and Exchange
Commission on December 29, 2022.
Calamos CHIF is a participant in a Bank Loan that accrues interest
at a rate of 7.260% per annum (1 mo LIBOR + 3.50%) to WW
International Inc. The loan is scheduled to mature on April 13,
2028.
Calamos Global Dynamic Income Fund was organized as a Delaware
statutory trust on April 10, 2007 and is registered under the
Investment Company Act of 1940 as a diversified, closed-end
management investment company. The Fund commenced operations on
June 27, 2007.
WW International Inc. formerly weight watchers international Inc.,
is a global company headquartered in the US that offers weight loss
and maintenance, fitness, and mindset services such as the weight
watchers comprehensive diet program.
WW INTERNATIONAL: Calamos COIF Marks $1.6M Loan at 35% Off
----------------------------------------------------------
Calamos Convertible Opportunities and Income Fund has marked its
$1,606,500 loan extended to WW International Inc to market at
$1,046,233, or 65% of the outstanding amount, as of October 31,
2022, according to a disclosure contained in Calamos STRF's Form
N-CSR for the fiscal year ended October 31, 2022, filed with the
Securities and Exchange Commission on December 29, 2022.
Calamos COIF is a participant in a Bank Loan that accrues interest
at a rate of 7.260% per annum (1 mo. LIBOR + 3.50%) to WW
International Inc. The loan is scheduled to mature on April 13,
2028.
Calamos Convertible Opportunities and Income Fund was organized as
a Delaware statutory trust on April 17, 2002 and is registered
under the Investment Company Act of 1940 as a diversified,
closed-end management investment company. The Fund commenced
operations on June 26, 2002.
WW International Inc. formerly weight watchers international Inc.,
is a global company headquartered in the US that offers weight loss
and maintenance, fitness, and mindset services such as the weight
watchers comprehensive diet program.
WW INTERNATIONAL: Calamos STRF Marks $1.9M Loan at 35% Off
----------------------------------------------------------
Calamos Strategic Total Return Fund has marked its $1,975,050 loan
extended to WW International Inc to market at $1,286,251, or 65% of
the outstanding amount, as of October 31, 2022, according to a
disclosure contained Calamos STRF's Form N-CSR for the fiscal year
ended October 31, 2022, filed with the Securities and Exchange
Commission on December 29, 2022.
Calamos STRF is a participant in a Bank Loan that accrues interest
at a rate of 7.260% per annum (1 mo. LIBOR + 3.50%) to WW
International Inc. The loan is scheduled to mature on April 13,
2028.
Calamos Strategic Total Return Fund was organized as a Delaware
statutory trust on December 31, 2003 and is registered under the
Investment Company Act of 1940 as a diversified, closed-end
management investment company. The Fund commenced operations on
March 26, 2004.
WW International Inc. formerly weight watchers international Inc.,
is a global company headquartered in the US that offers weight
loss.
[*] Commercial Ch. 11 Bankruptcy Filings Increased by 2% in 2022
----------------------------------------------------------------
ABL Advisor reports that the U.S. commercial Chapter 11 bankruptcy
filings rise 2% in 2022 while the total commercial filings decline
5%.
Individual Chapter 13 bankruptcy filings during calendar year 2022
(Jan. 1-Dec. 31, 2022) increased 32 percent to 149,072 from the
2021 total of 112,913, according to data provided by Epiq
Bankruptcy. While representing a substantial year-over-year
increase, individual Chapter 13 filings remain lower than the
pre-pandemic total of 272,451 recorded in calendar year 2019.
Overall individual filing totals for calendar year 2022 were down 6
percent to 356,930 from the 378,918 individual filings the previous
year. Individual filings are at their lowest levels since the
341,233 filings registered in 1985.
The 378,326 total bankruptcy filings in calendar year 2022 also
registered a 6 percent decrease from the 401,479 filings during
calendar year 2021. Annual bankruptcy filings last registered a
similar total in 1984, with 348,521 total filings. Commercial
filings also declined, as 21,396 filings in calendar year 2022
represented a 5 percent drop from the 22,561 filings recorded in
calendar year 2021.
Commercial Chapter 11 filings increased 2 percent to 3,816 in
calendar year 2022 from the previous year’s total of 3,726.
Subchapter V elections within Chapter 11 also experienced an
increase in calendar year 2022, as the 1,433 filings represented a
13 percent jump from the 1,263 filings recorded in 2021.
"The underlying data tells different year-over-year economic
stories. The Chapter 7 story is encouraging with new filings down
21.6 percent. The Chapter 11/11V story is business as usual with
new filings slightly up 1.2 percent, and the Chapter 13 story looks
bleak as new filings were up 32 percent," said Gregg Morin, VP
Business Development and Revenue for Epiq Bankruptcy. "But if you
are in the bankruptcy servicing business there is still another
story as all three chapters had more cases close in 2022 than new
cases filed. Chapter 7 filings had 29,799 more cases closed than
opened, Chapters 11/11V had 265 more closed, and Chapter 13s had
44,361 more closed. Every month in 2022, all chapter totals had
more cases close than open totaling 74,678 for the year, continuing
the annual trend since 2011," Morin added.
"Steep bankruptcy filing declines abated over the past year as
pandemic assistance programs and lender forbearance receded while
interest rates, inflationary pressures and debt loads grew," said
ABI Executive Director Amy Quackenboss. "As struggling families and
companies face mounting economic pressures at the start of 2023,
bankruptcy provides a proven shield toward a financial fresh
start."
December Results
All filing categories registered an increase in December 2022
compared to the previous year. Total bankruptcy filings increased 6
percent to 29,631 in December 2022 over the 27,997 total filings in
December 2021. The 27,919 individual filings also represented a 6
percent rise over the 26,306 filings in December 2021. Total
commercial filings for December were 1,712, an increase of 1
percent over the 1,691 total commercial filings in December 2021.
Commercial Chapter 11 filings increased 3 percent to 326 in
December 2022 from the 316 filings in December 2021. December 2022
subchapter V small business filings registered the largest increase
— 51 percent — as the 128 subV elections were double the 84
registered in December 2021. While still below pre-pandemic levels,
individual Chapter 13 filings continued to increase in December as
well, as 12,397 filings were up 24 percent over the December 2021
total of 10,028.
[^] 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
AEMETIS INC AMTX US 198.9 (184.9) (159.0)
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 ACEUR EZ 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
ARCH BIOPARTNERS ARCH CN 1.8 (4.0) (0.6)
ARENA GROUP HOLD AREN US 167.6 (31.2) (43.0)
ASHFORD HOSPITAL AHD GR 3,971.7 (68.8) -
ASHFORD HOSPITAL AHT US 3,971.7 (68.8) -
ASHFORD HOSPITAL AHT1EUR EU 3,971.7 (68.8) -
ASHFORD HOSPITAL AHD TH 3,971.7 (68.8) -
ATLAS TECHNICAL ATCX US 528.8 (125.1) 98.7
AUTOZONE INC AZO US 15,315.9 (3,837.9) (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 & BEYON BBBY AV 4,401.4 (798.6) 215.2
BED BATH &BEYOND BBBY US 4,401.4 (798.6) 215.2
BED BATH &BEYOND BBY GR 4,401.4 (798.6) 215.2
BED BATH &BEYOND BBY TH 4,401.4 (798.6) 215.2
BED BATH &BEYOND BBBY* MM 4,401.4 (798.6) 215.2
BED BATH &BEYOND BBBY SW 4,401.4 (798.6) 215.2
BED BATH &BEYOND BBY QT 4,401.4 (798.6) 215.2
BED BATH &BEYOND BBBYEUR EU 4,401.4 (798.6) 215.2
BED BATH &BEYOND BBY GZ 4,401.4 (798.6) 215.2
BED BATH &BEYOND BBBYEUR EZ 4,401.4 (798.6) 215.2
BED BATH &BEYOND BBBY-RM RM 4,401.4 (798.6) 215.2
BELLRING BRANDS BRBR US 707.2 (376.2) 277.8
BELLRING BRANDS D51 TH 707.2 (376.2) 277.8
BELLRING BRANDS BRBR2EUR EU 707.2 (376.2) 277.8
BELLRING BRANDS D51 GR 707.2 (376.2) 277.8
BELLRING BRANDS D51 QT 707.2 (376.2) 277.8
BENEFITFOCUS INC BNFT US 233.7 (24.9) 30.0
BENEFITFOCUS INC BTF GR 233.7 (24.9) 30.0
BENEFITFOCUS INC BNFTEUR EU 233.7 (24.9) 30.0
BEYOND MEAT INC BYND US 1,141.3 (142.0) 605.3
BEYOND MEAT INC 0Q3 GR 1,141.3 (142.0) 605.3
BEYOND MEAT INC 0Q3 GZ 1,141.3 (142.0) 605.3
BEYOND MEAT INC BYNDEUR EU 1,141.3 (142.0) 605.3
BEYOND MEAT INC 0Q3 TH 1,141.3 (142.0) 605.3
BEYOND MEAT INC 0Q3 QT 1,141.3 (142.0) 605.3
BEYOND MEAT INC BYND AV 1,141.3 (142.0) 605.3
BEYOND MEAT INC 0Q3 SW 1,141.3 (142.0) 605.3
BEYOND MEAT INC 0A20 LI 1,141.3 (142.0) 605.3
BEYOND MEAT INC BYNDEUR EZ 1,141.3 (142.0) 605.3
BEYOND MEAT INC 0Q3 TE 1,141.3 (142.0) 605.3
BEYOND MEAT INC BYND* MM 1,141.3 (142.0) 605.3
BEYOND MEAT INC B2YN34 BZ 1,141.3 (142.0) 605.3
BEYOND MEAT INC BYND-RM RM 1,141.3 (142.0) 605.3
BIOCRYST PHARM BO1 TH 558.6 (242.7) 427.4
BIOCRYST PHARM BCRX US 558.6 (242.7) 427.4
BIOCRYST PHARM BO1 GR 558.6 (242.7) 427.4
BIOCRYST PHARM BO1 QT 558.6 (242.7) 427.4
BIOCRYST PHARM BCRXEUR EU 558.6 (242.7) 427.4
BIOCRYST PHARM BO1 SW 558.6 (242.7) 427.4
BIOCRYST PHARM BCRX* MM 558.6 (242.7) 427.4
BIOCRYST PHARM BCRXEUR EZ 558.6 (242.7) 427.4
BIOTE CORP-A BTMD US 109.6 (109.9) 78.4
BLACK MOUNTAIN A BMAC/U US 283.4 (9.5) 0.0
BLACK MOUNTAIN-A BMAC US 283.4 (9.5) 0.0
BOEING CO-BDR BOEI34 BZ 137,558.0 (17,635.0) 19,633.0
BOEING CO-CED BA AR 137,558.0 (17,635.0) 19,633.0
BOEING CO-CED BAD AR 137,558.0 (17,635.0) 19,633.0
BOEING CO/THE BA EU 137,558.0 (17,635.0) 19,633.0
BOEING CO/THE BCO GR 137,558.0 (17,635.0) 19,633.0
BOEING CO/THE BAEUR EU 137,558.0 (17,635.0) 19,633.0
BOEING CO/THE BA TE 137,558.0 (17,635.0) 19,633.0
BOEING CO/THE BA* MM 137,558.0 (17,635.0) 19,633.0
BOEING CO/THE BA SW 137,558.0 (17,635.0) 19,633.0
BOEING CO/THE BOEI BB 137,558.0 (17,635.0) 19,633.0
BOEING CO/THE BA US 137,558.0 (17,635.0) 19,633.0
BOEING CO/THE BCO TH 137,558.0 (17,635.0) 19,633.0
BOEING CO/THE BA PE 137,558.0 (17,635.0) 19,633.0
BOEING CO/THE BOE LN 137,558.0 (17,635.0) 19,633.0
BOEING CO/THE BA CI 137,558.0 (17,635.0) 19,633.0
BOEING CO/THE BCO QT 137,558.0 (17,635.0) 19,633.0
BOEING CO/THE BAUSD SW 137,558.0 (17,635.0) 19,633.0
BOEING CO/THE BCO GZ 137,558.0 (17,635.0) 19,633.0
BOEING CO/THE BA AV 137,558.0 (17,635.0) 19,633.0
BOEING CO/THE BA-RM RM 137,558.0 (17,635.0) 19,633.0
BOEING CO/THE BAEUR EZ 137,558.0 (17,635.0) 19,633.0
BOEING CO/THE BA EZ 137,558.0 (17,635.0) 19,633.0
BOEING CO/THE BACL CI 137,558.0 (17,635.0) 19,633.0
BOEING CO/THE BA_KZ KZ 137,558.0 (17,635.0) 19,633.0
BOMBARDIER INC-A BBD/A CN 12,468.0 (3,289.0) 585.0
BOMBARDIER INC-A BDRAF US 12,468.0 (3,289.0) 585.0
BOMBARDIER INC-A BBD GR 12,468.0 (3,289.0) 585.0
BOMBARDIER INC-A BBD/AEUR EU 12,468.0 (3,289.0) 585.0
BOMBARDIER INC-A BBD GZ 12,468.0 (3,289.0) 585.0
BOMBARDIER INC-B BBD/B CN 12,468.0 (3,289.0) 585.0
BOMBARDIER INC-B BBDC GR 12,468.0 (3,289.0) 585.0
BOMBARDIER INC-B BDRBF US 12,468.0 (3,289.0) 585.0
BOMBARDIER INC-B BBDC TH 12,468.0 (3,289.0) 585.0
BOMBARDIER INC-B BBDBN MM 12,468.0 (3,289.0) 585.0
BOMBARDIER INC-B BBD/BEUR EU 12,468.0 (3,289.0) 585.0
BOMBARDIER INC-B BBDC GZ 12,468.0 (3,289.0) 585.0
BOMBARDIER INC-B BBD/BEUR EZ 12,468.0 (3,289.0) 585.0
BOMBARDIER INC-B BBDC QT 12,468.0 (3,289.0) 585.0
BOX INC- CLASS A BOX US 1,056.4 (78.2) 59.1
BOX INC- CLASS A 3BX GR 1,056.4 (78.2) 59.1
BOX INC- CLASS A 3BX TH 1,056.4 (78.2) 59.1
BOX INC- CLASS A 3BX QT 1,056.4 (78.2) 59.1
BOX INC- CLASS A BOXEUR EU 1,056.4 (78.2) 59.1
BOX INC- CLASS A BOXEUR EZ 1,056.4 (78.2) 59.1
BOX INC- CLASS A 3BX GZ 1,056.4 (78.2) 59.1
BOX INC- CLASS A BOX-RM RM 1,056.4 (78.2) 59.1
BRIDGEBIO PHARMA BBIO US 728.7 (1,130.4) 523.0
BRIDGEBIO PHARMA 2CL GR 728.7 (1,130.4) 523.0
BRIDGEBIO PHARMA 2CL GZ 728.7 (1,130.4) 523.0
BRIDGEBIO PHARMA BBIOEUR EU 728.7 (1,130.4) 523.0
BRIDGEBIO PHARMA 2CL TH 728.7 (1,130.4) 523.0
BRIGHTSPHERE INV BSIG US 474.7 (55.1) -
BRIGHTSPHERE INV 2B9 GR 474.7 (55.1) -
BRIGHTSPHERE INV BSIGEUR EU 474.7 (55.1) -
BRIGHTSPHERE INV 2B9 GZ 474.7 (55.1) -
BRINKER INTL EAT US 2,493.8 (296.6) (363.8)
BRINKER INTL BKJ GR 2,493.8 (296.6) (363.8)
BRINKER INTL BKJ QT 2,493.8 (296.6) (363.8)
BRINKER INTL EAT2EUR EU 2,493.8 (296.6) (363.8)
BRINKER INTL BKJ TH 2,493.8 (296.6) (363.8)
BROOKFIELD INF-A BIPC CN 10,034.0 (1,078.0) (4,698.0)
BROOKFIELD INF-A BIPC US 10,034.0 (1,078.0) (4,698.0)
CALUMET SPECIALT CLMT US 2,568.7 (265.4) (536.5)
CARDINAL HEA BDR C1AH34 BZ 43,387.0 (1,780.0) 1,137.0
CARDINAL HEALTH CAH US 43,387.0 (1,780.0) 1,137.0
CARDINAL HEALTH CLH GR 43,387.0 (1,780.0) 1,137.0
CARDINAL HEALTH CLH TH 43,387.0 (1,780.0) 1,137.0
CARDINAL HEALTH CLH QT 43,387.0 (1,780.0) 1,137.0
CARDINAL HEALTH CAHEUR EU 43,387.0 (1,780.0) 1,137.0
CARDINAL HEALTH CLH GZ 43,387.0 (1,780.0) 1,137.0
CARDINAL HEALTH CAH* MM 43,387.0 (1,780.0) 1,137.0
CARDINAL HEALTH CAHEUR EZ 43,387.0 (1,780.0) 1,137.0
CARDINAL HEALTH CAH-RM RM 43,387.0 (1,780.0) 1,137.0
CARDINAL-CEDEAR CAH AR 43,387.0 (1,780.0) 1,137.0
CARDINAL-CEDEAR CAHC AR 43,387.0 (1,780.0) 1,137.0
CARDINAL-CEDEAR CAHD AR 43,387.0 (1,780.0) 1,137.0
CEDAR FAIR LP FUN US 2,414.5 (470.8) (22.5)
CENTRUS ENERGY-A LEU US 618.2 (100.3) 111.0
CENTRUS ENERGY-A 4CU TH 618.2 (100.3) 111.0
CENTRUS ENERGY-A 4CU GR 618.2 (100.3) 111.0
CENTRUS ENERGY-A LEUEUR EU 618.2 (100.3) 111.0
CENTRUS ENERGY-A 4CU GZ 618.2 (100.3) 111.0
CENTRUS ENERGY-A 4CU QT 618.2 (100.3) 111.0
CHENIERE ENERGY LNG US 43,642.0 (4,330.0) (2,169.0)
CHENIERE ENERGY CHQ1 GR 43,642.0 (4,330.0) (2,169.0)
CHENIERE ENERGY CQP US 20,500.0 (3,884.0) (1,210.0)
CHENIERE ENERGY CHQ1 TH 43,642.0 (4,330.0) (2,169.0)
CHENIERE ENERGY CHQ1 QT 43,642.0 (4,330.0) (2,169.0)
CHENIERE ENERGY LNG2EUR EU 43,642.0 (4,330.0) (2,169.0)
CHENIERE ENERGY LNG* MM 43,642.0 (4,330.0) (2,169.0)
CHENIERE ENERGY CHQ1 SW 43,642.0 (4,330.0) (2,169.0)
CHENIERE ENERGY LNG2EUR EZ 43,642.0 (4,330.0) (2,169.0)
CHENIERE ENERGY CHQ1 GZ 43,642.0 (4,330.0) (2,169.0)
CINEPLEX INC CGX CN 2,089.7 (222.0) (293.3)
CINEPLEX INC CX0 GR 2,089.7 (222.0) (293.3)
CINEPLEX INC CPXGF US 2,089.7 (222.0) (293.3)
CINEPLEX INC CX0 TH 2,089.7 (222.0) (293.3)
CINEPLEX INC CGXEUR EU 2,089.7 (222.0) (293.3)
CINEPLEX INC CGXN MM 2,089.7 (222.0) (293.3)
CINEPLEX INC CX0 GZ 2,089.7 (222.0) (293.3)
COGENT COMMUNICA CCOI US 1,020.7 (491.8) 291.9
COGENT COMMUNICA OGM1 GR 1,020.7 (491.8) 291.9
COGENT COMMUNICA CCOIEUR EU 1,020.7 (491.8) 291.9
COGENT COMMUNICA CCOI* MM 1,020.7 (491.8) 291.9
COHERUS BIOSCIEN CHRS US 550.9 (97.1) 277.0
COHERUS BIOSCIEN 8C5 GR 550.9 (97.1) 277.0
COHERUS BIOSCIEN 8C5 TH 550.9 (97.1) 277.0
COHERUS BIOSCIEN CHRSEUR EU 550.9 (97.1) 277.0
COHERUS BIOSCIEN 8C5 QT 550.9 (97.1) 277.0
COHERUS BIOSCIEN CHRSEUR EZ 550.9 (97.1) 277.0
COHERUS BIOSCIEN 8C5 GZ 550.9 (97.1) 277.0
COMMUNITY HEALTH CYH US 14,914.0 (1,178.0) 886.0
COMMUNITY HEALTH CG5 GR 14,914.0 (1,178.0) 886.0
COMMUNITY HEALTH CG5 TH 14,914.0 (1,178.0) 886.0
COMMUNITY HEALTH CG5 QT 14,914.0 (1,178.0) 886.0
COMMUNITY HEALTH CYH1EUR EU 14,914.0 (1,178.0) 886.0
COMMUNITY HEALTH CYH1EUR EZ 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 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 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-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 G0G GZ 728.6 (128.3) 212.5
GOOSEHEAD INSU-A GSHD US 324.0 (45.7) 33.1
GOOSEHEAD INSU-A 2OX GR 324.0 (45.7) 33.1
GOOSEHEAD INSU-A GSHDEUR EU 324.0 (45.7) 33.1
GOOSEHEAD INSU-A 2OX TH 324.0 (45.7) 33.1
GOOSEHEAD INSU-A 2OX QT 324.0 (45.7) 33.1
H&R BLOCK - BDR H1RB34 BZ 2,559.2 (265.0) (65.8)
H&R BLOCK INC HRB US 2,559.2 (265.0) (65.8)
H&R BLOCK INC HRB GR 2,559.2 (265.0) (65.8)
H&R BLOCK INC HRB TH 2,559.2 (265.0) (65.8)
H&R BLOCK INC HRB QT 2,559.2 (265.0) (65.8)
H&R BLOCK INC HRBEUR EU 2,559.2 (265.0) (65.8)
H&R BLOCK INC HRBEUR EZ 2,559.2 (265.0) (65.8)
H&R BLOCK INC HRB GZ 2,559.2 (265.0) (65.8)
H&R BLOCK INC HRB-RM RM 2,559.2 (265.0) (65.8)
HCA HEALTHC-BDR H1CA34 BZ 51,484.0 (778.0) 3,697.0
HCA HEALTHCARE I 2BH GR 51,484.0 (778.0) 3,697.0
HCA HEALTHCARE I HCA US 51,484.0 (778.0) 3,697.0
HCA HEALTHCARE I 2BH TH 51,484.0 (778.0) 3,697.0
HCA HEALTHCARE I 2BH QT 51,484.0 (778.0) 3,697.0
HCA HEALTHCARE I HCAEUR EU 51,484.0 (778.0) 3,697.0
HCA HEALTHCARE I HCA* MM 51,484.0 (778.0) 3,697.0
HCA HEALTHCARE I 2BH TE 51,484.0 (778.0) 3,697.0
HCA HEALTHCARE I HCAEUR EZ 51,484.0 (778.0) 3,697.0
HCA HEALTHCARE I 2BH GZ 51,484.0 (778.0) 3,697.0
HCA HEALTHCARE I HCA-RM RM 51,484.0 (778.0) 3,697.0
HCM ACQUISITI-A HCMA US 295.2 276.9 1.0
HCM ACQUISITION HCMAU US 295.2 276.9 1.0
HERBALIFE NUTRIT HOO GR 2,725.1 (1,361.9) 398.2
HERBALIFE NUTRIT HLF US 2,725.1 (1,361.9) 398.2
HERBALIFE NUTRIT HLFEUR EU 2,725.1 (1,361.9) 398.2
HERBALIFE NUTRIT HOO QT 2,725.1 (1,361.9) 398.2
HERBALIFE NUTRIT HOO GZ 2,725.1 (1,361.9) 398.2
HERBALIFE NUTRIT HOO SW 2,725.1 (1,361.9) 398.2
HERBALIFE NUTRIT HLFEUR EZ 2,725.1 (1,361.9) 398.2
HERBALIFE NUTRIT HOO TH 2,725.1 (1,361.9) 398.2
HEWLETT-CEDEAR HPQD AR 38,587.0 (2,918.0) (6,352.0)
HEWLETT-CEDEAR HPQC AR 38,587.0 (2,918.0) (6,352.0)
HEWLETT-CEDEAR HPQ AR 38,587.0 (2,918.0) (6,352.0)
HILLEVAX INC HLVX US 322.1 287.2 291.5
HILTON WORLD-BDR H1LT34 BZ 15,508.0 (914.0) (389.0)
HILTON WORLDWIDE HLT US 15,508.0 (914.0) (389.0)
HILTON WORLDWIDE HI91 TH 15,508.0 (914.0) (389.0)
HILTON WORLDWIDE HI91 GR 15,508.0 (914.0) (389.0)
HILTON WORLDWIDE HI91 QT 15,508.0 (914.0) (389.0)
HILTON WORLDWIDE HLTEUR EU 15,508.0 (914.0) (389.0)
HILTON WORLDWIDE HLT* MM 15,508.0 (914.0) (389.0)
HILTON WORLDWIDE HI91 TE 15,508.0 (914.0) (389.0)
HILTON WORLDWIDE HLTEUR EZ 15,508.0 (914.0) (389.0)
HILTON WORLDWIDE HLTW AV 15,508.0 (914.0) (389.0)
HILTON WORLDWIDE HI91 GZ 15,508.0 (914.0) (389.0)
HILTON WORLDWIDE HLT-RM RM 15,508.0 (914.0) (389.0)
HORIZON ACQUIS-A HZON US 528.3 (20.7) (4.5)
HORIZON ACQUISIT HZON/U US 528.3 (20.7) (4.5)
HP COMPANY-BDR HPQB34 BZ 38,587.0 (2,918.0) (6,352.0)
HP INC HPQ* MM 38,587.0 (2,918.0) (6,352.0)
HP INC HPQ US 38,587.0 (2,918.0) (6,352.0)
HP INC 7HP TH 38,587.0 (2,918.0) (6,352.0)
HP INC 7HP GR 38,587.0 (2,918.0) (6,352.0)
HP INC HPQ TE 38,587.0 (2,918.0) (6,352.0)
HP INC HPQ CI 38,587.0 (2,918.0) (6,352.0)
HP INC HPQ SW 38,587.0 (2,918.0) (6,352.0)
HP INC 7HP QT 38,587.0 (2,918.0) (6,352.0)
HP INC HPQUSD SW 38,587.0 (2,918.0) (6,352.0)
HP INC HPQEUR EU 38,587.0 (2,918.0) (6,352.0)
HP INC 7HP GZ 38,587.0 (2,918.0) (6,352.0)
HP INC HPQ AV 38,587.0 (2,918.0) (6,352.0)
HP INC HPQEUR EZ 38,587.0 (2,918.0) (6,352.0)
HP INC HPQ-RM RM 38,587.0 (2,918.0) (6,352.0)
HP INC HPQCL CI 38,587.0 (2,918.0) (6,352.0)
IMMUNITYBIO INC IBRX US 352.9 (429.1) 72.3
IMMUNITYBIO INC 26CA GR 352.9 (429.1) 72.3
IMMUNITYBIO INC 26CA TH 352.9 (429.1) 72.3
IMMUNITYBIO INC NK1EUR EU 352.9 (429.1) 72.3
IMMUNITYBIO INC 26CA GZ 352.9 (429.1) 72.3
IMMUNITYBIO INC NK1EUR EZ 352.9 (429.1) 72.3
IMMUNITYBIO INC 26CA QT 352.9 (429.1) 72.3
INHIBRX INC INBX US 164.9 (35.1) 128.3
INHIBRX INC 1RK GR 164.9 (35.1) 128.3
INHIBRX INC 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)
KARYOPHARM THERA KPTI US 231.2 (140.3) 160.9
KARYOPHARM THERA 25K GR 231.2 (140.3) 160.9
KARYOPHARM THERA KPTIEUR EU 231.2 (140.3) 160.9
KARYOPHARM THERA 25K TH 231.2 (140.3) 160.9
KARYOPHARM THERA 25K GZ 231.2 (140.3) 160.9
KLX ENERGY SERVI KLXE US 440.1 (55.9) 68.5
KLX ENERGY SERVI KX4A GR 440.1 (55.9) 68.5
KLX ENERGY SERVI KLXEEUR EU 440.1 (55.9) 68.5
KLX ENERGY SERVI KX4A TH 440.1 (55.9) 68.5
KLX ENERGY SERVI KX4A GZ 440.1 (55.9) 68.5
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 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)
SBA COMMUN - BDR S1BA34 BZ 9,942.4 (5,324.2) (801.9)
SEAGATE TECHNOLO S1TX34 BZ 8,611.0 (351.0) 602.0
SEAGATE TECHNOLO STXN MM 8,611.0 (351.0) 602.0
SEAGATE TECHNOLO STX US 8,611.0 (351.0) 602.0
SEAGATE TECHNOLO 847 GR 8,611.0 (351.0) 602.0
SEAGATE TECHNOLO 847 GZ 8,611.0 (351.0) 602.0
SEAGATE TECHNOLO STX4EUR EU 8,611.0 (351.0) 602.0
SEAGATE TECHNOLO 847 TH 8,611.0 (351.0) 602.0
SEAGATE TECHNOLO STXH AV 8,611.0 (351.0) 602.0
SEAGATE TECHNOLO 847 QT 8,611.0 (351.0) 602.0
SEAGATE TECHNOLO STH TE 8,611.0 (351.0) 602.0
SEAWORLD ENTERTA SEAS US 2,355.5 (420.3) (153.8)
SEAWORLD ENTERTA W2L GR 2,355.5 (420.3) (153.8)
SEAWORLD ENTERTA W2L TH 2,355.5 (420.3) (153.8)
SEAWORLD ENTERTA SEASEUR EU 2,355.5 (420.3) (153.8)
SEAWORLD ENTERTA W2L QT 2,355.5 (420.3) (153.8)
SEAWORLD ENTERTA W2L GZ 2,355.5 (420.3) (153.8)
SILVER SPIKE-A SPKC/U CN 128.5 (6.3) 0.5
SIRIUS XM 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 SPREUR EZ 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 -BDR S2QS34 BZ 962.8 (62.1) (98.7)
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
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 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
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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.
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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 2023. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
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